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No. 27.367 

Wednesday May 24 1978 


for industry 
and commerce 







French Legionnaires in the 
Shaha province or Zaire are still 
uncovering the bodies of Euro- 
peans killed as the rebels Bed 

About 120 Europeans — 
including 12 children — are re- 
ported dead in a house outside 
Kolwezi. bringing, tbe total of 
Europeans killed in the conflict 
to 200. 

Meanwhile. President Giscard 
d'Estaing said French paratroops 
would withdraw when they had 
traced Europeans still missing, 
in spite of a plea from President 
Mobutu, who wants, the troops 
to stay indefinitely. Back. Page 3 

Charles attacks 
pig: breeding 

Prince Charles said he would 
become a vegetarian after lour- 
ing an experimental pig breeding 
unit ,ii Stone Icigh. Warwicks. He 
said he “did not like the system'' 
and .idded: “I'm glad I'm not a 
pig. I *h.*ll become a vegetarian." 

In Bonn, the Queen mid a 
lunch eivrn hv Chancellor Helmut 
Schmidt that Europe had an in- 
creasing role to play in solving 
tbe world's problems. "I some- 
time? think the world recognises 
this more than Europe does ber- 
sclf." she ‘•.ml. 

— . Industry attacks 
GoM uir white Paper on 

Sit ahead 

of u.s. worker-directors 


• GOLD improved SlJ to $181 1 
in London ahead of the U-S. 
gold auction and in New York 
the Comes Mav settlement price 
was $1.90 up at $181.30. , 


The Government intends to introdnee legislation on trade union-based indus- 
trial democracy during the next session of Parliament in spite of an outburst 
of criticism from industrialists when it spelt out the proposals in a White 
Paper yesterday. 

u London 
Gold Price 

isoESJ I I 1 ba ?g J 


• EQUITIES interest faded 
after a good start and the FT 
ordinary index closed only 1.8 
ahead at 470.6. 

• GILTS reacted to the Govern- 
ment broker's re-activating of 
the long tap and the Govern- 
ment Securities index closed 
0.20 np at 70.39. 

tb *2 world's problems. "1 some- • STERLING lost 30 points to 
lime? think ihe world recognises $1.81(15 in subdued trading. The 
ibis more lhan Europe doe? bet- pound's trade-weighted index 
self ?h«- ‘•.ml. remained unchanged ;at 61.6 

while the dollar’s depreciation 
Snip bomb alert improved to 4.71 per cent (4.78). 

A h.imh alert aboard the cruise % WALL STREET fell 10.13 to 
nor Or tan. i in inid'Atlkiniic n< ■ aq timmnf dH l.. uiAmnac 
iT.'Ulurl in three Army bomb <1.- **■»• 

pns.ti men being put on alert inflation and on -.profit* 

fur a parachute drop on to the taking. y 

'■hip. The threat, phoned to COPPER .. a th wire -bars 

P and «.» offices in London. • 

proved In he a hoax after a _8 ' lip 

scjivh hi the ship's crew and LME. on neus of damage the 

the ii.itMi-hule drop was called Kolwezi mines, whit-t* 

i -ft the hulk of Zaire's cop Art. Jb&r 

The intention to press ahead 
with the legislation, which would 
provide for employee consulta- 
tion and worker directors, was 
announced by the Prime Minister. 
He said the aim was to replace 
“ defensive co-existence with 
positive partnership in industry." 

Mr. Callaghan received a rela- 
tively favourable reception in the 
Commons when he explained the 
proposals. But it was dear from 
industrialists' reactions that he 
has failed to defuse completely 
the row which built up early last 
year when the Bullock report on 
industrial democracy was pub- 

The main criticisms from in- 
dustrialists are that the While 
Paper's proposals are based on 
the unions rather than all em- 
ployees and that they can be 
statutorily enforced on com- 
panies. This led Sir John Meth- 
ven, Confederation of British In- 
dustry director-general, to say 
last night that the Government 
was “still obsessed with the idea 
of extending trade union 

On the other hand, trade union 
leaders generally welcomed the 
proposals and Mr. Leu Murray. 
TUC general secretary, said tbal 
most trade unionists would see 
the White Paper as a “major 
step forward.” 

What happens to Mr. Callag- 
han's plans for legislation, and 
thus to the prospect of Britain 
having a worker director system 
within the next four or five years, 
depends largely on the liming 
and results of the general elec- 
tion. Although a Bill could be 
introduced in the next session 
after the summer if Labour is 
still in power, it would run up 
against considerable opposition 
in Parliament in spile of yesler- 

Detalls Page 12 
Parliament Page Id 

Editorial comment Page 2(1 

day's initially favourable recep- 

In addition to general indus- 
trial democracy proposals, tbe 
While Paper also says that the 
Government will legislate to 
allow companies to introduce a 
two-tier board structure with a 
top policy board and a lower-level 
management board. 

This is a significant develop- 
ment in terms of British com- 
pany Law and is likely to lead 
to a considerable debate about 
the relative powers that the two 
Boards should have. 

As proposed yesterday the 
policy Board ; which has been 
based on practice in Denmark, 

would have more powers than 
the supervisory board that 
exists in Germany. Any worker 
directors would sit on the 
policy board. 

Broadly, the White Paper 
tones down the mam worker 
director proposals put forward 
by the Bullock committee last 
year and accepts some of the 
ideas suggested by three in- 
dustrialists on the committee 
which produced a minority 

It also absorhs, m a modified 
form, the preference of many 
union leaders for industrial 
democracy tn he spread by 
extending collective bargaining 
into Important company 

It proposes that there should 
be a statutory obligation on com- 
panies with more than 500 
employees to consult a com- 
mittee of union representatives 
about major company plans 
before decisions are made. The 
committee is called a “ joint 
representation committee " and 
was proposed in the Bullock 
report as the springboard for a 
worker director system. 

After such u committee had 
been in existence for three or 
four years, it would have the 
right to claim one-third of the 
Continued on Back Page i 

Hirsff 1 

Hove successor 

Franci* Xinrloga. chairman of 
Hivlipp \l»ot Mii/nrrua’s United National Council, will be 
l;hniie«-ia’N joint justice minister 
me the « , un(rnver>ial sack- 
I-.I2 hi Mr By tun Hove. 

M.'.m while. Guerrillas attacked 
Hie Iiumi <»f Wed/CJ. 59 mile* from 
Nr|i,|inr\. only hour-- hofore a 
VJ.-H t.v Mr lan Smith and other 
leaders or the transitional 
5111 i-rn men t 

Docker dies 

Kir i;«*rn.ird Docker, the million- 
aire whose lifestyle included an 
i -situ . mik 1 .-.aclii and a euld-plalcd 
p.Miiili-r ha? died in a Founte- 
vn.mth nnVMifi home, aaed SI. 

Fewer killings 

1 ci yar ’-'as amonc the Vea*t 
i mli-oi iii Ulster since (he early 
1'iru.- Sir Kenneth Newman, 
h.-au ..I tiie Rufal Ulster Con- 
.t.ihular:-. reported. The trend 
1 % cent inning this .war. wjUj 34 
kiijinc-s against 59 in the same 
jimml last > 

Court cleared 

>s;\ own .uvuM-d of kidnapping 
imliii.-ian Peter Loren/, in 1!' * 5 
ni-rt- n-niovi-n from court m nest 
Berlin after slwuttnn down an 
ulliria : reading out charges One 
„i 1 he „H-n-alhwl members 
,,i 1 no June 2 Movcmi.-nl— spat 
lu-wing yimi at :• policeman 

Air delay talks 

I K mi lines and «■»“' operators 
;nr i-.uniiining in 1 bid in end 
Traffic control delays 111 lime 
f„'r 1 I 1 1 - peak holiday season. 
Moil ■*;' 'he trouble 
\l«-dnerr.itn'an rnul** r - 1pp 9 

Briefly - - - 

Prioress Mansard'- divorce from 

f-„ri SmnV.loil Will he rmirU 
in the La* Louri. . 

I mirimt, t"d;« v . 

Tli.i tes haw taken 2<M breeding 

I I nu I worlh A'LMHW Horn a hsh 
f.ivni near Salisbury. 

\ itnt.tHHi name potU'on calling 
1.M- I. Im.. on ihe nenlron bomb 
handed in -H »hr Foreign 
. blire. 

\ j'.iinch gold model of Con- 
cordi". given lo jailed MP .J»hn 

house When hr was_ Ai in* 

Mmifier. fetched Xi50 at 
1 ! ] ; i rslli’.s 

• WALL STREET fell 10.13 to 
845.29. prompted by worries 
about inflation and on “.profit- 

• COPPER cash wire .bars 
closed £8.5 np at £740.5 OB. the 
LME. on neu s of damage the 
Kolnczi mines. whir** 

the hulk of Zaire's copp?r. 


• U.S. TREASURY Bill rale? , 
were: threes. 6.476 per cent 
(6.318) and sixes. 7.111 per cent 

have launched .*1 programme of 
definitive minimum audit 
standards, in reply tn criticism 
nf (he- auditing profession. Back 
and Page 2U 

Plan to save 
shipbuilding jobs 


plan* a diversification pro- 
gramme including offshore 
ongineerin?. sub-sea assemblies 
fur the oil industry and new 
merchant ships. Back Page 

has asked the Peruvian Govern- 
ment Tor a special law guarantee- 
ing the financial future of the 
Southern Pent Copper Corpora- 
tion— largely financed by inter- 
national hanks — as -i condition 
fur further financial assistance. 
Rack Page 

• BSC’ expects to 1»s=c two-thirds 
nf ils U.S. business — worth about 
11 00m- this year — as a result of 
anu-dummng campaigns by some 
U s. steel companies. Back I age 

£100m U.S. bid for rest 
of Albright and Wilson 


TENNECO. the 151th largest 
industrial company in the U.S., 
is to make a £100m hid for the 
50— per cent of Albright and 
Wilson which it does not already 
own. Albright and Wilson is the 
UK's second largest chemical 

The bid came as a surprise 
to the Board of Albright and 
Wilson, as well as to the slock 
market. The directors were told 
yesterday morning at a Board 

They have not yet decided 
whether to recommend the offer 
to shareholders and are consider- 
ing it with tbeir adviser, Hill 

The offer of 185p per ordinary 
share values the company at 10.9 
times earnings in 1977. 

Albright shares were sus- 
pended. before tbe bid was 
announced, at I23p. 

One of Tenneco's main reasons 
for the bid is that it wants to 
develop Albright, putting in 
additional financial and technical 

Tenneco wants to reap the full 
benefit of its investment, which it 

would not do if it continued to 
own only half the company. 

Another reason is that Albright 
is generally thought to have 
better prospects than most 
chemical companies at the 

A high level of capital invest- 
ment in recent years is expected 

News Analysis Page 8 
Lex Back Page 

to bear fruit in 1979. Meanwhile. 
Albright is, in the words of 3Ir. 
David Livingstone, its managing 
director, “out of the disaster 
areas of the chemical industry.’’ 

Albright manufactures prin- 
cipally phosphorus and 
phosphates, flavours and 
fragrances, detergent surfactants, 
pulp and paper chemicals and 
certain organic chemicals. 

Tenneco helped Albright in 
1971 when it bad problems with 
its phosphorous plant in New- 
foundland. - 

Tenneco loaned Albright 
£17ira and received the right to 
convert the loan into ordinary 

As- a result t-f this and pre- 
vious slid re purchases. TenDeco 
now holds 49.8 per cent of 
Albright and still has the right 
to convert another 0.7 per cent . ! 
A spokesman said yesterday that ' 
it did do! do so before announc-'j 
ins the bid to show goodwill. 

The relationship between 
Tenneco and Albright has been 
“very good" Mr. Livingstone 
said. He was confident that 
Tenneco did not envisage major 
Boardroom changes. 

"They have left us to run the 
company and we have been very 
successful at’ it,” he said. 

Tenneco does cot expect the 
bid to be referred to the Mono-; 
polies Commission because tbe 
British Government was “fully 
consulted '' at the time that it 
subscribed to the convertible 
loan stock. 

Tenneco is a conglomerate 
with interests in manufacturing, 
natural gas pipelines. oil. 
chemicals, packaging, agricul- 
ture. land management and 

The preference stock is also 
being bid for at 70p per 34 per 
cent stock unit 

aids gilt 


THE gilt - edged market 
recovered yesterday after the 
Bank of England' made signi- 
ficant sales of Government 
stock for the first time in (he 
last few weeks. 

The sales were made after 
) (he Government broker cal his 
I price for tbe official long-dated 
lap stock to bring it into line 
witb current market levels. 
Upwards of £50m is believed to 
hare been sold at a priee of 
£63.50. which compares with 
the £65 which is at present 
paid up on (he stock, and 
later further modest sales 
were made at £63$. 

The official move was seen 
as confirming (be higher level 
of interest rales following the 
rises in the official minimum 
lending rate, and as an attempt 
to renew the large-scale gilt- 
edged sales required to fund 
the public sector borrowing 

The markets remained ner- 
vous and uncertain, however, 
with continued speculation on 
the possibility of more specific 
measures to control the money 

After the excess growth in 
the past financial year shown 
by last week's figures, tbe 
markets feel that the Govern- 
ment may have lo take direct 
action, including possibly tbe 
re-im reduction of tbe so-called 
corset ronlrol over the growth 
of (he hanks, to restore 

The news from the gilt-edged 
market helped to calm down 
conditions in the money 
markets, where there bad pre- 
viously been fears of a further 
rise in MLR from ils present 
9 per cent. Rates on Treasury 
bills remained above the 
trigger polni Tor an MLR in- 
crease, however, ir they are 
maintained until Friday's bill 

Gilt-edged prices ended Ihe 
day with gains of ; at both the 
long and the short ends or the 
market, after showing rises of 
- earlier ill the day. The Finan- 
cial Times Government securi- 
ties index rose fl-20 to 70.39. 

TIte long slock which was 
sold was the Exchequer 12 per 
cent 1998. nf which £800m was 
issued in partly-paid form 
nearly a month ago. 

In quiet foreign exchange 
markets the pound lost 30 
points against the U.S. dollar 
at St .8105. while ils trarie- 
w right ixl index was unchanged 
throughout the day at 61.6 
Parliament Page 10 
Lex Back Page 

£ in New York 

Another fall 
in adult 



’ADULT unemployment fell in 
May for the eighth consecutive 
j month. The drop was tbe lar- 
1 gesv since October and supports 
; the lentative signs of economic 
; recovery suggested by recent in- 

; However, officials in Whitehall 
I remain cautious over whether 
( the fall in the number of job- 
lless represents a genuine turn- 
I round in the trend. 

[ Department of Employment 
; figures announced yesterday 
; show that the number of adults 
out of work fell 20.700 to 1.37m 
'in the month In mid-May. 

• seasonally adjusted. The pro- 

• portion of the workforce un- 
employed fell from 5.S to 5.7 
J per cent. 

This is the lowest total of 
unemployed since June last 
year., although it is still the 
highest for any May since the 


Thu decline in unemployment 
is also tending to accelerate. In 
the last two months 32,600 came 
off the register, nearly half the 
total 6S.50O who have left it 
since September. The May fall in 
the number of jobless is the 
largest monthly drop since 
August 1973. 

Another encouraging sign is 
tbe continued increase in the 
□umber of vacancies notified to 
employment offices — estimated 
at a third of actual vacancies in 
the country. 

Adjusted for seasonal fluctua- 
tions. these rose 6.200 to 209,000, 
tbe bigbest total since October. 
1 1974. when 271.OO0 were notified. 
J The number of vacancies has in- 
creased steadily for eight 
months and is now 61.800 
higher than in September. 

I. One reason officials remain 
hesitant about accepting the im- 
provement since September at 
face value is the distortion 
caused by job creation measures. 

These are estimated tn be 
helping 310.000 people and keep- 
ing 230.000 off the register. How- 
ever. the method of calculating 
these figures has recently heen 
changed, so it is impossible to 
comrare the impact of the 
measures at different times over 
the last eight months. 

Another reason for caution 
1 derives from uncertain ty over 





jusm*- v r 



>(3anOt adieDid 

500 — Vacancies — 

SmiMlh n)|intri 

ftLm Ill mi 1 1 111 ill 11 1111111111 

b 1976 1977 1978 

how school-leavers arc affecting 
the labour market. Some offi- 
cials believe that the leap in 
adult unemployment last sum- 
mer was caused by school, 
leavers taking jobs that other- 
wise would have gone to older 

Under this theory, the gradual 
improvement since September is 
only the effect of adults regain- 
ing their normal share of the 
market The position could 
worsen sharply this summer if 
the same pattern is repeated. 

Alternatively, sereral recent 
sets of economic statistics have 
suggested that there was an up- 
turn in activity in the first three 
months of the year and the 
encouraging trend in unemploy- 
ment could reflect this. 

The preliminary estimate for 
Gross Domestic Product pub- 
lished on Monday was more than 
1 per cent up in tbe first three 
months, compared with the final 
quarter of 1977. 

Figures released last week 
showed that consumer spending 
was 2 per cent up over the same 
three months, while retail tales 
in February- April were 1.5 per 
cent higher than in November- 

The unadjusted unemploy- 
ment total in the UK including 
school-leave re. fell by 64,948 to 
1.39m, from 6.1 to 5.8 per cent 
of the workforce. Tbe total for 
Britain fell 62.618 to 1.3m, from 
6 to 5.7 per cent 

Regional map Page 9 

Strons demand for U.S. gold 

S^.| SI. £095-6103 

I iif.-nrh O.oS-l'.ai 0i> 

3 mf'nth: 1.43-l.Rt HI- 

II iu**nih* ill? 

0.3&4l*7 .tij- 
L 40-1.57 ili- 
5,90-3.70 rti> 


THE U.S. Treasury to-day sold 
all the 300.000 ounces of gold on 
offer at its first gold auction for 
I about three years at an average 
[price of $180.38. 

I The strong demand for the 
[gold look som eobservers by sur- 
prise. The Treasury said that 2L2 
bids were received for a total 
log 1.364,000 ounces and that the 
successful bidders paid between 
$180.0! and $182.35 for their gold. 


Today's auction was the first nf 
a batch of six-monthly sales 
announced by the Treasury a 
month ago as part of an effort 
to restore tbe stability of the 
dollar. It is expected that after 
the current series of auctions 
ends in November the U.S. will 
continue its policy of selling 
small amounts of gold though 
possibly in a slightly different 

Hop across to France 
this summer 

Peers shown ‘Saudi blacklist 9 


• MIRROR GROUP Newspapers 
li;i-f asked The National Graphical 
Assn via linn to replace seven 
machine minders, after a meeting | 
voted m continue the action 
which affected production or: 
Reveille. Page 12 


rennrts pre-tax profits £0.76ni 
ahead .It £ 1.79m for the 2fi weeks j 
in April 2. The company spent 
£69.345 on professional fees | 
arisinc from the Monopolies 
Go in mission investigation into 
proposed bids by Bock ware 
Group and United Glass. Page -® 

0 (Cl is negotiating with 
Alusuisse. the Swiss aluminium 
company for the possible 
acquisition of its German sub- 
sidiary Alusuisse AtlantiK of 
Wilhelm shaven. Page 

Suns pre-tax profit feli "J® 
£5.1 m to £2.2 m for the half-} ear 
in March 31. Page 22 and Lex 


jTHE NAMES of more than 1.100 
j British companies and tbeir affili- 
ates claimed to be on a 1975 Arab 
blacklist were handed yesterday 
| to a -Lords select committee 
I studying the Foreign Boycotts 

1 The Bill, modelled on recent 
1 U.S. legislation, would inhibit 
companies from answering ques- 
tionaires related to the boycott 
of Israel. Companies would also 
have 10 inform the Government 
whenever they receive boycott 

Mr. Will Maslow. general coun- 
sel of the American- Jewish Con- 
gress. showed the committee 
what he claimed to he the 1975 

Saudi ATahian blacklist, a paper- 
bound volume of more than 1,000 
pages. It reflected, he said, the 
“essential anti -Jewish core’’ of 
the Arab boycott 

Prominent companies listed in- 
cluded Alfred Herbert. Distillers, 
Gestetner Holdings. Great Uni- 
versal Stores, Lex Service Group, 
Marks and Spencer, X. M. Roths- 
child. Pearl. Phoenix and Pru- 
dential .Assurance companies, 
Rank Xerox. Ready Mixed Con- 
crete, Sears Holdings, S. G. War- 
hurg (Mercury Securities). Thom 
Electrical Industries and the UDS 
Store group. 

Leading companies with listed 
subsidiaries but not named them- 

selves. were Bowater, Guinness 
Peat. Head Wnghtson. Imperial 
Chemical Industries, Samuel 
Montagu. Norwich Union Life, 
and Whitbread. 

They appear in a 100-page 
section of the list containing the 
1.150 British entries. These 
cover about 315 companies and 
organisations; the other 825 arc 
subsidiaries, affiliates, brand 
names and duplications of. tbe 

The American section of the 
blacklist has 1,500 names, of 
which 450 are separate concerns. 

Mr. Maslow produced the docu- 
ment because the committee. 
Continued on Back Page 


) ) 


European news 2-3 

American news 4 

Overseas news 5 

World trade news 6 

Home news— general 8, 9 

—labour 12 

Technical page 16 

Management page 17 

Arts page 19 

Leader page 26 

UK Companies 22,24-27 

lull. Companies 28,29,31 

Euromarkets 28 

Wall Street 32 

Foreign Exchanges 32 

Farming, raw materials ... 33 

— Parliament — 10 Mining 27 UK stock market 


, Prv.-- tn tiem-T unh'.'s i.ilierww 
indicated 1 


■j in pc l'.«» I ' 

t v, nunc IP*.. A*J ^ • 

Ha. nil Min I iS? 4 

pn.Mi! 1 • • ■ i 4t , + H 

, tl « rp •••• . - 

*nd' -j£ j. - 

k sii... ^ • •• :! A 

* arm all ■■ ■* 
m,i .Mdu-d.-d* 1 • ■ + ; ; 

l-'tuk , j. 7 

'-.■■i | -' 1 ' 2 1 k 

V.JVU-M ,- s a. X 

Vriim.iri il l j. 4 

r and n-ffil ” n'is i l« 

Philip-- Lamp* 

Pilkingtnn Bros 



Press ttt'm.i 

Rcdfcarn Nat. Glass 

Turner Mnf. 

Wei tern Bros 

Oil Exploration 

Sichcns (UKt 



Northern Mining . ■ 

West Brie. ■ - 




Thomson (kt 

Vernon Fashion . ... 
York Trailer 

The accountants' new audit- 
ing standard 26 

Hamilton by-election: SNP 

on a slippery slope 21 

Strained alliance in Cyprus 2 
Greece: seeking middle-of- 


Brazil: strike wave hits 
Industry 3 

U.S. Eximhank seeks 
higher credit rating ... 6 

Reducing the danger of 

EEC sugar price talks: 

substantial rise sought ... 33 
U.S. outlook for corporate 
profits 28 


Appointment* . . 

Base Roles 

■Up. Smc. Rates . 

Entertainment Gnte 
European Opts. . .. 

FT- Actuaries Imlkc* 




... 2 tyre 






Men and Moturt 



Money Market 



Racing . . 



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For laic?: Share Index ’phone OI-246 5026 

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Tnier Kenuiey . . . 

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So.e * 

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ijr.-le* jsp'SJfee-.LaoSi -V^.'fe- bvhvxe US- Wsr 'Asx-w^»t-. ,, "P'C*-‘. Oi'.SiaajfiS. 

' l 

Financial Times Wednesday May. 24 1978 



France has 


surplus for 
third month 

Bjr David White 

PARIS, May 23. 
FRANCE'S foreign trade 
showed a surplus In April for 

the third consecutive month. 

although bv a reduced margin 
of FFr 692m <£S2m). 

This figure, reached after 
seasonal adjustments, compares 
with a surplus of FFr 1.19hn 
In March and a deficit of 
FFr 3S3m in April last year. 

The French trade perform- 
ance so far this year is now 
running at a small adjusted 
surplus of FFr 94m. The same 
four months of 197? produced 
a deficit of FFr 5.5bn. The 
unadjusted Scores likewise 
registered a surplus in April, 
amounting to FFr 103m, hut 
the first four months showed 
a shortfall of FFr 1.5bn. feeing 
weighed down by an exception- 
ally adverse January result 

Both imports and exports 
after adlustments were down 
on March, with exports drop- 
ping 5 per cent to FFr 29.4hn. 
although they were 1 5.8 per 
rent higher than in the same 
month of 1977. Imports were 
4 per cent lower than in March 
at FFr 28.7bn. which was 10.9 
per cent more than in April 
last year, according to today’s 
announcement by the Foreign 
Trade Ministry. 

The process of recovery id 
the French trade balance can 
he traced 10 early last year. 
By the end of the year the 
average monthly short-fall had 
been sharply reduced to 
around FFr 300m, from FFr 
2.5bn during the last quarter 
of 1976. For the year as a 
whole the deficit was halved 
to FFr llbn thanks to an 
export drive, the Government's 
success In keeping oil pur- 
chases below a ceiling of 
FFr 55bn and a redaction in 
home demand 

Holland opts farlSSSSS® 
nuclear Lances 



its now U.S.-made Lance missiles 
with atomic warheads reflects a 
change in emphasis by the flve- 
mo nth-old Centre-Right Govern- 
ment The previous Left-wing 
coalition had provisionally opted 
to instal only conventional war- 
heads in the Lance rockets. 

The decision to maintain an 
effective nuclear role for Holland 
within NATO was taken after 
West Germany declined to take 
over the responsibility. The pre- 
vious Government decided 
against using nuclear warheads 
on the new missiles while it was 
holding talks with the West Ger- 

The six Lance missile installa- 
tions are due to become opera- 
tional in 1979. They will replace 
eight Honest John installations 
which will be phased out towards 
the end of this year. The Lance’s 
ranee of around 100 kilometres 
is twice that of the Honest John. 

The Dutch Government’s 
decision was not in conflict with 
its efforts, to reduce the role of 
nuclear weapons. Mr. Willem 
Scholten, Minister of Defence, 
told Parliament yesterday. “A 
unilateral withdrawal by Holland 
from the nuclear role in NATO 
would mean shifting the burden 
to Us partners’ in the alliance” 
Mr. Scholten said. Such a policy 
would in no way lead to the 
realisation of the aim of reduc- 
ing dependence an nuclear 

Mr. Scholten took up his post 
when his predecessor. Dr. Roelof 
Kruisinga. resigned after only 
two months in office, because of 
a disagreement over policy on 
the neutron bomb. The Govern- 
ment bas kept its option open 
on the neutron bomb although 
it faces strong opposition to the 
weapon from many of its own 

The Government was embar- 

rassed by the strength of 
opposition in Parliament and 
from the public to its proposals 
to keep the option open in 
further discussions within NATO 
and with the Warsaw Pact More 
than a million signatures against 
the neutron bomb were collected 
by protesters. 

The lance decision will allow 
the Government to present a 
more respectable face to its 
allies. Despite deep-seated 
Dutch suspicion of all things 
nuclear, the present cabinet of 
Christian Democrats and right- 
wing Liberals has shown a 
greater willingness to take a har- 
der defence line. 

Mr. Dries van Agt, the Prime 
Minister, said last week that de- 
fence and the police would, if 
possible, be exempted from a 
FI lObn programme of spending 
cuts now being worked out with 
the Ministries. Holland cannot 
shift the defence burden to its 
NATO partners, he said. 

Dr. Kruisinga’s resignation in 
March clearly touched a sensi- 
tive nerve. The affair was 
handled with unexpected cold- 
ness in Parliament by Mr. van 
Agt. who was obviously put out 
that Dr. Kruisinga had not made 
his objections to the neutron 
bomb known before he accepted 
the defence post. 

Arming the Lance missiles 
with nuclear warheads is seen 
as an important strengthening 
of the Dutch defence role in 
centra l-Eu rope, where, together 
with its NATO allies, Holland 
faces vastly superior numbers 
of Warsaw Pact tanks across the 
flat North German plain. 

The decision will also show 
the forthcoming NATO con- 
ference in Washington that Hol- 
land is prepared to play its role 
in increasing the alliance’s pre- 
paredness. But it will meet 
tough criticism in the Dutch 

gloomy for 
W. German 

By Guy Hawtin 

WEST GERMANY'S recession- 
hit textile industry can draw 

few grounds for optimism from 
the first quarter’s figures. 
Performance daring the first 
three months of 1978 shows 
only a slight improvement on 
poor . showing in tbe compar- 
able period of last year. 

Tbe numbers employed in 
the industry fell by 3.8 per 
cent to 320,635 during the first 
two months of the year. While 
the number of employees on 
short-time working declined 
by 500 to 9,800 from March to 
April, there was an increase 
of 3,200 in tbe number of 
clothing industry workers put 
on to short-time In the same 
period, bringing the total 
affected up to 7,700. 

According to Gesam (textile, 
the industry’s trade associa- 
tion, the industry’s economic 
indicators during the first 
quarter painted a mixed 
picture of stagnation and 
decline. The flow of orders 
was held at about the same 
level as in the opening three 
months of 1977. 

After allowing for price 
changes, tbe order volume 
showed a 2 per cent increase 
on the previous year’s levels, 
but the industry's production 
lay a full 4 per cent below 
that of the year before. Tex- 
tile producer prices, under 
heavy pressure during 1977, 
have remained stable since tbe 
beginning of the year— even 
so, they were 2 per cent lower 
than in the comparable period 
of 1977. 

Textile imports during the 
first quarter declined by 1 per 
cent against the 1977 figure to 
DM &2bn ($2.46bn) while 
exports fell by 2 per cent to 
DM 3j>bn. 

To fill this space an ad. must be 
legal, decent, honest and truthful 

The Advertising Standards Authority. 

Write to: The Advertising Standards Authority Limited. 
15/17 Ricfgmount Street London WC1E7AW. 

Tbe riding New Democracy Party is seeking middle-of-the-road support in Greece. 

Our Athens Correspondent reports 


lost ground 

THE DECISION by Mr. CODStan- Mr. Ioantus Zigdts, who took 
tine Karamanlis. the Greek over the leadership, has been 
Prune Minister, to broaden tbe unable to keep it tMetiter. So. 
political base of bis New far. more than half .the deputies 

Democracy party by takm« hayejeft U* 

Liberal politicians into bis independent. 

Cabinet ’ heralds important Mr. Athanassios CancWopoulos, 
changes in the Greek political who last weekjoined. the Govern 
c,.pne ment as Minister of Finance, ana 

Itis considered to be tbe open- Mr. Athana«m, Papa^ristou. 

ins? ro un d in the stmsElG ^bo 2 lso joined the ruling P^rty 
mg rouna in use siruggie nrrt - nbp further defections 

ment as Minister of Finance, and. Constantine Karamanlis (left) and Andreas Papandreou. 



wr Tvaraiiianiis’s nfrtv may provoke further defections, and he is known to- have the represented by the newly-farmed 
assimilate the Although there has been some support of the industrialists— National Front, got 7 per cent. 

administration and strengthen The appointment of Mr. Con- changes of economic policy agree on all foreign policy issues. 

the Premier's positioo against stantine Mitsotakis as Minister of should be expected, but that new Mr. Papandrcmi doubled his 

the Left as politics in Greece co-ordination (the senior measures to stabilise the electoral strength in the last 

becomes increasingly polarised, economic ministry) makes him economy, to halt inflation, and elections by campaigning on 

Mr Andreas "Pa pandreou, a potential prime minister should improve productivity would fee populist slogans, emphasising 

leader of tbe Panheilenic Mr. Karamaolis decide to run announced in June. the need for change, adopting an 

Socialist Movement fPASOKl for the Presidency when it Mr. Mitsotakis is expected to openly anti-American, anti-NATO 

which doubled, its strength to 25 becomes vacant in 1980. The 60- overshadow leading New Demo- stand, and also opposing Greek 

per cent of the vote In last membership °f the EEC But 

November’s elections to become it would appear that he bas 

the main opposition party, bas Mr. Karamanlis’s opening to the centre is seen as realised that if he rontinu w to 

said that Mr. Karamanlis s — r ° 

saia mat air. narttuiaiuiaa . - — _ , _ . maintain extreme positions he 

decision reflects an increased an ettOTt tO recover ground Dy bringing IE new may provoke reactionary forces 

S^ok SSES* £gE faces Md by ensuring that dissatisfied centrist i&S 

ground. deputies join his party. modified his line in several ways. 

He dismissed it as “ an attempt One of them is to break with 

by tbe Government to break the past practice by criticising 

stalemate in national and eco- year-old Cretan politician is a cracy party figures who have Soviet policies, as he did 

□omic affairs by drawing on the controversial figure. In 1965 he been vying for the succession to recently in the case of the Kus- 
taieuts of centre party personal!- disagree dwith tbe then Prime Mr. Karamanlis. Tbe three con- sian attitude in Cyprus. His 
ties.” Nevertheless, Mr. Papan- Min ister, Mr. George Papan- tenders so far have been Mr. criticism was also intended to 
dreou cannot be totally uncon- dreou (Andreas' father), wben Panayotis Papaligouras, who differentiate his position from 
cerned by this development. the latter dashed with the served as Minister of Co-ordina- that of the Greek Communist 

Two main reasons account for royal palace. tion and of Foreign Affairs Party, 

the loss of ground by Mr. Kara- After Papan dreou ’s resignation before the recent reshuffle. Mr. . On tbe EEC, Mr. Papandreou 
mantis in the last elections. ^ p^me Minister in July that George Rallis, who has taken now advocates a special agree- 
Dunng his three years in power year. Mr. Mitsotakis joined a over the Foreign Ministry, and moot rather than Greek member- 

group of dissidents who formed Mr. Evangelos Averoff-Tossitsas. ship. If he decides to seek a 
another Government based on the Defence Minister. referendum on the issue, it will 

the Centre Union Party (from Of the three, only Mr. Averoff- be in the safe knowledge that 
55,- thp • ft?™ SSm* ntS£ which EDYK later sprang). The Tossitsas would now be a real the Government, which considers 

Na nr.i Fwnt protracted political crisis that contestant But the not-too-distant it has the people’s mandate from 

ernuneri rn^liste^nd’ followed ended with’ the colonels’ future could very well see Mr. last November's elections, will 

grouped royalists ana sympa- A nH i lofir which n «h*rP.d 

thisers of tbefallen military coup m April 196 ” which ushered Mitsotakis facing the fiery refuse. 
SSETcM m seven years o£ “tttory Andreas Papandreou in a general 



have recently been highly critical 
of certain actions of President 
Spyros Kyprianou, the man 
whom they helped into tbe 
Presidency less than a year, ago 
following the death of Archbishop 

There is no suggestion that the 
powerful Moscow-orieuted AXEL 
party (which claims to control 
“more than 40 per cent of the 
Greek Cypriot electorate”) will 
try to bring down Mr. 
Kypriauou’s government or 
challenge his leadership direct ly- 
But tbe old fervour of ibeir 
alliance bas definitely gone, 
giving place to a coolness and 
strain that are bound to have 
tbeir effect on future Cyprus 
politics and even developments 
in the eastern Mediterranean. 

The estrangement has been 
such that when Mr. Kyprianou 
left for New York last weekend 
on an important diplo matic 
mission, the leaders of AKEL 
and the Leftist-Socialist EDEK 
parties failed to 6how up at the 
airport. The two main points on 
which there have been serious 
divergence of views were Mr: 

Kyprianou’s “strong protest” to 
Moscow (over reports that the 
Soviet Union was offering to 
supply arms to Turkey) and, 
more recently, his decision to put 
off indefinitely tbe holding of 
local government elections. Mr. 
Kyprianou’s protest to the 
Krem Un was seen by m an y 
observers as an attempt to show 
to the world — and particularly 
the Americans — that he no 
longer depended on the Com- 
munists, even if be hid to rely 
on their backing to assume 

AKEL had long been cam- 
paigning on the slogan that “the 
Soviet Union is our best, most 
trusted, unselfish and consistent 
supporter and friend.” How was 
i t pos sible for Mr. Kyprianou, 
AKEL asked, even to suspect that 
the Soviets would supply arms 
to “tbe enemy, a NATO coun- 
try?" And why did be not first 
seek clarification from Moscow? 

Mr. Kyprianou maintains that 
his action was correct and had 
brought an “-assurance ” from 
the Russians that they do not 
intend giving arms to Turkey. 
“I do not regret making that 

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Company Name 

Com pan? Addre ss 

FT 8 

protest ... as a result, our rela- 
tions with the Soviet Union have 
not been banned, they have 
even improved,” he said- But it 
is doubtful that the Communists 
will forgive him easily. 

Hie second issue bas angered 
them even more. Tbe AKEL 
newspaper. Haravghi, bas heaped 
all kinds of abuse upon him. He 
was being “ inconsistent ” and 
“ anti-democratic,” and tbe 
Government’s decision to defer 
tbe village elections had caused 
“justified indignation” because 
it “ usurped their democratic, 
sovereign rights " 

Elections for village authori- 
ties— never held since the 
island's independence from 
Britain in 1960 — had been 
unanimously decided on by all 
parties in Parliament and were 
to take place on June 4. Notices 
giving details about the nomina- 
tion of candidates appeared as 
full-page advertisements in the 
newspapers only a couple of days 
before the Government con- 
firmed that it proposed an 
indefinite deferment “ because of 
tbe abnormal situation ” and in 
the national interest. 

President Kyprianou explained 
that “we sincerely believe that 
in these critical months, nothing 
should be done to disturb the 
people's unity even in one single 

The Government believed that 
the polling for village Boards 
would create political polarisa- 
tion that would hurt the Greek 


of MANURHIN was held on May 9. 

thl of Mr. Paul Spengler and approved 
the accounts for the 1977 financial' year. 

Pre-tax turnover of the Parent Company totalled Frv630.OI0.OOO, an 
of ■* over preceding year. 61.83% of which 
Fr?i « n, iin 7 a? r ■ e fP£ rts - N « profits after tax amounted to 
rrs.i8.i40, 790 including a long-term appreciation of Frs.95fi.797. 

cashflow rose from Frs.46.D84.Q00 for the year 1976 to Frs.67J69.000 
‘or rhe year under review. 

The Group's turnover totalled Frs.990.6BS .000, an increase of 2027% 
ana tne consolidated turnover, based on the pro rata shareholding of 
the Parent Company in the subsidiaries, totalled. Frs.8 17,395.000. 
an increase of 11 .21%, divided as follows: 

— Mechanical constructions 

— military techniques 

—equipment for the food industry, 
control and electronic equipment. 

reinforced plastics and miscellaneous 

Cons olidated cashflow rose from FrsJ6.706.000 to Frs.84.888.000 in 
1977, an increase of 49.70% whilst nat consolidated profits increased 
from rrs.l 3,847 AOD to Frs2? a 1 80,000. . 

The Annual General Meeting approved the Balance-Sheet and the 
Accounts and decided to pay a net dividend of Frs.9.00, which 
together with the tax credit of Frv'4.50 amounted to an overall 
revenue of Frs. 13.50 per share of Frs.100. Payment of this dividend 
was made as from May 16. 1978, at the Company’s counters cr at 
accredited banks against coupon no. 64. 

The Extraordinary General Meeting which followed the Annual 
Meeting decided to appoint three new Directors to the Board: 

Frs. 369,772 ,000 
Frs 290. 195 ,000 

Frs. 1 57.428.000 

Bouet ' J° inc General Manager of UNION DES 

— M^ques Puymartin. Managing Director of Sodfitfi AbaCKM 11 
da Development « d Expansion “SADE." 

—Mr, Marcel Troche. General Secretary of Cause des Dfipfits'ef 


Sci fr" ' 

Communists take Kyprianou to task 

• ' •• ii # 

111 us 1 


general He continues to appeal to -the 

right. dictatorship. election. The two men did not nationalistic feelings of the 

His opening to the centre is Mr. Mitsotakis’ appointment as see eye to eye webn they were people. Recently be created' a 
therefore seen as an effort to economic overlord (a post he both ministers in the George furore by saying that Greece 
recover ground, first by bringing successfully held in the turbulent Papandreou Governments that cnuld acquire its own unclear 
in new faces and secondly bv period preceding the military ruled Greece between November deterrent, not necessarily from 
ensuring that dissatisfied depii- coup) is said to reflect Mr. 1963 and July 1965. the superpowers— a shift from 

ties of EDYK join his party Karamanlis's concern that the In a sense, Mr. Karamanlis’ his previous stand that Greece 
instead of going over to PASOK. economy bas not been doing as move was necessitated by the should be free of nuclear 
After its share of the vote well as it might Although feet that Greek politics have weapons, 
shrank from 20 to 12 per cent growth is expected to be 5 per : always been polarised, with the The coining months will show 
in the last elections, and the cent this year, inflation is again .Right and tbe Left vying for tbe whether the infusion of new 
number of 15 deputies in Par- expected to reach 13 per cent*' undecided voters of the centre, blood into the Government will 
I lament fell from 61 to 15. EDYK the payments - deficit has Tbe extremes on the Right and restore the economic health of 
began coming apart. Mr. George worsened, and there has been the Left now cover less than 20 the country and halt the growth 

Mavros resigned as leader of tbe little investment per cent of the vote. In last of the Socialists. A first indica- 

party and shortly afterwards Whether Mr. Mitsotakis can November's elections, the Com- tion of future trends will come 

quit it altogether to become an find tbe answer remains to be mumsts gained just over 9 per from the municipal elections 

independent MP. seen. His talents are recognised' cent of the votes. The far right, scheduled for next October. 



Cypriots’ campaign to win world 
support for their diplomatic drive 
to get Turkish troops out of 
Cyprus. But there also was the 
possibility that the Left would 
win most village Boards, as the 
Right-wing parties are sharply 
divided. That would certainly 
weaken Mr. Kyprianou’s current 
effort to persuade the D.S. Con- 
gress to maintain the arms em- 
bargo on Turkey. 

The Communists, after helping 
Mr. Kyprianou’s Centre-Right 
“democratic party" win a com- 
fortable majority in Parliament, 
and In the process ousting the 
more pro-Western “Democratic 
Rally ” led by former acting 
President, Mr. Glafkos Clerides. 
thought that they would be in a 
position to “run" things in 
Parliament as they liked. Mr. 
Kyprianou has shown be believes 
that be can now rely on his own 
strength and follow an indepen- 
dent policy. 

The indications are that the 
Communists will try to avoid a 
confrontation for the time being. 
They have only nine seats in the 
34-seat Parliament. But the 
strains will remain. 

If there was a complete break 
in relations between AKEL and 
the Government. Mr. Kyprianou 
would be forced to seek the 
support or even a merger of 
Mr. Clerides’ “Democratic Rally” 
and other nationalists. That 
would be a definite blow to Com- 
munist aspirations to increase 
their influence. 

Financial Times Wednesday May 24 1978 

Italians to vote on party financing and public order 

Italy faces 
halt to 

Italian railwaymen were to go on 
a 2-1 -hour strike last night, bring- 
ing the nation's rail network to a 
standstill. Reuter reports from 
Rome. The strike is aimed at 
forcing management to complete 
negotiations on a labour contract 
including productivity bonuses 
and investment in modern equip- 

Red Brigades 

Police found an abandoned hide- 
out yesterday which they said had 
been used by the Red Brigades 
terrorist group, which claimed 
responsibility for killing former 
premier Aldo Moro. Reuter writes 
from Rome that the police re- 
ported that they seized a large 
supply of weapons, ammunition 
and documents. No arrests were 

Swiss bank assets 

Net foreign assets of the Swiss 
banking system, tncluding 
fiduciary accounts. rose by 
SwFr 2.7bn in the first qquarier of 
thw year to SwFr 34.Sbn, accord- 
ing to the Swiss National Bank, 
.lohn Wicks reports from Zurich. 
Sws*«i commercial banks’ assets 
abrojri on own account plus their 
currency swaps with the national 
bank went up by SwFr 600m to 
SwFr 79— bn during the three- 
mnnlh period, while their own- 
account liabilities fell off by 
SwFr 2.3b n to SwFr 54.2bn. 

Turkey oil strike 

A ytnkr in support of a pay claim 
by mure than 3,000 oil workers in 
Turkey spread yesterday to a 
pipeline Lhat supplies the 
country's second-largest refinery, 
union officials said. Reuter reports 
from Ankara lhat rhe officials 
claimed that the action had 
stopped the d&Uy flow of 38.000. 
barrels of crude from reaching 
the Atlas refinery on the south 
coast and could halt all production , 
there from Turkish fields within j 
three days. 1 

Spain cabinet to consider Portu ? al 

... « i . , plans law 

restructuring of shipyards t0 combat 


THE shipbuilding industry, the 
most depressed industrial sector 
in Spain, will require the injec- 
tion of some Fla 26bn ($325m l 
to overcome its present difficul- 
ties. according to a plan to re- 
structure the sector drawn up 
by the Ministry of Industry and 
shortly to be considered by the 

. How to deal with the fcrisis in 
the shipbuilding industry, along 
with that in the steel industry, 
are the two most important in- 
dustrial decisions facing the 
Government Although the 
steel industry’s losses are larger, 
how to solve the problems of 
the shipbuilding sector is a far 
more delicate political decision. 

The three main yards, Bazan. 
Astano and AstiUeros Espanoles. 
that account for more than 90 
per cent of total capacity, are all 
situated in the areas where un- 
employment is worse — round 
Cadiz and Bilbao. In particular, 
the economy of the Cadiz area 
is almost wholly hound .up with 
shipbuilding, and there have 
been serious riots there on at 
least two occasions in the past 
six months. The three companies 
employ directly 34,316 persons. 

Due to the current -depressed 
state of the international 
industry, and over-expansion, 
these three yards are reckoned 
to be 40 per cent above: a realis- 
lic capacity. Their present work- 
load is 900,000 gross tonnes 
against a capacity of 14hn gross 
tonnes. The level of orders is 
still declining. 

Total losses for the three com- 
panies are believed to he in the 
region of Pla 9bn (S112ra). 
roughly a fifth of those' of the 
steel industry. These losses are 
i of less concern than the need to 
cary out a drastic cut in the 
labour force. 

To dn this in areas of' high 
unemployment is considered 
politically and socially dangerou*. 

and as a result tbe Government 
has preferred to postpone any 
decision. Yet sooner or later a 
decision will have to be taken, 
and the Ministry of Industry is 
urging speed. 

Ministry officials recognise the 
difficult}' of basing a solution oo 
a reduction, in the labour force- 
They realise that since tbe state 
controls 100 per cent of Bazan 
(which builds vessels for the 
Navy) and 50 per cent of the 
other two companies, the Govem- 

MADRID. May 23. 

ment is especially vulnerable to 
political and trade union pres- 
sure to retain jobs. 

Thus the plan, somewhat am- 
biguously. refers to a maximum 
cut in activity of 20 per cent, 
relying on early retirement and 
natural wastage to do the rest ! 

In financial terms the plan 
envisages a capital increase of 
some Pta lObn (8125m) and a 
further Pta 16bn (S200m ) in 
credits provided mainly by the 

Catalan employers agree 
on action against strikes 


THE KEY Catalan employers’ 
federation SEFES, representing 
employers from Balx Llobregal, 
the region’s most important in- 
dustrial area, yesterday agreed 
to impose a 24-hour lockout for 
each day lost through strikes in 
the province of Barcelona. 

The meeting, at which em- 
ployers from other key Catalan 
areas were also strongly repre- 
sented. also sent strongly-worded 
telegrams to the Labour and In- 
terior ministries, criticising their 
“ineffectiveness’’ and the role of 
Barcelona's civil governor and 
the Labour Ministry’s local sec- 
retary in local wage negotiations. 

The lockout move, unparal- 
leled elsewhere in Spain, fol- 
lows a plethora of mass stoppages 
and demonstrations in Barcelona 
province, centred on the metal, 
textile, and construction indus- 

Last week. 800.000 workers in 
the province were involved in 
the most widespread and co- 


ordinated strike action in Cata- 
lonia taken since Franco's death : 
in 1975. I 

Although tbe disputes follow I 
the breakdown in yearly wage, 
negotiations, they have focused 
more on social than economic 
issues. The trade unions have 
particularly emphasised the full; 
restoration of union rights, and 
the readmission of workers] 
sacked for union activity in the 

The Catalan employers have 
responded vigorously to the 
Government’s BiU to establish 
union rights in the workplace. 
Previously they have concen- 
trated their fire on the Govern- 
ment, but now their main target 
is the unions. 

Last night they also agreed on 
stiff disciplinary measures 
against delegates elected in 
recent factory council elections, 
who have been organising 
actions in support of the BiU. I 


! ABOUT 40m • KOME. May 23. 

^called lo vote next montb'on twn thenf *'**”'* les ' slation affecHn E reasons, by the neo-Fascist MSI asking the electorate to vote »go, is expected to generate 

: referenda involving the mihit* The referenda were „ , rt ',’ P r e ve . n, ed the passing of against the Radical-inspired more interest, wit the vote is 

• financino K , 1 . publlc hv th tmltt pr ? rnotc( j npw legislation to cancel two of re f ere n<ja. unlikely to disturb the present 

fi of political parties and , * iro ^ll and highly vocal the original seven referenda. .' political framework which sees 

;the current law on public order Lefl -*’ 1 . n 8 Radical Party which Nonetheless, the promoters of There 15 a lar * c measure ,tl the Communist support directlv .spite of attempts by the coun. ‘astyear in securing the seven referenda, who saw a P ath Y and confusion in the in rh parliamentary majority ‘a 

: try’s main political forces to necessary half million i public President Giovanni Leone today, «"»«>* J ““ v ? le - Christian Democrat mioority 

' 'aven anniw . . , 1 signatures giving them the con- are still hoping that the Italian and 11 15 unllk *ly 11,31 che major- aovernment. 

rrnn,„ r hCr e, .J5 loral con ' ««mional right to call a Court of Cassation will rule at a il * , o{ V? e vole " The united from of the main 

•™ nn al * ls delicate referendum. meeting tomorrow that the ^ aiQs i lbc /„ u T bl,c v 0r ^ er , parties against the referenda 

..moment. main parties, however, changes in the legislation are not so-called Legge ReaJe in effectively associates the Com- 

Jlnwevcr. the main parties dec,ded ta rUfil1 through Partia- sufficient to cancel ail of them. wake of the kidnapping and mun jRts eves more closely with 

I have succeeded in avairiin? a . rac . n * amendments to existing The main parties, including ? u r d SL j Slg ' " , rtl b - v the parliamentary majority and 

-number of other referenda elcclo T a5 the ruling Christian Demo" Red »?*■*« the Christian Democrats, who 

Including a Dnieotiaiiv^ff-tlil 0 ^ 3 ' ? on ^ on t a t)on. Obstruction tactics crats and the Communists, are evp nt, the law is being changed, recorded a sizeable advance in 

one on ahoninn k v * Jf«£i»H IVe m .^ arliament hy the Radicals presenting a united front in the The public financing of Inca! polls last week when the 

> moan. mg and m part, and for different campaign for the June 11 vote, parties, introduced three years Communists suffered a setback. 


Canadian ,N ™ STR ' AL UNREST ™ BRiz “- 
Liberals Workers rediscover 

accused of the strike weapon 



By Jimmy Burns 

LISBON. Mav 23. 
SR. MARIO SOARES, the Portu- 
guese Prime Minister, has asked 
for a major enforcement of iaw 
and order in Portugal. 

In a toughly-worded speech to 
the Portuguese Parliament that 
lasted over an hour this after- 
noon, Sr. Soares said that bis 
Government would introduce 
legislation within the next few 
weeks to combat terrorism and 
prevent tbe establishment of 
“Fascist" organisations. 

He said that although Portugal, 
compared to other European 
countries, was relatively free of 
serious social and political ten- 
sions, its democratic institutions 
were being threatened by what 
he termed “the demons of a re- 
surrected totalitarian ideology." 

Sr. Soares aded that his speech 
sprung not from a new “authori- 
tarian rhetoric" but from a con- 
scious awareness that there was 
now an urgent need to strengthen 
the authority of Portugal's demo- 
cratic institutions. 

Legislation would involve a 
restructuring of the police force 
that would include the establish- 
ment of a special anti-terrorist 
squad and an intelligence service 
empowered to investigate dan- 
gerous political activism. 

Portugal’s former s eeret police, 
the PIDE-DGS. were disbanded 
bv the military authorities on 
April 25. 1974. when a coup, 
backed by ' democratic force*, 
toppled nearly half a century of 

In recent months limited bul 
not insignificant terrorist acts 
have taken place both oo the 
Portuguese mainland and on 
Portugal’s autonomous Atlantic 
islands, which are known havens 
of extreme right separatist 

By Victor Mackie 

OTTAWA, May 23. 

THE FINANCIAL spokesman 
of Canada’s opposition Con- 
servative party, Mr. Sinclair 
Stevens, has alleged that nine 
Liberal MPs. including possibly 
two or three Cabinet Ministers, 
tried to profit from the recent 
fall in the value of the 
Canadian dollar. 

Prime Minister Pierre 
Trudeau said the allegations, 
raised in the Commons today, 
would be investigated without 

Mr. Stevens originally made 
the charges in an interview 
during (he weekend. He said 
he did not have the names of 
the MPs involved hut that the 
names' were available. 

“ We’ve learned through the 
hanks that nine Liberal MPs 
played the Canadian market 
as it was going down,” said 
Mr. -Stevens. 

He said the Conservatives 
were faced with the dilemma 
of whether they should raise 
the issue because those who 
supplied tbe party with the 
information could get into 
trouble. He was upset lhat 
Mr. Trudeau had on (wo 
occasions suggested that Con- 
servative MPs were trading 
against the dollar. 

A Government spokesman 
said later that Mr. Stevens will 
be asked to document his 
allegations and name the 
people involved. 

Dominican poll 
outcome clearer 

opposition presidential candi- 
date, today appeared to be 
heading for victory in a 
Dominican Republic election 
which has been marked by 
controversy since voting took 
place a week ago. 

Results released last night 
by tbe National Electoral 
Commission gave Sr. Guzman 
a lead which analysts said 
should gnarantee victory over 
the locum bant president, Dr. 
Joaquin Baiaguer. 

The army moved in last 
Wednesday to stop the count- 
ing of votes after the opposi- 
tion candidate took a lead over 
Dr. Baiaguer, who has been in 
power for J2 years. Bnt the 
army later withdrew and 
counting resumed. 

Latest figures showed Sr. 
Guzman with 579.516 votes to 
450,515 Tor Dr. Baiaguer, 


■ THROUGHOUT San Bernardo leaders with one year’s impusnu- 
j and Santo Andre, in the heart of ment and a heavy fine, or, if the 
: Sao Paulo's industrial hinterland, charges are brought- under the 
1 factory machinery has been com- National Security Law, with four 
iing to a Riviny way tn noisy years' imprisonment. Tn most 
assemblies of workers, who for factories involved, commissions 
I the first time in XO years are col- have been elected to present 
i leetively expressing crievam/es demands to management. While 
'about pay and conditions. By a t Ford’s and Chrysler's. workers 
S Iasi week-end. some 50.000 wor- will only meet management 
[ kers were involved in the move- together, to avoid any leaders 
i ment. being picked upon. One striker 

The wave of strikes began a explained: “ A commission would 
week last Friday in the tnolshop have been pressurised. So wc 
of the Swedish lorry manufac- didn’t form one." 
turer Saab Scania. It spread Union representatives have 
rapidly, mainly to other forei|n- boen ea |, ed in!o tfmne factories 
j owned concerns, including Ford. to neRiniale on lhe wnrkors - 

Volkswagen Men-edes-Benz. beha]f , n , h r , hp 

Chrysler, Pvrkms Philips. nuMalworkers union leaders have 
Pirelli, and General t lei trie. A becn CCfnstant | y j n t he news 


'7 „„ „ ss -Hsunssr. lh i r m s 

The strikers mmn domaiid « Emitted Iasi year that the tn- 
for a _0 per cent. mtreasc (latlpn index Cor 1973 hud been 

but other claims include cheaper tfc|| bp!oi , IK lnie IcvcI- 

company . b “* thus leading tn an artificially 

vices 5 Most emKereJgreed to 

the others concede. But a few, been reduced under lhe Govern- 
like Ford have completely "l™! s wage squeeze policy. 

’ nnnn ,i.,, p nianv bmee then it has reuiatned more 

X pending « l« 

a replv from the management. f ot benefiting from the huh 
b.,t promising lo come out again s P^ du . c '';" 

if they find the proposed settle- 

ment unsatisfactory. 

.Toh stability is another source 

I _ . . . _ _ _, A I Ifl I> Lit IJI J 1 1 • IN *111*1 1 1 1 LI MMlIbl' 

i whin U ^ i£ alrMrfv unfie'r heavv ° r wor O' to the Brazilian worker. 

*i Cn L ll r,l Sr The relative security which hr 

attack from the business seitor TQR J 

and the liberal community, the eT U® Jed ll l lt ! 1 ended 

Government has attempted lo be .V' 1 ! 1 ] . h n L ,n S h^Tim! 
conciliatory. Nonetheless, the 1 n F d r l,, ,h .Z" !, 
regional labour court ruled the 2L tr 5 er J. ,cc (TGTSl scheme, 
strike movement illegal last Ft* TS allows employees cnnsider- 
Thursday. though the effect able latitude tn sack workers 
(seems to have been to increase without compensation and. 
the number of strikers. according to DIEEbE. the union 

Although all news of the strike research department, the turn- 
wave has be p n censored from nver of lahnur has dnnblcri since 
radio and television, public the new scheme was introduced, 
opinion seems to be firmly A DIEESE study showed that 
behind the workers For the the highest number of dismissals 
strikers, bringing the factories lo occurs just before the annual 
a halt has been no less than a wage review. after which 
historic experience. ‘After the workers arc re-employed at lower 
12.30 whistle, one nr two turned rates. The Government has 
their machines on." reported one. admitted that the situation is 
"But they saw that they couldn’t serious and recently announced 
really carry on or they'd set it. that it is looking into ways of 
1 almost cried when l couldn't reducinc turnover, 
hear any noise. It was strange to The conflict looks like prnlonc- 
realise our power.” ing itself, with the Saab-Scania 

The last strike in Brazil took workers’ rejection of their 
place in 1968 at Osasuo. aiso in management's offer of a B.5 per 
Sao Paulo, and ended when cent rise and with Volkswagen's 
workers occupying a number of refusal to offer anything at all. 
factories were marched out. their Much in lhe next few days will 
hands on their heads, jhrmigh depend on the attitude taken by 
j tines of soldiers. The law ban- the Government to the latest hot 
ding strikes in Brazil was passed potato to have fallen in its Ian. 

jin 1964. two months after the 

! military look power. It provides F , MHIll hc0 „ LCpi s ,„*. 

i powers to dismiss workers from <*ay* md noimny* u.s su^rimimi s:"* 1 "* 
•their Jobs, and tn punish strike EJXSZ XZSJXSJrQ 'WW: 

The discoveries of Africa. 

r:--r .:>:i<*n •; ;uwn Hai?riscsut dis- 
:• ^ •. ,4r. Ip Funt tte land of 

• ,r.‘-rHt*yioultic4CapeCiuarciaIu). 


PhWi’*:wins sent out by* Pharaoh Nechc H 
presuTiao’^ circumnavigate the entire corto- 
r.ei it from east lo soiih to west 

Hannc- M C-srr^oe jars 2 ; 3 co the west 
coait, reaching the Carr^tcur. i-. icuntatns. 

ion Battuta, a native Tanaer traverses me 
v.-essem Sataiti as la as" lhe Uiget and 


Jam-is Bruce ^ Eirwcfna I -lutia anj 
Ih^uppei teac ties niiheB'uc-i We hevierHAc- 
allv .leis-rmincs the locaiion c< lhe sources near 

i.kir.a: Parti, first e-pe-tficri fr.rm ;ne 
r->air,iria lo ttie i )io<k He oemensi rates that tne 
l Jioei flc.’.t easl.Ydiri 

1 B52 ■* 6 

l».,. -T'O i C 306 Tym bv 

'. .-•■■■: I"- UCf-'f tOLuanOri 

;V [ u.ivh-i.i lo Ou-Himan-? i" h£ • 
.-a 1 :n - ’.V. :orw f- 


Burton and Speke Oseevs’ Lake 
TanoanviKi Seek* Lake Victoria Exctonng 

win Gram in 1660-63 Speke tracks the 

soi ii.' •*?!■• of :!>:• VW* NWa . 


H '..urr- 

SiRissar reaches Lagos and Accra in the 
west, m lhe east it goes by 1 w/ of, Cains to 
Khartoum. The following year the line from 
SwitzeriandloAigiefSisopehea ' 

Swissair (pens ud fulnsf ia^cory irt the 
north; Tripoli andTurisin 135*. Cssadansa in 
1965. To westward it noviibss as faras A»$an 

Nawob and onward to Dar-es-Saiaam In 1 970 
Sv^ssair gains entry to Central Africa, linking - 
Kinshasa andpquala wath Switedam 

Swissair sets out for the Equator, arriving 
via Dou^a at Libreville. Irj 1 976 if pns Oran 
With Geneva and Zurich. 

So. as you see. Swissair flies 44 „ 
times a week to 1 8 African cities. 

But in addition, Swissair flies more 
and more passengers each year j 
from Africa to 69 other cities the -* 
world over . • - 

That's Africa's discovery of- : 

Your travel agentor Swissair will be 
glad to give you all further informa- 

tion Forinstanceonthe best connec- 
tions Switzerland. 






Financial Times Wednesday May 24.1978 

blow to 
aid plan 


AT&T to curb pay, price 
increases for rest of year | on safety 


By John Wylc* 

SENATOR William 


; AMERICAN Telephone and Ti*|p- granime. 



Talks re-open on major 
gas project in Siberia 

[AMERICAN Telephone and TiM**- "ramme. In a rpport nn thi» inflaUunary 

Mav 23. j^raph (AT&T) today announced ' Thu Adminl.«lralion's Council pressures in the economy, piih- 
Proxmireithai U would be curbing in- on Wage and Price Siahilitv has hshed yesterday, the Cnuncii nn 

By Our Own Correspondent 


cancelled nearinqs. acuvuuicu iui *■» *■=**>• ■ » — -- -mol wiirnni 

tomorrow, of the Senate Bankins AT&T". s action is in direct res- Mr. Strauss was fulsome in crease a( 7 per cent. The will ccriainli' he 

Committee, of which he is chair-, pon.-i: to the Administration s praise yesterday of another cr>m- The repnrt drew pariimiar UR | rni „ ec i bv U.S. businesses. 

momin: » 
to hold the 

~ which s d" I agreed : fmnpany. which took a .iradur Mr Strauss and Mr. William unfair to ask lower-paul ^risers bv the <ame token, both union- 
’the Mav 2-* bearings nnly| ,n ^ » n executive pay. limiting Battle. Fieldcrests chief esecu- to accept modest pay increases £nd advocate* of the need for 
" . »"» lhe .-y would remain at * ,i T mdustrial safel y are 

0 rti^w^ di ^ecSiliS?i; ‘"KSI^iKSSient *« “Accesses which are as much 
NA/W York* Uit\ and New York foreshadowed yesterday by Mr. symbolic a? practically useful 

. since they would remain at a . . m dustrial safer.- 
muen relative disadvantage and would ^ nd 1Jpfl 

iseful suffer a decline in living stan- However the Court, dtl 

i unmnc*-^" . . nr* proviura m*iiuj uy me were relatively well on. since , pn rieH in other ancm-ies. The 

Hr.^vn 'l -! rnC h i ' telephone company's Obduracy or Mr. George Meany. they wore earning 45 per cent. ™ limit v opinion " T inun by Jus- 

TSa coJiMderrSc T^nninn^' 1 ,r> hpad nf ,he AFI^IO. > n refusing more than the fveraqe urban ' Jf p a * R v ri -,n White, staled that 


A NEW round nf talks nn T ^ p 
multi bill inn dollar Yakuts!: 
natural gas protect resumed in 
Tokyo inday amid pessimism in 
.Japanese circles thiil :i qeneral 
jcreemeni ir. proceed can he 
reached this year 

The week-lone talks nerv e«n 

tiie Soviet Uninn. Ijpane^c ami 
US. developers take lip where 
similar discussions in Moscow 
Iasi March left off — with 
Russia's Deput;. Trade Minister 
expected to release the Soviet 
Unions cost estimate for ihe 

The Japanese, l^d by T«>k ,- o 
r,a« and U.S.. led hy K1 Faso 
Natural Gas. consortia tmliruied 
3j lone aqn as 1972 their willing- 
ness in provide financing for *he 
development ot deposits esti- 
mated ar lO.niWbn cubic metros 
of naiural gas In return for 
♦inane me the project and pro- 
vision nf development know-how, 
the .Japanese and U.S. partici- 
pants would jointly receive lObn 
cubic metres of liquefied natural 
gas iLNGi a year over 25 years. 

In March, representatives of 
the Tokyo Gas and El Paso con- 
sortia submitted tn the Soviet 

Union fhpir joint feasibility 
study on financing the project at 
the Yakutsk fields in Siberia. 

Mr. Tosliio Knmuio. Japan's 
International Trade and 

Industry 1 Minister, has said 

that Japan would be prepared 
to take further measures. If 
necessary'- to help (be country 
achieve its 7 per. cent 
economic growth large! for 
the. fiscal year of I97S. Reuter 
reports from Tokyo. - He told 
a news conference that he had 
assured OECD Secretary- 
General Emile Van Lcnnop 
during a meeting in Tokyo 
that Japan M ould achieve the 
target for the year which 
began on April l. They agreed 
that Japan and other Indus- 
trialised countries should 
attain high economic groM-th 
to cut unemployment, Mr. 
Koraoto added. 

According to Japanese reports, 
the Western estimate is for a 
development bill of S3.9bn. But 

TOKYO. May 23 

Moscow is believed to put the 
total . rnst nf Yakutsk develop- 
ment at well over S4bn. 

Mr. Oshknv. the Soviet Deputy 
Trade Minister, indicated on his 
arrival in Tokyo at the week-end 
that the Russian side will place 
on the table its own feasibility 
study -of the projects' s develop- 
ment costs Japanese observers 
s.i.v that most of this week's meet- 
ing will he devoted to analysing 
rhe .Soviet estimate and attempts 
to reach agreement on. a final 
joint estimate of financing re- 
qin remen is for Ihe project. 

The joint estimate, m turn, 
must precede negotiations on a 
“general agreement” between the 
Soviet. U.S and Japanese. parties 
concerned under which the Wes- 
tern consortia must pledge large- 
»cale finanCH for the project. The 
“general agreement” will require 
extensive consultation with the 
Japanese and U.S. Governments 
as well, since a large part nf 
credit for the project is expec- 
ted tr> come from their respec- 
tive Eximbanks (which have 
been involved in the exploration 
phase of Yakutsk natural gas 

U.S., Peking edge closer together 

Koch, the city'? Mayor, gave an 1 
.lisii ran co i.“ days ago that a payj 
deal would he reached by last ■ 
Saturday, and that oihcr ccmdi- 1 
tsen* for nbtainin; federal .-iirij 
would h* in plac The deadline' 
passed with none of ihe five' 
coals achieved. i 

The cancel la l ion of ihe Bank-' 
'.nq Committee hearings on the 1 - 

voluntary anti-infiatinnary pro- struct ive co-operation. 

•J V : 


Fed rebuffs New York bank plan 


NEW YORK. Mar 23 

that it would he wrung to remove 
the spot check capability. It 
cited a Gonsres-'innal report 
which said that 14.500 people 
were killed each year fmm indus- 
trial accidents and another 2.2m 
injured nr disabled In the view 
of the Government. OSH A has 
hern a .dsnificant force in en*-ur- 

v'arter Adminht 'ai ion's pronosal i PLANS TO establish a banking Th*«e restrictions apply rn sent to the Fed for approval, jnq that enmpanie* paid attention 
ro pro vide \>«- York -.virh Trthn'f”!* Ir *“ e zone "? ftew ^ ork are U-S. hanks' domestic operations, although scrutiny could last a to ihe healih and safely laws of 

. ■ L ' 1 ■ “ 1 lipino i % flll n fp r*ir) hu ITorlnr'il Nut rM.I | A vKaix . • , ■ 

of is-v ear loan qu. Iran teex means: l; ein ? entered by Federal hut not lo their facilities out year or more. the land. 

that the cilv could he left with-i «* 5e J ,V0 Board statements side ihe U.S. However, a spokesman f>*r the The Omri acknowledged rhr« 

o-it federal" aid after June 30 | emphasising the difficulties that Interviewed after a speech he Fed said this morning that a p re. to some extent when it ruled 
when the exhtinc ihree-vear pro-, ou,d he crealed f <* r the U-S. made at the New York State liminary examination nf the plan thar m order to obtain a warrant 
n ramtne is io expire. banking system. Banks' Association convention in is under way and that the Fed w was not necessary OSHA 

11 1 Although the supporters of the Florida. Mr. ColdweJ] drew atten- bad told a number of Congress- = to prove that there was reason- 

•r • a, II proposal are anxious to minimise lino to the problems which might men that it already saw a number ; able cause for suspecring that a 

jailMiCa laiKS the potential importance of the bo created by freeing “trade of potential problems. company was breaking the law. 

Fed's reservations, a statement zone” banks from depositing One of the issues raided, says However, the mere act of apply- 

nnclfiAnofi made by Mr. Philip Cold well. 3 reserves with the Fed. the Fed. is the possibility Thai in? for a warrant does provide a 

UUJHJH/ilvU member of the Federal Reserve “The problem is one of leak- U.S. companies mighi switch l company with advance nonce of 

p , r __ lir . i _ i Board yesterday, coupled with ayes How do we maintain funds to these offshore Hankins ; inspection. 

ay manure james | replies which the Fed has given control ofthe money supply with facilities and this would have The constitutional basis for the 

KINGSTON. May 23. ] to Inquiries from Congressmen a free trade zone? I am con- implications for the conduct ol : Supreme Court's action, which 

A MEETING here between heads i indicate the banking regulators corned that we might create a monetary policy. was taken an a 5-3 vote, with 

o; government of several deve-'are anxious in dampen some ot loophole ihrough which several Another question whirh would one justice not participating in 
iroed and developing countries the increasing enthusiasm in billion dnllars a year could run.” have to he examined would be its the case, is ihe Fourth Amend- 
has been postponed. the > New York. Mr Co I dwell told a New York impact on competition between -ment of the Constitution, which 

Jamaican Prime Minister's office i The plan would require the Times reporter. la eje and small U.S. banks i bans" unreasonable searches and 

announced Iasi nie'nt. Fed ro approve the creation of The New York state legislature : seizure.- ' The Conn majority 

Ii should have taken place at. so-called domestic international is thought likely to pass legisla- ,, <- rnwAVY vfiv<; ! concluded that the privacy nf 
the end of this month, hut was ( banking facilities which would tinn by the summer which would ■ _ ‘ i>mpinw»r* was hem? invaded by- 

postponed. according to th*»:he freed from citrrem interest make considerable tax conces- . * the inspection provisions of the 

statement, because of difficulties i rate restrictions on deposits and stons on overseas banking profits ^, 0, T ,sn °" rr ®'\ ers ™ sn r " ” ear 1970 OSHA Act. which are 
in finding two consecutive and from maintaining a certain earned bv subsidiaries estab- n»8fi‘* r interest rates: tighter rhereby nu iiified. The Admmi- 
convcnieni dajs for the slates- proportion of reserves against lished in the free trade zone. The margins trim Deere: Tun suitors «u ra tion w expected to respond 
men involved. .deposits. proposal would then be formally for Corco — Page 2R i to the ruling later today. 


CHINA AND the U.S. edged 
cineer together ihis week follow- 
ing three days of lalks between 
Presidenr Carter’s National 
Security Adviser Mr. Zbigniew 1 
Brzczlnxki and Chinese leaders! 

But the two countries are no 
closer tn bridging the diplomatic 
chasm represented lay America’s 
links with Taiwan. 

Mr. Brzcziraki lefl Peking 
today for Tokyo, probably re- 
lieved rhat the Taiwan issue had 
been aUnwed to lie relatively 
undisturbed. In meetings with 
Premier Hua Kuo Feng. Vice 
Premier Tens Hsian Ping, 
Foreign Minister Huang Hua and 
other Chinese officials, Mr. 
Brzezinski put the U.S. view of 
international questions of com- 
mon concern. 

The American envoy said last 
night. aTter his final round of 
discussions'. “One iheme emerged 
particularly clearly. Our shared 
views outweigh our differences." 

Addressing Foreign Minister 
Huang Hua at a farewell banquet 
in Peking he said: “We hoth 
oppose efforts by others lo seek 
a monolithic world." 

*' We both believe that through 
vigilance and strength, in your 
words, a war can he postponed, 
and in our words, war can be 

Mr. Brzezinski delivered a 
glancing blow w 'the Soviet 
Union in a reference to Russian 
and Cuban activities in Africa. 
He told Mr. Huang: “Neither of 
us despatches international 
marauders who ma«tuerade .is 
non-aligned tn advance big 
power ambitions in Africa. 
Neither of us seeks to enforce 
the political obedience nf our 

PEKING. May 23 

neighbours through military 

His three-day visit had been 
constructive, he said, because it 
“ will facilitate the normalisation 
of our bilateral relations.” 

Mr. Brzezinski knows, how- 
ever. that "normalisation'’ will 
take more than un exchange of 
friendly sentiments across the 
dinner table. 

China acts over secrets 


sion. the all-powerful party bndy 
that supervises military affairs, 
has recently taken steps tn pre- 
vent the apparently widespread 
leakage of secret information. 

The ad ion follows allegations 
in the pinvinces. notably Inner 
Mongolia, thuf officials had 
handed on Slate secrets to un- 
specified recipients. 

The new security rules lay 
down thai all unauthorised Army 
personnel should avoid discuss- 
ing military secrets, asking 
question* about ' them, reading 
secret documents and mention- 
ing seuets in private correspond? 

While there is nothing 
inherently strange in these new 
measures, it comes as a surprise 
to find that the theft loss and 
exploitation of secret information 
is apparently as commonplace in 
China as the new rules imply. 

Secret information should not 
be recorded anywhere hut in 
classified files, nor should it b* 
discussed openly, even with 
family members, the new regu- 
lations state. Secret documents 
should never be taken to public 
places or homes of relatives or 
friends, nor should public tele- 
phones, uncoded telegrams or 
civilian post offices be used for 
handling secret information. 



l f 


■ v- '•'■£' • 

.. A,. 

■ - « .... . 

Within a decade, the states fringing 
the eastern coast of the Arabian 
Peninsula have become a new worid. 

• •-. Vv-5' s St-.- & ' iS-r •' 'i ^' ch * n themselves, rich in opportunity. 

** SS SSw- .. 'SS:; \ y . • Fast developing into international 

':’S Sk ' - S'ii sSJT: S'kS =?•• ' -?•: >' trading and financial centres. Breeding 

• ‘ S "; ‘ r- new industries. 

r .. ; ‘ : - '••■Vs Gulf Air is a part of that new world. 

J An international airline flying the most 
. ?; . ; '; ' • • ... ' : /. ! ■ modem equipment, including 

v Lockheed TriStars and the advanced 

' S' 'j- Boeing 737-200. A regional airline 

. 3 > serving more destinations throughout 

' - - ' r L"*. ^ ; the Gulf than any other airline. An 

' ^ -S : /;■ - •" . . ■ airline unique in its offer of Golden 

^ Falcon Service. 

’ ' 7 ' -'S/Syl The Gulf is a new worid. When you 

.} : " • :• fly Gulf Air, you're apart of it yourself. 

.• ^jVW?:vV.'. v ; ■ ■ : . ’ ; rr?"F*-hxr 






W$, t 


! .V *. •Jrji:. 

-r *f ~. 

ti. 4' 





Port of a new world. 

Babrafn Beirut BwbaV 

rubai ka-acn k™*: um.ia London 

“'“ a “ a; Pans Ras Ai r^anTieui Saiaian Sneqan Bhiraz 



>mm - - •*.. 




Financial Times Wednesday May 24 1973 


Egyptian poll 6 a vote 
for democracy 5 


EuYPT HAS passed a turning 
pmnt on the road to democracy 
as a rcsuH of last Sunday's re- 
ferendum. President Anwar 
Sadat drclared to-day. 

Tin- ps.29 per cent, "yes" vote 
for ihe broad principles proposed 
Uy Mr. Sadat to curb critics of 
the regime “was not support for 
me. it was support for true de- 
mocracy.” he said. 

Speaking to journalists Mr. 
Sadat recalled that some people 
had been worried that special 
measures were about to he intro- 
duced and political prisons re- 

“Anyone who thought that was 
going to happen is irresponsible 
and does not have the same level 
or understanding as the Egyptian 
people/' he said. 

The referendum, which had 
been carried out in an atmos- 
phere of complete freedom, ac- 
cording to the President, had 

CAIRO, May 23. 

shown that democracy in Egypt 
meant that differing opinions 
were equally respected. 

The three principal targets of 
Mr. Sadat. add of the legisla- 
tion that will be drawn up 
following the referendum, are 
••Communists.” pre-revolutionary 
Right-wing politicians now bead- 
ing the New Wald Party, and a 
limited number of journalists. 
However, some observers inter- 
preted Mr. Sadat's remarks to 
day as meaning there .could still 
be a stay of execution if the 
opposition forces adopted 
“ more constructive attitude.” 

The Left-wing Unionist Pro- 
gressive Party issued a statement 
today in which it warned against 
the dangers of “ futile confronts 
tlon."' The party fears it might 
he banned following the seizure 
of last week’s edition of its news- 
paper in which it advocated a 
“no" vote in the referendum. 

Soviet bloc angers Iraqis 


SOVIET BLOC relations witti one 
of their closest Arab allies, Iraq, 
are undergoing serious strain. 

Baghdad's Government news- 
paper. A1 Jumbouriya, launched 
a strong attack against Poland 
today, accusing it of shifting its 
Middle East policy in flavour oi 
Israel and a-gainst the Arabs. 

The newspaper referred to cele- 
hra-uons 'in Warsaw last month 
marking the .anniversary of the 
Jewish uprising against the Nazis 
it said Uie Stale-controlled Press 
in Poland had been writing 
editorials in support of Israel. 

The attack came only a few 
da;.s after the Government in 
Baghdad banned Iraqis from 
travelling to Poland, charging 
that Arab visitors to Warsaw 
were subjected to maltreatment 
by the Polish authorities. 

Earlier, the Soviet embassy in 
Baghdad was forced .to move its 
••Hi tvs after water and electricity 
were cut off from the building 

BEIRUT, May 23. 

which was next door to the offices 
of President Ahmed Hassan al- 

Iraq is the onjy Arab country 
which has a treaty of friendship 
and co-operation with Moscow. 
The treaty was concluded six 
years ago. Egypt, which had a 
similar treaty, abrogated it two 
years ago al the height of the 
crisis between President Sadat 
and Soviet leaders. 

The crisis in relations is re- 
flected -in heated argument be- 
tween the -ruling Baath Party and 
Iraq's Soviet-oriented Communist 
Party. Observers believe the row 
between them threatens -the 
National Progressive Front which 
the Baath is ts and Communists 
established five years ago 

The Iraqi Communist Party, 
which is believed to be the larg- 
est in the Arab world, agreed 
to cooperate with the Baathists 
after the signing of the (treaty 
with Moscow. 

W. Bank land probe urged 


THE MAYOR of Bethlehem 

today called on Mr. Ezer Weiz- 

man. the Israeli Defence 
Minister, to appoint a committee 
to investigate the military 
authorities' policy towards West 
Bank land as the row over 

apparent attempts by Israel to 
take control of property belong- 
ing to emigrants intensified— in 
spite of Government denials of 
any policy change. 

The Mayor, Mr. Elias Freij, 

TEL AVTV, May 23. 

accused the authorities of trying 
to stifle West Bank economic 
development by vesting control 
of tens of thousands of acres 
and thousands of housea in the 
custodian of absentees' property. 

Mr. Weizman told the Knesset 
foreign affairs and security com- 
mittee that there had been no 
change in Israel's policy towards 
emigranta’ property. Not 1 - was 
there any intention to expro- 
priate land 


site found 

PARIS, May 23. 
FRENCH troops have dis- 
covered a new massacre site 
with the bodies oi about 20 
Europeans, including a dozen 
children, and have now put 
the total white death toll In 
Kolwezi at about 200, the 
Defence Ministry said to-day. 

The figure was the highest 
so far reported- for whites 
killed in the battle-scarred 
southern Zaire town following 
the rebel invasion of Shaba 

The ministry, spokesman 
said a group of hysterical 
European women and children, 
their husbands and fathers 
apparently killed by rebels, 
had been found yesterday 
roaming iu the bush outside 
the town. 

“ They were obviously 
hysterica! with fright,” he said. 
“It seems that all the hus- 
bands of the women we found 
had been shot by the rebels.” 


The new massacre site had 
been discovered last night as 
the troops combed, the battle- 
scarred town in Shaba 

The spokesman said an un- 
determined number or Euro- 
peans, including about 70 
French nationals, was still 
unaccounted for. 

The ministry spokesman in 
Paris said legionnaires clashed 
with rebels yesterday, killing 
a number of them and captur- 
ing 30 Soviet-made weapons 
iaclnding two mortars, two 
reroHless cannon and fonr 
machine-guns. There were -no 
legion casualties. 

The spokesman categorically 
denied claims by two Belgian 
officers at Karaina air base 
over 200 kilometres (123 miles) 
from Kolwezi that the French 
had killed five Rhodesians and 
a Belgian. 


THE FRENCH Foreign Legion is 
pushing ihe remaining rebel 
forces outwards for Kolwezi to- 
wards the Angolan border but is 
meeting with occasional pockets 
Df resistance. They troops are 
scouring the countryside but are 
finding it difficult to distinguish 
between locals who sympathise 
with the rebel cause and the 
rebels themselves. 

On one raid which 1 accom- 
panied some 40 km out of 
Kolwezi, the French soldiers 
found one young rebel, about 16 
years old. who carried his mem- 
bership card of the Congo 
National Liberation Front 
(FNLC) in bis pocket. Having 
searched him the soldiers sug- 
gested that I might like to go 
outside and wait. 

In the African area of the 
town there is still sporadic fight- 
ing at night, according to an 
officer with the French Foreign 
Legion which has its head- 
quarters there. But the shooting 
is more likely to be an excitable 
member of the Zaire army than 
any of the rebels thought to be 

French troops push Zaire 
rebels towards Angola 


hiding out id the town in civilian 
clothes. - 

Now that the Belgians have 
pulled out, the only white faces 
are the French paratroopers. Only 

a few Africans still walk the 
streets collecting odd items from 
the abandoned European houses. 

Their problems are only just 
beginning, said the Red Cross 
representative M. Frederick 
Steinemano. There has been no 
running water for five days and 
the looted and wrecked shops 
have been completely stripped. 

The badly decomposed corpses 
of soldiers, rebels, and civilians 
still tie In the streets. In tbe 
hot sun the smell is unbearable. 
Understandably, no one wants 
the job of clearing them op. But 

the Red Cross is making a start, 
as the danger of an epidemic 
becomes more and more likely. 

The situation has been made 
more difficult by the return of 
tbe Zaire soldiers from the bush. 
French soldiers said they fled 
when the rebels arrived, shoot- 
ing indiscriminately in order to 
get cars end escape from the 

Now they are making up for 
their missing wages as best they 
can. I was stopped twice on the 
read from the airport into town 
by raggedly dressed Zairean 
soldiers demanding money. They 
complained that they bad not 
been paid for some weeks. 

The Zairean paratroopers who 
first took the airport at Kolwezi 

now guard with an affected fero- 
city occasionally waving their 
arms at passers-by who are 
mostly journalists. 

They have been left to guard 
the airport which Is still receiv- 
ing several French Transport 
aircraft every day. They are 
mostly bringing in supplies for 
the legionnaires and the Zairean 
troops have to make do with 
what they can catch nearby to 

Tbe last few European refu- 
gees are being taken out some of 
them having been in hiding for 
over a week. Two Belgians with 
African wives who left yesterday 
said they had headed for the 
bush when the rebels arrived. 
They only returned when it was 

Belgian Government attacked in parliament 


BELGIUM’S reappraisal of its 
future policy towards Zaire 
began today, as parliament 
started an inquest on the 
Kolwezi massacres, in which 
many Belgians have died, and the 
subsequent rescue operation in- 
volving 1,200 Belgian para- 

Prime Minister Leo Tindemans' 
government was attacked by 
many MPs for misreading the 
situation in Kolwezi, for “its 
innumerable indiscretions" to 
the Press and radio that let the 
Shaba rebels know about the 
rescue bid well before Belgian 
or French troops arrived in 
Kolwezi, and for its general 
failure to protect its expatriates. 

But the Socialist president. M. 
Andre Cools, who leads the 
second biggest coalition party, 
made clear his party’s total dis- 
taste for any military involve- 
ment in Africa. “Belgian youth 
must -not become the spearhead 
of an African Vietnam.” be said. 

A prominent member of his 
party. M. Henry Simonet, the 
Foreign Minister, was yesterday 
the object of a sharp personal 
attack by President Mobutu, who 
has ordered his diplomats to boy- 
cott him. 

The Zaire Government has 
alleged that M. Simonei’s public 
consideration of contacts with the 
Congolese National Liberation 
Front (GNLC) was tantamount to 
recognising the rebels, and that 
the Foreign Minister had refused 
for 21 vital hours to pass on to his 
fellow ministers a Zaire request 
for help. 

This diplomatic boycott puts in 
question the June 13-14 meeting, 
to have been chaired jointly by 
the Belgian and Zairian foreign 
ministers, to discuss an inter- 

BRUSSELS, May 23. 

national aid package for the 
Zaire economy. 

“ Belgians must understand 
that their Government has not 
tbe means to support its citizens 
abroad, which the big powers 
have,” Mr. Cools went on. This 
line was echoed by ' M. 
Tindemans yesterday when he 
made it clear to parliament that, 
unlike France, Belgium had been 
totally dependent on the U.S. to 
airfreight fuel to Shaba Province 
for the Belgian troops there, and 
he implicitly put much blame for 
the delay on President Carter’s 
failure to agree to the use Df U.S. 
aircraft until early last Friday 

The - general feeling here 
seems to be that President 
Mobutu’s threat yesterday to 
break off diplomatic relations, 
because of his personal quarrel 
with Mr. Simonet, and also to 
replace Belgians working in 
Zaire with French, is not a 
challenge which Belgium can 
afford to take up. 

There are still 500 Belgian 
troops in tbe Shaba base of 
Karaina and some 25,000 Belgian 
civilians elsewhere in Zaire. The 
breaking off of diplomatic ties 
would make their position even 
more difficult. 

As some 600 more Belgian 
troops started arriving back in 
Brussels tonight, the politicians 
are beginning to ask questions 
about future protection for 
Belgians in Zaire. 

The leader of the opposition 
Flemish Liberal Party, Mr. Willy 
DeCtercq. demanded in parlia- 
ment today that “our co-opera- 
tion with Zaire must be 
re-defined with well-established 
guarantees— that is not too much 
to ask of a country in which 
25,000 Belgians still work.** 

Some mining circles in 
Brussels consider that a perma- 
nent police force in Shaba will 
be essential if Europeans are to 
return to work there. If Belgium 
is patently unwilling to provide 
any military safety-net for these 
expatriates, they see some merit 
in the pan-African security force 
which the summit meeting of 
French - speaking African 
countries in Paris la understood 
to be considering this week. 

It is being suggested here that 
any Belgians who are returning 
to Shaba in the near future will 
probably do so without their 
families, and (hey might only 
commute from other parts of 
Africa to dangerously unstable 
areas, like Kolwezi. 

Belgian-Zairian relations have 
see-sawed up and down since 
Zaire's bloody independence 
struggle in I960. Belgian officials 
hope they can ride out the latest 
blast from President Mobutu 
against Mr. Simonet, as Belgian 
governments have managed to do 
in tbe past. 

The economic ties between the 
two countries are still consider- 
able, consisting of an estimated 
£500ra of investment that was 
confiscated by the Zairian 
Government but which has 
recently been handed back to 
Belgian owners; considerable 
commercial ties, particularly 
involving Societc Gcnerole de 
Belgique, Belgium's largest hold- 
ing company; and a considerable 
flow of raw materials to Belgian 

In 1977. 340.000 tonnes, out of 
a total of 585.000 tonnes, of 
copper imported by Belgium 
came from Zaire- Four thousand 
tonnes out of 5,300 tonnes of tin 
imported by Belgium also came 
from Zaire. 

dear that there were more re- 
bels In the bush than there were 
in the town. 

Tbe huge mining complex here 
is completely still. Responsible 
for providing around 60 per cent 
of the country's foreign exchange, 
it is crucial to the already badly 
weakened Zairean economy. 

Little of the fighting took place 
near the mainly open pit mines 
and little visible damage hud 
been done to tbe heavy plant and 
machinery belonging to the 
Government-owned Gecamincs 

But according to U.S. sources 
tbe underground mines which 
account for 25 per cent of pro- 
duction have been flooded 
because tbe pumps have been 
switched off. 

Estimates on how long it would 
take to clear the water vary 
between five weeks and several 
months. But any work would 
depend on the return of the 
expatriate labour which bos tied. 

The rebels may therefore have 
achieved what must be one of 
their principal aims — the destruc- 
tion or mucb of the base of the 
Zairean economy. The psycho- 
logical damage done by the 
rebels is incalculable. And for 
whites the memory of tbe 
massacre of at least 30 Europeans 
in one bouse will not be easy 
to erase even though the pleasant 
tree-lined streets may soon be 
back to normal. 

Simonet : 

Minister Henri 
under attack 

from Zaire. 

Decision on 
unity sought 

By K. K. Sharma 

NEW DELHI. May 23. 
THE CHANCES of a single 
Congress party re-emerging in 
India have increased with a call 
from five senior leaders of the 
official Congress party for a deci- 
sion on the unity question by 
the Congress National Committee 
as it existed before Congress 
split in January. 

The coll is being seen as the 
death knell of the official 
Congress, the party which re- 
mained after Mrs. Indira Gandhi, 
the former Prime Minister, 
formed her breakaway Congress 
(1) — the “ I ” standing for Indira. 

Mrs. Gandhi's group has 
steadily gained strength, and 
now forms governments by itself 
in the two southern states of 
Andhra and Karnataka, and a 
coalition with the official Con- 
gress in Maharashtra with Mr. 
Vasantdada Patil of the official 
Congress as Chief Minister. Mr. 
Patti is one of the five leaders 
who now wants a decision on the 
■unity issue. 

The five include such political 
heavyweights as Mr. Sidharta 
Shankar Ray. former Chief 
Minister of West Bengal, and Mr. 
Mohanlal Sukhadia. former Chief 
Minister of Rajasthan. 









People sometimes complain 
thatrail feres are unnecessarily 

But we’d rather be accused 
ofhaving too many Fare Deals 
than too few 

Afterall, wehavemany 
differenttypes of passenger to 

man tmvellinglong distances to 
tbe old-agepensionervisiting 
relatives attheweekend. 

Eqxially important to us is the 
fact thatby redudngfaresfor off- 
peaktxavel, we’re able to attract 
“* B people who wouldn’tnormaUy go 

The extra money we earn 
this way isthenfedbackinto the 
whole railway system, to the ben- . 
efitofall our customers. 

The backbone of the nation. 

1. REGULAR TRAVELLERS. Season tickets- Weekly, 
Month (y. Quarterly and Annual. 

2. DAYTR1PPERS. Awaydaysand other local off-peak fares- 

3. WEEKENDERS. Weekend Retumsand mini-holiday 

4. SENIOR CITIZENS. Railcards. 

Economy Returns. Golden Rail Holidays. Children^ feres. 

6. BUSINESS TRAVELLERS. Standard ticketsand 
Executive packages. 

7. STUDENTS. Railcards. 


Financial Times Wednesday May. .2$ ; 197H. 


Bonn urges UK to join 
European air industry 


W. Germans 
warned over 

U.S. steel producers demand 
stricter trigger price system 



NEW YORK, May 23. 

in product- 
liability row 

BONN. May 23. 

By Leslie Colitt 

•BERLIN, May 23. 

WEST GERMANY strongly 
urged Britain today to join the 
new generation of European 
civil airliner projects and 
warned it against the rival 
cooperation offer made by 
Boeing, of the U.S.. for the sake 
of supposed short-term employ- 
ment advantages. 

That was the message delivered 
today to Mr. Eric Varley. 
Secretary of State for Industry, 
and Mr. Edmund Dell. Secretary 
of State for Trade, hv Herr 
Martin Gruener, ihe West 
German State Secretary in 
charge of the civil aerospace 
industry. The British Ministers 
talked with Herr Gruener for 
two hours before flying to Paris 
for parallel discussions with the 
French Government. 

There were signs of disappoint* 
ment nn the German side after 
the talks were over, however, 
that the British Ministers had 
discussed the relative merits of 
the Boeing proposal and the 
European invitation mainly in 
terms of the number of jobs each 
would offer in the short run. 
while laying less emphasis than 
Bonn had hoped on longer-range 
strategic goals. 

Herr Gruener is understood to 
have argued strongly that by- 
accepting the Boeing offer of 
co-operation nn production of the 
planned 757 project. Britain 
would be resigning itself to sub- 
contractor status. He said there 
could he no guarantee against 
Boeing's changing the terms of 
business in future developments 
nor against its choosing another 
engine supplier in preference to 

By contrast the British 
Government would be a full 
partner in the European con- 
sortium. with equal weight in 
strategic decisions. 

Herr Gruener is said to have 
made clear that West Germany 
wants a commitment by White- 
hall not just to the second stage 
of the European Airbus pro- 
gramme. involving development 
of Ihe sea led-dn wh BIO version, 
but to the broad principle of a 

joint European aerospace In- 
dustry. That would mean British 
participation in the BIO Airbus 
and in the two proposed Joint 
European Transport (JET) 
□arrow-bodied airliners being 
studied for the 1980a. 

Bonn's Insistence that the 
three projects are part of the 
same package reflects the grow- 
ing confidence of the manufac- 
turers grouped in Airbus 
Industrie that the recent sales 
successes of the present Airbus 
models can be followed up with 
a “ family ” of airliners that the 
Europeans can market together, 
in close parallel to the new 

range Boeing has on its drawing 

In contrast to some recent 
statements from the industry, 
however, it was understood that 
Herr Gruener did not lay down 
any hard deadline for a British 
decision. He did reiterate the 
Europeans' view that If Britain 
does not join them, work will be 
easily reapportioned. About 30 
per cent in value of the BIO is 
earmarked for British Aerospace. 
Executives of Airbus Industrie 
are also categorical in saying 
that such a redivision of the 
work would not delay the 


Airbus plea to Spain 


MADRID, May 23. 

FRANCE IS putting strong pres- 
sure on the Spanish Government 
to commit itself firmly to buying 
the European Airbus A30Q. Bui 
Spain is hesitant, finding itself in 
a similar dilemma, although on a 
smaller scale, to that of the 
British Government over the 

No decision is expected in the 
near future although the matter 
was raised by the French Com- 
merce Minister, Jean Francois 
Deoiau, yesterday and Alitalia 
today indicated strung interest in 
the aircraft. 

Spain’s dilemma that it 
belongs to the Airbus Industrie 
consortium but the two main 
purchasers of aircraft, the 
national carrier Iberia and Its 
affiliate. Aviaco, have shown no 
preference for the A300. 

Spain joined Airbus Industrie 
in 1971 with ao initial 2 per cent 
stake, later raised to 4.2 per cent, 
and the state-controlled aircraft 
company, CASA is making the 
A300 fin and front doors. There 
was talk of Spain's purchasing 
some 30 Airbuses with Iberia 
taking an initial option on four. 
That was cancelled in 1974 

Iberia is still not interested in 
rhe present A3 00 and would only 

consider its derivative, the 5-10. 
However, officials indicate that 
unless a political choice is 
imposed, American manufac- 
turers are offering a more 
attractive and suitable package. 
The Spanish also say the French 
have yet to offer the type of 
attractive credit package that 
went with the recent Eastern 
Airlines deal. 

Agains that, Spain- is anxious 
to appear a good European, and 
it seems the French are subtly 
presenting the Airbus issue as a 
test of Spain's European inten- 
tions. Moreover there are 
threats, according to Spanish 
officials, that If Spain does not 
buy the Airbus, CASA's share in 
the work will be reduced to 2 per 
cent or perhaps cancelled 

AP-DJ adds from Rome: Sig. 
Umberto Nnrdio, President and 
Managing Director of Alitalia, 
said: “At least a certain number 
of Airbuses 1 ' would be pur- 
chased by the airline: between 
six and 12. Management would 
decide this summer the exact 
"mix" of Airbuses and American 
Boeing and McDonnell Douglas 
aircraft to replace some of 
Alitalia's older types. 

Poor outlook for wool textiles 

WEST GERMANY'S economics 
Minister. Count Otto Lambsd orff. 
has cautioned German industry 
against concluding “especially 
large long-term compensation 
projects with the Soviet Union 
which could overload the German 
market and endanger jobs." 

His remarks came in an 
address to the Federation of 
German Industry {BDI1 which 
is holding its annual meeting in 
Wpst Berlin. 

The Economics Minister said 
it was essential that the ex- 
porters of plant to the East as 
well as the Federal Government 
and the industrial sectors 
affected by the Eastern imports 
Insist on “.more flexibility bv 
the Soviet negotiating partner." 

He believed that after tanWne 
talks with Soviet and Palish 
Economics Ministers, the 
Easterners now . understood the 
problem better. 

Medium size West German 
companies are the most serlouslv 
hurt by compensation, he said, 
noting that the West German 
Government will devote " great 
attention" to this question in 
its dealings with state trading 

Count Lambsdnrff said that 
paying for goods with goods 
could only be a last resort in 
modern trade but it was under- 
standable that the Comecon 
countries used compensation to 
equalise temporary balance of 
trsde problems. 

He believed that discussion 
over Comecon indebtedness to 
the West would become "much 
less virulent" since thev heean 
cutting back on imports from 
the West 

The West German Minister 
welcomed next week's trip to 
Moscow hy the Vice-President of 
the European Communitv. Herr 
Wilhelm Haferkamp. tn hold 
talks there for the first time 
with Comecon. He called this a 
sign of a more “realistic attitude 
by the state tradlne countries 
towards European integration." 

On the subject of West 
Germanv's role in stimulatin'? 
other European economies, the 
Economics Minister told the 
German industrialists here that 
his Government is not ennsider- 
rna “economic piiittd priming nr 
nrncrammes " to he introduced the JhJv economic summit 
meeting in Bonn. 

U.S. STEEL industry leaders to- 
day declared that they are un- 
happy with the U.S. Government 
trigger price mechanism designed 

to protect the domestic industry 
against dumping by foreign 

Mr. George Stinson, chairman 
of the National Steel Corporation, 
said the industry is seeking 
“ prompt revision " to eliminate 
“ serious flaws " in the system. 
-He said U.S. steel companies 
would urge Congress to reject 
any new General Agreement on 
Tariffs and Trade iGATT) 
arrangements that do not include 
“ a meaningful international 
steel agreement" 

Mr. Stinson delivered those 
major policy statements at a 
briefing before the American Iron 
and Steel Institute's annual 
meeting, which starts here to- 
morrow. They indicate that steel 
companies have decided to launch 
a public offensive to consolidate 
and build on gains achieved by 
the introduction of the system. 

sored by the institute on “the 
economic implications of foreign 
steal dumping in the U.S. 
market “ carried out hy the con- 
sultants Putnam Hayes and 
Bartlett- The study concludes 
that because of copious foreign 
steel dumping in 1976 and 1977, 
the U.S. steel Industry lost S4.1bn 

in income. 

Mr. Stinson said the trigger 
price system was “a step m the 
right direction " but argued that 
it had serious drawbacks. 

Under existing arrangements 

the U.S. Treasury sets minimum 
prices hclow which foreign 
manufacturers can triSRor an 
anti-dumpina investigation. How- 
ever. Mr. Stinson said that by 
setting prices on a calculation of 
the lowest cost supplier, the. 
Government was enabling less 
efficient supplying countries to 
continue dumping steel. 

He added that trigger price cal- 
culations were based on a higher- 

than-actual capacity utilisation 
by Japanese producers, with the 
result that trigger prices are 
lower than they should be. 
Finally, he said the current for- 
mula fails adequately to allow 
for the cost of producing the 
richer product mix shipped to 
the U.S. by Japanese producers.! 

For the longer term, Mr, 
Stinson called for stronger U.S. 
trade laws and said any weaken- 
ing as a result of the Tokyo 
Round of trade negotiations 
would be, opposed by the indus- 
try. Thus a discussion forum in 
the Organisation for Economic 
Co-operarion and Development 
for overseeeing steel guidelines 
was not an acceptable alterna- 
tive to "fair international 
ground rules” and if that was. 
the final outcome of the Tokyo 
Round, then "we will have nn 
choice but to oppose con- 
gressional ratification of those 

By Kenneth Gooding, . . 
Industrial Correspondent .' 

CAPITAL GOODS should - be 
excluded from the -..product 
liability legislation. - currently 
being considered by the EEC. 
West European machine'- tool 
manufacturers claim. _ 


In essence, the trigger 
mechanism Introduced on 
February 15 is thonght likely to 
reduce by up to a quarter the 
overall tonnage of foreign 
Imports, increase the likelihood 
that the industry will be able to 
hold its 6 per cent price rise, 
introduced last month, and raise 
U.S. companies’ profits sharply. 

None of those points were 
made by Mr. Stinson today when 
he introduced a new study spon- 

Japan car imports rise 


TOKYO. May 23. 

There has been a failure- to 
appreciate the way costa will be 
sharply increased by thu intro- 
duction of “strict liability'" to 
the legislation, they say: . 

“Strict liability 1 * means feat 
a producer of goods will he' liable 
for injury, caused by a- defect in 
the product, even if dH reason- 
able care was taken to avoid ihe 
defect and even if the: defect 
could not hare been, avoided 
because the necessary, tech- 
nology was not developed- at the 
time of irs production. - ; 

The 33-nation European' Gba- 
mittec for Cooperation of the 
Machine . Tool Industries 
fCECJXO) has been alerted - to 
the possible problems -which 
could arise from current -EEC 
draft proposals hy the UK 
Machine Tool Trades' Associa- 


JAPANESE sales of Imported 
cars have picked up in recent 
months, showing record sales in 
March of 4.946 vehicles, up 6.3 
per cent over a year earlier. 

In April they rose sharply by 
25 per cent to 4,257 vehicles on 
the year-ago's level, according to 

new car registration figures dis- 
closed by the Japan Automobile 
Sales Association. 

The share of European cars in 
total sales of imported-cars was 
62 per cent in 1975. 63!9 per cent 
in 1976 and 64.7 per cent in 1977. 
American cars accounted for 
virtually all the rest. 

All the manufacturers are to 
put pressure an their own-govern- 
ments pointing out that “strict 
liability” would push up costs 
because insurance premium 
would rise substantially 
| parties would have to' keep very 
accurate records of the source of 
every bough t-in component*-* 
very expensive process. 


Bid for a higher credit rating 




the U.S. has run into criticism 
and political controversy during 
ihe past few weeks. After more 
than 40 years of quiet endeavour 
providing loans, guarantees and 
insurance for the nation’s ex- 
porters, it has found public 
attention focusing nn its role 
and the adequacy „of its 


BRITAIN'S WOOL textile Indus- 
try is expecting a much rougher 
time this year in home and 
export markets as a result of the 
continued recession in world 

But the industry, for which 
last year was the most success- 
ful for exports, with sales abroad 
of £390ra. says it is si ill faring 
much betlcr than competitors 
in other EEC countries, and 
order honks for the immediate 
period ahead are said to be 

Output of woven fabric by the 
industry in the first three months 
of ih:s year, according to figures 
published yesterday by the 

Bradford-based Wool Textile 
Delegation, was down 7 per cent 
compared with the same period 
last year. In worsted yarns 
there was a drop nf 10 per cent, 
and in woollen yarns of 4 per 

For the year as a whole the 
industry is expecting exports to 
Tall short of last year's figure, 
although possibly not by much. 
The Middle East and the United 
States are expecting to remain- 
fairly strong buyers of worsteds 
and woollen, respectively, and 
some recovery in sales to the Far 
East is also hoped for. 

Exports in the first three 
months, at I97m, were 3 per cent 

down in value on the same period 
last year. In volume, cloth ex- 
ports were down by 3 per cent 
yarns by 15 per cent and tops 
combed wool) by 21 per cent 
in the home market, the 
Industry continues to be con- 
cerned at the penetration by 
imports of woollen cloth from the 
Prato district of Italy, but a new 
obstacle is now being 
encountered in growing imports 
from Argentina. 



The bank has been brought 
under the spotlight by the 
investigations which precede the 
decision that Congress has to 
take every five years on whether 
to renew its charter. It wfll 
undoubtedly be renewed later in 
the summer, and with it the 
hank’s overall commitment 
authority will be raised from 
S25bn to $40bn. 

By John Wicks 

ZURICH. May 23. 
An “Invest . in Britain 

The industry says the Argen- 
tinians have already reached Ihe 
level under the recent GATT 
multi-fibre arrangement (MFA) 
at which quota restrictions should 
be applied. 

seminar, at which' one of the 
speakers will be Mr. Alan 
Williams. Minister of State at 
the Department of Industry, is 
being held in Basle tomorrow. 

The seminar forms part of the 
Inter-Idex exhibition for in- 
dustrial location, at which the 
Department of Industry will be 

By then the bank will have 
had its fill of complaints. The 
American Federation of Labour 
— Congress of Industrial Organ- 
isations — say the bank is too 
ready to finance projects, such 
as steel mills.' .which ultimately 
take away American - ' jobs by 
capturing U:S.' markets. Another 
school of thought has it that 
the bank is not vigorous enough 
in matching the generosity of 
other export credit agencies, 
particularly the French and 

Then the bank's legislative 
mandate requires It to take 
human rights into account in 
making its authorisations and an 
attack From the human rights 
lobby could yet result in restric- 

tions on its powers to finance 
exports to South Africa. 

Many of the charges levelled 
against the bank come from ex- 
porters. often via their Congress- 
men. who believe they have lost 
an overseas contract because 
they were out-gunned by a rival 
country's export credit agency. 

This is one of the major con- 
cerns of Mr. John Moore, a 43- 
year-old Atlanta lawyer, who 
was appointed the bank's chair- 
man by President Carter a year 
ago. His brief was. and Is, to 
make the bank a greater force In 
the U.S.‘ exporting effnrt than It 
had been under his predecessor, 
Stephen du Brul, whose desire to 
build up Its capital base at the 
same time slimmed down its 
financing contribution from a 
traditional 10 per cent of dollar 
exports to 7 per cent. 

In a world where trade reces- 
sion has brought cut-throat com- 
petition to foreign sales, the 
U.S- Ex-imbank under Mr. Moore 
resembles a cleric who finds sin- 
ning distasteful fatal occasionally 
unavoidable. Lts legislative man- 
date requires it to seek inter- 
national' agreements which 
reduce subsidised export financ- 
ing. on the other hand it is a iso 
required to be competitive with 
other more flexible natinnal 
agencies that will shave interest 
rates and often find ways tn 
finance 100 per cent of an over- 
seas deal 

In an interview in his Washing- 

ton office last week Mr. Moore 
made it clear that under his 
leadership the bank is being 
more aggressive in its financing 
with the result that, as he more 
diplomatically informed a Con- 
gressional committee in March, 
it *' must sometimes selectively 
adjust its customary market- 
related financing terms to main- 
tain the competitiveness of U.S. 

But Mr. Moore and his col- 
leagues are worried about the 
conduct of others, and not only 
France and Japan, and speculate 
that the U.S. might be forced 
by domestic pressures to adopt 
measures which it presently finds 
distasteful. One of tbese. the 
mixing nf credits with foreign 
aid. a practice which the U.S. 
sought but failed tn eliminate 
during the latest international 
negotiations on the consensus 
(gemlempn’s agreement) on ex- 
port credits. 

- It is not prepared either to 
•finance- the locally incurred costs 
of a contract. Tempers became 
very short at the bank when it 
emerged recently that Britain's 
Export Credits Guarantee repart- 
meht had helped Rolls-Royce land 
the contract to supply engines 
for Lockheed Aircraft being pur- 
chased' by Pan Am by guarantee- 
ing private financing fnr the U.S. 
manufactured airframes. 

Mr. Moore is seeking much 
greater disclosure of. information 
by national agencies on these 
kinds of deals and also on the 

extent of inflation insurance 
which is being provided by 
Governments on some contracts. 
More information, he says, would 
orten help soothe outraged U.S. 
companies that have failed to 
land a deal and would also help 
produce a reasoned judgment on 
which tack the bank should be 
taking. “The attirude of the 
Administration and the Congress 
is sufficiently supportive that we 
could. If we chose, come up with 
a programme equivalent to any 
offered abroad." he says. 

Ex-imhank officials feel it is 
not too alarmist to talk of an 
imminent exports credits war 
and are loath In see the U S in- 
volved. For one thing the bank's 
self-supporting role might he at 
stake and the need for annual 
Congressional appropriation 
would make it much more 
politically sensitive. At present, 
all of its funds are raised from 
rhe U.S. Treasury at prevailing 
market rates, and the bank h3s 
to make sufficient . annual return 
to cover operating costs and add 
to Its reserves. 

Mr. Moore acknowledges that 
there are times when this 
restraint means that it cannot he 
trulv competitive with other 
agencies, but believes that it is 
better for the trading world as 
a whole if the hank continues to 
suffer its present restraints than 
for the shackles to be removed 
and the U.S.’s full economic 
power to he concentrated on an 
export credits war. 


Erv- •' 



eiv:-' - 

fer/J ; 

r y ; • 



Mr ■ 

ihedj; • . . 

Gave - 

Being Italy’s own airline, we can naturally offer you more 
flights. To more Italian cities. Morning, afternoon, or evening. 
With First Class on nearly every flight 

And, being Italians, we can naturally do more for you once 
you arrive. 

VIP lounges for First Class passengers at the major Italian 
airports are just the start 

There's also Italpak: low-cost packages to major business 
centres, flexibly arranged to help you make best use of your time. 

There's Alitalia Jet-Drive: selfdrive arrangements with Avis 
cars at 16 Italian airports. 

And there's the Alitalia/Jolly Hotels Special Plan enabling 
you to save on hotel bills at any of 28 Jolly hotels throughout Italy. 

You can use any of these special offers on any of Alitalia's 
highly-convenient scheduled services. 

Also useful: over 50 Alitalia problem-solving offices, with 
latest flight information and reservation service. Then there’s 
Alitalia's pocket-size problem-solver: . 

“BusinessTraveller's Guide to Ital}f; , > 

Seize your opportunities. 

See your Alitalia- appointed travel agent 

Or send the coupon. ^ 

Complete the coupon and within days a consultant team will be at your disposal, ready to reappraise your current 
export freight costs, free. We may simply confirm that you are using the most economical methods already. 

Either way, you have nothing to lose. 

What is the export product 2 

Name/Position » 

Company ; J 

Address 2 

J Export Advisory Service ft24/s j 

J__ J^EEPpST Eros House, P.O. Box 2 Feltham, Middlesex TW14 OTG J 

These securities having been placed privately, 
this announcement appears as a matter of record only. 


(established at Amsterdam, the Netherlands) 

| To: Alitalia, Distribution Dept, 251 Regent Street, 

London W1R 8 AQ. Please send me the following Alitalia brochures: 

J □ Ti metable: UK-Italy □ Ital pak □ Business Traveller s Guide to Italy I 

; □ Jet-Drive □ Alitalia/Jolly Hotel Special Plan 

Dfls 75,000,000 
6 k% bearer Notes due 1983 

j Name. 

| Address. 


/llitalia j 

We’II show the worldj 

Naderfandsche Middenslandsbank N.V. 
Centrals Rabobank 
Kredietbank N.V. 

Swiss Bank Corporation 
(Overseas) Limited 

May 16th, 1978 

7060*5413 I 






•iV':- ■ 


< '-■) 













> yj 

Ts: «' 

i 1 *. 





CC- people who make things 

in the home 

Geoff Johnson is an 
ambassador for BICC. As 
Export Manager for BICC 
Components, he has flown all 
over the world, exploring new 
markets for the company's 
electrical components. 

£**; V 1 ' 

* -W w* 


When it comes to relaxation 
however, Geoff likes to leave 
the world of high flying behind 
him — to drop down to sea 
level in fact, and to go back to 
the days when great sailing 
ships ruled the waves. Geoff 
surrounds himself with 
reminders of those unhurried 
days — like this model of an 
1 S90 Gaff Cutter which he 
built himself in the quiet and 
comfort of his own home. 
Because Geoff spends so much 
time abroad, he places great 
value on his at-home hours, and 
he is also gratified that the 
team of which he is a part — 
that enormous team of 54,000 
BICC people worldwide — has 
contributed to the technology 
■which helps to make these at- 
home hours more comfortable, 
not only for him, but for all of 

BICC technology finds itself 
called on to help in so many 
ways that it-s almost certainly 
there in every British home. 

The cables that bring electrical ' 
energy into your home, the 
flexible leads that tap the 
power for all your electrical 
appliances, lighting arid 

f adgets; special cables that 
eep control of cookers; the 
telephone lines that link ypur 
own home to every town, 
country and continent; your 
window on the world with 
television . . . in all these areas 
you’ll find BICC people have 
had a helping hand. 


' ' • ••S‘\ . s* 4 

' ■'rY.’Y f • ' 

TheBICC Group is diverse; one 
of the world's foremost cable • 


manufacturers and designers; 
but also deeply invol vedin 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 s kills in 
tumiel design and 
construction, and railway 
electrification; with specialist 
expertiseih industrial plastics, 
electrical accessories, 
capacitors, printing plates . . . 

BICC telephone cables relay 
messages throughout the world — 
accounting for a major part of the 
telephone distribution system in tho 
UK and many other countries. 

One thing makes it all work. 
One thing makes BICC a 
stable, successful, growing 
company that competes 

buccessmii vm so many 
different markets. 

The quality of its people. 
Highly— trained people 
committed to getting things 
done — better than before — 
for the benefit of ail of us. 

This booklet tells something of 
tiie range of skills of BICC and ' 
its people, something of their 
achievement, and indicates a 
great deal about their promise 
for the future. 

The power cable carrying eJectriti ty 
mto the home is terminated by the 
electricity board in this BICC fuse 
unit which protects the incoming 
cable from overloading of the ring 

Geoff knows that those same 
components which he is 
introducing to foreign mpkets, 
are also helping, by j o i n ti ng . 

, Mm 

channel electric power safely 


into, and around, our homes. 

. /\ 


He is proud to be part of a < 
team — helping to make things 

i-Et-H r j :.viV. -■ 

, j i r 

■f’ i ,• j : Ki'M' 

Vf . r mw&mw 

M iuirv.i ■ 





Geoff Johnson “global ambassador'* 


For a free copy, write to: 
BICC Limited, 

Group Head Office, 

21 Bloomsbury Street, 
London WClB 3QN 
Telephone: 01-637 1300 
Mex: 23463 & 28624 

BICC special cables built into modem 
, cookers have brought the ease and 

^kitchen? ° f ^ automatic a S® into 


Makes it 


Financial Times - Wednesday May 24 1978 


price rise 


Tenneco seeks its salvage work reward 


slon rights in December, 1974. With the improved perform- Tenneco’s bid fits into an In its maljWl : for last 

TENNECO has made its move some dividends sion nghts in December, With the improved penonn- **“««*• “1“ WZlZZZa Y» 1 

™ P S?gbt control of Albright But at the time it severely acquiring a total of 49.S per cent ance of the furnaces at Long JWJJMf P wndwnerate h has Stent T TCrformOTcTof d AltelS 
, and Wilson Whe nthe British overstretched the company’s of A and Ws ordinary stock. Harbour. Newfoundland, no sig- diversified ^conglomerate has “llent pcrfonnance of Agrjfht 


.and Wilson whe nthe British overstretched the company s of A and Ws ordinary stocK. Harbour. Newtounmami.nos.g- ----- in rerent years 

company’s prospects appear at financial resources and. for sev- Ever since Albright and Wilson nificajit parts of the Albright estabbstied^ recent j ^ 

tabu shed in recent years. and Wilson and drew attention 
While hungrier than most U.S. to the succesful inroduciOn of 

■KIE PRICE COMMISSION the reasons it needed a cover chemical companies and is the The plan was to locate two convert at any time to gain full faces of petrochemical produce, J TO company's favour ! and 

recommended yesterday that the price increase was to provide a UK’s second largest chemical phosphorus furnaces on New- cont „i. Albright has recently been look- less *?“ iJS5S?SlH* S To h?,5ne« 

prices of some of IPG's leading sufficient return .on capital company after ICI foundland .with a joint capacity Mbri „ ht is the onIy uk com- iflg to the future with optimism fompany hefore going tra to take grancies business, 

magazines should he frozen until employed to reward its investors After ‘ traumas of recent ^^^0 tonnes a year. ■ Droduc ing phosphorus. It because many of its >■«*»- company had no In the last ten years,. Tenoera 

the end of July. It also made it and to provide money for years , f„ which It was crippled Phosphorus had never pro- ^ the Iargest UK-based particularly pulp and paper to offer yesterday has boosted its assets from S3bn 

clear that it would look closely investment bv heavy investments in untried viously been manufactured on “ involved in tbe delicate chemicals, flavours and frag- ^Ptanation ro oner ye«eroay ^ mQre Qan $s bnthrough ^ 

at future price rises submitted The commission took issue technology Albright and Wilson scale the project quickly , d } flavours and fragrances ranees and fine and pharma- its decision to bm for me velopment aad growth in oil and 
by the company to see .f wage with the way IPC presented the .^sreSned its ronfidence dragged A and W into echno- ^foods and perfumes through ceutical chemicals - are sUIl of Albnght and W son natu ^ ^ p roduction% _ 0WDei% 

productivity deals agreed with figures and concluded that even .* _ logical and environmental prob- .. i mQ ortant subsidiary. Busb growing fast. beyond. ^JbrlBnt ami Wilson sb j p . and operation o£ natural 

the unions had Indeed been self- without a price jncrease the level . Il h as *’ “ b3 * lems on such a scale that the }£ k P A n e n Based on the confidence that ‘a a chemical company and so p pipelines construction and 

financing. of cash would allow for the pro- J™* 1 ™™ 1 pemm .and has whole company . s future was B ° a “ r A " e “ f? thrmieh of the problems of phosphorus tech- are we so the fit appears to be f a ^ P ^^ en C t °“Sf3« ur S? 

The recommendations, which posed investment to go ahead started to penetrate important threatened. After 8°> n E thro ^ 8 ., lift nologv are only a part of the perfect.” 

were included in a report on the Although it conceded fhat some overseas markets. mountmgaml apparently inttact- histQ £, Alright has Chemirels accounted for SS2S sfiDbulSSMSSacf’ 

company published yesterday, other disbursements might then Tenneco’s involvement ic ^ . a abte Problems, .Mr. j-iwjs boosted its capital expenditure around 16 per cent of Tenneco s S P tig p k 

wen? sharply criticised by IPC have to be reduced. Albright and Wilson began tn the l)l)P|l D12rK6t stone, Albright s managing direc- bv 65 Der cent this year to £40m. S7.T34bn sales in 1977 and ®SU»8- 

Magazines. It said that it would look for late 1960s, when A and W was r tor. was nappy to announce - g gm - s being spent on improving its position in Europe • Although I failed to pull off 

rThc company, which is owned evidence of the orogre« of this trying to locate its major pro- It was rescued by tbe interven- recently that the company was obo3 phoric acid capacity at has been a constant goal fbr the the purchase of Aanaconda, the 
by Reed Imematlonal. said it investment when IPC next diiction base Tor elemental phos- tion of Tenneco, which acquired no longer involved in any wb t i hav r_ and £i7m is going last four years. The company raining company, two years ago it 

nbierted to the central tone and wanted to raise its prices. phorous in Newfoundland. 10 per cent, of A and Ws ordi- seriously distressed areas increase production at Widnes created Tenneco Chemicals went on to win a battle with the 

balance of the report and that It The commission «ald that it The move was based on the nary stock In 1969 through pur- business— a rare ° oast *P e “ “i oldb * to secure the com- Europe in June. 1974, as a sub- federal trade commission over 

disagreed strongly with the way recognised that within a group access the company would have chases on the open market. large sectors of the cneraicai anu ' maior supplier sidiary of Tenneco Chemicals its purchase of Monroe Auto 

: ine company, wnicn is owned evmrnce or xne orogre* 5 ® Ot tms crying to locate U5 major pro- u was rescuea oy toe iuiw*cu- ■ ” new nhosphoric acid capacity at nas oeen a constant goal ror me tne purcaase oi /laminmaa, tne 

by Reed Imematlonal. said it investment when IPC next diiction base for elemental phos- tion of Tenneco, which acquired no longer involved in any ^ and £i7m is going last four years. The company raising company, two years ago it 

nbiectcd to the central tone and wanted to raise its prices. phorous in Newfoundland. 10 per cent, of A and Ws ordi- seriously distressed a J’ eas increase production at Widnes created Tenneco Chemicals went on to win a battle with the 

balance of the reonrt and that It The commission «ald that it The move was based on the nary stock tn 1969 through pur- business— a rare ° oasl *[V ei } “ J oi dblir y to secure the com- Europe in June. 1974, as a sub- federal trade commission over 

disagreed slrongly with the way recocnised that within a group access the company would have chases on the open market. large sectors of the chemical an« oiace as a major supplier sidiary of Tenneco. Chemicals its purchase of Monroe Auto 

ih? commission had interpreted of comoanies such as that con- to cheap long-term supplies of Tenneco then stepped in with a industry. particularly p _ Pn ts shampoos and with operations which were Then Equipment and then to. spend 

some nf i he farts. trolled by Reed, one part might power from the island authori- loan of fl7fim in 1971. in the chemicals, are suffering oacuy oc •uete« . f 0od producing revenues of more than about S65m buying a 40 per cent 

A heiter imdrr^tandins of the on nc'-asion. need to support ties. Ten years later, the stra- form of convertible loan stock. from falling prices and severe tonemes, teru.iov . $50m a year. . stake in Poclaln SA, 

pithlishinc industry micht. it stig- another. tegy is beginning to pay hand- It exercised its major conver- overcapa city. aaamves. ^ . : — — — . 

cested. have avoided some of the Nevertheless, where the sun- I 

“misloariinc conclusions and led porting company has a domi- # ^ 

s s rj rir: sS- Mp«ii nuts forward revised Chevron' Fisons attacks gas 

pithlishimr industry micht. it sng- anolher. 

cested. have avoided some of the Nevertheless, where the sitn- 
“m is lead ins conclusions and led porting company has a domi- 
to a. report of greater impar- nant share In rhe market, as 
tinlity.” IPC Magazines has in women’s 

The company had wanted to masarines. “there must he a 
raise the cover prices of some limit to this practice both in 
n[ its magazines on April 1. The terras of the amount of finance 
plan wn« to add a penny to the provided .and in terms oF the 
prices of some «f the weeklies, period over which support is 
■=iich as IWiman’s Own and given.” 

Woman and 5p to the prices of The reoo.rt also took rhe corn- 
monthly magazines like Homes mission further into the fir’d of 
and Hardens and Ideal Home. industrial relations than previous 
In February, however, the rnra- inquiries. 
m»sion said it wanted tn examine Referring to some of the pro- 


Mesa puts forward revised Che t y r “ n 

- „ rig finds 

plan for Beatrice Field 


the notification in more depth, duefivity deals agreed bv IPC PETROLEUM oil ex- 

Un usually, it refused IPC per- with the unions the .'ntnraission n i n r a 'tinn erouo has returned to 
mission fn*- an interim price „iri that, .some of these 

oil off 

supply contract 

THE fertiliser market is still tiated late last year, leading to a 

1-iuiMtwi Hi- ail uiiviim win mat. .some r.j inese fh Houemment with a new 

WL'Wsrris; ssss; ?. f 

"wrap,”"' H5a? - ~ 

prices .should be restricted until reason* for putting up its prices m SL® tna “J i “i , 

July 31. . H seems to have in April but the commission 

objected to IFC's notification on made it clear that it would a 

more than a month. 

The commission has recom- 
mended that the company’s 


July 31. H seems tn have in April but 
objected to IFC's notification on made it clear 
two principal grounds. . examine these’ 

First, it concluded that the panv applied 
proposed price increases were increases. 

greater than the actual move- 

ment in costs. Most of these 
additional costs will have been u /jon 4 
incurred by the end of July. iJWo E 
when th>' coninany will be free _ 

to raise its prices. 

Second, and more firnda- b. 7 Citjt 

mentally, it appears to have 
rhjectcd to i he way IPC Mans- vra/rhl 4 ^ 

7ine« was heine required in yy ^>4 
support other parts of the Reed m 

In much the same way as it SUHOVS 
raised the issue of cro«s-subsidi- * Z.. 

sation in its report on ICIs soda «-ynton McL 
ash business, the cem mission Tm?Dir ic 
queried ihe way IPC Magazine, S J “Si U? 
was being used as a source of JJ?” ^* rK 
(and, for investment in the K,'"*,,"' 
groups pnnting companies, not- R .^e,„ nf « 
ably Odhams. which has been , h ” half lhp ‘ 

Inrin? money since 1970 and ads conslrartian ar 

Ma=azin« 1J ° r Pri "’" f ° r 1PC STSSX" 

Refd is planning to invest in >e J b _ r + u . Tnv , 
modernising Odhams and IPC sMohulMioir op 
M ocannes argued that one of ?* 

examine these ’deals if the’ coin- 

official acceptance for the ex- 

fi.rrhor plGltatlon of Beatrice, the first 
turiner rsj ort ^ s ea fl e i d to he discovered 

close to the mainland. 

In November the Department 
nf Energy rejected a plan involv- 
in':, the offshore loading of crude 
oil following protests hy Scottish 
9 fishermen, eo’/ironmentalists and 
, local councillors. 

They were worried about tbe 
possibility of pollution arising 

Tbe development plan sub- 
mitted by Mesa and its partners 
— they include the P & 0 ship- 

By Our Energy Correspondent 

being ’ distorted artificially by further increase in the price it 
Imperial Chemical Industries' paid for gas. but industry re- 
controversial long-term contract ports suggest the present price' 
for supply of low-cost natural is still only hbout 5p per therm, 
gas. Any competitors wishing to 

is understood that the operating has tested oil Rows in block 2/10 
group plans to order most of where Siebens, the previous 

the equipment in Britain. 

— iuej ini-iuue me r tx. v amp- hoc gas. Any competitors wisnmg ro 

ping group. Kerr McGee. Cres- ^Srih Fisons. ICl's major competitor build an ammonia plant in the 

lenn Hunt Oil and Exploration gi' on a new^y acquired North ^ fertiHsers . said yesterday that U.K. would have to pay a far 

Holdings— could provide the UK |ea licence SO-mlles east of the diRrort inns were ' reducing higher gas price. Meanwhile, 
offshore supplies industry with ^oetiand isianos. short-term profits and deterring ICl’s fertiliser competitors have 

an important ordering boost It Th e Norjarl exploration rig investment to buy ammonia at the world 

is understood that the operating has tested oil flows in block 2/10 nj e „ as ' pricing controversy price. 

smsatss ^- 1 ° f Hsjsrsna 

However, the UK oil platform encouraging oil structure in company’s animal meeting. after' a series of six-monthly- 
industry will be disappointed to 197a - The pricing of feedstock gas increases in fertiliser prices. But 

learn that at least one of the Chevron, which with British for UK ammonia' production con- fi sons warned yesterday that 
basic production structures, cost- National Oil Corporation has tinues to create artificial price f be industry faces trouble if 

ing about £2.5m, will be built in acquired a major stake in tbe distortions hetween producers, he market distortion is not reduced. 

Spain. block, is now evaluating the test said. Ammonia is the main feed- Refore the contract renegotia- 

Mesa has apparently con- results. An announcement is stock for manufacture of nitro- tion. several manufacturers 

vinced the Government's OfF- expected later this week. . gen fertilisers. suffered losses and one was 

shore Supplies Office that no UK However it is understood that TCI ’ S ,5 -year contract with f orce d out of business. 

_l h ?u te " d ^ r the oil found under this latest Gas for the ^upply of Slr G toM shareholdors 

inry were wnmeu aooui e lt ^uld provide work for submitted by the Spanish yard, evnloration oro^ramme ls of wtYm therms of gas a year, was 

possibility of pollution arising uj an 4Q operators and Mesa i"s planningfo exploit the hieher nualitv Than the ceude signed in IflW at an initial price J®* fh?/ more 

from a m Lsh a p during offshore anc , mary staff an P d would be 150m.200m barrels of recSverable tocoveredinthepasL of 1.6p per therm. 

loading on the field, just 1- miles bu j| t t0 tbe nbrtjj 0 f tbe Nigg reserves in Beatrice through P . The contract price was ?"^“ ra S ing lhdn jt lirae ID 

from land. Bay platform yard with pipeline three production units. “} Apr ' - Chevron and BNOC changed only slightly after the 1977 * 

u Thc «n W P h ' Cost, I ri; ’ more road links to anew marine Two nf these including the made 3 lth Siebens fourfold OPEC oil price rise. This was in spite of bad 

than £50m Mtw replaces i an tern]ina ,. € ml? hV ^5e«S 8 [ 0up ™]i!tw.L n A which left ICI with an unrivalled spring weather and the lack of 


Write today 
for this 

'r- 1 ! 

laVsi returns from Llovd's 
Register of Shinning. More 
than half the shins now under 
construction are due to leave 
Ihe yards hy the end of this 

The returns show that world 
shipbuilding orders at the end 
of the first ciuarter were the 
Inwesi since June 1966. when 
thev fell in 30.5m tons gross. 

They show now orders at 
33.4m tons grass, which com- 
pares with e record 133.4m 
tens gross in March 19 » 4. since 
when orders have declined 

Japan leads the world with 
more than a quarter of new 
tonnage ordered, hut even 
Janan’s total fell 1.3m tons 
compared with the previous 
quarter, to 8.5m tons gross. 

The - U.S. has the second 
largest tonnage of new orders, 
wi‘h 3.3m tons gross. 

Only Brarff and Sweden, 
which come third and fourth in 
the " world league. have 
Increased their total orders for 
new vessels. 

Brazil has 2.9m tons gross. 
bu» nlmo«t 75 ner cent of *he*p 
orders are ei f *»er not in the 
yards or are slill on the draw- 
ing hoard. 

Sweden has 2.2m gross tons 
on order, a rise of 58.9(10 tons 
gross on the previous quarter. 
More, than half Ihe total is now 
under construction. 

he carried at a peak rate of taking. ' XX drilllilSd wmmototin Westburoe Drilling and Explore- 

55.000 barrels a day to a £50m. However, Mesa has emphasised units placed on the other. ra SLl' ** 495*^ 

SD iMMJ narTPK a flav to a Ljym, Tiuncvci t Udb nnpudaixu uu wuivs. A jqe 

terminal and tank farm planned that its oil may' not necessarily. A satellite production unit cenT?nterert, g BNOC \ ^ per 
hy Highland Fabricators, the be transported to the planned would be sited some four miles rent stake and S l eben si ndWeS' 

ny tilgniana raoncaiors. ine ; ™ ^ ‘ ^ cent stake and Siebens and West- 

platform builders, and Cromarty terminal. the north-east of the twin burn e 40 375 o'er cent and 2 125 

Firth Port Authority at Nigg Bay Options being considered in- platforms. peri rent ISoScfivelv •' ’ 

Highland Fabricators’ parents clnde a deal with Cromarty Mesa is thought to be planning . *. 

—Brown and Root and George Petroleum, which is planning a to use a jack-up rig for this ln exchange. Chevron agreed 
Wimpey — and the ports storage and refinery complex at satellite production unit, al- JP P a y ‘ or t j , “ latest expiora- 
authority last week applied to nearby Nigg Point, and a link though at this stage it has not l, ° n we ‘ l and meet bnoc.s 

Swan Hunter charged 
over deaths on ship 


authority last week applied to nearby Nigg Point, and a link though at this stage it has not ™ ‘ ™ SWAN HUNTER Shipbuilders In Uie third charee Swan 

the Highland Regional Council with the pipeline facilities be- been decided whether it will sh ^ re of exploration costs. ^ sufw . ontracters Telemeter 'Hunter is accused of failing to 

outline planning permission tween British Petroleum’s order a new rig or convert a However, if a commercial dis- installations face charges under provide information -.nd insmir 
lh= WrnilnaK which mM Fqrn'c, Reid ,nd the Grange- unit that is currently engaged cevery u made BNOC will have Se HMlth .rtd Sa^.t wSr" &„„ „ SiTmplo yee" of S 

store 1.5m to 2m barrels of oil mouth refinery. 

in exploration work. 

Faulty tanker owners and flag , 

states ^should pay for pollution’ s rm? 

"% \ I 

I ®. ? ^u»o«aw 

3 WTTD^ 

I ••Bn* 





A REPORT on tanker safety pub- Marine Consultative Organisa- available for hydrographic work 

lished today suggests that oil tion. for their work on safety mapping Britain's continental 

companies using sub-standard standards and pollution control, shelf and the designated sbip- 

! ships should share responsibility but says tbe UK Government pine lanes. 

the Health and Safety at Work non to the employees of Tele- 

Act following an investigation meter Installations on tbe 

into a fire aboard HMS Glasgow dangers of oxygen used for 

which killed eight shipyard cutting or welding and the 

workers in September. 1975. precautions required at the end 
The charges, brought by the of the day’s work. 

Snfte heard hf S maSaS « Telemeter Installations also 

two under 

No date for the hearing has. been S 

Aj-.j one under the Shipbuilding and 

Swan .Hunter faces three Shiprepairing Regulations of 

charges under the 1974 legisla- - • 

tion. The first two relate to the The company is accused of 
company's alleged failure to failing to provide its own em- 
ensure its employees in the ployees with necessary informa- 
utility services department com- ■ tion and instruction on • the- 
plied with instructions to remove dangers of oxygen, and under the 
all oxygen or flammable gas 1960 Regulations of either failing 

V ■F'.t-J V-. : ti 

^ . r 

Duckhams oil 
plant expands 


for accidents with the countries departments are “cnmplacent" in The report, prepared in the t _ _ a share of _ . noses wnicn migni nave oeeniert to remove an oxygen nose or 

where tbe vessels are res istered. the face of increasing pollution wake of the Amoco Cadiz future^costs if it wishes to remain con ” e ® te ^ be ^, w declvS when failing to disconnect the. hose at 

Tbe annual report of Advisory incidents in British waters. disaster but before tbe Eleai V an equity partner WOrk had the end of a day ’s work. 

Committee on Pollution of the The Government should incident, reveals a “ marked 

Sea is highly critical of the appoint a Minister responsible increase" in the cumber of O _ s>, ® oe f* snares yesterday rose fTt* j ^ 

Government, which it says should for coordinating maritime issues, pollution incidents in the UK for 30p to in anticipation of an BH 1JBT TfhJ* |1 filPfl 

set up a special contingency com- and more funds should be made the second year running. announcement by Chevron. They k> u vU Al/Jl 

pensation fund to help pollution later closed at 40t»p. ~ •. v • 

victims. After making the “highly en- OVOl* VOYllaS) 

In his first report as chairman "1 ill • couraging” discovery in 1975 V 1 T Utllltt L/l(UllIiJ 

of the committee Lord Ritchie- SO 111 lllQlllXv lilLCH (mechanical difficulUes pre- BY JOHN MOORE 

Colder warns that tanker acci- m7 vented the group from full v test- 


In his first report as chairman 
of the committee. Lord Ritchie- 
Caider warns that tanker acci- 
dents, like that involving Amoco 
Cadiz, will continue to happen 

later closed at 406p. ' ^ # 1 ■ 

couraging” discovery fn ^1975 over Savomta claims 

(mechanical difficulties pre- BY JOHN MOORE 
vented the group from fully test- 
ing tbe oil structure j. Siebens THE chairman of insurance Mr. Pearson took this decision 
drilled two more wells. Tbe first broker Pearson Webb Springbett, following a loss adjuster's report 



to i “until major improvements are THE AMOCO CADIZ inquiry French Government to a request of these was dry while the second currently embroiled in the and legal advice. A fraud squad 

rad -i_ \rau« <inJ mihl mn\i rvp riAlavpH linUec fhP r rfl m Sir liOrnnn W1 TBPr 1 nP m IH I, iatc r.. ■ 1 . p 1 • 1 ... .. . . ■ . .... . — 

The S!.*te <.? a -ta> ■ 
c: .vc 1 c i B.niiniore. 

i;— ti.- h— V. T>hin.]!;n 
l.~’- Tf'.sSiOn. it -i • » r ( LvC.-lled 
CI O iJ.V. -j i.iil .“rrlne-y 

^ LdiMi-c.i.. .ho sr-.. r.: .311 
l- 1 ?- ir.iJii'Uc'urvrs. and J5‘., of 
: - 'o naiisn & ccHiwrr.or morKeL 

Duckhams oil Mending plant and ma de in existing law. and until may be delayed unless the rrom Sir Gordon Willmer. the sunk in 19 7 6i { ound on i y non . Savonita claims row at Llovd’s investigation is still in progress 
distribution centre at Aldridge, the law is properly enforced.’ French authorities agreed^ to Boards^ nuinnu ^ for 5ig. commercial pockets of oil and of London, yesterday issued a on the claims. 

TMie* m. |.?-r i.niicad lines. 

• l’ | ij!V..’!> common carriers. 

Mary vii.ij * e-c client highway 

- rov lO-i quick access 

near Wolverhampton, was opened Lord Rrtchie-Caider accuses release Captain Pasquale Bar- Bardari’s release. He is not 

yesterday hy Lord Aylesford. the Government of opting for dari. the vessel's master, to give allowed to leave France pending 

Lord Lieutenant nf the county of anti-pollution measures “cheaper evidence next month. possible charges relating to the 

the West Midlands. It has been but less effective’’ than those of Preliminary bearings of the accident. 

built on a site adjoining the other nations. Liberian Board of Inquiry, being The hearings are due to 

existing plant, opened ten years He praises international bodies, held in London, ended yesterday resume on June 12 but Mr. 

ago. such as the Inter-Govern mental without any response from the Richard Stone, counsel for 

Amoco, warned that unless the 

writ for libel against Fiat, the 
Italian motor group. 

Pearson Webb was dismissed 
by SLAT, then the Fiat-con- 

dlLlUCUl. T 1 1 

The hearings are due to SiOIlQGn 

resume on June 12 but Mr. acciVS 

Richard Stone, counsel for in VPCtlTIPnt' 

Amoco, warned that unless the lUfCSUIlClII 
captain is available to give evi- MR. HORACE CUTLER, leader 

me- If, l M l n- _ . *-7 W LTl X I UJCII U|C I ‘OI-VV.I 

"™l m P , e ? r ? c ! ri c *L m# trolled marine Insurance com- 

for damages for a libel in a letter Da n V for whic 
dated April 20. sent by Mr. SgjJSd by 
Sa , laro ’ i : a director of Willis Faber 
Fiat, to Mr. Ian Findlay, Lloyd s ^ , 

chairman _ Willis Fa 

party for which it was acting, and 
replaced by Lloyd's brokers 

Faber, alleged 

* *.V, Ijnj h.vr. overnight truck 
ijof. of me u.S. 
rrjHHoirfir. ar.d of [he 

njfion s niar.iif.icTijrers. 

SUITS directors ‘justified’ 
to delegate work on accounts 

The Board is also anxious to of the Docklands Joint Com- Savonita claims'* 
hear evidence from captain of mittee. will vi«it aa Y? a ". a c!-* 1 ™ 3 - ' iui luc seiuc- : r-—- 

Hugo Wilson, chairman ment by Pearson Webb of the underwriters to settle, 

the salvage tug Pacific, which is thiswee k"in*a n a tt e m d t* c'lTa tLr a-** t 1 * 16 of , the Llo - v ' fls Was made ’ 

owned by Bugsier of Hamburg, overseas investment to London, JjSEl ^ L]o ?*' s ln 5 u ! r y ls studying 

eventually payment on the claims 

During the •vj-day P^Uminary n, tw0 orgaIllsations 

J.’.'rvlancj 'arrange up fo 
" : '• r 'v l.n.inv'nq of land, buildings, 
rrach.qeiv .ino eanip-nent af 
•sa iriTere-^: i.vcs lor long terms. 

.»« cr phon- tod .iv lor our 
brochure anq for cur assistance. 

George V.-.n PorAirk 
£-jrccc.n DnrCtor 

A LEADING accountant told a gamated Caledonian. William Forgie,- Mr. Edward used in rhe Amoco Cadiz and on 

court yesterday thar the dircc- Mr. John told Glasgow Sheriff’s Gamhle, Mr Angus G mssar t, and its failure, 

tors of Scottish and Universal Court: “The essence. I think, of Mr. Nicholas Redmayne. Meanwhile the nneratlnn to 

Investments had been right to the management of a company. Former SUITS director Mr. pump 2.00(1 and 2 500 tons of 

delegate responsibility for pre- is that the directors take Redmayne told the court he at oi| ^ rnrn f ^ p wrecked *»nw sontton 

paring the company’s accounts, responsibility for policy but do first had reservations about the nf Krcek tanker Eteni v 
Mr. Arthur John, a Fellow of not expect themselves to do loan being made and asked nn f b«» the East 

the Institute of Chartered Ac- cvcryihing within the company, questions about it at board Anclian coast. 

iQvestine in London particularly 1,11 r, r n ^ ® ama S* 10 team to produce the original of 
in theDocW^d s Sa P y SL^Si S5™LJff- b0Brd a car 8° a J|. doeumenis relating to the. 

ship, the Savonita. 

claim by June 1. 

Maryland Dep.irtiaent of Economic Icoiintants, mid the court that 

have meetings. 

■l r '- Ccm.Tun.!> Development 
Sreii Building 

60 Puc Ruvenstem. Boite 10 
TCOJ Brjd>e!s. Belgium 

Phone. 1 0-l 512.73.47 

delegation was “entirely appro- delegated responsibility to the But, he said, after assurances 

prjalc- - ^ t ^reurv tbey have conadence BSC OPCDS HIGHEST ' ,riM 

But he said that when the in mm. and they know he is well was q u , te happy with the situs- yesterday was at Sotheby 

accouots finally appeared for able to carry out bis duties. tion and did not look for it in £lflm lllanf Be 5 r, $ Torquay, where Glaisher 

19.5, a £4^m loan should not the balance sheet ° 1 {Jialll and Nash gave £13.500 for a 

have been classified as “cash at jr^o^ Mr. Redmayne also denies a T™ British Steel Corporation JE n mahogany writing 

bankers and on hand. charge of failing to notify the yesterday opened its most ad- j a hle, estmiated at £-.000-£3.000. 

. M r - ao accountant since Questioned by procurator fiscal company within 14 dava of his vanced sinter plant at Ravens- lll L . f e aarne furniture sale. 

1934. oE Gerrards Cross Bucks.. Mr . Jo h n Skeen about the invalvemem lo Surfs sharel "*ig. Scotland-raarking tS wh [ ch £72^00. a Regency 

was SfvinR evidence for the de- accuracy of SUITS Board transactions in 1974/1975 completion of a new raw materials P^hosany secretaire break-front 

ISK'rSf^^'SS XL.' “SLK 5 SJSS .Id preparahon £ - 

Writing table fetches £13,500 

yesterday was a? Sotheby a pair of eurfs h? Bo« 5nri S i-° f 1,00 f r hrisac ’ s yesterday for 
Bearne. Torquay, where Glaisher A pair of Charles^HlnS a .collection of three portrait 

and Nash gave £13.500 for a guns was sold tor£5 Sm P !Ui nB 5 mn ‘ a I Ures of Thomas Moore. 
George in mahoeanv wrifino S ld - or and a Byron and Sir Walter Scott 


.ZOO turn. 



|1 »l.*l • • k ^ 


! \.-w v 




\/\ ~ 

dhUfiS'^Soin °-L. r °rS i hlt BMrd 5, -' , ' ,Kd n °' 10 W 'mSL 

directors ot SUITS who piead have been carrying out their being told by his lawvers that The £30m 
Cdmp“nios Act SC Under d "I l * s . as “dilisentiy” as b e ^ u ]d he ha d a statutory obligation to Head Wright 

The charge alleges that In the aij s i x directors nf SUIT^ °7T^ > " imau> thnt » j r f"i5 I V W1 ! 1 ^ ro 

^he ^compa ny ’$ °an nuaf meeting f a wolldTS wtSShtf Snfl "Tl th7l 

re_ of Spanish books printed in the 
Spanish Netherlands ami col- 

by William Essex. All were 
signed and dated. They were 
the highest priced lot in the sale 
on miniatures, jewellery, and 
objects of vertu which totalled 

Gomshall, the Guildford, 
dealer, paid £550 for a portrait 

£5fim., and thar the I4.2m. of the company's affairs. the company within iVri 

difference was an unsecured loan On trial with Sir Hugh Fraser TraniSc linns takim! n 1 ^ 
to. the property company Amal- are Mr. James Grossman. m£ tak, . ns place - 

mounted lazxa realised £500. 

The topographical and sport- 
ing prints sale at Christie"® 

The trial continues today. 

S® }■* continuous The arms auction at Sotheby’s P |at fetche <» 03^14. and a Louis made E42.1S2. with a best price 
dust ■ emJS " totalled £8l.S02 M and XV Secretaire £17^57 of £ S50 from Dixon for a pair 

sion problems, a - u . r • • »r t>;»,hsrri : 

ArmouriB giving £6.800 for the An annonymoun bidder paid Woe™ “ eneS ai “ r R ‘ d ‘“ d 



0 '. ‘V* 


\S, & 

I $€ 

l nil 


i Mr - • 

oa S\k!.- 


%! „ 

i V- . 

■ ^ ; 


Financial Times Wednesday May 24 197S 



Airlines combine to end 

A ■ ■ 

traffic control delays 

BY Mlr-t-l A n V 

AIRLINES and tour opera- 

— ^ uim iuui u ^ra- 

tors arc combining io try to end 
1 1 a«- freqiU?nl anc * ^Pensive air 

,S on L ro . 1 . deIa >' s wlli ch be- 

l J 1e holiday season. 

rfJr.; *. niIch ' c ’ British Caie- 
,, *I)* a , n Airways' external affairs 
ui rector, has vmtten Tor support 
I2 a m ^ ny "^nisaiions. including 
the Association of British Travel 

rh h /-L, f ,E \ Association of 
Brinsli Chambers of Commerce, 

!£f i Br ‘V Kh Tourist Authority, 
the Institute of Travel Managers, 

RHtut ,r c? e,sht Insli,ute * tJie 
Bn^h Shippers Council, the 

London Chamber of Commerce 
Industry and the British 
-till Aviation Standing Con- 

.-•** the same time, the Tour 
operators' Study Group, which 

represents tour organisers, to- 
gether with the main charter 
airline operators, have Slarted 
to work out a plan to co-ordinate 
their members' flight schedules 
tn order to avoid aerial traffic 
jams, especially to and from 
Mediterranean resorts. 

The problem arises from 
several factors. ' One is the in- 
creasing volume, of traffic, 
especially in the peak summpr 
months, passing through the air 
traffic control corridors across 
the Continent. This intposps 
strains on national air traffic 
control organisations, which do 
not always have enough staff 
to man the system as fully as 

Another problem fs what the 
aviation community calls bunch- 

ing— too many flights being 
scheduled too close to each other, 
not only at Certain times of day 
but also on certain days of the 

It is not uncommon, for 
example, for up to 50 UK holi- 
day flights to arrive at one 
resort, such as Palma, Majorca, 
one day. and none the nexL 

What the study group hopes to 
achieve is closer co-ordination of 
flicht schedules of all its mem- 
bers. so that this problem can be 
smoothed out- It is probably too 
late to be able to do this in 'time 
for ibis summer's peak period in 
-luly and August, but it is boped 
that a scheme can be approved 
for summer next year. 

A further problem to be over- 
come is that of industrial rela- 

tions, both in the UK and on the 
Continent, where strikes, go- 
slows or other forms of action 
among airport workers and air 
traffic controllers have been a 
feature of the summer civil avia- 
tion scene. 

Mr. Ritchie. in his letter, says 
that the airline has been co- 
operating for some time io efforts 
lo bring about an improvement, 
** but all the evidence points to 
the root cause of such delays 
remaining and. perhaps being 
intensified, as traffic grows." 

Basically. British Caledonian 
believes that individual national 
governments must concentrate 
upon improving their air traffic 
control systems to ensure that 
delays are eliminated or substan- 
tially reduced. 

i < ’ ? • 
• *\ 


M tl 

N gas 


t ■ ; 






: rT^insfi! 

! LnKTi 




c Ttm 





!• *31 



New York Concorde! 
flights to increase 


MORE THAN 76.000 passengers 
have been carried on British 
Airways* Concorde services since 
these began more than two years 

| The biggest success has been 
Uhc North Atlantic route, where 
• more than 63,000 have been car- 
j ried on Concorde flights to and 

'from Washington {starting two 

Concorde services, begun - last 
December but suspended after 
only Ihree flights each way. 

Singapore Government offi- 
cials met Malaysian aviation 
representatives last week and. it 
is believed, settled some of the 
outstanding air route and traffic] 
problems between the two coun- 
tries. This in turn could lead 
[years ago> and New York (which to a settlement of the Concorde 
‘ began last November). problem. 

The flights to Bahrain, which • British Airways is planning 
(began in January 1976, have car- to buy more Boeing 747-Jumbo 
Iried more than 12,500 passen- jets, powered by Rolls-Royce 
| gets. RB-211 engines. The airline has 1 

British Airwavs intends to six Roils-powered Jumbos in scr- 
I raise the number of New York vice. with another joining the I 
[flights next week from the fleet soon and an eighth being 
present daily sendee each way to delivered next April, 
j ten flights a week each way. To- An order for aircraft for de- 1 
j gether with the three flights a livery in 19S0 is expected to be 
I week each way to Washington, announced soon. 

.this will mean 23 Atlantic Tlj e airline has already said 
_ Concorde flights a week by British that it plans to build up its fleet 

I Airwavs — Air France aNo has of 7475 through the ISSOs. and 
w T _ « « ' ; Concorde flights linking Paris the new aircraft it orders — I 

Unemployment falls in aU - r 




regions except Wales 


UNEMPLOYMENT this month 
fell In all regions except 
Wales, where ihcrc was an 
inm-ase of 0.,» per cent, on a 
seasonally adjusted basis. 

The biggest Tall in the num- 
ber of jobless was in Scotland, 
with a 2.4 per rent. drop. 

There was. also an improve- 
ment in Northern Ireland — 
for the first time since October. 
The number out of work fell In 
iliv province by l.fl per cent, 
although it still suffers the 
highrsi rate at 10.9 per cent. 

The number out or work 
fell by 2 per cent in the north 
«f England and East Angl a. 
It fell 1.5 per cent in the 
South West; 1.3 per cent in 

Briti<h Airways is still some 
way from making profits on its 
£150in investment in five Con- 
cordes. The daily utilisation fin 
terms of hours fiowni, while 
risinq steadily from the present 
one-and-half to two hours, needs 
to prow to at least seven-and-half 
or eight hours a day per aircraft 
before profits can emerge. 

The extra fliehls to and from 

Wes. Midlands: and <U per iSSjE* 5 
cm in Yorkshire and Hnmher- 'TThe Inc SSJ in 

a year— will 


the South East and the -North 
West; 1.2 per cent la the East 
Midlands: 0.4 per cent in the 

RAC motoring 
section makes 
£2m profit 


After Northern Ireland the 
regiun with the highest level 
of unemployment fias . fhd 
North or England, wilh-'fi.l per ' 
eon l. closely followed *»y lV»le< 
with 7.9 per cent. Scotland, 
which last month was at a par 
with Wales a* ~S pgr cent has 
now Improved to ?.B per rent. 

, The South Eastfof England 
'continued to haft* the lowest 
rate of unemployment, at 4.1 
per cent, followed bv East 
Anglia and the East Midlands 
with 4.8 per cent each. 

New York flights, the airline Is 
cuillne Concorde services to and 
from Bahrain rrem three a week 
lo iwo. 

! 1 British Airways Is still wailing 
for-the British and Malaysian 
Go-^mments to reach agree- 
j ment*- on Concorde flights 
I through Malaysian airspace to 
j and from Singapore. II fs hoped 
■ that talks in London this week 
may achieve some settlement, 
j If so. V Jh British Airways 
! and Singapore Airlines could 
; quickly reimmduce the short- 

lived Lnndon-Bahrain-Smgapore staff. 

A £2M PROFIT was announced 
yesterday by the Royal Auto- 
mobile Club's motoring section. 

Last year was the best in the 
club's history. Sir Clive 
Bossom. R\C chairman, told the 
RAC general council 3-nd annual 
meeting in London. 

**ln thfl; first four months of I 
this year, membership recruit- 
ment is Up by 40 per cent, on tbr 1 
same period last year. 

“ But we arc not complacent 
There is a tremendous amount 
more to be done if we are to 
stay on top.” 

Much of the surplus was com 
milled lo providin'; more patro> 
vehicles, radio links and extra 

NatWest increases interest 
on fixed-rate lending 


X YTIONAL Westminster Bank rate of interest to 16.7 per cent month's Budget, 
yesterday announced an in- for a . 2-year loan. .Rates on persona] 

crea.-c in its interest rates on 

ITT attack 
on Japanese 
TV sales 

By Max Wilkinson 
A PRODUCTION line for small- 
loans and i screen colour television sets is 
Similar increases were an- other fixed-rate lending are ! being set up by International 
, , . nounced for business develop- changed less frequently than ’ Teelpbone and Telegraph at its 

personal loans ana oiner nxea mPn t loans and home improve- overdraft rales. \ B asild on factory, 

r.iii' lending, in line with the njent j oans . t 0 71 pPr cent flat The mow suggests that thej ITT hopes to challenge] 
rvwnt vise in short-term interest for secured borrowings and 9 per banks are convinced that interest 1 Japanese importers' domination I 

cent unsecured, while the rates rates will remain at present I of Ihe market lor small portable 1 
'I'bi- confirm- the upward on farm development loans go levels for some time. |sels. 

rri-nri in the cost of money, and no in 7] per cent secured and NatWest last changed its per-i n, e UK small screen market! 

i* ■ 1 

k'-U in be followed by other Si per cent unsecured. 

sonal loan rate last October. 

indicated banks, which 
yi -Me rd ay that they are studying 
the Mtuatiun. 

Nat West has raised its flat 
i meres* 1 raii> by 1 per cent on 
all fi\i-.! raie loan -■chcmes. This!> ihe com of personal loans 

is thought to be worth about 

Flat interest rate is calculated when the flat rate was cut by 1 ; £50in-a-year at present, and un-| 
on the initial amount of the P«V«nt. . . _ l like the total market for colour 

loan, but the true rate takes Midland and LIo>ds also offer a : sales are crowing steadily, 

account of the repaymen! of the 7J per cent, flat rate equivalent ,. . .. - I 

original borrowing during the to a. true rate of 14.7 per cent ,rr w,1 ‘ ** aWe 10 produce l 
loan period. over two years, but may now coo- 

The increases followed the rise sider Increases. Barclays operates 
frVmi'ri 'ocr i'cnl 'flat !o SI per in the banks* base rates for over-, on a true rate only, and this has 
cuuj valent to an increase drart loans from 6* per cent to been at 14.93 per cent since last 
ahoui •' per cent in the true the present 9 per cent since last November. 

If your 



It’s all going for you in Newcastle. Grants, long 
loans at low rates, tax allowance, rent relief, interest 
subsidies ... plus extra special grants exclusive to this 
region. You can save over 60°/o of the gross project cost! 
The benefits are not just financial either. Look at what 
else is going for you in Newcastle: 

Excellent Amenities 

The biggest and most modern 
shopping Centre in Europe. See the 
City for yourself. Thirty minutes by car 
if you want to sail, walk in unspoilt 
countryside or birdwatch on the coast. 


There’s a pool of people you can 
choose from — skilled and unskilled 
and we’ll put a team at your disposal to 
advise on housing, education and all 
re-location aspects. 

A1 Road, Rail, 

Air & Sea Services 

London by rail in 3 hrs, by road in less 
than 5 hrs. Direct rail links throughout 
the country. _ Airport with regular 
national and international flights by 
BA, British Caledonian, Air Anglia and 
Dan Air. Deep water port facilities and 
direct sea links to Scandinavia. 


In the North East, there is a good 
choice of housing and you don’t 
have to spend half your life commuting 
if you want to live in the country. The 
City also has one of Britain’s best 
records for council house building. 


Esso starts costly pipe repairs 


pm- area of Hampshire, in December. 

I about 100.000 sets a year with a 
"16-inch screen. 

■It believes this sixe is a com- 
promise between the 14-inch set) 
— used mainly as a second set— 
and the slightly larger sizes. 

Mr. Eric Bates, managing direc- 1 
tor of ITT Consumer Products , 
UK said that total production of | 
the 16-inch sets would be worth ' 
about £25m a year. Tbe £270 j 
sets will be available in the shops 
from next month- 
!TT*s television factories at 

Factories and Sites 
to choose from 

Let us have your specifications and 
we’ll supply you with a selection of 
buildings or sites to meet your 
requirements. You name it and we 
probably have it 

Custom-built Packages 

Whatever yourrequirement, we’ll tailor 
a package specially for you, including 
sites, buildings, people, plus all the 
cost-saving and funding schemes for 
your project. You’ll have it on your desk 
fast, marked “Confidential'’. 

GW ofNewcastlenponTyne 

High Speed Decisions 


You’ll find Newcastle’s response is the 
fastest in the country, from enquiry to 
planning approval. 

The National Farmers* Union 'Hastings, Kearsley. near Bolton, 

ESSO ^T^^'nmelinc'^repai'r The pipeline, which can carry said yesterday that a number of I and Basildon. Essex, employ 
whn-h could fo.-t it tens up to 4.000 tons of heayy fwl farmers would faye excavation } ahtmt 

".mH inH nn^s-lilv hun- oil a day. has been shut’ after era. their land aDd many crops] The company's expandin, 
. » " r 1 hm, -nd< nf‘ ivwhds. the discovery of the fracture. on Hampshire farms would he t vision production comes at 
dp’u** o* inmiv.nn j Ritn u-hirh ic iunvinc Oil disturbed or destrnvcd. Com* when most other LK sot 

fr.»vkiMl i i i it j i [k uu tu ^ iuii>i uj 1BlE - 

The company's expanding tele- 1 
ision production comes at a time 
when most other UK set mami- 
are dosing plant. 

Dccca, Philips and GEC | 
been reducing their work- J 
mainly because of the 
number of components , 

least 90 sections of the bunco &$so said negotiations hart* in colour television sets and im- 
follows a biq pipeline probably will have io be been going on Tor some time with ; proveraents in manufacturing 
leak uf fuel all in the liantblc uncovered. landowners and local authorities. » technique. 

best business 
move ever! 

And there’s more. 

The best business move you’ve 
ever made could be when you ask 
for more information about 
Newcastle. Write, phone or use 
the coupon. 

Mike Foley, Civic Centre^ Newcastle 
upon Tyne, NE1 8PP 
Telephone: 0632 25180 or 610652. 

Postal workers oppose 5p cards 

i. v »<t OFFICE plans to intro 
a restricted 5p conce^ 

fur Chnsimas-card 


The 5p concessionary rale will 
apply only io inland Chrisimas 
cards of uifnimum weight. A 
special concessionary Christmas 
stamp will be printed hut cards 
hearing stainpo to Ibc value of 
5p from the Pn*i Office's normal 
range will be accepted. 

The concessional rate "ill. 
hoM-rver. apply only in cards 
posted for delivery within tne 
same pust town. The definition 
uf the post town will be up to 
the head Post Master oi f the area. 
Lists and/or maps of the oral 
area will be displayed in all post 
mWcollec . end deluded n> 

Srtit Tcur'cauid be pul 

,, ...opardv bj strong opposition 
parts uf the workers’ 

,J, S fate nr proposals for the 
cr» •iros^ion.ify rale will he 

,,f jh«- i*v*»i'jilive fciuncil uf Ihi 
'JiMi.uiHVslimiid Union uf Post 
ii:s;.*r W'orkcrs. 

The eonfercnir 

. nf the 

ITtt*. .'Iiaiish. nja > . 3n 

rmer^en. j « k* l.i.iie on the idea 
wiun :f discsssns me re-miro- 
d .cM-un of Stindaj 

of London win be regarded as 
one post town. 

There will be no restrictions 
on where the cards can be posted 
but people taking advantage of 
Ihe scheme will be encouraged 
to use special boxes or hand 
them in in bundles at Post Office 

Tbe special stamps will bp rn 
sale from November 22 and will 
be withdrawn from sale on 
December 18. the last date for 
posting normal second-class mail. 

But the scheme will operate 
only from December X, Hems 
Posted before December I will 
not be bandied until that daT?. 

Surcharges will be made nn 

tho NlTTPSeilfltlarV.tfjmnoil r-srrfe 

to bring them up to the full 
second-class rate if they are 1 
“clearly inadmissible" — that 
is. outside the dates of the 
scheme. A ihree-day neriod of] 
grace after the final dale eillf 
be allowed. 

The proposals — an experi- 
ment for this year only — were 
put Iasi week iq the Council of J 
Post Office Unions, ihe umbrella 
organisation of Ihe unions with i 
workers in the Post Office, and. 
the Pn< Office Users’ National 

Christmas card traffic in tbe 
Post Office, fell drastically after 
the lener-pnee increase? !n 1975'. 
bin increased at Christmas la<a 

To: Mike Foley, Civic Centre, Newcastle upon Tyne, NE! 8PP 


Please send me full 
information on the 
benefits ofre-locadns 
w Newcastle. 




'irl -r. 


Industrial democracy . . .‘a positive partnership’ 

i k °Bffl P rem i er jostles his 
in next Left-wing into line 



THE Prime Minister said yester- 
day that he would like to see 
legislation on industrial 
democracy “in the next session 
of Parliament." 

HJs comment came in 
exchanges which following 3 
statement on the Government 
White Paper plans to give trade 
unions and employees a legal 
right tn a say in the running of 
their companies. 

Mr. Tom Urwin (Lab. 
Houghton-le-Spring* said there 
was a widespread welcome for 

posals for Industrial demo- 
cracy — Bullock without horns 
— were given a general wel- 
come in the Commons yester- 

The controversial points had 
been blunted. “The objective 
is positive partnership rather 
than defensive co-existence." 
Mr. James Callaghan assured 

Some dissatisfied mattering 
came from Labour's Left-wing 
where Mr. James Lamond 
(Oldham E) complained about 
the “cosmetics on the un- 

SLOTS JL/S-irtE - «s“- 

benchcs. But when which were "no long-term suh- 

SKVtfSiJS Book? ’“ rald 11 

Mr. Callaghan replied that he 
did not want consultation to con- 
tinue indefinitely. “ We hare to 
get on with it. 1 would like to see 
legislation in the next session of 
Parliament if possible." 

Mrs. Margaret Thatcher 
Opposition !e;ider. welcomed pro- 
posals that would lead to greater 
involvement by the whole work- 
force and noted (hat these 
seemed to be "very different 
from the Bullock version — and 
rightly so." 

Would all employees, whether 
they were trade union members 

But the Prime Minister's 
persuasive pragma lism won a 
wide measure of all-party 

Mr. Callaghan did not ex- 
clude parity of worker repre- 
sentation oh company Board's 
as an ultimate outcome of the 
Government's proposals. "This 
will he an evolutionary pro- 
cess." he declared. No one 
could Yell whai sort or animal 
would finally emerge. 

For the moment, however, 
the Prime Minister was more 
concerned with getting the 

or not. have an equal chance of process started than In arguing 

“prosperity" in the process of 
consultation? Would indepen- 
dent unions not affiliated to the 

about where it should end. 

Shared responsibility should 
improve industrial relations 

TUC he equally treated with and increase efficiency in in- 

those who were? Would non- 
statutory rights apply e<|ii:iH.v to 
the whole workforce or would 
there be discrimination against 
non-trade union members? she 

Mrs. Thatcher also wanted to 
know what provisions would be 
made tn cover the special and 
vital ro!e of those junior anti 
middle management. 

Mr. Callaghan replied that it 
was the Government's intention 
that alt employees should take 
part, for example, in a ballot to 
decide whether there should be 

u 1t is also important in our 
view that worker-directors and 
joint representation committees 
should be drawn from employees 
of the company. 

duslry. he told MPs. The. 
Government wished to serure 
it as far as possible by tolun- 

tary agreement and consulta- 

Nationalised industries 
would set the pace — and the 
Government would provide 
some legislative stimuli to en- 
sure that the private sector did 
not lag too far behind. Statu- 
tory obligations hat no 
inflexible regulations. he 

Mrs. Margaret Thatcher, the 
Tory leader, .seemed to like the 
new shape of the Government's 
creation. But she was con- 
cerned to ensure that non-trade 
unionists were not carelessly 
trampled on. They had rights 
in the running of their com- 
panies, she observed. 

Mr. Callaghan readily 
agreed. Trade unions would he 
the prime channel of consul- 
tation but the Government did 
not w'ant to exclude non-union 
employees, he said. Junior 
and middle management were 
clearly as much concerned as 
anyone about the future wel- 
fare of their companies. 

Agreements could be .sought 
with the trade unions, or 
employers could set up parallel 
systems of consultation, he 

With Mr. David Steel, the 
Liberal leader, similarly re- 
assured. the Prime Minister 
found a constructive consensus 
of support for his plans. 

They included legislation in 
the next session. But far from 
decrying such Labour 
optimism, Tory backbenchers 

Allaim urges early 
choice by MPs 
on Europe seats 

PM rejects 
claim on 
effects of 
jobs Act 


of the company. A VIGOROUS debate is shaping His views are significant for a denial that it had created 

“Yes." he added, “all em- up inside the Labour Party on two reasons. Not only do they unemployment came from the 

ployees can be involved in con- whether its MPs should be mirror those of Mrs. Thatcher Prime Minister In the Commons 

sultations. Whether the JRC will allowed to hold the so-called concerning Conservative MPs. yesterday, 

include them will be a matter *• dual mandate "-^simultaneous hut they also represent a sh!': in He was replying to Mr. 
for discussion because, clearly, membership o' the Westminster the attitude or anti-Market Left- Andrew MacKay (C S tech ford), 

the statute will not be able to Parliament and a directly elected wingers who previously have who claimed that Mr. Harold 

cover that." European Assembly. been attracted to the dual man- Lever. Chancellor of the Duchy 

lp Mr. Frank Allaun. a prominent date as a means of keeping a 0 f Lancaster, had admitted that 

Well are Left-wing memher of the policy, tight watch on British members the Act had caused much of the 

v *** making National Executive Coni- of a potentially hostile EEC uneniplovment in the country. 

There would be nothing to pro- m'hee (NEC) and party vice- Assembly. Mr. Callaghan told him that he. 

vent a company from setting up chairman yesterday demanded However th«v were immedi- did not accept the interpretation 
parallel discussions with employ- that candidates should be obliged f , Hacked ’bv "some other which he had put on Mr. Levers 
ces who were not trade union to choose between the two before v£r nKmbSr? la«t niX nn the remarks. “It is quite untrue 
members if they were unable to the next General Election. -rounds S i t In „?dhe tliat this legislation has added 

get agreement through the JRC. In effect, this means taking a To aak a ifttlna tn -Iv! un 10 unemployment. "It is nrotect- 
On unions not affiliated to the decision within the next two or Westminster 6 wiHin..**’ the lnR employment." he said- 
TUC, Mr. Callaghan said: "It is three month?, un the increasingly sli 4uesrcertain t vharh e wnild The Opposition he claimed, 
certainly not founded that such general assumption that Mr. J* ' ' „ in “: n _ e “ would destroy this advantage If 

525 ? unmns^should be excluded Callaghan will go to the country candidal n e . let a i D ne elected. 2 S r "ft* 

from a .IRC." in October. s-..ubu« w . a.mic cwrcp. dies and Rrants to inrtustr y were 

Dealing with statutory rights. He contended that if the choice In any case, Mr. Allaun'* j 0 he carried into effect, 
he though*, that, once again, the were left open, Westminster opponents argue, for problem Mr. William Molloy fLab., 
system of parallel represent- could suffer defection to St rax- will not really arise for at least Ealing X! welcomed the latest 

ations could apply. bourg with the first direct elec- the first session of the next Par- f a u in unemployment He sug- 

There was u need for further tions in June. 1979. But this, in 1 lament — again assuming an gested that the Prime Minister: 

discussion on those in junior turn, would produce a crop of October senpraj election — since a should urge the TUC to have 

and middle management. “They by-elections at wliat could be a revamped European Assembly. talks viritJn the International Fed- 

clearly have as much concern highly delicate moment. would not start work until well eration of Trade Unions to draw 

ahnut the future welfare of the in the event that the next ,nl ° the summer. up a programme for the fight 

company in which they work as election produces a hung Pail la- The present plans are For Mr. against Inflation and reduction of 
anyone else. Tn that extent, we ment. or sives either party a Ri?? Underhill, the national agent world unemployment, 
should like to see provision made tiny majority, sucb' desertion at Transport House, to prepare- a Mr. Callaghan assured him that 
* n f. ..fP 1, ^ . cnu,d even be instrumental in paper for next month's meet jag he had discussed this matter with 

AHhouch we want to make twineing about change in the nf foe NEC's organisation «ub- the TUC and they were in touch 

trade unions in the country a balance or power. committee dealing with problems with their trade union colleagues 

Prior means of ion and In a IrttPr •*> "r n nn Hayward, raised bv direct " elections— now in the F.EC about the maner. 
discussion. v»e ilnn t want to e\- .r's general secretary. M that the' partv has signified It The TUC was asking the Euro- 
clude rmpmjee*. outside the ..\llaun made it equally clear w «t| fl 5 bt thoni. Pean trade unions to press mea- 

trade unions and legis. a n«n wM the dual-mandate itself The actual selection pro- sures on their Governments to 

h3 ilr DaiTil sSf d Li'£raf , |!i&r co,,Id . nu ,\ uf1vrale - lt wou,d b * endure.-- are not exacted be Fore ensure that there was □ further 
■j a fV • L nerj r ,- unworkable, ho said, “since an e.-irlv next vear. Moreover. Mr. drop in unemployment. 

h* White ? Paoer MP cannot rp P resem on c con- Allaun a critics insist. if Labour Mr. Douglas H oyle (Lab, Nc]- 
L stituency of 500.000 people Tor is in precarious office, an MP will son and Colne) said that XI in H 

V.'f",? thc Eur °l ,wn Parliament and an- be easily persuaded not to depart was spent on imported manufac- 

nthpr of about 70.000 for the for Strasbourg and possibly tures. He suggested selective 


narrow confines of the Bullock British one.' 


“Our mam criticism certainly 
centres nn the fact that the in- 
ierests of non-union members 
will not in our view be sufficiently 
safeguarded m (he composition 
of the -TRC." 

He also quest toned the position 
on nationah-ed industries such as 111 I 
the Post office. 

British one." undermine the Government. import controls in bey areas. 

such as the ear industry, and 

__ electronics, where wp were 

Row over ^linnort The™ e "h d o..iS\i« p b/’^rTcr 

TT V T kJ E* measures to protect the footwear 

■*" and textile industries. 

g* f'-'t * i » -■ • The Prime Minister reminded 

TAf ATC ' /> 3 <T) 1TV1 him lhat selective import controls 

JLVJJL T ICIj V/lilllll were already in existence in rcla- 

tion to textiles and fnnlwear. 

AN ACCUSATION by sir Ian with 100.000 on the NATO side, “^mkfngs h!.ve hwn dven bv 
Gilmour. shadow Defence Secre- As Sir Ian made his accusation. * h p 

Row over Support 
for Soviets’ claim 

Financial. Times Wednesday May 24 1978 

Pressure for 
poll in 

Money supply guidelines 

By Richard Evans, Lobby Editor 

pledge by Sheldon 

eagerly pressed him to include 
in his programme further 
revisions of company law. 

Any worker director would 
have the same responsibilities 
as other board members, said 
Mr. Callaghan — and they would 
involve obligations >o em- 
ployees a* well as share- 

“I want to make progress," 
Mr. Callaghan said, pleasantly 
encouraged by thc progressive 
help From Itlri Peter Vlggers. 
Sir Brandon Rhys- Williams and 
other Tory MPs, as well as his 
more usual snpportere- 

When the consensus began 
to crack at the Labour Party's 
edges, the Prime Minister 
patiently but firmly jot-Lled bis 
Left wing into line. 

He urged Mr. Eric Heifer, 
who grumbled that ihe Gov- 
ernment’s White Paper was no 
more than a pale shadow- of 
Bullock, not to retreat before 
it. There was no one view of 
Industrial deraocracj in either 
the Labour or the trade union 
movement, he declared- 

Mr. Callaghan did not dis- 
sent. however, from Mr. Den- 
nis Skinner’s view that the pro- 
posals reflected the Prime 
Minister's own avuncular 

“Neither timid nor cautious" 
Mr. Callaghan agreed. “They 
contain the' highest common 
fact of agreement . . - they 
can carry (is quite a consider- 
able way forward and what 
follows will be determined by 

PRESSURE on Mr. Callaghan 
from within the Labour party i* 
en to (he country in the autumn 
will intensify following the 

latest opinion poll hnosl tn 

Government morale. 

Labour MPs were in juhilan' 
mood at the 4.9 per cent lead 
accorded to Labour in itie late-t 
National Opinion Poll published 
in the Daily Mirror, while .Tone* 
were puzzled and worried at the 
slip in the fortunes of both ihc 
Conservative party and Mrs. 

There is lirtle support withm 
the Government for a -linimer 
election, partly because of cjp- 
tinulns grave doubts on whether 
Labour could hold on in power 
and partly because the Scotland 
Bill would not have reached Jhe 
statute book. 

But ih*> underlying ?rcnd 
shown in both the opinion polls 
and in recen: by-elections argues 
strongly in favour of a general 
election m the autumn. Some 
senior ministers previously m 
favour of going into next year if 
at all possible are now coming 
round to this view. 

NOP. which gave thc Conserva- 
tives a lead nf 11 per cent in 
February when ihc row over 
immigration was ar its heigh: 
now puis Labour well ahead. The 
4.H. per cent lead over Uv 1 
Tories in current voting inten- 
tions compare-* with the Gallup 
Poll in the Daily Telegraph Ian 
week which showed thc panic' 
n^ck and neck. 

The survey, .’nnihn-led ueiwc^n 
May 4 and 9 on a random sample 
of 1.S74 voter* in ISO con *tt- 
tuenciei throughout Britain. a!*n 
showed Mr. Callaghan weii ahe id 
in persona; popularity wish -i-v 
per cent satisfied with in* leader- 
ship compared wish 3S per *-cn: 
for Mrs. Thatcher. 



firm I > column led to keeping the 
growth in ihe money .supply 
-A-iihin On* S lo 11* per cent 
guidelines !jhI down in the 
April Budget. Mr. Robert 
Sheldon. Financial Secretary to 
the Treasury, staled last night. 

He mid the Commons Stand- 
ms Committee considering the 
Finance Bill- "The message 
rhar has u« go out i? thal the 
Government is determined tn 
keep within those guidelines and 
has ihc instruments lo achieve 


Earlier Mr. Nisei I.awsan. 
chief CnnsorvaMve spokesman in 
ilip committee, accused the 
Government of having Failed to 
k(?ep the monetary aggregates 
under control and claimed that 
since Ihe Budget, there had 
been a major irollup-c of confi- 
dence in Government policies. 

line of ihe reasons for this, 
he ..aid. had boon a sharp in- 
crease in public expenditure 

planned by the Government as 
part nf " an irresponsible pre- 
election spree." 

Mr. Law sun called for a poliry 
statement on the measures which 
the Government intended to 

lake to make up fur the revenue 
loss resulting from the Ip cut 
in thc .standard rale nf income 
lax and ihc changes made in ihc 
middle income rangas in earlier 
debales on thc Bill. 

"Stop dithering, stop vacillat- 
ing and stop showing complete 
indecision." he (old Treasury 

Defending ihe Government's 
record m controlling the money 
supply. Mr. Sheldon underscored 
the impact made by the opera- 
tion of thc cash limit system in 
ihe moneiarv figures published 
since the Budgni. The spending 
departments had sought to mini- 
mise the underspending for 
whieh they had been criticised in 
the past. 

. There had been insufficient ex- 
perience of cash limits for this 

23 MPs ‘not amused’ 

feature to be incorporated in 
the seasonal adjustments. 

" Attention has to be gn-en 
to these matters because ihov do 
form an Important part of' the 
figures." the Financial Secretary 

Important though mnnev sup- 
ply was. said Mr. Sheldon, it was 
only one element and not in it- 
self an instrument for the day- 
to-day management of the 

Thc trend reflected m thc 
money supply figures, rather 
than month to month fluctua- 
tions. was the most significant 
factor of all. 

He recalled thal monetary 
policy had been held lo be re- 
strictive if thc rate oF growth 
in the money supply was le«s 
than the increase in money GXP. 
During thc penod of office of the 
last Conservative Government, 
rhe money supply had increased 
by 95 per ccnL while money GNP 
had increased by 50 per cent. 

This mm pared with the re- 
cord of the present Government 
in whieh money supply had in- 
creased bv 40 per cent, and 
money GNP. by 90 per cent:. 

THE SPEAKER. Mr. George 
Thomas, yesterday apologised 
for any embarra violent caused 
to 23 MPs. mostly Tories, who 
found their names attached to 
a Commons motion calling for 
the Royal family lo he taxed 
like other eitixens. 

The House riissuhed in 
laughter wlu-n he pointed out 
that the names should have 
been added to another mci-’on 
“ relating lo the export trade in 
live animals for slaughter nr 

Mr. Thomas added: “I 
,-ipoligtsp to all the members 
concerned for The embarrass- 

ment they may have suffered. A 
correction will be published to- 
morrow." . 

The Speaker's apology fol- 
lowed the dismay of the Tory- 
31 Ps, many of them right- 
wingers, when they found 
themselves “supporting" the 
motion tabled by Labour left- 
wingpr and former Arts 
Minister. Mr. Hugh Jenkins. 

Mr. Jenkins's motion insisted 
that "the survival of the 
monarchy is conditional upon 
all members of the Royal 
family being subjected to the 
same taxation as other 

Zambia to get 
£9m loan 

BRITAIN has agreed to provide 
Zambia with a hum of £9.26m. at 
2 per cent in tercsl for -5 years 
with a 7-year grace period. Mrs. 
Judith Hart. Overseas Develop- 
ment Minister, told thc Commons 
in a written answer yesterday. 

She said that £7_5m. would be. 
spem mainly on essential imports 
for agriculture and the remaining 
£ 1.7dm nn 50 Leyland buses, for 
the Untied Bus Company of 

By John Hunt, Parliamentary 

5TAPF A STRONG defence of the 

Employment Protection Act and 
His views are significant for a denial that it had created 

yre capital 


A new incentive for industry 
locating in Northern Ireland 

^nn-lHlinn ACCUSATION by Sir Tan with 100.000 on the NATO side, u-uipnakincs havp hi-cn civon liv 

mon-union Gilmour. shadow Defence Secre- As Sir Ian made his accusation. SSS we 

Mr. Callaghan replied font he ! a , r > ' !? a L* r ‘ t Norm " n A, “ ns *£ Mr : "JS/of hu nrotP°I epect them ,0 C3rr - V °' 1 " in vipw 

thought sn mf . nationalised imtus- [' 3bo £ r ^ lnwmr . an J d ordcr : nT ,he ri « in thc import 

tries would want tn exercise ;,nv £"* Tottenham, supported thc was drowned b J «P«wr on both of iTapancst> VPhlc i r> .- 
rights secured under Veislatioit ?««»»• ^»rked a funons row of tteHw. 

tries would warn tn exercise ;,nv L, nr supponca me of Japanese vehicle..’* 

rights secured under lec.sialinii * J ur } ons row th nn. £ frnn, Thp Prlme Minister welcomed 

and others would not. The pro- ,n lhe Commons yesterday. A, «W JSTSSSiU mv* M il. lhp vo,p ° r lhc Union nf Pnst 

pnsals -would not require people Mr. Fred Mulley. Defence L 5 d ° L i I liL f . . h ‘‘, * c« r ' Office Workers thc previous day. 

tn take pan bui they would give Secretary. was answering her a^ria- o bis staipmrm r 3RainM motions which called for 

them a statutory right «» io d«. questions about lack of progress ?' ."j!? vL-Vl! J Jfi iLn,, opposition to any further Gnvern- 
Mr. Eric Heffer tLab Walton i in thc Vienna talks on mutual J?" nuJSSU i n . ,cnl incon, W Policy. “I found 

attacked the proposals as "a pile and balanced force reductions J'j' 5C \,,„“ e that extremely heartening" he 

shadow of foe proposals made by when Sir lan said it was P'.' l T ^ ^clared. 

foe Labour Party »nd even by perfectly well-known how- many tlrfinn^a^i^ne^ 1 /hi But Mr. Donald Stewart, leader 

foe Bullock- Committee. Soviet troops were on the r P " *557? •• hi at lhe s »« bh Nationalists, re- 

-Whit *nmc ur us want i< a Western front. n ‘ mb coun ‘ r> ’ he minded him thai Mr. Joe Gorm- 

system of genuine indii-tnal ii.. Mr -.i-.iip.. if he u'r eu iH rhar ,ey * of 1116 workers' Union, 

democracy where workers have a agreed' it was rather odd' that the wJ-Mr \rk'insnn Junnnribv-^hp had Oome 6ut firni ^ against a 
rr.1 «>■ on ,hr h UV .r of .hl L^oi.r P^y ^ Ph =r' Four inches pnllp. 

' Don-, G.irlier Mr. 

The availability of 
venture capital is proving "A 
to be an important 
influence on decisions to 
choose Northern Ireland as 
a base for manufacturing 
and exporting. 

Already a handful of 
companies are enjoying 
injections of capital in the ) 
form of equity part ici pation 
with freedom to buy back ' 

shares at a time and on 
terms agreed at the outset. 

Some of these j 

companies, tht^se lhat do 
not wish to 'go it alone’ are 
participating in sponsored 
joint ventures with resident 

Northern IrelaW companies. 

AM are able to call on 
Government assistance 
with feasibility studies, 
market surveys and 
recruitment of management. 

-Such firms are eligible 
also for grants towards 
buildings, machinery, 
interest charges, labour ' 

training, R & D. and to 
offset any extraordinary, 
costs involved with getting 
a project started and into 

The addition of the 
venture capital innovation 
makes the Northern Ireland 
industry support programme, 
which has been described as 
^overall the best package of * 
incentives in EuropeTmore 
attractive than ever. 

Can you afford not to 
take a longer look at what 
could be available to your 
company in Northern 

Start doing it soon. 

Mr. CalkiShan urged Mr. Hpffar 
tuii to retreat into :« trench on 
this issue. Hr undcrelood he wan 
not joir.g to please everyone but 

There wa« no one view In the ] 

labour Party nr among trade ''V'JIj 
unionists on this 1 

Mr. Calkaphan said that the 
nationalised Industries had been TT_ , 

asked to submit focir proposals l~i S-l 
by August. 

Mr. Kenneth Baker <C . St. 
Murylebonct asked fnr confirnta- \y lL 
lion tiiat non-union members 
would aoi be excluded fi-nm joint REPORTS 

representation cunimiUi'es. w 

Atkinson had spoken of fop Soviei troop.- were in Europe hut mrKf C |n«elv aMoviatet with tho 
dilhcuity in moving towards for treasurer of the- Labour pU Hlir -ect'ur were against the 
wanted something on the Statute foe W ^ 'up non that had ex I Med in foe 

^ ^ «« "“»« »■ Pact countries 0 Z'J'Z , Mr. Gcor ? c SEM'fc JJ?. " iS! 

Warsaw Pact forces had been Thomas, said foal there had been improvement in ihn s?,nfLr3° n F 
reduced by 250.000 minpared no reflect. on un Mr Atkinson. llvine o? iheir^ ^member^ ‘ 

"Therefore, it hehovi-s n. s s,n 

Harrier aircraft deal is-? 
with China denied T . 

living of their member*. 

"Therefore, it heboves n> oil 
It try to search for better 
method): of securing a real im- 
prorcmeni in foe standard nr 
living. Mr. Callayhan declared. 


! T -i . ^r/- ndU H S nI Pf e, ^P mcnr Ofganisation for Noribem Ireland, 
| T. Berkeley Street. London W 1 X 6 BU. 

Telephone: 01-493 OfiOl.' Te!ex:21S39. 

PI ease send me a copy of "Ask any husinessman who’s alreadv here? 
.\.mlicrn hdand. heC ° f ^ oppt ' rtullities lor industrial cspmoim 

REPORTS CLAIMING tJi;*l strategic and ecunomic 
Britain is to .sell 30 Harrier criteria and our miem-jii&nul 

Zaire situation 
‘could be met’ 

it will pay | - 
you to take a | Cmpn 
longer look ! Add rcss 


»•' force them upon n. Tlit* best Commons vesterdav 
fomg to du would be. iq up He said no dcciMun - 
parallel machinery for nun- possible sule had y 
mernberF readied— iel alone on c 

line}. UL-rencc secretary, in Mr Mulley declared VViniThT nam. .jl 

eGommons yesterday Mr. John KvatiM Uh Newfon) m the Commons reKav d 

He said ik> dccismn about the claimed ihai 1 be Ton'-s whr. had Mr Calli-han i.Lri'hmn' J-h -,1 
ssjble vale , had yet been had nidi, mares ahnm ' R ^I lenged ^^V^ ^^ret 


rauei maenmery lor nun- possible sale had yet been had mshimarcs ahnut -Reds l»need hv Mrs Cnm. 

»cr. aime ™ drta,is * . vas. ^srs 

“S'OOised 1C any ca.-*. he “If Di» Ghin«e im-reFi in Chines "Pnn S "fo T « mike could L^mlfiralS^n^r 8110 ' 1 
^ Harr,Pr “ cenarmed - USU “ I «»» Marxist? he asked. ^ MTS? JgJ* "1" 


. ^jrgsiSSS! 


The Financial Times 

kV Ifl 



drive (like most Lancias since the legendary Lancia Fulvia) 

. . 1 * 1 1 n. “ _ _ / J 

<uLiiuugn xi s Dig ana spacious ana comfortable, it drives 
like a car half its size. 

. , Kyou like luxury, the Gamma has it to spare. 

With thickly padded cloth covered seats, of which the 
driver’s is adjustable to give you the perfect driving 
position. An adjustable steering column. And carpets 

During the next twelve months, about 800 new 
Lancia Gamma Berlinas will appear on British roads 

The Gran Turismo version will be even 
rarer. Some 400 will be thinly spread over the 
length and breadth of the U.K. 

This isn’t we hasten to add, the result of 
some devilish plot to make this very desirable 
Italian car even more desirable by making it 

Lancia Gamma Gran Tbrismo £9485-67.* 

you’d be happy to lay in your own home. 

It also has a quilted roof. Adjustable head rests 
A remote controlled, electrically adjustable * 
% ^overtaking mirror to keep your hands diy. 
And electric windows on all doors 
to impress policemen, hotel porters 
and petrol pump attendants. 

So if you’d like a car that 

Lancia Gamma Bertina £7435-83? 

veiy difficult to obtain. 

It’s just that ever since the 
arrival of the new Lancia flagship 
rumoured, the world and his wife have 
been queuing up to put their names down 
for one. 

And in the face of this somewhat 

embarrassing demand, Lancia have had to im- kji co 

pose the strictest rationing since the days of Sir Stafford first of thefe 

Cripps. . Buttl 

But has this regrettably exclusive car been worth style anywa; 

waiting for? Is the new Gamma as good as its svelte ^ ^ 

Italian looks? 

If you like sheer speed, it certainly is. The new 
Lancia 2 ¥2 litre boxer engine provides you with 
a highly illegal maximum in excess of 120 mph. 

The five-speed gearbox enables you to reach 
more reasonable speeds in most unreason- 
able times. 

If you like magnificent handling, the 
Gamma should please you. It has front wheel 

"Prices include VAT at 8% and car tax, inertia reel seat belts and delivery charges (UK mainland), but exclude number plates. Personal Export If 

is unlikely to appear in your 

neighbour’s drive a week after 
uVe bought your own, then you are now looking at it. 
Of course, if you want to be the 
first of the few, you’ll have to move fast 
But that’s probably your 

iilykanjnvay The most Italian car 

Lancia (England) Limited, Alperton, Middlesex. Telephone: 01-398 5355 (24-hour sales enquiry service). 

you are eligible to purchase a Lancia free of taxes, contact our Export Department 

Financial Times Wednesday May 24 197S 


Mirror asks print union 
to replace press men 


Government’s industrial democracy 


MIRROR CROUP Newspapers 
has asked union leaders to 
replace a seven-man team of 
machine minders. This came 
after a union chapel [office 
branch] meeting yeslerday 
voted la continue action which 
has seriously affected produc- 
tion of Reveille over Hie past 
few weeks. 

One of the men is believed 
to he among the 14 machine 

minders in the National 
Graphical Association who con- 
tinued strike action against the 
Observer newspaper last week- 
end in defiance of union 
instructions. In the ease of the 
Observer, the union has already 
agreed to discipline the 
strikers, who work on a casual 
basis, and told its London 
regional officers to replace 

The action by seven machine 
minders In the Mirror Group 
has prevented publication of 
this week’s Reveille after the 
loss of about a third of last 
week's issue is the same 

They are said by manage- 
ment to he asking for more pay 
while refusing to take part In 
productivity talks. 

plans based on the unions 


Post Office union seeks pay 
alliance with public workers 


. \TW INITIATIVE for an Unions Involved include the detriment of members’ pay. The 
alliance on pav between public electricity workers, mineworkers, firemen's strike last year bad 
unions is to be made by railwaymcn. steel workers, other shown the folly of public service 
pos“al Avorkcrs- union with post office unions, the Civil Ser- unions alone agamst the Govem- 
onlv grudging approval from Mr. vice unions National Union of ment. 

Tom Jackson, the union's gen- Public Employees, National and Mr. Jackson said his union had 
eral secretary. Luca I Government Officers As r n- triefJ rwjce before to form a 

The 1.700 delegates at the ciation. and members of the pu 5 ]j c service union alliance. 

for encouraging the spread of 
Industrial democracy by legisla- 
tion which would deal in two 
stages with employee consulta- 
tion and worker directors was 
published yesterday. 

The plans are based 
primarily on trade unions and 
the White Paper stresses that 
the Government hopes pro- 
gress will be mainly through 
voluntary agreement Legisla- 
tion would then be needed 
only as a fallback. 

In addition, as part of its 
general review of company 
law, the Government intends to 

Introduce legislation for two- 
tier company board structures 
made up of a top-level policy 
board and a lower level 
management hoard. 

Companies could adopt this 
structure whelher or not they 
have workers direclors. Where 
such directors are elected, they 
would sit on the top-level 
policy' Board. The White Paper 
spells out the statutory duties 
and rcsponsibilites of these 
two Boards. 

The general proposals follow 
on from the report of the 
Bullock Committee or Inquiry 
on industrial democracy pub- 

lished 16 months ago, and the 
White Paper’s introduction 
picks up its theme that “in a 
democratic society, democracy 
does not stop at the factory 
gate or the office door." 

The main question, it says, 
is “when and how” employees 
shonld be ahie to influence 
decisions which can “vitally 
affect” their working lives. 

“Industrial democracy in 
this White Paper stands for 
the means by which employees 
at every level may have a -real 
share in the decisions within 
their company or firm, and 
therefore a share In the 

responsibility for making it a 

“The objective Is positive 
partnership between manage- 
ment and workers, rather 
than defensive co-cxistencc,” 
declares the White Paper. 

One way to change the con- 
flict in industry Is to create a 
framework for employees to 
join in those corporate deci- 
sions that a fleet them, it says. 

“Where decisions are 

mutually agreed, both sides of 
Industry must share responsi- 
bility for them. Such shared 
responsibility will Improve the 
efficiency of British industry 

and open up a range of new 
and creative ideas that can 
greatly benefit this country.” 

The White Paper proposes, 
in line with the Bulloch Report, 
that an Industrial Democracy 
Commission might be set up. 
Its Job could be “to pim-ife 
advice and conciliation, to give 
rulings on disputes, and to 
monitor and evaluate the opera- 
tion of the legislation.” This 
would include preparing a 
Code of Practice. 

Another alternative would 
be for the existing Advisory, 
Conciliation and Arbitration 
Service to take this role. 

Company strategy 
should he disclosed 

Lack of consensus on right 
to have employees on boards 

to instruct the union's executive bargain w ‘th the G 07 ""™"); unions all created difficulties, 
council to set up an ‘alliance He also said he would he con- 

with other public service unions tacting Mr. David Basnett, The conference also 

(decisions are made," says the the JRC would be employees of f ** ed t0 .J nd a consensiis over legislanon ’’ Companies could to discuss company strategy." 
WhitePaper. the company. If any trade union haDtin’ Sh thefr emoLoyiS raneemenls The Government has “eo- 

These discussions would cover consid ered that the composition " Bh ' f ° r th 5 1 h ppe . n ' vohmrarv countered two important issues 

matters suriT^ fnvesS «?e JRC was inequitable it n TZ on which views are divided," says 

confirmed the decision. Mr. Don Fails of the Croydon class letter up to i»p. s ,v e stance on un». JUrl!*-. view employee directors would Doaras » an °P aoir * or 

■\fter the vote for the alliance, branch of the postal union said A £100 minimum taking The Government expects and °?__ lb ?« £°??Pf n ' ac t ° ^ , | ct i Ss l }l be a natural complement to the eo 7J? a ?. v ‘ i .. -IL sh n 

Mr. Jackson said he would be that since the Post Office account of differentials would b^pes that most companies would collective bargaining process, and AJI on J£ e i S5JK!!2 

lr. .laCKSon said ne wouia DP cnai me rusi unlit dauum uuieicuudia wumu iudi uiuai cumuariiea wuuiu ■, . , . . uunecuvt Bargaining pruena, «nu . — , — , , r 

friting to the public service achieved corporate status the cost £896m. and would mean pay make such arrangements volun- P? ■} * 10 " a [J. d _ their principal role would be to board (where any employee {L nr * ° t * ri ™“ ra r „ e 

inions' asking them to attend a Government had interfered in increases of 123 per cent for tartly by agreement, but adds solution '. & * ° U * ° l P e a ensure that matters of concern representatives would ^ ltl ^ rouId The areument acaSt 

fleeting. every wage negotiation to the some grades. that “the system should never- "JE hn nn c ,,. lllnrv to the employees were discussed sliare th *? ame JeRal duties and e ?J 2Sf *1 

theless be haekeri hv stimrnrv There would be no statutory . . . J* * , h . . responsibilities. Employee dlrec- equal representation is that it 

provSons" The disclosure 5 obligation on a company to con- ”*ZZe S hs6 ill the relev^ tors would keep in close touch would cause deadlock and. 

. TTrln7 information wrnild toj'a -liaUlral su 1 non ' ur “ on employees. fa^ata "'th vjF? p" 1 ** S«r' d -m^h, Un JffS ’’.‘h' 1 “S 

AUE W will renew Massey men - the p "t;' agitation -sresre re -*• 4KJ5"rre 

Hill IVHVTI | J J?" 1 . 1 "* w . llh . *■>">. . shou . ld L H nSn J tan °n_. .... , . hibits the msndalU of a direr- more difficult to raise capital." 

merger approach 

BY NICK GARNETT. LABOUR STAFF EMPLOYEES at Massey- likely to affect all emplovees and greatly. Some of the Issues under employees to participate directly or more employees in the UK, u, *= p‘«m u «u iwu-uer siruciuiu. 

Ferguson optine for early retire- it would be in the interest of all consideration may already be in the management of the com- and would be initiated by a in (he public sector, the 

THE AMALGAMATED Union of suitable partner for a craft-based ment could pick up about £9,000 that their organised representa- public knowledge. Others may pany and to share responsibility request from the trade unions* Government says it intends that 

Engineering Workers decided union and made it clear that if in severance pay. Most of the tives should discuss them not be penerally known, but are for its decisions." JRC which would have the power the nationalised industries 

yesterday to make new merger there was no alternative to amai- more than 1.000 farm machinery collectively with the company no1 80 material to the company’s The Government does not to require the company to hold “ should set an example to the 

approaches to the 13.000-member gamation they would prefer dis- workers the company plans' to competitive position that they believe that it would be enough a ballot of all the company's privale sector," while recognis- 

boiiermakers amalgamation in missions with other craft unions, make redundant in the UK will, p **±i j cannot be discussed <among the to rely entirely on voluntary employees on the issue. ing differences such as the fact 

the wake oft he boilermakers* including the engineers. however, collect between £3,000 tntliieu employees generally. progress, and therefore pro- Bur the statutory right would that national interest has to be 

rebuff in the General and Muni- The boilermakers' executive anri , £5 - 000 - . -Th„ • The White Paper suggests that poses statutory rights for em- not come into operation until taken into account and that 

cipal Workers last week. said it would sti] , consider -the Normal working continues at .. .J 1 “ „?“ lt,ee “ one course might be for the com- ployees. But it wants “to avoid three or four years after a JRC there are no shareholders. 

Th, ’ mw! Sip . 10 * ba “ ot °‘ ' he mna sssuffs 2u&rtsL3: “■« «■* other as: IVfaior steD forward — Murray 

tion’ bu’ n »?yet’?her/have S heen The 14m rnsi peers have been l^oiund. Kllmarnock pla "' variou/i'ra'rte union? in the enm 6 Ihelr Moments J r J 

no formal meetings between their seeking the formation of a single a mass meeting of the com- P aQ y should form a committee, e rv,^ nS Ih h tn? BY CHRISTIAN TYLER, LABOUR EDITOR 

officials. union in the industry although pan y s Coventry workforce^ which all the independent Jfl„ whjch should DOt « Christian tiur, uwuw tuuua 

Delegates tn last weeks boiler- last week the conference of the vesterdav acreerf tn await recognised trade unions in the . ... most • *JBn-ArvFT TINTONIftTS Ihe unliti would "have liked for board between workers and 

Massey men 
can collect 
£ 9,000 


tradeunion!^ The ST BS e^.hdth'e.e hyena blip, m in ^jh 2.<m 

likely to affect all emplovees and greatly. Some of the Issues under employees to participate directly or more employees in the UK, Ina proposed two-tier structure. 

Major step forward— Murray 


UNIONISTS Ibe urifSti' would Tiave liked £01*308^ between workers 

Delegates to last week's bniler- last week the conference of the y es terday agreed to await recognised trade, unions in the . ... . „ MOST tSRADE UNIONISTS Ibe union would Tiave liked (or Board between workers and 

makers' conference instructed National Society of .further developments after union company should be. -entitled to This, Itsays, could prevent any wou |d se e the White Paper as a general legal requirement. The shareholders; and representation 

their executive to discontinue Metal Mechanics decided that it national officials rejected the belong. The purpose of this se ^.°4f difficulties >n practice. « a major step forward," Mr. Leu union would wish to move rapidly on the decision-making body, not 

mercer talks with the municipal would noi Proceed any further proposed redundancies. More committee would be to negotiate . Cm * a0tI0n . s cou ‘ d al50 be Murray. TUC general secretary towards parity on boards where "any remote supervisory Board." 

workers, lo the annovance of with merger talks with the talks are expected over the next with the company and to decide brought against those who M j d _ ven though the- Govern- the- worker director option was A management union view 

kxtt, iha Mr rinviH engineers. fa.., Katumon th. hnu omninii,. misiispri cnnfidpnf ial informafinn , . j .. ....... m- T tho 

both ihe executive and Mr. David engineers. f ew days between the joint shop how employee representatives misused confidential information mejl t had not agreed to every- taken up. came from Mr. John Lyons of the 

Basnett. the municipal workers’ The engineers have put fnr- stewards’ committee and the should be selected. : to the detriment of the company. t hj n g t h e TUC asked for "I hope The Transport and General Engineers and Managers Associa- 

general secretary. ward revised proposals for a raer- management. “They proposed that it should The code of practice could give em pi 0 v e rs will think twice be- Workers' Uniorr said it would tion who said the proposals 

.. The bnilermakprs' delegates ger with the 450.000 Electrical Shop stewards are to review be known as the joint represen- KUidance, and appeals could be f ore simply reiterating their now seek a Government commit- recognised the need for “a 

felt that the GMWU was not a and Plumbing Trades Union. the situation on the proffered re- tation committee (JRC). The raade when problems arose. ritual objections to any “Serious ment to give unions half the coherent managerial capability 

diindancy terms and. like the Government believes that the Turing to groups of com- s t e ps being enacted in this field." seats on Boards of, nationalised as well as trade union involve* 

labour force, are hoping enough formation of JRCs would provide panics and multi-nationals, the The proposals would develop industries, and more democracy ment" 

volunteers will come forward. an important basis for inter- White Paper says " arrangements the unions’ constructive role and in local Government: the health The whole concept was criti- 

\ ffigiEf O flSBTi LslCl ■ e redundancy programme, union co-operation. They should must be made for workers to be reflected the “democratic impera- service, education and the civil cised hy Mr. Frank Chappie, of 

O **K^w^m* still to be settled, involves also be a positive stimulus to involved in decisions at whatever tjve of our time." service. That would not require the Electrical and Plumbing 

^.1 wrv»-4- nrt'swf manual workers and staff em- the voluntary development of level they are taken." Mr. David Basnett, of the Gen- legislation. Trades Union, which has fought 

StrllltrS lyUI fill 1*8 ill ployees at the two plants. joint discussion of company In groups of companies “ it will era j and Mimcipal Workers, Mr. Moss Evans, genetai secre- against worker directors of any 

strike by transport drivers strategy, for which they would therefore be necessary for dis- which campaigned for flexibility taf y, welcomed the general land. 

BY NICK GARNETT, LABOUR STAFF ar British Leyland cars plant, be a natural focus.*. Either the missions to take place between and the principle of extended approach, but said the union - He said the plan was the pro- 

v’T* RirH inn FiYMncs- th j . “?"S br| dge, yesterday caused board or the JRC would be able representatives of employees and consultation, said the paper would seek three guarantees in duct of European pressures and 

Claridges’ dismissed chef 
settles out of court 


MR. RICHARD ELVIDGE. the and experience and that during 5.000 workers tn be laid off and to initiate the discussions.” companies both at subsidiary and showed the Government had ‘re- legislation for the private sector: Britain's EEC membership, and 
trainee chef whose dismissal much of nis time at Claridges seriously disrupted production of The statutory fall-back right to holding company levels, and per- cognised “the need for demo- a trad® union system, with no could also be seen as "part of 

from Claridges sparked a two- his work had been satisfactoiy. the Mini and Allegro models. require the board to discuss haps at intermediate company cracy outside Parliament.” separate or rival representative the package in return for the 

week strike at the London hotel, Claridge s reaffirmed that Mr. The drivers, who walked out company strategy should be levels too, depending on where It was inevitably a compromise mechanism which would damage social coniract and restraint in 

was severely criticised yeslerday Elvidge narf not been dismissed in support of two men dismissed vested in a JRC "broadly repre- decisions are taken." - proposal and did not'go as far as industrial relations: parity on the pay bargaining." 

hr other kitchen staff for aecepi- because of trade union activities, for timekeeping offences, meet e 1 

ing an oul-cif court company The statement added that both to consider the position to-day. 

settlement. sides recoeniseri it would not Workers are being recalled, and M' A. A. 1 A A* _ THE NORTHERN ROCK FILE ON DODGY RISKS 

- An industrial tribunal hearing now be in the interests of either it is hoped production wilt be V Y(f V6rTITn6TIT TO ITI21 KP TWft-TlPF - - - 7“ ^ Z~7Z 

Mr. EWidgo-s claim fnr unfair « r - E!v,dce t0 return to the resumed. \JV!VIUIUVIH W Uia*VV ITTV UVl Ma JL RaiCCflftM 

dismissal ended yesterday when ho *F' . A . . . _ _ of Rover saloons, at 

the 19-year-old chef accepted £4O0 -\ c, *SS a> h a A l *J ,m J ,e L. of j? t *5 ?° 1 , 1 ,h,, . n ’ was normaI yesterday ^ A 1 w 1 1 . 

in compensation For his dismissal ” ld [bMowin*; a return to work by POTITFflkl 5111 OYlBliTIll HV flCKW 

-and an additional W5I) to assist ^ S ^5 L- C ^!,L a "_1 300 P a,nters . vUUUUl 4tU UUUU11 UV IdU 

him in continuing hi< career. jjjj/'jjve ^ heart defence evl! n “ 

A statement read to the tri- d °^ ce on working Conditions Pay code rebel I THE "WTUTE PAPER says tjiat boards, which Is attacked by the “The main functions and j V*; jHHf 

hunal by Mr. Anthony Boswood. which staff felt were appalling. .. J , “• Government intends to opponents of two-tier boards in responsibilities of the manage- 

representing Ciandge's, said the shop stewards said they would KppTI ffl PniTinlV 5 *fff ls,ate 30 a two-tier board this country as inconsistent with ment board will be defined in the \^§il»SPB®sE/ 

hotel acknowledged disciplinary consider further industrial structure with separate policy our flexible tradition of company legislation. This will distinguish 

procedures had not been followed action If hoiel management does By Our Labour Editor an “ management boards js an law. is not th? only model. In It from the type of executive sub- - — reSll S V 

Government to make two-tier 
control an option by law 

THE WHITE PAPER says that boards, which is attacked by the “The main functions and' 
the Government intends “to opponents of two-tier boards in responsibilities of the manage - 1 
legislate so that a two-tier board this country as inconsistent with ment board will be defined in the 
structure with separate policy our flexible tradition of company legislation. TTils will distinguish 
and management boards^ is an law. is not th? only model. In it from the type of executive sub- 


No 4k Russian Roulette 

bee " ,3ken of Bf - Elnd;es 3se 1>,e ~ n< - !5SA“,r SB ^ ! 

officials it will observe any limit' _ an appendix to the White . the purpose of fulfilling its! 

Tpfc ~ _ 1 se l for the next round. Paper it explains that In many Its study of this subject has management role, though still | 

KfyPl hOSniraS Workers It is understood to be keen to European countnes, including convinced the Government that under the supervision of the 

Ilwpitai Tv VI AW J compiv to have the sanctions— Germany, France, Denmark, the the two tier board structure can policy board. 

including withholdinc of eXDort Netherlands and Belgium, the offer certain advantages over a 4 . . . 

AAnc<irlni« in/vinrit /vffrkw* credit guarantees— removed/ two-tier board structure is used unitary board whether or not *hi« T hn e n J2 ai °n ta i? k . t0 be Slven 

consider inQUiry oner The Treasury said last night fiither as an °P tion or- for bigger the employees are represented at Sjji* be t0 raaaa se the 

^ J thal the cnmpanj was itill in companies, as a requirement board level. It helps to clarify “ “>« 

BY PAULINE CLARK, LABOUR STAFF breach of the present Incomes The British practice is to have ° n * ho one hand the ">•« °f nanie^ ai»i wHh-rtS.7 1 !: 

policy and on the “ blacklist." a umtarv board " whose members Erectors as managers and on P a °‘ e s Act i94g ascribes this task 

NURSES AND other staff at ihe have yet to be disclosed, but are appointed by the share- th e other their function of direct- ^ Jhe directors. This will mean 

MO-bcd Brnnkwnnd Hospital in the Confederation of Health Ser- T> A nfArlrnrc holders and, having been ing the company. Many UK com- Uie exisung duties 

Woking. Surrey, who claim to vice Employees said yesterday WOlKCrS appointed, are competent to lake P, anles a| ready operate in prac- i r ? e ,r *„” rs ' 1I ? de . r tb c Companies 

have taken over running the that they related mainly id in- ■_ , , mm-n decision affeding the opera- *'« > tw p tier system in which ™“ a 2L , il*W In future to the 

hospital because they are un- dustrial relations problems stem- lODOV JVlJrS t«on of the company, save for the ho . ard of directors delegates I£ a “£™ nt “S* 1 ? 'except where 

happy about its administration, ming from bad management." uno r t bam cao un-t... certain important matters which ® xec utive management functions 71^' ,i^ C , lfi 5 a y . assigned in 

were offered a spcciai inquT^ The problems were said io be MORE THAN S00 workers in air- ta a committee" or committees: ‘ he ^islation' to toi policy 

into their grievances by area particular to the hospital, al- ? raf 'j J / act0 ”,® ! L Sonera! meeting of shareholders r> > board to enable it to perform the 

health officials vesterday. though aggravated hy a more Urodon ; yesterday and lobbied f or decision Formal functions set out below. 

After a meeting lasting nearly SlSjPpiS. K America^ I" the appendix it is pointed - lD the case of the ^ the 

hea'ltlT service. Boeings instead .of the home- «« ‘bat the German example is jHse d indusS tL ^umems 

AFter a vote of “no confidence’ 

,: 0 ~ »fe 1 s.' he ^ 5^45 

^ Ves ! fh y t Th U ' d , CnnS, f e [ wo%f er wun n c i| ,aS Ur e se7%^ ^^1!°" Chrirtchurch. ^mTlavel^ oF° authority ^11 have special responsi- 

assurances that their long list supported hv 30 middle manage- Dorset where the BAC 1-lls are « l * ,. for ^tiMhy some ^ oveiSpSlni of inmn b lty towards the Policy board 

2. rssisss.^sA £* ajsjsss proiUM ^ " s -es ■i.'W'M jj-fivfSra, re 2 m i;u: r * T T?»Tr 

be studied by the officials. ^SLKSSS rf-U *5* .5?"^ vis a vis third V"*** '"SSL to caSy 

The uncertainty of many a mind-blown 
scheme can be a headache... but vou can 
always play it safe where your money is 

•iJ 11 ^°rik6rn. Rock it earns good interest 

^edir Unty ~' and ^ ^ xvays ^ iere whan you 

We have schemes for small savers as 
weU as for big investors. Northern Rock is 
everybody’s Building Society. 

j.™ ment members, tn vet all instroc- produced. 

ht hv d tlnns by senil,r administrators 

be studied b> the officials. beforc a n owlng them t0 be Phpmiral 

Details of their complaints earned out. Vyllcu*iA.a.i 3la.ll 

parties. Thp supervisorv board strucIu re was rejected in the functions and 

-• mw • appoints and can dismiss fS °n lh « nationaiised wnF^Teed 1 paPti f ul . ar - 

— — WIFI lil^i nep S®od reason the members of the ! . nd “ SUies published early in to report regularly on 

'O riac management board. It receives A P 1 .' 11 , w bich noted that the JJJJf hus f n ® ss P 0l »cy and 
TiOndnn tpafhpr^ m nav ripfirllnrk AB0 P T ^p- 000 prorefs workers regular reports from The man- nationalised industries them- fin ? l lSilI! ,e " ta: 1 and 

jLUUUUU tca^HCld 111 pAj UCdUlUUi in the chemical industry, nol agement board and has the power seJ ves do not want statutory two- 0n Sl,cl1 other important matters 

THE LONDON allowance for Tearher*-which yesterday offi- JS 2£££ST' 1l ! tM S S)“ Ire management board tl '. r J?® ar f h s - hoaTd^ specified b - v ** Policy 

about 100.000 teachers is to 50 to ciallv confirmed ili oppositon to nesoUated the maximum 10 per tp refer certain categories of de- these reasons our pro- n ara - 

arbitration after deadlock in the Taylor committee's proposals ™® avowed under the pay cislon to It for prior approval. for two-lier boards will Members of the management 

negotiations between unions and to give school governors powers f., e : General and Municipal “The role of the supervisory companies. board may also be appointed to 

!. u i ; , : -ml. .... «... i. ■ lVnrtprt T>ninn cain vaitanlin i ■ • . r . - ine m^n .*) oomon f u < tha .. . ~ r . - - u 

f the management 
o be appointed to 
hoard, but the 

local authorities. The unions over leaching methods and Workers In ion said yesterday, board is to oversee and super- annninra^ u^nagement board, the policy hoard, but the 

want an average increase of IS.5 curricula — has told 700 members tncy are employed oy members vise the way in which [he cum- *{., nie ° ,■? 1116 P 0, ‘Cy board, majority of shareholder director* 

per cent on the current weight- in 53 schools in Solihull to work ° r v 1 *. Chemical Industries pany is run. but not to get In- «,!! i! orn,a i ly . Consist of the on th* policy board should not 

, of £4K ' n inncr L "ndon. to rule from June S because the Association. volved In running it Members * xe * ul,re .s of the company a t the come from the management or 

£297 in outer districti:, and £150 authority's staffing policy is in- A similar offer is expected for of the management board cannot HI- 51 P 0 ™ 01, level, sitting under *bc company, since the iudeoen- 

in fnnee areas. The authorities adequate. Teachers will refuse ICL s aO, 000 manual workers; but be members of the supervisory l “ e c b a >rmanship of the chief dent supervision of manacement 

have offered slightly more than to take oversized classes or to the company's shop stewards are board or vice versa. executive. This is ibe bodv to will be an essential function nf 

10 per cent. stand in for colleagues absent for concerned that it will do tittle for ■* . . which the law will assien'the the policy board OI 

liie National Union of more than a day. shiftworkers. 0r . r, ?.‘ d Vision of responsihiiitv Fnr \L ... . . - 

of more than a day. 

shift workers. 

T This i ?, lhe bod * t ’ t0 v t i11 be an ®ssentiaJ function of 
"But this rigid divlsinn nf w,n 4 “‘sn the th e policy board, 

functions between the two mSagemeo^of^e^wmpan^ 1 ^ Democr ncy 

company. price 50p. 



Authorized for Investment by Trustees 
A member of the Building Societies Association 
Assets exceed E-hq million. 

h. A Countrywide Building Society 

Chj*r Officr. XorUwni Rm-k I Imiu-. p.o n a . v„ - 






Financial Times Wednesday May 24 1978 


Wednesday May 24 1978 

Like other food commodities such as coffee and sugar, cocoa has experienced 
some violent price fluctuations in recent years. A period of more stable values would 
be of benefit to all concerned — producers, manufacturing users and the consumer. 

hit the 

By John Edwards 

Commodities Editor 

with paying a great deal more 
for their favourite confec- 
tionery, can lay a great deal of 
the blame on the cocoa market 
The price of cocoa— the most 
important ingredient in choco- 
late — has risen almost as spec- 
tacularly as coffee during the 
past three years. On the London 
cocoa futures market prices 
climbed from under £450 a 
tonne in May, 1975, to a peak 
of over £3,100 a tonne in mid- 
1977, and a shortage of im- 
mediately available supplies 
pushed the cost of “ spot" cocoa 
even higher. Since then, like 
coffee, prices have come down 
to below £2,000 a tonne but 

they are still at an historically 
high level and tending to 
fluctuate wildly. 

There is no single incident, 
like the Brazilian "frost” in 
the case of coffee, to account for 
the surge in the cocoa market. 
However, the price rise is attri- 
buted to a similar cause — a 
shortfall in supplies to meet 
increasing demand. The 
disastrously low world cocoa 
crop in the 1972-73 season 
severely depleted stocks, and 
although there was a good 
recovery in 1974-75, further crop 
setbacks left- the ' world 
extremely short of cocoa. 

Although cocoa is price- 
sensitive, with demand tending 
to follow the economic ups and 
downs, the effect of the high 
prices is delayed and smoothed 
out by the long supply pipeline 
between the crop being har- 
vested and the chocolate bar 
being purchased by the public. 
General inflation also helped 
minimise the high price impact 
on demand so it took some time 
for consumption to start really 

Even now, although a surplus 
of production over demand is 
forecast this season, prices are 
still being held up by a shortage 
of supplies immediately avail- 
able despite the drop in con- 

There appears to be a funda- 
mental shortage of production 
to meet potential demand, 
mainly because' of the* dis- 
appointing performance of some 

of the leading Weft African 
producers, notably Ghana. In 
1964/65 Ghana produced a 
massive crop of over 560.000 
tonnes. But this season pro- 
duction is forecast at a lowly 

278.000 tonnes, even though 
there has been no weather set- 
back to the crop. Nigerian 
production has also declined 
and been outstripped by Brazil 
and the Ivory Coast, which are 
now threatening Ghana's former 

Production is being expanded 
elsewhere too, with Malaysia 
emerging as a possible im- 
portant cocoa producer of the 
future. But there are distinct 
limits as to where cocoa can 
be grown successfully. It Is 
confined to tropical climates, 
normally at altitudes less than 

1.000 ft above sea leveL 

£ par tonne 

1973 1974 1975 19(76 1977 1978 


Ghana and Nigeria are very 
suitable for cocoa growing. But 
it seems likely that future 
growth in supplies will come 
mainly from Brazil, the Ivory 
Coast and other developing 
produce countries. It can be 
argued that Ghana is pursuing 
a sensible policy in reducing its 
dependence on cocoa and as 
an additional benefit receiving 
more return for producing less, 
but the longer term implications 
are not good far the cocoa 

High prices and shortage of 
supplies are no recipe for 

future expansion. Already, it is 
claimed, the natural growth in 
demand for cocoa has been 
held back by the failure of 
production to expand suf- 
ficiently. The incentive to use 
less cocoa, or replace It with 
substitute materials nr products, 
has been intensified by the 
recent period of high prices 
and supply scarcities. 

The flexibility for using less 
cocoa by reducing the size of 
the chocolate bar has to a large 
extent already been utilised. So 
has a change of emphasis by 

confectionery manufacturers in 
favour of sugar-based confec- 
tionery. But work on develop- 
ing substitutes for cocoa in its 
various forms — as a fat, powder 
or Savouring agent— has Inten- 
sified as manufacturers seek to 
keep down the cost of their 

Modern technology and re- 
search has developed a much 
wider range of available substi- 
tutes than in the past If prices 
remain high and supplies 
seance, it is obvious that sub- 
stitutes will make even greater 

inroads into so-called ** cocoa" 

Producers are obviously 
aware of the danger, particu- 
larly Brazil and the Ivory 
Coast which are expanding their 
production as fast as possible 
tn try to make up the short- 
fall in supplies. However, 
there is an obvious danger for 
producers If output is increased 
too rapidly and a sufficient sur- 
plus is created to »usb prices 
down to unprofitable levels — as 
has often happened In the past. 

It is here that the Interna- 
tional Cocoa Agreement can 
play a vital role in providing 
a guaranteed “floor" price to 
ensure that producers are re- 
warded with an adequate return 
for their efforts. 

The agreement came into 
force in 1973 after 16 years of 
negotiations. But ironically It 
remains untested, since market 
prices have stayed well above 
the price ranges in the agree- 
ment which brings into opera- 
tion a system of export quotas 
and a buffer stock operation. 

Faced with this situation the 
agreement has had to be con- 
tent with the compilation of 
statistics on supply and demand, 
and the building up of a big 
buffer stock reserve— obtained 
by a levy on exports— in case 
the market comes down into the 
agreeemenfs price range. At 
the same tune there have been 
regular reviews of the price 
range with continuing pressure 
from producers to raise it to 

more “ reasonable ” levels and 
keep up with the inflation in 
production costs. 

Negotiations for a new agree- 
ment to replace the present pact 
which expires in September 1979 
are already under way and it 
is hoped that the U.S.— the 
biggest consumer of cocoa — will 
be persuaded to join in view 
of the more friendly attitude 
to commodity pacts shown- by 
the Carter Administration. 


The entry or the U.S. 
into a new agreement, while 
immensely strengthening the 
latter’s chances of controlling 
the market, may also mean a 
shirt in emphasis away from 
mainly protecting the producer 
countries in favour of more 
price stabilisation. In other 
words, if producers want price 
protection they will be expected 
to help create adequate supplies 
and If necessary reserve stocks, 
to 07 to ensure that con- 
sumers are also better protected 
against the soaring prices and 
acute shortages which in the 
past have made cocoa sucb a 
volatile commodity. 

It remains to be seen whether 
vested Interests on both sides 
can reconcile their differences. 
A useful start has been made 
with the creation of a new 
advisory group on the world 
cocoa economy, backed by the 
International Cocoa Organisa- 
tion. which held its inaugural 

meeting in Berne at the end of 
January last. This provides a 
form for experts in the cocoa 
trade, rather than political 
representatives, in get together 
and discuss the development of 
the industry. 

One radical change that is 
likely to affect the European 
cocoa rradc in particular is the 
prospect of much of the future 
expansion in supplies coming 
in Brazil, which has tradition- 
ally served the U.S. with a 
product not much liked at 
present — and by the UK manu- 
facturers in particular. 

A trade delegation from 
Britain recently visited Brazil 
to see whether production tech- 
niques could be adapted to meet 
European requirements. Also 
discussed was the problem of 
the EEC import tariffs imposed 
on Brazilian cocoa products. As 
with many other commodities 
there is an increasing • desire 
among producer countries to 
retain at least the semi-pro- 
cessing of cocoa into its various 
product form ta provide addi- 
tional earnings •»n'd employ- 
ment not available if the raw 
material itself is exported. 

Consumers, however, argue 
that it makes poor economic 
sense for the processing to be 
carried out too far away from 
the final marker, although 
chocolate manufacturers would 
prefer to avoid paying import 
duties whatever the source of 



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Financial Times Wednesday May 24 1973 


cocoa n 

Chocolate makers pray 
for stable prices 

'^' r 

Volkart Brothers (U.K.) Limited 

Plantation House 

5/3 Mincing Lane 

London EC3M 3LD 

Tel: 01/626-8293 

Tlx: 887035/886875 

Volkart Brothers, Inc. 

120. Wall Street 
New York. N.Y. 10005 
Tel: 212/422-9400 
Tlx: RCA 235293 

Head Office 

Winterthur (Switzerland} 
Worldwide since 1 8 51 

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established in The Netherlands 

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CONSUMPTION OF chocolate- 
based confectionery - in Britain 
fell sharply last year as the 
market recoiled under the 
impact of higher raw material 
prices. The - main chocolate 
manufacturers- however, appear 
to be hopeful that, provided 
there are no more nasty shocks 
from the world cocoa market, a 
period of stable raw material 
prices coupled with the con- 
tinuation of a hard selling pro- 
gramme might slow the slide or 
even bring it to a halt- 

Confectionery companies last 
year had to bear the full brunt 
of higher cocoa prices- Even 
Rowntree Mackintosh- which 
avoided the early repercussions 
of the recent price jumps and 
lived well for an all-too-bricf 
spell on its fortunate forward 
purchases, finally had to learn 
to live with the higher costs. 

During 1977 total cocoa bean 
imports into the UK cost 
£140.4m compared with £75.6m 
in 1976. After allowing for re- 
exports ndt imports were down 
by almost 14 per cent. 

Naturally, retail prices have 
bad to so up aeain substan- 
tially. The sweets and chocolate 
retail price index rose 22 points 
during last year compared with 
an increase of 15.8 per cent In 
the all-items index. 

The biggest market losses 
appear to have been suffered by 
the' companies making solid 
chocolate bars which contain 
the highest concentrations of 
the most costly raw materials 
— cocoa products. In spite of 
heavier spending on promotion 
and the introduction of some 
new products the overall de- 
cline in sales of this type 
of confectionery appeared to 
accelerate last year after 
several years of more sedate 

Figures from the Cocoa. 
Chocolate and Confectionery 
Alliance — the manufacturers' 
national association — show that 
in 1976 solid chocolate bars 
held a 16.7 per cent share of 
the UK chocolate confectionery 
market. This proportion fell 
below 15 per cent last year. It 
is argued that “ count lines ■ 
the products usually sold to 
" impulse ” buyers at supermar- 
ket checkouts — appear to offer 
better value fomiuneythan the 
solid chocolate bar. And these 
commodities appear to have in- 
creased their market share dra- 

They now have captured just 
short of 50 per cent, of the 
market, compared with 46.3 per 
cent' a year earlier. Liqueur 
chocolates and novelties also 
increased Iheir market share, 
while chocolate assortments 
slipped heavily last year. . 

Overall consumption- of con- 
fectionery containing £ocoa and 


("„ share by volume) 


Solid milk or blended 

Solid plain 

Filled blocks, bars and eonntlines 


Straight! incs . . 

Liqueurs and novelties 

per cent 


Boiled sugars 

Toffee and caramels .. 
Gums/jellics/ pastilles 

Chewing gum 




per cent 

Source: Cocoa. Chocolate and Confectionery Alliance. 























13. t. 




























■ 1 2.8 

























( —3.0) 



20 per cent of ihe whole biscuit 
inai'Ki‘1 hi Britain, are reported 
to have recovered well in recent 
months. United Biscuits, f ur 
1977* example, although ns overall 
biscuit sales last year were 

14.8 recently reported as unchanged, 
11 claims that demand fur choco- 

late-coated lines recovered tu* 
13 P wards the end of the year. 

13.5 In the longer term there 
S.O appears lo be m> major influ- 

cnee in the marketplace which 

10»% likely to damage Uie cun- 
240. 165 i inning overall rise in the con- 
(—3.8) -sumption of confectionery and 
■'snack" foods. 

26.3 The average housekeeper is 

24.3 spending less on foods to be 

13.6 cooked at home and eaten from 

5.8 a Plate at the dining table. More 
5.2 the household meumu is be ins 

22.6 spent on eating out. and eating 
~3.4 ” on move." Spending <»n 

snacks. for example, now 

lQ 0 n- accounts for about 25 per cent 
243.065 of a11 domestic food expendi- 

. , , , " The chocolate and cunrectiun- 

Ntne months figures. ery L . 0 mpanies t which axe mostly 

heavily involved iuaD sectors of 

chocolate in the UK has been this accelerated switch is deve- However, makers have been the £3.5bn a year snack food 

failing steadily. There was loping* into a permanent trend, encouraged by the slackening m market, are looking to maintain 

something of a hiccup during These are also some of the ex- ^ rate of raw material cost * htir of cocoa-based 

1976 when domestic sales re- pens who regard chocolate as a ■ [iroa . oe . nmir . specialities while at the same 

covered by 5 per cent. But the ** luxury" item in many domes- ana ^° uf 10 06 thne expanding the already hc- 

trend was reinstated during 1977 tic budgets and as such easily , aw*ut tne esca- W ijj er ing array of alternative 

with a drop of 3.7 per cent dropped from the regular or •„ !, ,11* .Tn , J l- , L flou r h a f ,d sweets and savouries on offer. 

Sugar confectionery sales went even casual shopping list. - 1 ”?, , Jen , . , f Given a spell of stable raw 

up 3 per cent, fur the second especially at times of economic 1 a ■ *" atl ^ ,Duraule J? material prices they seem suffi- 
year in succession, a move sag- stress. forthcoming Pn “ nd eiently well set-up to manage 

gesting that the market has now This appears to be borne out LEC merabor ' this and even to regain some 

largely recovered from the up- to some extent by historical sn,p n ° e aL of the ground they have lost 

sets which followed the 1974 figures produced by the Sa,es 11 f chocolate-coated pro- . , p , 

sugar shortage and price crisis. Ministry of Agriculture in its ducts, wh ich account for about L-IinSlOpner r antes 
Sales of sugar-based confec- recently published compendium' 
tionery slumped more than 10 review of household spending 
per cent in 1975 when the round on food in the first half of the 
of retail price rises was at its current decade. 

P* 3 ^- These show that during 1973 

ip and 1974 when the economic 

f avour prospects were at their blackest, 

consumption of cocoa and drink- 
19 the IS months from the j Q g chocolate fell badly even 
beginning of January 1976 to though prices in real terms were 
June last year chocolate prices a t their lowest for the whole 
in Britain rose 42 per cent. The five-vear period 1970-1975; In 
price of sugar confectionery on 1970 0 n the other hand, when 
the other hand increased by a prices were 11 per cent above 
relatively modest IS per cent, the average for the five years. 

This has helped encourage the demand was 34 points above the 
move away from chocolate and average. By 1973. when prices 
in favour of sugar products, were L ver cent, below tbe five- 
A1 though for most of 1976 con- year mean in real values, 
sinners appeared still to prefer demand was 17 per cent, lower! 
chocolate in spite of the more Another sector of the food 
rapid increase in prices, a dis- trade badly hit by the soaring 
tinct switch to the cheaper cost of cocoa products is the 
products became apparent biscuit trade. According to the 
especially in the second quarter Ministry of Agriculture’s 
of 1977 following a 16 per cent National Food Survey the con- 
increase in chocolate product sumption of chocolate biscuits 
prices compared with only 3 in Britain fell 5 per cent last 
per cent on sugar prices in the year as prices increased by 20 
early part of the year. per cent Sales of other types of 

Some market observers claim biscuit rose 1 per cent. 

International service 

to the 








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Address . 

Tel No 

How companies 
have fared 

THE STRENGTH of cocoa 
prices is something of a two- 
edged swnrd for those com- 
panies whose livelihoods are 
directly influenced by the levels 
of the soft commodity 
exchanges. The producers and 
the middle-men are having a 
bonanza. Among tbe consumers 
of cocoa — the manufacturing 
companies — the patterns of 
trade are much more mixed. 

The spot price of cocoa broke 
upwards through the £1,000 a 
tonne level during the first half 
of 1976. since when the estate 
companies have not looked 
back. Plantation groups like 
Golden Hope, which is part of 
Harrisons Malaysian Estates, 
Consolidated Plantations and 
Plantation Holdings have all 
seen earnings usefully enhanced 
by cocoa production. But per- 
haps the most striking success 
story to emerge from the cocoa 
boom is that told by Gill and 
Duffus the international com- 
modity broker, merchant and 

A vintage year was how Gill 
described 1977. with a profits 
performance that took in a pre- 
tax rise of 52 per cent to 
£20.4m. The company hits now 
increased profiLs by 175 per 
cent in just two years, and 
although coma prices have 
eased down from their peaks or 
raid-1977, Gill i.s confident that 
19iS will produce further earn- 
ing progress. According to the 
directors the current year is 
"shaping well.” 

Kecent capital investment 
clearly paid off last year and 
once again Gill's strength as an 
integrated processor as well as 
Commodity dealer was amply 
demonstrated. Its sugar 
Interests — which are run in 
partnership with Jardinc Mathe- 
son — again failed to make a 
profit, and trading in coffee was 
disappointing. But cocoa had 
an "outstanding year:” rubber, 
dried fruits and general pro- 
duce all made progress and 
Gill’s entry into the tea market 
showed plenty of promise. 

This trading performance has 
not been lost on the stock mar- 
ket where Gill’s share price has 

appreciated by more than a 
third this year. In contrast, 
equities as a whole have risen 
by little more than an eighth, 
with the cocoa users like Cad- 
bury Schweppes and Rowntree 
Mackintosh moving broadly in 
line with market average. 

Rowntree managed to increase 
pre-tax profits by around a third 
last year, pushing the total for 
19u up to £41. 5m. It followed 
up this performance with a 
rights issue which is allowing 
the company to lift its dividend 
for 1978 by something like 60 
per cent. But Rowntree could 
not emerge from 1977 without 
a substantial increase in its 
working capital requirements, 
while the report and accounts 
for last year made no bones 
about the outlook being 
distinctly hazy. 


In his address to shareholders 
chairman Sir Donald Barron 
writes: "The year .1977 

was one in which there were 
a number of favourable factors 
and perhaps rather less than 
the usual quota of unfavourable 
ones. In the nature of our 
international business we 
should not count on a repetition 
or this position in the year 
ahead. We must expect Inn 
that the relative market share 
position wbich has developed 
Tavourablv for us in several 
important markets will lead to 
even more .severe competition.'’ 

Clearly Rowntree went far 
longer into Ihe cocoa market 
than most of its rivals last year 
— " our long cover position may 
well have given us an advan- 
tage in compel ilive marketing 
terms ’* — and the subsequent 
increases in market share are 
the major reason for its higher 
profits. Rown tree's sales volume 
ln the U.K. rose by 3 per cent 
in 19f 1 compared lo an indus- 
try average of just 1 per cent. 

One of the mure noticeable 
features of Rowntree in recent 
years has been its push for a 
larger and wider overseas base. 
Direct non-U. K. sales in 1977 

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Financial Times Wednesday May 24 1978 

cocoa in 

Coast production. But possibly t a ke it. 
of more significance in the 
longer term is the steady VsiriPfi 
advance of the Brazilian crop ai,tu 
which threatens to achieve a 

Shift in producer 


AT FIRST sight the basic pat- forecast for tbe “ official " Ivory The most serious problem, voted to cocoa. The country is 
tern of world .cocoa. production Coast crop. But these figures however, is the inadequate re- nevertheless aiming to increase 
would appear to have changed are distorted by heavy smug- turn farmers get from their its annual crop to 500,000 
relatively little since World War gling of Ghana cocoa, mostly cocoa crops. In foreign exchange tonnes by the end of the 1980s. 
U. Ghana is still the world's into the Ivory Coast, where terms Ghanaian producer prices But a more likely candidate 
biggest producer and the same producer prices are more appear reasonable compared for the top spot in tbe world 
four producer “giants” still attractive. with those in other West African cocoa league is Brazil, which 

account for around three- London dealers believe this countries. Bui in terms of pur- has been vying with Nigeria 

quarters of the total crop — now “ trade ” amounted to between chasing power it is a different and the Ivory Coast for second 
a little below 1.5m tonnes. But 30,000 and 50,000 tonnes, so story. Thanks to inflation the P lace for some time, 
closer examination reveals some the actual Ghana crop total will “ real " value of the price paid Brazil’s crop expansion since 
fundamental developments be at least 308,000 tonnes and by the Ghanaian authorities is war has not been par- 
which could signal a dramatic the Ivory Coast’s no more than claimed by some observers to be ticularly dramatic. Back in 1946 
change over the next decade or 260,000 tonnes. It can only be only £100 a tonne In the Ivory 4t was producing 140.000 tonnes 
two. a matter of time, however, coast cocoa producers get about ? nd ls 

The most obvious of these is before Ghana really does lose £800 a tonne and in Nigeria 3ecled at S* 9 * 000 - °ut this 
the decline in the relative im- its lead. The main question is nearly £900. The situation is decade * upsurge in world prices 
portance of Ghana accompanied whether the Ivory Coast or aggravated, moreover, by the , * e ° a great > nc ^ease in 

by a spectacular rise in Ivory Brazil will be the first to over- p0 ur availability of most con- ' nler ® st in cocoa and we coun- 

ins.-i w, if annM-in try has set itself a target of 

SU EVV tn Ghana. trebling its output by the 1990s. 

This encourages large-scale yt.j would take ihe crop to 

clos^nn^h*/^ 11 ^ 8 H h ° at rf ° ver -00.000 tonnes, a figure 
close enough to the borders and wiUl which lhe other produe ers 

. . - - - The reason’s for Ghana's discourages efficient production ld be very ^6 preidP d to 

dominance similar to that of its decline as a cocoa producer are by W°se for whom smuggling is compete Most cocn a expens 
conee crop before this century many a nd varied, but most or not feasible. The smuggled cocoa feel this target is rather opti- 
js over. them bac £ to ^ declara- ls °ften bartered for goods the mistic but a verv substantial 

.. “J 846 Ghana produced tion of independence in 1957. farmers cannot obtain at home. e ^p ans j 0 n is ’ confidently 

-11,000 tonnes of cocoa, equal The subsequent performance of with returns as poor as these expec t e d 

to over a third of world output, the cocoa industry illustrates there is little Incentive for Brazil is of course a very 
and by the 1964/65 season its the extent to which the farmers to employ non-family different prospect to the West 
crop had risen to 566.000 tonnes, country* had depended on the labour f even if il were available i African countries. Ii has a 
or 47 per cent of the world managerial skills and technical or to spend extra money on fer- much more sophisticated agri- 
total. Since then, however, the expertise of its colonial ’’mas- tilisers pesticides and fungicides cultural community arid wide 
country’s performance has been ters.” Over the past 20 years maximise their crops. experience of the world soft 

in steady decline, both in abso- the cocoa industry has simply Efforts are being made to commodity markets through its 
lute terms and in terms of been allowed to ** grow old.” The improve the crop and the involvement with coffee, sugar 
market share. In the current fully productive life of a cocna Marketing Board sponsors and soyabeans among others. It 
season Ghana is forecast to pro- tree is usually reckoned to be extensive research into the also has a much stronger mdus 
duce about 320,000 tonnes of about 20 years but in Ghana breeding of improved species, trial base and is therefore in i 
cocoa — about a fifth of world many of the trees are now 50 plant protection, rehabilitation better position to semi-process 
output. years old and are producing less of inefficient farms, etc., but its cocoa before export. 

On paper Ghana has already and less. little progress has been made Brazil has already built up 

lost its leading position to the Ghana’s cocoa farms are gener- in persuading the farmers to its cocoa-grinding capacity .to 
Ivory Coast. The Ghana Cocoa ally small, inefficient family adopt the new techniques. What over 170,000 tonnes a year and 
Marketing Board recently con- units where the need for fer- the growers need most, accord- boasts what is claimed to be the 
firmed tr3de estimates that tiliser application and the use ing to one expert, is “some biggest grinding plant in the 
ibis season's main crop pur- of plant protection techniques tangible encouragement in the world in the $16ra Bareto de 
chases amounted to only are largely ignored. Labour is form of belter prices.” A ran jo factory at Ilheus, Bahia. 

263.000 tonnes. Adding in an scarce, partly because of the An unusually long run of This plant is currently grinding 
expected mid-crop of about notorious ** Aliens Act ” which adverse weather is often used 30.000 tonnes of beans a year 

15.000 tonnes this indicates a sent home most of the foreign as an excuse for Ghana’s poor and is aiming to double this 
grand total of about 278.000 work-force, and the transport performance. But this same eventually 
2? ne iL5S!? e !?i!? 3ower than systera in “any^ areas Js in a weather has not prevented the In the near term, however. 

Ivory Coast and Cameroun. both prospects for a recovery in 
former French territories, from cocoa output in Ghana and 
achieving dramatic crop in- Nigeria and for further expan- 
creases. In 1946 Ivory Coast sions in the Ivory Coast and 
production was 36.000 tonnes Brazil will depend largely on 
and Cameroon's 35.000. This price trends. Many market 
season these two countries are observers have been surprised 
expected to produce 250,000 to see the world price holding 
tonnes and 110D0O tonnes up so well in recent months in 
respectively. ~ ' ’ spite of the - unquestioned excess 

♦ It may be significant that of current supply over con- 
following independence these sumption, 
countries were Jess eager to be This'Season’s surplus is fore- 
rid\of their old “ masters " than cast at between 80.000 and 
werfe the Ghanaians. French 110.000 tonnes and most dealers 
influence is still strong and has say the price will have to fall 
played\a significant part in a somewhat before any significant 
positive?- policy of maximising increase in consumption is 
cocoa production. Unlike the achieved. But a modest fall from 
Ghana producers the Ivorian present levels of about £1,800 a 
and Camerounian farmers have tonne would still leave prices 
benefited directly from the well above the £400 or £500 a 
recent upsurge in world prices tonne ruling at the beginning of 
and have responded by steadily this decade and would provide 
increasing their crops. adequate incentives for a sub- 

With better weather the Ivory stantial rise in world produc- 
Coast could probably increase ij on — provided, of course, a 
t0 , a f 1,tt,e fair share of the money finds its 

r i irih ap 0 ? a . ny way back to the growers 
Further increase would require , ■, 

an expansion in the area de- KlCOATul Mooney 



the 290,000 tonnes generally serious state of disrepair. 


haw a way 
with the cocoa bean 

• •• 

in providing for you 

Chocolate Co overtures and Coatings in Slabs, 
Liquid, Chips or Centres for Sugar Confectionery, 
Biscuits, Cakes, Dairy Products etc. 

Leaders and international exporters since 1921 


Sirova House. Scrubs Lane, London NW10 6SB 
Telephone; 01-969 3001. 24 hour Ansaphone. Tele* 23675 
Telegrams. Lesmechoc Hades London. 



2 - 4 , Eastcheao, London, 
EG 3 M 1 AL 

Year end results show a profit before tax for 1977 
at 12.165m. as against £1.125m. for 1976. 

The Companv plans further expansion in its activities 
and to provide for this there will be an increase m 
the capital structure from the present fl-2ffl. to 

. . 

Although it is too early in the year to forecast with 
accuracy the final result for the current year, the 
Chairman states that an excellent start has already 
been made and provided there are no exceptional 
condi lions for the remainder of the year, the results 
for 197S can be expected to be fully satisfactory- 


* N ’ LIVEN 
Cocoa Extender 

and reduce costs 

For the cnd« to meet your needs 

La ing National Limited. 

Ashburton Road &«. 

Trafford Park, M/c. M17 TBJ 

Td; Ml .672.6161 

Contact — 

Telex: WMM. 

accounted for just under half 
of the group total. The com- 
pany also managed to put real 
power into lifting exports by 
59 per cent in value and a 
full 27 per cent in volume 

Group profit margins widened 
by around a tenth to 8.8 
per cent at the pre-tax level 
last year. Underlying this rise 
in efficiency has been the 
amounts that Rowntree has 
ploughed back into its business 
in recent years. In 1977 gross 
expenditure on fixed assets rose 
from £16. Im to £23 -8m. of which 
roughly a third was in new 
plant outside the UK. Most 
of last year's capital investment 
went into projects aimed at 
increasing productive capacity. 


Last year Cadbury Schweppes 
spent, some £33.2m on new fixed 
assets — the bulk of it in the 
UK — and according to the 1977 
report and accounts year-end 
capital commitments totalled 
£28. 8m. Once again the major 
slice of this was earmarked for 
the domestic market, but as 
recent actions as well as state- 
ments from the company under- 
line only too vividly. Cadbury 
is especially keen to increase its 
overseas earnings here. 

A glance at the recent profits 
record helps explain why Cad- 
bury Is anxious to expand out- 
side the UK In 1977 promts 
rose just 4 per-cent at tbe pre- 
tax level to £48-2ra. with 
margins narrowing from 5.9 per 
cent of sales to 5.45 per cent. 
Within this performance the 
home operations were notice- 
ably sluggish. contributing 
little more than a tenth to an 
overall rise of £4.$m in profits 
at the trading level. 

At lhe half-way stage in 3377 
profits at Cadbury were com- 
fortably ahead but a combina- 
tion of weak demand, high ca&t 
of financing additional working 

capital and the adverse impact 
of the recovery in sterling 
finally took their toll. The 
brighter spots were Canada, 
where operations moved out of 
tbe red. and real progress in 
Australia and Africa. 

. Clearly the company has an 
urgent need to improve the 
returns on its not inconsider- 
able assets. To this end the 
group aims to concentrate mar- 
keting and technical efforts 
behind its major brands. In 
pursuit of these objectives the 
management has mapped out a 
five-year plan. 

A major key to this expan- 
sion programme is North 
America where the company 
has been active of late, notably 
in its proposals to acquire the 
U.S. confectionery group Peter 
Paul Inc. for some £32m. Paul’s 
sales last year totalled S3 00m 
while net profits were in the 
region of 64.6m. 

Paul ranks as a smallish con- 
fectioner when compared to the 
North American giants like 
Mars and Hershey Foods and 
its profits last year were to 
some extent inflated by tax 
credits. Hershey ‘s performance 
in 1977 was much more typical 
of the industry, with earnings 
dipping by around 8 per cenL 
Hershey was established before 
the turn of the present century; 
its recent expansion included 
the acquisition of a 36 per cent 
shareholding in AB Marabou, a 
Swedish confectionery com- 

The high cost of cocoa is 
one reason for the sluggish 
earnings performance last year 
by Nestlg, one of the largest 
food groups in the world and 
one of the most international 
of all companies. Well over 
90 per cent of Xestle's sales are 
achieved outside its native 
Switzerland: in 1977 net profits 
eased by just under 5 per cent 
to the equivalent of £244m. 

Jeffrey Brown 


LE Hutton & Company 

(London) Limited 

Brokers to ttie 
Inte rn ational Cocoa 


Including special services in: 
Physical cocoa and products 
terminal markets 
International weather 
Worldwide communications 

E. F. Hutton & Company (London) Limited, 
Cereal House, 58 Mark Lane, London, England EC3R7EJ. 
Telephone: 01-481-2671/01-481-2,515. 

cr d 

■ 1 — L| — I 



Our Growing World 

Merchants and Brokers 


-T v- 


I “*! 

'. .>, 4 * 


. / ‘ U 










Subsidiary and Associated Companies in Accra. Bahia, 

Geneva Hamburg. Hong Kong. Kuala Lumpur Munich. New York, Paris, 
Rio de Janeiro. Singapore, Sydneyjakoradijoronto. 


St. Dunstans House. 201 Borough High Street, London SE1 1HW 
Tel: 01-407 7050. Telex: 887588 

If you would like to receive a copy of the Gill & Duff us Group brochure, 
please complete this coupon and return to: 

Dept. E, St. Dunstans House, 201 Borough High Street, London SE1 1HVI 



Financial Times Wednesday May 24 1978 

Li a ? i'fc 

S I • 



Gives better filtration 

unlucky £ CONFERENCES 

A ASSEMBLY , BL C ?w rs J ha . s . roynd thal wlth BY HEATING cloth in an is at least as high as granular 

! hlb J!SS!? 1, - It ls *- n t t » nece . ssary oxygen-reduced atmosphere at charcoal, and the absorption 
DT ddiwsrv ta?pec5oB h or ft at 9 &e carefully controlled tempera- efficiency is claimed tu he very 

Kl J I v ars f,500 mile service and fts Si tures. Siebe Gorman is now pro- much greater— due in the mam 

yj gineers expect the joint will last ducing activated charcoal cloth to the greater surface area ex- 

m the life of the engine provided 1 with „• filtration properties posed. 

-4-wwrrf’V the head does not have to be superior to those of charcoal Although Siebe Gorman has 
IBHS I VylV removed for any other reason, granules. developed the material mainly 

^5 J 1 ,s ir. l !f« erstood that several The fi na | rnurerlal is a woven for use in respirator cannisters. 

1 J c!udFmfv5!owid WW arenow material composed entirely of it foresees othe^ uses: one of 

VP 511* ipjlffi Introducing ^the system to"KS fibres of absorbent charcoal: it these might be in filter design 

J V'CU JIV-M-WL own engine assembly lines. contains no supporting material in which a band of the cloth js 

_ r ^ _ . More from BL Cars on 0527 or binder, but exhibits flexibility drawn continuously across an 

TWO YEARS is the lead claimed 64274: Grosvenor House, and strength comparable to input orifice. In addition, the 

BL Cars 
gains two 
year lead 

no problem 

IMI means more 
than metal 

Building products ■ Heal cxdumga 
ffuiil jnwiT' Cfnrrjl enginenxug 
/«{* fj-wiers 

Ttrfinrd ami wrcuudit nrtali 

by BL Cars over its competitors p ro spect Hill, Redditch 
with a new method and equip- 

ment for bolting cylinder heads a MACHINE TOOLS 
lo engines, which applies the ^ wvl " J 

exact load required, runs one or f£ ^.L |L - ^ 

up to 14 bolts, senses when a IVIS&GtS D3l 

exact load required, runs one or Wi /g rrt It ryvj 
up to 14 bolts, senses wben a | \ B rfl K G Tl 
bolt has bottomed or if a thread 
is defective and provides a IS — J~.±|£.4. _ 
corresponding warning. ! I Si ff? 1 1 IT V 

If more than three bolts do not •/ 

tighten correctly, the engine is — 

t.iken off the production line for 1J.SGS 

those of conventional natural flexibility allows pleating to be 
fibre textiles. used, permitting very lo* 1 ’ resist - 

Tests made hv the company ance systems. .More on 06333 
show that the saturation capacity 6121 L 

examination and correction of 
defects. This, however, is an 
extremely rare occurrence be- 
cause suppliers have heen under 

• SAFETY protection to me umucay # CONr E.KHnUC.9 ifflVIl / 

P,? BriSsh Brown-Boveri has intro- jot V Wf ~- 

duced on the UK market a mima- I nfrOSlOO • 

. ture circuit breaker-thc P1SI- V^UI I I\fT mSmS mom 

which incorporates an electronic ^11^ UmiDCaiW UXOfC 

differential current sensor. - fir| ntTiDIclP tnanilMitcU 

In the event of a person touch- HvP £iA. v mivua 

ing a live conductor, or any XENT OCTOBER experts in the Bniliiis^odurtA-HeaiccuW, 

other, situation which causes an fie | d of corro sion prevention are >Tui j ,»»,*. Cnu»al MginmE* 

earth leakage, the precise sensor due ln ini , et l0 discuss which of y.j. fj-wners 

detects the current imbalance coating spraying and other TWlnrd ami wrcuudit mrtali 
and trips the circuit breaker. methods al -' c "more efficient and 

Any currenl differential 0 r 10mA eeonom | Ca | 3n rf. in fact, whether 

OP ™ th?n V w *Ji1h il »s w«» Preventing the slow by the Ccment and concrete 

3 » ffs- concept SrgSS^fSLS® 

2fej5 K «2S 

vide* conventional overload and En S ineCrji - p * rdcaB ® ' Valkl free concrete road suitable for 

3S rircuti prolwlion “with London - SWIM «J. when repre- a n i ypes of farm traffic, wbleh 

rated trionine currants from 'lOA sentatives from Imperial they can undertake themselves. 

” ^5A ThJ neH^Srouit fcSiter Chemical Industries, British T be whole construction process 

» can” be integrated with ordinary Stwl Corporation. BP, Shell and will he covered, including site 

fllP miniature 1 circuit breakers other 13 ^ n rs a " ,sa,,ona Wll! preparation, placing, compacting 

V/llta lllv rTi«;f rihurinn ooinr rt fits a nanel Prosent their views. and curing the concrete as well 

Paper. . a be printed »il' 3S the provision for difr TOn ! 

cnaD-on fivinc to standard 35 mm cover painting. galvanising, types of surface finishes, suitab e 

THlWfir mvSll stanaard ^ mm metal spraying, plastics coating for cither vehicles or animuls; 

“ Available soon will be an ex- and the other processes but the In all. 12 demonstrations, each 

WITH THE growing use of port- tension unit containing a PI81 mam question to be posed will be last; ng 30 minutes, will be held 

irsii luduv u* uic Limiprtii.* flmc ajsLCiii&. jnore on ^ . . « can oe miPBraicu wun orainary nrmnisntinnd will Vi.r«in7 J 

show.that the saturation capacity 61211. I'-Ilf'Q. fllP miniature circuit breakers in a ‘ 

vllia Lllv Kief rihurifin Dnlnr Tf fits a tuanf^l tiHMT - lllu CUIlA^ lu^ CAACTCtC AS ^(1} 

Paper* io pr0 t.V™« i 5^1 as lhe . P c ° visl °n for ffferent 

__ « . * - ■ cnaD-on fivino to standard 35 mm cover painting. galvanising, types of surface finishes, suitable 

BflCIIIC efynne DOWGL DT\' rail metal spraying, plastics coating for cither vehicles or animals! 

IVcSlflS Wlllllsldflu StrCSS r UTTV1 AvJiluble soon will be an cx- and the other processes but the In all. 12 demonstrations, each 

WITH THE prowine use of onrt- ipnsinn unit containing a Plfil mainqueslion to be posed will be lasting 30 minutes, will be held 
FLEXIBLE and highly adhesive T^r-modified jointing com- JEj™ e ™rfcal aophances there combined MCE and ELCB. and advantages of doing nothing during the show and a length of 
epoxy resin formulations offered pounds, resistant to oils, fuels ■ * « r ealer risk of rhe onerator fitted with a trailin'* oluc and bur settine a 10-year life fin plant road. 50 metres long by 3 metres 
by Griion (UK, retain their pro- and other aggressive substances, iS^V'lSKKS now unit will nSt and then scrapping it. wide, will be paved. 

it. This new unit wilt pro- 
an additional degree of 
y to personnel using port- 
clcctrical appliances plusged 

i-iiauir in iiiiL>im>e non niiauiy. c.uroi>cuu uiacoiae ioiii maimiat- „■ iiu.. ,, rk™.,. ui cuoies ur uluci ^dii» edn i«u dme cictimdi di>Miidmca imukkch 

Work has been in progress lo mrers. This stems from discus- ro s ‘"s- Pigments, hllers o fibrous ?"{* e ‘‘JJ ophmum e to a situation where the operator into circuits which do not have 

irvm i mb lift 1 1 in lO iiiifia. airmo iiuin uibtur m- t^riale hPhi/P^n Oft ct anrl efrtrm^nPP lu " anuuMuii “iictc ^ iiiiu lhluil? wuhii uu uoi uavr 

prove the method, which was sions at a recent meeting in . nliirfa }h _ fnr _,, . P ert °y ' can come into contact with a live earth leakage Protection. 

di*vcloped by SPS Technologies, Mon, mix of the 13-nation Euro- 1 Sw? nrthiSfvLs El “ Si/ .ni ra fl£ R 0 ( conductor. If this happens, the British Brown-Boveri. Glen IOF Ifl-llllCrS 

f»r some two years at LnnghrTrlge pean Committee for Co-operation in whfoh conventional fuse or circuit House. Stas Place. London SW1E 

and for the past nine months of the Machine Tool Industries ST “ » TfS breaker would offer little or no 5AH. 01-S2S 8422. 

tiii.ii i ui me iHiai nmc xiinnins ui uitr iufii uiuiibirit'b .r A j u-.—a an n«>.. „ j 

Princes °°no on^ini?^ Huve hppn (CECHIOj at which the UK was products are used to bind Griloait epoxy resins, hardeners 
™mbi^d .n hk lir rcoresenTcd bv delocatPs from ™*>ber granules, flexible inter- and reactive diluents are made by 

Ai-rurrlin^tnR-fv r^p- xtarhino Tn n , coats and top coats; and flexible Emser Werke A.G. in Switzer- 

.nt L ,^ nS H l^Jl-‘ Cb ' ne T00 ‘ Trades Ass °- casing joint* 1 materials, particu- l»nd._ Grllon ,UK) is at Drum- 

breaker would offer little or no 5AH. 01-S2S 9422. 

anpmuicd director-designate of ciatinn. 

Austm-Morris Product Engineer- CECIMO' believes capital goods 

lariy in combination with liquid mond Road, Astonfieids Indus- 

ing responsible for the engineer- sho^d not b^ SludSd n the ^omoJtibt^ ^ Staff0rd ST16 3EL ‘ 

ing approval uf the SPS system, proposed legislation, also con- “* compatible. 0785 59121. 

Tyre check at a glance 

Tbe demonstrations will be 
hoW in collaboration with the 
ihCOrflff iaVinff Scottish branch of the British 
AM-J 11A b Ready Mixed Concrete Associa- 

P £ tion. on a site permanently 

Tor TJiriTlGrS manned by members of the 

A * 1V ’A O Cement and Concrete Association 
AN EXTENSIVE programme of Advisory Division, who will 
practical demonstrations of farm assist farmers with technical 
road construction wilt bo given queries. 

i h *' now method of tightening side red to he entirely inappro- 
curtain high-duty fasteners repre- priate to machine tools. It 

svnts a major advance in en- considers that there bus been a /il/tnnr 

aineermu science, t is lu be failure to appreciate the effect J\XllltC(l 111GSI1 CiGauS 

uincering science. It is lu be failure to appreciate the effect 
p eased mvr to all other EL f , n costs imposed by the “strict 
cars, present and future. liability ” clause u-hirh U/Tiiilri 

EVERY VEHICLE driver, at one walk round the vehicle looking 
lime or another, has con- for the white indicators, 
scieutiously checked his tyre _ Fitting is simple. Tyres arc 

S r H S ,h re , S r th a J aUEe -„ 0nl ;'- 10 n"m s , |f U ””<! y pressure. 10 Thl 
find that they need no attention. mon jto r housing is then screwed 

• PAMPHTirPC Instruction set format is 

Wmr'UiE.TC^ identical to that used' on IBM 

VK 7 ~ 360/370 and most of the IBM in- 

Wang makes «***«**■ 

Input/output is contr 
individual microproces 

nass t3ke the inad ° ff ihe “ 

Jr and these have separate 

''Th^^Xvl’nnmpnf ie «r iho ,ia,,ilil - v ’* clause, which would a FLEXIBLE copper cleaning the stocking is turned inside out The problem is obviated by a on to rhe valve stem wl 
s- sii-m v ■ 10 ipmmpri °i- m'slC necessarily entail not only mesh, knitted from flattened a more powerful scouring action tiny pressure monitoring device white piston will be set 

thonhcsr'.-.iion thi» Vnw , » expensive record keeping to copper wire, specifically intended comes from the backs of the that is screwed on to each tyre trading. An outer cap is 

Mmrni mrrih^f n f determine the origin of all for Che plastics industry, but knitted loops. in place of the dust cap. consist- screwed on so that it f 

hoi! rrn-sirin v. P rp un<-iri<fn-fnrv j ,0ll 5* lt ' ,n components, hut also suitable for other industrial In the plastics industry, ing basically of spring, level surface with the pis, 

ir» that the cinmn 'inad could ‘ nvn . lve .addition of very applications, is now available extruder dies, screws and bar- diaphragm, and a visible piston. IF the piston drops 

vary he, ween us much as ±r35 cos ^- v Protective insurance cover, from Knitmesh. Clements House, rels. and injection moulding Provided that the white top of vehicle use. tyre pressure 

po r ~ ce’.L Thi.r obviouslv can CECIMO considers that there Sandersiead Station Approach, machines. can be cleaned the piston can be seen occupying attention, 

often i^ad in an undor-tiahtencd r !l usl be a t ** D# lim,t of possibly South Cmydon, Surrey CR2 OYY effectively, but it is more success- a small orifice at the tip of the More from Tireguard, 

nr over-"ti"h,cncd joint ivith the l fi re,e y? ars from the occasion of (01-657 0921). ful if the machinery is hot. with unit, the pressure is acceptable. Auaustine's Parade, nf'bnM nr stud breakages an ,ne,dent t0 ? he commence- Called Cadnit, it is produced a little industrial silicone grease A tyre check then consists of a 1 0272 293101). 

or thread j rippinc ° men t of any ensuing legal action, as a seamless and continuous flat as a release-aid. 

Engine.*- n’ practice lo ".'t - An adde d complication for w’hich stocking about 125mm wide. The The copper wire is said not 

around this problem has been no P r <*w«on currently exists flat wire is said to provide to burn or fume on hor equip- a COMMUNICATIONS 
to use larger holts to get the cnnc *rns ihe machine supplied to excellent scouring properties but ment. nor contaminate the end- v 

required clamp load, or to use ? ne mar * 4 *^ where it fully con- the soft copper cannot scratch product- Standard cartons con- .• 1 rri i 

more components than actuallv *°™ ,s 10 a " existing safety regu- precision steel surfaces. When tain two 50-metre rolls. f niYUlllTinCF HV 9 AiPY 

required, leaving 20 ,o 30 per la,,nns but is subsequently trans- Uliilg *Je J J, vlA-A 

cent of the holt strength unused f*j rred wiihout the knowledge of 

as a safety margin. the manufacturer to another o. 1 ■■ ANY OWNER of a telex machine date the budgets of its 

Experience gained in the work “ eW “ f SlOFCS mOTG hVOrOfiTGIl ran link into Scicon Computer European subsidiaries. Th. 

w<;h BL Cars has shown that of safety requirements. kJlUAVB H1U1 V UJ UiU b VU Services’ Milton Kevnes bureau Pean companies send the c 

ihe SPS me'hod has shown that , European machine tool makers , , _ _ _ _ . _ .. . aijiti on Keynes bureau Scicoo 

when rhe USCI^S 

seen pro- A 

is finally IN A MOVE which will mean 

Input/output is controlled by 
individual microprocessors to 
take the load off the main unit 
and these have separate paths 4o 
main memory allowing con- 
current operatioo with the 
central unit. 

The WCS/fiO can have up to 16 

Computing by Telex 

the £200,000 level from around out having to interrupt the work 
£30,000 previously. - 0 f the main unit. 

It is a virtual machine offering Magnetic tape can be used as 
easy conversion for IBM users. we n ^ printers and the customer 
as well as the possibility of using >, as ma £ v nn tinns 
powerful terminals each able to 

has many options. 

handle I Megabyte dF memory. h-T^hrnfmhV h 10 nrn ‘ 
v v “ JT ^ J * Large disc storage with an upper - K 

limit of '* 3hn bvtes provides hich f r ? m 't can bid in some- 

ANY OWNER of a telex machine date the budgets of its many rap a c i ty* and the systems come ^e 80 per cent of the total 

can link into Scicon Computer European subsidiaries. The Euro- with Cobni. RPG IL Assemblep c °lJVP lUer n J. arket -, aM 
Services’ Milton Keynes bureau Pean companies send the data via and Basic. Architecture and H j nP i NorthSd 

usine the telex as a terminal. tel ®. x to Scicon. system concepts offer, as Wang 2m* mJmI M hnrn nA 0(1911 . 

it L< possiblr to applv ihe SPS also consider that goods produced ALLOYS which absorb hydrogen The work at the university has using the telex as a terminal. fh e svstem has been designed ^ oJSf Hills. Middx. Northwood 28211., 

s.'^n, withott* distortion of the customer’s specification in large amounts have been resulted^mtheproduction of This g|ves ^ousands more torSiS^ia^a^tSlSSS paHbiiity “ ° — 

ML %. developed by a «« o £ .ion- 7' ,be mos , si „ ifl can t 

ncnirati vnsi consistent damp ing y defect P and not in design tlsts *\ Hebrew University. minium ' and ma^nesmm. among using on-line computing services although primarily conceived for claims the company makes is that 

loads omweich cost pena';>s responsibility. Furthermore. Jerusalem, as part of a project others. They are being patented from Scicon without the need of if“! n ! 1 n * c ^ s v” u |^°‘, n ” connec ' | ,s ' 1IS are eas >* to raa .nage 
. _ j r, _ th«- — j r ' for research into -future sources — i ^ st _, : tions can also be made. in that thev ooerate interactive, v 

responsibility. Furthermofe. Jerusalem, as part of a project others . They are being patented from Scicon without the need oF incoming calls, outgoing connec- its systems are easy to manage 

they stress the vital need f 0r ^ research into future sources and resea rch is continuing to capital investment in specialised ^ rio« K-iin p,™ ™ r<?ra(,tlvel - v 

that might be incurred if a jn’n, they stress the vital need for I " r res,earc «' inio iuture sources ant j research is continuing to capital investment in specialised « 

has to be modified to take the absolute clarity in the inter- of •?"«£}'■ incorporate them in gas storage terminals “ 

SFS approach. pretation and definition of One of the problem* in using systems. Tfi ' - . ... . SSa LlS? 

It is expected that over the “defect’' and on this both the hydrogen for propulsion, for in- The research group, headed by TBe secret of the lJ nk is a con- nans 56556. 

next few years, the SPS method 1976 EEC draft directive and stance, is the storage of enough Professor David Sbaltiel, claims verier based on a Motorola 6S00 

of inking joints to their yield subsequent 1977 Strasbourg Con- of the gas to give a vehicle a that its alloys, though slightly microprocessor linked to tbe 

pnint will permit rhe use of vention document are totally un- satisfactory range. more expensive than other exist- Scicon telex terminal. This con- CR 

smaller bolts for critical applica- acceptable. Hydrides can store far more ing compounds, are competitive verts »h e Annals received over 

Jirn* and more compact and .Machine Tool Trades Associa- hydrogen, chemically, for a given because of their higher absorp- th . if r tft d _ fa __ eNOMN.HUt 

lighter assemblies will be tion. 62 Bayswaier Road. London weight than it is possible to tion capacity and other pro- tel ®* “ t0 dat * wh L“ 
possible. 4 W2 3PH. 0T-4i)2 6674. store under pressure as a aas. perties. ^rarily processed on Scicon s 0R0E9 

- ■ ■ -f machines. I 

Scicon. Brick Close. Kiln Farm, by prompting. Thus no one 
Milton Keynes. &1K11 3EJ. TeL needs to be a computing genius 
0908 56556. to work with them. 

electrical ware &cafo!e? 

9 AS Miff. MOM 

r The V 
j World's V 
3 largest range 
f of Electric i 
Submersible # 

I Pumps 1 

Technical Manual front w 

The telex converter was 
originally installed for a Scicon 
user, a larger American-owned, 
European-based, business equip- 
ment manufacturer. The com- 
pany uses tbe system to consoli- 

Thousands of tvpesard sizes in stodkforimm^iatecierivBry 

LONDON 01-561 8t13 ABERDEENmA)32355/2 

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Head offices: 

Amsterdam, 548 Herengracht, 
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-.7, ^ 
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BRITAIN is facing an acute 
dilemma. Economic growth 
of more than 3 per cent would 
probably provoke renewed 
balance of payments dUficul- 
tics; unless, that is. there was 
a marked improvement in the 
efficiency of the UK economy, 
relative to the rest of the EEC. 
Japan, the US. and other in- 
dustrial countries. 

But if growth remains much 
below 3 per cent, there is no 
prospect of reducing the rate 
of unemployment. If it is 
only 2 per cent or less, then 
unemployment will tend to 
creep up to 3-4 m. during tbe 

How Britain should face up to today’s technological revolution 

lOSUs. thanks in part to the 
rapid increase- In the labour 
force which is expected io 
occur over the next few years. 

An Improvement in our 

relative position would re- 
quire a higher than average 
growth of labour productivity. 
But If the UK were to achieve 
average EEC rales of labour 
productivity growth in the 
next decade, unemployment 
could Increase to 15 per cent 
of the labour force by 1991, 
that is over 4m, people. 

This was the trade/growth 
dilemma posed yesterday by 
Professor Christopher Free- 
man, in which technical 
innovation was a “ central ’’ 

“The only escape from the 
dilemma, if we remain in a 
competitive market situation, 
is to produce exports which 
are competitive not so much 
because of high labour pro- 
ductivity and low cost, bnt 
because of design and tech- 
nical features which make 

them less sensitive to the 
ordinary forces of price com- 

“ Insofar as Britain Is 
involved in world price com- 
petition with standardised 
products like steel, cars. TV 
sets and textiles, we must 
compete on high productivity, 
which involves factor-saving 
technical change, including 

labour-saving technical 


“ Insofar as we are involved 
in new product and new ser- 

vice competition, as with 
many engineering products, 
instruments, micro-electronics 
fine chemicals and consul- 
tancy writ, we have to 
establish very' high technical 
standards and ideally, techni- 
cal leadership. 

“If we fail, theo in either 
case, we shall have to pay the 
price in increased imports and 
faltering exports. If it takes 
twice as many people to pro- 
duce a ton of steel or a car 

in Britain, as in Japan or 
Korea, then in a competitive 
trading system the ultimate 
penalty is inevitable. Either 
they must work for much 
lower wages or many of them 
wit) he unemployed, ir Ger- 
man engineering exports have 
a value/ weight ratio twice as 
high as our own. then they 
may be able to afford living 
standards twice as high, 
because they, are competing 
on product quality, design and 

technical leadership as well 
as on efficient production, and 
not on low' wage costs. 

'‘Technical change is a two- 
edged process. On the one 
hand it leads to the creation 
of completely new industries 
and occupations, such as the 
electronics industry or. In its 
day the automobile industry- 
On the other hand it can lend 
to the displacement or labour 

through increases in efficiency 
in existing processes of pro- 

ducing and delivering the 
goods and services, if they 
are not compensated by ade- 
quate increase in tola] 
demand for these goods and 

** Sometimes, people lend to. 
assume that these processes 
arc automatically in balance, 
but it could be dangerous to 
over-simplify the process by: 
' which this balance is 

achieved. This is especially 
true of the major technical 
change now confronting us — 
the micro-processor revolu- 
tion — which will both create 
many jobs and also destroy 
many jobs." 

“ THE importance of the 
microprocessor revolution is 
still completely underestimated 
in Britain, both in terms of its 
employment consequences and 
of its overall economic conse- 
quences. This is partly because 
the ■■ automation scare” of the 
1950s did not materialise, or 
materialised rather .slowly and 
in a much less dramatic way 
than had been predicted by some 
of the early prophets of com- 

Micro-processors are extremely 
small, extremely reliable and 

An abbreviated version of Professor Christopher Freeman’s 

J. D. Bernal Memorial Lecture at Birkbeck College last night. 

Creating more jobs than the 
micro-processor destroys 

extraordinarily cheap. More- 
over they are coming in at a 
time when there now exists a 
fairly large pool of skilled 
people i although not large 
enough) already familiar with 
electronic computer technology 
and systems analysis. 

The scale uf applications in 
the UK has so far been loo 
small to have perceptible effects 
on the aggregate employment 
trend. I am talking about the 
impact in the 1980s and 1990s. 
rather than the 1970s. and it 
will take a new cycle of invest- 
ment in manufacturing and the 
sendees before the full conse- 
quences are felt. 

But what has happened on a 
small scale already In the 1970s 
seems to me sufficiently indica- 
tive to warrant serious concern. 
If you lake such areas as tele- 
communications. machine shops, 
automobile assembly, automated 
warehousing, printing and pub- 
lishing. clocks and watches, then 
There is already sufficient 
evidence available in Europe. 
Japan and the U.S. to show 
that the labour displacing con- 
sequences may be very severe 

Wc thus have a stark 
dilemma facing us. If we do 
not keep up with the inter- 
national race in the use of 
micro-processor technology, then 
wr risk becoming even more 
uncompetitive in terms of world 
trade, so that even before North 
Sea oil expires, the problem of 
growth and levels of employ- 
ment in the British economy 
would be even, more severe 
than it is today. 

If we adopt this revolution 
enthusiastically in every branch 
of our economy and make il the 
cornerstone of our industrial 
strategy, then we also risk 

accelerating the scale of labour 
displacement, through the very 
success of this technical revolu- 
tion. although this might 
ultimately be offset by some 
relaxation of the balance of pay- 
ments constraint, by the job- 
generating effects of new tech- 
nologies. and by an increase in 
total demand through cost and 
price reductions. 

The success of any possible 
strategy of medium-term econo- 
mic policy, with the exception of 
the Burmese strategy (isolating 
the UK. from tbe world 
economy) would require a 
major planned national effort fo 
develop and adopt micro- 
processor technology on a large 
scale. 1 say “planned national 
effort” because the speed and 
effectiveness of this technical 
revolution depends on major 
changes in bur infra-structure 
which cannot by their nature 
occur spontaneously. 

If we were to be successful 
in such a planned national 
effort, then the employment- 
generating consequences of the 
micro-electronic revolution 
might be more substantial. A 
deliberate aim of national policy 
should indeed be to maximise 
such employment benefits, not. 
by preserving unnecessary in- 
efficient jobs, but by creating 
new ones. 

The micro-electronic revolu- 
tion is not just “one: more” 
step in Lhe process of technical 
change or one more mew 
product. If is far . more 

dustry, which at present has 
the greatest Press coverage uf 
any major industry. It is far 
more crucial to our future than 
the drug industry which makes 
the biggest profits or the steel 
industry’ which makes the big- 
gest losses. 

To achieve an improvement 
throughout tbe economy we 
need to recognise which are the 
“heartland" technologies — 

those which can give leverage 

a framework which enables the 
necessary change in priorities 
to take place if the political will 
is there. The previous Chief 
Scientist at the Department of 

Industry, Sir leuan Maddock. 
recognised repeatedly that the 
major problem of British in- 
dustrial R and D strategy over 
the past 25 years has been (he 
complete mismatch between 
the pattern of our Government 
and industrial R and D expendi- 

( Micro-electronics is far more important 
for Britain than nuclear power or aircraft 
development, which make up the largest part 
of Government financed research and de- 
velopment 9 

performance of the British 
economy, if its priorities and 
mode of operation enabled it to 
do so. The major Government 
laboratories, the Post Office and 
lhe smaller laboratories have 
together enormous scientific and 
technical resources, including 
very considerable computing 
facilities and skills, and a great 
deal of expertise generally in 
electronics. If these resources 
could be deployed effectively 
they could greatly assist the 
development and application of 
micro-processor technology 
throughout the economy. 

significant for the active British 
economy than aircrafvuiqvflopr. 
ment or nuclear power, which 
at present constitute the largest 
part of Government-financed 
research and .development 
activities. It is more important 
than the future of the car in- 

over the whole system and raise 
its level of performance. 

Steam power and electric 
power were such key tech- 
nologies in their time. 
Today electronic information 
technology represents this 
“heartland ’* technology critical 
for our entire future. The 
capacity to handle, process, 
store and transmit information 
is now the critical technology 
for advance industrial countries 
both for industry and for ser- 
vices. At presenr this finds no 
recognition in .onr Government 
structures, in our research and 
development priorities, in our 
investment priorities, in our in- 
dustrial strategy, in ‘ our 
education’ system or in qur 
natiynal thinking. It must find 
such ‘recognition- 

So for as R and D priorities 
and policies are concerned, the 
Rothschild reforms have created 

tures, and tLhc pattern of world 

Vet, despite his exhortations, 
the pattern has changed very 
little. We continue to spend far 
more on military and prestige- 
type projects than on the 
technologies which matter 
most. At the same time there 
is a powerful tendency to go on 
believing that we are top of the 
industrial R and D league table, 
15 years after it ceased to be 
true. Not only is the scale 
of German and Japanese 
industrial R and D now twice as 
great as our own in absolute 
terms, it is also directed far 
more to those industries which 
matter most in terms of world 
trade: machinery, electrical 
goods, electronics, instruments, 

Yet we do have a national 
resource which could make an 
enormous contribution to the 

Many people are highly 
sceptical about the ability of 
governmental laboratories to 
make this type of contribution 
to industrial and service techno- 
logy. But there is a precedent 
for what 1 am talking about. 

By all accounts, the achieve- 
ments of British radar R and D 
were one of the great success 
stories of the second world 
war, and several historians have 
suggested that it was decisive 
on air, land and sea for our 
national survival. The whole of 
this effort was spearheaded 
by the Telecommunications 
Research Establishment (THE), 

I emphasise the radar story 
particularly because later ex- 
perience has shown that when 
governments spend money on 
big R and D projects, there can 
be a very strong tendency to 
pursue k , and D objectives for 
their owifcsakd,. almost irrespec- 
tive of the future markets: the 
future users and their require- 
ments. This means that an R 
and D strategy only makes sente 
if it is one component of an 
overall industrial strategy 
which takes full account of 

future market possibilities, in 
the same way that the TRE took 
into account operational re- 

Il would be wrong to over- 
emphasise the role of govern- 
ment research establishments. 
It is the performance of in- 
dustry and the service sector 
which matters most. Much of 
this will depend on the be- 
haviour and decisions of man- 
agement at all levels. But 
government economic and tech- 
nological policies can create a 
climate which makes it easier 
for managers and workers to 
become aware of. to develop 
and to use new’ technologies effi- 

In the specific case of the 
microprocessor revolution, a 
selective strategic procurement 
policy- is particularly important, 
especially in the context of 
unemployment problems. The 
weapon of government pro- 
curement is a very powerful 
one. Government in any case 
is the buyer for a high propor- 
tion of ail goods and services in 
the economy. 

Keynesian demand manage- 
ment strategies often require 
that the government should 
vary these expenditures to 
secure employment objectives. 
But what is now required is 
Keynesian policy -with a dif- 
ference, that difference being 
that it should take full account 
of new technology. It should be 
a deliberate aim of industrial 
and economic strategy to 
achieve three major objectives 
through large-scale use of pro- 
curement programmes and pub- 
lic investment: — 

O First to provide the infra- 
structure, particularly in tele- 
communications, which will 
enable the entire British 
economy to take full advantage 
of the micro-processor revolu- 
tion in the 19S0s. This may well 
imply a completely new struc- 
ture and role for the Post Office, 
which would inevitably be at 
the centre of such developments. 
• Second, to place orders for 
new applications of computing 
in a wide range of industries 
and services- with the 'objective 
of enabling a large number of 
British firms to develop their 
knowledge and skills in relation 
to micro-processors and micro- 
computers. In total, the appli- 
cations are much more import- 

er ^ 

w/w « > 

.InMa'Jf .\*hu\nnl 

Christopher Freeman. R. M. Phillips, Professor of Science Policy at 
the Science Policy Research Unit, University of Sussex. 

ant than the chips themselves. 
They also have very important 
potential for new employment. 
• And third to enable firms in 
the electronics and related in- 
dustries to achieve those 
economies of scale which are 
critical for efficient low-cost 
performance in this industry. 

All of these objectives are 
fundamental to the success of 
any industrial strategy, and 
none of them can be attained 
without strong political initia- 
tive and leadership, and a tj-pe 
of decision-making which com- 
bines technological, economic, 
industrial and socio-political 
considerations. This type of 
thinking and decision-making 
is well-established in countries 
like Japan- and is something we 
have to learn too. 

If such a strategy affeclVg 
R and D infra-structural invest- 
ment and large-scale ■ govern- 
ment procurement were to be 
resolutely pursued over many 
years, then it would have two 
further implications, one for 
education and one for employ- 

There are already shortages 

of skilled people in computing 
and electronics, and these will 
become more acute. At the 
same lime we have a high level 
of unemployment, which may 
get worse. Wholehearted 
acceptance of the micro- 
processor revolution would 
mean even more upheaval in- 
volving the loss of old skills, 
jobs and workplaces and the 
organisation of new ones. 

If it is not to be accompanied 
by a great deal of misery and ’ 
insecurity then it must be 
accompanied by greatly in- 
creased provision of re-training 
facilities and of post-experience " 
education. It must also be •’ 
accompanied by resolute poli- 
cies to secure a return to full 
employment. In the absence of 
such policies it seems to me 
extremely unlikely that the , 
social climate will permit these 

Deliberate social policies, re- * 
training policies, and employ- 
ment policies are the essential 
accompaniment of radical 
policies for technical innovation, 
and would be equally essential 
for a British economic miracle.” 


Woor on/1 foor renl , s - In tl,e inter * st s Df «Q«i*y 
W ear-anu-iear as between one landlord and 

another, any addition to the rent 

JlllflYVJUlPPS to cover rales or other sums for 

” aui-v . j services which would normally 

I have property which I propose be borne by a tenant (if the pay- 
lo let furnished at a gross weekly msnts are material) are deducted 
rental of £25 per week, less £86 frDD1 „ the rent before computing 
rates . per annum and manage- the 10 per cent. Where the IO 
ment charges of £120 per annum. PW cent, deduction is allowed. 
How much depreciation can 1 rebel may not ... be claimed for 
claim* the cost of renewing items of 

On ' the basis nr an Inland furnishing or furniture. 

Revenue Press release dated 'This new basis is being applied 
October 13. 1977, jour local lax to new cases of furnished lettings 
inspector is likely to agree to which become assessable for 
deduct an arbitrary wear-and- 1975-76 or a later year for the 
\eaT allowance at the rale of first time. . . 

£110 a year, in. calculating the ■ v, 0De rj th a t t h e guidance 
annual assessn^nte under rase nQW give0 t0 inspectors will 

ofS°52 S ?£^-^£S +°ni)) ^ eveatu3l . ] i' Iea d 10 Skater 

° f Exiracuffrom the* Press re/ease inatmem." 

are set out below; there is no 


importers who need literature printed in 
Arabic or Farsi, the language of Iran, 
should note that line calligraphy and 
accurate translation play a vital role in the 
effective presentation ol these languages. 

Brad Wit v Wilkinson (Graphics) Limited 
arc hukcJ bv ' years of experience in translation and 
printing of Arabic and Farsi to high standards. 

You can relv on us for accurate translations and 
kpCNCtting ofvour promotional and technical literature 
tor the Ar.ibic->pe.iking countries of the Middle Fast 
and Iran. 

specific statutory authority for 
the rule of thumb proposed by 
the Board of inland Revenue, 
and it is open to you to challenge 
it on appeal before the general 

An unequal 


j CL EmPNE: mm? 3271 


or special commissioners if you T . 

consider it inappropriate to your 7"c» people are m partnership, 
particular circumstances. 'You ™ 

may find useful general guidance l he p ^?* rsh ! p f £ elns f f ee : 
io a free Inland Revenue booklet *»•« properties. In Uie event of 
(1R37), “Notes on the Taxation partners not being able to 
of Income from Real Property," fgree on Nroarw of action, he 
which is obtainable from most »» Sn agreeing a new rent at a 
tax inspectors' offices. "! ,( c of one ,£ r 

“Ayearortwougo, the Inland aN the property can lhe 

Revenue became concerned a t majority shareholder compel 
the varietv of bases in use, in (and if so how) the minority 
practice, of piviag wear-and-lear shareholder lo complete a eon- 
allowances in arriving at profils tract If it concerns a genuine 
ti-om furnished lettings under armslenph transaction wHh an 
Case vi or Schedule D. . . Independent third party? 

“ Inspectors were advised to Although there is a process by 
accept either a renewals basis or which one of two joint tenants of 
a deduction of 10 per cent, ot ] a „<j mai - a ppj v to lhe Couri for 
— ; — ... T “I an order for sale in execution uf 

Why there’s a growing need 
forthe Adler 1310. 

lhe trust for sale or the land, 
-cich an order will normally not 
be made where there is a con- 
tinuing partnership in heins. 
Winding up the partnership is 
‘.he only effective remedy. 

... ' -'I '‘I 1 -' 1 

• . • jV.r tOitv’v. 

. Jv.fJT.W- 
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t . c ii'ij' ■ 5C r -'* e ‘-or 

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veti'iie perar.n jn wc'-? x.f? 

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ou the information 
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tVhai, please, is the legal position 
where, for example, a broker or 
other agent retains for a time 
Turids belonging to a client, as 
regards Interest on such money ? 

The normal rule is that an 
agent would have to account for 
interest earned on his principal’s 
money in the absence of any con- 
trary provision in the contract of 
agency. But there may he a 
custom of a trade or profession 
which ousts that presumption. 

No legal responsibility can be 
accepted by the Financial T»mes 
for the answers given in these 
columns. All ■ inquiries will bs 
answered by post os soon os 

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Address . 


Financial Times Wednesday May 2 i 1973; 


More privilege, 
more hardship 


Take some Fuchsias home 
from Chelsea Flower Show 

CHELSEA Flower Show begins lies in its greater range of garden between incongruous rock: they 
today for the public. Opening plants, rather than in the Euro- are no less happy as a border, 
hours are 8.30 am until S pm peans' massed show-carpets of edging roses or herbaceous 
at £4 a ticket; 8.30 until 8 pm on azalea, cineraria and calceolaria, plants. At most, the rocks give 
Thursday (£3); S.3Q until 5 pm on Of course the garden ornaments their roots a cool run. something 
Friday (£21. It is not as cheap are still mock-rock holiom: the which you can contrive on the 

ONE MIGHT suppose that when individual land and properly as jj wa g t but no more is a Italianate copies of ‘Georgian’ flat by placing pieces of slate or 

skilled men cannot find anywhere assessments under £3,000 account rose .b US h or a Magnolia. shepherdesses seem to me to be chipped stone round your plant s 

to live near the available job* fnr something like IS per cent. oT rr vou can *>o on Frida v after- as unplaceable as outright necks. Rocks have other attrwc 
when students find it hard 1 1» ?el all capital gams tax assessments. - d hangman until 09 when garden Pinocchios. Save your tions for a few special plants- 
room? near ihc campus, and when bill produce only 1 per cent of of the * xWMte are s0 | d 0 ff. money for something else. Could hut you are unlikely to bAtner 

quuc a lot of people are just the revenue. The average cost of ,, something has caught your eve we not have some simple modem with these as a first choice, 

plain hnmclpw. and cither squat revenue collection is about - per j? and fi lhe nurser vn]an 'is sculptures at middling prices. Which, though, are worth it at 
or have to be sheltered by the cent of the sum collected, but E ‘], " hnn i, j t in home? 

local authorities at enormous CGT is notoriously more expen- tu "5“ ... If you wonder whether some 

expense, householders would be sive to collect, and small assess- heater, to It at 4‘»5 of Chelsea's unusual stock wou.d 

em-nu raced l" make any spare ments take a disproportionate of connoisseurs Tn GARDENS TO-DAY ever show up in the rougher 

space ihev have available to amount of paper, ink and time. £ r L , "“ c lia 0 . Ire not i M ■ world of your garden. T would 

meet these needs. Indeed, this My own guess would be that just ch s ™ b ut you can see BY ROBIN LANE FOX speak up for many of this years 

aim was set forward in a per- about the whole of the £3in-£4m “1“"' * n ™ hiivin ““ the cut- * alpines ' not least because they 

fccrly sensible official circular collected in this way is spent on h „w- V OT will often have already proved happy in 

a a more"UaUle' "ra^geV dwilP Si'nT imdESd'a. 1 ' ^h^'budgJt “a"? I mS IKte^cSnSdS? ‘the "neJfsh 

= s T c h n C n r'nu? ^Idm ,*2: ttB S« ~ ™ Jo not 



a more versatile range or uwcu- smus muuuuicu m “““&*■ 1 nnthin« Mv hest huvs have been have warrvms .hnlps in them or aione - ^uiisiutn uir , . Tresar kwuhm, 

lb a nnt" ’ ’ ’ tand> f ° eB,r0,,riae JtJTcitf" Un^nunat^'y It fuchsias which can be muM- took like contortions from the !y?ica?Theisea pfaM^It Model « Tonuny - relaxes In one of the garden displays* the Chelsea Flower Show. Whk* 

a Sl^ZftK rii^oheStraiaed Twisted abate, ions do not opened to the public today. 

ent citizen of Bradford, has dis- Ucular case) to meet the test of ^? av _ u ?ufr k with flowers ° ?y lt P ate h of towers. are showing it well in ones and oncs whose leaves are silvered tically, on a steep slope or tidioi^av is a welcome a Jtwfep 

covered Faced in 1961 with an cost effectiveness, and will soon thjck with flowers. if .only because the lines of twos. _ and grouped in tough rosettes between the stones of an open- violet companion i withal Sadie* 

appeal from the University of be devalued by inflation. cannot choose a new almost every plant except that . After three years, with me. u ,-.j. - House Leek's. Some are a topped dry wall. which m.ciiis tn me to be a boy: 

Bradford for student accommo- The social cosL however, is £ ucbsl t a f ^°“* ,?„??, °SJ: r ? Bze J sells - ? a . Harry has P rovcd U* worth and -should fine ; sjght whether or not they The creeping Tomis of Phlox. pale layi-nder Fwirto and the 

dal i on. he and his wire decided muc h more important The DoE ha . e tG , H ini4 vi!?. e .ifp unJif . Lauder s Walking buck are R0 on to your list. Sold as n ower . especially the silvered finally, are welt timed to show ra II l* r n ] u e .i nd whit e forms of 

m let off some spare rooms (their E write drculars about en- colours, the skirl Mid tbi e sepals. themselves quite simple and Brunncra Macroph alia vanecata. SoUthside Seedling and & e up at Chelsea in late May. Mostly shade-hiving Molon^era, sold u 

children were growing up. as Jiura"ing sharing— and indeed ii an w d i? wj 3 r mlnv! vnu S! straightforward. If you do end lt has a big leaf, rough like the famous Tumbling Waters, a from North America, they are ai Blue K ^ ami Arien are too 

children dui to students At first of the few merits nf the » h >ch shade of mauve you will u p with ,* porcelain- white statue i ea f of a Borage. Its centre and var , ety w hieb flowers once, then their best in the garden now ton; good in leave out while m are 

thev offered meals, but this was a 1474 Rent Act that H did leave a bu> ; 9 Q * s 4 ho * stand, they are 0 f a milkmaid playing the pipes, edges are strongly marked with djes back thev have been improved »«y about U. These seem small 

bit of a bore, so they provided a h ou %ho"der sharing his own ?* * e f r t K a “JJ 0U remember that you can encour- brownish cream a pleasant con- Well sfaowD this year they selection over the years. Those plants. ntspd 

kitchenette and let still more home t b u t not dividing it) with h^ur y aTe a8 o growUl °! ni °rf' ichen trast to the bunches of forget-me- m3y persuade you that six or bilious pink forms of huhulatn. on a table at Chelsea, amoag 

moms which were used by stu- tn reoossess his o»n ali>0 resistant ,0 rush-hour and other natural surfaces on not blue flowers which snow up te n would enliven any bank or which are still sold in chain the new pinkish ClemaUs, mini* 

dents in lermtime and the chil- Bui unless he has a wife Even if a few bu v ds br “f h off her glanng material. \ ou should in mid-May It does not spread drv wail . however, small your stores and church bazaars, have jure green roses, and brown- 

dren in the vacations— just the X.U ore oared to cook Tor the ‘ n lhe bus queue, they will soon keep a bottle of milk until it very quickly, unlike the plain gardeil It is almost impossible been left far behind. I happen leaved PhonrHUnw you might 

sort of thing which the DnE must * he i« srill liable for be replaced in any new home has turned sour and then paint green form. I trunk it very hand- ki „ thera the flowere to like the brilliant crimson miss them. But at maturity they 

have in mind when it talks of tax* Yr he charges >' ou ma - v *' v «. them - The it onto the imitauon stone, some, especially if you choose a come ^ ar e long plumes of magenta Temiscaming. named make big mats, as brightly- 

Sharing and versatility. w SmV for hiiTown ^ he is exhibitor wili tell you about Ibeir Uniess the air is too polluted for piant with prettily pa..eroed white and re d.spotted small after the mayor of a small flowered^ as . those gloriously 

liable toflnd thai iSe Rewnue haediuoss: l am still very fond them anyway it will hurry up leaves, lt will grow in dry flowers arching out from Canadian town. Some think it too double Begonias. 

XI/* urlnmonfc IllT.® u?« SSJS ,-h,Kin«« a nd of the lqng-tuled Plain secret the lichens and help to take the shade. __ , low clump of leaves. Southslde strong a colour, but it grows To c*» . 0 thehea and onfr lo 

sharing and versatility. 

Mn ilirlampn^c pS his house as a business and of long-tuled plain secret the lichens and help to take the shade low clump of leaves. Southslde strong a colour, but it grows To go 10 t hel sea and only to 

nil) judgments LA i d wellfnc^ £ wu«wd i3 ones Which look so exotic edge off her. The Saxifrage Is another fine Seed i ing> Canis Dalmuticn and fast and shows up brilliantly look at the obvious sights Is to 

The morns were let at Virtually S v on T ineorae but on an Is the ^eisea Show the best Among Chelsea's garden plants, Chelsea family, and I think to from ingwersens of over several square feet. nnss one reason why this, des- 

peppercorn rents* but our public- nlherwise untaxabie^apital °ain" in Europe? Only an entrenched do not miss the smaller onra. myself every year that we do East Grinstead would make a Trim it hard after flowering m pile the predictahle hard core, (s 

spirited reader duU recorded his ff nrooertv nriees rise steep" t:hent tovofisre would deny it. the alpines and so forth. Most not make enough of the en- handsome grmip . Try to plant order to stop the hare patches still the host flower-show, too. in 

income m his tax retums-a enoS Jhe Sole operation is relative excellence. I think, of them do not have to be grown crusted varieties. These are the rhem on their sjdes almost H ver . in t he middle of its mats. CJuit- its class. 

grand total of r4iS over a period iikefv t'o show a loss. The law is : “ 

3 ^S ‘Encourage De de Bourbon may dominate ■"«— •=. siSb»> 

| 53 ?f -3 ;;»•=;« S 2 at Goodwood today ■ 

looked up Ihc files, and noted of owner-occupied houses from •/ OPERA & BALLET " WI CAN T w'hmi u7e is ^^waU'’ ‘ 

lhal Ihcaludcnla. alncc ^tbey were n %? ,n ,^ i t n \ X s . V« an SOME well thought of Epsom hamptoo's Homo Run all the of the S lbs mathen allowance coumum.^ju s:». 7 i mo ME SW,Vs a ^ h 1 r u «» 

primaco wiui j hiuneneue. were h n r -t. .u- other f-anrliriatp^ including Antler rage with several firms. here. engush national opera ~ - 0 “ KrT ~Z, a , n ro set it • Gon. 

rL: heaped on owner- S2 Srhn.^ Ram, . Both ought to » well - as l anticipate his giving furUier ^ r ?% SSo°: « « S3s *** 


tnic.HinireiTii.iia cb «nwicm tmiatre. ase 7755. SAvor. ot-oso "»»•«*« g* 

GUIDE *' en, IJB kVc!i HURCH^ tTrs 5 ’ 30 ’ rKph’SScMAR&ON 30, a “ 


CC-TH„. theatres aco* cerUO, eredH fTSJXc™ H. Gjr> B ° ND Ce^K^ , 0 dVsEWEM 

cards Bv telephone or at the boe office. HAL| . M(JON THEATRE. 480 646S 48fl “A J OLLY GOO D EVENING OUT.- r.T. 

OPERA & BALLET " WI CAN T ta^' 9 we wont payi ■■ J ** VO op*S1m' j5w is tom cont? 

wrHin«BHbu-i bv Dario Fo | WHOSE LIFE IS IT ANYWAY? 

COLISEUM. Credit cards. 01-240 525a. HliHsn Premiere Mon 22 Mar al 7 B m. - Will! JANE ASHER 

Rcserrallons 01-BJ6 3161. 23 Ma.-I, June a! 8 P.m. “A MOMENTOUS PLAY. I URGE YOU 

ENGUSH NATIONAL OPERA u A vL« oVn" om- . no T'O SEE IT 1 Gdn. 

Ton't & Frt. 7.30 Tho Two FasoWl M *VMARKET. Ol -930 983*. E»OS- 8.00. I c, en inB» « 8.0. Friday and Sahudas 
Tomor. A Sal. 7.00 Count Orv: Thur. M »«- 1N) 8 00 ‘ f 3.4S and 8.45. 

7 JO Enrvantbe. 104 balcony teats w cV. n v u 1 1 1 1 d N iHanisniiRY ' 

W^r^Sl„ d, L?«7 rt °M.” t 29 U ^ t DEREK W “ N °DOWS FRANCE* rShSSSSvA^ WCakl# HMamS?) 
h?iBTM^ma*raiiLS" Godfrey hake cuka t«R. -i. ? m mw. tt-upl. sat i.qo. 

ouragement to an aLreadv op- 7 jo Earvune. ' 104 balcony seats 
ictir. Tnl.n rTunlun u-irh a .»Ip-ir. always available day of oerfonnance. Last 
IStlC John uuniup WTtn a Llejr week of London Season. May 29 to 

success over Antler, who is June 10 the stuttgart ballet. 
e to have derived considerable covent garden, cc. mo iom. 

5.45 and 8.43. 


NAFTESOURY. CC. 836 fi$9G. 

Shariesbury Are WC3 tHIah HWOorn ew] 
E>a-.. ai B 00 MdU. Thun. sat. 3.00 

occupied uy mem over me ten * — r ' . hp r u ii nerbv distance at Good- Pissott's mount He di- Bourhon. sure tn have derived considerable covent garden, cc. 240 ioss. waters of the moon , jit ki5mili 

years m which they had helped This simple point seems to he wood and an ie.p 0S t backers have who is not engaged m ihe Derby, benefit from his much needed ‘ Gdro,fnc " W e Syal opera 36 6M3 ‘' and M mVr«‘ma?^9 0 M^ r R FniT EV 'ARD Hl SMy Nr ,,l i»Ac ** 

ill; ""'V,™ 15 ' I"!! 1 * ^L'* n Z nTni IrmhbvTn »£?* buTiMs He de Bourbon, a bilf-broiher run in the Heathorn stakes. J-SST SSSSWK*- 5SW ~ o^£ : 

th" caily ptriud when the occupier lobb\ to grasp, but it is h xiji n ,k v tn fj,,. r .i i; ,,m,inn The benefit of a previous out- Fri. ; 7 jo p*ur &ims. bs Amphi- ihu wenav Hiiicr < t u «. “ V™ Vw 

sn .dents ate with the family did true. Give owners jax_exei.ipt.on. Stakes wfnner R^se Bowt. made U in? can often pn-ve the deciding ■— 10 * m - - ^ cc." oTw lT S S. \ A.l 

not couni 1 . ? nd lh ?V caa . P 10r 1 e _j?5_ J a clear that he would soon be factor at this time of the year, clyndebourne' festival okraTm™ 3 Srum^boScvw ***• *'°®i .. . “»ai «!« ,he heart/ 1 , tf m. . 

not counii . and they can bid more for a c ear that he would soon be factor at this time of the ye 

rme might call it bumbledom, house than a would-be landlord. RACING losin" his maidens certificate w a two-year-old race parti 

but Mr. Bumble knew heller. “If Hence winkling. Give further aid w when fail! na bv lust a short head larly. and it could he that 

the law says that' he remarked to first-time buyers, and option DOMINIC WIGAN to catch Shirlev Heights at the loca'liv-trained Galivanter E 

- the law is a hass." The Inland mortgages to those too poor m BY DOMINIC WIGAN endoftheHMtho^'s^kes on Tilting wUJ beat some w 

Revenue, as we all know, makes get the full benefit of tax relief. - - 7 OOOgns day _at New'raa'rket, thought of debutantes for exp 

no judgments, lt enforces the and you bid up prices further. ?h™ 8 2Lfc- !«»' 1 iSnee in the Cucumber stakes 

law. however asinine it may be. Give CGT relief for owners, but . k _ ove in ut|clMt . th «.e weeks **<>■ l 0 P 5?„ , °.. tha CucitmDerstaKe^ 

Tho only thing in be said in its withdraw it for those wicked “ pt . His ^nqueror showed there GOODWOOD 

defence is that it is not quite so enough to let (at whatever rent) ,n =- encouraging runs. was nothing wrong with the form 2 .00 — Realert*** 

liitiggiBli .is the Customs. and you ensure under-occupation Last week. Antler a Xorthfields establishing him selt as 2.30— Romara 

Even as a pound-nf-flesh opera- Those of us who point out these s tabie-raatP to Leonardo da De . rb ? favourite twith that eye- 3.00— St. Anthony 

t mn. the enforcement of this law facts are now called "housing ... . .. hle . f nmp catdung performance in the 3.30— lie de Bourbon* 

is mad As our reader has dis- radicals'' A radical is someone ; !DC1 ; {be subject of some Mecca Dante stakes at York. and. 4 . 00 -Roxe* All The Way 

covered by searching through the whn goes to the root of lhe fatr-siaed each-way bets. While a will take a 1>r*ve hacker to 4 ^ 30 — Skv Jump* 

' inland Rcwmic statistics, problem. J yesterday and on Monday; Beck- oppose lie _de Bourbon tn receipt 

clear that he would soon be factor at this time of the year, clyndebourne festival opera, miv 3 bruce *f"orsy th 

losing his maidens certificate m a two-year-old race partiru- ^ “ lC A & M J r "X 'fn. ™'i ’"anVh^n^^^lIy^ 

when failing by just a short head larly. and it could he that tJie 1 »nd 3 « sjo: Die zauhertaw June travelling music show 

to catch Shirley Heights at the locally-trained Galivanter filly returns only! Box Office Ghrndebovme. I Olrec^M^bWIURT^SHEVELOVE 

end of the Heathorn stakes on Tilting will beat some well- lchm. e. sumk. >0273 8?a 411 .i **it 1 * nackeo to bursting point wttn 

1 .OOOgns day _at Newmarket thought of debutantes for ex per- sad«r ?ci welu thea^e^r*^ ^ 

three weeks ago. icnce in the Cucumber stakes. '' kathakali cneered ■■ sun<»v Teiearapn. 


cneered " Sunday Tereoraolt. 

2.00— Realert** * 

2.30 — Romara 

3.00— St. Anthony 

3.30— He de Bourbon* 

4.00— Ros-es All The Way 

4.30 — Sky Jump* 

Dancers hon Kerala. Indie. Evns. at 7-30 KIMr .. c „ n . n TU ..,.. TC , 
Tonight & Tomorrow: The Son* of Pandu. S ,_ R S*?. T ^S A I5 E ‘-., 

Tnur-- The Wmlynu. ■'Enormouilv Mo "-J S. T, 5SSi. 1 lASl, 9 - 3 ® 

theatrical and fun . . . very splendid novw E | rj * 1 ? a 
entertainmont ** Giiirdldn May 29 to ^OVV IN ITS 5th ROCKING YEAR 

Lo w Prices. Eaj y pj ming. Last 2 wwto, 
STRAND. 01-836 J660. Evenlnn >-00. 
Mat. Thun. 3 00. Saturdays 5.30 & 8.30. 


I GOO D SEATS fc4.00-C1.5Q. 

wware Theatre [0769 2371). TtcMU 

Htfo. (0739 691911 

-Vindicates programme in 
black and white 

BBC l 

Secret Life of T. K. Dvaring. 3.33 Wales-^^0-5.10 pjn. Scooby 12.00 Here Comes Mum fie. 12.30 GRANADA “So m“. t 9 u «:. 2 w.d. a an'd*F , ri' I 

Doobarb. Doo (cartoon). 3.10-3.40 Bilidow- Sounds of Britain. IJDO News jjo p.m. This :s Your Risht. 3.20 r «s am. ,jhur». Sat. 4.30 and a.oo , 

SJO News. car. 5.33-&S0 Wales Today. 6.50 plus FT index. IJ20 Help! 1 JO Vnramcd iwortd. s.» The Jetsons. sjo . a thousa^tu * ts R W|LCOME. is 

5.55 Naiiomtide (London and lleddiw. 7.10 The Crowded Sky. Crown Court 2.00 After Noon. *?■'' N t^ r . - 1,ls fc i roi JC“ d JS d “ miraculous musical" n*. Time... 

Souih-Lasi only). 1 18.00-8 JO In Our Nature. Between 255 General Hospital. 350 The Sjs ortjbwuie. ' »»nii_ _roy_ Hyp_p._ana joan„turner_. j 

650 Nationwide in Europe. 10.00-11.00 (During Sportsnight) Rolf Harris Show. 350 The Elec- im- 

“ii\e" from Brussels. Wales Down Under: Welsh Rugby trie Theatre Show. 450 How. HIV 

650 The Wednesday Film: Union Tour of Australia. 11.41 4-43 A Bunch of Fives. 5.13 1.28 pm. Report w*n Headlines lz 


ADELPHI THEATRE. CC. 01-836 7*11. 
E«5i. 7.30. Mats. Thur*. 3.0. Sals. 4.0. 


Cl 1976. 1977 and 1970, 


Sunaa* People. 


ALBERY. 836 3S7S. Party Eatgi. Credit 
card bkss. 836 1971-2 from 8.30 *.m.- 
8 30 p.m. Man,, Tues.. Wed. and Fri. 

Summer SeJuo^T-D TS^orl'vl” ST ‘ MARTIN'S. CC. 836 1443. Eyg*. BOO. 

6.40-7.55 a.m. Open Uniici'Mly. 

9.3K For Schools. Col leges. 10.45 
You ami Me. II.ihi For Schools, 0 
Cullesps. 11.40 Cricket: f'ruden- 
licit Trophy: Knalaml v. Pakistan. . 
12.45 p.m. News. 1.4IU Pebble 2 

Mill. 1.43 B:i”|Ui>s. 2.01 For « 

Sell mils. Colic 'Je-. 2.4W Cricket: .j. 

The Prudent ml Trophy: England v. .. 
PakKiau. .7.52 Regional News for 
England (except London I. 3.35 
Pla> Sehnot. 4.20 Great Grape Anc - 1 
ami Ballet's I'nmeis 4.50 The lhe 

Weds, and Sets, ai 6.10 and 8 50. 

in a soeclarular j 


14 SO. £3 75. £3 00. £2.50. £1 SO. 
Special Boolina Hatlrfte 01-137 20S5 

LYRIC THEATRE. CC. 01-437 3686. Ey 
8.00. Mat. inurs. 3.0. Sat 5.0 end 8 JO 

Directed by franco ZEFFRELLI 
. . J J°T6 L .T. R . il 'MPH.'' D. Mirror. I 


26 th YEAR 

TALK OF THE TOWN. ‘ CC. 734 60sC 
8.00 Dining. Dancing 9.50 Super Revue 
.Bara open at 7.1 S oan.l 
and at 11 c m. 



VAUDEVILLE. B36 9968. CC. t*g*. 8.00. 
Mat. Tuet. 2.4S. Sac. S and 8. 


MAY IT FILL THf 1 * Oir mi Jk 1 — “'"‘".mtiMUim. UUIde La HAY 
HUNDRED «**«•• T-f^L A R ' anDr SUMMER FI ELD. James GROUT 


•Tint ROY HUDD and JOAN TURNER. Mori-Ui FrU BQtr Sat. 5.30 and 8AS. 

mini Ol U Wia. UdlM L/UWIl UllUVI. ivc-uaai A. .g- * -p— - ALDWYTM Rtfi RJfll Info fllG CAT 2 a* 

rile Wedne.sday Film: Union Tour of Australia. 11.41 4-43 A Bunch of Fives. 5.13 ?oB d u^nan? royal Shakespeare company in -a comnasSo 

‘ Mak-hless.” W slarrin? Ne»> Tor Wales. Jl.B-i2.02 a.m. Emnerdale Fann. BriMS. H TSr*“iST “£& BSTTL-.’ISfr ■’.Uffl'.; ISlijei." 

%ili a |i a k O Neal. Snooker. 5.-w News. Crossroads. fc-00 Report West. fcJ5 duction.” Guardian Wiih: henry vi J 

850 The Liver Birds. 

9.00 News. 

955 The Dirk Emery Show. 

10.00 SporisnighL 

11.00 Tonight. 

1M0 Weuiher Reqional News. 

Scotiaod — 355-650 p.m. Beport- 
ing Scotland. 11.40 News and 
Weather for Scotland. 

Northern Ireland — 353-3.55 p.m. 
Northern Ireland News. 353-650 
Scene Around Six. 953-10.00 

6.00 Thames at 6. - 
655 Crossroads. , -i •' 

7.00 This Is Youf tifb. 

750 Coronation Street. 

8.00 CD3a. 

9.00 Faces of Communism. 

til Mr and lire " miraculous musical. - fir. T,mw.- M4V pair. CC. 629 3036. ™ h E newest whodunnit 

with ROY HUDD and JOAN TURNER. Mon. to Frl. S.QQ. sit. &.3Q and 5>}S. u ■- CHRISTIE 

’■ CONSIDER YOURSELF LUCKY TO BE GORDON CHATER " BrlBldnK " E.N. in du^n^hff ^S?h 1 *rh W t ?! ***" 


I 1 V - „„ BENJAMIN FRANKLIN m z, *oaln with another of her 

H'dvsi Headlines 1 X ALOWYCH. BJ€ W04 Info. B 36 5332. Br Steve J. Socar^ hecHliahlv tnpenfous murder mvsterief.' 

uSrHMMParv! VI ’J5 VJBSfW Fell, flartegr, Ey eniPC Ngws. 

Sifc." itaSr si ^'T r %nd 5 T 13?.V l " 7 b4 0 »thK Y Or^ VTCTORIA PALACE. 

Rpporr Weal. 6J5 durtion.-' Guardian W.lh; HENRY VI L-l ’ SPfflipinjHr.g Oft 5 Now 623 4735-8. 834 1*17. 

kjn Brisrol Id Bond Nil 2 (tomor.]. P*rt 3 CFr..) Final MERMAID 248 71121; ... STRATFORD JOHNS 

10 neriv Trilogy Day Sal 'sold curt) RSC 2 a3S. W«J to s.t B 3D SHEILA HANCOCK 

ICC Woman atso VYAREHOUSE -see under ,eojs ' 8 - 3 ,°_ .Mat*. Wed.. ANNIE 

win niic u XAIAHiy 

we« End yet again with another or her 
nentfuhlv ingenious murder mvsfenw.- 
Barker. Eycwing News. 

Reuort Wal.-s 6-30 Brisrol 10 Bond ™ri 2 uomor.j. nut j irn.j rirvai 
s.r^.r 11 « PnlirT^ wl,n oerfs. Trilogy Day Sal 'sold out} RSC 

Strc-.L U.4S Police Woman. atJ0 #| WAREHOUSE isee under 

HTV Cymra/Walcs — Al HTV Ceneral Wj and ar Piccadilly Theaire in Peier 

Sf-n'Ice i-xccgt: UB-L25 p.m. Pcnawflan Nichols' PRIVATES ON PARADE. 
iWwYddian 9 Drdd. A5D MJri Maurr. ALMOST FRU. 485 6224 " Distant , 

4J64.45 L'n Tro. 6.DD4J5 V Dydd. 

HTV WEST— As HTV General Service 

Encounters" by. Brian W. Aldlss. Tum.- 
Sat. 1 15 p.m. Suns. 3 00 and 5.00 p.m. 
No show Mondays. 

\n nnr i Spollighl on Northern Ireland I0.W News. fM-pr l^g-ija p.m. Regon west Head ambassadors. oTbxETitT: 

■' r n"" " I*' BBL ‘ 1 CXLept al affair:;. IL40 News, and Weather 1050 The Mid-Week Match: u«*- 8-15-iiJO Report We»i. a ni5uw at a.oo. Mat. weds. 2 . 45 . 

v follow 1112 times.: — England v. Hungary. o<-« m n»y sa u._5,q and 8 oo. 

.for Northern Ireland. 



England — 5.55-650 p.m. Look 11.45 Night Gallery. m*— , , nri Roai i Rr. D orL~' 1 ’«l 

East (Norwich): Look North 1255 a.m. Close: Joan Scott women* - n'nir *” 320 Palm Aion-; tlaih 

(Leeds. Manchester. Newcastle): reads a poem by Ehzabe 

Midlands Today (Birmingham): Jenninss. 

Points West iBristol): South A |j jra Rccinns as Londt 
Today (Southampton): Spotlight except at the following times: — 
South West t Plymouth). 



The World- la mo bs Thriller 

Fri. and sat. at 5.45. 


Eyery Mon and Tues at 6.1 S pm. 
Alec MrGowen's 
qg*- V 7 - 3 ? Pm- all teats sold. 
Peer. June 1 j Opens June 14. j 


by Tt>M*?ToJ*P A^D^and* AN DWE^ rIeVIN ! 
Seati £4. £j £ Z , , 

"itTK?* 1 THEATRE. 928 2252 

. _ ANNIE 

Eygs. 7.30. Matt. Wed. and Sat. 2.45. 

reads a poem by Elizabeth u> Mr. und Mrs. 5JS Teaumc usJff'Sd wtaf ' m». “Cn«*. sSat'pricw" puviw mmuS 

Jennings. TalfS 5-JO CrossroadJ. LOO S^Hland EZ .00 to £4.40. Olnncr and Top Price) it”* P r e»s.) M« 

. n _ , Today SJO Wllktc on W'ater. 11.45 Late Scat £7.SO. i Shahespeare. 

All IBA Rem 'i ns as London call. ll-SO Pro-cdebniy Sno-rtcr. apol'lo " 01 - 437 ~^b 3 ~ T55 i 

WA REHOUSE. Donirar Theatre. CoRrt 
Garden. 836 6808. Royal Shakespeare 
Company. Today 2.30 and 8.00 John 
For ?' s I 715 PITV SHE1 * A VTHORE ISOM 

out\ Adv. Plrgs, Aldwvch. 

WESTMINSTER. 01-834 0283. 

“SHARPLY TOPIC4L.'* F. Times. 
E*9S- 7.45. Mat. WedV 3.0. SatS. 4.30. 

Pxindi. Seat Price? ftili 1 °°*n SjiT. A Mofi. 7 30 WHITEHALL ni.OKT 6603*7769. 

£2.00 to E4.M Dinner and Ton Price shM^sSiar* 0 MACBETH hv William E«.. 8.30 Frt. and sit Ml ‘ Voo. 

- — ■ - - LYTTELTON fpro%renJum u.nv T .~ Paul B *'tnond pnjsenrs the Sensational 

APOLLO. 01-437 2663. Evenings 8.00. .Thur. 3 and 7^4 5 *»' 1*5 Century 

Mats Thurs. 3 00. Sal 5.00 and 8.00 ' PLUNDER by Ben Tm'J£' 7 * S „ DEEP THROAT 

DONALD SINDEN I COT7Z5LOE f»n?aii .ilm.Urmmv. . Du ^ » o*en« naming public damind 

Actor, of the Year. E. Ttand. I Ton.o“a LOCTWORlSs^J J 2" Seasnn extended. ' 

“15 SUPERB" N.o.W Hair*. vyuruds bv Wilson John 

, , ' . ■ ettept .1 me luuunuijt unic.— CritrmrnlU wais inurs. jw. jai a.oo ana a. go i plunder by Ben Tr.nvV — 

West t Plymouth). SOUTHERN ^ donald sinden cornsLOE r*^,,? .Udirtr'ami:- Ton't A 

DDf “) aiytr-l Ta 1-28 p ' n ’ 1 Sonlhcni Nei*-s. 2.00 House- AC, " r i5 < sViperI*" n"o W 4nd ' H^2 r ‘ 3 LOST WoBLD S hv Wilson Joh^ 

L ANGLIA P»rIF- 3^0 Boney. 505 Betty Boon. SMUT YOUR EYES AND MaS e.rell.-iM. 

6.40-753 a.m. Open University. 1 25 p.m. \nmta n™. 2 .m Housepnnr. wj Da jJ I ' T ?r r B U m^ - wickedly 01 WffiWL. S« ’* cS^ r ^*V«a2rim*92a 

1055 Charhar. J 20 The Andv Wtllwnn Show. 5.15 Mr. J*™. ^^^,- BuU,n * wickedly funny. Ting. _ _ 2 033 . Credit card bftgs 328 7052 

1100 Plav Srhool fas BBC 1 Jnrt Mrs - S ' 0B Aho, » An ® l,a U-« Gran «J « a!n " Dl ™ Champlnnshlp. arts THEATRE- 01-856 2132 1^“^.. — r 

3 55 pS ) f Barf,ra - ««-•*»- Th. Bi« Quezon. TYNE TEES „ H1 ^jrasa?* “°y A J Vf 7 - p® 1 ,** — 

150-2.45 and 3.45-7.00 p.m. A TV « **£**.% 'WsSTy 

Cricket: The Prudential IJ( ,. n> atv 3 .a Beryl's ^nh | a “ Nm J5i5 "lSSiw^? 2M 7 ^ * nd 915 VmSulSZ «^r? 0 7 ^^.TYio 

Trophy: England V. Pakl- Lot. 3J0 The Sullivans. 5J5 JIT. and women Only. 3.» Stars on ICC. 5.1S ASTORIA THEATRE, charing X Rd. iwith 2-30 and 7.30 1 

Stan. Mrs. WO ATV Toilar. U.« CTlrc-in. Happy Days. 6.00 \ on hem Life. 11.45 t ? 9 1 • i 

■'15 SUPERB" N.O.W Hair-. jun.. 

S TH?NK 0 OF ENGLAND 0 Many „cel lent cheap w ,„ a „ 3 theatre, 

IWjCK E DL Y FU NNY“ Tim »■ Sfif ^U C &« P . ' 

ARTS THEATRE. 5Topp AR °1 j 8 - 6 1 1 3 “ [ OL D VIC. ' c*28 7616 

DIRTY LINEN 1 Ma * Direct train lhe Theatre 

•' Hilarious ._. see it " Sunday Times n.rlo Jean Cerreau'S 

7.00 Xews on 2 headlines. 

7.05 Mr. Smith's Flower Garden. 
750 iVewsday. 

S.I5 Bioscope Days. 

855 Landscapes of Enqland. 

9.00 Chelsea Flower Show. 

9.30 Play or lhe Week. 

10.45 Arena: Rock (The Tubes 
on Tour). 

1150 Late News on 2. 

Landscape. 12J5 a.m. Epilogue. 


tlJO p.m. Border \r-ws. 2.00 House- ULbltK 

party 1.28 Survival S.15 Mr. and lira. 1J0 p.m. Lunchtime. SJO Out or Town 
6.08 LuuRa round Wcdncsdar. U-45 Gibhf- 4.U L' Idler Mows Headlines. 5Jj Solo 

Twice Nightly 8.00 and 10.00. 
□oens Sundays 6-00 and B 00. 
PAUL RAYMOND -presents 


Takes ta unprecedented limit! ***»( H 
pcrmiyiibln on our Mage.'* E»8- New*. 
You ma» drink and smoke In the 

WYNDHAM'5. 01-836 M28. Credit Cart 

S** r * 51 -'“S* Totienham Cl Rd Mon.- 0 ? c 5* -ft*?,- "f CENT'S PARK. 4BE 2431 I f l 0S. 8 So 1071-2 from 8.30 

■ A 00 . ^ : rrl * M ***■ 6 00 ?o,^f , S5 UM c MER NIGHT'S DREAM Irgm! 8 - 30 R m. Mon -Thurs. 8. Frt. and Sal- 
and 8.45. Instant credl I card OOOk.rg. 7.45 Mats Wed.. Tliur. S.15 8.30. 

ELVIS JM Sjl 2.30 with RULA LEN5KA I AN 1 " 

• InlectioiK. apaealing. root-stomping and IfLy*.?!: ELIZABETH ESTENSEN David 
heart- thumping" Observer. • WESTON. HELEN WEIR/ ANTHONY 

ELY 15 I 5 MAHP. 


cille. ti235 a.m. Summary. On®. 6.BQ Uisior Television New a. ClD 5 - Dinner-Top Trrrz ZTT-— 

CrcmroarlS. 6.30 Repons. U.30 HorKS available ^ to a- a rice nclfeK 0r £* *0* t nn enln i? SJI' 

9.30 Play or ihc Week. CHANNEL ,n 0ur B,ow1 ' “* Bedamc ' “k'SS'E Spf K»" ®”o Sm oen 1 ^?, "bSook^VayISS. “'S'ra^m 0 * ! '' ” augh^er ■■ S G^roi.”‘ ' " 

tfl.45 Arena: Rock (The Tubes u. p.m. »« «. WF^TWARD e^L.^^d^r^Iw^ — 

1150 Late News on 2. §M Charnel Kevi. £ut CiRaway. U*28 12.ZT p.m. Cus Hoaey bun's Birthdays “ M b"o DG fV"sji 6 “ S 4s «°d' 8 , 30 Thur *' have G S iED^sL "Vould 

1150 Cricket The Prudential Omme\ Late Now*, u.45 In Concert: i. M Westward News Headlines. 3.2S ° ip« to4bi DELIGHT." e. Stand* r inWAF.S CINEMAS 

llJU T^wlfw'- BiIb0 BaaKins - U-« a-m. Kewp and Friends or Man— Animals of New York Editing Black African Musical CONTINUOUS LAUGHTER ■■ Tlni L « R OlJS Aar , . , w .v. al6 

Trophy. England Pakl- Weather In FTench. followed hr Epilogue. Cltr 6.00 Wcsrward Diary. 1028 West- ^ h * 6 |rl * f rD .?'i u,l re! blr * ,nd . limes. ABC 1 A a SHAFTESBURY AV*. * so 

Stan (highlights). _ ward Lam News. 1145 In Concert— ^‘iRD^GREnT^EAR .12SL VSS' c «^« «■« •*»■ 1*WE WODBY^ aS«L S |« »■ * 

12.00-12.10 a-m. Closedown: HRAMPFAIV Bilbo BagElns. 12.IS ILm. Fallh lor Life. Dinner J nd t 0 p.wc. ,«l £B.T5 Inci. ?v^. 8 7 Lt. ™i , i b jlT. - Sun_ 2on°s D , B o Y R ria« 2 d*«_. 

Mcrvyn Levy talks about SJ3 am. F.rar Th.n^ 1J9 o-m. vni ,., cumr dSicHESreRT " " “ 024r“^i2 AN f i oo SWE s E . ,1 o CY 6^o ,AA3 - ^ 

‘•Ornheus" hv Gustave Grampian News Hca.llmes. JJO Paint YORkSHfRE Tonight May 24.. 26 wd 27 at 7 00 AN outrageous adult comedy — 

Mon. -Thun, and Frl. 6.00 Dm. perl, only I 


VERY FUNNY." Evening New* 
Mary O'M .Key's smash-hit Comedy 

Supreme cemedv on sea and renglw- 
Daily . Telegraph. 

LAUGHTER." Guardian 

E -citing Black African Musical 
""The girls am beautiful bare and 
bouncing." S. Mlirpr. 


P B3G A 1 , 371 ,1 3 t*™ 7 4 » 5 95 Cr «dii carp bkgs. 
’I 7 !!? ^Pl 8 JO a.m. -8 30 a.m. 


A "C 1 A 2 SHAFTESBURY *«.„•“ 
SdP; Ports. ALL SIAT5 8f® L *' 

“ Orpheus 1 



Gustave Grampian News Heaillines. 3-20 Paint YORKSHIRE 

Along with Nancy. 3.58 Survival. 6 0S 1.28 P.m. Calendar News. 3J8 The 
Grampian Today. SJ5 Police NMnwu. Runaways. 515 Ur. and Mrs. 6.00 
11.45 Reflecllnns. U.50 Mavis— WanUns TuTendar (Emlcy Moor and Belmont 

950 a.m. Schools Programmes, \igin Headlines 

10 Know. 12.20 Am. Grampian Laic editions >. 11.45 Dans: The Bullm's I comEOyT 

May ZS at 2 00. 

May ZS at 7.00. May 27 at 3.00- 

Grand Masters Championship. 

0. " ‘ PRIVATei e o« , S*‘U- M j CAMDEN PLAZA Cope Cinxtrtl Tow" 

Pk_ ... 

01-930 257B. RSC al » at Me Alrfwych and Warehouse ; CLASSIC 1. 2. 3. 4. Oxford S'- ;9fS' 
»*t- S-30. 6.30 Theatres | TgitenH^m Court Rd tabe> 636 

M BOSS 5 Object m prnfessionui channel R a DfO 1 

1 U.-i.- -nek :»> iHTMijik* frui.ilo shnwin-j n -»ii 1 1 t:t. 7» | 

to cuml'ini.' i-l. Si 6 BjrJ Ivjtlnig ni;in over pole 

ID ii'U in fniiii'e for ^ 1 

inrimiCL' 1 7 1 " Kick up a >hindy when one i> 

(S) Stereophonic broadcast 

247m Kpw*- MS, V6or Midweek Choice pari 5 3.B5 A fir moon Theatre iji. 3J0 Choral 
■ S'. SJO Nr-w*. 4.05 This Week's Com- Evensong a. 36 Story Time 5.00 PM 

11 Snmewhul Pirnl In put 

ouNule chi’-it 1 7 1 

12 Word isnvn l" lunilor slarlor 
after run ini 

t." Mi'iii'ier of the unfair sux IS) 

7 Kick up a .shindy when one is 
pul in duly lisi (7 1 

8 Award lu.nie during st.iic trial 
rs. s i 

9 Shari- fur Twickenham's backs | 


1. Bertolucci's 1900 Part 1 'XJ. Fm®*- 
2.1 S. 5 IS 3 IS .. 

« June ! ?■ Final D.tuI Jpftn Thaw. B*?}' 
5.30 and: Waterman SWEENEY 2 


l 2 00 . 4.S5. 7 55 

I 3- Final "bav* Henry Winkler j**®? 

0 8681. I f A A). Prcas IIS. 3 40. 6.05. J.” 

■ ' , ,r p„,T;, uiijM r. 1 1977 Bar1 1 ,S> ■ i3S 10 - M Th, -‘ World Tonlaht. 10J0 Frank- 

P 1 S ■ ^“G- 2 - 02 * v ’ InUTTBl Readfnir. 2.40 Bath Fesriral 11T7. Mmr Goes Inin . . . Tel.-vKinn 11_00 

0 - , , , , . 5 11 ” 2 f«r Bassoon <S> 4.25 A Rnijk ar B.-dnme IMS TTn- Financial 

VHF Radios 1 End 2-SJO With RuildmE a Library -S-. tS.45 Home- World Tonight. 11J0 Today in Parlia 

IS Sli'liiucr «.'f the Unfair SUX IS) t«jfi R-<-li(i incfndmc 1.55 P.m. Ilftod Llitrti- tt'ard Round. 11.05 News. J4J6 Home- men; 12.M News. 

15 What inn i nr trade nu.ssinnurv 14 Mun.-inn i»fT*? rinf; line nn Torni 7.33 Liwen ib the Band 'Sj- ward Bound « coni mued.. tfcjo Lifelines- 

,,, • r-Vli « .. 1 “^ ‘ (fi 4) S« rnprini Se.-rnude 4.02 The Rob l.arcyace and Gunnmnlcaiion 7 JO BBC RRf P a| 0| n T« n rf nn 

C'UtClLU .0 du l.i. 1 » ■ . Hop- Siory. pan 2. 9.55 Sports D"yt>‘. Norihcrn Symphony rircheaira part I: *»aulO I^OnuOtl 

16 Par! of Middle East ihc Pro- 1* Ufimiimnicaiifin fnclnstn? with Radio 1 . UM-2M a.m. With wpfcr. Tchantavyhy t s« L» Tt?e Aris ‘J06m anrt04.9\'HF 

CRITERION. Credit Cards. 930 3216. 
Even cc? 8.0. SJU. 5.30 8 30. Thur 3.0 
"VERY FUNNY ' Sun. Tel. 
IRURY LANE. 01-836 BIOS. Ev«r r 
night 8 00. Marine? Wed and Sat. 3 00. 

Evenings 8.00. Thur. 3 00. Sa(. S-30. 8.30 Theatre! | Tgtt C nh -m r our , R{1 tabr i fi36 0319- 

MOIRA LISTER TONY BRITTON. I : 1. Bertbluce7-j 1900 part S .XJ. PUN*- 

Margaret COURTENAY Dermal WALSH P«|NCe EOWARO. CC. 01-930 B68t I 2.15. SIS j” 

THE HIT COMEDV THPILLER ’ 01-437 6877. Red. price S. F.nal D avl Jahn Thaw. BMff 

MURDER AMONG FRIENDS I '2. 1 3 »nU 20 ROO ju..t 17. 5.30 and Waterman SWEENEY 2 

"Blackmail, armed robbery, double bluff! 8.30. Onens June 21 i CHARIOTS OF THE GODS CU). Pr*«*- 

and murder" Times “A good deal gf I EVITA ; 2 00. 4.R« »« 1 ^ 

f un." E vening Newt. ' PR , NCE « w .,'.— — — — i 3- F.tial Day* Henry Winkler 

CRITERION. Credit Cards. 930 3216. "Monday^o^nfiav 'af°fl“n 3 ™ B681 ' i A ^Ln*r rc ? t 

Even-res 8.0. Sats. 5.30 8 30. Thur 3.0. Saturdays at S In JL. VlT' 2-^l pr, r 0, , , i: c, 2 1500 p>rt 2 *** 

NOW. IN ITS SECOND YEAR! LQNOON »Nr) BRDanwas-i 2 30 5 2 «- S-’S. _ 

>n S SIX OF 1 ONE C0 .^°^. MUS |c Al. D H|f 1 5 C yj-=QN Cur: jn' Street, W I. 439 3TW 

-•VERY * FUNNY' - <!u5 Tel H'l^R'OUS ' Sun .PARDON MON AFFAIRE >K1 I%7 

SECOND HILARIOUS YEAR .. ASK WITH “lO "S' ' *.|S* lS,|°Wk?‘ S ’ “ L— - 

IRURY LANE. 01-836 BIOS. Ewery ALL JUST GOOO CLEAN FUN." Le7cE5T£r1ou a'he'tMF ATkFTsJO S25 2 ' 

n„h,8 00. A M4rinee u Wed N andSat.3a 0 . CREDIT 930 OBJS [ 

" %ag-s jTaj- 

DUCHESS- B3S 8243. Mgn. tg Thurs ANTHONY QUAYLE I Pl *« “ and Opegn Keniingtan fr»" 

U' j 

Half W ' 


_2 allv E-t'resi. 

vieionuis question (4» uppvr-class house and land <S> j na<1, 9 - 

18 An old railway charily t4) ™ Mother nf sound belonging to | D K n 

20 Sm.ill Sussex town gains secret fnciclv t7) 

viewin' over big League club Shrut' in gray's been replanted 

22 Unusualiv dry assci an which Doctor one will bore (5) 
one doesn'l work (4, 4i 2a Fool caught by chance (4) 

24 Odds on post being a mackerel Solution to Puzzle No. 3,674 

24 Odds on posi being a mackerel 
catcher i5i 

26 First light on students' union 
backing salary increase (.7) 

27 Novice gives pound to bread- 
winner (7) 

2B Invitation tn drink at 
advneate's official launching 
(4, 2. 3. 3 1 


it j, c ft in the lurch and dropped 
“ (3. 4» 

7 Parliamentarian* nnr back and 
pre.'idinc over 2s \Si 
4 Love writer to start 14) 


OJA 0 0 51 G 
o h ean 

fasna qeh^seebee 
SL! i,-EL B s Q . c 


@ H^Q E Cl G 

• B-- B 13 - 0 22 a 
&JSLJ 3 n a a b e 
□ 0 : -a a -Q • ej- m ' h 
gHsssET;? sgnaas 

Radig 1 Worldindr 9.40 RBC Xnrthern SO Durt 2 5-00 i.m. A* Radio 2. 6.30 Ruih Hour 

Sibelius »S>. 9.35 Uw, DiSrrcnoti ahd '-M London Live. 22.03 p.m. Call In 

RADIO 7 1.500m and VHF ■*'* Comrol of Buruancracy 'fall: h> 2.03 -jus Showt-a^. 4JJ3 j|omr- Run. 6.10 

tummani cio R..- J, ‘ nm jf n ’- ’-55 MUfilC from India Look. Sinp, Llcttn. 7J0 Black Londoatrs 
u Jr,. riri,^ U p«?iV y «hu»J inphM ' S ‘' U '® Elisabeth Benpirr in mn- 2J0 in OonwrL 10.03 Lalt- Nichi London 

c Sh ^t > '% e !± w«» Msriln Emiln rS>. U.3S 12.00 as Radio C 12.(6 a.m. Qu.-^km 

.J ^ludinn 057 rm RuilJS S&s> Scbuhon T|nw from .ho Hou*e of Gummonv 1.05 

an 3 8.45 Pau«* Tor Thnnsht. 18.82 Jimmy ' - ,ow ' AS Ka0, ° -■ 

Vniinp is,, inrludins 11.02 and 12.82 p.m. , only— 8.B8-7.00 Am.. 5.dS- t „ , _ _ 

Crickot— Ths Prcdpniial Tronhy: Enel and jJo and 1L05 p.m.-lZAS a.m. Open UOnUOIl BrOSuCSStin? 
v P.iktuaii iR-mtisi. LU5 p.m. was- unlrprsltr. oci m « ,mv 

u oncra' Walk. 12 JO Pen? Murray's Open _ eim I? 1 an “9i-3 VHF 

'Hr Evoi 8.00 Fn 5>t S 15 


"Tfie Nudity l« stunn.fiB," Daily Td. 
am Sensational Tear. 

LIKE OF YORK'S 01-836 Si 22 

Evqs. 8. Mat. Wed.. Sat. at 3 00 | 

In Julian Mitchell's 

' Brilliantly witty ... no one should 
"iss it." Harold Hotnon iDramal Instant 

ANTHONY QUAYLE I 10 Pl * u 4 and Od^gii Kenvington h’d"' 

FAITH BROOK MICHAEL A'.QRIOGE f ridav. 26tn Maw. _ — 

ALAN^ENNETT^ ODEDN. Havnw.ketT (930 27S8'277‘1 

BE sWvW r y v E 4r P SiyfT! - jJMTJSiJs 

Ol4^d^/^F^°D^;L l LVAMS^ I ?t°^rat 5 , e. 6 °° 3 ° a °° 4a ' al ‘ ' ^ 

* AV A? t v rf ? REVUEBAR CC. 01-734 1S9 s! 0 “°N. LeTeaKw Sauarr i930 6^-’ 
A * 7 »»Th ®o5 l 2.*l? nn Worn Sun.* CLOSE ENCOUNTER5 OF THE THW» 
R A UL RAYMOND presents I KIND tAj, Sea mss. Dly- 

™E festival OF ids. 4.15. 745 L»»e maw Fri * 

-i, . i.ffOT'CA.. I S*t- Deors arrn 1115 pm. AH s** B 

RAUL RAYMOND pr-^flnt, 

the Festival of 

trodlt card rewraarions. Dinner and Fu*lr Alr-tontJIUohed, Ypu may drink m»V he BookSd? 

Home 'S'. Including LQ2 Crlcfcrl (lunch- RADIO 4 
Time report' and 1.45 Sport* Desk. 2-30 ' Y,, 

261m and 97.3 VBF top- pr ice-seat £7.00 . and intake fr 

5JW a.m. Morninc Music a.00 A M ■ FORTUNE. 83fi 2238. Eves. 8.00. Thur. 3. tu«7t^T 

nan-sfnn news Sat. 5 on and 8 00 REGS NT THEATRE, 

’rid rwimeT*' lD^Rrtpn' ” wl * t W on Muriel Pavlow as MISS MARPLE In 
M n 8 ' 00 Br 2 an Hires Show. AGATHA CHRISTIE’S ElN4nl. good num 

w P.m. L.B1.. Reports. 3.00 Gcorae Gain's MURDER AT THE VICARAGE „ TMI 

0 duck Call. 4.00 LHC Rcwirfs ran. Thlr «I CraFl v e*r , - * ni >« 

and intake | n the auditorium. 

DO EON. Martalr Arch. (723 SOlI™ 1 

1 mv.. o.aa aponi >««». up to me Hour icgntmucdi UHiAtn , „ S.'" f-™ 

Desk. i.62 Sine SomerhinB Simple f$i. 8.00 News. SJO Today. US Ycstcnlav L0M ' 00 a " m - w *bl EbItj with Alan Kins 
TJO Swm UmE TJ3 3 port on ! in ParliameiiL 4.00 News. 9.0S Tht n j- 

2s? 1 , '’it wfLTSSTa r - ca,, ',.J?^ J' ra "■» nappinem is . . ! '-apifaJ Radio 

1 1" ^o*. io.m ig4m and « - 

GARRICK THEATRE. 01-838 4601 
E»ns. 8.0. Mat. Wed. 3 0. Sat. 5 30 8.30 

luwni mcATKe. 637 gnr.'i 1 "* > CB bfuub- 

Men Thur*. 8.30. Frl. 6 00 and B Ss’ l K' ‘‘ i 5 ' R ' ,S ' *“ ** m WWe - 
Elegant, good humoured engagihg" Gdn! ^ 30 aert Mtin.-sat. 

. The club prince Charles. l«ac. so. *37 bi4*- 

' ClUStk Sort rlmS*-': Ti-.-, ?* 0i[ e, ’ t, Mav 2J s»v« rT awaV «* 

- Sep. Pert* Dly. ilns. Sun 1 2 18. I 

1 8 40 Seats B tr ole. Lle'd Bar From M?’ 

VAL COURT. _ 73D 17e 5 I SCENE 1, Lr,r Sn .Wantpur Sl-V_,AJe 

Thank, f or the Memory. Oaily Surrlcr. 10.45 Monunit Siory 
21.0? Brian Maf’hnw 1-iinuin-«n da«j linn n he * - v ' 

,n TJr A £Sk?fco«.L^ S "OYAL COURT 730 i 7 c B . SCEME 1. rv^aurSl.V^j*^ 

194m and 93 .R*.Hf ull.a^E excel- ft 7 * 0 ' al^ 5 v 

rn Di.-nr X Breakfaiu » E i 4 i'-T l aE$L E *ii£r , 2i DUl:TION ' " D T * L b¥ s ”°° Wilton WdHH Prrmlere. ! ABOUT 'EX I Xt. 2,50. 8 00 *•* 

rim Rlfij iS>. 12 00 '*** ■ " B rlllldnt c °mic Hritino " tTAm. I BANANAS .A At 1 15 4 25. M?.- — 

Mother. 3-00 News. Nlsht FUahi 'is>. 

ALAN B WcK“o U KTrE '? BILL^Y ’’d'a'n I E LS** n ' ' | J ». 4. Wnr^tv ‘Oil* Ke.f^ 

n>CKBOUBHS New Comedy BUBBLING BROWN SUGAR g>'uhfe BUI. SLEEPER lA>. :.2,5- f ig 

maker R-fiS «. ! 

INV •’" e ' ltbla Sunday ffiSi. SBCtU ' ^ J i Sen!* 



: m 


y n 1 

V ": 

A ■» 

Financial Times Wednesday May 24 1978. 



Unanticipated pleasures 


It bas been one of those weeks 
when the most pleasurably 
anticipated programmes have 
. failed to come up to expecta- 
tions. and the real treats have 
come from obscure bits and 
pieces which the broadcasters 
have done their best to hide, or 
nt any rale from the places you 
would least expect. 

Lust Wednesday evening, for 
instance, with BBC1 offering a 
repeal of a Dicft Emery Shorn 
and a programme about the 
deeply boring Andrew Young, 
and ITv tendering News At 10 
ami yet another game of foot- 
ball tor “ kickball " as Maisie in 
the Perisber* insists on calling 
it to distinguish it from “ bit- 
ball”) in a season that bas 
already gone on. too long though 
i am assured it has scarcely 
even started, one settled with 
relief on BBC2 and its promise 
to give us the Play Of The Week. 

After ail. the BBC bas a high 
reputation In drama so it seems 
quite reasonable to expect some- 
thing rather special from a pro- 
duction described in big letters 
as the Plop Of The Week. How- 
ever. the actual title in much 
smaller letters — lee Age” — 
offered a far more accurate 
Ruide to what we were in for: 
something very long, cold, and 

Starting with the longest and 
silliest piece of slage “business" 
in the history of TV drama, with 
an old ludy trying to hang up a 
flag and claiming to be stranded 
on her chair, it moved on — at a 
speed that would make under- 
wnier Ibsen look brisk — to deal 
with its main subjects of an old 
quisling, a young partisan, and 
the problems of guilt, responsi- 
bility. and age. 

There were moments when it 
was possible to admire Anthony 
Quayie's wilful old man, mixing 
The characteristics of child and 
sage; and ttecasional lines sug- 
gested insight. For instance the 
“Id man's wile, Vera, says (I 
quote from memory) “As a 
young yivl you move into ' the 
country to please your husband, 
and you find yourself running 
across the meadows barefoot, 
and you think it is just one of 
your husband's whims — and then 
you find it was your whole life.” 
ami there was great poignancy 
in the moment. But two or three 
isnhiied moments do not make 
* two-hour drama. 

It seems that this play has 
pTontU been a big success for 
'I s ‘“Titian author. Tankred 
in his homeland, and nf 
course it is right that the BBC 
>h«»utd always t>e on the alert 
f«»r new talent whenever it ap- 
tvsirs in the world of drama. 
Vet ti was pretty clear from this 
British premiere that while the 

Old Vic 

Les Parents Terribles 

by B. A. YOUNG 

jJ®? m !sbt appeal to a German respect say that their television although his pictures can. or sought to blur tbe issue, 

audience (assuming you could has suffered traditionally from obviously, be shown on tele- Norman St. John Stcvas’s argu- 

nna one pal was backward look- feelings of inferiority induced vision, their complete lack of meats about compelling schools 
ing and intense enough ) it was partly hy the quality of the motion seems odd after all the to teach Christianity were left 

fire 5 " e ^ t0 e Mantes British product and y* a f£ we have spent since The in tatters. i Title* i known in English bv tbe ucvt;r amiwcu tu veer miu au> jcocmuuu. w»i, uiumnea ana 

v * «r „ „ . partly from the quantity of the Lintip Desert watching movie in -the opening episode of theJ Tl<, ' e, ‘ kn °wo in hn^iiso oy tne , *u at • strictlv grey he carries off his omharr'K- 

noT e I dead* k?ss y Tbe mSmen? rKTL Ara ^ JCa ? pro * UQl ' J" 1 ® f n a T a . ls ! n c ‘ rjse U P' second series of Rosie the enpay-- punning title Intimate Relations ) T he boU ?d a rik sins situation with ‘coSfidJnce. 

Itrh Lji *“”■ ?v,.T 0ir i , But lon 2 * s Canada cud turn doubt Dalton s books are shin- ment came front the recollection is material for a conventional actually go beyond a mere sus- his voice now a boars growl cap- 

at ice Age came to the end or out films such as Baptising, feel- niog- that this was not just another i boulevard drama. The family of pieion of incest, for the contest able of grea 

frozen waste on lings Of inferiority are mis- The second drawback was that half-hour sitcom but - - 

One factor apart, the story the neat artificiality nf an opera Jean Marais. Michel in the first 
of Cocteau's Les Parents Ter- libretto, and the dialogue is production, has iTuivod up a 
,bnn„.o pnr-iich h v thp never allowed lo veer into any generation. Vast, dignified and 


great authority. His 

ona drawback was that half-bour sitcom but a series | young Ifichel are appalled when nf mother and girl for Michel son (Pierre Malcti is ultra- 

nobjdy cUiu.e^U.I, ™ m o« like’ it’ ^“xfidS ESn | *•■>«*• -£ Spemion ^ JBSSS 

Baptising started on ITV. True, placed. If CBC Is harbouring any Dalton 

of the™*. in fact it was hidden would do /us ' ihe"7avou7Tf SSff olHK «»l,TrbS^ which charac^ri^ ffSE Last home without telling them where ^ for a young his excitement "and emb^.n; 

^ us ij a ' ,ou *ivf s e,re ? tlve, y as importing them, shutters. So the programme told of the Summer M’jtk- and Peter he is. (He is 22, but very much J,, ani a patter probably as com- this particular terrible parent 

could possthly be: it was trans- Another programme which us everything we wanted to Tinniswood's 1 Didn't Know You a mother's boy.) Without much mon j n t h e world of Cocteau as with enough intimacy to confirm 

promise something know about the problems he has Cored. “I*m going to take you trouble, they learn that be was in the world of Lytton Strachey. the worst suspicions. It would do 

with a girl, and they react sen- What keeps the play valid is him a lot of good to marry quiet. 

mitted only in the London area, seemed 
did not start until nearly mid- 
night. and received from TV 
Times a billing measuring less 
than one single -column -inch 
which omitted to give tbe name 
of the director, producer, 
cameraman, writer, or any nf 
the cast, and even failed to indi- 
cate that this 50-minute filmed 
drama was made hy the - _/ • 

Canadian Broadcasting Company. . > 

More absurd still, it was 
announced under the main head- 
ing “ Fireside Theatre ” as 
though it were pan of a regular 
cosy winter series when in fact 
it was a summary outdoor pro- 
duction, standing entirely on its 
own in tbe slot normally filled 
by Night Gallery (which, cod- 
horror fans will be glad to find, 
is back tonight). 

Anyone who managed by 
design or inertia to see the pro- 
gramme despite all those diffi- 
culties— even coming in long 
after the start as T did — was 
afforded a rare treat: a film 
about adolescence which was 
□either cloying nor callow yet 
which managed to capture the 
mixture of aching “splendour in 
the grass” and crazy hilarity 
which can so totally possess 
youthful lovers. 

Writing and acting successful 
convincing drama about the 
quality of being a teenager is 
extraordinarily difficult because 
it can be foreseen that every 
single member of the audience 

will bring to it a high level of rather special was BBC 2's World had to overcome — except 
critical expertise. We have all About Us on the work of specia- answers. 

siblv. Dressed in their best, tfaev the richness of the acting composed Madeleine (Anne 
rpay a call on the gir) to assess material. The dialogue is Ludovick). whose salon is lined 
j her character. Leo. the helpful written with continued passion, with shelves bearing richly 
aunt, is enchanted; Yvonne, the and if sometimes we feel that, bound sets of volumes. "Tu as lu 
neurotic mother, is satisfied: but like Omar, we hear only ‘great les classiquesV Micbei asks her 
Georges, the respectable father, argument about it and about" lightly, and Tram the tidiness of 
finds that his son is courting bis at least the argument is colour- those shelves he had reason for 
own mistress. Madeleine. ful and dramatic. Lila Kedrova's his doubt. He does a spectacular 

The missing factor is what Yvonne, shifting from tears lo faint when he is- reunited with 
! caused the scandal when the play her familiar hoarse laugh and her in tbe last act. 
first appeared in 193S. I said back again in a flash, is frighten- Jean Marais himself is the 
that Michel was a mother's boy. ingly convincing — so much so director. His problem is to keep 
i Cocteau has so emphasised this that it seems odd that no one ihc semblance of action during 
relationship that it could easily does more so save her when she long static conversations, and he 
be. and indeed was. interpreted finally poisons herself, as they solves this well enough by mak- 
as incestuous. The triangle situa- must have known she would, ins the characters walk about 
tion does noi conrern Madeleine. Her dumpy figure ?n its red the rooms. 

Michel and Georges so much as dressing-gown by Nina Ricci It’s for the acting I rcrom- 
Madeleine, Michel and Yvonne, cuntrasls tellingly with the mend a The fire in the play 
Within these enlarged boun- guardsman figure of France bas been dimmed by the permis- 
daries. the play is still hasically Delahalle's sensible Leo, also sive ambience uf our <ia>. hut the 
a boulevard piece. The plot has well played. player* are n»t to be missed. 

Elizabeth Hall 

Musica Reservata 

Jennifer Munro and Michael McVarish in * The Baptising 

Commend ably, Musica Reser- during tbe decade or more that rumbustious pustprandial atmo- 
vata have never sought to make his invaluable group has been sphere in the jollier numbers 
(heir concerts of early music performing, his personnel have was ill served hy the barren 
superficially attractive by changed. It was a pleasure to waste-land of a half-empty 
deploying vast numbers of bear, in addition to the reliably Elizabeth Hall stage. But Jos- 
medieval and renaissance instru- characterised sounds of Jantina quin's Du mc:u mumti ic deport 
ments on the stage, and by Moorman land the less reliable ut (be start of the second half 
“orchestrating'' the aecompani- ones of Edgar Fleet* two young immediately raised the music- 
the home, stuff you full of calories. I ment to their vocal numbers singers whose approach to the making on to a new level: the 

- .TM 

and then we can lake a quick 

been teenagers. On the other list photographer Stephen Dal- Still, tbe mild disappoinf men ts look round mv new black bra 
hand very few nf us have been ton called “Secrets on the caused by “Secrets On The Pc Pehrose wa* told by the 
(say) Nazi sympathising nona- Wing." After seeing the astonish- Wing ” and BBC2's “story in drooling Gillian as she leaned 
genarian Norwegian Nobel prize ‘og close-up action shot of a melody-rock." Cuniculce Cur- out of Daddv's Jag 

Witch moth on the cover rini/o on the following night But roost’ welcome, because 
\et Baptising rang with real of Radio Times it seemed fair which was never quite bold roost unexpected of ail was the 
experience and with a startling enough to expect a programme enough to leap right into the sanitv of Iasi week's Man Alive 

with multicoloured effects or strong, straight, farward-pro- basic folky dessiair of the slower 

flourishes of added percussion, jected Reservata noise is less villancieos was transformed into 
They took restraint of instru- didactic and less inflexible than the immensely sophisticated 
mentation to the opposite that of the founder-members, heart-searching of Jo-squin, 
extreme on Monday, when they The alto Margaret Pbilpot pul “incessantly delivered to grief.” 
presented a programme con- across the light rhythmic subtle- as one chanson put it. It was 
irasting the rillanriros of 15th- ties Df tbe Spanish Tres morillas regrettable that rehearsal time 
century Spain with the content- without a bint of heaviness: and seemed to bare run out as the 

honesty in the description of something like the classic fantasy it seemed to be striving Report in which content had atiporary work of Josquin des Ihe bass Richard Wistreich last and greatest items in the 

that experience; it had about it Mriteinp of a Naluro! History for ( the fantasy of 'the same last returned . to being more I Pres.* Not so much as a solitary joined her in one of Josquin's concert approached; both Phis 
(he sort of truth. that we seem rifm. In the event it was some- channel's Through The Looking important than form. In this! drum beat accoinpanit 

to get in our own television thing like — hut not enough. 

„ , accompanied the sublime canonic chansons. Par - nttlz regret 2 and Cncnrs rlesolez 

Glass series for instance) were salutary investigation bv repor-j familiar, bouncing strains of Ions regreU. with a sonorous, were underplayed. Elsewhere 

* L ' ' ~ ' ... . B ^. rt 


Though it had quite to say of course, be shown on tele- On Cross Question *thc plea- the participants did not squat on above them provided the back- range. instrumental group were allowed 

' * d: we were able to concen- The ascetic nature of Mr. Mor- a f ew groups of vocal transcrip- 

instead on the distinctive row's programming demanded a ,iwns * played with crispness but 

Q . - - — — — „ ..... - sounds of the consort. high degree of concentration nor much so mi t— somewhat too 

Baptising was not itself con- fact the essence of his art is to beaded enough to pounce, on a bar in the studio. Wiib television 1 Though Michael Morrow's from the audience — somewhat reserved for Reservata. 
cerned with preaching., freeze the fast moving insect in politician every time he evaded you never know what to expect i approach lo this vocal sound has unfairly so, 1 felt, in the Spanish 

Canadians whose, views I a moment of flight — and the question, shifted his ground, next: welcome back .1/nn Alive . ! not been significantly modified half of the concert, where the NICHOLAS KENYON 

drama only when someone is The main difference was that more than compensated by tbe ter Michael Dean and producer [Posse el agoa Qr Rodrigo Mar. rich voice that was always a bso- though, conductor John ByH 

preaching to us about the home- whereas Oxford Scientific Films delighti; of Cross Rosie Julian Cooper of Britain's scorn- j fmes. Instead, only viols or lutely plumb in the centre of the shaped Josquin's impeccahii 

less or the mentally disturbed, make moving films which can. and The Man A live Report ful attitude towards engineers rebecs with a soft wooden flute note — a rarity indeed in this vocal line-i with sensitivity. Tht 
Though it had quite a lot to say of course, he shown od tele- On Cross Question the plea- the participants did not squat on above tl 
ahout religion (as picked up on vision (remember the stickle- sure was in the discovery, at last, poles, the confusing half dozen • ground: 
the rebound by the hoy who had hack in the pikes mouth?) of a man (Nicolas Walter! tough presenters had been reduced to irate ini 

been in trouble with- the lawi Stephen Dalton makes stills— -in enough, fast enough, and clear one, and there was not a single i vocal so 

Hnnl tCinft \cnc not nr.n I-jM tVin acconnn nf V ir -1*4- in 4 a 1 1. 1 _ 1 j- «iri. «_ ■ • ti-i 

Half Moon 

We Can’t Pay?— We Won’t Pay! 

Left-wing farce fs an unknown 
commodity in this country %nd it 
i< refreshing to find ihc Half 
Moon irmporarily breaking 
Inure from recent po-faced agu- 
1 'i'in tradition and falling wilh 
L-u.-m mi tin? work of Dario Fo. 
tin* Italian comic aiul writer 
wlm rmi'i n political collective 
in Milan. Po-faced agitprop, in 
this instil nee. features mo 
in . 1 rrn*d couples with mounting 
debts and a burgeoning commit- 
men! lu direct illegal action as 
a method of combating rising 
prices and. since the country is 
lti'ty. any amount of Papal bull. 

The religious iconoclasm of 
the piece is less effective in 
translation, but Ihc theatrical 
imagery is clear enough. Two 
housewives, one active, one com- 
pliant. fend off the inquisition 
ni lui >tiamls and police by stuff- 

This bind of delightful sur- 
realism typifies the writing and 
it is a quality fully realised in 
ihe exuberant playing of a top- 
class company. The female duo 
nf Frances de la Tour and Patti 
Love play their scenes to the 
hilt. Miss de la Tour domi- 
nating proceedings with her 
exaggerated Cockney whine and 
inimitable talent as a limber 

“Has my wife been seeing the 
Pope? ” asks the confused Luigi 

(Dennis Lawson) at one point, 
trying- to reconcile a brief 
matilal bistory with Miss Love's 
inflated condition, in the second 
half. ‘Luigi and Giovanni (Chris- 
topher Malcolm) smuggle some 
flour o^gs back to base before 
waking tip to the failure of the 
Party ! 0 \ assist in their grass 
roois struggle. 

There are some magnificent 
set-pieces involving slammed 
doors and a multi-faceted figure 
of authority (Matthew Robert- 

son) (hat demand enmmedia 
dell'am skills of execution. The 
company manage as best they 
can. but seitle. sensibly, for a 
precise style of English farce 
playing that relies on speed of 
reaction rather than physical 
pyrotechnics. Especially memor- 
able is the quiet exit of Grandpa 
(Mr. Robertson again) from a 
scene of frantic recrimination 
momentarily frozen for a group 
expression of familial decorum. 


mu groceries up their jumpers 


:i!ul feigning pregnancy. The 
farce progresses with irresistible 
chop iugic. well-planned 
grenades tossed uff in the direc- 
tion nf the Church, the police, 
the mythology of childbirth 
:.!■-( the Onmiiunixt Party. Bind- 
ing u all together is a firmly 
1 •'■in Wished domestic milieu in 
v. Im-h hills imisf be paid and. if 
rii i-d be. coup concocted from 
in 1 Met ami dog food. 

• Iruns-latimi is by Lino 
IVitile and in turn, bas 
adapted by Bill Oolvill and 
•tin-cier Hubert Walker. Their 
.■(ipruaeh is flexible, at once con- 
ti: in 1 iig the Milanese background 
mil allowing (or jokey refer- 
, |,« - News At Ten.” .1115 

tin* V\T 111 -pec! or. Every- 
plight, even the weather, 
in. iv be til allied on the Govern- 
lu.-jii. Bui the real culprit is 

tie- wuh his intractable 

-i..i,cc ..n tin; 11 -e of coniracep- 
i.i.ii Tbk is why the women 
iq.i-.v Up (.1 ail l proportions 
1,1 Hu- bi-wrldermeni of their 
. ;’nii:-i.-<. even i f the womb con- 
tiini' only .1 few pounds of mixed 
Ml. id for the evening meal. 

Christopher Malcolm and Frances de la Tour 

Festival Hall 

Symphonica of London 


The cream of the London 
i,rchtf f tra* and chamber groups 
1 icon skimmed to provide tbe 
MM-cmnel of the Symphonica of 
l pinion, which, before Mondays 
South Bank dcbul bob- 

,-,-n was exclusively an 
„r tuMrj of the recording 
--till Ini.'- H* fire* public appear. 
'ibk pm ter m musical director 
V'. Mi.rri.-. occasioned an un- 
..a lovable concert, un- 
l l“‘!ii..n- 'm many details. 
v-XV, m proqraniine. at the 
k-;,'* a display of rich, en- 
:huM.i-tic. and glowing orenes* 

is., 1 'iijiMritifs. . .. 

T util of fare was Mahler s 
V, ; h S> in phony— frequently 

a hy I ondueturs as the 
s 'i„!e rmi'rM* uf «cning--Prt.- 
i*y 1 hr Overture to Wag- 
‘V”-" /Jin,; ami the Wemsart- 

:'. r '« ring-orchestra arrangement 

Bi«etho\Tii s Crosse huge- D 
.. ... -. i,, n g eunrerl. und one a 

™lm-inr of an earlier era a 

have chosen to give. In Mr. 
Morris's conducting, likewise, an 
unhurried spaciousness pod 
breadth uf movement r p ca ! le w 
earlier schools of orchestral 
direction; there was none of the 
bright crack ensemble so often 
sought by today’s conductors. 

In the Rienri Overture, always 
u spirited outing for a mettlesome 
bund of players, the P hTas, "8 
was gorneously expansive ana, 
flowing, the sound deep-toned in 
its warmth, never blaring. Mr. 
Morris Tavours the separation of 
first and second violins to OPP^ 
site sides of the ptiti form- The 
gain, in clarity of strtOgtexTureS; 
in the sheen cast over the entire 
string section, is bhvroiis— -'t Js 
only because this correct orthes- 
tral seating u today sridoni em- 
ployed that its advantages need 


all cmat inns of slrajJ* 

pound liransiunnlurns . is cro» 

contradict nry part-writing, the 
sounds remained glowing, but 
the purpose behind them began 
to seem less assured. If Wein- 
gartner's arrangement is not to 
strike the listener as a mon- 
strosity. a gigantic spelling-out 
of a message the strength of 
which is contained in its com- 
pactness, strict unanimity of 
ensemble in ail parts is of the 
essence. Here, it was not 
entirely to be relied upon. 
There wore .wisps on some of 
those ferocious high notes, 
denoting fractional hesitations 
behind the front desks. Man for 
man, one began to. reel, this was 
one of the most luxurious in- 
strumental assemblies gathered 
in the Festival Hall, for some 
while; hut the sum of its parts 
had not yet quite become that 
mysterious entity, an orchestra. 

The impression, was allowed to 
grow in a Mahler Nine of many 
virtues — nut the least of which 
was the unbroken Insight into 

the unfolding of both its long 
melodic line® and its deep struc- 
tural foundation — that was yet 
marked by a sufficient quantity 
of hesitations and diffusions of 
ensemble, of sliahr passing rents 
in the orchestral web, to give 
rise to the suspicion that the 
rehearsal time was less than 
ihe mighty work demanded. Mr, 
Morris is a qontle, lyrical Mahler 
conductor; jf we miss the snarls 
and the roars of what could be 
called pre-expressionism In the 
s.Mnphonic fabric, we welcome 
the loving way he draws out tbe 
beauty of its opening and closing 
moods, stretching and sustaining 
the final bish strings for what 
seemed like an eternity. I hope 
the Symphonica of London per- 
severes with its public appear- 
ances. and that this interpreta- 
tion of the symphony is de- 
veloped and consolidated. The 
potential is loo great to be 
allowed tn rest at this somewhat 
inchoate stage. 

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'!!*■« 77ml 



Telegrams: Finanlimo. London P54. Telex: #86341/2, 883897 
Telephone: 01-248 8000 

Wednesday May 24 1978 

Financial Times Wednesday May 24 1978 


respond to the 
the scandals 



INDUSTRIAL democracy is a 
fine slogan but one likely to 
rouse emotion rather than 
encourage debate until it finds 
a definition. Yesterday's White 
Paper begins by defining its 
subject as “the means by which 
employees at every level may 
have a real share in the 
decisions within their company 
or firm, and therefore a share 
in the responsibility for making 
it a success.” Some companies 
may dislike the idea of giving 
their employees a greater share 
in the process of decision- 
making. Some union leaders 
may instinctively fight shy of 
risking the dilution of their 
authority or of exchanging a 
traditional opppositiort or 
interest between employers and 
employees for a joint responsi- 
bility. But the habit of consul- 
tation is undoubtedly spreading. 

The difficulties arise when an 
attempt is made to move from 
the general to the particular. 
The Bullock Committee, for 
example, was so tied down by 
its terms of reference that it 
was unable to produce a 
unanimous report. Many of 
those who support greater 
worker participation in prin- 
ciple. including ourselves, were 
unable to support the majority 
recommendations. which stirred 
little enthusiasm among trade 
unionists but an angry outburst 
of opposition among managers. 

Union role 

Ministers, too. have clearly 
had differences and reservations 
about the Bullock majority 
recommendations: yesterday’s 
White Paper has not only been 
long delayed but admits that the 
Government has not yet 
succeeded in reaching a con- 
sensus of opinion about the 
statutory right of employees to 
representation on the board. It 
is for this reason, presumably, 
that the White Paper's sugges- 
tions fall some way short of the 
Bullock majority, that a heavy 
emphasis is put (at least 
verbally) on the need for 
voluntary progress and experi- 
mentation. and that many 
important questions of detail 
are left open for further discus- 
sion. Yet there are several 
points at which these proposals, 
too, are likely to seem too rigid 
to all but a minority of those 
concerned on both sides of 

Three, in particular, stand out 
for criticism. First, trade 
unionists are still given the 
dominating role to play on the 

employee side. Zt is true that 
the various unions recognised 
in any firm will have to form a 
joint representative council — 
which would itself be a con- 
siderable step forward: that a 
ballot of all employees would 
have to be held before it 
requested representation on the 
board: and that both smaller 
unions and homogenous groups 
of uuunionised employees fsuch 
as members of middle manage- 
ment and overseas sales repre- 
sentatives) might be given a 
right of appeal against inequit- 
able representation. But the 
degree of unionisation varies a 
good deal even among large 
companies, and there is no 
reason— apart from the pressure 
of the TUC and the short-, 
sighted convenience of some 
managements — why one group 
of employees should be more 1 
favoured than another. 


Second, the responsibilities of 
the two boards in a two-tier 
system are laid down in too 
great detail. The adoption of a 
two-tier system will be optional, 
but it is on the policy rather 
than the management board in 
such a system that employees 
will have the right to an 
eventual one-third representa- 
tion if the company is unwilling 
to allow them this on an ortho- 
dox- board. That is a step in the 
right direction, as is the pro- 
posal (which distinguishes it 
from German practice) that 
managers may serve on both 
boards. But some companies 
may well wish to allocate res- 
ponsibilities between the two 
on a different basis to that pro- 
posed in the White Paper. 

The third and main fault 
in these recommendations is the 
eventual threat of compulsion. 
This will become operative, 
admittedly, only 4-5 years after 
a JRC has been established, and 
the company will have a right of 
appeal. But the value of this 
right, whether It applies to the 
Arbitration, Conciliation and 
Advisory Service or a new In- 
dustrial Democracy Commission, 
will depend on their view of 
the way in which industrial 
democracy should develop: 
there is an obvious risk that 
they will incline towards the 
view of the trade unions, and 
the big battalions at that. It is 
not enough to “wish” or even 
to "prefer" that progress should 
be made on a voluntary basis. 
That is the only way In which 
it will be made successfully. 

F OR almost a century 
accountants in the United 
Kingdom have been making 
a very good living from audit- 
ing the annual accounts of com- 
panies. Yet it has taken the 
profession until 1978 to attempt 
to lay down even the most 
general rules about how its 
members should go about their 
daily work. There are good 
reasons for this. The most 
important aspect of an audit is 
the exercise of judgment by 
the accountant concerned, and 
no two companies are the same. 

Also accountants are by 
nature both conservative and 
highly independent. They do 
not like some higher authority 
— be it the Government or their 
own institute — telling them 
what to do. If pushed too far 
— as for example in the recent 
inflation accounting affair — 
they have a strong ability to hit 

So obviously there are very 
pressing reasons behind the 
decision of the main UK 
accounting bodies to go ahead 
jand issue what will be known 
as auditing standards. Most 
pressing is the embarrassment 
caused tn the profession by Ihe 
recent series of accounting and 
auditing scandals, in which some 
of the most important account- 
ing firms in the country have 
found themselves sometimes 
severely criticised by Depart- 
ment of Trade inspectors, one 
nf whom is usually a prominent 
accountant himself. Here cases 
such as London and County- 
Securities. Vehicle and General. 
Ralph Hilton Transport Ser- 
vices, Lonrho or — the latest 
of all — Court Line come to 
mind. There have been other 
well-publicised cases, not result- 
ing from inspections, which 
have also shaken the profession. 

At first the accountancy 
bodies appeared shell-shocked 
as one affair followed another 
In the wake of the secondary 
banking and property debacle 
of the early 70s. They had 
neglected the advice of such 

wise old men as Sir Henry 
Benson, formerly senior partner 
of. Coopers and Lybrand, to 
strengthen practices ,n the 
auditing area in a similar way 
to the programme initiated for 
narrowing acceptable accounting 

Admittedly, leaders of our 
accountancy profession had long 
realised that there was a need 
to improve auditing procedures. 
They even succeeded several 
years ago in getting the most 
important accountancy body in 
the country— the English Insti- 
tute of Chartered Accountants 
— to establish an auditing 
standard-setting committee. But 
then, in the early seventies, the 
greatest pressure was on 
accounting standards — the wide 
variety of valuation and 
measurement bases used in 
the preparation of company 
accounts. Many felt that these 
had to be narrowed and stan- 
dardised to some extent to 
prevent companies m effect 
selecting their own figures to 
present as their profits, and 
balance sheet values. 

In any case, simple budgetary 
limitations meant that the 
institutes were forced to 
channel available funds where 
they were most needed. The 
result was that the auditing 
committee was starved of 
resources. When the scandals, 
public controversies, and criti- 
cisms poured in during 1975 
and 1976 nothing had been 
done, in public at least, to 
answer the profession's critics. 
The matter came to a head late 
in 1976 when the Trade Secre- 
tary, Mr. Edmund Dell, called 
the presidents of the three 
public accounting bodies in for 

Since then the pressure has 
been on the accountants to come 
up with two things: a satisfac- 
tory procedure for investigating 
and disciplining- accounting 
firms judged to have produced 
bad workmanship, and a series 
of audit standards against 
which the public can measure 
the work of an auditor in any 

The UN tackles 
the arms race 



We have audited the financial statements on pages . to . . . 
Our audit was conducted in accordance with approved Auditing 
Standards and, except for the limitations on the scope of our work 
referred to below, we have carried out such procedures as we 
considered necessary. 

A major part of the company's income comprises cash sales. 
There was no system of control over such cash sales upon which we 
could rely for the purpose of our audit and there were no alternative 
procedures which could be adopted to verify the amount of sales 
recorded in the company’s financial statements. We were therefore 
unable to carry out all the auditing procedures, or obtain all the 
information and explanations, we considered necessary. Consequently, 
we were unable to satisfy ourselves as to the completeness and 
accuracy of the accounting records. 

Because of the significance of the matter referred to in the 
preceding paragraph, we are unable to form an opinion as to (i) 
whether the financial statements give a true and fair view- of die 
state of the company’s affairs at 37 December 19... and of its 
profit and source and application of funds for the year then ended, 
(ii) whether the financial statements comply in all respects with the 
Companies Acts T948 and 1967, or (iii) whether proper accounting 
records have been kept. 


particular case. After a false 
’ start with a semi-independent 
committee chaired by Lord 
Cross the profession came up 
earlier this month with a blue- 
print for tough new disciplinary 
procedures. The draft auditing 
standards published today for 
a six month period of discussion 
are the second response. 

It seems odd that it should 
have taken so long to get to this 
stage with the audit standards, 
particularly since very similar 
work bas already been done in 
North America and Australia. 
This arose partly from the 
resignation of the Auditing 
Practices Committee's first 
chairman, Mr. David Richards, 
in the wake of his own firm's 
association with the London and 
County case. But, most of ail, 
since it became clear that a 
grass-roots rebellion within the 
profession was to bring down 
the Morpeth proposals — ED1S 
(inflating accounting) — a year 
ago, there has been a great fear 
within the governing councils 
of the professional bodies. It was 
agreed that whatever happened, 
there would never be another 
EDI 8 affair. 

Consequently, no other pro- 
ject within the profession has 
been so carefully prepared as 
today's with drafts that were 
ready two years ago having to 
be re-written several times. No 
fewer than 1,300 of the most 
actively-involved and tech- 
nically-informed accountants in 
the country have participated 
in the consultation process. 
After all that it would seem 
that all major criticisms have 
already been met. 

But what are these auditing 
standards? They will prescribe 
the basic principles and prac- 
tices which accountants are 
expected to follow in the con- 
duct of an audit. And that 
means every independent 
examination of accounts “con- 
ducted with a view to express- 
ing an opinion of whether those 
statements give a true and fair 
view.” They fall into two 
groups: operational standards 
relating to the actual conduct 
of an audit, and reporting 
standards setting out how an 
auditor should report his find- 
ings to shareholders. 

There was to have been a 
third category — the auditor's 
personal standards, dealing 
with matters such as his 
independence — but an internal 
dispute within the profession 
led to this area being -taken 
over by the accounting bodies' 
ethical committees. 

The standards' are backed up 
by guidelines on matters *uch 
as internal control and the 
detection of errors and fraud. 
Though the guidelines are not 
definitive and accountancy 
bodies advise that a Court may 
take both standards and guide- 
lines into account when con- 
sidering the adequacy of an 
auditor's work. Furthermore, 

, • v • - i Vi 4. 

m-. , VV :I 4:: 1 

Mr. Richard Wilkes, chairman of the accounting bodies’ Auditing Practices Committee, 
with Mr. Ian Watson (left) and Mr. Graham Stacey, who chaired APCs two sub-committees. 

FOR THE next five weeks. Ihc 
United Nation* will be slairiiq 
wliat Dr Kurt Waldheim. !l*e 
Secretary -General, has described 
as the largest and must repre- 
sentative gathering ever c.»n- 
vened to discuss disarmament. 
The first UN General Assembly 
Special Session H» be devoted 
in the issue will he addres.-cd 
by at least 2b Head-.' of Stale 
or Government, including Mr. 
.lames Callaghan. President 
Valery Giscard d'Estauu* amt 
Chancellor Hclmui Sell midi, 
and mure ihan .in Fureign 
Minister':. The hope is l hi. I 
agreement can be reached on a 
now international declaration 
spelling out detailed guidelines 
fur future disarm anient neg.i- 


There is an obvious danger 
that the session will degenerate 
into a fruitless propaganda 
battle setting non-nuclear states 
against nuclear powers. East 
against West and the Third 
World against the industrialised 
countries. When the non-aligned 
countries launched the idea nf 
the special session two years 
ago, ono of their prime concerns 
was (lie slow pace of nuclear 
disarmament negotiations, and 
not much has happened ^ince 
then to allay their anxieties. 
Two nuclear powers. France 
and China, remain absent from 
the Geneva Disarmament Con- 
ference and a new strategic 
arms limitation agreement be- 
tween Washington and Moscow 
is almost eight months overdue. 
Negotiations in Geneva for a 
comprehensive ban on nuclear 
testing appear to have run into 

It is perhaps for this reason 
that both the U.S. and the Soviet 
Union are playing down the 
session’s importance. President 
Carter has decided against 
addressing the Assembly and 
Moscow is sending Mr. Andrei 
Gromyko, the Foreign Minister. 

The U.S. i- e ,ikcI y t0 tr >’ 10 
switch attention from the 
nuclear issue by stressing the 

need to control sales uf conven- 
tional weapons, which currently 
account for four-fifths of world 
arms spending. It is aFter all. 
the argument goes, conventional 
arms, not nuclear weapons, that 
have been used m all the 
numerous cimfiicfe since World 
War Two. 

West European Governments 
are taking the occasion 
seriously. The UK has taken the 
lead in tabling the main West- 
ern draff proposals and France 
has long been promising a 
major disarm anient, initiative. 
The British paper proposes a 
long list nf measures in both 
the nuclear and conventional 
fields, including the interesting 
suggestion that all countries 
shuuld publish detailed, stand- 
ardised iiifurmatinn on their 
armed forces, arms production 
and transfers and military 
budgets to dear the way for 
further attempts to curb the 
arms race. France is expected 
tn call for a new world-wide; 
satellite surveillance system and i 
a new European disarmament! 

forum- I 

Build up 

As the General Assembly is 
not a negotiating body few con- 
crete decisions arc likely to 
emerge. But the session will 
serve a useful purpose if it 
concentrates international con- 
cern on a world-wide arms 
build up that is now costing 
something over $350bn a year. 
It will be helpful if some 
formula can be devised to bring 
France and China to the Geneva 
disarmament table and a start 
can be made on the diffiir'.. 
problem of conventional arms 
transfers. It may also be pass- 
ible to Initiate a new round nf 
discussions on the idea uf 
regional disarmament, which is 
attracting Increasing inter- 
national attention. And if a 
breakthrough were one day to 
come, the UN could be the 
forum In which to ennsider the 
deployment of the massive re- 
sources that could be diverted 
to development if arms spend- 
ing could be held in check. 

Kew computer 
behaves at last 

Down in the Public Record 
Office in Kcw they are keeping 
their fingers crossed that their 
computer troubles are finally 
over. The new PRO opened last 
October, and is computerised in 
a style that professors from the 
United States call “twenty-first 
century stuff." Researchers 
punch their requests for files 
1 inio video terminals and are 
given bleepers that signal them 
when the material is ready. It 
is fortunate that researchers 
tend to be patient and undemon- 
strative, . for there have been 
runs of computer “crashes" — 
which reached a crescendo last 
month. One woman researcher 
tells me that a terminal “wen! 
up in smoke” in front of her. 

But this month, nerves arc 
calmer at Kew. The computer — 
installed by 1CL and Datalogic 
— has been .much better 
behaved. A spokesman told me 
proudly: “We expected teething 
troubles with the most advanced 
archive system in the world. A 
lot of American libraries have 
sent people over to look at it.” 

Floating by 

It was International Milk Day 
yesterday, which clearly non- 
plussed the National Dairy 
Council. It put out a statement 
sadly admitting: “No special 
activities will take place in this 
country on the Day . . 
Perhaps our dairymen should 
talk to one another more often, 
because tomorrow a Milkman of 
the Year competition is being 
launched by Unigate, which 
boasts of running the world's 
largest home milk delivery 

The current Mbs United 
Kingdom. Madeleine Stringer 
will "lend her support''— as "the 
public relation.- men put it— by 
posing on a golden milk float 
outside a West End hotel. If 
only somebody had told Unigate 
to arrange it for yesterday. 

Britain could have held her 
head high among the milk- 
conscious nations. 

severed cables because of “the 
sewage which apparently fills 
the channels under Ahwaz’s 
grandiose avenues and soaring 

Rat tale 

Telephone subscribers are 
notoriously ungrateful but those 
in Iran have a novel problem — 
rats. Their activities have just 
come to light following the 
increasing deterioration of tele- 
phone connections in Ahwaz. 

This city of 340,000 inhabit- 
ants has long been the capital 
oE Iran's oil industry, bpt its 
new claim to fame is less 
attractive. The head of the 
Iranian Telecommunications 
Company, Sltamsuddin Male- 
kabhari. says that huge rats 
swarming through its founda- 
tions have severed many of the 
underground cables. 

Malekabhari says that a pine- 
month repair programme is to 
begin and two new 50,060-line 
telephone centres are to be 
installed by 1982. But he also 
admits that there is just one 
little problem. None of Iran's 
cities has a proper underground 
sewage system and the work- 
men cannot actually get at the 

Olley’s big blow 

When a man in Fife. Scotland, 
took a breath test, his arm 
turned red: for the bag burst 
as Christopher Olley was blow- 
ing into it. Crystals fell from 
the breathalyser and caused 
superficial burns on his arms. 
The law was not to be thwarted, 
however, and a new bag was 
produced Olley blew again: the 
result was positive. 

Yesterday in Kirkaldy Sheriff 
Court he was fined £30 and 
banned from driving for a vear. 
But it may not be the end of 
the affair. The prosecution said 
there had been some damage in 
Oliey's trousers, so there could 
be a civil action. 

accountants wiH be liable to 
disciplinary action from their 
own Institutes if they fail to 
observe audit standards. 

To anyone remotely familiar 
with business affairs, what are 
now being called audit 
standards are nothing more than 
clear statements of the obvious. 
For example, on the planning 
and control of an audit: “ The 
auditor should adequately plan 
and control and properly record 
the work done in arriving at his 
opinion ..." Or, on audit 
evidence: “The auditor should 
obtain relevant and reliable 
audit evidence sufficient to 
enable him to draw reasonable 
conclusions ...” 

Indeed, Mr. Richard Wilkes, 
chairman of the Auditing 
Practices Committee, emphasises 
that the idea is to codify current 
good practice. “ For many firms, 
large and small, they will not 
cause a significant change, but 
will provide a yearstick against 
which performance can be 
measured." Implicit in this 
statement is the subtle accept- 
ance that all is not well with 
the auditing procedures of the 
9,000 or more accounting firms 
registered in the UK 

The essence of the problem 
is, of course, the hundreds of 
thousands of small companies 
from which most accountants 
earn the largest proportion of 
their fees. Unlike countries 
such as the U.S., where only 
quoted companies are required 
by law to have an audit, every 
incorporated business in the 
U.K. must have one. And for 
most of the past century most 
public accountants bave existed 
in the happy belief that they 
were in fact conducting proper 

Not so, say many audit part- 
ners in the larger accounting 
firms increasingly these days. 
They believe it is quite 
impossible and unrealistic to 
perform a proper audit in many 
smaller businesses because of 
tbe absence of adequate records 
and systems of internal control. 

handled after tea nn weekdays 
and during the morning on 

If Granny gets yaws in Tim- 
buctoo at 12.15 on Saturday, and 
you need a passport in a hurry 
to collect her, you would be in 
Trouble, according to this form. 
I asked one of its directors why 
the Passport Office keeps its 
light under a bushel. “ We do 
not want to give the service too 
much publicity. Too many 
people might assume they could 
use it." Strange reasoning, per- 
haps. It is to be hoped that the 
National Health Service will not 
follow suit. 

At first, the Auditing Prac- 
tices Committee wanted to pur- 
sue the road of having only what 
was called “a review" for 
private companies, with the full 
audit procedure reserved for 
quoted companies and those 
private companies witling to 
accept the cost. But this has 
been stamped on for the present 
because of the outspoken 
opposition of some top chartered 
accountants, including Mr. John 
Kirkpatrick, last year's presi- 
dent of the Scottish chartered 


So there the matter rests For 
the present Hence Mr. Wilkes' 
statement yesterday that “audit- 
ing standards are designed to 
be of general application and 
relevant to every type and size 
of business.” He does not admit 
that this may have forced the 
committee to water down what 
it is now proposing, though 
some critics would claim it has. 
What the draft audit standards 
do propose, however, are 
alternative types of standardised 
qualified audit reports. One of 
these provides for the auditor 
to disclaim an opinion on the 
accounts because of his inability 
to substantiate cash trans- 
actions. The other is the form 
of disclaimer proposed for small 
businesses lacking adequate 
internal .controls. The draft 
wording here is: “In common 
with many businesses of similar 
size and organisation there is 
only limited internal control/ 
there is no internal control. 
Lack of adequate internal con- 
trol prevented us from carrying 
out all the auditing procedures, 
or from obtaining all the infor- 
mation and explanations, we 
considered necessary. We were 
therefore unable to satisfy our- 
selves as to the completeness 
and accuracy of the accounting 

Some small accounting firms 
bave been issuing reports such 
as this for some time, but have 
met with problems with the 
Inland Revenue. So while 

auditors may embrace the idea, 
the crunch point for this form 
of standardised report may 
well be the attitude of tax- 

One area where the new audit 
standards could have a big 
impact is in standardising the 
whole area of audit reports. An 
auditor is required to give the 
reasons for qualifying his 
report, with a quantification of 
the effect if this is both relevant 
and practicable. The two main 
categories of circumstances 
which generally give rise to 
qualification are identified as 

• Uncertainty — which pre- 
vents the auditor from farming 
his opinion: or 

• Disagreement — where the 
view the auditor takes conflicts 
with the management’s view as 
given in the accounts. 

These categories are further 
sub-divided according tu 
whether the matter is funda- 
mental (where the auditor 
should either disclaim an 
opinion or give an adverse 
opinion), or the matter is 
material, but not fundamental 
— when his opinion should be 
given “ subject to ” the 
uncertainty, or "except for" 
the terms of the disagreement. 

The positive aspect of the 
audit standard-setting process is 
that * it gives every auditor— 
particularly those lacking the 
technical back-up of the giant 
Price Waterhouses and Peat 
Marwick Mitchells— basic guid- 
ance about how to go about his 
work. There is little in what is 
now proposed that any guod 
auditor would disagree with nn 
the grounds that it is too 
demanding. But the problem of 
what to do about the small com- 
pany still remains. Still tougher 
subjects have to be tackled such 
as: the auditor's association 
with interim statements; the 
suspicion of possible bribery: 
and his reliance on the work 
and word of other professionals. 

our 100th Company 


I? 7 T: 



Alien ears 

An American visitor to London 
tells me that when she asked a 
newspaper seller in the Citv if 
he could tell her {he way to the 
Barbican, he replied at great 
speed and in broad Cockney. 

I m sorry," she told him, “I II 
have to trouble you to tel! me 
just didn't understand 
what you were saying.” 

"You know your trouble, 
love," the newspaper, seller 
said” — you were listening with 
an American accent.” 

Billion-dollar men 

This week Mexico City has 
gazed in wonder at cavalcades 
of cars, with police outriders 
on Harley-Davidson machines, 
storming through the streets. 
Red traffic lights are ignored. 

The purpose has been to give 
the heads of more than 100 rf 
the world's largest international 
banks a welcome that befits 
people who have been respon- 
sible for lending Mexico more 
than Slflbn. The Government 
oi Lopez Portillo is determined 
to make the most of having in 
town men such as David 
Rockefeller of Chase Manhattan, 
and Anthony Tuke of Barclays 
— not to mention Henry 
Kissinger and Nancy. Kissinger 
is there to address the bankers 
International Monetary Con- 

Count us out Grace of god 

“I suppose we’re lucky — 
he could have been on Ute 
Board ! ” 

The Passport Office has deve- 
loped an emergency service of 
which it is proud — answering 
machines out of office hours 
give the names oF duty officers 
and “ rush procedures " to deal 
with deaths, serious illnesses or 
business of national importance. 
But the Passport Office is the 
Jast to boast of this. Its form 
" Notes for Guidance" says that 
emergencies can only be 

A colleague jn Bonn left a 
battered briefcase on a train 
several weeks ago. Yesterday, 
with little hope of success, he 
went to the lost property office 
in the station to ask if it had 
been found. The briefcase was 
handed to him by a man whrtw , 
name was over the window. He i 
was called Herr Zeus. 




Contact James Wilson, 

Chief Executive, 

Livingston Development Corporation, West Lothian.., 
Telephone: National: 0589-31177 ' 

London: 01-930-2631. 

International: 44-589-31 177 


Financial Times Wednesday May 24 1978 

‘What the recent political evidence from Scotland has told us is that the 

initiative has passed back to Westminster’ 


Margo MacDonald: warrior queen at bay 

THESE ARE changed days in 
Scottish politics. Who could 
have forecast three months ago 
that Hamilton — a location 
almost equal in the modern 
nationalist mythology to what 
Bannockburn was in the old — 
would provide the quietest by- 
election campaign of this Parlia- 
ment? Or that the Labour can- 
d, date lending a majority of 
only 3.332 against Mrs. Margo 
MacDonald, the warrior-queen 
of the SNP, as she has recently 
been described, would be tipped 
odds-ou to win. by the local 

Hamilton is the spectre that 
will haunt the SNP* 44th 
annual conference which opens 
in Edinburgh tomorrow. Voting 
will be nest Wednesday. tThe 
Government avoided Thursday, 
the usual day for elections, be- 
cause the first World Cup game 
from Argentina is to be tele- 
vised on that night) and special 
buses will he laid on to take 
delegates to Hamilton to can- 
vass. Tli ere will doubtless be 
ftirring speeches from the plat- 
form at ihe conference scorning 
those who have already wriiten 
off Mrs. MacDonald’s chances, 
hur many leading figures in the 
party have already prepared 
them -selves for defeat — not 
merely a failure to take the 
seat, but the possibility that 
Labour might even increase its 

That would indeed be a major 
setback for the nationalists, pro- 
viding confirmation that the 
Glasgow GarscaddeD by-election 
result last month when the big 
swing the SNP had come to ex- 
pect as normal in fights with 
the Government was cut to 3.6 
P«t cent, and that the regional 
council polls, when the party 
actually lost ground, were not 
alteration*, but part of a contin- 
uing trend. In the three regional 

lftaca CaCaCaMiE 




Since Last Election 

1 I I l M ■ 1 I I 1 I ‘ I 1 ■ i I 1 I I 1 I 1 I I ■ M < 1 I 1 ' ! ' 

.... v. ■ 

74 1975 




contests in the Hamilton con- constituency with such tenner successful candidate at Gars- separate me fmm Ann." Mrs. that to 17 per cent this time. t h e jg.34 a ~ e r. r0U p 39 per cent 

stiiuency. Labour considerably caro that some people have cadden, aod fighting on the twin MacDonald commented. " There The Liberals, who did not sa jd mey would vote Labour at 

increased its majority in each mistakenly believed she was issues of a defence of the are many ways in which close fight Garscadden. have noroin- jj,e next General Election, com- 

case and the average swing away already its MP. Government’s economic record co-operation would be feasible ated Mr. Fred McDerroid, a pa red with 34 per cent for Ihe 

from the nationalists compared Her campaigning style nor- and an attack on the nationalist between Scotland and England local surveyor. He starts from Nationalists and 26 for the Con- 
with 1974 was 6.6 per cent. mallv attacking and brimmine policy of independence. “The after independence." an even lower electoral base sorva fives. 

- „ ntally attacking and brimming - - . . _ . . . 

Hamilton, a former mining W jm confidence, has had to be SNP is clearly identified with And she has declared that than the Conservative, hoping Throughout 1975 and 1976 
town, lies deep in the Labour toned down. She does not want separation and. people are not devolution is not an alternative, ta improve on the 4 per cent n when w _ badly' 

heartland of West Central Scot- to repeat the mistakes of enamoured by the prospect." Without an SNP victory at share of the vote won |h SNPw . _ - * * 

land. The old Lanarkshire town Garscadden. where the luckless says Mr. Robertson. "The fact is Hamilton, she maintains back- October. 1974 when a Liberal . u _ _n .. .. 

itself now has a new town snp candidate 

centre and rrew estates have too early and 

been built on its outskirts, in- with hollow boasts about the their automatic next parlia- in ditching the measure when it 

made 'his push that Hamilton has been pub- bench Labour opponents of the fought the seat for the first time ^narecafiden ^as^been^SUfi- 

centre^ and rrew estates^ have too early and exposed himself Ucised by the nationalists as Scotland Bill will feel confident since world war X. gested as the turning point, but 

The latest opinion poll jj seems to have been much 

serious problem in the (own 
and it has been estimated that 
there are 3.500 people out of 
work, many of them in their 
teens or early 20s. Despite the 
presence of several large com- 
panies in the constituency, a 
lot of people travel outside it 

— Lothian and an implacable capacity 0/ the Scottish elec- The virtual automatic majority 
- enemy of the plan for a Scottish torate to confound even Ihe , this gave Government 
Assembly, has already threat- most confident predictions). |n the common* robbed the 11 
T d a i nfj? 0 * L ' Hn f Lah ? ur S >' stem P rce - y J, Ich carr ‘ es SNP MPs of a place near the 


- „ . . „ . , claim devolution as a safe inter- surveys for the Glasgow Herald. Mprum* of^noww" 1- No'Tonier 

BY RAY PERMAN, Scottish Correspondent mediate step. reported two weeks ago 47 per rf.nciiitPrt in°»rivance 

“Independence is the under- cent suppon for Labour in the nfiniDortajit votes ' ^ ad ' ance 

lying issue in every .election in country as a whole, against only pact aIso ' dc3 j t 


to work. The British Steel Cor- The national swing against the election. Now is the time when Scotland now. Tam Dalyell is 24 per cent each for the Con- nationalist* 'a second blow bv 
poration’s Ravenscraig works at SNP seems likely to rob her of they have to make up their right: devolution will lead to servatives and Nationalists and ™ V ivino devniutinn ac a nolui- 

nparhv Mntherwott nmvi^c in he ; ; il*.- Inr^nondenre " save Mrc - --- *>-- t ICVIUllg OevQIUUOtl as » JWIUI 

nearby Motherwell provides jobs the prize, so there is no point in minds." independence." says Mrs. 3 per cent for the Liberals. or ir-alit v The aneuish in 

for most of them and in spite conducting a noisy and forceful Mrs. MacDonald seems to MacDonald. Labour has in fact led the c C0l ] an d at the killin'* of the 

of cutbacks in future invest- campaign that will make her have accepted that independence The Conservative candidate. System Three polls since last Rr<; , m.f ate£ | gm gNP 

ment plans there, is likely to defeat look the greater. will be the crucial issue. She Lord Serymgeour, does not October, while the SNP per- ' thin „ b ut „ 00 d The intro- 

pronde a reasonably stable em- So the challenge has been starts with a certain disadvan- believe that independence or centage has been slowly ducti0 Q of its successor forced 

pi oyer m the next few years. comparatively low key, making tage in rhat the arguments on devolution will bo crucial issues declining. t ^ e par ty to try to overbid by 

what capital it can out of the both sides were given wide pub- and is fighting on a range of pushing its independence policy. 

Gi. • Government's failure to reduce licity during the Garscadden issues such as housing, prices, ■«» Inrienendence is not as un- 

Stunning unemployment significantly or campaign and Labour decidedly unemployment law and order jOUIlg VOtCTS popular as manv politicians 

on. . .... rv t0 secure an expanding future got the better of the debate. It ana B,g ’I taxatlun - . „ . , irt,,. m« n would have us believe 

The seat was solidly Labour f the ScDttish steel industrv very skilfullv exploited the fours Lord Sciymgeuur is fighting That lead alone does not mean *ouia nave us oeueie. 

for 50 years, until a- stunning hJSff n„ M«' iSiraSSf Site S! this campaign as plain "Mr", very much: during much of A poll published earlier this 

iui ou jc#B, umu * oiuiiiuua an j nlavi nt» heiwilv on Mrs about senarafiem while cvm. tniS campaign as plain ihj , 

by-election victory- by Mrs: ffinSSS? S ly anS n n?™: but he need not he so sensitive 1975 _ Labour similar week showed that support for 

very poor third place and made * ' , \ A .. ‘ . “ , 1974 bv Lord James Douglas- reversed. Bur more detailed ti per cent, are sun againsr 11. 

the seat a marginal one. Labour P eevrish attac * * he Hi e 9“ iet 1S that people have heard Hajni j ton w j, 0 saved his deposit studies have indicated that the a fact that Labour has been able 

recaptured Hamilton in 1970 ^bour candidate, Mr. George the pros and cans so recently. b gaining 20 per cent of the underlying trend seems to be to turn to its account, 

and has held off the Nationalist «obertson, have prompted her so Mrs. MacDonald has set „ Qte some thing neither of the going strongly Labour’s way. A The implications of a good 

challenge since then with opponents to accuse her of run- about trying to defuse the rnmmnners who stood as Con- Doll bv Market Opinion and Labour win at Hamilton are 

challenge since then with opponents 10 accuse ner ot run- about tiying to defuse the commoners who stood as Con- poll by Market Opinion — — — — — _ - 

smaller and smaller majorities. mn 8. a campaign based on per- "separatist" landmine and dia- se rvative candidates in 1970 or Research International foT the unlikely to be spectacular. It 
Mrs. MacDonald, herself a by- sonahty rather than politics. ar m the devolution weapon. Her October 1974 were able to do. Weekend World programme last would merely confirm to the 
election heroine of the SNP But there can be no doubt married sister Ann, who now At the last election the Conser- month, whose detailed findings Prime Minister what other 

when she took Govan from that policies will decide the lives in Yorkshire, visited the vatives received less than 10 per have not hitherto been pub- sources have been telling him. 

Labour in 1973. was bom and election. Mr. Robertson is follow- constituency. "There is no way cent of the vote, but the results lished, significantly showed that namely that the Government 

grew up locally and over the ing very firmly the lead given that I would be part of any of the regional elections sug- Labour was winning more young could well hold its 39 seats 

past few years has nursed Ihe by Mr. Donald Dewar, the arrangement that would gest that the party could boost voters than the Nationalists. In North of the Border at the next 

general election, have more 
than a chance ol winning back 
the two lost Scottish Labour 
Party defectors and possibly 
pick up one or two more. 
Against [hi* £e has to weigh the 
risk that ihe swing — as it has 
done before — could start to go 
the other way sometime and 
that the Tories may also gam 
from the SNP slide. Even with- 
out a clear Tory lead over the 
nationalist*, a revival or the 
Labour vote gives the Conserva- 
tives an opportunity to win 
back some scats lost to the SNP 
in 1974. 

But one point i* ‘certain to 
be made at this week's SNP 
conference, and it is valid: the 
obituaries of Nationalism are 
premature. A party which has 
more active members than all 
nthcr political parties in Scot- 
land combined and which is 
better financed and better 
organised, particularly at grass- 
roots level, is unlikely to be 
buried by a setback at Hamilton 
or even the next general 

What the recent political 
evidence from Scotland has told 
us is that the initiative has 
passed back to Westminster. 
While there was a strong pos- 
sibility that the SNP would 
make sweeping gains next time 
and hold the balance of power 
in the Commons. Scotland had 
a more than proportionate 
influence to its sir#. Now it is 
to the fate of the Finance Bill, 
the devolution Bills and to the 
prospects for the next parlia- 
mentary session that we must 
look for pointers to the general 
election date. 

A. Wilson (Lab) 13.487 (47.5%) 
I. Macdonald (SNP) 15,155 (39.0%) 
G. Warner (Con) 3.682 (9.5%) 

). aider (L) 1.559 (4.0%) 
3,332 (8.5%) 

Labour majority 3, 



Letters to the Editor 

From Mr. G. Wolf 

ever, on which we disagree, tax-efiicicnr “additional volun- this child with specific learning 

First, we would not yelcoroe tary contribution ’’ facility for difficulties in reading, spelling 

even the temporary stationing of lone-term saving. writing and possibly numeracy 

KC 135s at Oreenham Common: The attraction, however, to pen- falls further and further behind 
wc might tolerate it. in spite of si on funds of using building bis peers. Emotional upset, even 

the unique environmental impli- society accounts would be signi- truancy and mental illness, may 

pace of 

nif U Thar thf Xrivicnrv t ‘ uu,u *»^ v c wm iu**uc ai lu.mi iuau hci. uasi*. scuuqis may SUU some COUOren 

i’nm illation and^ Arbitration a >' ear 3 *°- If 11115 is lyp,ca ? nf S,,ch * move wou,d certainly with dyslexia better than 
s.Tvi.e mu tin- i KpI f:i inJr NATO planning. God help us all! not give the building societies preparatory and public schools, 
ihe rcoUitfon iff new S **»"'»>• * ? , an Yet remedial provision in most 

hem* that thi' mav ment > in our opinion, to sap that 'oNjer deposit-taking .institutions, 0 f the former is a travesty. 
;, L! M« fcw "O' hwo .will »« : ttem >n Prio,te_leBO»* are «ry «pen- 



handled, either hy parts of the the ^me situation as their com- s ive. Private lessons on lop of 
„ , , British Government or by tbe P et, tOfs. it wou.d save pension independent school fees are 

Many managers and pmres- Administration." We be- _ 1 a nc L T ^ e . financially crippling. Only a few 

. aaminisiratjve parents manage to get remedial 
must go f ecs pa j^ through medical 
reclaiming insurance schemes, 

ii ,r# * arc many ra - w where the oy" 

Vv negotiating jpocmcni ^ 

r-.vor. ami pmf«- f ; anlpaifin Apainrt the 

<f»ual gr.iilcs hut does n«it. in 

f.iri. a*-l for them, as they have 

Ke-ocrivalion iff Grccnham 

no iiK-inWr* or only one or two 
in the bargaining unit. Is thh 
a reason, therefore, to withhold Beths. 

recugnUmn »ff a majority of si .iff £ 

nnn-affiliated union which ^\CCOllQtI^ <, IOT 

interest payments. 

M. T. Rallisat. 

Harris Graham and Partners. 
3P. Queen Anne's Gale, 
Westminster, SW1 

hniiriinn mmaii- If criteria for identifying 
building society dvsleTia coul(i be established, it 

10 :i .. 

can rep.'vscnl tm*m and bargain 
f.>r ihom according to their 
u isIk's - ; 

Mr. Mortimer ii effectively From Mr. P. Turner 
cJi-fr.inehising unc of the most Sir. - — Lex (May - J t takes an 

bad debts 

Dyslexia and 
. school fees 

From the Honorary Secretary 
London Dyslerin Association 

might be easier to develop 
schemes for meeting remedial 
fees. Such measures could be 
said to have the virtue or prepar- 
ing future producers of the 
national income to be literate 
and attain their true potential. 
Educational trusts set op by com- 
panies could offer a practical 
solution. But again the snag is 
that manual workers— ^ brow- 
beaten as thev often are by 
educationists who pour scorn on 

Sir. — Faced with uncertain 


^ mi.iI H».-t:nn< r»f British industry over-simple and ill-informed prospects of achievement in state be otihkeL to app . for help, 
mill ns'huu-jli l- for one. deplore view o[ the accounting for bad schools your articles on school Unless drastic action is taken 
.1 iniilMpli* :t.v tff uninn<. 1 would debts by British banks. Coin- fees (May 20) suggested hopeful ,0 Improve teaching skills in 

«!• rather )i.n ■■ .1 hn of unions than parisons with building societiesrso^onj' g ul> on y v j or some, maintained schools, taxpayers 

‘,11,. union member*.. If the TUG and U.S. banks are rendered -^hat does the future hold for the wi!I for ever 6n d thei r income 
r.ri'ti- in the right nf meaningless by different bright child whose parents felt diverted to support the unem- 

\ v -f, rVi-f-- :r. 1 1 11 1 <>ri i *-o. then let it accounting procedures. The confident enough to trim their playable. ih ' 1 v.nall and non- effect on published profits and | U ck j n local autbnrilv schools Mrs. Maud H«»alh. 

asVti M'vd lu i n;tl lhc vlw appnrcnt qmility of ^ J ,)an only to find him a victim of l^mrion Dwsleria .Association, 

r in:- v 

1 . S 11 Wolf 
/ 1 Ihirh'ii Street. tV'f. 

Numbers of 

A Hong Kong landmark 

v -V* 

portfolio is ftronplj affecteu o> dyslexia ? Without special tuition 75, Whitehall Park. Xl9. 
the technique used 
The detailed schedules of loan 
provisions and charge-offs 
presented in ihe ac-ounts of 
U.S. banks only represent fuller 
disclosure if the loans in 

question are judged bad or p Simpson 

doubtful on the same basis as 

UK hanks use for their (albeit) Sir, — While it was interesting the shortage of space that puts 

undisclosed provisions. Exten- to read the recent t April 25) im- land prices in the colony at a 

- x 1r ~m I. n imer *iv« rescheduling of repayments passioned letter from the chair- premium. 

! r - no rcs the «r refinancing of loans— man of tbe Hong Kong Heritage As many British people will 

' ' ,nl ihe including further advances to Socteiy, to the people of Great already know 197S will go down 

! uh^h 'r ihe meet interest due— keeps sub- Britain, may one appeal to the in the history of the colony, as 

untuu.1 u,c . . , » n.,1 r\t Urivic-V, nt “fn',. nl,u'< .1 »V _ ..... 1 t 

Mr P C'tT 


\r,- mir managerial and pro- exi ,| us j ve |v secured as a first Kong, yet not for ihe reasons urban council have- a responsi- 

G— iii.n. i ’. -UlN sulbeicnlly dif- vhargc n « properiv. They are given by Mr. David Russell and hjiiiy to all The people of Hong 

>. u-nt m their an nude role and tra diiion a llv reluctant (no doubt his colleagues. The building, a Kong to provide increased leisure 

,.i;;.»ncr in jndu»try Mi.U they ^ ‘ v “ i -“ — ’ ” “ — J 

f are Then wc have a right “ rpAfv-TTniH- U ihV different Houses of Parliament, is impns- to' override the decision of the 
"■ y r f n ‘ nualny or management ias Lex sibie. by any stretch of the legal authorities here in Hong 


ii cxccpl that the Advisor 

I urn and V'l^Vh^fac^and implies) but 
N..11M .irk n.m- ledge the fact a , vealment 

,ci .i.Tfidinr.lj. h of pbitip Turner, 

r.nlu r.r.i: the n n er ■ i FieIdmPi Neuron-Smith Co 

in any p.irt letil jr f nrtuj-- GnrTar(1 Uou£C , 

r!; ,l Ml ii a I inn is rtgW bjti Ihts Crejsflam street. ECS. 
miv do»*S override the re- 


< that nl ni.ina- 

r ;.Vid prnfcs'iional level 

special recognition of 


Pension fund 

which wc cannot do from Mr M BaUisat 

accounting imagination. _ _ Kong is wholly unnecessary. The 

To put it bluntly the building claim by Mr. Russell that the 
was once a railway terminal and Society has failed to establish a 
a very tatty one at that by the meainiogful dialogue with either 
lime of closure. Since closure the Hons Kong Government or 
was effected a few years apn the ihe urban rounrll. is correct if. 
buildings have served little use- by this, he means that the society 
ful purpose in the lives of the has failed 10 convince both 
community. The only usefulness bodies to reverse a decision that 
that the building can claim, is puts the needs of the majority 
through the clock tower and even before the wishes of the 
the usefulness of this is doubtful, minority. 

since (be four faces invariably j am sure that you will find 

f-z? £. r j*, ,ii which prevent 55 r —Your editorial on Ma.v 19 fail to agree on the time In Hong many members of the House of 

,— ,*£> i 1 V'; 1 ’"" • r ,pjj| v destroying, drew attention to the Governor Kong. The building has fallen Common? who. having visited 
S- * ’i'-.vr'' ‘‘ ' nj the Bank of England’s sug* into a -serious state of disrepair, Hong Kong a« guests of tbe 

K>:;Wr :ind Tritton 

/. .sV'.’irlrM'iirfe Street. SLl. 


cestion that building societies 3 state that will impose a finan- colony, would also subscribe to 

should raise more long-term clal burden on the public spend- the views expressed above. The 

finance . in ? of Hons Kong, that can time has come to put aside senti- 

One particularly convenient neither he afforded nor justified, mentality and think instead of 
way nf doing this is to encourage The terminal is at present ih e greater good, by increasing 
wore pension funds to use build- occupying one comer of a site the living conditions of all. For 

in" societv accounts for l° n §‘ which both the Hong Kofis too long. Hong Kong has been 

term purposes Government and urban council known as “the sweat shop" of 

Finance Act 1975 contained an are fast developing into a cul- the world, now Is the time to 

raiment bv allowing pen- tural and leisure complex, for -prove to all. that such is not the 

Hr. T> Smith f u pds to reclaim the income the benefit of all. The position case^-what better way to start 

c* a: c . ' mini Rutherford's ex- j a v deducted at source on " basic of the complex was specially than by providing Hong Kong 

V™ ■* SwIfjSnidtae 2IS5 1 S2LL*" ra, ’- uial and leiSure 

Deception over 

in'ciib.mi c 

u “ :: , a /'T’m «ficr the confiifr S’.? Art'Thw"?*"" ofTcr VP J7 i? ns * both * he Kon ? House. 

,-OMTd^r.» - r W- J '-r In administrative pack- r.orennnem. and local aulbori- I 6 to Floor. Flat 

■iijimn (May 19 » sirerat building societies have might enjoy life at the very complex, 
ill- 'll TO set the ‘now realised that- 33 51 r * MlU of of Hong Kong. For too D. B. Simpson, 



Labour Party national executive 

TUC General Council meets. 

Mr. Denis Healey, Chancellor 
of the Exchequer, speaks at 
Hamilton by-cleotion meeting. 

Mrs. Margaret Thatcher, Opposi- 
tion leader, addresses Conserva- 
tive Woman’s conference, Central 
Hall, Westminster. 

Japanese, Soviet Union and 
U.S. representatives begin four- 
day meeting in Tokyo to consider 
plans for East Siberia natural gas 

Report on new uses and 
markets far British coal. 

British Nuclear Fuels signs con- 
tract in Tokyo to re-process 
Japan’s used nuclear fuel. 

Sir Peter Vanneck, Lord Mayor 
of London, attends Financial 
Times lunch for representatives 
of foreign banks. Mansion House, 

Annual Investment Conference 
of Stock Exchange Nonhero Unit, 
Adelphi Hotel, Liverpool. 

Today’s Events 

National Bus Company annual 

Automobile Association annual 
report. „ 

Chelsea Flower Show opens to 
public. Royal Hospital. 

House of Commons: Motion on 
EEC document on Liner Confer- 

House of Lords: Conservation 
of Wild Creatures and Wild Plants 
(Amendment) Bill, third reading. 
Filins Bill, committee. Co-opera- 
tive Development Agency Bill, 
second reading. 

Select Committees: Expenditure 
(Trade and Industry sub-commit- 
tee). Subject: Measures to 
prevent collisions and stranding* 
of noxious cargo carriers in 
waters around U.K. Witnesses: 
Representatives of Protection and 
Indemnity Club: Marine Insurers’ 

Joint Hull Committee (10.30 am. 
Room 16). Nationalised Industries 
(sub-committee Bj. Subject: 
Future of electricity supply 
industry’. Witnesses: Electricity 
Consumers' Council; National 
Consumers' Council (10.45 am. 
Room Si. Expenditure (Environ- 
ment sub-committee). Subject: 
Housing. Witness: Mr. Reginald 
Freeson. Minister for Housing and 
Construction (4 pm, Room fit. 
Public Accounts. Subject: 
Northern Ireland Appropriation 
Accounts. Witnesses: NI Depart- 
ment of Health and Social 
Security (4 pm. Room ]fii. 

and Haukes. Cafe Royal. W, 12. 
Bronx Eng.. Edgbaston, Birming- 
ham. 12. Dickinson Robinson, 
Bristol, 12. Francis Inds.. Great 
Eastern Hotel. EC. 12.30. General 
Accident. Fire and Life .Assurance. 
Perth, 11.30. Gibbs (Antony), 
Winchester House, EC, 12. 
Harrison and Sons. Stationers’ 
Hall, EC. 12. Ladbroke. 11. 

Copthall Avenue. EC. 11. Lyle 

London and Northern Group 
(full year). MEPC (huffy ear;. 

Berwick Timpo, 79. Wells Si reel, 
W. 12. Blackwood Hodge. 
Dorchester Hotel, W. 12 JO. Boosey 

ipping. Glasgow, 12. Men ties 
(John). Edinburgh. 12.13. Pearl 
Assurance. High Holborn. WC. 12. 
Portals. Connaught Rooms. WC. 
12.30. Provident Life Assn, of 
London. Abercom Rooms, EC. 12. 
Rio Tinto-Zinc, 18-20. Craven 
Street. WC, 11. Hotork. Bath. 3. 
Stanley <A. G.j. Orpington. 4. Sun 
Alliance and London Ins.. L 
Bartholomew Lane. EC. 12.30. Sun 
Life A-ss. Socy., 107. Cbeapsidr, 
EC, I2.3U. Ultramar. Winchester 
House, EC. 11.30. Vosper. 32, 
Curzon Street, W. 12. Weir Group. 
Glasgow. 12. Westminster Pro- 
perly Group. Frenshara Pond 
Hotel. Churl. Surrey. 12. 

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■I ■ 

■ - -AN™.— ^ — i_* 



Current of 
payment payment 

Corre- Total 
spending for 

NZ, UK troubles cut Borthwick to £2.2m 

New Zealand, the unsatisfactory 
slate or the UK domestic meat 
industry and the inleuration of 
the Matthews Group all affwlins 


profits uT £fi.4m last lime a 3.Sp 
final was paid. 

Turnover for the six months 
was U!04m against £ I Glim. 

The only major bright spot 
mentioned by directors was the 
Australian operation, which in 
conjunction will? the L.S. diiision 
achieved «ood profits by taking 
a chant a -jo of rising beef prices 
in i he U.S. 




Page Cor. 




Advance Laundries 



Inv. Trust Corpn. 



Ambrose Inv. Tit. 



K Shoes 



Borthwick (Thos.) 



Leisure Caravan 









Br. American Rim 



Owen Owen 



British Printing 






City Hotels 



Red fear n Glass 



Crystalate Hldgs. 



Reliance Mutual 



Fine Art Devs. 

Gill & Duffus 









Transparent Paper 
Trice ntrol 







Hunting Assd. 



Wace Group 



Industrial & General 



York Trailer 



.Advance Laundries i.5j 

j /v a /0% Ambrose Inv 2.7 

A |W| Thos. Borthwick inL 2.4 

8,1# -T A _ iiwB 1 B Sritl and Am. Film Hldgs- l-'-H 

, , , Hunting Asscd LB 

policy seems to have worked out investment TsL Cpn. 4-7 

satisfactorily so far, but the k Shoes inL 0.93 

managers emphasise that despite Lpj sure Caravan 2.43 

other hand they arc 

Scottish National ini. 1.4 

Transparent Paper .’1.207 

Ware. Group 1.4 

lyment div. 

— 1.36 

Julv 27 2.5 

July 10 2.4 

— . l.i I 

July 6 0.65 

— ]J39 

July 12 4.1 

Sc pi. S 0-77 

— 2.4* 

July 14 0.7 

.Tune 17 1.5* 

July 20 1.27 

June 20 1.25 


June 29 0.0B 

July 12 
Scpl. S 

July 14 
June 17 
July 20 
June 20 

satisfactory, though -lightly lag- 
pina the UK All-Share Index in 
the year ended March. 

advance by 

Financial Times Wednesday May 24 1978 

“ York Trader warns 
I of midway setback 




York Trailer, ihc UK's second about 63-70 per cent capacity. The 

5 92 larceit trailer group; has run directors arc expecting to increase 

°irr into local exchange control the interim and final dividends 
4.01*’ difficulties with' some of its major this year by the present maximum 
3 71 oversea* customers. permitted 10 per cent, or more 

3.9* Reporting 10™ first-quarter if that Is passible whan Govcrn- 
10 56 profits 5 per cent ahead at nicnt regulations arc reviewed 

3 43 £513.000, the company says cam* Last jear'J.HSp net per 10p share 

4 42 mgs for the hatr-year are expecieri was paid. 

1.4 to be “ somewhat below last 

, ota( j years interim tipurc of £1.14m. . 

taied. Commenting on the- pr^ent y'icnQl*Dn4 a 

apital poor market conditions. Mr. Fred I Clll 

arity. Davies, the chairman, said the * 

group's export markets are -uffer- T| 

i'ng from temporary exchange rSHfif 1 3ilS 

control problems, mainly In A. **jp*'* iUUv} 

A La?t‘ night Mr. Davies explained i?A 

■ that the difficulties had arisen dUUtJUHl 

The retail butchers 

There was a I.'.75m disinvest- 

Hunting Asscd. ahead ■ lhaf 5 the ^difficulties had Arisen £0.38m 

, nA a j /■ noiahw Vi^eria ^nd* Kcmya^anlnri Following an Interim downturn 

l*a\7- 4^0 "d"fl T,4 6m Turkey ,: "li > s taking a few from JS0S.MU9 to Trans- 

DY dUl/.UIII ttl wSS for the central banks in pare* P«g«r finwh^thc ; year to 

WITH A rise from E.34m 10 E35.QOO iBM-Oopi-an. chance la 1^-./°“ SJgiJnn iiTbiv Z 3S?n to fl.l’n. compared 1 ™"'; 
£2.59m jn the second half iT 1»*>- ACT rate will be ^.™fiected n a . amounts of sterling.” he IT .aim last lime, 

taxable profit or Hunting Asso- supplementary d£ friend to mam- ^dSd ” It means that we arc <)n capital increased by last 

dated Industries ended the year tain the ,:?Lj IV ?h® n i: £}, unable to complete ciintracLs years rights issue, earnings are 

14.6m. compared with £4m for maximum permitted, the directors tmaDie io ^ acroed jrj shmvn al 7.7p per 2*p share com- 

weeks for the central "banks in pare* Paper finished the year to 

«S? countries to «. our Apnl 1. ««. «*»»£/» Si 


At midway, when repomn: 

Most operations have now been 

meat ln.-,sc- resulted from o\ pr- Most operations have m 
i jpai-ity. with too many abattoirs merged with Borlhwic 
vnmpiMiim for livestock whose augur well for the fulun 
numbers are decreasin': nwing to tors mi.v. Action has bee 
lark of fanning confidence. direc- in correct problem arc 
tor- .say. althou".h improvements 

In Men- Zealand, u here the mwi they du not expect 
uroun ha- 4fi per cent of net h^nefii* to be reaped Ih 
a-<eis. worsening labour disputes There have been heavy 
have rou! led in Borlhwa-k opera- cost.- lo-jeiher with repavr 
lion.-. MilTi.-nni; substantial losses specific secured borrowln 
de.-pite firm XZ lamb price:, over- c-*, v 

sra--. pari icularl y in the UK. 

The di-'puiation is a reflection 
of the basic problems of economic T 
'Tii'Ture facing the country and fi SlflLISlli fo, 
so there is no short-term panacea. 

.'No. the group is facing high /""'I • 

r.ipital spending to meet EEC I ■ SllSil 

hygiene and veterinary require- 
men is. o " • 

A Her tax of £1.4Sm (£2.H»ml. IFlVPCTffllPS 
minority profits ol £16S.00Q III T VOLlllVl 

( m.iiao to minorities) and extra- |W . ,»■ 

ordinary losses of IS.0U0 , L" ^ . Mar 5 h J 1 ' 
i£224.IUifi*. atlribulable profit came ! nd "**H»| «»d Genera 

prospects for the remainder of (£ o 702) , Snut h A fri™ £S3D t £663). profits 

havc been agreed in simwii hi ...i» coni- 

point out. irinciiilo Indeed, we have goods pared wlh an aducued 12.57 r . 

. SoSed up right back in the raw ‘ - dividend is stepped up from 

• comment EKKi ?r*£“ • t&B ,u 4y3i, «* ,,et Wlth a «*«i nf 

u-.nhar- Mminne fmiti itc Mr Davies would not forecast 3._jjp. . 

^=fn«rin= r n die s our^ ” S urvw’ how badiv h.lf-.ime pnjfiu, would 

SA ^"zsr^rlxSi SSfilTSif 

s , rte n i.JnS!f -n., . ». p™«« « «».»«.• 

, . r S!! d ^ SLS.u'TS • comment 

Industrial & 
Gen. raises 

In the March 31. HGS year 
Industrial and General Trust 

“5SS S?o,*5 &*» .««». SS'A' 

to 3-S per cent, and the other* nfi( profit for the period improved A divisional 

Overall, they look for Turiher pro- 
gress in 197S. 

A divisional breakdown of turn- 

cent 1 54.3 per cent) of total at the time of the December surve y s ant j photography £lH,f)8fl 
enuity investment wt year end rights issue. i£13.B8S) and’ £603 i£512i respec- 

wilh the U S. down from 13 7 ner S- 1 - jnoniiw_ tjl . e j v 

cent to 14.3 per cenL while Japan ynVn Kmo The pre-tax result was struck 

accounted for 6 per cent to.6 per nmu* *al>js .. iTi.orv s*w after amounts of £500.000 tsame) 

cent). uk trading profit I: *J set aside in respect of overseas 

<n'-w« i railing profit ... ■ investments and non-remitabUity 

• comment _'Z' °. f »«««** currencies and f.n- 

Pp,,,, Mm interest .... sion scheme augmenUUon of 

An innovation in the Industrial InIor( .« charew .. s.» i'ioO.ODO (£100.000). but included 

7 mT PniMH AnhFStaSr bin -buM i products to the confectionery, 

where its Dubai industrial plastic He also blunted what he called tobacco._ hrscuiL bakery and 
subsidiary has had a good year, the UK Governments procras- *n.itk fowl trjri.s and is thus 
Canada's recessionary economy, tinalion " in bringing weight dependent on final demand in 
however h3S thrown its opera- restrictions on traders nun line Hits sector Tor its sales. Its basic 
tions there into losses of 1S1.000 with the EEC. raw material is wood pulp and 

against a profit of £731.000 In Trailers in the UK are at earnings were hit. particularly m 
1976 The Canadian difficulties present only permitted In carry the first hair, by pnnr quality 
have also dragged earnings from 32 gross lonnes. against 3S in Canadian uoodpulp supplies. The 
iis aviation support division down other EEC countries. "There is dull first half figures gave the 

nut Ut r.iccni auainsi r*» Km Vast invested £110.00l> more than was • Comment inu-rrsi «rn«l . ...... 

™- " " Sl *""" ‘ M realist-d from the »l, -of mv«. An lnnDVallnn lhe ,„ dMtrl . l 

"nil ihc Matthews acquisition ments. compaicd with a £1— ni an d General report is a geo- mure iniiTi-'sl 

to lh* pmccs-cd meal and pastry n,?t investment in the previous graphical hreakdow n of net invest- asmcuik? ton 

s.-! n ii io- are borne integrated year. ment purchases, showing that last ? r ? w l.^ ofor * 

v 'th i ho Frc-Jibake htisiness and And the accounts show that year the trust was repatriating yw a pr nm 

• be to— making factory at roali-ations exceeded investments funds from Eumoo. Australia and 

Tl'ontcvmrad ha* he«*n sold, in Europe. Australasia, Japan and Japan, and building up its hold- a rnmmpnt 

Directors -ay the Dill bencfiis will other countries with net invest- incs in the UK and lhe US. tin ® uuniiiicni. 

not be -con in the accounts until merit made in lhe UK. the U.S. the lalter rase, resources wore .Muirhead is at least 
next year. and Canada. increased by S per cent). This some or the promises 

at (he time of its £3m 

K Shoes well up at halfway 

last December— -that turnover and ^ . H 1SS3 attracted tenuers mr 

profit would show substantially Eai ^ incs ,, er 25|1 share are X3AB.100 stock. The lowest price 
larger growth, certainly a .*1 p^r ,, jven as 272fip t£23 3Dp>. hile a to receive a partial allotment w«a 
cent jump final dividend of 1.59SR7p raises £97.53 and the average price was 

‘ vl^ir rhe total for the year from £97.77. 

i °.‘ overseas currencies, ana r-n- nrogress, the group expects to Becau-o of current difficulties. 

T,v 'i.1 ?-' n 0 'n nru^, e niTr> maintain profits growth at about the group is only working to 
£lo0.0tHJ (£100.000). but included hfi same rafe Thg shares rose 

_ a £90.000 t £93.000) share of profits - lQ 233 P yesterday which gave 
ssi uz from associates^ a p /c of 8.6 and a yield of 1.9 per 

!** Tax took £2.09m. t_1.94m.) and covered nine times. 

:js comprised: corporation lax £194,0nn lAAiir 

( £51.000). overseas taxes £2-16.001) |V\III- lU I- \Al X 

l £702.11110'. deferred tax £1 65m ESSEX WATER IOOUL 11L.VVO 

l i U } , “in l nd° !ast"time of S ri33.0im After tninori- The Offer for Sale by Essex l>— — — i— — 

’MitBS SSXJZOX cf 8 £ "STRESS ASA iioK . • 

dend is 11 times covered by 

butable profit was up from £I.SJm cent redeemable preference sLock 
111 C2 1 Km 19S3 attracted tenders foi 

Yearlings up to %% 

PRE-TAX profits nf K Shoes for stantia! redundancy payments £113.896 t £181.772 loss) . arising cent in the previous first half 6H l384n to 2 94S67p net. costinc Dea'linss will start today, 
the half year to March :il. 11*. 8 resulting from the Norwich from the translation of loans pay- although turnover growth of IS 

were nearly doubled from .< de- closure. But with the order bonk able in currency to sterling, per cent is similar to that of the ^ 

pressed £81S.nftu to £ on now full through to lhe autumn, results of the wholly-owned sub- comparable period, '-hat has Om 

turnmer ahead from &31.3!im. to a likely boost from increased sidiaries. which arc not included helned has been the near J) per I p|CI|t*p 1 S 

£2.K.2m. The group recovered in consumer spending and better in the figures for ' the holding cent reduction in. costs oyer he JUVIOUIV V^ttlWTUll kJ 

and company, that on a turnover ,asl 18 months or so through the 

the second half of the 11*76-77 year demand for children's and company, .show that on a turnover 
;o finish null £2 .nil in. (£ 1.36m.> womens shoes, profits from of £712,335 (£443.405) they in- 
pre ' lax - manufacturing should continue to currod a pre-tax loss of £48.161) 

The coupon rate on this week’s cent bonds due May 21. 1‘JSO, at 
batch nf local authority yearling par. 

bonds i- up from 9} per cent, lo London Borough of 

P cr oen |: The bonds are issued Haringey is raising Etjm by the 
ant ^ arc ^ ue 011 ^ ay issue of US per cent bonds dated 

‘°S;. are: — Angus Di^rict ^ * «'■ ^ R ^ f 

Council f£!m). Dariingion Borough The Metropolitan Borough or 
Council (£Am). Dudley Metro- Knowsley has issued iim of 12 

rationalisation of designs and rhe AFTER SHOWING an advance for after meeting all the costs of poljlim Borough Council i£ini). per cent stock dated May H». 19S2. 
use of more efficient machine from £1.36m to £l.9Sm at the ,„ aCq nrr!fit > * n ’ wa« Cieetliorpes Borough Council at c Pf.[f o an „ n „„ h r *„ n .-\\ h -.. 

Borough Council 

.. *■ ' quarter or hits has certainly 

bnr the current year the group eased emu net it ion Trom abroad, 
has adopted SSAP » relator.* to After rising Jn to rt.Jn yesterday 
th'* vnlnanon of Mucks, and ED 19 (he shares viHrl just 5.9" per c^nt 
procedure for deferred lav. Com- on the maximum permitted divi- 

paratuc figures have been ad- dend. 
justed accordingly. 

The interim diudc-nri is in- 
creased from 0.77p to n.'.Wp net Hi 

in r JJp share, absorbing £l-l!MXk) 11 
r I'Uli.umn— la>i year's final was 
l.Jp. dl 

Xel profit was i'l.l.iui (£».K7ni.i A 

after lax £0.42m. i£f) A 

Peak £88 £13520Q against £122.400 pre- " ' ZT^ST The shares rou d Stated earnings increased from 

1 W UOJ viously is reported by Ware tz .-^nerable to brofifc takin- S.lp to 10^p per 10p share. A 

of- ftnfleli P Group for 1077 Turnover in the bo ' ulnerable tD P™ 1 ? laMn ~ final dividend of 2.434p net 

ill JDllllMI CC period climbed from £l.Slni. 10 elTecUvely raises the total pay- 

. . £2.27in. M n unfiim menl rrom 40n75 P t0 lhc 

American Film . ™«. h« bH n , sha r P up , u m upturn 

in busine.-s in the current your _ r ^4- rn .. P A .“ < V' UU tMi-J-uoui it 

Pre-tax profit of British and and director.- say it seems prob- V(?l* S3\ S dividend legislation is modified or 

American Film Holdings jumped able first half profits will be V-i -av-ikT * i • ff- Pu l re "®" e “* the directors say 

from DIS.73S to a record £S8,G55 similar to the 1977 full time level. C-r|V.f^ CnJPT J. *’ lv, “ r f lieu ' position in 

for 1977. . . ... *^p ^ v lime to make a recommendation 

s; , . . ,lioy point nui that first half jvjfj stGN of any mi|irovement in at the AGM. A further onc-for- 

...... ^ i--« ! a 1 - V^v pc ‘ i 'wfT |,n ’ 10 , be h^b^r ihan t radins conditions i- yet apparent, three scrip issue is also proposed. 

jie iH.MIpi and the rii\i- -econd half result.-. At halftime vj r Barrie Heath chairman of ... . 

{fend In in.-r.-a-ed from l.707l4p in 1977 profii was ahead from niieM Keen and NVutcrold* lold 77*e directors add that ^iast year 

" rl Jb:>0rbin? - 70 ' S0 ° lo £75 ' 5J0 - ihe^annual” meet ing/in Blrming- -unfmeTthl 

(14 1 >00). The Tull year result is subject ham. yesterday. -roup had fn e"tt» of JMMODO^n 

r ^C?5L!o Nll ? > ivcl to a lax charge in tax of £60.100 t£4S.400t. _and Time* were dulicult but an .short term deposit in the UK. 

nf £.f.fiR 1 124.42S » and also an niirihuiahlc profit was £67.n0 minnivemem would come and havin'* repaid all overdrafts In 

Jnn^'^fii^^is^.h l£SUS “ V ‘ management w as taking active 3t/ di?ion Ote SS ta Ih! 

"lii'.ri is I lie net l- ...... ..... .in. ..i,. r .v siens lo ensure uns rnariv t.v i : s? i , lV .n __ 

Vi/_ __ while the group continues to ue acniei ™ 

> T 3CG YpTOUD devour working capital. After Full year results was Mruck 

“ the benefits of the £3m rights after depreciation of £291,000 

fA issue the grouo is once again in (£]65.U00) and interest of 

ne f borrowed position. For the £248,000 (190.090). Tax took 

£ 1 “2C nnn - vear ■ c2m pre-tax looks possible. £870.000 t£745,001)» leaving net 

X compared witli £1 fiin. so at 18:tp profit ahead from £0.S5m to 
A „,„C, _r the shares stand on a prospective fi.OTm. 

IlMSm^SLlnT i'jsioo w£ ^ i 1 ™;" fh? IS^SfilS Stated earnintt, increased from 
yl™!!?, dP""" 1 * be" venerable to frellMakin" |‘n, to 10£p per lop share A 

Group for 11177. Turnover in the 
period climbed from £l.SIm. io 
£2 -'7m. 

© comment 

/unencan rum There has been a sharp upturn 

in busine.-s in the current your 
Pre-tax profit of British and and directors say it seems prob- 
Amcrican Film Holdings jumped able first half profits will be 

pstn ,i mudesl ” profit, virtually c . 
douhied pre-tax earnings ai the 
ntertni >i.ige arc a further Man *}™ 

• ,f the croup - ill. i mat ic recovery 
I year'- i-om parable figure , rir'snm 
mc iidvd stock los.-ev and sub- l* - ’ 1 "® 

I\ing < k'CShaxs^M\ 


52 Comhill EC3 3 PD 
Gill Id{rd Perrfolio Manittfflint 
Srrvite Index 23.5.78 
Portfolio I Incoma Offer 82.11 

Bid 87 u: 

Portfolio II Capiul Oflrr 129.2! 

■id 129.21 

Ill'll junnirii mat . In 1 1 |MUiltr will us 

, L' ,, b l |l ,, ,IL " l,r 1,111 i’ 00 !" from t« a record £S8,G55 similar to the 1977 full time level, 

l-.iifi'- at K Shoes moving hack f or 1977. ...... . . 

No upturn 
vet. savs 
GKN chief 

completed and now accommodate Reddltch District Council is Southwark (Elm). Warwickshire 
200 boats.- raising £jm by the issue of 11 per Ounlv Council lllnu. 


International Construction Group 

Record Turnover, 

Profits and Dividends 

(£149.920 1 . 

After ■•redii mg 

order 10 keep abreast of changing velocity joints |V,r rront -wheel- in the 1977-7S year and ihls 
nf indu-try techniques. drive car-. proved accurate, say the directors. 

'Thurrhfil”Sh;p? Pn-iiniT 

"liuirof Eiimbunih" Goblet 

It's crystal dear 

why Crown House ate Britain's leading 

~ qualify glass suppliers. 



Our name. Crown House, is one rarely associated with 
w glassware. Yet our Group includes Britain’s most 

f wide-spread table glass suppliers, with factories and 

f warehouses in four locations in the United Kingdom. 

■ Far better known in the glass world is the name of our 

glassware division, Dcma Glass, through the manufacturing 
of full lead crystal branded as '‘Thos. Webb” and “Edinburgh” 
and the world-wide distribution of over 100 million machine 
made glasses each year. 

Dema Glass did well for Crown House and for Britain last year, 
by increasing their exports to over half their output. 

To find out more about the achievements of Dema Glass and the 
rest of our group, contact our Chairman, Patrick Edge-Partington 
at 2 Lygon Place, London SYV1YV OJT. 

Telephone 01-730 92S7. 

■0 Crown House Cfr 

Ydu may not see us, but we're there. 

Group Turnover 

Group Profit before Tux.ition 
Group Profit after Taxation. 

Earnings per share 

A dividend of *.op per share net is 
now proposed making a total of (>. rp net for 
the year (equivalent n ■ n.Srp i*n>ss). This 
represents -an increase of 90".. *»n shares held 
hetore the scrip issue of one f«»rtwn in June 
,,,Tr - fids increase lus Treasury con.-cm. The 
greatly increased dividends f< *r the year arc 
covered 5.1 1 times. ‘ 


i he l.ahour Pact vat its 1077 Conference 
approved its National Executive Committee's 

pr- -posils for the constructii >n i ndustry 
contained in "J^uildini? Britain’s Future”. 

This d« icumcnt proposed the nationalisation 
of ’"one or more" majm national contractors, 
all the major building materia! producers and 
substantial extension to local authority direct 
labour organisations. 

In his Review Sic Edgar Heck, Chairman, 
say that as the c* instruction industry represents 
1 i“ u of the ON P and ia",, of the whole of free 
enterprise in this country, he could nut over- 
emphasise the disastn ms elVecrs « »f • 
implementing these proposals nut just or\ the 
C 1 u .up but also ■ m the wh> »Ie oi free cntcqirisc. 
The industry and rhe C»toup are supporting 
the Campaign Against Building Industry 
Nationafisatic'n (CABIN) as he is convinced 


797^ . 







3 , 0(17 


9 S 7 


2o.59 P 






that this Campaign is in the interests of the 
Group, its start' and its shareholders. 

. Commenting on the performance of the 
Divisions, the Chairman sais that since the 
iicsjuisitinn ot McTay they have serried down 
quickly and liavc a umid vvurkl>>ad for the 
current year; the volume . .f work in • iverscas 
construction has increased bnih in turnover 
and pniiits hut c« impetirion in Africa and the 
Middle East is \ ery keen; in th<: Engineering 
Pri *ducts Diviiii ,n there h.j> been 0 'nsiilerable 
progrtss and investment m manufacturing 
and marketing continued: in tile ikirclav- 
M owlem Gt. .up .\ustr.ila:.ia, in « hieb the 
C | roup has a 40" 0 interest, the \ tjr in 50th 
June 1^77 w as very satisf.tcti .r\ but the 
outli 10k for the present \ ear suggests that” 
competition is likelv to be venAeen due to 
the dull prospects of the Australian economy. 


Sir Edgar 0 includes: ‘’The outlook in rhe 
L imed Kingdom is likely to be affected by 
past and present Government cm hacks and by 
bad weather. Margins have been reduced in 
i‘j7K. Overseas current margins arc 
satisfactory but competition fmm Ear Eastern 
contractors is glowing, in these nreu instances 
it is dulicult to make forecasts but 1 still look 
t 1 Tward to a reasonable s.itisfactorv rear.” 

Cf f‘ fS 01 tf,e ■ ^tpari ,;rc miiM ;r.-.v; l! r W tnterr 

li a'^i/f l !a:i<e, IL-iiiy Rn..-a, j'.n.'itf.mi, A 

j /x.-ltwJ C lateral. \he&igri/trv#tM„: M /.> 

John Mow lem & Company Limited 


’ I -‘ 


:((>. Times Wednesday May 24 1978 


When a government, or a government agency, or a 
multinational corporation turns to the Euro-currency 
market for financing, it expects discretion, innovation, 
and speed. In the past year The Morgan Banks Eun> 
syndication specialists consistently met all three criteria 
in managing or co-managing over $10 billion in loans to 
countries and companies. 

Morgan has Euro experts in the worlds major'money 
centres. They keep in close touch -by telephone and 
travel. This means they have a total market view at all 
times, and can give the borrower speedy decisions at each 
step in the negotiation of a complex deal. 

To set up a major Euro-currency financing, a bank has 
to know all the sourcesof funds, have access to them, and 
be imaginative in choosing amongthem. Morgan s expe- 
rience has earned it the highest respect among important 
lenders and Euro-credit managers. They value our thor- 
oughness in preparing loan documentation and our skill 
in shaping and managing a financing.. 

That skill is especially important to the borrower. It 

ensures that terms, maturity, and options are tailored to 
the purpose of the loan and to market conditions. 

Euro-syndications with Morgan flexibility meet a 
wi e range of needs: short-term working caoital loans to 
finance trade; medium-term revolving credits for corpo- 
rations or for countries with development needs; longer- 
term financing for projects which generate the binds for 
repayment. We provide these for governments, state- 
owned corporations, nationalised industries, central 
banks, and many of the world s largest companies. 

If you re m the market for a Euro loan, talk to a leader 
Talk to a Morgan specialist through anv Morgan office 
worldwide. ' 

(J S TT IA ^'^ FVandso °. Houston, Miami. Tbronto 

The Morgan Bank 

Why The Morgan Bank is 

a leader in Euro-syndications 

International meat processors, traders and retailers 

Interim Report for the six months ended olsi March, 1978 

The unaudited results of the Group for the six mouths to 31st March, 
1978 are shown below, together with those for the six months to 30th Sep 
tember. 1977 and to 31st March, 1977. The Board has declared an interim 
dividend of 2.4p per Ordinary share to be paid on 10th July. 1978 to share- 
holders on the register at the close of business on 12th June, 1978. 

Six Months Ended 

31st March 
( 8 ) 

30 Sept. 
( 5 ) 

31st March 
£ 000 - 
162,000 ' 
( 2 , 686 ) 





Profit before taxation 

Profit after taxation 
Minority Interests 
Extraordinary Items 
Profit attributable to 

Ordinary Shareholders 880 1,394 

Dividend ‘ 1,082 1.331 

Transfers (from) to reserves (202) 63 

Since last reporting at the end of the 1977 financial year, the difficult 
world trading and industrial environments in which the Group has to oper- 
ate have continued. There have been three main influences affecting the 
Group results. Industrial unrest throughout the New Zealand meat 
industry: the unsatisfactory state of the UK domestic meat trade; and the 
integration of the Matthews Group. 

Our Australian operation, in conjunction with our U.S. Division, has 
achieved good profits by successfully taking advantage of the rising beef 
prices in the U.S. A. 

Unfortunately, in New Zealand, where the Group has 40% of its net 
assets, worsening labour disputes have created a problem of the gravest 
kind for that country's whole economy. As a result, our New Zealand 
operation is suffering substantial losses, despite firm New Zealand lamb 
prices overseas, particularly in the U.K. The labour situation in the New' 
Zealand meat industry' is a reflection of basic problems of economic struc- 
ture facing that country and consequently there is no short-term panacea. 
Furthermore, the Group is having to face in New Zealand new' and unex- 
pectedly high capital expenditure to conform with the increasingly 
stringent EEC hygiene and veterinary requirements. 

In the UK the domestic meat business has suffered losses in line with 
the whole industry. This results from over-capacity with too many abat- 
toirs competing for livestock whose numbers are decreasing owing to lack 
of farming confidence. In addition, the processed meat and pastry busi- 
ness take-over as part of the Matthews acquisition has had a very difficult 
six months. In total, these UK businesses have lost over £1.5 million in the 
first half year. The processed meat and pastry operations are at present 
being integrated with the Freshbake business and the factory at Thames- 
mead. a loss-making unit of Matthews for some time, has been sold. How- 
ever, the full benefits of rationalisation will not show in the Accounts until 
next year. 

A major move to broaden the base of the Group through the acquisi- 
tion of Matthews Holdings Limited was made at the end of the last financial 
year. The Retail Butchers, Flavours and Bakery Divisions are in good shape 
and making profits. The Matthew's Head Office at Epsom has been virtually 
integrated, resulting in the imminent closure of Epsom and significant cost 
savings in the future. 

Disposal of the Matthew's .operations unrelated to the Group’s main 
business has been actively pursued and has brought £4 million cash into the 
Group: a considerable achievement in only six months. Despite a number 
of unexpected problems the Board is well satisfied with the acquisition of 
Matthews and is sure that it will prove to be an important move towards 
establishing a more broadly-based and stronger Group. 

The problems set out above cannot be solved overnight. This is true 
especially of the immense and costly difficulties presented by the serious 
national problems in New Zealand. The Board is declaring an interim divi- 
dend of 2.4p per share, but it considers that prudence may dictate a real 
constraint on the year-end dividend. 


Thomas Borthvvick & Sons Limited 
Priory House, St. John's Lane, London EC1M 4BX 



iSrr i}rrrtj ! of Bum/ Pn'p S. Paper Ltd will be 

1 *S.V v Cues: eastern h'oi-jt Lon, ion EC 2 The 

v. f.-rn. Report ant! Accounts tor the year ended 










7:irr.o .» r 



GtomC surplus I“,Ioio Id'- ,11 toil 



E.iimnn.-. im r .iiaieroldei¥ . 



Ex , .T4^»dm.n\ itams 



Di.idcnda r< , r jh.irO, including 

U - co;-riii .. . . 



C.imings r-i-i .h^ir. I.icfcrc 
e*, :icr;s 

21 .4p 

22 3p 

The second half of 1977 proved to be veiv disappointing 
v. i ih earnings falling more than expected in nearly all 
divisions both at home and overseas. However, the 
decline in the Group's surplus before taxation was 
mo 10 than accounted for by the rise in the value of 
sterling during 1977 which resulted in a reduction in 
our sterling pre-tax surplus of £1 -6 million. In contrast 
the 1576 pre-tax surplus included currency gains of 
nearly l 1 .4 million. 

@ 76% of the 1977 turnover and 61% of the surplus arose 
from exports and overseas earnings. 

0 There has been a misappropriation of funds »n an over- 
seas subsidiary company resulting in an extraordinary 
charge of £322.000 in the 1977 accounts. We are 
taking every possible step with a view to recovering 
this loss. 

Overall earnings for the first quarter of 1978 are at a 
^ considerably hiqher rate than during the depressed 
second half of 1977 but it would be premature to 
draw any conclusions from this for the year as a whole, 
which is likely to be difficult. 

Copies of the Annual Report and Accounts for 1977 may turned 
nUer 23rd 1973 from: The Secretary. 21-24 t/raneff Street. 
L i.ir7o'on EC1Y 4UD. 

Manufacturing and marketing 
of plastics, chemicals, 
elec Ironies and 

Record sales 
and improved profits 

£> tracts front the Review by the 
Chairman Mr. Peter Cole on me year 
ended 31s t December 7977. 

Pro-tax profits for 1977 (£1,295.000) 
represent a substantial improvement 
on the previous v ea r l £901.000) 
and reffpci record sales of 
[23.564,000. However, the high 
level of performance achieved in the 
first six months was not maintained 
and the remainder of the year saw an 
easing in demand with margins 
coming under pressure. 

This pattern of business was 
generally experienced bv the 
chemical indusir/ in 1977 and I 
cancel similar iluciuauons ro occur 
in 1 £)7S. U.K. industry is still in 
recession and to believe otherwise 
is self-delusion. Despite this I remain 
confident that the Group is now well 
placed lo overcome the present 
uncertainties and to plav an 

increasingly significant role in lfiB 

many industries it serves. 

The mov? of our thermoplastic 
compounding activities to Milton 
Keynes is nearing completion and 
the benefits of improved productivity 
will become increasingly apparent as 
the year progresses. 

Group cash resources are being 
maintained ar a satisfactory level and 
during 1 97E. certain subsidiary 
activities are being restructured 10 
strengthen thcii product lines and 
provide greater personal for 
cvpansion. It 15 our policy lo maintain 
a constant search ior new activities 
which will be compatible with the 
Group's basic philosophy of 
providing specialist pioducts and 


Copras of the full Statement sod the 
Report ana Accounts are available on 
application to: 

The S ' ternary. 77 5 Lansdoivne noad. 

Croydon CR9 2h'B. 


Fine Art climbs 30% 
to record £4.72m. 

Financial Times Wednesday May 24 1978 

Tricentrol up 
in first quarter 

A JUMP in taxable earning* of 
30.-1 per cent from E:;i»2m ro a 
record H.72m on $:iVn up 25.4 
per renl at £41.$7m. 
£13. 3ft m was achieved by Fine Art 
Developments, greetings card 
publisher, for the year to March 
at. 197S. 

When announcin'* first half 
profits higher at £ t £$03,000) 
the directors said that the Christ- 
mas selling season had begun 
earlier than In prewnus years. 

With early second half sales 
showing a satlsf actor v increase snme Hnanun Pollard, 
they forecast higher full year „ «Mh-Aiii«! L*»tifcr. British Syomin. 

—mi,, KiM- 1 J r.nmnlDH. Dm* Croup. Laslom Ph-kM..-..*. 

w and J Utn-wop. Given European 
A net nnal dividend nr l.0348p Tru«o. ptuiip aui inv-.sim-.-Ri Trust, 
per 5p lifts the total lo 1.834Sp Kl, y<L-r i.'llman. London Ail.mik !nv«- 

(1201201 and staled i»irnm<s ov*r • TnrS1 ' Lendau and Northern Group. 
'7 '* Tl*. Siaiea e.unirus per MjmshwS , cr an(j i. Qndor i : , m r ,. T m.i. 

share arc shown at 4.Sti-ip c4.4Iop> \innVs Tins’. Pnikhaird S-r- 
or. without provision fur deferred viui nrniabU- Trust. Tusu 

- — — Frudui-u. 7 nisi l.‘ni*m. 



I’omel R a division ii:r..* s 

Elsuti and Hobhir.s .Im.- f, 

En-lish >;hina Cljjj 

Finals — 


Thi. ;DlIuwiri«' cunijidii>‘s ban auiiO-'U 
iljirs n! ' Board nu-ilisuj :u itr Stork 
EsubaiiM-' Surh ni-jitinfc-S arc tr,uali> 
Md fur piirausc ul consul., rati 
difldv, '.'riiciaf taJuawoira an- v.v avoil- 
jbh '.ibcitKir dividend* cuui.riu-d jr<. 
inii'nmj nr finals and the snh *ii% biun> 
shown Ii'.Iom arc bjii-d luaiuly op List 
years IlRk-uhlt, 


Interims — Allied Lon ion Prop-.-rli'-s. 
A»on Rubber. B*iC Jii'eraailonjl. John 
I'arr > Doncaster,, J. It. Dennis. l«*y'a 
Foundries and EnjtirjerrL-w. .WE PC. Kaa- 

pared with lifts Iho total to 
4.5p 1 4p i po r2Sp income share of 
Ambrose lo vestment Trust. 

Revenue was up from £483 962 
to £528,303 for the year, subject 
to a tax charge of £177,324. against 

Net asset value is shown as 
30.42p (3U|>1 per income share and 
147 nsp (S9.l7p) per 25p capital 
. share . 

Rise so far 

at City 


Trjilmii profli . . " 

ImciUm-w untune 


Profit before tax 


N'-t lirmu J...] 

ItXIOiinl. cri.dils 

Tn mi non Iks 

Aurt fuu. ilil..-' 

To >.apiiDl nis-rve .. 
lnicnm dinditnd 


Keiaini'd ... 

• comment 




j.iil "M 



.Vi. Vm; 

,v:n "HI 

>4<i. Illb 



■j ;.;>i "11 

l .«k.::iik 


1 <25 >2« 

1 -.J'-- 


1 lri-1 


2 i?r 




:wi. -Uifi 

■Jui St.: 

4;; .u.: 


1 -■ : 

i .■a:; ok 

1 mmnriti'. 

. S. 

June U 

Hncklw's Ert-uvrv 

Jur... - 

On La Bii-.- 

Jim.- •> 


. 7 1 ; nt- 2 

Edinhurdr and i~-?nrral 

invt-sis :-Lit a 

':ausb Bras 

... .Inn-* L 


Jur.o S 

MQ-mrvii';'. - Estai-S ....... 

. June 1 

Turar Induonis Int- 

Van i'i 


Juni* I 

Fine Art Develupnient has main- 
tained its .steady growth record 
by raising pre-tax prufiis by a 
third. After a buoyant first sue 
months, the traditional -itronji 
second half not only matched the 
pace but lifted trading margins 
by one point to 15.4 per cent. A 
volume sales increase of 10 per 
cent for the full year reflected 
steady growth in its mail order 
gift business, which now accounts 
For some 70 per rent of total sales, 
and greeting cards. Overseas 
operations, especially in France. 

aLso continued to puil their weight 
while Aus Ira I ia managed a small 
reduction in iis losses last year. 
-With both the UK and European 
centres expected to make Turiher 
progress and Australia likely to 
break-even. Fine Art could be 
able to lift pre-tax profits by 
another one-third this year to £*im. 
At 4ftp yesterday, the shares yield 
3.D per cent and the p e is 9 6. 

Ambrose Inv. 
pays more 

A final net dividend of 2.7p for 
the year to March 31. 1978, con}- 

Turnover and profits in the hrst 
four months or 1078 have neen 
ahead of la?’ year a* C.lf\ Hotels 
Croup, and Mr. Phillip Kaye, the 
chairman, expects another stood 

Eut because nf the seasonni 
nature of its business he says it 
is too early tn forecast the out- 
come for the year. 

So far in I STS further franchises 
for Dayville ice cream parlours 
have been granted hoilr in the 
L'K and overseas and City Hotels 
intends granting more franchises 
and opening group owned 

Since the year end three, more 
restaurant sites have _ been 
obtained and directors Intend 
expanding restnurant operations 
through acquisition, and . -to 
refurbish existing premises. 

The directors will also consider 
any opportunities to expand iu> 
hotel operations. 

Profit last year wag up from 
£( I . T4 di to £ l . U7m . 

Meeting. Henry VIII Hotel, VV, 
June 14. at 1Q.30 am. 

WITH THE UK automotive and 
trading activities lifting their 
operating contribution from 
£461.000 to LS'44.0110. taxable profit 
of Tricentrol ruse from U-lMm 
to £1.1 5ni in llie March 31. 1D*« 
three months. ... 

There was a £17.009 . profit 
(£22.000 loss! from North oM 

and gas operations, although 
directors' point out that Following 
'delays in the start up of produc- 
tion at the ThisUe Field, any 
significant impact from Inis 
operation will not show through 
until the second quarter. 

At veslcrdny's ACM tl w’as 
announced thnl the sixth Thislle 
well had been brought into pro- 
duction on Mav 21. and the follow- 
ing day production was 9:!.SO0 
barrels — from live wells up ti» 
70.000 barrels were being pro- 
dur«d each day. 

The fun it h tanker front the 
field has almost completed load- 
ing. and Tricentrol'? first cargo 
Is expected in Julv this year. Oil 
from the field will begin flowing 
through the Brent pipeline system 
hv .Innuarv next. 

fo Xnrth America during the 
quarter limitations on exports of 
oil and aas from Canada in Ihc 
U.S. affected turnover, which was 
down from £2.1Sni to £1.9flm. 
Directors sav problems continue 
with the luck of direction of US. 
energy policy. all hough the 
group's exnloraimn activities have 
maintained progress with addi- 
tions to rescries. 

Continental, operations dropped 
from an ESS.OTO profit last timtr to 
a £121.000 loss and directors say 
it i> suffering from heavj contpeii- 
tinn tn weak markets. The group 
is seeking lo contain what it con- 
siders to be short term acute 
adverse trends in the Benelux, 
while ini-r easing its sales base in 
the German market. 

On the UK commercial side 
part of the strong performance 
by the automotive division wag 
owing to the inclusion of Leeds 
Ford main dealer. Brown and 

White (Holdings i- Demand oq 

the car side has been exception, 
ally strong, directors say. while 
the truck group cunlinuiu to 
make progress. 

Directors ha\e been encouraged 
during the period by the strength 
now beginning to show through 
in the trading division. Builders 
merchants have increased volume 
significantly through greater 
market penetration, while ihe 
hardware and DIV business is 
picking up. 

Canadian trading activities in- 
creased their loss from £11,000 tn 
F3S.QOO and overhead cost reduc- 
tions coupled with some trading 
improvement .should curtail ilu» 
losses, pending decisions regard- 
ing the tiimnc and method of 
ultimate disposal- 

A positive contribution from 
Australian operations is expected 
after its first quarter £1.000 loss 
(£1,900 profit). 

TKM poised to respond 
to pick up in trade 

Downturn at Advance Laundries 

FOLLOWING AN advance from 
£ 1.58m to £ halfway, a 
decline in second-half profitability 
meant that Advance Laundries 
finished 19n with pre-tax profit 
down by £0.1 ni at £3 .3. ’mi. Turn- 
over was higher at £22.Sm against 
£21 82m. 

At the midway stage, the 
directors said results were ex- 
pected lo continue at a .-mnewhat 
belter rate during the second half. 

After tax of £156m tLT.S7n»l. 
minorities £Q44m (£0.4Sm> and an 
extraordinary credit of £57.882 
(£164.947 debit), attributable profit 
for the year increased from £0J3m 
lo Il.llm. 

A final dividend of 1 552 p net 
makes the total payment 1 852n 
(1 17 = 4*1 In ) ppr lOp shares costing 
£5^7 526 t E49Q 201). Retained 
nrnfft emerged at £548.391 

Reliance Mutual 

The rate of inflation in this 
country was >ti!l : fat tob high, 
despite recenl improvements, and 
this caused difficult problems for 
life companies. .-Lated Mr. F. R. 
Petller. chairman or Reliance 
Mutual Insurance Snci'ty. in his 
statement aci.-onipanying. the 
.mnual report and accounLs for 
1977. ' 

Life companies had two means 
of dealing with the 'problem of 
keeping premiums constant — 
increase new business so as to 
spread overhead costs and find 
more economic means of handling 
the business. He was encouraged 
to report that both these aims 
were being aehieird 

Mr. Pcdler reports that in ihc 
ordinary branch, there was an 
increase of 125 per cent in new 
.-urns assured to £33m in 1977. In 
the fire and accident branch, the 
deteriorating claims experience 
continued during 1977 and an in- 
crease in premium rales was un- 
avoidable. These increases, how- 
ever. did not have a material 
effect on 1977. because there was 
insufficienl lime, and there was 
a substantial deficit on ihe year. 
There had been a high level of 
acceptances by policyholders of 
the new rates and there should be 
a considerable increase in 
premium income this year and he 
anticipated a return to surplus on 
the account 

The ordinary branch' revenue 
account shows that annual 
premium Income rose by 15 per 
cent to £l.lrtm, while single 
premium business over 50 per 
cent higher at £225.000. Claims 
and expanses accounted for 
£1.75m and the fund rose to 
19.1m from £7.5m over the year. 

On the industrial branch, 

premium income slightly to 
£1.5m and investment income by 
15 per cent to £66i].000. while an 
amount or £1.2m was credited for 
unrealised appreciation of assets. 
Claims and expenses were 5 per 
cent higher at £i.5ni and the fund 
at the end of the vear stood at 
£S.4m against £7m at the 

Little change 
at Bridon 

Mr. Harry Smith, the chairman 
of Bridon, forecast at yesterday's 
ACM that profits for 1978 would 
be similar to last year's reduced 
£11 61m. 

Although profits so far this 
year were below the same period 
of 1977. they showed a distinct 
improvement on the depressed 
level experienced in the final 
quarter last year. ' -~ 

He said .that while, there had 
so far been no' general improve- 
ment in the state of trade, there 
had been no further deteriora- 
tion. Action taken to reduce 
operating costs and. where 
necessary. change marketing 
strategy was beginning to lake 

IF WORLD trade docs pick up 
Tozer Kenwlcy and Millbonni 
(Holdings] lias never been better 
poised to respond. Mr. K. A. "C. 
Thorogood. the chairman says in 
his annual review. 

Group techniques and . the 
quality of business are continually 
'improving, lie says. Unutilised 
financial fiiciltties from bankers 
around the world for its various 
diverse forms of trade-finance 
currently run into nine figures, so 
that adequate funds are available. 

He points out that gearing In 
real ft- niis can be effectively 
controlled oy the use of credit 
insurance. In IW77 the actual and 
contingent liability to bankers 
compared with shareholders funds 
was down from 3.2 : 1 lo 2.6 : 1 . 

But ihe chairman says that 
increased volume for any 
financing business must be con- 
tained within the capacity of the 
creditor lo monitor the risk. In 
the finance of international trade 
TKM’s growth will be steady, but 
not spectacular. 

On tne forest products side- 
whore TKM is the world's largest 
broker ami finances a .significant 
proportion of ihis trade— the 
group looks to a healthier level 
or world demand and a 
consequent improvement in prices 
as well as growth from the 
development of new agencies for 
improved results. 

With ils Canadian operations, 
moves have been made to 
strengthen management and there 

has been an improvement in the 
performance there. 

In Canada last year on the 
international trade finance side. 
TKM withdrew from a number of 
local accounts with minimal 
losses and there has been a turn- 
round in current business. The 
directors look lo ihe reduced 
operation being profitable in the 

On the investment from, the 
97.3 per cent owned McKee 
Brothers has broadened its pro- 
duction base and recently 
launched a range of European 
tractors in Canada. Losses last 
year were substantially reduced 
and this trend continues. 

The current year has begun 
most satisfactorily for BMW 
Concessionaires GB, while at 
Mazda Car Imports (GBl, the 
recent voluntary restraint* on 
shipments of Japanese cars to ihe 
UK may restrict development in 
the current year. Abel son Plant 
(Holdings l is exploring oppor- 
tunities to expand overseas. 

The outlook at Pierce and Price 
Group is promising for the UK 
timber trade. Mr. Thorosood says, 
despite lower prices and hesitant 

The woodpulp prospect indica'c 
progress, and the transportation 
activities are more confident * 
in recent years. Most signi- 
ficantaly. the travel trade is hav- 
ing an excellent year and very 
snort results are expected. 


Full credit supply 

Hunk of England Minimum 
Lending Rale 9 per cenL 
(since May 12. 1978) 
Conditions were slightly less 
nervous in ihc London money- 
market yesterday, helped by early 
news that the Government broker 
had sold some long “ tap ” gilt- 
edged slock. Discount houses 
buying rates for three-month 
Treasury bills remained above the 
trigger poini for a rise in Bank of 
England Minimum Lending Rate, 
however, and houses were also 
reluctant to buy bills from the 
authorities on anything but a 
small <cale to mop up surplus 

The supply of day-to-day credit 
was rather patchy, and some 
houses had difficulty in finding 
closing balances, oven though 
money was generally in surplus. 
Under the present circumstances 
the houses were only interested 
in very short-dated Treasury bills, 
and the authorities sold a small 
amount of bills to the houses, 
which was nor enough to absorb 
the full surplus. 

Banks brought forward surplus 
balances and the market was also 
helped by very substantial Gov- 
ernment disbursements, in the 
form of the Rate Support Grant, 

which outweighed revenue pay. 
mems to ihe Exchequer. 

un the other hand there was 
a fairly large net take-up of 
Treasury bills to finance, a' size- 
able ri-e in the nole circulation, 
and mnitiring local authority 
bills held by the authorities. 

Discount houses paid fil-7! pur 
cent, for yecured call loans, and 
closing balances were taken at 
around 7 per cent. 

In the interbank market over- 
night loans opened at 7}-7J per 
cenu and ranged between fit pet 
com. and S per ceni.. before 
closing at 7 per cent. 

>In\ Lo 

■•'ii'i iin-j 

i V-i i in. ti>- 
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Us 11V 
Bil'. 4 

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flint* #i***nf 7 i-. 

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p;. ss 

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Ln.-al jurfivn:i<>« .ki-I Inuni-i- houso wten dj>s' nnirn? atS-m <JjyV liv'd LiHis-n-rai lm-j] ju:hur-f- tnnnaju- rv- 

uoniiiitilv iti r.-.- j.-jrs n; . i ] ; per cvnn four j-cjrs IJ is-r *.rm.fitc jvars US per cviM. O Hank bill raw* in table ar..- bnjui K 
raww fur prime pum-r. t'.iiyjin roits for four- mar. lb ban* b Hi, 9I-9J Dvr o-ni : lour-ntnmh trade bill* <0 nor mh. 

Ap;<raxiniato .~:I!nu raio* for ono-momh Treasury bilk Si-st per •■■m. ivn-nioiuh ' p-.-r >vn-: and i!iri'‘l> 

Per «-"i|i Approxliunti- v'ttinc rale for one-month bank bills S l *is-s |, i» n-r ot-ni: and mo- month f> i u;r cent: and ihr.-. . 
iiioiiih s:-9'.|* n-r e. nt une-momb tradi- bills 9.' p,-r rem: two-month 9! per «*w and jlso ihm-nionth w: per eeiu. 

Fin ante House Base Rates i publluhed tw iht- Kin.iliee Hguv \suh-uiImi> r> p.-r ■.••'ill from Mav ; isrs Clearing Ban* 
Deposll Raies ifn r \tnall midis at wren days" tio>tre> fi per ■.•eilt. Clearing Banks Base Hale* for lending 9 p-.r cent Trca^urv 
Bills: Ar- raa>- fender rase; at discoiltlf * 

Manufacturers of glass containers 

interim statement 

for 26 weeks ended 2nd April 1978 

Despite a quiet period for safes in the 

26 weeks 

25 weeks 

52 weeks 

opening months of our financial year, the 




Company has achieved a useful increase in 

2nd April 

3rd April 

2nd Oct. 

the volume of containers sold. 







The Monopolies Commission’s decision 
fully justifies the time and effort expended 






4U 89.000 

by the Company's management. 

Piofit before 

Ta. alien 




< 5.1 Demand for glass containers at the time of 
writing is increasing satisfactorily and we 

Earnings per 
Ordinary jhar* 





expect activity in rhe second half of the 
financial yearto remain at a high level. 

Dividend per 




The profits for the first half year should not 
be taken as representative of the year as a 
whole, and in the full year we look forward 
to profits which should be reasonably in 
•advance of 1977. 

Copies of the Interim Statement can be obtained 
from the Secretary. Redfearn Natrona / Glass 
Limited. Fishergatc. York, Y01 4 AD. 

Statement by the Chairman. Mr. T. S. Holder , M.C. 
for the year ended 30th April 197S. 

Your Company announces a record profit which is in excess 
of £1 million for the firsi time and a transfer of *1200,000 lo 
General Reserve which now stands at t’J million. 

This profit has been made during a year of considerable 
instability in the money market with eight falls and two 
rises in Minimum Lending Rale. A further rise has taken 
place at the time of writing so that M.L.R. nuw- stands 
tliree quarters of a point above the level at the beginning of 
your Company's year. 

Your Directors recommend that a final dividend of 2 - 38972 
pence per share, making a total for the year of 3 -38972 
pence per share on the L>rdinary sliaresof :a)p each should 
be paid out of a net profit of £1,2 17.301. This is the 
maximum increase the Company is allowed lo distribute 
under the Government's ami inflation policy. 

Your Subsidiary Company. King & Siiax-son Fund 
Managers Limited, continued their expansion of business 
during the year. AU classes of investors are becoming 
increasingly aware of the advantages of professional 
management for the gilt element of their portfolios, and we 
are well placed la meet this demand . Recent events have 
highlighted the sharp fluctuations which can occur in the 
Liiit market and therefore the need for specialist 

During the v ear vour Board suff ered a sad loss ihrcmeh the 
death aster a long illness of one of your Directors. Mr". Peter 
Fane. He was the third generation of his family to be 
connected »'un the lirm, a connection which has now sadly 
ended. J 

I am sure you would wish Mr. Holmes, our Manager, cv erv 
happiness in his retirement after fortv years with the 
Company to which lie contributed so much through liis 
long expenmoe of the Di muni Market. 



was ?eM A ?n U Lonlfon eral ,jf l!l 0 Instiluie of Taxation 

PiJkoVrn l‘r A KTI ( >C! ’^' da - v - The Prasuiom. Mr. R. J. 

I ll- Koi ill. l .LA.. r.T.I.I., referred to the fiscal iv»r 1977/7S is 

or lhe ‘"nnhnum by the 
t-nanceuor of oudgetary statements revising tax law -t 

increasingly freqfient inlervals and the fPiflhteSin-’ prwedure 
of changing tax law by ministerial statement. * priKCdure 

chattaes SU retroacbve S in lax ,aw 3 nd those 

paymTo 1 ^ 

to the statutes '„,if re tn V J st00d -»nd the amendments 

In the finaflro bUi hnm Jta, ? ar P ossible «me-ceruiinly 

welcomed the Meadr 5 . fol!owin S the statement. He 

members of the Housi^ nf°r»i and *“»«*««* ^ ** ^tndy by 

■s5US£.iv u 5*ss2 

practitioners who laxa w1? B 

would save nsrii-mwni..* recommend technical changes. This 

be without parly poiitS L>tas. ^ lbe reconimendal!WW woul ? 

Council S^ecrotal- ta’J d f ot h h an expression ° r ‘hanks to.ts? 
term of office for lhe,r ^ during his two-year 





r 1 MR Financial Times Wednesday May 24 1978 

4u ;ir , Reconstruction delays aid Plaxton’s 
er Redfeam in first half ? nroute , 


for record 

DUE D*f Dart to rh* . 'WITH IMPROVED profit in all 

to some of the %oup?fJ r SS 3 ESS WZJlHfiS'K 

TO some Ol me mim e ■ ftimnan Iw- , I .7 ™ .V. — • .■'“m um ncuirdj it uiii^uua, * ioalvu a xowuuupuufiM# 

reconstruction work ^mR* ^ a useful volume sain. This shows taxable earnings ahead from 

■ -- r;i P 9 °^n^o f0 r fU c^ Justify their hiftb initial cost, greater market penetration plus £3.57,000 to XS63.Q00 for the six 

R^ea^ etf NaiiSn^ Prl rrL 19 ? at 25p share thTomiiv {merest by brewers months to March SI. 1978. The 

ahnart nr ovimM^- were ar *\ -3-90p f 16.44 p) for half-jear in the company’s new, wide- directors say that the groups 

if* hat»T»f.f X io C, ,?i J0 ^ s ' pre_ ? nd l ^ e „J. menrT L dividend Is up mouthed, quarter-litre bottle order books remain good and they 

ik h*«- r”~ quHrcer-iure ouiue oruer books reuwin guuu dnu uibj 

iiTOto for ?hn « 5 ? y £0 - 76m 10 ff 0 ? 1 1 - 269p t0 5_28p net. which augurs well for the future. The forecast an advance for the year. 
xj.ijui ior me period. IS in accordance With the fore- interim dividend is Increased io Last time there was a record sur- 

Redfcarn recently won Its ease P° ad * in the group’s bid 5_28p In line with the forecast plus of £1.64m. for 14 months, 
in the Monopolies Commission j" eJect10a docuraenf. last Septem- full-year payout of I5.84p. which However, they point out that 
investigation. The Commission ber ~ last year s final was 9.291 p. indicates a yield of 8.2 per cent the interim figures reflect a much 

Good trend 
at Gill 
& Dulfus 

more even spread of coach de- 
liveries. There will, therefore, not 
be the traditional dramatic growth 
in the second half. 

Tbey state ibat reduced volumes 
caused by labour disputes last 
autumn have been largely offset 
by favourable levels of inflation, 
compared with budgets, which 
which helped to improve margins. 

The net interim dividend is 
effectively raised to l.Top fl.5p) 
per 25p share. The final for 1976- 
1977 was equal to 2.4p. 

Tax for the half year took 

Hi \\\ 

1 1 '.ult 

banned the two bids from the Redfeam is not alone in incur- at 29gp. 

Roc kw are Group and United Glass rin ^ costs as a result of the 
and the bid from Rheem Inter- Monopolies Commission investfga- 
national was dropped after being Non- United Glass yesterday 
referred to the Commission, indicated that its costs were also 
Costs incurred by Redfeam significant but not as high as 
amounted to £59.345 during the Those recorded by Redfeam. 
period and are charged as an Rockware's managing director, 
extraordinary item. Some further Mr. J. H. Cralgie. said his eom- 
costs will arise In the second half, party's costs were nowhere near 
the directors say. those of Redfeam. 

For the full 1976/77 year a The costs mentioned by the 
record profit of £4.59m was three companies cover only the 

achieved and in the annual state- fees paid advisors for professional toere are already that 

dlfpHnn h Tr. d rh^ C B°r rS t Sf.r HSfSJu?" °- f 1978 is shaping well, Mr. F. M. £449^000* £18W>OoT~ leaving ‘"the 

J " ^ first half would be reprwented at the hearings. No c.111, ibe chairman of GUI and net balance better at £414.000 
^'?* 1 **. a res “h o? furnace was placed on the value Duff us Group, commodity broker, (£171,000). 

reconstruction and this would time-or executives merchant and processor, says in The coach depair service divi- 

adtersely affect the results. involved in the exercise. The his annual statement. cjon denefited mainly from s-ub- 

Tney now say that demand for combined cost plus the manage- .4s previously reported, pre-tax s l a n t i a 11 y increased sales of 
glass containers is mirrently in- m ent time costs would push the profit In 1977 climbed from component parts and also from 
creasing .satisfactorily and they f? 3 * of commission investfga- £I3.44m to £2Q.4m.. with cocoa rviivities in the special-product 
expect activity in the second half for the ihree enmnanips to operations proving outstanding. Held. 

to remain at a high level. *"*0 beyond the £109.000 mark. particularly in the industrial The building division has again 

The benefits of the company’s ’ J*h p Sroup has adopted the seel or. made progress and two large con- 

substantiid capital expenditure " D 19 Procedure, and compare- Rubber made a significant con- ( ra cts recently obtained will en- 
programine arc coming through tl 1 '‘ es . "gve 110071 restated. Tax tnbutton while coffee proved sure continued full employment, 
steadily and they arc confident CDa r =e * or the 26 weeks. £330.000 disappointing. The new lea com- The order book of Gvertcm 
that this will show a good return. s ^£J- ns * £30.000. relates solely to P3ny Matheson Gill and Duffus division has continued to expand 
And for the full year they look "’htlen off as not im- en joyed an excellent year and an d it is hopeful of Increasing ils 

forward to profits- which they m °diately recoverable, less cor- directors believe this commodity overseas business. 

„ say. should bo reasonably in ff 0 "" 1 recoverable In view w >» Prove to be an important 
It-.; advance of 1977 of r j? e ,erel of capital ex- BWth area for the future. 

Sales for the °6 weeks were pend »ture and stocks., no liability There was also a • significant 
‘up by £5 in, to w n-r» -n^ to corporation tax arises. - conmbuUon from edible nut 

si 2rS n F e sat 

ro?um| d 0 ? bVh r inV ra d?ng e a n 0 d r 

oistrfArs iD »i 

luring the half year, one of 10 * m, n,n k tot. .. ieuci - 

per cent and the other 6 per cent. Pr ° fit *•!*« 

. 3 “ t . t * 1 l c . directors hope to be able jvci profit i. 4 SMt: i.wTsm forecasts. able profit of Qystalatc (Hold- 

ro hold selling prices at their <Jebn snj45 — The combining of its Lloyd’s lags) expanded from £192.000 lo 

3 Ij SeI f t * cvel untl at ^ east , * ,e J.3SS.B6T l.ooi.flH insurance broking interests with £257 jD 00 for the hidf-year to March 

-nd or the current year. *%#>•*»■*« *■ Brooke Bond Liebig resulted in 81 . 1978, on turnover of £3.47m 

Ihe delay on furnace recon- • COmmeflX better results than the sura of against £2. 02 m. 

itrucrinn was caused by Ihe Redfcarn's first-half nerformance thoso previously earned by the After lax of £122.000 (£89.000) 
British Oxygen strike late last is not necessarily indicative of iHd^’dua) companies. stated earnings are ahead from 

rear, the directors say. but the likely full-year result The The •’ a, ? ar market continued 1.12p to 1.44p per 5p share. Again 
«heduled repairs were made on volume of sales is uo on the same Quiet and difficult in 1977. and so no interim dividend is to be paid 

wo of the* furnaces at the period last year there is a sliehf far tradin - has not been profit- —last year, a single 0.66p net was 

Jams Icy works, and a Third improvement in market share and ab,p ^Pite bidet metal markets paid from pre-tax profit of 

urnuce was completely rebuilt margins have improved— but not P r0E L ress has been maintained In £32.7.000. 

o latest design standards. One to the extent indicated hy the Lo ^ on aT,d a , .The company manufactures 

•f the furnaces at York is comparative figures. For a start, JP 1 *, * roi, P JI als ® lBOVed 10,0 electronic components, plastic 
torrent ly being rebuilt, they add. last year’s interim period was not m, D r m 1 , la 5 mouldings and liquid handling 

The first phase of the batch one of Redrearn's strongest Also ^ JtJl opefu xhzt prPoreM equipment. 
nixing plant ai Barnsley was com- the delay in starting some furnace 1 

nissioned in February, 1978. and reconstruction work bas meant ral?f, e ^ sse ^! 

he initial performance has been that production in the latest first „i ««« £ rJlV, 

satisfactory. The second phase is half was well ahead of last year 2w?i n i mr -, f ^w 
tow under construction and is and the compapy was thus better 
•xpected to be completed In the placed to meet demand. But the JJJ f 0 h a S?ils’ ”' a 5i 
■arly part of 2979. delay means that the costs asso- « ,L ^ 

The directors add that two of dated with the reconstruction 
he most advanced forms of pro- will - affect the secood : half 

iuction machine were installed figure*. In the first three months dcc seJ ,n net I quld 

n the facto o at Barnsley. They of 1978 the industry as a whole VL'.ine <;» n.msfar,^ h*..icp 
■ onsidcr that the improvement to reported a slight drop in produc- s£ C onJunel4 0 afnoon H Use 

expands at 

six months 

“ international money brokers! and Including this time, the res 
!ooo mlow g rofits have so far exceeded of the Greenwich acquisition. 


■Thii arfrtnbement is issued in compliance with the regulations of the Couifril of The Stock Exchange. 
I: docs r.a: co.-iXi,-? an .nvnaiion io supsence tor or puichaje an*r .Noiei. 

Austraflon $12,000,080 

114 per cent. Guaranteed Notes due 1983 
Issue Price 100 per cent. 


Unconditionally and irrevocably guaranteed as to payment of principal and interest by 


The following are the Managing Underwriters of the above Issue: 

N. M. Rothschild & Sons Limited 

Algemene Bank Nederland N.V. Banque Bruxelles Lambert S. A. Banque Nationale de Paris 
Merrill Lynch International & Co. Salomon Brothers International Limited 

Bayerische Vereinsbank 

Orion Bank Limited 

The Notes have been admitted to the Official List of The Stock Exchange in London. 

Particulars of the Notes are available in the Extel Statistical Service and may be obtained during normal 
business hours on any weekday (Saturdays and Public holidays excepted) up to and including 

7th June, 1978 from the Brokers to the Issue: 

Cazenove & Co., 

1 2 Tokephouse Yard, 
London EC2R 7AN 

Joseph Sebag & Co., 

3 Queen Victoria Street, 
London EC4N 8DX 

24th May. 1978. 

This advertisement is issued in compliance with the require- 
ments nf the Council of The Stock Exchange. It does not 
constitute an invitation to the public to subscribe for or. 
purchase any Stock. 


(Incorporated imdet the Companies Acts 1948 to 19fi7) 


/I ill A 


ISSUE OF UP TO £10.126.859 12 per cent. 


Council of The Stock Exchange has admitted the above 
Slock to the Official Lin. Particulars relating to the Stork- 
arc available in the Extel Statistical Service and copies nf the 
part ir u la is mav be obtained during usual business hours on 
any weekday (Saturdays and public holidays excepted I up to 
anil including 9th June. 197S. from: 

32 Sc Mary at Hill. 

London. EC3R 8DH. 


The Stock Exchange, Clements House, 

London. EC2N 1HA. Gresham SlreeC 

London. EC2V 7AU- 

Trust Corp. 


tt’-Wth. gross income 1 better’ at 
£4.049,039, against £3,678^61. pre 
tax profit, of Investment Trust Cor- 
poration' rose from £3,318.064 to 
£3,710,623 for the year to May 1 

After tax of £1,442.687 
(£1,316.295) stated earnings in- 
creased from 622p to 7p per 25p 
share. The dividend total 
stepped up to 6.7p (5.915p) net 
with a final of 4.7p. 

Net asset value is shown at 274p 
(261p) per share. 


Mr. W. Gibson, chairman of 
Clyde Petroleum, told share 
holders at the ACM that the 
group was currently involved in 
negotiations which “ if successful 
will result in a joint well being 
drilled later this year.” ' 

He said that exploration in the 
North Sea remained a prime 

The Scottish Mortgage and trust 
. Company Limited y 

The Company is o member of The Association of Investment Trust Companies. 


D.F. McCurrach 
H. R. MacLeod 
Sir Michael Young-Henries 

T. R. Macgregor. Chairman 
Sir James Blair-Cunynghame 
G.T. Chtene 

Summary of Results for year to 31st March 1978 

Total Net Assets at Market Value £112,741,104 



Ordinary Stock Units; 

140 *8p 

Earnings — - 


Dividend * 

Geographical Distribution of Investments 

. 3-3thi 




j2pan n .y 

curapv — 


Australia — — — 


Other Countries — _ 


Tola! Equities — 


Fixed lpteresi stocu — — 

Deposits and Current Assets 









1- 5 

2 - 8 





Summary of Statement by theCtafroMn* Mr. T. 


• Since the yearendwe lave sold S6 minion 
of premium currency and borrowed a further 

56 million. Total foreign currency borrowings 
of 521 million now finance about one-third 
of our overseas investments. 

A The small rise m the asset value per sharc 
SkS'nrL in U.K. markets and a fallin the 
35. market pardcularly in Sterling terms. 

m During the ycarwe made sales of Ja^incse 
Australian equiucs and rcinvestedinc 
irow-ecds largely in the United Stai» The 
i , c .-cononiv has continued to make modest 
n-oiir^i but until recently this has not been 
reflected in stock market values. 

• In the U.K.. inflation has been reduced 

very considerably bui the familiar problems 

of balance of payments; weakening Sterling 
and rising interest rales continue to darken 
ihe outlook. We expect profits in general to 
shows reasonable increase ibis year and we 
are hopeful that dividends both in the U JL 
and the U-S. win continue to be buoyant. 
Continued dividend restriction which 
penalises enterprising and successful 
companies cannot be justified. 


“Our financial techniques, strength of personnel worldwide 
and the quality of our business improve continuously. 

We have increased shareholders’ funds and earnings and 
lowered gearing. The Group is well poised to respond to an 

upturn of world trade”. KAC. Thorogood, Executive Chairman. 

1 977 — another record, 
year with earnings of 

£4,081,000(1976 £2,175,009), 

A final dividend of 2.27 02p*per share * 
-the maximum permitted “making a 
total equivalent gross for the 
year of 4.69p per share. 

Dividend covered 
2.6 times. 

TKM’s results clearly show 
its ability to prosper 
even in a year of sparse international 
trade growth. Around the 
world TKM is both contributing 
to and benefiting from 
a widening spectrum of 

^ international commerce. 

Group Activities : 

Interna tional TradeFinanceDiuision- —Short and medi u m term credit for the intemationalmovement of goods. Hire purchase and leasing. 
I rwestmentsDiinsion. — Automotive distribution food processing, engineering, services to commerce andindustry. 

Price & Pierce Grou p. — International agents for sale of forest products. International transportation , Holiday travel. Finance and insurance. 

Tozer Kemsley & Millbourn(HOLDiNGS)Lm 

Comes of the! 97 7 Renortand Accounts frnmlbp'RpM-ntBro ?Rnn>jii;TnwprRi»af t c ms* 

~ 'j St ' ■■ 

Televisor Bub.^c.-Orr-cn. > 

QtfcPfbtf orrn, the North Sea 

Factory in Oum Teboul, Algeria. 

Hbsprtai ir. Benchaz', Libya 

The Oland Bndge;Sweden 

Port of Jeddah Development, 
Stage IV; Saudi Arabia. ' 

•?? The Pr iboltryska yaBotel rn Leningrad, USSR. &&S_ 

• v: £**$**&» 

r;c power'crojcch r 'crz i r.c 

Sultan’s Schbol, . Oman 

nil ry • *. . ^ — 

$$ Landvetter Infurnationpf 
% Airport Sweden. : '.>- 

■’ ' Vtm^—^Kr, 

- /ictoria Inter Continental Hotel’ in Warsaw, Poland. <• 
&£gga'Fgr.'- y.: v :---;--^ ■ ■ . ' - >-'- ' ' •:; 


We are Europe’s latest construction com- 
pany with rapidly increasingworldwide 
engagements. Internationally we work 
mainly with technically advanced construc- 
lions, although we undertake all kinds of 
projects. Design/consiructand turnkey 
contracts have become something of a 
speciality for us. Technical know-how of 
high standards is one reason for our success. 
A good and sound economy, which guaran- 
tees the fulfilment of all our engagements, is 
another. Our turnover in 1977 was 6,541 
millions of Swedish Kronor. This is our con- 
solidated balance sheet. December 31, 1977 
- in millions of Swedish Kronor (1,000 Swe- 
dish Kronor = approximately £ 1 18 in April. 

Current assets: ■ 

Cash in hand and bank balance 1,066 
Receivables 2,078 

Properties classed as current 
assets 1.S44 

Fixed assets: 

Other receivables 
Shares and participation 

Machineiy and equipment 
Properties classed as fixed 

Liabilities and Equity Ca pital 
Current liabilities 1 ,537 

Uncompleted contracts 
Billings from commence- 

ment of contracts 
Expenditures from 
commencement of 

Long-term liabilities 
Untaxed reserves 

Share capital 

Net profit for the year 





86 . 

Total 6,174 


S-18225 Danderyd/Stockholm, Sweden 

Telephone +46-8-753 8000. Telex U524 SkanskaS. 

Financial Times Wednesday May 24 197S 



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Dana poised to bid for 
rest of Turner Mfg. 

Tilling’s £3,9n 
U.S. purchase 


Dana Corporation, the U.S. 
automotive component!; manu- 
facturer last nipht appeared ro be 

poised to make a major bid for 
Turner Manufacturing— the UK 
commercial gearbox company in 

which Dana already has a 33 per 

cent, stake. 

Turner’s shares were suspended 
at 124p yesterday, valuing the 
company at f 12.4m. and fuelling 
City speculation that Dana will 
attempt substantially to increase 
its stake or make an outright bid. 
Turner is expected to make a 
statement today but last night 
declined to comment on whether 
there has been an approach from 

Meanwhile Dana, whose newly 
appointed European president, 
Mr. Arthur A. Martin, was in 
London yesterday, has announced 
a £l.Sm. agreed bid to buy 
Posidata, the Basingstoke manu- 
facturer of control systems for 
machine tools, in which Autonu- 
nterics of the U.S. has a 45 per 
cent stake. 

Dana, which gained a UK quote 
for its shares at the heginning 
of this year, already has a 69 
per cent stake in Brown Brothers 
the l : K automotive components 
distributors and has been 
expected to try to increase its 
holding in Turner. Last night 
Dana shares dosed at £221. down 

The U.S. group is one of the 
leading automotive components 

distributors in North America and 
last year Dana reported net 
income after tax of SlOSra (X60m). 

It has frequently stated its inten- 
tion to expand operations in 

Turner which showed net assets 

of just over £l2m in its last 
balance-sheet earned record pre- 
tax profits of £3.4m (up 50 per 
cent) in the year to October, 1977. 
but chairman Mr. S. V. Lancaster 
has warned shareholders that 
profits in the current year vs 
unlikely to be as good. Around 80 
per cent of group sales ar? to 
the truck and tractor nr-arljetv 


Linfood's £30tn bid for Wheat- 
sheaf was yesterday declared 
unconditional following an 
announcement that the offer was 
not to be referred to the 
Monopolies Commission. Lin food 
said that it had received accept- 
ances representing 72.47 per cent 
of WheatsheaPs capital. 


Letraset intends to acquire com- 
pulsorily the outstanding ordinary 
dividend shares of Randall. 

Acceptances received by Letra- 
set International in respect of its 
offer for J. L- Randall amount to 
10.23m. ordinary scares and 
51. 14m. new ordinary shares, 
representing 95.49 per cent, of the 
enlarged issued capital of RandalL 

The offer is now unconditional 
and remains open- The above 
figures Include cash acceptances 
in respect of 6.59m. ordinary 
shares. The cash offer is now 



Industrial Equity, an Australian 
investment holding company has 
emerged as the bidder for St. 
Kitts (London) Sugar Factory 
which had been on the point of 
going into voluntary liquidation. 

Industrial is bidding 2D0p cash 
a share for SL Kitts (London) 
which values the group at 
£780,000. Industrial already holds 
a 9.4 per cent stake and directors 
and shareholders of SL Kitts 
London representing a 48 per 
cent bolding have already said 
that they intend to accept the 

St. Kitts (London) had pro- 
posed to go into voluntary 
liquidation following the national- 
isation of St. Kitts (Basso Terre) 
Sugar Factory in which it had a 
50 per cent stake. 


John Brown's trailer and com- 
mercial vehicle body building 
subsidiary. Craven Tasker, has 
arranged to purchase Boalloy, 
which manufactures side-access 
vehicle bodies. 

ICI may buy Alusuisse offshoot 

Imperial Chemical Industries is 
negotiating with Alusuisse, the 
Swiss Aluminium Company, for 
the possible acquisition of its 
Gcrmun subsidiary Alusuisse 
Atlantik Gmbh. 

Alusuisse Atlantik manufac- 
tures chlorine and caustic soda 
in U'ilhelmshaven in Northern 
Germany, the site chosen by ICI 
for .i major manufacturing com- 
jilc\ lused on these products. 

Ii.l is encaged in a big strategic 
move into West European markets 
thnxich a parallel investment of 
some £!90m at Wilhelmshaven and 
on Teesside in the UJv. 

On Teesside it is expanding 
chlorine and related products with 
investment amounting to £140m. 
At Wilhelmshaven it is planning 
a new 1150m chemical complex 
also based on chlorine and caustic 
soda and the related products 
vinyl chloride monomer and pvc. 
the commodity plastic. 

ICI said yesterday that the long 
series of planning inquiries with 
the interested local authorities in 
Germany were now over. This 
should open the way for it to 
begin the first part or Its Invest- 
ment later this year, unless it 
encounters any further planning 

The Alusub.-e subsidiary would 
fit in-colsely with ICFs strategy. 
Its acquisition could obviate the 

need for some of the necessary 
investment in new plant and 
would give ICI an immediate entry 
into the market, at least for the 
basic chlor-aikali products. 

Alusuisse Atlantik has a 
chlorine capacity at the site of 
some 110,000 tonnes a year. The 
company showed a loss last year 
with its turnover dropping 10 per 
cent, over 197fi. 

The parent company, the Swiss 
Aluminium Company of Zurich 
recently expressed its concern at 
the “unsatisfactory profits situa- 
tion *' of the subsidiary. 

When the Wilhelmshaven unit 
was first built it had itself been 
intending to make a major invest- 
ment on the site and expand into 
PVC production. This was later 
dropped in the light of market 
conditions. Alu«u isse. which con- 
firmed that negotiations were 
taking place with ICL also 
dropped plans to build an 
aluminium works on the site. 


Manchester Nominees, a com- 
pany representing the private 
interests of Mr. Graham Ferguson 
Lacey and Mr. R. C. McBride, has 
increased its stake in the McNeill 
Group, structural engineers. On 
May II. Manchester bought an 
1 1.44 per cent, stake in the 

company and yesterday announced 
that it bad Increased this to 
19.15 per cent, by buying a 
further 210,000 shares. 


The Hovermgham Gronp. whose 
interests range from sand and 
aggregate through to ready-mix 
concrete, has made its expected 
move into the U.S. with a £3. 6m 
acquisition of Superior Sand and 
Gravel, of Houston, Texas. 

Superior is said to have sub- 
stantial reserves of aggregates on 
land which it either owns or 
leases and its net tangible assets 
at the end of last year were $1.2m. 
Pre-tax profit for 1977 was 
8407.000 but this figure was struck 
after non-recurring management 
bonuses of $320,000. 

Only last week, Mr. Christopher 
Needier. Hoveringham's chairman, 
said in his annual statement that 
acquisitions In the U.S. were 
being considered as a way of 
reducing the group's dependence 
on the UJv. construction industry. 
The acquisition of Superior is 
claimed to be “the first step in 
this policy.” 

The purchase price of $6.46m is 
to be financed by'dight-year Euro- 
dollar loans. 

Thomas Tilling yesterday 
announced its fourth U.S. 
acquisition within a year — a 
£3.9m purchase of a private 
Texan distribution group which 
supplies equipment to the oil ex- 
ploration and petro-cheralcal 
industry in cJbe Southern States 
and South America. 

Tilling is paying Sam in cash 
plus a further S2m in Instalments 
•for the company, Mayeaux 
Industries, which made pre-tax 
profits of Sl.lm on turnover of 
S90.3m for the 14 months to the 
end of February. Net tangible 
assets at that date were S6m and. 
in . addition, a property revalu- 
ation bad produced a Sim surplus. 

Mayeaux supplies a variety of 
exploration, production and 
maintenance equipment for the 
oil fields from 28 depots in 
Texas. Louisiana, Oklahoma, 
Colorado. Kansas and New 

Yesterday, Mr. D. W. G. Sawyer 
of Tilling, pointed out that 
Tilling already has considerable 
experience in distribution, par- 
ticularly Graham Building Ser- 
vices (builders merchants with a 
turnover of £200m). and Newey 
and Eyre (electrical wholesalers 
with a turnover of £l23m). 
Mayeaux opens a new area for 
distribution in the U.S. — the 
energy industry — as did Inter- 
medco, the medical supplies 
firm for which Tilling paid $15m 
in 1977. 


Estates and Property Invest- 
ment — Phoenix Assurance has 
acquired a further 125.000 ordin- 
ary shares thereby increasing its 
interest in the company to 

3.490.000 shares i23B per cent). 

Brown Boverl Kent— The NEB 

acquired a further 115.000 ordin- 
ary shares. It now holds total of 
7,773,938 ordinary f J7.9 per cent). 

Harrisons and Crosfield — Kuwait 
Investment Office sold 50,000 
shares on May 16 and 50,000 on 
May 18 leaving an interest in 2m 
shares (7.8 per cent). 

Associated Tooling Industries — 
Mr. P. B.. Green now holds 93,000 
ordinary shares f 5.3 per cent.). 

United Biscuits (Holdings) — 
Chairman, Sir Hector Laing’s 
trustee interest was reduced on 
May 10 by 977,150 shares. 

Jokai Tea Holdings— Lawson 
Raw Materials and General Trust 
has sold its holding of 15.000 
6 per cent, cumulative preference 

Land Securities Investment 
Trust — Central Holdings now bold 

10.589.000 ordinary (5.48 per 

Lookers— Mr. R. E. Tongue, 
director, has sold as a trustee 
7 ,280 shares. Mr. Tongue is now 
interested non-beneficially in 

82.091 shares which with, his 
beneficial interest of 283,000 
shares gives total interes tof 

365.091 shares (less than 5 per 

MFI Furniture Centres— Mr. 
P. A. Lait, director, bought 25.000 
shares on Ma yl8 and 5.000 on 
May 19. 

iJden Holdings — Prudential 
Group sold 100.000 shares on' 
May 18 and now holds 267.000 
shares (5.23 per cent.). 

George H. Scholes and Co.— 
Britannic Assurance Company is 
interested in 345,000 shares 
(8.05 per cent.). 

Peter Black Holdings— Mr. T. 
Black, Mr. G. Black and Mr. H. 
Rot hen berg in their capacity as 
executors or Mr. Peter Black 
deceased have become interested 
in 200,000 shares. 

Sime Darby Holdings— Com- 
panies In which Mr. Wee Cho 
Yaw. director, is deemed to be 
interested have disposed of 

500.000 shares leaving holding 



The boards of Turner and 
Ne wall's subsidiary Storey 
Brothers and of Harlequin Wall- 
coverings. Benfleet. Essex, have 
agreed Id principle that T and N 
should acquire 80 per cent of the 
equity of Harlequin. 

Harlequin Is a UK distributor 
of wallcoverings and also markets 
Internationally a collection of 
vinyl wallcoverings made exclu- 
sively for the company by Storey. 
Storey's overseas trading com- 
panies act as Harlequin distribu- 
tors in their respective countries. 

The acquisition, together with 
that of Storey's last year, will give 
T and N a well established posi- 
tion in the wallcoverings and 
interior decor market. 

Harlequin was advised by 
Robert Fleming. 


Metalrax (Holdings). . the 
Birmingham-based engineering 
group, has bought Joseph Fray, 
a company which manufactures 
trim for the molor and domestic 
appliance industries, for £375.000 
in casb and 062,509 Metalrax 

Pre-tax profit of Joseph Fray 
for the year to July 31, 1977. was 
£198,695 on turnover of £23m. 
Mr. John Wardle, chairman of 
Metalrax, said Fray will provide 
complementary products and an 
additional dimension in manu- 

Last August Metalrax paid 
£600.000 for another presswork 
specialist Bacol Industries, and 
in early April said that it was in 
advanced negotiations about a 
further acquisition. 


Howdcn Group announces that 
an offer is to be made, through 
its wholly-owned subsidiary James 
Howden and Godfrey Overseas 
whereby Howden Group South 
Africa will become a wholly- 
owned subsidiary. 

Under the terms of the offer 
the minority holders will receive 
cash, the total consideration pay- 
able by overseas being R 1,121,760 
(£701.100 at current exchange 


Tozer Kemsley and Mfllbourn 
has agreed to sell most of its 
consumer loan book in Canada to 
Associates Financial Services and 
Associates Realty Credit for £2 3m. 

The pre-tax profit foregone by 
the TKM companies by the trans- 
action is estimated at some £71,000 
a year. 


Simon and Coates, an associate 
of Jove Investment Trust o n 
May 22 bought 50.000 Kingside 
Investment Company at 56p on, 
behal fof an associate of Jove. 

Two ways for > 

private investors i ! 
to keep up-to-date fit 

with the Eurobond 


1) Attend the next Merrill Lynch forum 
on 31st May, 197$. 

2) Send for a copy of our latest weekly 
Eurobond Commentary. 

Eurobond investment is hardly ever simple. In a 
world of sharply fluctuating exchange and interest 
rates, there’s no substitute for active investment 
management backed by the advice of experts like 
Merrill Lynch. 

That’s why Mem II Lynch are offering you two 
wavs to keep abreast of the rapidly changing 
Eurobond scene. 

The Forum 

On Wednesday, 31 st May at 6 p.m., Mcmll Lynch 
will be holding a forum on Eurobond investment at. 
their offices in the Time Life Building, 153 New 
Bond Street, London Wl. Merrill Lynchs research, 
experts will be there to give you the latest views on 
currency and interest rate trends and the use of 
interest and currency futures. They will also be 
suggesting alternative strategies for maximising 
investment returns in current market conditions. 

All serious private investors are welcome. To 
book your place, please ring Valeric VC’oodmansey on 
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This useful publication is circulated to clients every 
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iVc-* € 

Financial Times Wednesday May 24 1978 

opens up 

44 *«£B* 



=*0*4 - 

■’* -V. 

,*., a J 9 HaN! NESBURC,. May 23. 
T\'p MAJOR collieries in South 
Africa managed by the General 
Aiming group have started pro- 
duction ahead of schedule this 

They are Ennelo Mines, an 
export venture between General 
Mining, Total and BP Coal, and 
Malta, whose coal will go lo a 
new thermal power station for 
the Slate-nm electricity com- 
mission, Escom. 

The colliery j n production at 
Matin will he the first of three 
• due to be commissioned on this 
con! held by 19&4, when total coal 
output from the complex will be 
9m-H»m tons. 

Development tonnage is now 
being stockpiled in preparation 
for supplying the Hrst of the six 
t>00 MW generating sets in the 
middle of next year. 

Tile mine plan calls for highly 
mechanised longivall mining, a 
technique which will ensure a 
much higher than average 
extraction rale. 

The Ermelo venture, which 
has been brought into production 
in only 22 months, slockpiled its 
first washed saleable coal this 
month. Dispatches of coal to the 
Richards Bay Terminal will begin 
in October and deliveries lo 
export markets in January 1979. 

Ennelo Mines, in which each of 
the partners holds a third 
interest, will build up to 3m. tons 
and is cxpectrd to generate about 
RaOm i£31_Sm) per year in foreign 

By March 1979. the end of 
phase two at Richards Bay will 
have been reached and export 
coal deliveries will be running at 
about 20m tons annually. Planning 
of phase three, which could lift 
exports to 35m-40m ions in the 
mid-1980s, is in progress, but a 
go-ahead depends primarily on 
demand fn the international coal 
markets, particularly from power 

the President Steyn gold mine in 
the Orange Free State have de- 
cided to return to their homes 
following unrest at one of the 
mine's hostels last Sunday even- 

The mine is part of the Anglo 
American croup and last year bad 
an average number of 14,408 
black employees. 

A company siatement said that 
yesterday niomlng workers re- 
ported as normal at all throe of 
the mine's operating shafts. It 
added that the available labour 
force is being redeployed to 
minimise the. effect on production. 





The overall production of 
Tanjong Tin Dredging, the 
London company with Malaysian 
.interests. Is likely to be similar 
this year to that of 1977. Mr. 
J. T. Chappel, the chairman, 
slated in the annual report 
published yesterday. 

The company is 29.8 per cent 
•owned by Pahang Consolidated, 
which bought the stake last 
.February from l'aber Union 

Output in the first four months 
■nC the current financial year 
amounted to 1.220 piculs, down on 
'the production of 1.370 piculs in 
the siime period of 1977. Last 
year Tanjong had net profits of 
MM-01 and declared dividends of 
(i.ap nel. 


The mining of higher grade ore 
and the resumption of more 
extensive working allowed Con- 
snlidated Rambler Mines, the 
small but good grade Newfound- 
land copper producer to return 
to profit in the first quarter, 
reports John Soganich from 

In the three months H» March 
net profits were C$328,000 
(£102.700) against 3 loss of 
C$i98,noo in the same period of 
1077. Over the whole of last year 
net proGts were just C 552 .0(10. 

Tbe difference in the nature of 
the operations between the two 
quarters is emphasised by tbe 
sales and tonnage figures. In the 
most recent three months, 
revenue from concentrate was 
CSS.lra and the mine provided 
for the mill 77.450 tons of ore 
grading 3J29 per cent copper. ‘ 

In the 3977 first quarter, how- 
ever, the revenue was C$1 and 
mine production was 35,608 tons 
averaging -L29 per cent copper. 

Rut not all is well at. the com- 
pany. It warns that the “tonnage 
and grade of ore is diminishing 
with depth." 

Meanwhile, Cralgmont Mines, 
the British Columbia producer 
which is 44.58 per cent owned by 
Canex Placer, announced net 
profits for the half year to April 
of C$1.2m (£595,240) Compared 
with C$812,000 in the same period 
of the last financial year. * 

The earnings gain was ca used- 
like Rambler's-— by the mfiling of 
a higher grade of ore and the 
fact that in the first half last year 
an unusually low quantity of 
copper concentrates was sold. 




About M0 black employees of 

Electronic Machine Company 
has been informed that as a result 
of purchases or 23.000 shares on 
May 12 and 10,000. shares on 
May 18 by Roldviisfon (a company 
beneficially owned by- Mr. . and 
Mrs. J. P. LobbenberKV .'Mr. 
Lobbenberg ha.*> increased his: 
beneficial interest in -BMC -to- 
285,000 shares being 11,03 per 
cenl of the capital. 

1 J 




Eastcan drills 

consortium, led by Totol- 
Aquitoinc, the French group, will 
resume drilling off the Labrador 
coast this summer, if a rig can be 

This is a result of an agree- 
ment between Eastcan and the 
Newfoundland Government, 
though .the dispute over juris- 
diciion on offshore areas between 
Ottawa and the province has not 
yet been settled. 

Eastcan ha.-, already drilled ten 
exploration wells from drillships 
off Labrador, where it has 28m. 
acres under permit, and three 
wells have discovered Kas. 

Shell Canada and Texaco 
Canada have also agreed to the 
Newfoundland Government terms 
and plans to start drilling off 
Labrador, but will not start until 
1979 because of unspecified tech- 
nical problem^. 

* *■ * 

Four exploratory welK drilled 
in Lake Maracaibo in Venezuela 
have u preliminary comb mod out- 
put of 11.500 barrels a day of 
light crude. 

The new wells have contributed 
an estimated 35m additional 
barrels of oil to Venezuela's 
proven reserves according to 
retired army general Rafael 
Alfonzo Rayaxd. head of Petrolens 
de Venezuela, Lhe slate oil com- 

pany lhat has run the country's 
giant oil industry since us 
nationalisation on January 1. 1976. 

The wells are part of the com- 
pany's . efforts to reactivate 
exploration and replace rapidly 
declining light and medium-crude 

There are 325m barrels of 
proven reserves in the deep sec 
lions of Lake Maracaibo, 
Venezuela’s, total proven reserves 
are in the ranee of IRbn barrels, 
enough to Last until .the etui of 
the century' at a production rate 
of 22m barrels a day. according 
to the Energy and Mines Ministry. 

The four walls average 15.000 f.t 
in depth, three times deeper than 
conventional weils. Besides the 
four deep wells successfully com- 
pleted. another nine are in 

different stages of drilling or 

In IU79. 40 more deep wells will 
be drilled at a cost of Sl23ni. 

In addition lo lhe Lake 
Maracaibo Area in Western 

Venezuela, deep well- wilt be 

drilled in Monagas State in the 
eastern pari of the country. 

Petroleos de Venezuela is plan 
ning to spend $187m this year for 
exploration, including physical 
surveys in deep waters m the 

Caribbean and at the mouth or 
the Orinoco River. The invest- 
ment is double lhe amount speiu 
in 1977. 

BPC aims for profits 
at Sun Printers 

Directors of British Printing 
Corporation aim to bring the Sun 
Printers subsidiary back to profit 
within two years, Mr. Peter 
Robinson, the chairman, said at 
yesterday's AGM. “ U we achieve 
our objective in the time scale 
indicated it must have an import- 
ant effect orf the results of 
BPC’s printing activities." 

The company has concluded a 
productivity agreement at Sun 
Printers involving de-manning, 
continuous running and greater 
flexibility. This agreement should 
lead to increased competitiveness 
and give the sales organisation an 
opportunity to obtain business in 
much wider markets, he said. 

He told shareholders he was 
convinced the closure of the 
Hazel lx Offset plant— where heavy 
losses were being incurred— was 

Trading activity at BPC 
remained good and so far the year 
had been satisfactory, 

Owen Owen 
sees profit 

ever, there is a reasonable chance 
of achieving an overall profit rise 
there over the full 12 months 
given a normal level of pre- 
Christmas trading. Mr. John 
Norman, the chairman, says in his 
annual statement. 

Out of total group taxable 
profit for tbe year to January 28. 
1977. marginally up at £2. 20m 
(£23111) the sterling contribution 
from the Canadian stores slipped 
£185,000 to £493,000, on sales down 
£L09m. at £2(L46m. 

Alt Canadian figures suffered a 
discount of 25 per cent on von 
version into sterling compared 
with a year earlier, due to the 
lower Canadian dollar. The actual 
downturn was far iess severe than 
indicated, Mr. Norman explains. 

Dollar sales in fact showed an 
Si) per cent increase mostly 
attributable to the nev. Niagara 
Fails More which opened for 
trading in the last five months. 
Profits showed a dollar decrease 
irf B per cent, after writing off 
the pre-opening expenses of the 
new store 

At year-end working capital was ! 
down £130.000, (up 12.65m). and 



FACijl Fertilizer Company, Limited (FFC}. a corporation 
organised and existing under the laws of the Islamic Republic 
of Pakistan, proposes to build at Goth Macchi. Rahimyar (Chan 
District. Punjab Province. Pakistan, a Urea Fertilizer Factory 
including a 1,000 MTD Ammonia Plant and a 1.725 MTD Urea 

Plant from natural gas. The project, a new facility near 
Sadikabad about 600 km. from Karachi, will utilise Haldor 
Topsoe technology for the ammonia process design and 
Snamprogetti technology for the urea process, and will include 
in addition id the process units provisions for power and steam 
generation, natural gas pipeline, water treatment, rail and truck 
loading and urea bagging, storage, handling and other ancillary 
facilities- The project will be located on a new site acquired for 
the purpose. FFC has appointed Snamprogetti, 5.p.A.. Milano. 
Italy. Genera! Contractor for the engineering, purchasing, con- 
tracting. construction and start-up of the plant and facilities. 
Some or all of the equipment to be procured in the United 
Staces will be done through a U.5. sub-contractor to be 
designated by Snamprogetti. and bid inquiries will be directed 
to that firm. 

FFC has engaged as Technical Advisor James Chemical 
Engineering. Greenwich. Connecticut. USA. who will advise 
FFC during contracting, design engineering, purchasing, erection 
and start-up of the plane and facilities. 

The Government of Pakistan has applied for funds towards 
the cost of the project in various foreign currencies from the 
International Development Association (ID At. the United States 
acting through the Agency For International Development (AID), 
and the Federal Republic of Germany acting through 
Kredi&nstalt fur Wiederaufbau (KFW). The IDA credit will be 
used, to pay for procurement from member countries of the 
International Development Association and Switzerland: the 
proceeds of the KFW loan will be applied to payments under 
worldwide procurement and the proceeds of the -AID loan wifi 
be applied to Vendors from the U.S. and other eligible AID 
Code 94 ( countries as per AID regulations, all for contracts fot 
which this invitation is issued Procurement will be carried out 
in accordance with “Guidelines for Procurement under World 
Bank Loans and IDA Credits for IDA financed equipment,*' and 
“Handbook XI Country Contracting.'' Chapters I. 2. 3 and 4 
as* appropriate to the equipment, materials or services to be 
procured for AlD-financed equipment. Ocher Lenders* require- 
ments wifi apply as appropriate. 






8 . 


10 . 

11 . 

12 . 


FFC invites suppliers to indicate their interest in bidding 
on equipment listed in this advertisement and to supply the 
following information to Snamprogetti ac the address fisted 

For the first six months of the 
current year Owen Owen experts 
increased loss in'.Qtnada. How- 

bank overdrafts were higher at [I 
£2.B5m (£23701). Ij 

A) Categories for which they wish to quote, giving relevant 
supporting information such as technical and general 
performance details, utility requirements and warranties, 

B.l Descriptions and capacity of manufacturing facilities. 

C) Components usually sub-contracted and availability of 
spares and services in Pakistan. 

D ) Latest Annua! Report and Balance Sheet. 

.. E) Experience with . similar equipment (size and design 
conditions), including list of Customers where similar 
equipment Ts in service. 

- F) Approximate delivery schedule.; 

Final Vendor list shall be determined by FFC following consulta- 
tion with Snamprogetti. For some categories of equipment, 
which will be financed by -IDA. domestic manufacturers of 
Pakistan may be given, a preference of fifteen per cent of the 
C & F value, 

To be considered, all* Vendor registration responses must ■ 
bej-eceived at the following address by July 15, 1978:, 

Mr. Carlo Aguzzi 
Procurement Dept. 

Snamprogetti. S.p.A. 

P.O. Box 4169 
Milano. Italy 

A oppy should also be sent to: 

■. Purchasing Department 

. FAUJI Fertilizer Company, Ltd. 

40 Harley Street 
Rawalpindi. Pakistan 

All correspondence shall be in English. FFC reserves the 
right to verify all statements and reserves the right not CQ 
register any supplier without assigning reasons therefore. The 
following factors may be considered in evaluating subsequent 
quotations as will be specified in the inquiries: price, quality, 
operating .and maintenance costs, freight, delivery schedule, 
inspection and expediting costs, guarantees, compliance with 
specifications, spare parts, terms of payment, site installation 
costs, supplier's capacity and experience with the specified 

Equipment and materials include but are not limited to the 
following categories; bid invitation for this equipment it 
expected to be issued over the period from August 197S to 
August 1979 by Snamprogetti (within the following categories 
certain process and time critical items may be limited to 
predesignated Vendors for receipt of inquiry): 

1. Structural steel, bars, structural shapes, plate. 

2. Hear exchangers, carbon steel and stainless steel. 
Reactors, vessels, tanks and columns including internals 
and trays. 

Reformer furnace materials including alloy tubes, refrac- 
tory, insulation, prefabricated plate and fittings. 
Compressors and turbine drives. 


Package design and supply of materials handling equip- 
ment for urea plant. 

Piping, valves and fittings, carbon steel and alloy. 

Inert gis generating plant. 

Electrical equipment including motors, turbogenerators, 
transformers, switch gear, starters, cable, ti-htin- 
equipment. conduit, wire, communication equipment, 

Electronic instrumentation, local and panel mounted 
with main control panel and control valves. 

Building materials not available in Pakistan. 

Insulation materials. 

14. Shop, garage and machine shop tools, laboratory 

Catalysts and chemicals. 

Fire protection equipment, fire loop. Hydrants, monitors. 
Filters, silencers, paint, fans, ejectors, agitators and 
other miscellaneous equipment and machinery required 
to complete the plant. 

Fired heaters. 

The following items, included in the above list, are intended to 
be pre-allocated for AID financing, which is limited to goods and 
services having their sources and origin in the USA or eligible 
Code 941 development countries. 

A. Plastic bag liner production plant. 

B. Construction equipment and spares. 

C. Bagging equipment. 

D. Atmospheric storage tanks. 

E. Fire engines and plant vehicles, locomotives. 

F. Cooling towers and trim. 

' G. Water treatment and demineraiizer equipment. 

H. Turbogenerators. 

I. Package boilers. 

J. Pumps for process, cooling water and boiler feedwater. 

K- Process compressors. , 

L. Inert gas generators. 

M. Instrumentation. 

N. Piping. 

O. Hea* exchangers. 

P. Material handling for urea storage- 

Q. Steel structures. 

R. Miscellaneous equipment and materials. 

Other manufacturers may wish to register for these items 
and they are encouraged to do so. In the event that present 
financing arrangements or allocations are changed to permit 
worldwide source or origin, qualified manufacturers would be 
assured of receiving an inquiry. 





Meeting. Liverpool on June S] 
at 11.30 am. 


vf _ .-.a ;• 










6000 £000 

Piemiurru Earned 



Underwriting Results 
— Employers & Public 


— Fire. Accident S Narine 





Investment income 

( 1.440) 

( 1.376) 

Profit before Taxation 

Less Taxation 





Profit for Year After Taxation 

Transfer to Claims Provisions 




Transfer to Bonus Account 






Surplus (Deficiency) Transferred to 
Piofit Si Loss Reserves 



Extracts ot the report given by the Chairman Dr. Denis Rebbeck 
at the Annual General Meeting held at the Hailam Tower Hotel. 
Sheffield on 13th May. 1978. 

.. .. 


Iran Trades Employers' Insurance Association Limited 

Premium income of the Association has increased to over £37m.. 
of which £34m. has been provided for claims. In a difficult year, the 
Company made a profit of nearly £6m. after allowing for an under- 

wniin£ loss of # 

£3m was transferred to General Reserve, thus increase free 
reserve? to 412.5m. and at 31st December 1977 the solvency margin 

WaS Out nuin" account is employers' liability and I feel it is my 
resDonsibiUty to focus attention on the increased financial burden, 
imposed upon industry by retrospective claims, and in particular 
industrial deafness. In such cases actions for damages are 
many years outside the three years limitation period from the act* 
of neri hence. Furthermore it Is the current, safety standards and 
practices which are considered when establishing employers degree 

° f n The Majority of employees suffering this handicap sH s “ ir ^ 
„ JrJlop of excessive noise which accounts for a substantial pro- 
LortSS of th'i' Stion 10 or 30 This w„ oor 

P k were operating systems of work then considered 

^riw the /cc pted ftnndaSs. * Neither were employers in breach 

f«tutorv code* for even recent detailed requirements for tradi- 
tionally noisy industries contain no reference to the risks of excel- 

S * VP Tod/y, employers alone are judge* to have been negligent tor 
** ke acl jon against the risks of excessive noise long before 
Sished advice and warnings of the risk. At the 
„me time recent legislative changes allow claims to succeed because 
of the effects of conditions which existed many years ago and this 
financial cost will be borne entirely by industry and it will be a 

hC3V t t°is C inequitable that the Government should be completely 
absovud from this burden. The Factory Inspectors Rep*™ have 
tr-inc reference to noise in the last 30 years. One wonders 
Why Trade Unions escape responsibility as part of theirf unction 
« to negotiate with employers safe working conditions for their 

third partv insurance account is also subject to the 
I -r^led awards and continuing inflation. Higher premiums are 

° pn 7 .Vcul.riv for PrcduL .oldjn ,hc UJA ,nd C.n,d,. 

i Tmdes Mutual Insurance Cotnjjwiy Limited . l v 

ThTUi-ri of the -hollv owned tub.idi.ty «. "f™*- ‘J 

„ n T !' “rVoewmbcr 197? and the annual Pr - 
LicT^ed’by -'4m to £ 15m.— both factors increasing cons.derably 

- 'VpTkBrTnr and d«t»ire corrective w nd#rwiri-fl 

• ThC "T ’ndici'ons. arc that the first underwriting year wHI 

■' ■fj .r 197? The surplus on the y„r' 5 activities OM wd 

H Vi t!iT G-'nural Reserve been increased by cJJOJW 

tut* Casm 1 bjiC now wand * al 

lr»„« Instance Companies. 



Senior management 
posts at Pressed 
Steel Fisher 

Issue of 4\% Convertible Loan Stock of T978 

Sir. J. A. Carter 

The following directors have 
been appointed by PRESSED 
STEEL FISHER, a company within 
BL Components. Mr. Leslie 
Atkinson, salaried personnel; Mr. 

David Dutliie. quality; Mr. Ian 
Forster, commercial and 31 r. 

Charles Linder, body engineer ins- 
Mr. David Amos has been made 
manager, industrial engineering 
and Hr. Leslie Lam bourne, opera- 
tions director,, press and tooling. 

Plant directors are Mr. John 
Jackson at Cowley, and Mr. 

Stanley Key worth, Castle Brom- 
wich. - 


JHr. Jeffrey A- Carter has been 
appointed manaalno director of 
ing Mr. 1 W. J. Ryder, who remains 
ctidlrman or lhat company and 
managing director of the process 
and energy contracting division 
of Babcock Contractors. The 
companies are members of the 
Babcock and Wilcox group. 


The follotving appointments 
have been made at ESSEX paper Society and was its presi- 
TELEGRAPH PRESS on its dent (1969-70). He is also a 
acquisition by Gridle Investments; director of the Press Association. 
Hr, R. B. Levlcfc becomes chair- of which he was chairman (1974- 
man and Mr. J. R. L. Griffiths and 1975), and is u director of Reuters. 
Sir. T. C. M. Dodwell. directors. Other officers elected hy the 
Mr.- F. A. Bridger remains chief BPIF are Mr. Peter Medcair and 
executive and Mr. J, W. Adams. Mr. John Wood, vice-presidents, j 
coorpanysecretary. and Lord Ebbteftam, honorary | 

* treasurer. 

The Secretary Tor (he Environ- * 

mem -has appointed Sir Nicholas Mr. Peter Cross, general I 
Morrison as chairman of the manager of the IRON TRADES 
three years. Sir Nicholas retired COMPANY, has been appointed a 
earlier this year as Permanent director. 

Under-Secretary of State, Scottish * 

Office. He will succeed Sir Mr. E. F. Big land has resigned I 
.Edmnnd Compton, who retires on from the Board or AVIATION 

* his retirement as managing 
Hr, Martin G. Cruttenden, director Of the Guardian Royal] 

deputy marketing director of Exchange Assurance). Hr. P. R. 
NCR Yorkshire Region, has been Dngdale has been appointed a 
elected chairman of the COAL director in his place. 

INDUSTRY SOCIETY for 1978-79. * 

Other appointments made at the Mr. Robert Douglass has been 1 
Society are: Mr. D. 31. F. 'Walters, elected a director of BANKERS . 
vice-chairman: Mr. J. M. Hano. TRUST INTERNATIONAL, 
honorary secretary: Mr. A. H. * 

Ross, honorary treasurer; Mr. Mr. George & Craincr has been , 
B- N: Sheppard, Honorary assistant appointed an additional director 
secretary. of SCAPA GROUP, sir. Michael 

. * Thompson has become treasurer 

Mr. Harry Wilkinson has in addition to his position as I 
been elected chairman or the company secretary. 


FEDERATION, with Mr. Denis Mr. Geoffrey King has been . 
FhiuitM senior vice-chairman and appointed a director of ROBERT 
Mr. Frank Larcombe junior vice- KINGSTON (MUSIC), 
chairman, Mr. John Williams * 

remains Honorary treasurer. PERKINS ENGINES GROUP 

.. * has made the following changen 

Mr. R. if. Marsiand has been within its L'K area operations, 
appointed managing director or Mr; Adrian Parsons will be execu- 
JOHNSON-HUNT. '*» subsidiary of live director from June 1 in place 
Hunt and Moscrou (Middleton). of Mr. Keith Williams, uho is 

* take a post In the Hawker 
.Mr, Stanley Clarke, group chair* Siddeley Group. Mr. John Daveney 

man and' managing director of has been appointed to a newiy- 
Coorlcc Press (Holdings), has crcnled position of director of 
boon elected president of the manufacturing. Mr. XL A, Gntchtns 
BRITISH PRINTING INDUSTRIES will be director of quality control 
FEDERATION.-; Mr. Clarke is from the beginning of next 

In accordance with the ccsaiuiions oas'.ed at tnc Annual General Mbmi"b oi 
tnc Comnanv on 12 th May. 197B the Board pi Management ol Conunervoanv 
Aktlcnoescilschjlt has announced the issue of DM.250.000.000 6 '-"u Convertible 
Loan Stoci. of 1978 »•' the Loan Stock"). The Loan Stock Is heinfl p«erea 
at oar to the Company's shareholders and to holders of its 5 :°<, Convertible 
Loan Stoci ot 1972. on the loliowina basis-— 

>aJ DM.50 nominal oi Loan Slock for every three snares of DM. 50 
• nominal. , . : 

<h* DM.50 nominal of loan Stock for every DM. BOO nominal ol 5'< a a 

, Convertible Loan SlOCl of 1972. 

. The Loan Stock IS being o he red on the terms ot the Company's 'announcement 
dated Ifitl' Mav. 1978. in whirl, the riBhls attaching :a the Loan Stoca arc 
sc: out. Copies ol the announcement, with an English translation are available 
an request at the office Of lhe London Paving Agen!. 5. G, Waraurg S. Co. Lid. 

It n not intended to seek quotation lor the Loan Stock on The 5tock 
Exchange. LclMon. 


In accordance .ft ith the terms of the Certificates. S. G. Wicourg & Co. Ltd. 
as Deppsitary will upon, tnc request ol holders exercise the rights attached 
te the deposited Shares... In toe absence al such reouesn. Uie Depositary 
wilt II practicable, dispose ol the rights appertaining to the underlying deposited 
shares and will . distribute the net oroceeds to the holders of Certlhcates In 
proportion to their., holdings. 

Dr rot it CenMcates win not be Issued In respect of the Loan stock. 

Authorised Depositaries m the United Kingdom wishing to take up rights 
mpst lo-ge fee following r— 

London Deposit Certificates tor marking — Square No 31 

in resoctf ol Bearer Share Certificates — Couoon No S7 

In res port ol S':?n Convertible Loan Stock ol 1972 — Warrant Na. VI 

and male paymfnt In hill, in respect ol U.K. residents, in 'nyestmeni currency 
during ‘M sudScrltKIon period from 2 £th May. 197B to 6 lh Sunt. I97B inclusive 
■ between 10.0 a-n. and 3-0 p.m ) at the Offices of tnc London Paving Agent- — 

Coupon Department. 

St. Albans House. 

Goldsmith 5trecv 
. London EC2P aDL. 

Temporary Receipts will bo issued and Lodgement terms are available gn 

Authcrrstri Depositaries wishing to make payment m sterling snoulo agree 
the applicable. ruto ol exchange with the London Paving Agent. 

Authorised Deoosltar>es will be advised at a later oale when the Loan 
Stock Certificates are available to be exchanged lor Tempararv Receipts 

Lontmn Paving Agent ano Depositary 

24tn M« 197B 


For the iniormation ol Unit Huluerv — 
. In the United Kingdom Coupon 
Numoer 1 Z is now oavabte on presen- 
tation to roe London Paying Agents. 
Charterhouse jaohet Unified A distri- 
bution of U.5.S117 is due as irpm 
Vne jlsl Mav 197B ana win be paid 
less United Kingdom Ta* ar ine 
standard rate. 

U.K. Issuing a no Paving Agents-— 


1 Paternoster 

Si Paul's. _ 

London ECsm IDn 

SccVtrte Anonvme 
Registered otnee: 

33. rue de Prince Albert. Indies (Brussels) 
Commercial Register Brussels No S5SO 

Shareholders arc invited to attend thv 

Ordinary Gnneral Meeting wmch will be 

held cn Monday. 12 th June. 197B. at 

10 a.m. at the Head office. 


1. Reports O! the Boaro ol Directors 
the College ot Commlssalres and rtiv 
Commissaire-Rcvisour on the operations 
oi the nnanciai year 1977. . 

2 . Approval ol the Balance Sheet at 31« 
Dor pm nor. 1977. and the Income State- 
ment tor ine financial year 1977 
Appropriation ol the profit* and deter- 
mination o> tne titviocna. 

3. Ratification of the acts or the Direc- 
tors ana Cammliialres during the 
above-mentioned financial year. 

4. Board Of Directors: 

(a) Appointment or three Directors in 
the place ol Mr. Jacnues Solvav 
Mr. Paut Washer and Mr. I nc CHIOS 
Viritrt. retiring and re-eilo>blc. 

(h> Appointment ol a Director m the 

place ol Mr. Guido Colonna «■ 
Pallano. who has -tendered ms 

5. College of Comm tea ires: 

(a) Appointment of a Commltsalrc in 
the olase oi Baron de Mwicr de 
Ravestein. retiring— Determination oi 
the emoluments of this Commi«airr 
tbl Appointment o* a second Compil*- 
saire-R-wiSeiir — Determ inailor oi 
tnp emoluments ol Utls CgmmissJire- 




Socicoaae oe inveaimento dl 
NO. 1401 



that, pursuant to g resolution passed 
by Thr Board ol Directors of the 
Lamoinr at a Meeting held on T 2 Ui 

Mav. 1973 the annual Geooral Meet- 

ing oi shareholders will take place 
on Mav 30. 197B; at 10 a.m. at the 
blicc a* t>^' Company- Ttua Direira. 
2S0. ftao Paulo. -Brasil, to consider 
’he following Dropasals: 

1 The aoororal of the Comoany's 
accounts lor the .ttol year ended 
Ma.Ch 31. 1978. 

2. The WTincnt of ‘ a dividend ol 
C tl.ciros 0 IS per share amounting 
to a total ol Cruzeiros 1AG7.240 
to these eruaeiro shares . repre- 
sented by depositary shares ol me 
list and second series, which divi- 

dend win be, w vatiie during July. 

3. The ratification 1 oi lhe semi-annual 

drtioenn MWttm eberted on 
November ".1977. in the amount 
oi Cruiclrn 0.35 per share. 

*. Elect-on 

(i) the rc-clecton Of all the present 

ntembon Of the Administrative 

Council Mosses, 

MafCiiio M argues Moitn. 
Fernando Morelra Salles. 

Alex Harry Haegler. 

Jul*o c«ar Belitetto Vianna. 
Gabriel Jorge Fgrrelrj. 

(II) The oiection.-of; 

Mr iffan Turpin to the Consul- 
tative council to rcotace Mr. 

£ r * t y* r ‘- ■ »«• «•» 

3 Wher present 
M^riDpn. oi . the Coft&ultailvf* 

6 . The mamlentase of the current 
reiiwmrgtKm MM tor an Members 
o* thf Council. 

D,recTO ” ^ 

ConcultaMve Council. 

Holders O' ocopsltarv Shares and 
depositary snares (second so-hn) and 
depositary snares (Mini series) who 
wish lo have »« underlying tr. Dlrs. 
Siurn voted at »o gbov e Meeting 
must dcpoSiJ iffscructidns. together 
w.'h thr- relevant iDR's. .nSSSS. 

ww pv Mon»n Guaranty 

Trust Company of New York to owe 
2 4«ereiW»»Mv orngg to a oerton 
designated bv them at any D f the 
Pjrl-g Agents — 

Morgan Guaranty Trust Cy of 
New York. 

avenue rtos Arn. vg, 

TOCO Brufiets 

*3. W=tt Strmrt. New Ygrlt— 

NY IDO 1 *. , 

33 Lo m * , « rd , Street. London ECS 
Slockerrtrai'e 38. 

Ch f' -7 ' 

By nor 'otrr than Mgy 2g, 1978. 


ftocnlte anovrmo 

Place ou TrOne 1 . BrussoK. Belgium 

Notice is hereby given that the final 
dndcend lor the financial year ending 
on December 31st. 1977 wilt be o»Y- 
aDie from May 23rd 1978. net oi 
Belgian withholding tax at: 

— EF >42 against ■ oresantatwn at 
coupon No. 23 in ,-cspect ol shorn 
No. 1 to 14.OB2.8S8: 

— BF 9« to against pmentation Ol 
coupon No. 23P rn respect al shares 
Nos. 14.082.859 to 16 932.000. 
Coupons snauio be ladgco for tuv- 
. ment at the current rate ol exchange 
at the offices of: 

national Division P.O. Box 1 B 1 , 60. 
Grace-church Street London. E-C.3- 
- BAS SA. Moornousc. 119. London 
Wail, London. e.CJ. 

Helen's Place, London, E,C-3 
LIMITED. B 8 . Lea den lull Street. 
London. E.C.3. 

IOO. Wood Street. London. e.C. 2 . 
Or virtue of Uv: bilateral u> con- 
vention between the United Kingdom 
and Northern Ireland on one hand, 
and Belgium on tne other hand, with- 
holding ta» on dividend* a limned 
ta 1 ST:,. 

Shareholders residing in the United 
Kingdom and Northern Ireland are 
entltiee accordingly either to reclaim 
tax polo in excess ol 1 S u h- or ov prior 
arrangement through their bankers to 
nave the deduction ol tax limited to 

in cither case, arrangements should 
be made through the shproholoere and 

The Extraordinary General M retina 
} which will be held on the Him da*. I" I 
1 the name Plate. »Rer the Ordinary i 
I General Meeting. ’ 


' Alteration. In i)u- Articles ot Association 
• la) In Article 11. fourth paragraph 
I to calculate in accordance wbh the local , 
1 Ties the Interest in the cases ol non- [ 
-.payment o» maturity al amounts due an I 
| partly os in «hares: i 

(b) In Article 16; to cancol the clauses | 
,ol a iemporiry nature Included i" this 
i Article; 

j frt In Article 34. hrjt- oaragrann. to , 

I ST^'R 01 * t *!r.. da .tF *•* .Ordinary General ■ 
. Mee'lng until the last Moodav ol June i 
1 or «h- a -Way |f this Monday h , 
. a sratuiorv day off: 

. rdl in Article 36. first paragraph, to 

i aoaat Hie dauvet of this Art kTc io fh« 
nrovi'ion-. ol Artlcie 9 ol the law al 
Morrii 24. 1970. renting to the annual 
xceouert al trade companies (Artic'e TS 
new third paraoraoh of tee coordinated 
law' cn r-*rie co-noanies): 

( 0 «i" Artlrlr IB. second mraoraoh. to 
■daot the corjifr>oin of •epresenexion O* 

_ an w. e--.- l ei> nm-aharchglOrr — Of 
'hareholdehS who are married natural | 

^ fn in Article' 45 and 46. to artant 
the clauses nt these Art fries to the diy*- 
vlalorH Of article* 11 and 12 o f »h* . 

| ahoye.menvirti.Bd law ol March 24. 1974 

i' n S7 ,2 * n i T« ot the co- i 

orn'-iatn-i laws on trade con>oanie*i 

The nnxrd el Dl-w-rpn Mhh >o fcmi"" ; 

.harehnidert thxv their attendance at the 
i nwet.nos Is -"ih'eci, 11 they are nplrter* 

Of bearer » ha not to the” latter belli" 
■emnoryiiv lodONt. and h|ocV“* no* la'*- 
T-'^XV. Grit June. 1974. at Hie 
■ ^^reor with any ol the la now - 

i«a r*-*-'!' fiments 
In B-'aium— 

G*n4rale de Rnwme 

P*^r^ k B 'V.* elles 

In Cr-n.n,— 

Dnii-rrhe Rantr 
l in Frvhre— 

i rarfl Freyx ft qj e 

ft- roue de. u Muiuetl* indusirieilc 
! in Ifat-- — 

in The Great Duchy of LUXembOuro — 

"ffjaue G"n"rale du Luxembourg 


Societe anonyme 

Ar the extraordinary general meet- 
ing oi the above company held on 
Mav 2 nd. 197B. it was decided to 
increase ine authorised ana issued 
share capital tram BF 12.771 .435.300 
to BF 27.374.583.300 b» me Issue 
of 3.423.400 new Shares o< which; 

a) 3 366 400 shares may be subscribed 
tor By war of rights by existing 
Shareholders in the proportion of 
one new snare for ever* live elo 
snares held at a subscription orice 
ol BF 1 .S 0 D per new snare: 

b) 36.000 shares mav he subscribed 
far. at the same price Sv the 
Stan pt tne company. 

The new shares win rank oari passu 
wiin the 16.932.000 existing shares, 
eveeol that the new shares will npt 
be entitled to dividend rignts until 
a ter Mav 1st- 1970 

Application ms Been made to the 
lor the 3.422.JOO new shares now 
being issued to be admitted lo tne 
Official List. 

Dealings in the new shares on THE 
STOCK EXCHANGE are expected to 
commence on Juw jrd. 1976 

Application >ormf lor the shares 
now being issued mi. be obtained 

national Division P.O. B 0 « 101. 60. 
Graccchiirch Street. London. E.C.l. 
BAS 5.A.. Moor ho use. 119. London 
Wall. London. E.C.2. 

Helen's Place London. E.C.s 
LIMITED 90. Leadcrihaii Street. 
London E.C.2. 

100. Wood StreeL London E C. 2 . 
Holders ot share warrants to Bearer, 
whp wish to apply lor their entitlement 
in the shares now being Issued must 
lodge coupon No. 2 d ■ through an 
Authorised Depositary) with any ol 
the above-mentioned banks between 
23rd Mav and 7th June 197B inclu- 
sive. accompanied oy an application 
form duly completed. 

The subscription price of BF I.S0D 
is payable In lull on application, in 
the case ol a >r actional entitlement, 
the frictions mav be sold or comple- 
mentary l radio ns purchased al the 
renuest oi the shareholder. Entitle- 
ments in the shares now being issued 
may be dealt In as follows: ml oaid 
by use ol coupon No. '24. fully oald 
by lodgment and payment as above 
and a direction to the bank in question 
lor the entitlement to be Included in 
the public sale following which the 
proceeds net ol atl costs will be avail- 
able lo the Shareholder at the same 
bank on re- ores rotation ot the coupon. 

All shares not taken up by share, 
holders will be subscribed by COM. 
ELECntOBLLl Of Brussels. 

Copies o* the following documents 
are available for insoecilon at the 
above address uo to ana Including 
7th June 1970: 

T. Statutes and Regulations of the 
Company hn French). 

2 . Report and Account* oi the Com- 
pany tor tnc two run ended 

_ Slrt December 1977. 

3. Thw lull prospectus relating to the 
Issue tin French). 

Copies of a shorter statement In 
English giving particulars with regard 
to the Issue may be obtained from 
any oi the above-mentioned banks. 


holders of the 7 Unsecured Loan Slock 
,2004 09 that the Transfer Books of th* 
Cjrnoany will be CLOSED Irom lj(h June 
l 1 97* to 23rd June 1 B78. both dates 

j In tt»* N«*h»-|!i«rt 4 — 

Alcr-ncne »»nlr Nederland 
in th- I *-■•«(* ■rimnlBm— . 

, inclusive. 


tne Retoro Dale ler ihc payment oi 
Imeresi and divldu-uis 0,1 u-,e 30ih 
June 1978 and 3ru Julv 1978 on lhe 
Unsecured ‘cap ano Preference Sikhs 
ano Preferred Ordinary snares ol lhe 
Lamotnv (5 :ne 16th June 1970. Trans- 
lers of- such stocks and snarec lodgeo 
alter the close ol Dunnes* on rhe i 5 tn 
June 1978 wilf be rcqtftoreo e* In. 

Pr Oreei o' me Board 

J. D. KEIR. Secretary 

Port Sunlignt. 

Wi-ra: Me«*»side 
23-d Mav. 1970 

‘•“d f i nation*— 

. Hanrv Crh-pH,— ^ Ltd. 

I Danone Aeiae~Ltd. 
i in Sw<*— 

CrArtl* 5uMve 

The above- m C n i«>nen loreinn oanvs 
OKlon to appoint prher estab- 
ib-nmenis in thnr rMoemve 
--hern Cnlvav r hr--« mav aKn tv (odoer* 

Bv Order ol the Board. 


(Incorporated in thg Republic 
of South Africa) 

Notice C“ f*N of Bondi of tft* 

Issue Tm—l*73raa ot 
FFr. SO. 000. CM n»de try the 


The CoiRHiitston of the Europe ah 
Cotnmunides announce* rfut the 
annual instalment al bond* amounrin? 
» FFr has begil Purchased 

Notice to Uic Holders of Banda of th* 
issue 7)^—1973/91 of 
FFr. 150.000,000, made by the 
The Commission of the European 
Com muni in. i announces that the 

annual instalment of bends amounting 
ta Ffr Z.50p,QOO has bean purchased 

fnp eFfUrafinAn *n Itili/ 1_ 1 971V 

The tran*ier rcgKtmr, or nternijerj ar 
■in conformity wlrti this” r« lu 7reinrn’tT’"The i 5f m ]? a,,v . . . v T nl . *•* cJgftaeBI Irom th# 
list of thncp ewahiHhinenbc wdlrw dub- 8tf ! j* the lath Juno. 197B. both days 
Hsb-d t r due tovfte m ear? . *m:tu«*c. nnor to the holding of thi 

On iho Ortwr hand It fhe ^ 0I> Wednesday. 

n--onai. th- <h 4 rehoidem DU aht to • iune - ' 0 » B - __ 

i inform Clio cornua ny In wrttlna nee later for 3ne “1 behalf of 

•than Tuesday, 6 H» June, 1973 ', 0( their ANGLO AMERICAN CORPORATION OP 
intention to attend lhe meeting indfeat- : 5DlfT u “ nl ^* 

] "’F- » l*o the number of ihar^ heid 

• The itebenm-e holders wno would wi«h 25ftf 197B > 

I attend me meeting are kxmI 10 
, ib**TVd the same formalities »ttho»* ' 

London Secretaries 

‘ h *rehot^ers (Art. 57 
.of the A-*y|e* ol Ano'-(atlovi). 

, .. The Board of Director*. 

Jxth May. 1 978. 



nn*in?r* Shflrc Transfer BnsKs of the 
1 W 4J 5* CLOSED *r 0 m mth June 

■'njualve? aSn> '*“ nc '9 T »- »«h dates 
[ By Odder of the Board, 

Eyt. IB9. .Regent 51 . 734 0557. a i . 

1 . Ttir«- * 

Carte or All- in Menu. Tnree 'Saecuiuiar 
Ffoo.r Shows. 10-4S, 13.45 and TSfSd 
music of Joannr Hawkesworth & Friend 

Gar&oylE. 69 &an Jgrwst, Lonaan, w.v 

% ■ 

Financial Times Wednesday May 24 1978 " 




Foreign borrowers 
rush to beat 
higher interest rates 

Coming to the crunch over policy on prices 

difficult situation 

** bein’ sure on profit marzins through However. 


NEW YORK. May 23. 

AMID FEARS of further Australia ($250m ) and Sweden w m be the rock and which the or a higher rate than in the last 
increases in interest rates, (bLwraj. hard place matters little, but the two years and it Is difficult to 

foreign borrowers are hurrying Most of these Issues were not Carter administration on one see how he can do so without 
to the U.S. capital markets m originally scheduled for this hand and the inflation rate on significantly affecting corporate 
what bankers and brokers we ek. but once it became clear the other threaten 10 squeeze profits, cash flow and capital 
describe as one oi the biggest ti, a t interest rates might be set profit margins in such a way as investments next ''car. The 
borrowing sprees m recent f or a further rise following their to cloud the outlook for corpor- Council on Wage and Price 
, , jump at the beginning of the ate earnings. Stability won prizes for pointing 

This week alone, issues of month, offering dates were Not. it must be stressed, that out in a report earlier this week 
Yankee bonds (as bonds issue a brought sharply forward. the immediate prospect is so that Inflationary pressures were 

by foreign entities are called) ... ..n^r Th«. prnnnmv U rsltlinc bain's K.. h.v. nnnt.mnimn 

President Carter aims to persuade UJS. business not to raise 
prices at the same rate as in the last two years — a move 
which could damage corporate profits. 

ore scheduled to total bbaum. 
This compares with the average 
$450 m a month issued in 1977. 
And when the UK recently issued 
$350m worth of bonds, it was 
described as the largest single 
issue seen in the Yankee bonds 

The largest borrowers will be 
ihe Canadians. The Province of 

□ quartern! neitoer tresident carter, nor mgs are mruier aujusieu oeea juszmsoiy maae oiiuv quarter’s seasonally adjusted flow a „ d caDlt ,t investment 
But many his jawboner extraordinary. Mr. inventory earnings and replace- pact of the miners strike and J , ratc 0 r $105bn to SU)2.9bn. thrau-h into 18TO WiUt the 
: this vigour Bob Strauss, are Mulainine very ment cost depreciauon and for the weather on economic activity. _ nm a 5.S ner cent r* 

This was some 5.S per cent economic recovery now into its 
higher than a year ago but as month, there must be some 
Citihank points out the surge for doubt. Thus the 

in Inflation in the first quarter voluntary approach to restraining 

Two suitors for Corco 

rising wages. are pu££ pr£ iame toquaSr 'of this year! ffS by toe initial leadTil refuge Tn ^miners’ strike and book profits. Citibank found that later in the year. 


COMMONWEALTH Oil Refining require the agreement of Corco 
(Corco), whose financial troubles shareholders and creditors, and 
have prompted rumours of take- would be subject to approval and 
over bids, announced last night confirmation by the bankruptcy 
that it would explore proposals court. 

made bv two separate suitors. Corco said that while It will 

Tighter margins trim 
Deere second quarter 


NEW YORK. May 23. 

Strong third 
quarter at 

NYSE member firms in deficit 


NEW YORK, May 23. 


THE difficulties faced by the The first quarter loss compared value of inventories. 
U.S. securities industry before with an aiter-tax profit of $S4.7m the tofcei 

Roger E Tamraz. and * would executive of Corco and resigned fJlbn showed a JO per cent iarly in the US. ing changes did. ho.-cvercall legate net fo« in before. Thi* meant that com- ^ around Sm 

involve a substantial investment from the board, subject to sever- increase. Share earnmgs for But Mr _ Hewitt admitted at ! or a restatement of the year ago the first quarter 0 f this year of mission revenues were harder to . 

of capital in Corco ance arrangements satisfactory the quarter slipped from S l.o3 to the end of last year that the out- - .. SW-Sm. This was the first come by and that inventories of The IvYSE Mid commission 

After a meeting with Mr. to him and Corco. 81.46. look for world sales of farming Sales dunng the t hi rd period aggreRate after taj: deficit since stocks carried for principal accounted for 38.6 per cent of 

Tamraz. Corco's board authorised Mr. Edward D. Doherty, vice- But sales for the first half of equipment. was “more uncertain SJ this brims ^ first quarter of 1975 and t S adin * dechqed in value. At total member firm revenues m 

the management to enter into president, general counsel and the year arc 19 per cent higher tj lail ^ any year ^ nC€ the early E° r fte n1 ™?. ^° n J n ot nmfli fr represented a -1-3 per cent the same time, prices m the the first quarter. This is 

discussions with him to prepare secretary, has been elected at $1.9bn, virtually in line with 1970s." Overseas sates far last “J® companv 10 a nei prom 01 annuaI rehirn on average net fixed income markets also- significantly les 5 than the 55 per 

an agreement in principle for president and chief executive on the previous forecast First half year were g p^t higher but ° r jr3 : hJL*/ worth of 33.9bn. deteriorated* again reducing the cent in 1973 

presentation to the board. an interim basis. Mr Doherty eamngsjecorded a modest gain net earnings were lower, with SXJtf 8 i%L ' 10 clntl 

Both of the proposals would was also elected to the hoard. from $132.2bn to $136.9bn. with foreign exchange losses and _. L/o,l P 1 — "T 1 "-: CTIJrrCTTCT' T" ":,r r — ■- ^ r -' -V- ' . ’ -vvy 

— (share earnings of S2J26 against hi^ higher at $48 Ira. J J • V • '.> 'M 


32.26 against higher overseas expenses quoted 
among the adverse factors. 




C1-»w Vnl. 


1 Close V,M. 


Close Vri. 






: 84 















! *a 






1 538 








i ,S U 



— - 

K K.ouk 




! 174 





K. Kxlak 




1 12 


12J 4 





: a* 




K. K.nlak 








a. E 







Sl 2 

- - 

J47T 8 







•• ! 










1H 2 










































74 | 







6 ! 






















29.00 i 






IB .00 





A Icvmcne 



















4.50 1 





K8 J 








F 160 





41.00 | 


FI 90 







33.00 | 










43 i 

_ j 

X« Ned 





15.20 i 


» 1 12.50 

Nat N«i 

FI 10 




8.50 | 









3-22 i 

















2.00 i 



K. P. Shell 


7. BO 




10.10 ! 



R. l». Shell 





103 j 

6.00 > 


K. P. Shell 

FI 40 





2.50 ; 


.. < 


FT 10 




77 | 



r 113.60 






3.50 | 


I'dIIftct 1 




- 1 

1.70 1 



Bank of Montreal gain 

Tax credits For both the third 
quarter and the nine months 
bring the final figures to SB^m 
net (or 81 cents a share) and 
513.1m (or 31.57 a share) respec- 



THE^Bank of Montreal earned In the second quarter sub- Gsimpbcll Soup gfiill 
CS42.7m (U.S.S3S.4mi in the stantial growth came in Canadian Campbell Soup announced net 
second quarter, a gain of 6-5 currency loans and mortgages, earnings for the third quarter 
Sw nt «JL h quarter ' f Dd holdings of Canadian corporate of 92 cents a share against 84 

JSLfg* first v ere “suers and foreign currency cents . Total net improved to 

a sha J e * l0ans - the bank said - About 18 330.08m from S27.3m. Sales of 

SSiSf a? . JLJS 1 “jSir P er cent of ^ S^n in foreign S490.0ra compare with 3444.9m 

M Vere^mor* 1 ifaf ni ““‘gJS rePOrB R£Uto 

“sSafiS groSld'S us - Commonwealth. Ed. 

control of operating expenses ‘“ iar * Net profits for utility concern 

were the major factors. The Bank of Montreal has Commonwealth Edison rose 

Assets were C328.4bn at April finalised a U.SjS50m loan to the slightly during the past 12 

13. and up 26 per cent year to State of Rio airport authority in months to 3261m from the pre- 

r$?' VV •• .V'-'C-I 
. -. V V 

< ■ vv''- -V. S:i-, 

airport runway. 

Consumers Gas first half advance 


improvement fails to show 
through due to ra rise of 14 per 
cent jn the number of shares in 
il v »I1V.C issue which gives a net per share 
L, Mav 23. ' of S2B5 against 33.26. Revenue 
mu. during the year rose by 10 per 

cent to S2.2bn. Agencies report 

In Home Oil to nearly 35 per 

Banco Nadonal de Obras 
y Servicios Publicos, S.R. 

Saudi Rials 100,000,000 

Five Year Deposit 

sold was 204bn cubic feet 

Total revenues were CS475m 



f incorporated in the Republic of South Africa j 


Fresh fall in 
dollar sector 

By Francis Ghil£s 

loss of 31 .4m for the first quarter 
against a net profit of S2.4m or 
17 cents a share for the same 
period last year. However a tax 
credit reduces the net loss to 
3714>000. agencies report from 
New York. 

Arranged by 

BJLLL (Middle East) Inc. 

Wickes upsurge 

California-based retailer Wickes 

tup no i ar ’ “ f tho mar Corporation reports a 33 per cent 
THE DOLLAR sector of the mar- rise jn grst-q uarter net profit to 

a ® a ^!, i !J eaker ^ esle £?f > 34.4m, with 41 cents a share 

with some evidence of profes- goill g gainst the 31 cents for 
sionals cutting their books. the sanje 0 f year. 

Sf. r ® 'Ik* * Sales in the quarter rose by 29 


C. S. Barlow" (Chairman). A. M. Rosholt" (Vice-Chairman and Chief Executive). 

K. C. Comins" (Deputy Chairman), G. W. Dunningham" (Deputy Chairman). D. Brown", 

G. H. Bulterman", W. A. M. Clewiow*. Dr. F. J. C. Cronje. D. W. Dyer". M. E. Gamble" 

(British). R. ]. Goss. N. L Holford", S. G. KeatiejP* (British). R. S. Lawrence*. 

f. G. MacPherson. /. 6. Maree*. M. J. Noyce", A. C. Perersen". Dr. P. E. Rousseau, 

S. Rudner*. G. H. Waddell. 

Alternate Directors: W. L. Barnes*. D. E. Cooper". J. C. Hall" (British). A. A. Sealey* 

“ Executive Director. * 


(1) The required special and ordinary resolutions were passed at the separate class 
general meeting of ordinary shareholders and the general meeting held on 22 May 
1976; those special resolutions have been registered by the Registrar of Companies 
and as a result the preferred ordinary shares of 10 cents each which will be the 
subject of the Rights Issue Have been created. 

(2) in terms of the announcement made an 12 May 1978 thac Rights Issue will be made 
to the holders of this company's fully paid and partly paid ordinary shares on me 
basis of S preferred ordinary shares of id cents each at 370 cents (in rhe currency 
of the Republic of South Africa) per share for every 100 ordinary shares ( fully paid 
or partly paid) registered in cheir respective names at the close of business on 26 May' 

Detailed information in respect of the Rights Issue will be given in the renounceable 
(nil paid) Letters of Allocation and relevant documentation which will be posred 
before 9 June. 

l3) Application has been made to the Council oF the Stock Exchange. London. For the 
granting of a Listing of the Preferred Ordinary Shares as follows: — 

(A) Commencement of Listing for nil paid 

preferred Ordinary Shares Tuesday 30 May [978 

iB) Deferred settlement date for dealings > n 

Rights from 30 May 1978 to 8 June 1978 Monday 12 June 1978 

(C) Last date for splitting renounceable 

(nil paid) Letters of Allocation Wednesday 28 June 1978 

selling throughout the. day but C ent to 3403^ Ak«aries 
many dealers feel prices will 
have to fall further yet to bring re P° IT - 
J’ields In the eurobond market rj-i-.:* rj; cnn 
In line with those In the Yankee UetTOU fLOlSOn 
band market The coupon and Utility concern Detroit Edison 
Price of the $125ra Yankee bond reports net profit lower by 9 
due to be priced later last night per cent for the 1~ months to 
is thus awaited with interest. April at $L27m. to give $1-60 per 
The floating rate note sector share against the S1.99 for the 
on the other hand continued previous year, Agencies report 
firm. A S30m. FRlf for the Arab During the period, revenues rose 
International Bank, a joint by 7 per cent to Sl.fibn. 
Libyan-Guff-Egyptian bank 

■based in Cairo Is expected later (Jarfe Blanche SUlt 

this week. American JExpress has filed suit 

Meanwhile the Canadian dollar in Federal Court agai^ the 

se ^ l ? r continues firm. Justice Department .and U.S. 

The Deutsche Mark setaor was attorney General in connection 
very quiet u low turnover yes- with a j Ustice praceedln g th^ 
terday with P r, oes unchanged. cou |d permit Citicorp to re- 
The Buk of Japan acau i re carte Blanche the travel 

was being 1 quoted_in_ first day an j entertainment credit card 
after trading at 97*-9S. subsidiary 0 f A VCO. Corporation, 

The five year guilder bullet AP-DJ reports From New York, 
bond for Brazil which has just Citirorp’s banking unit, then 
be *“ “EXS by r A L^ em JL Qe known as First National City 
Bank Nederland is for FIs «5m Bank, sold a controlling interest 
and not FIs li5m as Wrongly j n Carre Blanche to Avco In 
stated yesterday. The _ bond 1968 after the Justice Depart- 
which carries a coupon of 1 ( per ment moved in an anti-trust suit 
cen ,L ba * been priced 31 99i 10 to stop the bank from acquiring 
yield <.62 per cent additional Carte Blanche stock. 

Provided by 

Banqae 2zahe et Internationale d’Znvestisseinent (BJL.I.J.) 

Riyad Bank Limited 

Saudi Investment Banking Corporation (Riyadlx) 

Bur gaiL Bank SJLJC. — Kuwait 

Fttbmazy, 1978 

Global Natural Resources 
Rroperfles Limited! 

Audited results for the year ended 31st December 1977 

Wednesday 28 June 1978 
• 15.00 hrs.) 

Issue closes 

Share Certificate posted by 

Friday 30 June 1978 
» '5.00 hrs.) 

Optimism at Firestone 

Friday 21 July 1978 

Ml The Johannesburg 5tock Exchange has granted a Primary Listing of the Preferred 
Ordinary Sham. Details are given in the Circular which will be posted simultaneously 
in Johannesburg. 

1 5) Application has been made to the Rhodesian Stock Exehange for a granting of m 
Primary Listing of the Preferred Ordinary Shares from Thursday. 29 June 1978. 

AKRON. May 23. j 

Firestone Tire and Rubberand its effect on pricing, results 
said ‘tf second half results in the South America. Africa 
should benefit from more effici- and Asia-Pacific areas were all 
enr production. continued ahead of 1977. 
strength in non-tyre operations First half earnings for non- 

strength in non-tyre operations First half earnings for non- 
ane! recent domestic tyre price tyre operations were higher than 

(6) Application has been made to rhe Paris Stock Exchange for a granting of a Listing 
of the Preferred Ordinary 5h*r«, 




last year. 


24 May 1978 

Registered Office; 
Barlow Park. 
Katherine Street. 
Sand ion. 2199 
South Africa. 

P.O. Box 78-2248. 
Sandton. 2146. 
South Africa 

j " . w “* ncsuiis continued to hn 

K“ nd . 4 S“ arter J operating earn- hampered by lower Factory 
lugs of down from S39.3m ooerating rates last vear and hv 
a year earlier, and first half the inability fully u, recovS? com 
operating earnings of S36.0ni increase recover cost 


1977 % 




$ . 

Oil and gas sales 



Total revenues 

. 6,576 


Net income 



Net cash flow 

from operations 



r t ... wl 

reduction continued through this SS &le H wfll 

JSSr to^d 'tha^manulactoring of 

companies' margins had fallen 

frnm S npr r oil t a vPur to 4.S7 STC0I 3X1(1 Ot l3uOUr BHu the 

with II of the 22 'manufacturing Chary bdis df “ jawboning ” many 
industries covered reporting companies will be unable to 

’ a;. 

■ ' 



iv businessmen oF the Business Council to seek the winter weather to argue that the share ° f 


Transfer Secretaries; 
Rand Regi&cran Limited. 
2nd Floor. 

Devonshire House, 

+9 Jorissen Street. 

2001-Souch Africa. 

<P.O. Box 31719. 

20l7-$auth Africa) 

United Kingdom 


Lloyds Bank Limited. 
Registrars" Department, 
The Causeway. 


We%t Sussex &N12 6DA. 
England. . 

down from 662.6m. 

The current year results, how- 

m crease^. 

“Continued .itren?to of our non* 

The 1977 Annual Report and Accounts of the Company is 
available by writing to: 

me current year results, now- tyre one nt inn* • 

ever, excluded a S73ni charge provemem * m imr ,m i 

from the red nn inn nf .. our international 

from the reduction, of excess business recent HnnS 
|“e£E « uneconomic plants. replacemum d °- D,est,C 

c Firestone said toaTin the 1878 ncreaLTand “Sf 1 pr ; ce 
first half all operaWna urouDs Sa overall manufac- 

achieved aale, sain, ove r laS , b y The -iSS’S.CS.SnSS 

Although European operations S ctd hTf^uffs ■'Vhp^m^ 

: were unprofitable because of coo- said resuits ’ the CQnipa ^ 

, twuing industry overcapacity AgHnciee 

Global Nahiral Resources Properties Limited 

26-27 Regency Square, Brighton, Sussex, England BN1 2FH. 



Financial Times Wednesday Mhy 24 1075 * 



surge at BMW as 
German car boom fades 



wn *S^ eri i c ^ Motoren For l 97 ?- BMW Is forecasting development, for the improve- 
mninr £ eheves , th ® a turnover growth of 10 per cent, ment of production technology 

. industry s no Pm peaked This wil take group sales for the and for the development of world 
last year, orders for new BMW first time over the DM 6bn markets." 

C3rs are running a full 50 per (S2.S2bn) mark. He said that 1977 would go 

cent, above the levels of a year According t0 BBfW , ** fifnircs down asking ;ajood^ 

BMW;s cautious executive vest's ho^'wn’SlM Growth vlew “ the comjn S storms" in a 
Bft.iTd is careful to point out f “ n e 3 e ° more relaxed manner. The 

that statistics show the motor i, °*? f 01 the v* I™?* group was not likely to he so 
mdustiy s boom reached its high affected as in the past by crisis 

pmnt last autumn, with rogistra- c * e !}l' oompwed with 1977 m olber sec - LQrs 0 f the market 

tlons in the Federal Republic t0 l.Bhn for the parent and andi as a resu it, BMW was 
now returning \o the levels ol DM 3 * lba for E 101115 - satisfied with 1977. 

the long-term forecasts. Even so. Output from January to April Last e CT0U p Mle , in , 

there seems little likelihood that TOS : e b * * cent 1° 104 ' 500 creased from DM 4.76bn to 
customers can expect a shorter sales T? se 5 p ® r c *" 1 DM 553bn, while the parent’s 

wait for the delivery of their t0 105.000 units. Exports turnover increased from 
orders in the near future. accounicd for 55,000 units. dm 4.29bn to DM 4.9Bbn. At 

Currently BMW is quoting Chief executive Herr Eberhard the same time, net profits re- 
aelivery periods from six months von Kuenhcixn was unwilling to mained virtually stable at 
to a year, depending on the make earnings forecasts so early DM 125.3m. compared with 
model. Indeed, delivery periods In the year. He said, however: DM 125m. despite West Ger- 
have continued to lengthen “We hope that we will be able many’s corporation tax reform 
despite the substantial Increase to say in a year’s time that 197S which substantially increased tax 
m group capacity last year. was a good year for product liability. 

Hochtief heats building downturn 

n dd 



HOCHTIEF, one of West Ger- British and American markets Net profits rose from 
many’s largest construction con- was rapid. Signs are, however. DM 12.5m tD DM 36 5m (S17rn>. 
cerns. today reported profits up that overseas business growth is despite corporation tax reform 
190 per cent, despite the coun- slowing down to more reason- which substantially increased 
try's continued building reces- able proportions. the concern's tax liability. At 

sion. As in previous years, the Last year, the group’s con- fbe same time, the company 
shortfall in the domestic market structlon work was worth transferred DM 18.2m to re- 
ha s been more than com pen- DM 3.6lbn compared with serves, compared with DM 6m 
sated for by foreign sales. DM 2.85bn the previous year, the previous year. 

Untii the start of the current The overseas content of this in- XMs year has seen a S(lbstan _ 
decade. West Germany s con- l.IBbn to t j a j improvement in the inflow 

stnictmn industry was almost DM 1.77bn. of domestic orders, which rose 

entirely domestically orientated. The order book in 1977 in- durins th(? first four months by 
There were profits to be gained creased from DM 4.42bn to jg, Der c _ nt t0 tj« 5 fi 3 m in 
in abundance, first from the re- DM 4.55bn, while contrast, overseas bookings fell 

construction of the Federal abroad rose from DM 23 fbn to by l55 cent ^ DM g68jn 
Republic's war-tom economy DM 3.1bn. Turnover, excluding 

and then from the expansion value added tax. rose from Hochtief's order book during 
stemming from the “ economic DM I.lSbn to DM lJfBbn. the period declined slightly in 

miracle." Capital investment last year S. f l , 2 lp . a £ll on . 1977 . tc> 

The industry’s reaction to the showed a herty increase, al- ti 55 ®" ‘ be °P en j n S four 
recession, which started early in though pant of this was prob- months. The home order book 
the 1970s, was to export and ably as a result of new plant was up 4.4 per cent at just 
their progress in traditional purchased for overseas projects, under DM 1.51bn. while foreign 

orders fell back 2,9 per cent to 


V S' jL »* - 


Luxury Coach Body Builders 

Interim Statement 

Unaudited results for the six months to 

31st March 1978 

31.3.78 28.2.77 

13 months 

Profit before Tax 



• L637 





Profit after Tax 




Jr All divisions produced improved profits and have 
good order books. 

Jr Improved margins on Coaches largely .offset the 
effect of reduced volumes caused by ihe labour 
disputes last autumn. 

Jr Change in accounting periods results in transfer 
nf a substantial proportion of profit into the first 
half. Improvement for full year nevertheless 
expected. . 

Jr Interim Dividend increased from equivalent 
1.5 p to l.75p net per share. 


DM 3.34bn. 

hack in 

By David White 

PARIS. May 23. 

FURTHER cnnfirmalion of re- 
covery in the French retail in- 
dustry conies from Nouvelles 
Galeries Reunies. one of the coun- 
try’s most widely-implanted store 
groups, which has moved; out of 
the red for 1977. 

The group, which includes the 
Uniprix supermarket chain, re- 
ported a Frsl7.2m (SI .8ml net 
profit compare to losses of 
Frsl9.1ra in 1976, and chairman 
Jean -Laurens Delpech expects a 
further Improvement in the first 
six months of 197S. 

Sales so far this year had got 
off to a “good start" and the pre 
sent month’s sales were about 
20 per cent up on May 1977. This 
was after a limited growth in 
1977, when the company pulled 
its way into profit mainly through 
"stricter management and vigor- 
ous cost controls." 

The parent company, which is 
resuming dividend payments at 
the same rate — Frs 2.50 net — as it 
paid for 1975, showed a net profit 
of Frs 5.6m as against a Frs 14.4m 
net loss m 1976. 

But Nouvelles Galeries is still 
going ahead cautiously. M. Del- 
pech said it would concentrate 
on building up existing outlets 
and not embark on any new 
stores this year. Investments of 
Frs S3m are planned, well be- 
low last year’s Frs 134m, almost 
half of which went on new pre- 
mises in Marseilles. Improve- 
ments on stores already in exist- 
ence promised quicker returns 
than fresh ventures, M. Delpech 

Another big retail group. 
Casino, is however setting its 
sights on a bolder expansion 
programme. At its annual meet- 
ing the company said it planned 
Eve new supermarkets this year 
and had four others already 
scheduled for 1979. 

The group did not add to its 
ten hypermarkets last year and 
only planned one this year, but 
four others had already received 
planning permission for con- 
struction next year. 

French electronics deal 


TWO OF FRANCE'S largest the new company, which will also 
electrical engineering and elec- b * available to market the pro- 
tronics groups have decided to f ucts of companies outside the 
conduct all iheiT overseas sales S roup who are not competitive 
operations through a single W,U1 1L 

subsidiary. M. Pierre Loygue, the Alsthom- 

Compagnie Genera le d’Elec- Atlantique chairman, said that 
tricite (CGE) and Its leading the idea had been inspired to 
affiliate A lsthom-Atl antique. in some extent by the success of 
which it holds around 31 per Japanese trading companies 
cent of the capital, are setting though there was no question 
up CGE Alsthom Atlantique. of the new companies buying 
They will each hold 25 per cent products on its own account 
of the FFr 23m capital of the . _ - - - : . • 

overseas sales operation, while - *• * * 

five*. of their most important „ . .. 

subsidiaries. including CGE 

Alsthom. CJTP-AIcatel and Sf!E JP 2fI£? ey "f 

(in electrical engineering, tch- iSl:*? 10 * *2*™* 

communications and public ™ e,a, lj n ? our 
works respectively) will each Bnanvwl staff write, 
hold 10 per cent. Net profit* for 1977 emerge at 

The two groups between them FFr 377m compared to 

had an export and overseas 
turnover of more than FFr 9bn 
(31.92bn) last year, representing 
about 10 per cent of the whole 
of French exports of capital 

The individual sales operations 
Of group companies overseas will 
be brought under the aegis of 

FFr lR3m in 1976. lifting group 
cash flow to FFr 1.5bn against 
FFr l.04bn. In March an increase 
of more than a quarter in parent 
company net profits- to FFr 142m 
was reported. 

Group assets per share rose to 
FFr 2R9 last year compared to 
FFr 259. 


Lack of detail leaves market divided 


nominated by the 

the STOCKHOLM Slock only NKr330m compared to ment with the Norwegian will be nominated by 

Exchange reacted uncertainly NKr3S0m in 1976. Government assures Volvo Swedish unions and one by the 

today to the planned sale of 40 Volvo however understands Petroleum of " the right to parti- Norwegian employees, 
per cent of Volvo to Norway. The that the Norwegian Government cipate" in a concession. But Charles Batchelor writes from 
share price Plunged initially by plans to test the market by an Volvo has no oil experience. The Amsterdam: Volvo Car, the 10SS- 
more than 10 per cent to SKr 75 initial offer of shares in the new assumption is that Volvo will making Dutch arm of the 
but finished the day at SKr 83.50, Norwegian holding company, quickly have to find a partner Swedish automobile manu- 
oniy SKrl off Friday's closing Norsk Volvo A/S, equivalent in with knowledge of offshore facturer. does not expect the 
price (dealings were suspended value to some SKr 75m. The exploration and development. reorganisation of the parent 
Monday). Trading in Volvo was Government would take up an Uncertainty aUo surrounds the company to lead to any change 
nix-seven times greater than equal amount itself, putting in new car model which Volvo is to in its status or activities. The 
usual with one institutional the remaining SKr 600m in the develop and produce in Norway, asreement signed between Volvo 
investor apparently selling form of a loan free of interest Tins commitment, it is under- and the Dutch state in January 
heavily. for the first five years. stood, refers not to the models which provided for FI 200m in 

A leading stockbroker Exclusion from the joint hold- already in the pipeline but to a aid. quarantees the Dutch 

described mark of opinion as ing company of Volvo Fiygmotor. completely new car, incorporat- company the exclusive right to 
substantially “‘Yjdcd owing to ^ subsidiary producing aircraft ing aluminium and plastic com- manufacture and develop cars in 
the lack of , detailed information en m nes> complicates the evalua- portents made in Norway, which the 343 model range, 
about Volvo s agreement with the t j on 0 f p r jc^ being paid by would be launched in the 'second Volvo car therefore does not 
Norwegian Government. In the Norwegians. The nominal half of the 19B0*. expect the new Swedish- 

some quarter- it is feared that va j ue 0 f subsidiary’s share At Volvo emphasis is laid on Norwcsian Volvo ro develop any 
the P™* *? capital Is SKr 6t>tn. included in the financial reinforcement models in competition with the 

Norwegiam i for their *q per cent the total Volvo sh are capital or brought by the deal with the Dutch company, a spokesman 

° f * S? “"Jf" SJ 1 '£5,™ SKr8S2m. But Volvo Fiygmotor Norwegian Government. To said. Problems surrounding the 
23* nossiblv hPlnw £ turned in the best performance complaints that Volvo was being introduction of the 343. which, 

market nrine b 1 “ in the group last year, reporting ••nationalised" by the Norwegian is the firar ear produced by the 

n^ fhe Oslo Sroct Fvehanse it pre-tax earnings of SKr 90m on a state. Volvo executives explain former DAT ear company to 

was assumed todav" that half the SKr 490m turnover. that the Norwegian holding com- which Volvo has made a signi- 

SKr 750m Norwegian capital In- Other investor doubts centre pany will nominate only four of f '“"L fw 

put would he offered as shares to on Volvo’s move into the oil the 13 directors nn the Board of largclj to blame for \oUos 

private investors. This is more business. Its new company, the joint holding company ^ n Ht r h U <na raised its 

than the market could absorb. Volvo Petroleum, has to submit a against six to he appointed by plan tin. D utc « state raised its 

stockbrokers stated, pointing out bid for a North Sea exploration thn Swedish holding company. £hare |n \ oho C ar jo 4a 'rom 
that new shares issued on the licence to iho Norwegian oil The remaining Ihree will he -5 per cent ana ' Dl ' D us 

Oslo market last year totalled ministry by June 1. The agree- worker directors, of whom two qiakc to 55 from i5 per cent. 

BiUerud recovery hopes 



BJLLERUD. the Swedish forest ing the second half of the year. Kr 105m made by BiPerud on its 
products concern, hopes this However, the forecast could Swedish forest products, 
year to reverse last year’s already be ou tof date. Billerud The brightest prospects for 
plunge into the red and to reach is currently negotiating the take- Billerud this year are CELBI. 
a result which would cover over of Uddeholm’s pulp, paper the Portuguese factory which 
planned depreciation and finan- and timber operations and has makes eucalyptus pulp, and the 
cial costs. This cautious fore- postponed its annua) meeting packaging and paper sack fac- 
cast contained in the 1977 share- until next month, to allow time lories in France. Austria, West 
holders' report assumes that re- for the talks to be completed. Germany and Britain. CELBI 
turns from foreign operations Uddeholm made an operating gave Billerud an operating in- 
will offset continuing losses by loss after planned depreciation come of Kr 44m last year, while 
the Swedish pulp and paper of Kr 219m on its forest indus- the packaging and stack plants 
mills. Zt also assumes some im- try operations last year. This turned in Kr 23m and are ex- 
provemeht in the markets dur- compares with the loss of peeled to do still better in 1978. 

Beijerinvest sees earnings improvement 



BEIJERINVF^ST expects im- net after tax of Kr 51m. For the on an iron foundry venture and 
proved earnings in 197S after first time in 13 years, however, one of its trading subsidiaries. II 
two difficult years for the Swed- there is to he uo increase in the has now disposed of the foundry, 
isb trading and industrial group, dividend which will stay at Kr 5 Scandinavian Trading, which 
A more detailed forecast will bo a share. Instead shareholders are specialises in the oil business 
made at the annual meeting on being offered the right to buy and accounts for half group turn- 
May 29. shares in a new Dronertv com- OYor turned into the red. A 

Last year pre-tax profit declined Mnv pu e « which will soon be Kr drop in earnings on the 
from Kr 72m lo Kx 5Sm (Sll^ro) £L k |* _ n u n f ation nn ,,h A e tnrfP group's industrial operations was 

and from Kr S9m to Kr 15m after fcSELST * S P*** offset by a Kr 14m climb 

extraordinary items. Bjr trans- , Stock E * chaBge : in returns from the foodstuffs 

ferring Kr 52m from the inven- Last year Beijerinvest suf- companies. TKe investment port- 
tory reserve the group showed a f ered losses described as i 0 lio contributed Kr 28ra, an 
— “ abnormal and not repeatable " increase of almost Kr 5tn. 

VW denies 
second U.S. 
plant plan 

By Our Financial Staff 
VOLKSWAGEN yesterday denied 
American reports that the com- 
pany was planning to build a 
second car manufacturing plant 
in the U.S. 

A spokesman for VW said in 
Wolfsburg that such a decision 
might be logical once the 
newly opened U.S. plant in New 
Stanton. Pennsylvania required 
additional capacity. But at pre- 
sent neither supervisory board 
or executive board had taken 
any decision on the . subject. 

It was confirmed, however, 
that- VW was “ considering " 
some diversification in the U.S. 
away from the motor industry. 
The company's presently buoyant 
earnings and cash flow position 
was a “ good foundation ” for 
some form of diversificatin. 
Nothing concrete had yet been 

At the end of last week, VW 
reported a sharp rise in earnings 
and sales for the first quarfer 
or 197S. On sales higher by: 

14 per cent, net profits were, a 
full 24 per cent ahead at 
DM 164m. or S82m. * 

The company’s car plant in tie 
U.S. which moved into produc- 
tion last month, represents an 
investment of around S3Q0m. 

DSM expects 
problems for 
two years 






Svenska Varv AB 

(Swedyards Corporation) 

$ 200 , 000)000 

Seven Year Loan 


Orion Bank Limited 

Abu Dhabi Investment Company 
panic of Scotland 
Basque Ganadienne Nationale 
(London Branch) 

Banque Nordeurope S.A* 

Credit Suisse 

Kleinwort, Benson Limited 

Kredietbank S.A. Lnxembonrgeoise 
Lloyds Bank International Limited 
The Royal Bank of Scotland Limited 
Sparhankemas Bank 
Svenska. Handelsbanken 
Union. Bank of Switzerland 

Co-managed Tiy 

Atlantic International Bank limited Basque de la Societe Fmanciere 

Bank of British Columbia 

Bank Leu AG 

Banque Bruxelles Lambert SA 
Banque Fopulaire Suisse S*A» 


Bayerische Landesbank Garozentrale 
European Arab Bank 
International Energy Bank Limited 


By Michael van Os 

DSM, the Dutch state-owned 
chemical group, expects another 
two " difficult ^ years of trading 
and Is not ruling out the possi 
bifity of a “small loss" in 1979 
according to the 1977 annual 

Last year the company saw 
sales top^ FI 10 bn for the first 
lime, bur-net Income was lower 
due to the ^depressed situation 
in the chemical market, currency 
problems and- Holland's high 
wage levels. 

Sales were fip about 9 per cent 
to FI lO.Ibn ($4.4bn). compared 
with a 22 per cent increase in 
1976, with last year’s rise solely 
attributable to higher gas sales 
volume and revenues. Net in- 
come, at FI tI0.3m (S48m>, was 
down 16 per cent Profits 
adjusted for inflation amounted 
to FI 50m. Operating profits were 
more than halved last year, to 
F1102.5m 3nd the fact that net 
earnings showed a smaller de- 
crease is due to- the improved 
results from minority participa- 
tions and a positive change in 
taxes owing to .the investment 
allowance nn capital expenditure. 

On DSM’s prospects Dr. W. 
Bogcrs. the chairman, says he 
expects surplus rapacity in 
chemicals to affect the market 
for some time yet. There are no 
plans for ianje new projects for 
basic chemicals — the company 
will concentrate on improving 

Dr. Bogers said the Board had 
decided to pass the dividend for 
the first lime since 1948. 

The DSM chairman slated that 
although the peak in capital 
investments was now over, 
activity was still at a high level. 
Last year, expenditure totalled 
FI 1.4bn. down to per cent on 
J976. Capital expenditure is 
bound to decrease significantly, 
however, since several large pro- 
jects were nearing completion 
and the building programme for 
the coming years had been 
adjusted to the lower cash flow. 

Dr. Bogers expresses regret 
that the French authorities have 
not allowed the takeover of the 
French fertiliser company, Gar- 
djnier. This would make' pene- 
tration into that market more 
difficult and less rapid*^“the 
present station in the fertiliser 
sector wiJJ provide -an extra 
incentive to the UKF subsidiary 
to stream lino, its extensive pro- 
duction facilities, the bulk of 
which are in Holland^" he said. 

As for chemicals, good pro- 
gress was made with building 
operations at the caprolactam 
plant of Nypro jn Flixborougb; 
the installation is due to come 
on stream in the second half of 
this year. 

DSM’s income statement shows 
that operating costs, excluding 
depreciation and amortisation, 
rose to FI O.fiThn last year from 
FI S.71bn in 19 i®>Jeavlng a gross 
profit of FI 468.2m (Fl S95m). 
Pre-tax pr°£L, was down to 
Fl 55.1m (FI 207.9m). The share 
in results of Qon-consolidated 
companies was up to Fi 46.7m 
(F| 27.4m}. 

Thli announcement complies wlrh’ilterctiuirenw/irs of the Council q/TneSlockExchan^ In London 

AGA Aktiefoolag 

‘(Incorporated with limited liability in the Kingdom of Sweden) 

U.S. $25,000,000 9Va per cent. Bonds 1988 

Issue Price-100 per cent. 

The following have agreed to procure subscribers for the Bonds; 

Hambros Bank Limited Svenska Handelsbanken 

Bank of America International Limited Commerzbank Aktiengesellschaft 

CreditSuisse White Weld Limited 

The 25,000 Bonds of S3 .000 each constituting the above issuchave been admitted to the Official List of The Slock 
Exchange in London. 

Panicula rs or the Bonds areavaflable from Extel Statistical Services Limited and copies may be obtained during usual 
busi ncsshours up to and including 9ih June, 1978 from ihe Brokers to Uieissue:- 

Roire £ Pitman. Hoist-Brown, 

City-Gate House, 39/45 Finsbury Square, 

London EC2A UA 

and The Stock Exchang e . 

Strauss. Turn bn I] & Cd„ 

3 Mourgate Place, 
London EC2R6HR 
and The Stock Exchange. 

This Advertisement is issued in compliance t pith the requirements 
of ihe Council of The. Stock Exchange 


(Incorporated in England — No. 108220) 


The Council of The Stock 'Exchange has'admitted the above Shares to 
the Official List. 

Particulars of the Preference Shares are available in the statistical 
services of Extel Statistical Services Limited and copies of such 
particulars may be obtained during normal business'- hours on any 
weekday (Saturdays excepted) up to and including 7th June 1978 


51 Bishopsgate, London EC2P 2AA 


. 9 Moorfields Highwalk, London EC2Y 9DS 



improved door mat could 

Financial Times Wednesday May 24 1978 

er of tyre spray 


ANYONE who has driven up 
the fast lane of th*? M6 on a wet 
day know* ir.r problem — every 
heavy vehicle you pat-r* .*plailcr> 
the windscreen with a lint- spray 
of mud. No manor how g.-»«»il 
the windscreen w a 'hers and 
wipers. tin 1 is 

momentarily Minded hy each 
vehicle h»- pa*?*.’*. and ar 70 

mph even half a second is 
enough to travel or or 5U fi. 

Many .iucmpi* have been 
made in solve ihv prohlcm. ami 
research l ontmiie* all over i lie 
world, with little s-i;n of aiiecoaS. 
To imiu-.di' the nuumiude of 
i hr- task — u has been «-al> ulaD'ii 
that a .-land an I ariiculaicri 
vehicle, wiih 14 wheels, travel- 
ling at Mu mph mi a typical Ij wet 
rnad surface i Jess than I / 1 in It 
in uf water i disperses ahum 2K 
callous of -water a minute, with 
a substantial imrcj-r at limber 
speerh. and during heavy rain. 

Toms oh a track * prayed with 
water have shown that it i< the 
side spray form me eland' 
around a trucks drive wheels 
and a trailer’s tandem axle that 
creates the real menace for 
miiion>!-i. Standard met hud s. 
eotiveni tonal imidflaps and mud- 
guards. do not prevent side 
.spray. In fan. they aggravate 

Water thrown hack hy the 
tyres smashes mi to conven- 
tional mudguards and uthcr 
pan- of ihr vehicle body, and 
i« i-nn verted into liny droplet *. 
These are Irghr enough to he 
clinch! in t hi* slip:? treat ii and 
whirled into the path "f pasting 
iimiorH?, cut line vj-ikility by 
as mu< h as 75 per cent. 

t 'mil now. all aiiN-piay 
iics:”ii.s *o tar produced haw 
had • hi IIJI -roll* .irle »• fleets. For 
example, ihv apparent];- niivitnis 
s> ■ I tit 1 1 mi i* I** -hrourl truck 
wheel* hy hiixiiu iheni ’ll. 
thus cmiiaiiunu the spray. This 
work*, hui in cm nc :il»<i pre\ents 
air < imitatin' ariini’ii tl-.e tyres 
ami brake*, which .an lead to 

Tin* mud flap made i»f polyethylene bristles tlefl). and him - it reduces spray at Si* mph. The lorry on the far right is 

uoi fitted with the new spray guard. 

over-ii'-ating and sudd<?n failure. 

In i he l' S„ the Department 
of Transportation tested »*n- 
i-luscd fenders and fmind they 
could lead to potential brake 
fade and/or failure: Tin* latest 
development, now under cxlcn- 
*-ive trial there ia Government 
report is expected ialer this 
yean, and also being tried m 
Britain, is based on material 
initially developed for door 


the water is flung ITinn the tyre 
it has much kinetic energy, pro- 
viding the to rue that enables 
large drops to form a spray. 
Further energy is added when 
the droplets hit forward moving 
surfaces uo the vehicle. 


Fur -nine len years. Mon- 
santo ojs been making a plastic 
door mm. and this ha* now been 
flirt Ik* i developed to form a mud 
flap. The backing material i- of 
high density polyethylene, raced 
with iii'Hi'ar.d*. of J in long low 
dt*n<iiy polyethylene " i*nsi.le> " 
1? is These bristle*, nr "Made 
matrix ’ as Monsanto i-all* 
thorn, that have solved the pml*- 
Jrin of 'Pray formation. When 

High speed cine film of 
vehicles fitted with the “ door 
mat" ni Lid flap shows that the 
matrix uf flexible plastic Wades 
—being a projecting, discontinu- 
uub. non-planer surface — sup- 
porls a frothy water layer. The 
froth takes the iuipaet of the 
water drop* and absorb* the 
energy, minimising the rebound 
that would occur from a flat sur- 
face. The drops, which are 
forced upward through ihe 
blade.', lunse further energy, 
coalesce, run down ihe backing 
material ami lion back nn to the 
mad. ll has been found lhai 
this also makes the flaps -elf- 
el earn ng. 

trailer, and side valance* along 
tandem wheel groups l" catch 
fine droplets primarily emanat- 
ing from capillary action, and 
stripped front the tops of the 
tyres. On test vehicles it was 
fuund that the water streaming 
from the bottom of the flaps is 
returned to the rnad ar a level 
where it will not affect the wind- 
screens of passing motorists. 

Trial run 

A typical installation would 
include vertical guards behind 
r-ar-h wh on both tractor and 

In the U.K., trailer manu- 
facture- ’Crane Frucuam has 
filled flaps to three of it - own 
test vehicles. The company 
reports encouraging re-nbs. and 
say, that Spray Guard. a> ihe 
flaps arc called, "look' like the 
l>e.*t anti-spray device yet.” 

Legislation in Britain, 
and other European countries, 
stipulate* mudwing- fur ihe 
drive axle or the tractor, ami 
mud flap* fur the rear m heels 
■li i be trailer It is claimed iliat 
fining Spray Guard flsn* 

reduce? both vehicle weight 
and installation costs. 

Crane Fruenauf. which m 
currently negotiating the 
market for The flaps in this 
country, say# that when they 
are in full production the cost 
should lie around £S per flap. 
.Monsaoto expects to start full 
scale manufacture early neM 
yea r. 

According to Crane Fruenauf. 
several Bass Charringlon 
trailers are to be Sued with the 
flaps: the Automobile Associa- 
tion will be fitting flap* t«j its 
trailers and small vehicles in 
the South East fur a trial 
period: and Greater Manchester 
Transport Executive ha* asked 
for flap.* tor a test vehicle. 

Motorists wlin have experi- 
enced that awful panic that 
-rip* the driver suddenly 
blinded a* in* a cc el erases past 
a big Truck will be grateful for 
anything that reduces the 
hazard* of muTurway driving in 
the rain 

Real growth; it can only be earned 

And the Alexander Howden Group has 
certainly earned it. 

WeVe built up a comprehensive international 
insurance group over many years, with a turn- 
over of over £81 million in 1977, and pre-tax 
profits of well over £21 million. We own 
Insurance and Reinsurance Brokers, f q 
U nderwriting Agencies and Insurance I f*"j 

Companies, and an international network of 
offices providing insurance services to clients 
throughout the world. 

And we’ve done it without diluting our 
basic strengths and skills— increasing our 
k profits by 400% and our earnings per share 
1 by 240% in the last five years alone. 

I If that’s success, we aim to go on earning it. 

*.-*-«• P-».. 0 *--n :? -MW- - 

■=*■ - 4" " — 

• f.‘!«l Oirr . / 

l [ax'; 

if*’;. 'i 

[Kt ^ 

r r 

.IT. ZTj 

O' 1 

-K\| L 

i t ; 

»*. ..-1 ‘ ^ ™ 


For the past 8 years Friends’ Provident s investment team has 
achieved an outstanding performance for Friends' Provident Unit Trust, as 
shown in the graph. 

Over a much longer period, the same expertise and know-how has 
built up and maintained our record and reputation of being a leading 
with-profits mutual Life Office. 

/Vouvthe same winning team is managing the investments for the 
clients of our new Managed Pension Fund. 

With its choice of five tax-free investment funds - Ordinary. Share, 
Fixed Interest Property and Cash, plus a Mixed Fund - a Friends’ Provident 
Managed Pension Fund can be tailored to 
meet the specific requirements of your "* T™ V*. 

Pension Scheme. 

It also offers you a flexible f ^ 

system of administrative services 1 
if required. "■■» A 1 ■■ 1 

So whether you're looking |J 
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traditional arrangements for a IT 1 


Provident first and see how easily \ bV M MM W j 
we can shape our expert services I 

around the needs of your Pension AHr / 


i ’ I m \ ; y 


l.’C’Gf.DlO. SliRRt'i Rhz ic*.\ 7£LEPHOLE DORKING <0306 505 1’». 


Financial Management 
for the 

Non-Rnancial Executive 

Setbiu ^ 

LONDON JULY 10-21 1978 

The increasing amount of accounting and financial management 
needed to run a modern successful business is placing great strains on 
middle and senior management not trained in accountancy. To meet 
this problem, the Financial Times and The City Unit ersity Business 
School, of London, have arranged a two-\vcck course entitled 
‘Financial Management for the Xon-Fin.mcial Executive’ to be held in 
London on July 10-21, 197S. 

Jte > * , > *- 

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

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

iL'Iii \; 

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

To 1 he Financial Time* Limned. Gmfercnce Organisation, Bracken House. 

10 Unnon Street.. London F.QP 4 RY. Tel: 01-256 45*2. Tdcx; 27347 FTCONF G. 

PUnc scr.J me junker ,U:.nh •*/IN TLRXATIONAL SUMMER SCHOOL ig;S ’ 




/liTLU „ 



EtfiLed by Denyj Sutton 

Alexander Howden Group Limited 

22 Bill iter Street, London EC3M 2SA. Telephone: 01-488 0808. Telex: 882171. 

The world’s leading 
magazine of 
Arts and Antiques 

Published Monthly price £2 00 

QverjHs Subscription £28 00 
Annual Subscription £25 00 i inland) 
USA £ Canada Ar» Assisted $56 

Apollp Magazine Bracken Home. 
10. Cannon Street, London ECdP <BY. 
Tel: 01-248 8000. 

VimirKu ‘I 


Financial Times Wednesdav Mav 24 1978 


Koc planning maj 
in overseas markets 


A MAJOR shift of emphasis is 
taking place in the tCoc group 
of Istanbul. the biggest induv 
l rial entity in Turkev, towards 

expon orientation both In exist- 
ing and projected industries. 

" 'Ve have no alternative for 
survival." said Mr. Rahmi Koc. 
the group's president, in an in- 
terview here today. Koc's ex- 
ports in 1977 amounted to $25m. 
a injnute proportion of consoli- 
dated revenues which last vear 
amounted io Sl.lShn. This 
figure IS L ’6 per cent higher than 
m tne previous year. 

Income before taxes and 
minority interests grew bv 36 
per cent to S175m. Of the* con- 
solidated revenues 59 per cent 
was derived from the automotive 
sector. 28.7 per cent from the in- 
dustrial . sector. . which is 
dominated by the manufacture 
of electrical household 

ISTANBUL. May 23. 

Hong Kong 

appliances, and 143 per cent 
from other activities. Koc's 
manufacturing activities range 
from matches and tinned food 
to automobiles and tractors. 

Last year's performance by 
the company indicates that 
although Turkey went through 
the worst economic crisis in its 
bistory in 1977. Koc was able 
to maintain high growth and 
profitability. The only un- 
impressive figure at Koe is. with- 
out doubt.. exports which. amount 
to a mere 2.5 per cent of consoli- 
dated revenues. 

It is this and the bad perform- 
ance in general of Turkey's 
export drive which harve forced 
group executives to boost their 
efforts towards increasing their 
sales abroad. 

"The country cannot be poor 
while wc are making money." 
said Mr. Koc “We must change 
our concept." His group's target 

this year was to nearly double ! 

exports io $40na. | 

Koc is ready lb consider any! 
industrial investment on condi - 1 
lion that it was completely export ! 
oriented. Koc executives, he ; 
added, were touring the U.S.. ; 
Saudi Arabia and Kuwait with j 
a new to investigating the possi- 
bilities for such Investments. 
They were also researching I 
opportunities, for making joint j 
investments in the Gulf. I 

Mr. Koc said that they would i 
also try to benefit from the 
foreign markets of companies) 
with which they have licensing or; 
joint instrument deals in Turkey-: 
such as Fiat. General Electric 
and Siemens. 

The group is also in touch with 
a number of international banks 
which -haye approached it with 
proposals of pre-export financing, 
something which has never been- 
tried in Turkey before. 

ACI offers cash alternative 



AUSTRALIAN' Consolidated In- 
dustries. the major glass, -packag- 
ing and plastics r group, todav 
confirmed ihal-itAvili offer a cash 
alternative to its share and cash 
takeover bid for electrical 
appliance group Vulcan Indus- 
tries. The cash only alternative 
is necessary under stock ex- 
change listinc requirements 
because ACI began buying VT^I- 
can shares alter announcing its 
offer terms. 

When ACI announced its 
initial terms last week— one ACI 
share plus 45 cents fnr each 
Vulcan share — rhe bid valued 
Vulcan scrip at SA2.23. placing 
a total value nn Vulcan of almost 
S'AfiOni. ■ AO's market price haa 
since slipped, making rhe share 
and cash bid now worth SA2.U*. 

, 'Cl hold about 5 per cent of 
Vulcan's capital before announc- 
ing its offer. In heavy trading 
over the past week, it has since 

SYDNEY, May 23. 

ifted its stake to mare than 25 
-per cent. 

Under exchange requirements. 
ACI's cash only bid must at least 
equal the highest price paid for 
.the shares,. bought after announc- 
ing the offer. This, to date, is 
SA2.10 — only '2 cents less than 
the current value of the shares 
and cash offer. If all share- 
holders accepted cash. ACI 
would have i 0 pay at least 
AS4tf.Sm compared with a cash 
component of only SAIOin tn the 
initial terms, 

ACI's -cash terms will not he 
revealed until the company sends 
nut its ofiicial Part A documents, 
which arc sent to the target com- 
pany two weeks before the offer 
documents are posted to share- 

The Part A is not expected until 
late June. The offer documents 
must incorporate details about 
lhp accounts, including profits. 

which must be no older than nine 
months. ACI's year ends on March 
-31. and it announced a 37 per 
cent increase in earnings last 
week when revealing its bid for 
Vulcan It will take several 
weeks for rbe audited results to 
be ready. 

On another takeover front, 
directors or Dalton Brothers 
Holdings said they would seek 
independent advice on the AS 1. 40 
a share takeover bid from W. R. 
Carpenter Holdings, which al- 
ready owns 36.2 per cent, of Dal- 
ton's capital. Dalton directors 
said they would make nu re- 
commendation on the bid until 
the independent assessment, but 
pointed out that the 'Board con- 
sidered the offer price was in- - 
adequate based on Dalton's un- 
broken profit record, current 
performance and prospects, lo- 
geiher with the fact that it was 
below ihe asset backing of the 

Sfflent Setback for Kyoto Ceramic 


has announced a fall of 23.1 per 
rent to Y6.24!uj i$27.5nn ip con- 
solidalcd net profit in the year to 
March -'ll. from Y-S-THm in the 
pri'Vimis- jear when (here was a 
iim- ol per cent. Consoli- 
dated *alc> also Fell— by 3.9 per 
rrnt in Y4H.74bn. front Y48.6Hbn 
tl\e yp? t r hefore which produced 
a M4.2 p*-r cent sales gam. 

; F«r the current year, however, 
the company esnects net profit 
rise 37.S per rent In YS. 6 hn. 
<«n a 21.7 per cent rise in sales 
to Y56.flbn 

TOKYO. May 23. 

Thp company said that the 
declines in net profit and sales 
last year were due mainly to the 
sharp appreciation of the yen. 
Both export and domestic sales 

Not profit per .share fell to 
Yl-37. from Y183. while earnings 
per American Depositary Share 
(ADS) were reduced to Y274. 
front Y36K 

The percentage of net income 
to sales fell to 13.4 per cent front 
17.1 per cent. Exports dropped 
to a 62.0 per cent of sales from 
66.5 per cent. 

The company has not raised 
its prices for exports, despite the 
yen's rise. The average contract 
price on exports was based on 
Y255 during the year, while the 
exchange rate fell to about 
V230 at the end of the year. 

Sales of integrated circuit 
packages— 49.5 per cent of all 
sales — rose 13 per cent, but olher 
key product areas showed reduc- 
tions. Sales of the second major 
product area, watch related elec- 
tronic parts, fell 30 per cent, to 
avcohnt for about S per cent of 
sales. . 

By Anthony Rowley 

HONG KONG. May 22- 
Takeovers and Mergers pub- 
lished today by the official 
Securities Com mission here 
Introduces a definition of what 
constitutes ** control " for 
purposes of a takeover. 

Under the Code, a bidder is 
deemed to have control once 
he acquires 50 per cent or 
more or the voting rights in 
a company, as a ire bidders 
acting in concert- The original 
code, published in 1975. did 
not seek to quantify the term 
•* control/ 1 

This interpretation is still a 
good .deal, mere liberal than 
the so-ealied " 3 ft. per vein 
rule" which is the level under 
the City Code on Takeovers 
and Mergers In London, at 
which a mandatory hid is 
required, bui official sources 
here claim there is a need to 
proceed by stages towards the 
UK criterion. 

One . reason ' for this is 
thought to be the prevalence 
in Hong Kong of sizeable 
family shareholdings in com- 
panies, and the wish to avoid 
triggering a full bid on the 
occasions when these change 
j hands. 

‘ The new rode also tightens 
up the disciplinary actions 
which the administering Com- 
mittee on -Takeovers and 
Mergers can apply if the code 
is breached. " If the committee 
finds that there has been a 
breach, it may have recourse to 
private reprimand or public 
censure or to fnrther action as 

This again tightens up -on 
the original code, which simply 
said that cases of breaching 
could be referred to the rom- 
miltee for consideration, but it 
still lacks the teeth with which 
the threat of withdrawal of 
securities industry facilities 
provides (be London takeover 

Bidders also have to make 
' comparable offers for more 
than one class of equity share 
capital where these exist In aa 
" offeree company, to forestall 
bidders acquiring control 
through Ihe back door by buy- 
up up voting shares only. 

The revised code requires 
latest profit figures, including 
those for unexpired accounting 
periods, to be Inctuded in profit 
forecasts. and introduces 
features such as the need for 
bidders to say what they in- 
tend to do with an acquired 
business and their Intentions 
regarding employees in the 

Japan recession hit foreign companies 

Cash and carry 
group planning 
major bid 


TOKYO, May 23. 

mw ihcir earning-s decline more 
.‘barply than those of the major 
dome.- tie rom l Janies during the 
1974-75 recession, according to a 
surwy just published by the 
Ministry tor inter national Trade 
and Industry iltllTl t. The annual 
survey of farcicn-ufliUated enter- 
prise- in -Japan, although cover- 
mi: only the period up u> March 
IU76. reveals tlwl the profit-to- 
Mitcs ratio in foreign companies 

in fiscal 1975 was 0.4 per cent 
rom pa red with 0.7 per cent in 
Japanese industry. By contrast, 
foreign companies managed to 
pay an average 10 .2 per cent 
dividend during the period com- 
pared with 9.6 per cent for major 
Japanese corporations. 

Foi'ejgn-affiliafcd companies 
covered in the survey account for 
aboui $4 per cent of direct 
foreign investment in Japan, with 
sales equal to 1.9 per cent or total 
sales by ail Japanese industries 

Light Metal restructuring move 

TOKYO. May 33- 

P,jij» ha« announced that it will 
absorb two . 1 iP«mcse siibAidiaries 
;n iVioinT this .'ear. in its 
reslrnc luring ii> an integrated 
.ilnuiinnim .-mclier-roller-fabn- 
i.-tur-ui.-n donor- . 

The rompanj. half-owned *»>' 
Mean Xliiii'iimiui. -aid it reached 
j-ri-riMciii' vith the t«o. Nikkei 
.M-iicn K.iif-h.i and Nikkei 
Mnmmium Sale- Cmnpany. on 
■ mercer which will complete 
in-e era H»*p M »» divisions of 

The Nippon Light Metal group 
of companies. 

The company said it had 
incurred cumulative deficits of 
Y17bn due to a protracted reces- 
sion in the aluminium market. 

An advisory committee, 
organised by the company. Alcan 
and Iwo Japanese banks. Dai-CK 
Kunou Bank and the Industrial 
Bank of Japan, is currently 
working out a plan for ns rccon- 


fbut a higher 3.9 per cent in the 
manufacturing sector). In terms 
of jobs created, the companies 
owned 25 per cent or more by 
foreign interests employed about 
205,000 workers at March 1976— 
less than 1 per cent of employ- 
ment in all Japanese industry. 
Thus, foreign investment in 
Japan remained in 1976 a very 
modest force in terms of the 
Japanese economy. 

According to MJTI's latest 
survey, sales of the foreign- 
afflliated enterprises amounted to 
SSObp or 1.9 per rent of total i 
corporate sales in the year. After-) 
lax net profit were 2 per cent 
of the total at about SISOm. and 
total assets were S22bn {also 2 
per cent of the total for 
Japanese Industry l. 

Although the dividend pro- 
pensity in forcign-affiliated com- 
panies was about double the level 
in Japanese industry. . profits 
fared decidedly worse — not for 
ihe first time. Fjom the relatively 
higher (but inflation-obscured) 
figures of 1973. the profits after 
tax of foreign companies in j 
Japan declined 55 per cent in j 
fiscal 1974 and by another 31 per | 
cent in fiscal ' 1975. j 

By Richard Rolf* 

SHARES in Metro Cash and 
Carry, one of the fastest grow- 
ing groups quoted In Johannes- 
burg. were suspended yester- 
day because of discussions on 
an acquisition which is com- 
pleted, it is said, would bnve a 
substantial effect on profits. 
The outcome of the deal, 
according to Mr. Lionel Katz, 
chairman of Metro Cash, will 
be made known later this week. 
Metro Cash showed gross 
profits of R7.6ra (5&7m) on 
turnover of R243m lS278m) In 
its year to end-Febmary.- and 
the deal now proposed would 
add ** a couple of million ” to 
this total, according to Metra 

Speculation in the stock 
market has been centred 
around companies with opera- 
tions parallel to those of Metro 
Cash in the cash wholesaling 
of basic consumer goods. 
Another possibility suggested, 
however, is that to complement 
its success in the consumer 
goods area. Metro Cash is look- 
ing at the possibility of baying 
a major hardware business. 






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Progress at 
Cold Storage 

By Our Own Correspondent 

Cold Storage, one of the main 
South African processors of 
frozen food show continuation 
of the group's progressive 
profits and dividend record 
and suggest that Increasing 
benefits are being derived 
from the capital expenditure 
programme of recent years. 

For the year ended Febru- 
ary 28. turnover improved 12 
per cent from R397m. to 
R446m ($5l0m) and group pre- 
tax profit was up from RILTm 
to R16.9m (SlS^re), Margins 
were a shade firmer at 3.8 per 
cent, and -with a slightly lower 
tax rate net profits went ahead 
from R7.4m tQ RS.8m (810.1m). 
Earnings per share were up 
from 35 cents to 37 cents and 
the dividend has been raised 
one cent to 13 cents, putting 
the shares at 175 cents on a 
yield of 7.4 per cent. 

The figures reflect internally 
generated growth, vith the 
main change in Imperial's 
interest over the past year 
being the acquisition or 50 per 
cent Land Harvest from the 
Australian group EL Jones, 
Imperial already haring the 
othrr 50 per cent. Progressive 
as the record has been, the 
low yield on the shares also 
reflects market purchases by 
the Old Mutual and its associ- 
ate Common Fund which hold 
34 per rent, or the shares 
her ween them, with Ttgcr Oats 
holding another 14 per cent. 


Notice of Partial Redemption of Debentures 

To the Holders of U.S. $25,000,000 9’ i'i Debentures dne July 1st. 1985 of Home Oil Company Limited. 

NOTICE 15 HEREBY GIVEN lhat. pursuant 10 ihe provisions of the Trusi Indenture hearing formal date July Hr. 1 'T'fi beri-ten Home 
Oil Company Limited ihe rein referred 10 as “Companj ~i and Montreal Trust Company (herein referred to as Tru'teeY providing for ihe 
creation and issue of Debentures of ihe Company. C.5. 51 ,000 .(KW principal amount, of Debentures, due July 1st. 19S6 of liic Company 

bearing the undermentioned disunguibhing numbers, namely: 

Debentures for UJ5. SI, 000 each 













. .00494 

























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025 13 





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have been selected by the Trustee by lot in an appropriate and fair manner on the 16rh dav of Mav, IP'S for rinkinp fund purposes onlv and 
ifrai such Debentures will therefore be redeemed on the 1st day of July. 1978 in lawful moriev of die L nited Stales ol America in ihe principal 
amount thereof together with interest accrued theieon upon presemauon and surrender of ihe said Debentures together with all unmatufed* 
tvnipons appertaining thereto failing which ihe amount of the missing unmanned coupons will be deductible from the. principal amount due 
lor payment. Presentation and surrender shall be made au 

The Canadian Bank of Commerce Trust Company 
20 Exchange Place 

New York, New York. 10005, 1’iS.A. 

Canadian Imperial Bank of Commerce 

2 Lombard Street 

London, EC3P 3EU, England 

Canadian Imperial Bank or Commerce 
Bockcntieimer 51-53 
D -6000 Frankfurt am Main, West Germany 

Canadian Imperial Bank of Commerce 
19 Avenue Montaigne 
.75008 Paris, France 

Ranque Internationale 2 Luxembourg S.A. 

2 Boulevard Roval 

Luxembourg, le Grand Due he de Luxembourg 

NOTICE IS ALSO HEREBY GIVEN that in accordance with the terms of the said Trust Indenture all such Debentures called for 

rfdf.ttt™" ~" mA — » • ■ J — !-• m"B i — :j 1 - - ■ — ■ ... 

notion and not presented and surrendered on July 1st. 1978 shall not be considered as outstanding, upon such Debentures shall 
from and after such date arid coupons for interest io accrue after such dale shall become null and be void. 

DATED AT THE Cry of Calgary, Alberta, Canada, this 17th day of May, 1978. 

By Montreal Trust Company, Trustee 


50.000 people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS— Ihe cause and cure of 
which are still unknown— HELP US BRING THEM RELIEF 

We need yonr donation to enable ns in continue our work 
sufferers and to continue our commitment to find the cause 
and cu I^, of ‘ MULTIPLE SCLEROSIS through MEDICAL 

Please help— Send a donation today to: 

Boom Fj, 

Multiple Sclerosis Society of G.B. and N.L 
4 Tach brook Street. » 

London SWI 1 SJ 

I Royal Exchange Ave„ London EC 3V 3LU. Tel.: Q1-2K3 1101. 
Index Gnide as at 23rd May, 1978 (Base 100 at 14,1.77) 

f ;|' ve Interest Capiral 127.87 

t.hve Fixed Interest Income 113.51 

CORAL INDEX: Close 46S-473 

insurance base rates 

t Property Growth 

T Vanbrugh Guaranteed $i' 7 , 

* Adflr-W cfanra wu!«r lnWv>-* iml Pms»m T>Wr> 


for industiy and commerce 

Whether you're seeking finance for expansion, 
for plant, equipment, property or a private mortgage, the 
directors of Garfield Marwin personally investigate 

T77X your proposal. 

• ■ ^ A letter or phone call will 

Garfield Vr: 
Marwin Ltd 

receive immediate attention. 

For enquiries please ring 
Worthing (0903) 814008. 

Specialist brokers in corporaie finance 

Cliftonville Hall, Hove, East Sussex, BN3 3RZ 

-L ■ 

Financial Times Wednesday May 24 1978 



Index off 10 on inflation worries 

n -1, • A GOLD MARKET 

f & $ quiet — 

A Gold quiiion .; 

Trad ins in yesterday's foreign common close of 2.97 per cent t -| |tw rats, 

exchange racket remained sub- over the previous common close 5 » 

dued with no fresh factors to of 3.27 per cent. M p J.wSms, 


NEW YORK, May 23. 

A G<>ld Bullion.; 

. _ , :b Hoc miner ’ 

yesterday's foreign common close of 2.97 per cent t -| |tw slSO s i-lBlh;s 179 1793, 

WITH INVESTORS becoming strategists, have recommended Volume was a heavy 523m. shares, night Wall Street stock market for the year. 

increaFinsly worried about infia- i]w| Institutional clients raise (4.69 ml. improvement. The ^ ik ^ e ': Do '' nr ,T ? t«i Sim V^hfiL El s Vri« weighted index, which is calculatej! 

non. Wall Street was subjected to their cash reserves by reducing “ f«*es Average put on 9io to or 14 a to Fi BUi ^ ^ Bjmk flf Eng]and> showj ng 

a new bout of profit-taking today stock holdings modestly. nTUFP M&PKFT9 -i.41i.4S on moderate- volume or moved^cafl 11^ to r change during the day from 

- — r* ,0 " cr a,ur * other markets *£•«««. w Y1 . 760 . 

noiJwSsja i-hflc S’«s In<l wWct| l "SL 5 T °protit- CANADA— Mon seclors made C “°° Main-' temSeneTt ? suck markets ^ s^iV«“berore 

i^'s.rirsy'BiS stssfss s-ffsKa jour*. ssnjss * the ££> y&V ffissa. . 

iwum 'Olume since the stronc stock Composite Index advanced 7.8 to a domestic demand while recently BHP reacted s cents to AS6.86 loss of ufl points Early _rates m 
aced gains by 1.029 to k PaUy ^zan in mid-April, new 1978 high of 1136.3, while fold Public wA i«ueV w ere in n Sht trading, while David New York showed a further de- 
er expanded by 4- >3ni However aroTrlL nmed thal Golds, on firmer Bullion prices. 3^?SS5iJ' 0 4h-iSIS!itteate Jonc»r in Retailed, came back 7 cline to SLSOSS-l-SOTo. 

23m rrom yesterdays 3 « 7 - JS wnSS forged ahead 46.3 to 1372.0 on cenls to SAJ55. The U.S. dollar tended to drift 

. . i rai^d in "lamour stocks that index. Metals and Minerals added nent ® ™°Sctors. but CSR * which is facing problems sligbtly in early dealings with 

aid there was grow- ‘™iea notfceabfy 12.7 at 988.0. Banks 7.81 at 280.82, g** V™,*!*} B ™„X?S W „b on both the Alining and Sugar some selling coming out of Ger- 

imere«| h< raies °could m7d7\pril One of them and Financial Services 20.93 at gS? f f ™ nts - shed 2 « nls t0 A ®. 90 «■“*'- Duringthe 

imcresi rates couia d that “we are seltine a nor- 1102.04. piirni-„ m . I e ^° L p.>ib<! also afler one of lts partly- ever, revived buying interest saw 

bey would bc„in lo ^ resclioir and that a e correc- PARIS— Underpinned by news declined d Paper- p owned subsidiaries reported a the dollar erase earlier losses and 

hflinhinnarf tion at this point is healthy and of a continuing although reduced «. Bt ’. .. *.-« !?« on its _sugar operations, other a * noon j n New York, Morgan 

prompt any real movement. Ster- 
ling spent a very uneventful day 

improvement. ^ The XHAei-Dw KUI Featured f with an advance “^hteViJdK. 1 tfflS bcafcuEted 

a new bout of profit-taking today stock holdings modestly nTUFP MAPKFT9 -5.4lT.48 on moderate volume or move^icafl to r 

a,Ur ‘ Jtt&MTSSZ other markets to Yl . 760 . „ , 

The Dow j™. tadjgw Aver- "g£*S" %*£ CAAADA-Moa, a«ure made ^ 

ssK ,t £*rr , ar , i-5 ssnjss^ the "“ n ' SiM'tf iKSsa. 


Adern'D ti»'zS179.75 

• W9.2S3) 



Gr>:«l Coin. 1 

Knigernin<t.. 9183»j.|87ls $184 U 188U 

iC102|-103«i '.TlOlw-loa*? 

.N ■ * Sijv’riw.. $54’» ofi' 1 »MJ, -565, P 

.i£30>« 31Ui .CS0U 314, 

Ol J Sor'pBu». *56 58 £554 574 

■C31-32I 'laOln-JVlg, 

471. Turnover expanded by 4.33m „ ' v “ Tu V 

shares to 33J22m Trom yesterday's er - ™ noted that 

j evC l most Of the selling was concen- 

Ana ly«ls said there was grow- « r3t?d j" ~ l *™ our M s 1 ™** 
ing concern about how high in- have strengthened noticeably 
flation and interest rates could once wi'd-Apnl. One of them 
so bcTorc ihey would begin lo added that we are getting a nor- 
pinch profits. nial reaction and that a correc- 

lanlit fr-lm ' 


K iiui-rnunl .. S 185 < *■ 187ij a 1844 ■ IBs 4 


Son Sov‘p;n» K54J,-583» S544« 361. 

■1.-3014-5X41 1 £504-3 1„ 
rRu- S56 98 5554-574 

■JI5132’ .£301? 3 ll S . 

S2 0 Fjiji'cs.. . 52764-2794 5279 4 278l» 

Dec Jan Feb Mar Apr MayJ 

Unit 01 
Max 23 

Inflation fears were heightened tion at this point is healthy and of a continuing although reduced C c ri.., vv? in L oss 077 lts ^loar operations, utner . — - 

hv comments from Barrv Bos- v an prortde a needed "resmictur- trade surplus for France in April. ?!?*™' ac £ a j c *{. v , «», 5 ugar st ° c ^ s took thus new-s as a Guaranty's calculation of the 

• -1, President Carter^ Wa-e inc of the balance of supply and Bourse prices mainly moved for- dowward cue and Bundaberg de- dollar's trade-weighted average , Da ri>jr'Y PATES 

and rri.cCnimdl dirccior - who demand." ward yesterday. The market was *““*«*» Photo J40 to Yoi.. elined ? cents to SA3 Ap. depreciation, showed an improi-e- CURRENCY _RATE5_ 

predirlcd that U.S. consumer The market’s slide slowed Tor also supported by a feeling that t0 '" 9 “ ont)nupd bfiSmiSd 1, fSSm- ment 10 4 ' 71 per cent from 4,78 ' I 

prices lor Anri! and May will a time on expectations of move- the planned capital gams tax. c ERMANY-— Shares . WS-ThSTM Unteia per C€nt - Gainst the West German * A«swmt 

show a 9 per cent, rise on an ment towards passage of a natural expected to be discussed at Jo show a firm bias in a small ^nental slipping back aO cents to mark the ^oDar fell at one point 

annual basis. gas price deregulation Bill, but today's Cabinet meeting, may be tu EJl°JO r \ . .. __ to DM 2.1220 before recovering to 

Broker* reported that some sell- nothing emerged rrom House less severe than previously feared BMW died DM 1 after reporting Amon^otner iiuiin^s.jvu.>i re- jouch DM2 l330 Compared with m, uc .. .. 0.66B513 : 0.669440 

me w-.K induced b.v Press report* energy conferees before the New Closing prominently higher were lower net profits, but other Motor ceaea 0 cents 10 -A*-.!,, as am DM 0.^55 on Monday, it finished Lsablur..... 

that Goldman Sachs, investment York market closed. Bouygues. CIT Alcatel. Borel. issues were mostly harder. J'*f**T LiiJlrf-* ^ 1 « 45 18 at DM2.1295. The Swiss franc Um»d»u 

IBM was htfrd hit. sliding 3i to Peugeot. Ferricr. Printemps and .Among Banks an d Stores. BHF CR.A dechaed 1 cents to A^.4o ^ ned ]R doIJar t * ms tQ SwFr MM-+- 

TUESDAY’S ACTIVE STOCKS S2B31-lhe company said that it Flf-Aquitaine. while the Sugar rose DM 4^30. Dcu^che Bank Golds 1-9715 from SwFr 1.9765. Trading fSZHZ ■!"" 6 93!?? 

TUESDAY^ ACTIVE 5TOCK5 ha s completed Its programme of concern Beghui-Say went the day s DM LoO. Neekermann DM 1.80 and Jf"™ \«an puttJng 0D b an neared ta be le<« active ahead iw^nri 2.57500 

srna-kx Qn«ira on share repurchases, having bought limit up. , . Horten DM 2. „ , "2?™ A 52L 


Market Rain {*' \ f 1 

I fgJjie- 

. ■* , pn*il ; Cliiw V 

Broker* reported that some sell- nothing emerged from House 
me w.i< induced b.v Press report^ energy conferees before the Xew 
that Goldman Sachs, investment York market closed. 







Am-r'nn Motors 

Fjnr. • Mar . . 

S:ni-k« Qn«tns 
irad.-d orl.'t 

cems to A 88.20. 

2.42m. shares for SC24m. 

fit fed ^ from C *the 'u.sf'TYeasu'ry^s TOKYO^tarket closed firmer The Bund^bank bou^hTDM 5L3’m iidex 1 ?*! 2*1 ower it^SS 

"old auction, which pushed the for choice, with buying interest nominal of stock fDM 3L3m). 9® 11 ? 1 " Iw de ? ‘"*3 » e il a ^2 

gold price to about 5181 an ounce centred on export-orientated Elec- AMSTERDAM — A widespread ^Kra^fpnSuB w =^uhw'r«i i 5.65439 

Dome Mines advanced 2 to S7o! tricais and Cameras and some improvement occurred, with the P° ints t0 413 • 258395 

and Homes take Mines U to 836?. other Blue Chips following a brunt of the demand coming from L® “ : l, *‘ _ ,ts S content narrow ea to tne 

THE AMERICAN SE Market Value recovery of the U-S. dollar against foreign investors. All the main HOi\G tvO.NG Snare pnees 

■ndev receded 0.56 .o Wg. .he yen in Tolc» and the orcr- B.urea indices reached ne'v hisha opene^ o^a^lrone^a. bjjtlalar CROSS-RATES 

V V « r at i cntfiinH Rises and Palis I*™? mixed, movements after 

Steels Were the only shares to Public Authority Bonds were SPAIN— Recent uncertainty- con- tomorrow- 

ease. Bourse sources commented, again up to 40 pfennigs weaker, rroued. with stocks mainly losing . 

. . . r*n n > .< . V . . nn r — * n mviitnft fn loora thtt ItarfnH lifllfl imOTOVi 


appeared to be less active ahead Unuk-hem'rk 2.57500 
of the U.S. trade figures for April, UWdi*M«hiei 2.75460 
due tomorrow. SSS S”' j f&rl? 

imriPAi'a^ ©T % -v M rtlin/IA f A ..... I <371 ROI 

■uislwii«“ Ebct. . 40t nno 

l.'vur, wnr'd 149 WO 

j c McP-rmorr 74’OOU 

B-”y ?r 1"<i 

Vn,-r Hf-mr Prn4>. -.To <iW 
Enirrorl w* ?:i -<m 
Pn'.ir«i..i . . 2: ; :ni» 

„. VU1W ..... Gold improved SI J an ounce to j&pineve vou . 

General index 1.12 lower at 103.03 IS 180 J-lSli and was quietly firm .\f.r»n>- ur..nv 
• .. ~ ^ — 'ahead of the U.S. gold auction. *F4 | » l .g?« t V- 

Kk. V- ...or sweduhfcnjoe 

















.Neiv York • J I 
Ain* iHpimil 4 
hrnn.fl-.;. . b 
I >v«-i i ha^ii 9 
Fmilalinl S 
laKtVU .... II 

Mnili-i/i '• 

Milan ' 1 

I r,V> 7 

Puri* .... 9 

gli-khiilru. .. I 

Tul>i« 5 

Vienna. . .. 5 

/urM-li .. 1 I 

7 il.S085-l.8NO 1.6 18Q- I.8I1B 

Bla 2.B159-7.0170 2.0140-2.0 latt 
t ' 4.114. 14 4.12« 4.154 
blj b3.9B-00.ifl 

9 10-iB^ lO.Uf. TO.Sfi^-IQ.Jh 

5 J.84, i.tbr, a.fiSi 

IB 84.7b Sj.bO B6.M-W.3B 

« M7.SS-N7.79I47.UU7.4S 
111-: 1.9,-9-1.382 l.bM-t.bil 

7 8.90 a. 94 ' 9.90- 8.91; 

91; 8.48 B.U BN^.B-I/j. 

7 8.49 8.48 8.4* MT 

51? ■ 413 419 : 4Ni-41fi4 

27.E9-S7.Bfl 37.70-27.88 
J. 36 -3.39 1.374.98 

: RjIps siven tor convertible franc-* 
Financial franc* 98.4B-38 .eo. 



JI*v Mar • Jf«v .Mar 

23' . 22 19 IS 

is and Pans with mixed movements after 

May 23 i M«\ 22 May 19 moderate activity. Cue 25 rrauktun .VeH Turk 

. ■ ~ — Hong 'Kong Bank finished 

; L 2lf: 1 all s™ 10 ceDt « “P at and '—tfs |«« ; ;,3WBls 

; i nZo 542 898 Hong Kong Land -> cents higher ” r 

U'U-iou Vin-rM'in 

fin« n 

S4.9Q 6&.4S 64.3b bS.SO 8B.68 

= 17 =- 

I+5ue» traded 



1 1.907 


47 1 : 



Falls d 



. 898 





New Ht#h». 



N'ewLcnri 1 



rnukfun - -'.130J 1315' 4C.62S2 

\evV*Tk -6-£6 68 • - •-•145 37 

rtH J19.72-204 A»R>f0 : - 

B.40S 4 18 1 3*4 .' ** 95.40 zO t'103- 454U7 

k*.lC is 
acXrO 66 


NidC* haln 

ArzMirlna. 1.398-1.40? Arjp-Iiiini,. I25«-1JM, 1» .. 1.6031-1.619! \iiftna !7-2Bi 

Bnt-*il ... 50.8551.65 Brlpam .. 69J-81 ■ 
Fnuuil. 7. 79 i 7.81 Hmil . . 35 38 

Grove 67.483 98. 152c. nun. h> .. S.fll 2.91 

at HK$ 7D5. but Jardfne Matheson bnaJci-ZI u>.^- 3~ 33.13 18 ?jus-it ' ' - . nojii Is M.atf-.o 

ended 20 cents down at HK5 13.00 U4in.-n~. .U100 8HO MS* 473 60.1s4?j : AI3j-i4j 

and Hutchison Whamooa 3 cents An»iHtoin_tuejll5«bLi^717 .7*2. »F.t86«3S»; K.-b25-7S •*.lWs-l30n - 

Off at HS 4.60 /nrjvh 0o£2 i I.JH-972 j 42,147- 19a .9.9296-8^2 i.^tL-3 oill 8gjg-gg 

g. 4ic}Ju J ; ,40-ft) J.J.iO-71,' Kcnifli6.4225-8.442B lk*i in .a rl, 


B43.;9 835.42 £46.86 850.92 658.57 854.30 35837 . 742.12 

1 17. Si iaf2. 

1 051. 70 41.22 

3lav i IIit I Ma v 

22 ; 19 ! 1? 

86.4 1 88.41 86.47 Bfl.59 88.55 88-53 . \ S8.31 



217. SO 251.50 250.91 211.25 223.65 251.50 

■IS. 6 1 

104.56 104.67 104.26 104.09 104.06 104.0? SIO.m 

M> > 182-83 182-45 1B5.BI 1236) 
(•-> ■ 191.72 190.39 192.68 <25 6) 

• 162.90 i I6.2i 

| 170.82 <40 !• 

53.250 23.700 54.560 47.270 45.490 43.160 

• e , iir luauncu uaimjc 



. ln-lubrn«I» 

Li,m|0-ilt 1156.5 

1126.5 1123.5 1 1MJ ,'23,«1 

JOHANNESBURG — Golds were 
inclined to improve a little more 
on the higher Bullion trend. 

Coppers featured strongly with 
gains of Li to 35 cents, reflecting 
(he sharp increase in the metal 

t X to Toronto L'^.stlt^b-lUJS Ckim-Imu r«l'. 
Cana dian 8 in New York =89.68-88 cent>. I’-S. S iu Milan &72.iu^.00 
sierHng in Utlan ISFl^O-tV'. 


Tian - 124-150 Tiamv.. .. 9.404.55 

K'unail- O.bWWLblO Grrmany 3.80 3.95 
Luxexila'rp 60.15-50.25 Greece .. . ■ B6-72 

Malaga.... 4.35-4.36 Itali 1560 1819 

N. Zefllailil 1.7914 1.8093 Jic«cl, 403-425 

>• inli A ml,, fi. SO 8.50 Ni-tlirrl'nrt 4.05 4.20 
binsaporc .4.2525-4.2425 \unrav ... O.B& tfl.Oi 
A Ainua . 1.5615- 1AS66 I Yvtiifial.. 75.85 

L'.S ;-i«iu . ... i 14b 146 

Ciuuila.. -nnlu'kuirl 3.50 5.66 

LSI I -?'. .. 1.81^-1.82 

C.S. i-triilh.' B9.84-B8.B7 Yueuflaiia; 54-56 
~ Raiea sivrn for Arsrnrfna Is a free rate. 

212.7 210.1 

223.7 223.5 

205.2 202.3 
222.9 225.3 

225.7 (23.01 

135.0 . 20 . 4 , 
194.9 13 . 0 , 

-limuii-i in-iu \u-;inl J® 

5' ear *so .ap|in-x.> 

Pre I 9, a 

, loci' Higb 

May ; .Pi*. 

Anatr»iia iC i 4B2.-2 494.40 >9«.48 - 441.12 


Max Mar Mac 
C2 LJ ia 


Denmark ■ 
France ■' 

106.47 109.70 106.52 109.11 110.31 >09.98 110.31 

.17 Oi 

38.05 99.00 96.12 9S.62 29.60 99.55 99.00 

>e,i( -It I is< i5Ci>e.a2. 

Yearativ -appn.x.i 

lr-1 .li*-. t ml»l ■». 

Hone Kong 
Italv X-. J< 
Japan <e> 

lu i. P K Cull,. 

■ 15 ai 



Uil.le : 

. 93.43 

i'o.'CI - 

-Lire ■ 

* 6.42 




■ 3 / 1 , 

i«>. 2 . 

6 ?.b 

.- 0.6 

*.1 ' 


• 2 t,.+, : 

TV 1.6 

i', 0.5 

S 12 .I : 

7 c 9.4 

• lJai 1 

. 17 , 0 . 



e 3 ^ - 


+3 3 : 

. 4 , 1 , 

*te _57 

• 460 . 6 a 

466.37 : 


125 . * 0 ) 

< 14 .J» 

fc 4 .C 0 


*23 ■ 

K. 4 c 

-22 a. 

/ 1 C,I. 

«<fc .71 

406 . lu 

+ IQ.II 

it*X 4 

ilia*. ' 

■ 4 . L| 



. 315.23 

• ,18 a. 

■ 160 

Spain nt i 103.031. — • I I Xit [ d7^e 

. .» j‘. ■ M7-*. , 

Sweden re. 37L63 -374.37. iL 1 .* lunlcsi nthennse slated s 

1 ion ! ;3 li I of suspension, a Klorms. 

Swit-erl'd f 292.7 . &za 1 me. 

• It o ; -2s 4> 

23 j nous Hijih ; Ljr 

id, 103.031. — 1 10.7k I tn*e 

NOTES : Overseas pnees shouii below 
eielude S aremiam. Belgian dividends 
are afu-r xnitihoUlina lax 
♦ DM50 denona. unless ndierwise staled: 
yields based mb ner dividend' plus m 
V Pi as. 500 denom. unless oioemise staled 
A Kr.lM denoio unless oihercnsc stated 
-6 PrSLaDO denom. and Bearer shares 
unless Mficnxise staled. ■ Yen 50 denom 

I Gauailiau , 

Dollar Guilder". 




i^bort term...! 9-'«-10>4 ■ 
iilavs u.iLlce- 10-11 
MuaLh ...... — • 10>2 107a 

l bree misiin«. : 11-1 lie - 

Three monrhr 

5 Praano denom. and Bearer shares ' lli. j«n to-8i« 8U«i9 • 4U* 41* i Ki2 ' SA-Jji \m*iMam 8Vl->i •Mm 

un ess othcruise staled. ■ \en 50 denom y«i ,2 lyj. 8U-8 Sa BJe-Bia 5G 3 -*s 2 i 9 Zi« 3v-3|' Hni>wl" . 30- JO *.-.!•■■■ 

inless nttenriM mated s Pnce ar nnu- Ul1 ^ * PJ> c,fl --- ■ - - • - - * ° - 3 5 .w.n- 

if suspension, a Klorms. bSchUllrus Eure -Frendt deposit rates: two-day «-Sl per cent: seven-day 3i-S} por cent: Pmm.iun .Zr B l^a pi imi 
•Cew a Djvrdund alter ocndiris rights one-month s # i^-S 11 u, per cent: three-month 93ib’5^i6 per cent: sts-momh 9M0 per |«|st«iii.. . 25 185 imIir 
ind’or scrip issue. cPer share, i Francs ^.ni: one-SCJr HU-lOi per cent. Madrl.l . .35-115.-. .11s 

> Gross, div *. I: Asxitned mvtdend alter _ Mil«n 2-5 lire Mix 

New 5'urL. 0.53 0.43 l-.piii 1.42-1.52 o.riia 
M'Hitrral .-0.55-0.4 5.-. pin , 1.5U- 
Viu-t'ilam 23, li, . -.i-iii 714-6)4 r. 11111 

. 50-20 <-.1-111 85-76 |>m 

('.aili'iilinii. 3 5 1 -iv -it' 71j 9i| tire <lis 
Pmukiiirt 2ta Da l* 1 l"ti 7fa-.6 7 8 pi pot 

— , — — ■ — scrip and 'or nsbu issue It \rter local Long-term Eurodollar deposits, two years 8*ib Slli6 per renr; turee 

indices and base dares fall base r slues taxes, m *. tax free. 11 Kraocs: mctudlna SUi6-6L5io P^r cent: four yean 6l3ib8t5ib per ccni: dvu years SM per ce«L 
JV"— a ?“ P * N X? E Common - jfl Gn Uac div. p Xom. 0 Share spiff s Div nnmina , ntlnlrd for London dollar rrrtlficaies of d 

per cent; throe years 2-Sltrc-rtix 

are SM per c«il ''' u, 

iVri'8 ..... Z 1 i** pm 

86-75 ■-. |>tii 
7ii flJ 4 .ire <l,s 
7r a .6’B pi po> 
,100500 e..h» 
-140-230 n. ill. 
.9-13 ilic diic 
2-4 urr il» 

4-3 r. pm 

Standards ana Pmi-s - ID and TSmato nsdSLff The following nominal rales were QtWtcd for London dollar certificates of deposit: siVklt-ir,.l>repMi^.re-il'3U-l'4 we pm 


IndnsTnaU tolden only, u It-srser pending. • Asked 
1 nance a rtf Bid. f Traded : Seller. 5 .Vssumcd 

M! Orfl tr Ex rights x<1 Ex dividend. xc Es 
lApeahifien >criD issue, xs Ex all. a Imenm since 

por ceni: one-year 8 30-S.40 per cent. 

Short-tern rates are caU for sterling. U.S. dollars and Canadian dollars; two 

• ti-n. 34—n-l xit-i.i 





7f f i SE I# 1 -73 i*t> Parts Bour.e 1SHI - - 

jz'li Cotnmerxbaoh Dec- I9i1 ^msrer | 

’^■r dam. Induatnal 1970. >•/. Hang Seno i GERMANY ♦ 
i&ft Bang 3t'i/S4. uuan j'lGC a- i-ikv,. 

,« New SE 4/1/88. fbi Straus runes IW 
,lflU in Closed id' Madrid SE M 12/n 
■ei Stockholm Industrial l 'I 38. ffi S»-is> 

B.nk Com (ui Unavailable. AU) * 81.3 

A>iiaor \ er>ich...- 4-c4 —2 

dMW 326 -1 

inv. s Prem. S2.60 to £— iuj% 

Effective rate (1.8105) 47 g.;, 

11 ., • u„ • • ii„ kllwlnt.NaiI.wrt a- 1 165 —5 

xd Ex dividend. xc Ex | days’ ooucc tor gulldcn and Swiss franc*, 
xa Ex aiJ. a Imenm since I 

V tenua .... lS-o gro pm SZ-Hb gm jim 
Zuri.-li.. .. 3J*-2Js |-n< 9-8 •-. |Hi 

Six-month forward dollar M)5-: S8c pm. 
lMnonth 5.95.5 S5c pm. 




Price i-f or •’Dif.TlA 

— Ciua <5. 

Ai Lsi- .. .. 

V I in .- rsasS'itplr • 

Venn la- 
Au l',--iuii*.. . 


Vi. «ii.Mutiiiiii'j;» 


V.lij. 1 41-1 -Hill... 

A. I— j In-lit IV-»*-r 
Ai.k-K ni-u.k-al.. 
\ in— 1 '•i-re»... 

A l iwnu., • . 


lie— • 
A 1 ViiU'ir* . 

An.- r. I«,an 1-. 

Am-'i. l'i-mli.v-1 
Am.-r. i.4<i. . .. 

A ihu«:iiim 

Vi-i -i. I*--* 

A-iia»-. Ixiiivh-... 
4-,i.-r.H-.ioel , ri»i 

4 '■<■ M^umi . 
Am,-. t|. . 

V-I.I-: . Net . ,ii-. 

A, , i"|. 'iin-mil 
A. 1, • 1. * 1 i. nc-. . 
Aiiihi. f,- .A In ... 



V--I. -i H.« kins 
H -j - . I ■ 

A Mi*-: 


\ 4 lit 

5 . la* i iilie-i.. . 

V UUi fi-.. . 

Vv - 

■.urn lug liia**.... 
C Ef Int o'lK.ioa. 

L'lan* - 1 30:* 

l'<.i tn- Kr 1. . 
I*1iik l.lii-C- 4. . 
il‘ll.i-1-. 1,. v \ 

tl.< l*ffi t»i: 

LG Me, 
Ui-iii 1 t; V---:... . 
Ik 1--,il'i ken— 11 
R.-il A K-'H-'i.... 

Kia l.t 

W-n^,i. 1 l-ii, -U 1 
lk-tll vli.-ni flw . 
H:» -w A Lfar-ker .. 


H..i»c t«sii.|C... 

K'Plvn U'nnii-r.. ... 

Brsinw Ini 

hi-ss *n ■ \' 


Hi it. Bet. AUK .. 

Bi>vk«ai U«».. 

hi .iil- w I -k 

23!a . I.i..-k«i Sal z7 

4lJs 1 ,-'«n /jjiieritt-lii i4G 
2b't , Lunin, in- hngim, 40G 
aO : vuni* Wngbl.. 1 18 


, h „ 1 L, »n ln>iu«nes.- 43 

Uet-iv 30 

i,.: , IW Main* Jf6G 

24 1” 1 UelG-na 12 -i 

•j,.! I'eniFpiv lutcr.. 19 
Udraair Lai l*, ill.. la Jj 
Uiniii-jn.lsbamrk Z7G 

” * UlaS* l-tk-lie 1 Sj 4 

l* aft | ih-^iin l-iiuiv*- ^8. 

. Jir>nr\ iWiin 40-'-* 

' |x.iM| i.orpn „ .. 4ZU 
40U . Li-* L bt nnuil.... ZS's 

2?|4 : un,,.. 28 ij 

21 -s UimtiT 435(1 

38-a ; ih, |*..ul 115l« 

*®-6 it\ m*. In.iustnw 2815 

**> Laa.e t'leher.. .. 21Ss 

] 641*1 Airline* 9;, 

41.*0 , Kaol rnau K'*lnb> SSjj 

•J5 1 Lat> an j0'- 4 

11-.1 iu<-M 265, 

34G ■ *‘ -1 N«t.U** If-t* 

19lo ' Ki,m - J3;« 

3 2i“ tiuirifon LlecXrk- 05 , 
14. -j Knu'i v AtrFr'mbl 48*, 

oq-. bnihnrl 41 M 

25 io r..M.I V7 S 

iiu fciiaeshnrt ' 25 1- 

iov - E-iimrk 291; 

ill? I.ihii 21 

If * . L.vm 47., 

oai 1 i l 36 
*?!• »>l. Kept. Mwa S9-o 

*}:* fireM.«ne lire. .. l«»'- 

, * s r«i. >«l. llert.-n. 29 >* 

riexi Vnn 22 

£? J 1 Kimik.-te 2b'; 

5;?* 1 El.jn-t* Knwer.. ' 30., 
^f* 6 , 48t a 

31 i r.M.i. 25>4 

U8l a ■ (',*,! Muw 49 G 

Jgboj Mamnle...' 51S( 
•lubow.-si 7713 
Julm^jn L.HUi.i,.! 33 
liaomactui'ei 341« 
h.MmtLuri.. 2SI 2 
1 nal*ci A inuiDi'r.v 33.'= 

16G ! kanet InuuitrW 

_ kllurSl^.1 1 

: RtV'VD 463* 

Key Quid* \fotai».r 325* 

! Keroidm II. J„.. 60 -g 

: Kieb’*oo Herrell. 25 
I6vk«el. Inter... 1 336s 
K'.'bm A Bus.... 34 U 

hal*erSled 23 

; Ka> 13 

keoDeoal! 23Tg 

1 heir Mi-Gee 4B4g 

hrlile 'G ler 3a*a 

hhnlien, Clem .. 485, 

1 Ki’|,.|ier» ao 

! Mar ' 47 !« 

, Ma-gw La. a2;j 

Uwenay Titii'..' 341« 
Geil cirau-5 36 'a 

M-.-t mi Du I eh. «....- 054s 

475s Wou'-wt-rtb I ZQI4 . 2OI4 

33 Wyll 5 514 

60S, Xeror B2i, 34 

26 Zs[«ta .- 156a 15aa 

354s , Zeoftb Kadio- 16is 16 

«4Ss U.-.rroc*«> l*-- 94U i94l 4 

57 j. I L >I»«a*m74.6o - 80ts =807 4 


L'caol Gummi^ 

Uamiler Ben/ , 


217J * t.0 
72.3 — U.7 

• — — VxlHCluk 338 

2 18 2.0 Januu 470 

X 26.08 4.0 -a*ka 588 

0-9 ' l'./> 0.9 will nun.... : 348 

I&.76 6.7 Jar Minrfm.Hnni. 335 
.. 26.12 5.1 1 f.ip 568 

3 18 3.1 Him. bi 239 

5 - - Hon.1* Union 570 

t.0 17 7.8 rl.-uM? F.»»i l.lOO 

U.7 - - 1 . Itch 226 

40.5 26-12 4.B> 1.540 

Uemag 150.3— 0.5 

17 • 3.3 I N*-* 653 

14 4.7 l.t.-L. :a.67ai 

Ueuijcbe Bank-.. 283.9a 4 X.5 - 28.12 4.9 [ Aanaai Hie t. Pw. 1.120 

Urfe»loer Bank-.. 235.5a — 0.1 28.1'/ 6.0 I A-unntHi : 332 

Urckerba.-ff Zemi. .1*3 —2 ' 9-38 3.2 ) Autoi* , *78 

GuwlwITnung.... 191.5 — 1.5 1/ 3.2. MimvOnmip 3.47 j 

HilL..- 16i, 

: KU» Lau» 1243 

I Kv-ier Syurm. ... SOX* 
Daiewav 5terek ..| 40oa 
I jl Joe Mineral/.. <613 
! t -1 . la’egG Pai-er..., 29 la 

U.3.90 Uar WU .< fi*46». 6.41? J H*M«- iif" 8 T 2- 6 

I rL&rf.eaer Zoo — Z 




Kali iio-t Bale. 

' -iniA Fe lu-ij-.. • 35^4 

LihlyOu.F.«>t._! 27 

uggei ur,<ii| 



Um -til 

46 U 

457 8 

ell luii In-ru-i.... 


19l s 

L««.-kbeeiA,i- r ll 

23 U 


U>ne Mar tn-l» .. 



t+Hig l-inu-i Lt->. 


18i s 

U-ni-tan* Lau->. ■ 


247 9 

3«U IlK'W ' 

. 5»xyn I ml* I 

-Jv-hiii/ Ure» me..- 

I -H-'M 

■ dwrft rti*r. 

• S.-/TI* Mr" 

Sne Uuoier. 

V (1 1 1 1 Ca a Vii|..trr 124, 12^ 

Agniru Eagle 4.8 J . 4.7U 

McanAiuminluni: 32^0 • 32I| 

Aiaoma 3iee- i ■ 20 

Vbe«'-» ' 38 ra8 

Bank <h Meucrea 20>4 ' 20i2 

har-u.ll 298 

137.7 T 0.4 
46.5 -0 . 1 
123 *-8 
14 J.S - 3.5 ' 




Km Id,.... .... 

31.8.8 -IJi 19.72 5.8 
93.2 -0 £ - 

3-Z . Aubma i 278 

3-2 jyiJUa-C'ersmic ... 3.47 J 
5.'* -laiau-mta Itit • 733 

5.1 diiiubiabl tank_- 279 

6.9 Uil*ailai>hi Hfliw- 135 

•4.0 d il -ut'Ubi c-n.. 422 
4.« .liL-ul X Co. 526 

3.2 Jitauku-bi.,.. : 540 

5.9 Mp|.»«n UeuKi 1.52 J 

5.8 *itn-Mn Slnnpan.. 654 

Jl-**n M<ilor-....,- 789 

174.2 -rOA 19.76 5.4 Pioneer L710 

12 ' 1-5 AUUILaSoinniv 

26 ■ 2.1 Achm Au-Lra-ia 

2U 2-9 Anivi Mruf- inis. Indi- SI 

18 ' '1.7 Ampi» EsVAorati-ja 

la 1-3 Arfllari I'ettnleuiu 

I* . 2.3 Wi*. MmenU- 

la 16 W. l*ulpPb|crCL 

iv E'-o. I n.i u.t, no 

5u - i'i I A“» l - EeuorUilijp luieai... 

“ ‘i u 

- s A, mi. Chi A '.a> 

ia 8 7 blue Meui.lnd 

IS . Be*m«iorUfo Goppei 

J? ?■/ Bn«keo Hili Proprietary .... 

. J-Z Garir-.m Lnlicd Brew err...: 

fg j ® L'.J.Cote. 

12 . ? S WHiSlU 

i i , Cunx Golitileidr Auk ; 

W 1 J UoBtalD * t lS1 ’ - 1 

18 n il i EuwlaiP Australia 

ib ; So KpSe**""' 11 ’ — 
4« MlSftrSr-i* 

j \eeailn 1.00 

| dwitooatn Brari-.. 2.19 

. .. | iSaneo Iran 1.2a 

-3.C2 •krlgu Milieus UP 1.97 

,4.12 2.W 

u.01'1.17 V.7I 

3. 16 15.11 

r0.DS'..U 6.09 

r Lajs* Vine .UP., a. 23 +*.12 ,.*L b.lS 

a.85 :s.51 

1.70 - .01 - j. 16 9.41 
*.cB +0.07*1.23 7 9B 
9.00 - .25 ,.20 2.2o 

Id 4.5 
18 2.7 

i0.«r3 -0.0 1 ! tVtm»ir.»* PP.. .. ^.85 ,-0.k2 :s.51 

1 1.20 Pire:n 1.70 - .K'j.ifi 9.41 

♦ « tH WBuliiuVI'... *.cB +0.07*1.23 7.99 

! \-S ■ Lw'pHK 9.00 - .25i.20 2.2fl 

48 \n 

Il.32 ... Sharps 60. Sm. 

rU.40 - I-Hl Snurcc. Rm de Janeiro SE. 

10. 54 -0.04; 

n.u j OSLO 

fl.28 -'Lilt , ■ — ■' — I* ■ — * ■ - 

r6 66 -0.08 *, PrK-e -f- or Div.'Yh). • 

t LUO r!. 5 ■ 33 - dewier - , ■? 

il'le ' Urigen Bank 93 9 j 9.8 

15 BU M 1 ‘K.rrwur.i 61.00,-1.76 - - 

U 65 JlM <■*"“« ,107.5-0.5 11 9.3 

T2 45 +0 06 .247.5 a -2.5 *0 8.1 

It'll ,,07 KwMtawwi 105.0-0.5' 11 hoS 

«■« +a - 07 'lan-kHrrtrotr.n;; 183.00' 12 i 3.2 

!f_? . etorelirsml - 83.9 a 9 JO 7 

♦ 1.87 tO.H1 
11.96 *4.* 4 

:2.9U -0.02 
1 4-65 i-086 

T2.4S +0.06 

Liurfe 252.5a -1.3- 

Baud Nov ■Saints. 823« 

laiwentirwu 100..... 1.47a M *5 

20ia , - w»Luuuauer>.... 

18il >»aram . 

’ tesneiG.D.. 

Bwti Ifost+in-e*..- 
Be-' telephone... 
Bow Val levln-l... 



114 -0.7 

179 +0.5 

jii> fc.iei.-tru-.__ tAI 

3.5 ’eki-ul PreisP 881 

8.3 -in enio.._ 1.06 j 

3.0 1 -c>._ L760 

al'hu M»nne._.. : 1 135.5 +1.5 17.18 5.6 | -ri*eta C hemic*'.' 350 >5 

is hbtotL..-..-. 

iv 1 a4 Ekler-Bmicb 

,, f , K.7_ loriuetriw 

v.i a i*o ® eo * Ptupony Trust 

$)i ; tSZ=z 

15 ■ 2.1 11,1 Australis 


tL*2 ‘ ... 
ij. 98 +J.DI 

11 9.5 

20 8.1 

11 Uu.S 

12 I 5.2 
9 [10 7 

23<a i ^6^4 


59 ■» 


Luck, Slaiiek.. .. 



L’ke 7‘umr‘t'wn 



tin -Mil, an 



\ li. H 



Ill, a. H»n, .rer .. 


38 U 

M '•I* 1 , 

36 >2 . 


t -sewr. K*ie<-ua-k._.J 24S« 


1 sueiiuu 

■uie. 1 r«o-pon .... 397fl 

'Im-Mh- u IJI._ 

K-irvnii-ai Mek....: 20 -s 

I KtixGarra — — .. 

r'laiik.m VlinL.. 
F<eei»rt Miners 


I Ksijiis I Hat* 

‘ <I.A.F 


. lien. Aiaier. tor 

>,.A.I .A 

. urii. C «l«. 

Manna* Mi-iaann. 


Mai -ban F.eM .. 

22 > a 

Vial Ucfit. +lr.r*» 

24 U 


5uji . 


U.-LVhiuc,, Lhxu. 


M lira** Hi 

23 U 





Mesa Petta-ivum..- 

37o 4 



VJimi Mniqa Mlg' 


Muliii tun'— 




Morgan J.P ■ 




Uiirvhv 1.111 


A *r-i«c .. 



29 5, 

National Can 


N«i. liiMil,ei>... 


\ti. Scrti.-e ln<i. 

16 J* 

Nati-wi steel . . 






simpli'-al.v Par.... 

nue> • 


?C-llll».'D . 

Sail ts ion a ..._ .. 
'LMltlUMl LSI. La> 
Juuiueiu Lu. .... 

i :ihn. Nat. Ke ....- 
Juillicm Pa -Mi . 
•sju t hem Ks i ' wny 

! roulUasn-i... 

?'n'l Ban-hare-, 
“i eir> Hutch— 

r-j-ei rr lasii-i ' 42ij 

131» ; fieri, llj-rwnm.-*.. 

BueViil* hrw i lB'"a 

B-rl-l 3S i 

H-i.uvn Wsli-h .... 61 
Biir, lug: • 'll Ntbn 40: 

Bimi-ugii- 71- 

C ampl-eii -mip.. 351 

LsiiS'lisn Psi-llta: 1 < 1 
Caiuii Hanal-'-ph— ll-‘ 

Csmitl-m 28' 

C'srrict At.piicrai 121 
Cartel Hsviei . 203 

C sU-rr-i i 'Sr 1 ravt * 57 

LB? Ml 

L(*»an«H i li | i| an - **" * 

Cenl-s- A . 1 = : 

i eitainieoi • 241 

i,..Qs iir.'taii.. 3li 
t liw-i- Msulintlsn 32 
lln-iill-ai HI-.M dl 

i lie*e:-igti 1% *n* a .. 26 
I n(«e ?i -i/ni.. 33* 

i U. -Wiu Br-algv... 54s 
I .‘<V 19a 

• :iit*-et It' 

l 4i 

I in . Miis- ia-n... 29 

* in. 243 

i -nr Mni-r 64i 

C .li Imr-LHig.... 13a 

1 a*U-:> 441 t2 

< ,..:in* Aikiiasn.. 12: 

t -■■iiml-is !•*•... . 271 

< ■•iumi , M I'kt.— 19i 
% a*m. lii*C*-. , -iAni 181 

< i.-,n , .-*r--r a- -a' Eng. 4 m: 

i ..|ij'-ii»iii/i* Er, . 17' 

t 'ni w'lli lall-n 27* 
( aain n u>4»ll liPl 21- 

i .nnm.'*i ,, L ,l »- "J? 5 

j Hen. Kie»+ rto.- ■> 
(icnerBi Final,..., 
j Menvrwi Mtiia.. 

, Creitcrwl MiSiws...- 

Gen. Pul* l IU — - 


i>en. lei. Kiea-I-J 

ueri.l rre 

irvilCK-V • 

1 Geuigls Ksi-lrit-.... 

: .4+4 tv Uli — I 

UiileLie. ; 

ii 1 * -iaorlrv-h B. F 

i5i. , 1 'i» *»r lire. — 

5r - LTnus-VV. K 

rr. : f.u \usu Psa-Tes' 
42, B I l»n. A*-rth Iron.. 

' Uaiei h-nui-l 

I Gun A Western... 

t* 4 }* J Uult»ii 

81-8 j HalllaUMiiH .. .... 
f2'« , Hsuils Minm*.... 
^“=*1 liimiv itieger... 
26 riairis Cieun . . 

34- Hem/H.J 

54J* Iteiibiein 


HU Hewlett IVkai't. 

4i‘ llmnlnv Inn* 

29 “ H*jiire»l*kf 

25 Uuiiet 

531* - H-A'icr 

15. « . Hu-p.t.iWaAinci. 
44 | R-mUaii NsuGs- 

23:- j Hum > 1'li.A't.bin 

i|:J ' Hut t- m a| , ..F. : 

_•*. . l.f. Ii,du*lrie*.. 

?9 4 INA 

tg. j Ingcraoll ISsBal... 
^21“ | lu is ltd Meei 


27>: , Inlet as-ni hnent\ 

2ln Hill 

43 j, 1 11,11. F is* a, ms. .t. 
ll : i - lllla. Haivc*lei.. 

NGU 62 h 

■ .Neptune Imru ... 19U 

'.Ne>» England fci. 21 jg 
•New hiijiiauH lei 3a ij 
Niagara M-lis<»k 14 Ij 
Msgsra Shale. .. lOS) 
I \. I. in.inMne*. 19 
N ort. .. LA UV-icm 261* 
. N.arlb Nil. list.. 41 
, Min, i-iiin I *,* r 2-i'i 
Ntlroeai Airline* 28^ 
-Nlll’l-eM Uan.-a'4-|- 261$ 

Vari.-u >ini-,.u. .. 20G 

•.■.vi icnts- »rro< 25 ia 

4»silr, Mstber .. 32 

C»hi-i K-liv n 17-a 

ulin 15;, 

bbra ! - ^8*2 

ST « Tlsnatsr-] Bran-1-. 27 1, 

r; 1 abi .i.iiH. saiiurn ■■ 4ai« 

rr. •lai.Ui, in-1 tens. SOU 

iS* «,). Un Oh, 64 
rlsuff f.'bem:ea . 44 

49. a 1 Uniu — l&Jg 

aojf ! 1lMd*«k*r. 63 J* 

17m >’ ,ua ''° 9Sis 

• ; 'un i-tran.l 4S 

2P -. .. 28 u 

fecumc, — ,r UU 

slU J«Mn«ra 4 lu 

49 1! : 98 

1 feoeo- 313! 

456J, 8P Lsns-ia 143® 

141. Braacsn. lbSa 

Z3 J BMD-.V *6.0 J 

381-a Gsigam Power.... 38 J* 
*4i^ Csmdow Mine* .. 14 

393. Utfisda Gemem .. Iv U 
441, L'snsais.NWUo.. Hi* 
34U t-’iolmp Bn k Com 29U 
141, LsnsiJs induri.. ,19U 

22 U *-'* u 19 U 

6B1a 1 *-*o- me Inr.. 2uU 
j 1, ! u'so. 3uj«r Ui... 67lp 
321a ^4mil*U Kcete.. 4.40 
<41 j | usasau Ai«ktra... 91; 

lb;s wbieltaiu i8»| 

a6U . c onnnu:- 28Sg 

34l; |v»>. BsiburU.... *8l S 
49'« O-'Liaunier Gas... 175a 

'.-ntka Kennjree, 67g 

274* ■-.■-ra In Kicti is >4 

28 Usun Dev mi .. .. 8<a 

19 1 a llwiiwn Mine*.. bSAg 

42U lAsn Utne* .... E4 

89 Uoroe Pel n.ienro o2 

M«juige- 207.9+3.4 Iv b.4 

VluDcnencr Kuck. 320 —2 ’ 18 1.7 

AeuL er,iiim,_ 122 t 1.8 — — 

Preu-sg UM luo.! 109.2 — O.B - • - 
ibieinWe-i.B'ect. 185 *0.6 Ja 08 

schenug 2o7 T 1.3 21.12 3.9 

-lemon - ■ 277.2 + 1.0 lo ; 8.9 | 

run Zucker 242 26.56 3.5 

.6 1 a+keU Chemiea'.' 350 +5 1 15 • a.i 

-? ! UK 

.7 j e-Jin ; UsS — 4 ; 10 : 4.0 


•lemon-... ■ 

run Zucker 

Iby**eoA.G 118.9s! -0.8 17.18 4.5 



lo7.5 - 1.0 
105.8 t 1.6 

yastsy-y S3i»*ussas/uix«HsouRe 

W 4.2 
12 : 5.7 
IB 3.2 

• -.akio Marine I 490 ,— 1 ! U 

• *-kio tied Pi-sr’i-l.OfiJ +10 J B 

• Okie Sanyo. J 5c2 12 

nkvoSb, hsnn...! 145 !*■ 

-rai_ : 144 ,—2 : 1- 

-i"t» M-+or_...; 942 + 2 * 

Source Nikho Secormes. Tnkyn 


; u,r.: 
o, Fr.'Y 
— Nat ■ 

11 - l.l Jt-*t)M> David i. 

H ! y*8 { LennnM Ull . 

12 : Hv ! llrtwla bx plural bm_ 

lu 5.4- MiM Haaklings 

1_ ■ 3*5 Myer Kiupvriijm 

* ; 1 . 1 } ?**■ ; I 

1 >S.-hubu Imentulunal I 

syo North Bo-ken HMlnga lOOe 1 

CUkbnatge ' 

Clll search 

tiller Exploration 

, — Pioneer Concrete- 

. r, : v . i Ifcekiir k Col mao 

r • 1 1 H. C.BMab._ 

. - [ ^oulblunl Mlnuur 

1 i '’fwrvro- bxplonsitun 

Nrtied 8.360 -60 JZttZZZTZZ'r 

Pnca + w Die. T«L tJu. Brx. Lsmh.... J-&70 —23 73 - 3.8 ir^ lft0fc 

Mata fr. ■ - <_•_*. ?5 TSgg££^~' mm * 

ttSS—z ^ kbk^: 2. «t5o^ 4 m.i, — 

irani BnkaFiLOO' 556.0 T 3.0 -V2A3 b.6 6.340 —70 43- ' c.8 : PARIS 

Wrart worths... 

i0.t6 tO.1,1 

tl.37 -0.05 

tl.6o ^ ) . 1 


;tS ! M,HES 

sSSj ^ 

(0.76 '-O.fl l Atpao Amencan Corpo. 5 17 
r2.26 -Hf.u I Clwner Consolidated ... 3.33 

lO. 15 ' ! East Driefonrem 12.20 

rl.30 ... 'Elibois IBj 

. * *e „ _ T I Harmony 3.40 

11.3S .*-0.07 . Kinross 6.30 

InSn n ni 1 K,w>t * Wl 

!o*T? S’SI ' Hus’Ptihnra Platinum l.« 

t2.17 -0.06. Sl . Helena 13.40 

'•■If • [South Vaal S.00 

raaH L.H M; Gold F ' oW * SA 31-30 

fU-BB -r0.0| union Corporautm 4.45 

.iil “J-* De Becni Deterred 6.05 

*V,2 , , 2 . Blyvooniiuicht j.90 

rO*9B In'ne' Ean R " nd P,y "*- 7S 

Slut0 r '**«Ud >26.73 

la'flp ^ Prvfildent Brand i15..-» 

IS‘2| : Prealdcnt Sicyn *12.50 

lost X STiUomcm 4.15 

Wctkom 4.54) 

'?• * fl - 04 -, West Dnefonwtn 

Wc U - /: Western Holdings 391m 

I, T 2'IlJ Western Deep 12.56 


Aka.- >>i.20< - 29.2-0.6 - - 

Ai^eru BoL.FiLud' 356.0 *- 3.0 .V3L6 b.6 

LV-nu ■■ ia -i, bridgr |25 

LLjoibu- jBtj 

tAi|»mi 13 lj 

Pa-e-n'ge Nii-kn. 24 Jb 
runi .Vf.jtur Can. 79 

AMKV iPlIOi— .. 86.1 +0.3 A+*4 12.8 Fabrnrue Nat...-. 2. 20 ^ 10 17*. ’ e.7 

AnimUDk ,F- J0-: 76.9s* -O.fl i».9 a.8 tf.B. Inm-Hrn... l.BaJ -55 ;iau 7.7 

Bueokvrt 91.0 1 26 -5.1 Oerveri *1.4 6U.-2 85 • o.» 

BokvWest'wi (PiOi 123.0 +ZJ ou j o:5 ttratwken 2.20J -3 » 17- '7.7 

Burbrin feitewxle' 71.7 . 1.7 ' 26 , 7.2 Inter.-om 1.780 215 142 . 8.0 


.cnato-.lmcr. industrial 
Barlow Rand 

feserc- Petroleum' 12 

ii.iwpurer’v. :*■„,+ 

( ■•-in. t.itc Inr.... 

’ lh(mm' , bi|* i .. 

- ,*cni Caarnnig 

<.l«tua llillsjlt .. 
PM.-ih (is* . . . 

! I’S-IIIC Llglil l ,ir 
Pa . I’w,. A Ll .. 

. I c vac. - 

L>s« Stull 

I l'CTA, ItlM.IB-.... 
| lexa* till i l.iu., 
I teas* C lil, ne* .. 

1 I ime Inv. 

■ time* Miner.... 

, t'lmkea 


l rammer iol 


i Iran* Cuia.ii 

‘ Irau-wav lnii’n 
. Iran, W.«i,t An, 

! IraieHer* 

64 i 9 i 274* ; 

42s>a • vtiani In « Lnilf 12 Jj , 
45 **ul, Ctrl Cana. ia 1 263* , 

281; I Uanse, i.Can. 7l« | 

HI* I Ba." lugcr . 331e i 

411; ■ H .me OH W 39»2 ■ 

991* , 4u Isajl, t£*j, Un*, l7U j 

bag ; atu naun Bat ; 19Ss 

321} Hu isuo Oll Jt (is*. 42 la * 
i-A.c_ a le-s . 

Ilia i I 

25 iRipenai on ; 19sg 

2aal, Iujo .....i 2CH* 

biaevier \ ,,Ta.&J-. 282.0x0+11.2 27-b 2.0 Krediethank ^6.7 Sj 

bnnia N.V. Bearer; 145.8 +2.3 ifJ D.l i La Itovale Betge-5.640 

Braboken .2.20 J -3 » I7u * 7.7 I 

Inter .-ora 1.780 215 142 . 8.0 ; iteme'U.... 

Krediethajik 6. 7Su 26o ; 3.6 j '*• laueUwvatV t 

La Itovale Beige- S.649 — 4j ioo 5.4 1 Ligui.i 

"tli ” — . .... j CXA Investments ... 

Pnce + or . tfi* • \ M. . Currie Pluance .. , 
" : tr *'. * De Beers Indus trial 

729.9 -o.i 4. J ,Tb.: “SS ®Sfe* W ,nvesu ' • 

i IVt* : l * "I*!? it • I^ HcadTlt - :: .. 

• £ o • Ptderale VotksbeleEaltias . 

331s i 33 U 
39U ■ 40 

burvCoroTel PUD. 853W - ' 94.S 0.4 | Pao U«Vi,o« Z.36J + 30 s2.2b g.g U«lt»i«e.......J 453 .6 26 J& 58 ! stJaV * 

C» tat Broaaoea, F lo' 36.4 *0.8 33 6.0 ; Perron a 3.850 360 1 74 • +.6 d ‘ - : 467.5 +-0.5 1686; 2.7 J rnartil? a aLur*^ **,*c» , 

HKOrt+n-Fi^i. .• 1023) * 1.7 14 . a.4 • roe Gen Humuca. 2.900 —10 804 7.0 ! 8»*«.VBue* i 7 JO *28 1 42 6.0 Aasufaoce iSAi 

d.v.-oteiuiP*^),, 37.0" * 2 j -* - ) ^ Geo Beiftque 1.920 —30 14o 7^i H-^VGervi. , S14 +18 40.b 7.9 Tt* 

riunte, C'.fF .lOO,. «>.4+ .1 , 12 4.5 , vatioa - . 3.1.03 *65 81b 7.0 1 JJ»n^*ilU 1.567 +12 75 4.8 vr r Car*hT Rodwav 

4.L.M. ,F-.tO)i_.) 191.5+M.5 - - - ,x>wj 2.530 *30 \2lfl 8.3' - 348 +2 . 31.5' 9.1 ' vrfBaS 

W..L.M. ,Fr.IOU,...i 191.5+14.5, - » »w.r >....-2.530 

ini. MnileriLsJi.j 44.3a +uJB I 26 . 8.2 fraction E-ect. ,2.755 -5 

.Naar-ien 'FiJOi...; 55.5 + 1.7 : l2.a! a.4 LLB.. 948 -22 

Nat.Neu In-jtilv. 112.5 *-0.5 ! 48 1 4.a L'n Urn. ,1.10, : 780 -2. 

Nfrtc'red Bk(F.ja.v 53.5a, +U. 1 ■ 21 7.9 V, title Monugne/1.570 :*-20 

Neil Uhl Bk>F,.oC,; 190.5 + 0.5 ! 22 j 0.8 — 

till SS “ • 548 ;r . 31.5' ?SSSr 

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81*5 !i.,» 

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nuhwc- cn. a r, a . a 4 u 
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KjBacta VeifiF I. IuGi 87.3 + 1.3- - - 

Uoheo.-. FI 109.1 t 1,2 l2St 7.8 

Kuiinof <Fl. ecu...! 128.5 -r 1.5 — - 

lioreulo (Fl. o0>... 151.6+0.3 14 ' 5.3 

36 ^ 8 

18 ; sis , SWITZERLAND • 

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C'reitti CVmii Fr'oi lct.l 

C-ieu-*< L. -ire 79.! 

Uume/. I 797 

f -ieo. O lilftiu fi 

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lUyaiLfirtchiTi^O- 126.9* + 1.9 5i.7a 8.5 lUK.'V l!700 

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■‘terinUrpiFi^L'. 126 —4 2/- 

lokjvP*#.-. 106* Sj 

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doph. Brreodsen. 

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400.8*^1,8 35 4.0 , r'r vlaer •Georcv. 1 656»+5 1 a 

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Iplart-jot U 3.825 —25 <su 

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— — — p — — IN... Ke:— 2.200* +15 -’3.. 

Price + or fhv. Tm. OcnikuulLa K^o0,!2.44O —10:1a 

kroner - : -5 % Firem 51 P 1K.IO, 1 272 ia 

seruh*- ,'Fi. d5ia..'3.726* — 75 2o 

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430 +5 15 3.5I -j bin- lien. isF Lut> 290 +5 12 

f 2 ? 1 * 13 S-BlSuicerasiF-IOO, 550* 14 

1 miHlr <Fr, 3a), ; 615* lu 

128 -lj 15 10.2 1 3 wUb BnnkiF.lOQi 382* t 5 lu 

350 +5 12 : 3 4; :wis« <Ke. F.'ioOi. -4.600 V23 40 

— 213 6 10.5 i L men Bank 3.010* 20 

123^ 12 8.9 /.uricb In + 123 44 

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i 35 

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Pretoria Cement 


Protea Hold lass 


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Rand Mine# Properties ... 


BetnbTaodt Grotto 




Saue Holdtnas 





C. G 5muh Suoar 


SA Brenertw 



Tiot Oats and N*ar. Mills. 

Uni Sec 


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t l ) fanlais 

2 9 l ....... 

3 |g I Perihri-i, 'leant .... 
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Securities Rand U.S.S0.71. 
(Discount of 31L3%) 

84.9 — o.l 1 7.5' U.8! SPAIN V 
252 T 1 1 7.9 3.0 bPAIPI w 

367.0 +6.6I17.Z5 4.2 May?:' 
188 +5 ; - - island 

21 - 1.5 

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O.i 3.9 
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ilhviie H.niri,,- .. ■ 89.1 +.0.61 9 lu.l { BanL-u Exicrlor 2U 

11. Gi-iMin 144.0 +0.5 |14.55 10,1 ' Banco General «2 

•hi* Knuifliwi ... 1.584 +39 1 39 2 a! Banco liranuda H.OtNh 1M 

' ,,CT 1 274.0 +3.5 a ‘y 9.5 Banco Hispano 224 

13 a. 5 
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Per cent 

116 — 

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358 - I 

2 U - a 

«2 - 

154 - 7 

224 - 4 

25.6 5.6' BmiD Ind. Gal. ■ 1.600 1 

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12 1 4.1 
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| Banco Santander i2Mi 

lu 4.3 j STOCKHOLM 

lu ■ 2.6 

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fc ’- ' » ! Banus Andalucla 

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4U +12 

2M - 4 

241 - 

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221 — 

29 — 

78 — 

273 - T 

n — 

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99 JO - 0.7S 
70 JO - 1.25 
73 — 

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M - 1J5 

79 - 2M 

Ufi - 

fiS “■ 5 
1 » - 

199.75 - 2 JO 

yr -2.25 
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Nu'f , , 


Financial Times Wednesday May 24 1978 



Zaire copper anxiety grows 


again on tbc London Metal 
Expanse yestcrdav as details 
or the damage done to the 
hnlwezi mines in Zaire became 
clearer. Cash wirebars closed 
u p £7*0.5 a tonne, the 
highest since July last year. 

It is certain that the mines, 
which produce the bulk of 
Zaires ropper. will not be able 
to resume production for at 
least three months and might be 
out oT action for six - months. 

There are fears that produc- 
tion might be hit for a longer 
time by the refusal of techni- 
cians and mining experts to 
return unless adequate security 
precautions can be provided. 

Sozacora. the Zaire state- 

controlled marketing organis- 
ation, is maintaining copper 
deliveries to customers by using 
supplies already in the pipeline. 

But it seems only a matter 
of time before supplies from 
Zaire — one of the world’s lead- 
ing copper exporters — will have 
to be drastically reduced. 

Reuter’ reporting from Brus- 
sels, quoted Mr. Felirien Noel, a 
technician at the Gegamines. the 
Zaire state-owned mining con- 
cern. predicting it would take at 
least six months to resume min- 

He explained there were three 
types of problems. The mines 
were flooded, including the large 
opencast Kamo to mine which 
produces 260,000 tonnes of cop- 
per a year, the rebels made off 

with all the vehicles of the com- 
pany and — perhaps most serious 
— all the. technicians have left. 

Nearly all the technicians — 
Belgians, Frenchmen and 
Italians — are adamant they will 
not go back to Shaba unless tbeir 
security is assured, .he said. 

Aooiher technician said the 
situation in the plants around 
Kolwezi. where catalytic tanks 
and ovens are out of action, will 
make other plants Idle in the 
Likasi or Lubumbasbi area. 
These use ore from Kolwezi. 

Tin prices fell sharply on the 
Metal Exchange following news 
that legislation authorising re- 
leases of surplus tin from the 
U.S. stockpile had been approved 
by the House Armed Services 

Committee. Cash tin fell £100 to 
close at 16,370 a tonne. A bill 
passed by the committee 
authorises a U.S. contribution 
of 5,000 tons of stockpile tin to 
the international Tin Council 
buffer stock. It authorises direct 
sales of another 30,000 tons of 
stockpile tin and establishes a 
revolving fund for stockpile 
transactions. Receipts from sales 
will be used for purchases oF 
other raw materials. 

Approval of the bill by the 
Armed Services Committee Is 
seen as an important step to- 
wards the likely release of stock- 
pile tin later this year, which 
would more than fill the expected 
deficit of production to estimated 

Cobalt price increase imminent 

ZATRE IS virtually certain to 
raise its cobalt price this week 
writes John Edwards. It was 
confirmed yesterday that selling 
agents for Sozacom. the Zairean 
state metals marketing organ- 
isation, are selling cobalt, at a 
price to be decided later, while 
waiting for final confirmation 
from. Zaire. 

In Britain, Sogemm confirmed 
it had withdrawn its ILK. selling 
price of £8,250 a tonne pending 
confirmation of a higher price. 

The size of the increase is 
expected to be in line with the 
rise from S6.S5 to $8.50 a pound 
announced on Monday by 
Nchanga Mines of Zambia and 
yesterday by Outokumpu of 
Finland — a case of the tail wag- 

ging the dog since Zaire is by 
far the world’s biggest producer 
of cobalt, providing more than 
50 per cent of supplies. 

There is still considerable un- 
certainty as to how badly cobalt 
production in Zaire has been 
affected by the fighting and 
the flooding of the Kolwezi 
mines. Most cobalt ore is under- 
stood to come from the Kolwezi 
mines, as a by-product of copper, 
and the main Luilu refinery with 
a production capacity of more 
than 10.000 tonnes annually is 

The - other cobalt, processing 
plant, using ore - from Kolwezi, 
is at Likasi. It has a capacity 
of about 6,000 tonnes a year 
which is sent to the Olen 

refinery in Belgium for the 
manufacture of cobalt powder, 
salts and oxide. 

Although it is believed there 
are substantial ore stocks at 
Kolwezi. which can be pro- 
cessed into cobalt, lengthy 
closure of the mines is a severe 
blow si ace supplies of cobalt 
were already becoming scarce 
before the invasion. 

At the beginning of May the 
Sozacom selling agents started 
allocating supplies to customers 
in view of the shortage created 
by the exhaustion of surplus 
stocks used up because of 'a 
shortfall in Zaire output which 
was well below production capa- 
city levels. 

The bulk of cobalt supplies is 

Pig industry still in doldrums 

sold direct by the producers to 
consumers at a fixed producer 
price. But there is residual 
“free market” run by mer- 
chants' where the price has 
soared In recent weeks from $7 
to more than S20 a pound. 

Our Sheffield correspondent 
writes: Special steel and magnet 
manufacturers are watching de- 
velopments in Zaire with in- 
creasing concern as the price 
and availability of cobalt sup- 
plies become difficult. 

Cobalt is widely used in the 
production of various important 
steel alloys including the creep- 
resistant alloys essential in the 
aerospace industry. Magnet pro- 
duction often calls for even 
larger amounts of cobalt 

At this stage most producers 
are thought to have adequate 
strategic stocks. In the case of 
some alloys non-cobalt alterna- 
tives' are available. 


BRITISH FIG farmers have 
carried on slaughtering their 
breeding stock in the first months 
of the new year. They have kept 
few young females for breeding, 
and the industry- is showing no 
{dsns of expanding, according to 
figures collected by the Meat and 
Livestock Commission. 

The meat industry’s advisory 
services at the commission say 
i here is evidence that sow culling 
is beginning to slow down. “ But 
so far there is no evidence that 
the breeding herd has begun to 
expand again." it reports in its 
latest Market Outlook. 

“The breeding herd in June 
may total about S20.000. the same 
as in Derember but slightly less 
than in June 1977." 

Fig slauubterings fell 6 per 
cent in the first three months of 
the year. This trend is expected 
to accelerate and continue next 

year. Output of pig meat this 
year should be about 8 per cent 
less than last year. 

The main obstacle to expansion 
in the pig business, still appears 
to be the lack of any improve- 
ment in margins. Market prices 
have improved, but feed and 
other costs are going up again 
and overall profitability is not 
attractive enough to encourage 
higher production. 

Bacon and ham production, 
too, is expected to fail sharply 
although increased imports 
from the Danes and Dutch in 
particular will ensure there is 
□o shortage of supplies. - 

Home production of bacon and 
ham will fall 9 per cent to 
200.000 tonnes, but imports 
should ensure that overall sup- 
plies are not more than 2 per 
cent. lower than last year^ 

Looking further ahead, the 

commission warns that market 
prices for cattle next year might 
not be good enough to offset 
higher costs. 

For this year, however, prices 
are expected to stay above 
target levels. -Beef supplies on 
the British market this year are 
forecast at 8 per cent less than 
last year. 

Calf slaughterings have re- 
mained low. In the first three 
months of this year slaughter- 
ings fell to 54.000 head. This 
was 50 per cent -lower than in 
the same part of last year, and, 
the commission notes, was the 
lowest since 1973. 

But British calves were still 
popular with Continental buyers 
who have been criticised for 
creaming off the best young 
beef animals for fattening up in 
France and Holland as well as 
pushing up prices. 

Brazil frosts 

COFFEE TRADE sources in 
PArana said there bad been light 
frosts in ' the lowlands of 
Curitiba and Ponta Grossa last 
night but not in the north of the 
state where coffee is grown, re- 
ports Reuter. 

Internal sellers were becoming 
more cautious as winter 
approached, in expectation of 
improved markets. But this is 
normal for the time' of the year. 

The . weather reports en- 
couraged some -buying on the 
London market, however, and 
the July futures position ended 
the day £27.5 higher at fl.576.5 
a tonne. Earlier July coffee 
had fallen to £1.525 a tonne re- 
flecting a slacker tone in New 
York overnight : 

.- ■- ' _.’V* 

Japan to 



TOKYO. May 23 
The Japanese Trade Industry 
Ministry said It would soon start 
buying 12.44G tonnes of primary 
aluminium from five Japanese 

smeltens for an official stockpile 
designed to help the industry out 
of recession. 

Buying would start next month 
through the semi-official Light 
Metal Stockpiling association, 
which already holds 9,570 tonnes 
bought in 1976, the Ministry 

The new. purchase price of 
Y2S9.200 a tcime wag less than 
the Y310J100 paid under previous 
stockpiling contracts. 

The new buying price was 
based on Alcan alutnlnium ? s-prlce 
of 51 U.S. - cents a pound, the 
stockpiling association said- 
Meanwhile it was reported that 
China wants to buy aii aluminium 
refinery with an annual capacity 
of about 80,000 tonnes of primary 
aluminium from Japan. 

Industry -sources said five 
aluminium smelters had- sent 
experts to - China for technical 

This will be followed by 
negotiations between Chinese 
authorities and the Japanese 
aluminium smelters. 

Reuter - 

China plans 
grain land 

By Our "Own Correspondent 

PEKING, May 22. • 

China’s, decision to increase 
annual grain production • from 
the present-260m to 400m tonnes 
by 1.985 means farmers will need 
more land. So China plans to 

manufacture it.- — 

The Government has announced 
plans to reclaim more than 
13.33m hectares in the next eight 
years from sea coasts.'lakeshores 
and border wasteland. 

The plan will increase China's 
farmland by one-eighth. Grain 
output 4>f the new- land-will -be- 
enough to supply the nation’s 
main -cities. 

An editorial ' in the People’s 
Daily yesterday said the respon- 
sibility for . the reclamation 
would be with local authorities 

• The -work would start immedi- 
ately in areas where surveys had 
been completed, the editorial 
said. - 

Sbdnev Monti* 0 Herald ' ' 


Cane producers seek 



MINISTERS FROM the African, 
Caribbean and Pacific countries 
party to the Lom6 convention 
will Jneet Mr. Finn Gundelach. 
the EEC agricultural commis- 
sioner here today for talks on 
the guaranteed price their pro- 
ducers will be paid for cane 
sugar exports to the Community 
in 1978-79. 

Both sides are keeping their 
cards close to their chests — -the 
EEC negotiating mandate, agreed 
last Thursday, is one of the few 
well-kept secrets in Brussels. 

But the Community’s current 
exportable sugar surplus at 3m 
tonnes, another 3.3m totmes ex- 
pected from this Year's crop, and 
with world sugar prices about 
£100 a tonne compared with £650 
four years ago. the EEC .is likely 
to drive a hard bargain. 

About two-thirds of ACP sugar 
exports go to the EEC. Under 
the sugar protocol of the Lnm£ 
Convention ACP sugar can be 
sold fregly on Community 
markets, but the EEC is com- 
mitted to taking at least 1.2m 
tonnes at a guaranteed • price, 
which must he “within The price 
range obtaining in the Com- 

The level of this price and the 
period over which it is to be 
backdated, will be the crucial 

issue in today’s .talks. 

Last year the guarantee was 
set at the '.minimum allowable 
under the sugar, protocol. Since 
the EEC has • just awardpd its 
own sucar producers a 2 per 
cent rise in the annual farm 
price Teview. a parallel increase. 

is indicated for the ACP pro- 
ducers. But given the heavy 
cost to the Community budget 
of subsidising sugar exports-* 
often more than the cost of the 
sugar itself since EEC prices are 
often ‘ more than double world 
prices — the Commission negotia- 
tors will be extremely reluctant 
to offer much more than this.. 

The ACP states have already 
indicated that they intend to 
press for substantially more, 
though they have not specified 
a figure. This much was made 
clear here last month at peril- 
minary talks at ambassadorial 

The ACP ambassadors based 
their case on rising ’production 
costs and sharply hifqhe freight 
rates. These, say EEC officials, 
are irrelevant since the gtmrand- 
tee price applies to unpacked 
sugar delivered at Community 
ports. But since the Lome Con- 
vention was designed to give 
ACP producers n fair deaL it 
might he politically unwise to 
ignore the ACP arguments. 

Moreover the ACP negotiators 
are sure to point out that the 
Commission was prepared to 
make concessions to its own pro- 
ducerson the question of the 
quota eligibl e for export sub- 
sidies during the farm price 
talks. The Commission had pro- , 
posed that the “B" quota (which 
gets smaller refunds iban the 
“A” quota) be cut from 35 per 
cent to 20 per cent, of the “A” 
quota — but faad-tosettle for-27.-5- 
percent - - - - 

The Commission might attempt 

a solution similar to that 
reached last year when ACP pro- 
ducers were awarded a 2 per 
cent increase in the guaranteed 
price but got an effective 6 per 
cent rise as a result of commit- 
ments from Tate and Lyle, the 
U.K. sugar refiner which pro- 
cesses most of the imported cane 

About 90 per cent of the ACP- 
sugar crop goes to Britain and 
is handled by Tate and Lyle. 

The question of retroaciivity 
is likely to prove a sticking point. 
In theory- the prices apply from 
the start of the marketing year 
on July 1. Both sides agreed 
previously to 11 stop the clock ” 
r»n April 21 so the price could be 
fixed by. or backbaicd to. May 1 
at the latest. This would, be a 
concession mainly to . Caribbean 
producers, whose marketing year 
starts six weeks before (hat of 
the Community. 

This is the first year that the 
sugar talks have not started hy 
May 1. largely due to difficulties 
in reaching agreement in the 
EEC’s own farm price talks. But 
in any case the Community is 
believed to he set against allow* 
ing any backdating. It is sug- 
gested that the only concession 
to the ACP countries will involve 
storage charges. 

* But the fact that the ACP 
slates have decided to send their 
Ministers to the talks; instead' of 
being represented bythelr ambas- 
sadors, indicates that they will 
not lake the EEC arguments 
lying down. 

Steadier world market forecast 


SLOWING EXPANSION . of merit and a gradual reduction in expected to accrue to developed 
demand, declining imports by current world carryover stocks, countries. US., Canadian. EEC. 
developed- countries audrincreas- are currently Sftr i tonnes, and Japanese consumers are 
ingcompetitlon from maize might eventually pulUpriros tap. expected to use -more' high 
sw^etenfers could slow growth in the FA ° -report- says. But- a fructose maize syrup - The orgpn- 
woria sugar production- and number of market forces could isation expects these countries 

trade, according^ the UN Food limit _the expected rise. will use at least 3.3fim tons of 

and Agriculture Organisation. -These-include-the-cuxrent.sur^ the, new., liquid sweetener bjr- 

kv th, nroaniu Plus, a slowdown in sugar 1985. displacing the equivalent 

tiSRSK Mo «* ,.«"*• — —5* ° f «■* of , ’ 

sibility of a less volatile sugar n ? n v°P • f ructrose._co.rn Sugar. demand in developing 
market than the boom-and-bust . r . , countries might rise 4 per cent 

m.rko, of recent yeors. the oJSMX? Ko SS a . J '" r »«““« ° f ’>*> P»P»'»- 

Several years of tight supplies world sugar demand has been -in- 000 £ r °vilh and a rise in the- 
in the early 1970s sent, sugar creasing, but at ao ever-slower level of individual sugar use in. 
prices to record highs in 19i5. ra te, in recent decades. This keeping with rising incomes, 
only to be followed by bumper slow-down is expected to con- Sugar demand is also rising 
crops which sent prices tumbling, tjnue. World demand for sugar rapidly • in Eastern Europe and 
Current prices are still below (he will increase from 78m tons, in the Soviet Union. 

Sugar stocking and export only 23 per cent 1976 to ; l03m tons by 1985. or 

restraints required by the agree- Little of this increase Is by 2.6 per cent a jrear. 



* r- 

covering . and speculative buxipfl lifted- £9,3*) reflecting the lack of any physical 320.00, Nov. 28tf.Oft-3a5.DO, Dec. 280.00- trading, with limited operations in srmru 

Eastern anti African growths, reports' 
F. W. TatiertalL 


forward material from £754 10 £765 on Ore Interest In the afternoon - rumours of 310.00, Jan. unnoted. . Sales: nil. 
pre-market. However, at tins .level profit- further news of the GSA stockpile sales ' _ 

COPPER — Higher again In active trad- ratine and hedge selling pareH the price and contributions to for fTC prompted f (If flA 

me cm ih- l-ondnit Metal Exchange. AS in £700. Fresh bining then took values hedge seflinjt and stop-loss tenure with 

ni,*ri. del nils or i he da mare done to the up again bin a lower than expected the price -falling to £6.340. Confirmation Prices remained under pressure 

"lib* iuppi-r mines became known abort opening on Comes caused forward metal of the ITC contribution rumours that the tbnwghonl the day with producer selling „ . _ „ . 

4 , — lo foU back to f7M prior to closing on Bfll has passed a further stage saw for- overtanging the market.- reports cm. and m? SarSi >0 • M \ 

I’-JJ. 1 - | , +*' r the kerb at £761.5. Turnover 13,075 tonnes, ward metal fall sharply to 16.279 before DulTns. i ‘ i m'TL ,J fa Duf? * htadB ewl * 911 ,0 

Morning: Wire bars Cash £741. three a rally on Uw late kert enabled it to closing uncertain. Lewis and Peat reported iw.o. 

months £784. 63.5. 63. 61. 60. 60 A, dose at £6.320. Turnover B5S tonnes. 

61. 61.5. Cathodes, cash £733. three “ 
months £754. Kert: Wire bar*, cash l 


i.m. i+.T( 

Cimrin' J — « 




£ ! £ [ 



Wire bar* 

la h 

740.5-1 +7.25 

740- 1 

+ 8.5 

f m.'iun-.. 

761 Z ;+7.25 





741 r 7 



733.5 +6.S 

732 3 

+ 7 

'•in mill'...' 

753 .5 1+6.5 

752.5-3 . 



733.5 ,+ 6.5 


64 | 


SMITH FIELD /pence a pound t— Baef: 

Scoich, kldeS sides 54.0 to SJ.0: English 

hindquarters, 72.0 to 74.0. forenuaficrs 

*7.6 fo 40 01 ' Eire hbidqnarters 76.0 to 
STRONG opening M> the London phrxl- 73.6. forequarters 37.0 lo 46.6. 


per tonne unless otherwise 

4. months. 

three months £761.5, 61. 66.5. 

Afternoon: Wlreban. three months £766, 

60.5. 60. 59.5. fifl. fin.5. Kerb; Wirebars, 
three months £762. 61.5. 61. 61.5, 62. 

TIN— Last ground. After ooeninx barely Sewlem’t 
changed at £6.426 owing to a firmer Standard, 
Penang price and the general trend In ifc.s ~ 
Other base-tnetah forward metal eaved to 4 moo tbs 

[ ^eWem't. 

Grade f 
6365-91 Index Limited 01-351 340®. Three month copper 757*764 
29 La mom Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2. The rommodily futures market for the smaller Investor 

SS-r-S^S SkZ'w/Zt* ^erratt 


nV.W' f/ff-ft 

;rr/£-r j/vt//lfey 

L ■ O'.-? 



Plantation House; London EC3M 3P P 

M96 HQ 

6460 I — 55 
iblbBl kB&s 

+ ■•*1 












iX asierrtacV + pr 
COCOA (. Close . I — 

‘ Dane* 

that the Malaysian marker was 73JH cents 
k Btf. Omyer.- June:. . . 

— ' KoaiTuitrY I 

Mar 1621 J 24JI —9.6 <1860.0-20.0 

. * . July 1767.0 68.0 —8.75,17804.81.0 

i— 100 sept. l/M.h86J '-10.76 1786.0-28.8 

r »7.6 Dec 17D2.WK.0 ;-15.5 l 720JM686 

Mvrch ! 1675.0-80 J1 1—7.5 ,1680^-70.0 

May. — 11660.0-60.0 ^ 10. OJlbBO. 0-60.0 

AfgO-fO M00 Jury .11638.0-60.0 — B.O ■ 1645.6 46 J 


So. I 




cloae . 




Sales: 2.973 i 37T«> lots of 5 tonnes: 

International Cocoa - Organisation I U.S. 

533.3 ■ Ub’-O l* r Pound *— Dsllr price May 22: 

wnm h- - c. -ir I37J8 <13S45 j. Indicator prices May 23: 

Monting. Standard, cash £8.480, three ju.. average 144 39 U45.I7): 22-dav . ' '*°P- 
months £6.428. £8.400. £SJM. 88.- Hteh "Sm IlG uT. <Jct-i>e. 

Grade, cash £8.500, £8.490. Xsrt: Jan-UsS 

Standard, three months £6.380. 70. 80. mFFFP 

Afternoon: Standard, three months £8.380, vWru. „ .. 

5- 48. 20. £6.300. ££.290, 88 , robustas slipped In the morning with M,,, S4.8P 1-0.5). 

WjW, 70. £UM,JB, 10. Kerb: Standard, the day's lows trading just before hmefc. COVERT CARDEN * < sterling a package T 

4. • ' ^ se '. Drexel Burnham Lambert reports, <5450). * - ' * Sp * ualeas staled)— Imported Predace: * 

LEAD— Coined around numly red per- Poor volume on the downside and trade J y 1 . • OrantM- rsmm«. Vb 1 ».wI. , V 




59.85 70 




Lamb: English small, new' season 68 0 
to .78.0, medium 68.0 to 78.8. Imported 
Irtken: NZ PL 503 to SL5. PM 30.9 to 

English, less than 100 !b 38.0 to 



Free market (ci*l S1.006-I0j. 

48.0. 100-120 lb 3S.0 10 44.0, 120-160 lb' 38-0 toppm-oanh W-barn 1:740.6 
to 43.0 6 nx:<ntha do. do. £760.76( 

MEAT COMMISSION— Average fatstodt «-*»h Cathode £732.5 


prices at representative markets oa Mss ^ month* do. do, 
23. GB— Cirtle 71.89p a kg hv' (4-1.03). Go 1,1 Troy oxj 

6/^9-67.881 — UM EI.W 

UK— Cheep l64.9p a kK rat dew (-4.7). Lend Cakh ....LE3D4JS 


May Z» 




GB — Pigs 02$ a kg Iw 1— 1.0). 3 month* a. : | 

H mi Ml BOB5-5S6& Eaplawd end WMas Cattle down- (j X Ickel ......... 

60 68.® sScftApAa'af> g£ r 0fn1, avcr3 & r price 71.4$o (4-836). Free Market (dfib)H 1.95 

62.7B.6Z6flmlJH)*.tO MJMS.BB .P?r cent I 

F^^nTn^A wr’ceat. average "jKHfSS 
-.SJW 65-66 Price 7220p (4-128). Sheep down -43 8 Jlf-i 

Sales: 8 (9) lots of 5 tonnes end fit* KL wm - ■«■"» .Price 156Jp (4-02). 
tl03i k>u of 13 lonnea. W» np 21.5 Per cetrt. average price a i lwr ir W <» 1 

LEAD— Gained ground nuinlr red per- Poor volume on ihe downside and trade 
tag the commutes finnj>M» of copper support at the low* indicated 1 recovery rAT . . nr ,.. ir _ . v 

KMtewteg the Zaire news. Short covering and iWs followed Ih the alteruooo as Sll\ AorAIS MrAI , 

and chartist buying lifted forward metal New York Improved. Stoploss baying 
lo a high of £315 an (he PnJ-nlJtritel bur enhanced the rise- and at a steady close 
ten Price then reacted to profivtaWng values were' £30 higher on Che day. ' 

and traded wltbfa narrow Jtmitt for the — . — . , — 

rest of the day . before- closing ‘on thp 1 1 niimtay >; 

late kerb at £314.5. Turnover 4223 COFFKK i ! + or Bustaes* 

tonoea. • . — Done 

J m.unhe~- | 

TId C*«h „ 

’ mfmUM. 


&370 MM.«|f6.N2.. 

_ _ .. _ SB.3OT.S— B7.5 C6.105 

Orange*— Cyprus: ValeacJs Lares 29 kilos Wc*Jfrtm22.iXlb.olf S138-371— 1.0 S13B-44 

240220. 15 Ulos T.0M.80: Jaffa: Valencia wnucMb, 1:383 1 4-4.6 lf2S4.S 

Laies 3J6^.40: Egyptian: Valencia Lares Jrnnnfte- £323^51+4.0 C5 2.5 

2.98-2.20; Texas; 2.80:, Moroccan: 2-89- Vrr * ‘ocere... 6664666 L. „..J ^669-609 








e | a 

305.756 +3 
306 1+3 







j£ pertoone ; 

The market drifted. £1 In thin volume jm- callfornlah- »«■««. 
before a steadier Chicago helped rally NaVeis aowM 9?^ 

prices towards the dose In reaction to 5 50-6 SO ‘ Lmir mr •.«*""» ,* .m;— 

the constructive USDA d] miff figures. SSfi , g==d 

U9-2.08: S. African: 88/lfiS 5.00-3 50. ' 

Grstiwfrult — Cyprus: IS kilos S.004.M: 28 “ ai«kvao. — 

kilos S -29-4-80; S. Afrloin: 38^8; 

Prcnci,: Seeds 

& 125-31 






4-0.5 (£604.76 

+0.3 i£701. 
+1JO SC674.76 







»127 12 

— 886 
—1.0 127035 
—1.7 B76.D5 

l'».t«rd+yf+ or 

6ua<n»> . 

jmS^I+OJ6 ! l28.6€*7JO. Philip j 

Jaffa: 29 kilos 3.90-3.93. Apple 






Itonting: Ca* 006.5, 05.75. ' three 
months mSA 16. 15.S. is. isj, 15^5. 15. 
Kerb: Three months' £314.3. 14. After- 

January 1406-1408 —16 J, 1400- 1568 Decemher ...il28.6M!Bg.+0.«fi;lk640-28JM 

March. 1365-1570 + 18-0 1370-I8M 'PelTOar>- 1 1J6.8 J-28. 0—0.88 — 

May : 1336.1340 + 08. 0; April: — I27.05'»J +0.75: — 

[ ( Jnne . M _.jJn7.E04M+D.7<. — 

'Sales: 144 UGOi lots' of i(M tonnes. 

— Slav 1 1715-1720+25.9 11716-1672 

1 ' July • 1576-1577 +S1S 1507-1626 Jane _ 

F September_; 1491-1492 +2. 19, 1504-1445 August 

November... I 1445-1447 +193. 1450-1593 lASOber 1 129.84-69.7 +0.19, «9.70-Z8.79 ^ 

j.n.« i*nai*n>_Ki.Mwn>u i'iM.eian >.+n u iw en-oa no r*r «omr iseaucr. per pound 

0.14. Golden Delirious 0.14-0.18: 5. African-. Drains 

Cranny smith 7.86-8 -20. White Winter tiariey KKC. 

Pem-maln 7.IW-7J0. Sraridng Bell dons Home Puturaa^.. Chilean: Granby Smith 6.90-7.20; Jlaaa6_.„;_ 1 

Slice: 3J*a JS.4MI job of S tonnes. " ,aw# ^ ^ ** odhSo.6Am\ 

ARIBICA^ V n<M w _ • ovt/^ 1 fn •• ^ J Cox 8 OrftJl£p PlpOlIB 163/234 Wheel l 

» Ttove months jaT'MjT u* "i*. htf1^^ne^L*“£ld^a?S?heS^ SUGAR 7.SW0O; Danish: Per pound, Spartans No. 1 Ked 9pnJ 

sa-^KS WJT.T&S 

Fotiity July 

tVjtfee Futum_ 

■eft thnUicTTpiiJa MUudtektlod Today W MW 1 at .00a "xm «f Golden am ChDean: S kil^.' 

kerb. Turnover 5.000 imuwa. • +*;» "“f* J*- «rtHe sugar for June- August Shipment Almcrla 830. AprfoWs— Sparurt: 5 tains Hlr, " 

• r T, ~ • untradedi Aped 146.00- protuced a weadler market with gains 2.0M.00. Banana*— Jamaican: Per pound 

1 +°' J*-*. “* T * dcd: _ »- of n *5 recorded over the day. Final 0.15. Avocados— Kenya: Fuene UK4a 

— 145.06. Sales- 9 1 1T> to« of 17 JjO Bins. prices weir at the highs- despite reports 4.0M.20; S. African: Faerie 4.8M.20. w «>I , <t«s e4s kite™ 

TAKE IH TA&LS - - . - 

9300. 6v 










s®faa?S Jaws? susr -»-arr«Brsaa.* * 



‘ munilau.1 

■nuem ( 


-O dicin' 

t 'iri 

32334 +5 
354.0-5 !+2Tg 
324 |4S j 



533. .5 





£1.576 j — 27.5 
71 Ar Po.1B 




4-0.4 £83.90 




4-1.0 tei. s 


thar at yesterday's tender India sold to Strawberries— Calif dreUh: LOO: Italian: 




[277 r 

— . »CO Indicator prices for Jiay !2 ICLS. various trade houses- 80 JU tons at 8195 M 8 JO:- Spanish: 9854.49: Oslons— CbJIeJn: •Nominal. 1 UTOiwred. p iftty-June. 

It cents per pound): Cbfomhiau 3UU a tan ft* for July-Sept. Shtpment and Cases 4.004.50: Canary: 4.404.50: Dutch: «*»«■_ b AirlWttne. wJnly 


ArsMcas _ 

Arablcas 168.50 (W*3l. Robostaj 133J6 reports C. Czamikow. 
1 same ). ■ Dajly average 15L09 (15147). 






Market Reports 
Inter Coimnodities 


Specialists in Fundamental Research 

- To: Idler CntniturdHlM LM 

3 Clot tfa Avenue. Condon EC3N 4DS 

Telephone: 01-4BI 1101 

Please send me vonrMtfkcitoports t» f ■* Heeks^rrool Charge 
anti w tihoul obugallon. 



way at. 




+. 0 . 



4- or 



286. 7p 


i months. 

-ZSSJp i 


295. 7p 




500.9p 1 





.Telephod** ■ 




Morning: Cash £324. three tnonibs 
£S3*£. . 34. 3445, 344. Kext: Three 
mows £334.5. 34. Afternoon: Three 
“grabs £334. 33.5. Kerb: Three motaths 

£333.5, 34. — — »««na 

• Cm lft on- Tvtmwf t On nrartmc AoU wftlj fl tww commercial 

offltw riose^ tST^r foS. "l** to uew crop wheat. Mos of the 

other trades .seem u be ignoring the iwr 

msrfcaf . Aradf oolnM mnnwl haiwomi : 


19130 I same i, unwashed 1 70.009 tons od pricing ierma related to 2^b-3.«K Israeli: 4.304:50-, Texas: 4J0- v May-Jnly. 1 June-JoJy. xPer ton. 

1SSJ5 U5f.23i. other mild me while LDP for Scpc-Dee. ' shlpmeat, t - 4B - ’ Caeslcam s B pantab: Per pound - ' < 

“ “ - - 8-20: Canary: 6 JO.. Potatoes— Canary; 

:4J0:. Egyptian: 3,304.70; CypriH; 4.65: 

■ Jersey: 2Mb OJffl; Valencia: 4^04.80; 

MaJorca: 5J9-5.40. ■ Tm«aar-. Dutch: 

s.40-3.80; Carrots— Cyprus: L50: French; 

2Mb neits OJO. Nan res 264b boxes 230i 
Asp ar agus- Californian: Per pound 090 
1.00. Broad Bens— French: Per pound- 

PreT. 1 


Pro rt«a 


1 Clo»e 


Conn. | 

! • 1 

— i 

• ' 

maxket and values moved between u«t_ 

P«r taM.wonln, S.JTZ 7S 1 - 1 

“CH «* “ ounce jowbt go 6ari0 y reports AdL 

for spot delivery In the London bunion 1 

yesterday at 286 Jfo DA cent j 'V“ 

CQtdralents of the fixing levels wert: spot I BABLev 

Sfo-lc, down l.?c, titree-awmb 537 3c. 
down i.4c: six-month 536 9c. down lAe: M’dUiJ 

«nd.55Rlc. down 1.7c. The zncial opened — J l 

■I ffl^7-3»7.7p tSSI)32Iic) and dosed at 
SSTJ-SBBSp t6211-523c). Mpt, 



jYo-to^y* J 4- or j Yesterday' 

£ per tonne 

J08.00-M. nmjBfeUfr/Mlie-dijtt _ . _ . _ ’ ’ 

IW.BU+9.I0 W7AB+i?.^|«.an,755 Freddoe; PeWacs— Per 56-R). 

W. 93-12, ft 1)8.40- 10.46(1 11.90- TD.S6 S rWte '?S X MZ.Sa. I SMM Per 12 I W. 
129.00-20. tsflUJIa-iS.n i2S,i g.fins 5?* • ~ JM>W Beetroot — Per 2Mb 35D. 

)25.90.ii.O0hH,66.«*;ii|jta.i7S Carrew-Per bag 0.M-1J0. Pannlpo- 
Aut ||S0 1.3-S6.M1 12430-24 jtl [« 75 ji’tn -f fr 2V® 1.00-1.19. Oniony— Per 55-lb 2^0- 
ni*"- * t S \m Sr 24 - 50 3 Rhoharfr^-Per pound, outdoor 0.09. 

* ™ - Cncumherv— Per tray ll'lls 2.00-250. 

— Sales; .3.156 (J.6701 lots of 56 laimex. Mushrooms— Per pound 0-50-8 .50. Apples 

-1 Tate and Lyk? BMBfinery price for -Per pound Bran) ley's 6.11-9^9. 

J granulated baste white sugar was 04240. Tomatoes— Per 12-Q> English 3.20-3,40. 
l+04fl (same) a tonne for borne trade and Green*— Per erne. Kent 9.8(1, Caull- 
.+£■*■ £181.60 (£198.00) for expwt Hatecrs — Per 12 Lincoln L30. Ken| LSD- 

♦O- 4 ® intawatlonal Sa»«r Agreement: Prices 2- 20 - ■ Celery— Per 12/18 3.8M.50: 

_ . i+040 for May 23. U^. cems per pound fob and *4p«raw— Per bundle approx. Mb 139-- 

Bostnias done— Wheat; Sept. 85.45-8550. stowed Carihhean note Daily price 1M, ’ 1-5*. ■ 

?fov 87.75-87.45. Jan. 90^6040. March 15-day average 7M. — — 

B2^L53. Sales;. 97 lois, «u4ey: Sn>L 







+ U.M, 







1— . _ , , Dark Northern Sprue. No. 3, 14 DW . - : — 

LM E—TBn tbVff 147 (imi lots of W.OOO cent. May £27.50. June and July £96.75- Australian (Testrni'ya;**. rai 
3 Mt«^: Ttows months m 8:8. X7. mshipment East CossL SrassrWool Ghw — 

S. 3.7. 3-3. 3.4, 3J. 3J. Kerbs: Three Matee; U.S.,'Kreoch May £36L30, June * - ) 

w» i LONDON — DnD and Ibatureleis, reports 

' n e Bahhe. 

(Pence per kfM> . 








rnonthg 2914. 3.5, 3.7. 3.8, 3.9, 4a. C2. £186.00, July ElK^S transhipment East 
Afternoao; Three months 3M.2. B5j. 5.4. Coast. S. African White Jane-Joly DM 29 m., 

9.5, 5.8, 5^. 9J), 5.8. Kerbs: Three maaths Glasgow. S. AS) can ■Yellow June-July £80 r n ,'L'' r “ 

«5J. 53. 85, M£. Glasgow. 

* ■ Bar lay, 5orsbn?n. OsK All iu«U0(ea. jw^ber 

GRIMSBY FISH — Supply Bond Hd de- i0r “tl 5- AUreh 

«rara fair- Prices- a stone ar ship s side mlttog wbea: Clc»c«ter ^ EsfiJM6-B 

unprocessed: Shelf cud £3.30-c*J0. cod- ! ***__ "*£?*,. „ IBeJ9 - July @«.&48-0 , _ 

UiW|I1.5fc£3J0. tens- haddock UJ50J5J0. Phwctgr rg^ CT. Feed terieir: Humber- oemhar ,p47.0-S0.0 | _ 

medhnn haddock CJ.79J4.20, small had. w fh . 7 Soles- 4 lots. 

^« tt S SrjREn-Sa S «*.«&«■* topping 

plaice CL30J4.D4. skfoned dogfish (tenrel ratthansed. csmract. ^ ..4*1. — . — Swn eat. t«»» btb raw — . 

SIM. tincdhuni «jo. tenon gales (large) rfVTTniV tjba 

S8.00 wtafiim SLOO. fashs OJMUI. 4-UI AUlt. . 

■fir -Cotton. Uverpool— Spot and shlpmeru March 

PALM OIL. Leade n - M ay 309.09jfl.00. sales amounted to 33 uifiies, bringing the 360.0, 

300JM0.W. Ang. Wri; for the week so fir to 292 tonnes. 3819. 563.M63.S. ti OcL 36AO, 3IT4, it ' P« r,u q yetur. unmuiD ror resporffop Khtoment' 

.poultry rations was higher; .siath my nrm. ‘™ wus - 

Use of maize 
in UK feed 

By Our Own Correspondent 

- feed cut tbeir purchases of 
costly imported maize by almost 
a half in the first three months 
of the year. They used more 
home-grown wheat and .other 


ZS[ Way zqkmt h ^ 


248.20 1246.10 j 238.72 1 


(Base: July L 1952=100) 


May 25 22 Month ago| 

Year ago 

1466.9 1 14 82 .0 ] 145 2:9 ) 1861.9 
(Bane: September re. rea^ukti 




Slav ! 
Si \ 

Mav ] Month 

ZS ! *co | 



spot. ._ 

3 83. 85^358. B5360.5 ]! 





■ 23 


Month Veer 
qgo agi< 

Spte L’ommtv 


921. S 


(December 21 

L «5l 



DUNDEE JUTE— Qtrtet. Prices e and f 

389.ooaiUtt Sept. aa.QWM.oo, oa. 200 . 00 .- Lack of entonstee again chmactettetd Toal pales: 48. 

t; - 

”•? V 

U S Markets 

Gold price 
copper up 

NEW YORK. May 33. 
GOJ4) beta mr steady oa local buying 
‘2 “ l * c fo aM lto trf a coDstrnrilve price an 
the U-S. goto auction today. Stiver closed 
higher la symsaihy with gold. Copper 
mushed barely higher as speculative 
protfo i aktiiK weighed on the market. Cocoa 
cased on light arbitrage and comnusstan 
bouse sribug. 

Cocoa— July 105 J?5 (136.50). Sepi. 131J5 
Warch 125. 25. May 
F 3 — ?• JOT 1213S, Sc pl unwxM. Sales; 
800 lots. 

Coffee—- C ■■ Contract May 179:00 
lrj.lSi. July IGSJO-lttM (191.85). Sept. 
la.ra, D:-c. 148.69. March 137.50- 139. IW. . 
May 1X3.00-1.48.00. July 131.00, Sept. 137. on: 
^9.08: Sales: 579 lois. 

Copper— May 61.90 18I.8O1. June 02 09 
81 JO). July 62.50. Sept. 63.70. Dor. 65.30. 
Jan. 6550. March 66 -SO. May S7A0. July 
8S.SO. Sept. 69.90. Dec. 71.30. Jan. n.BO, 
March 72.S0.- Sales; 7.608. lots. 

Cotton-— No. 2 July 6J.00-61JS (61.4J), 
OcL S2 JO-62. 695 (63J5). Dec. 64 J5-R4.37. 
March 83.05. May S5.7S-65.n, July 68J15- 
Oct. 65.75-6S.00. Sales: 465.000 bales. 
•Cold — May ni.30 (179.40), Jane 1S1A0 
(179.901. July 193.00. Aug. 1S4.40. 0«. 
W7J0. Dec. 169.30. Feb. UUt. April 
190.38. June 19S.10. Aug. SM.90. OCL 3)3.70. 
Dec. 286.80. Feb. 308.50. Sales: 7500 low.. 

TLartl — GhlrasD loose not available. 
Hear Tort prime steam 24.12 124.00 omu l. 

tMate— May MOl-OSl (237). Sem. 2K4-. 
282 <255}). Dec, 268-265}. March 2721-2721, 
May 275J -275. July 276. 

. SPValiraim— July 251L30-13250 1248.58). 
Ort. 251^0-232.00 I387J8). Jan. 252.00. 
April 253.00, July 254.70-254.90. Oct 256.70- - 
336.80. Jan. 2oS.nWSSJC. Sates; | .979 Jots.- 
fSUver— May" SX0S0 (516.40'. June 300 *8 
<517.401. July 504.30. Sepr. 561.30. Dec. 
542.70. Jan. 546.70. March 534.S0. May 
563.00. Jmy ST1.50. Seni. 590.16. Dec. 
593.30. Jan. 597.SP. March 607.00. Sates: 
18.000 . faHA . 

Soyabeans — July 717-713} <7061 1; AUK-- 
■08-705 1635}). Scot. 675-675}. Nov. 64*. 
54L JAn. G4844B, Matt* 6SM5«. May 
857 }. July MU. 

I Soyabean Meal — July 1SO.58-1S0J0 
fl79J»J. Aug. MB JO 1 179.001. Sept. 175.00- 
178.20. Oct. XP4J0. Dec. 17L 60-172.00. Jan, 
Irt-TO. Mart* 173.38. May 174J0. 

Soyabean Oil — July 27. 10-27. M >36.87), 
.4U8. 26-30-28 .'40 (25.051. Sept. 2S.50, Oct. . 
2490.34^6. Dee. 24.2fr-S4.i5. Jan. 13.75-' 
23.68. March a.«fr23.65, May 33.45-23.50, . 
July 2S.154B.2S. 

Susar— No. 11: July 727-7.33 i7.38), • 
Sept- . 7.56-7.3S 17.571. OCL 7.7D-7.72. Jan. 

6 «M40, March 5.46-S.4S, May 8.60-S.SI, : 
Jiffy BJBWJI. Sepr. 9.00 . ocl 9.10-9.15. . 
Sales; 4.690 tela. 

Tin— 527.00-325.08 asked (S34.W-5U.M 

**Whe«t— July. 333-334 132311, ScpL 335- 
3Mi i23C>, Dec. Md-in). Mart* MI-343, 
May MIMC. 

WINNIPEG, May 23. trRyo— M^y 107.45 
bk) 1 195.60 1, July 107.40 bid 004.00 asked), ' 
OcL 106.45- 10SOT Md. Nov. 108,00 bid, 
Doe. 1O7.S0 bid. 

ttDhto— May 8750 fsatooi, July 82j& 
asked <81.70 asked). Oct SO.DO bid, Dec. . 
78.60 tnd. March 15.40. . 

ttRarlOT— May 82. DO bid 1 90.00), July 
32.10 180^0). On. 8L0S Md, Dec. 79 JO 
Md. Mart* 60.00 bid. 

SSFIaated— May 256J0 bid 056.00 bid), 
July 259.00 asked (some), Oa. 35S.30. 
NOV. 255.80. Dec. 235.60. 

a^ffheat— SCWRS 13-5 per cent, protein 
content ell SL Lavne&ue W6.T0 nca.m. 

AH cents per pound ex-warehouse 
unless otherwise stated. ‘W per rroy 
ounces— 1D0 ounce tow. 4 Chicago loose ' 
Ss per 100 lbs— Dept, of As. prices pre- 
vkus day. Prime sicam fob, Ni" bulk 
tank rare, f Cents per 56 lb bushel ex- 
warehouse. 5jno fauabel lots, tsa per 
im ounce for SO oe units of 999 per 
cent purify delivered NY. ” Cems per 
rroy ounce cx-warcbousc. ;j New B " 
rontract In Ss a short to a far bulk lots 
or 100 sbon tans delivered f.a.fa, ran 
ChicSKO. Totedo. St. Laois and Alton] 

“ cents per 60 lb bushel, in Hare 
1+ Cents per 24 lb bushel jj Cpb(* ~, r 
is lb barbel ex-vrarthause. 08 Cunts net 
36 lb bushel ps- warehouse, 1,000 
lots. 10 SC per tonne. , 

■I ■ 

“Financial 'Times Wednesday "May 2k 


/ jI s* 

Re-activation of long tap stabilises 

Equities subsequently overshadowed and early 

Gilt market 

'ly gains pared 



W U 

Account Dealing Dales 

•First Declare- Last Accoont 
Dealings tions Dealings Day 
May 15 May 25 May 26 Jnn- " 
AlavSO Jun. S Jun. 9 Jim. 20 
Jun. 12 Jun. 2Z Jun. 23 July 4 

* " Hew time ” dealings may take piece 
from SJO a.m. two business davs earlier. 

Renewed early enthusiasm for 
the industrial leaders was soon 
overtaken by events in the Gilt- 
edsed market yesterday when l he 
Government broker took the sur- 
prising action of re-activating the 
long tap nt a price V* points 
below his last soiling level. This 
development immediately lent 
support to sentiment which has 
recently been .strained by money 
stock and other economic financial 

Leading equities experienced a 
revival of institutional inquiry in 
the opening minutes of business 
and. although the demand was 
relatively modest prices were apt 
to respond rather quickly, illus- 
trated by the 4.5 rise in the first. 
10 am, calculation of the FT 30- 
share index. 

Thereafter, the funds became 
ihe main topic of conversation 
and interest in equities faded 
progressively pending trading 
statements from BOC Internationa! 
i interim today t and from Imperial 
Chemical Industries, Courtaulds 
and Beccham tomorrow. The two 
In «t -named are due to report pre- 
liminary results, while ICI has 
first-quarter figures scheduled. 

The effects of the later in- 
activity — official bargains totalled 
4.953 ns against 5.SS5 a week ago 
— were illustrated by the gradual 
erosion or the early rise in the 
index which was finally only a* net 
I.S higher at 470.S. Scattered high- 
lights were provided by companies 
making trading announcements, 
while a feature after the official 
close was the Tenneco offer for 
the shares of Albright and Wilson 
not already held. 

a penny, but the BP 900 series 
provided strong exceptions with 
July 6 better at 2Sp, October 10 
up at 53p and January 8 firmer 
at 74p. Business fell away lumber 
to a total of 307 contracts. 
Quirtflulds attracted 142 deals 
followed up by ICI and Lund 
Securities with 47 apiece. 

A fairly well-balanced two-way 
business in the investment 
currency markeL restricted the 
premium to a narrow ranee and 
(ho close was a net 1 harder at 
lilj per cent. The conversion 
factor was 0.6782 C0.67S91. 

Home Banks better 

Long tap surprise 

The authorises - action in rc- mg the long tap lower 
down was a remedial move for 
Rrilirh Funds. Recently weak on 
doubt.- nbou i tile Government's 
ability to fund following dismal 
money supply trends, the market 
look heart from the surprise 
decision to ■wll supplies or Ihe 
t:ip Exchequer 12 per cent 1998 
iil6.T-p.nidt at 63;. or 1J beneath 
the level established only a week 
ago. The price of 63J was later 
withdrawn and a limited amount 
was subsequently sold at S3? 
as ihe tone of the market im- 
proved. The shorts especially 
enjoyed busier conditions, pre- 
sumably on the hope that the 
price of the lap a I this end could 
also be reduced, but finally lost 
impetus and settled with rocover- 
ir° extending lo l. after Similar 
movements were n-rorded in 
medium and longer-dated issues 
at the close. Corporations 
followed in the wake, staging im- 
provements ranging lo 5 and 
recently issued Fixed Interest 
smeks were al>o better. 

Infrequent price changes in 
Traded Option.- rarely ex'/.'eded 

A dull market of laic on fears 
that the Bank of England may 
reimpose corset restrictions on 
hank lending, the major clearing 
Banks staged a useful rally 
yesterday. Quota lions opened 
higher and continued to make 
progress following the announce- 
ment that Nat West’s personal and 
other loan interest rates are t«* 
be raised by one nor cent from 
today. Closing levels were around 
the best of the rfav; NatWcxl 
ended 8 dearer at 27fin and Jllrt- 
land gained fi to 36fin. while 
Barclays and Lloyds both finished 
5 lo the good at 340p and 27fin 
respectively. Bank of Scotland 
also firmed 5. to 29f*n Australian 
issues picked un with National 
Bank of Australasia fi better at 
232 p and ANZ 4 harder at 2!>4p. 
Among Merchant hanks. Kcyser 
Ullmnnn held at 46p in front of 
today's preliminary rc.Milts. 

Insurances plotted an irregular 
course in thin trading. In front 
of today’s first-quarter figures. 
Phoenix softened 2 to 236 n. Sun 
Alliance added 4 at 534 p. afier 
53Rp. as did C. E. Death, to 290n. 

Breweries edged higher in light 
trading. Greene King rose 4 to 
2n2p. while Allied. 89p. and Bass 
Charrington. Ktln. put on 2 
apiece. Grecnal! Whitley, at linn, 
regained 3 of the previous dav’s 
fall of 5 which followed the 
agreed bid for James .Shi ns tone. 
Elsewhere, Highland improved 4 
to Hftp. 

Buildings had a quiet session in 
which A P Cement moved to 255p 
in early dealings on the go-ahead 
for a 5 per cent, increase in its 
prices before ending only a penny 
higher on balance at 249p. Late 
demand left Tilbury Contracting 
S dearer at 282p. but other Con- 
tracting and Construction issues 
closed with only marginal im- 
provements. Pnchins rose 14 to 
14 Ip on buying interest in a thin 
market, while "Wet tern Bros, put 
on 4 to 6lp ahead of Friday’s 
preliminary figures. Press com- 
ment prompted a modest 
improvement in J.E. Holdings to 
68;p. but Manders eased 2 to S4p 
after the chairman's remarks. 

Dealings in Albright and Wilson 
were suspended lafe at 123p pend- 
ing the announcement of the 
Tpnneco bid of 165p per *>hare For 
the equity not already owned. 
Despite the chairman's optimistic 
remarks, Flsons eased S to 362p. 
while a contracting statement 
from the chairman of Ijipnrie the 
previous day left the shares 3 

lower at J02p. ICI moved higher 
to S76p on upgraded profit expec- 
tations for the first quarter, due 
to be announced tomorrow, but 
eased later to close just a penny 
better on balance at 373p. Else- 
where, Crystalate eased a penny 
to 27p. but Stewart Plastics found 
further support in a thin market 
to firm 4 to lotip. 

K featured Shoes with a rise of 
5 to Bap in response to the nearly 
doubled first-half profits. Leading 
Store* failed to attract business 
and closed without much altera- 
tion. Elsewhere. Vernon Fashion 
encountered profit- taking and 
shed 5 to 137p but Helene or 
tandon edged forward a fraction 
to ISp following the chairman's 
confident remarks about future 

Philips' Lamps figured promin- 
ently in Electricals, rising 46 to 

modest gain. Wheatshcar Distri- 
bution rose 6 to 193p in sympathy 
with an improvement or 2 to I30p 
in bidders Lin food: the latter's 
offer is not to be referred to the 
Monopolies Commission, has 
been declared unconditional and 
extended until June 6. RHM 
edged forward a penny to a 1978 
peak of 34}p, while pains of 3 
were seen in Associated' Biscuit, 
81p, and Robertson Foods, 150p. 
William Morrison, which were 
quoted ex the scrip issue on 
Monday, rose 3 to 78p. _ 
Miscellaneous Industrial leaders 
reacted aCler a firm start to close 
mixed. Investment demand ahead 
of the preliminary figures due on 
June 16 helped Pllkington improve 
6 to 478p, after 477p. while com- 
ment ahead of tomorrow's annual 
figures left Beecham up a penny 
at 656p, after 666 p. Metal Box 

'120 i 

F.T. -Actuaries Index 


1977 . • 1978, > Y*K. 


9lSp on renewed investment 
demand. Louis Ncwmark were 
supported at 178p, up 8. while 
other firm spots included MK 
Electric. 4 better at 184p, and 
Decca. 5 to the good at 460p. 
.. John Brown continued to make 
progress in Engineers, fresh in- 
vestment and speculative support 
ahead of forthcoming annual 
results enabling the price to 
record a 1378 high of 36Gp be- 
fore closing at 4 dearer on 
balance at 364p. GKN hardened 
3 to 2G4p following Press com- 
ment and Hawker closed 2 up at 
2l4p. Vickers, on the other hand, 
touched a 1978 low of 169p 
before closing unaltered at 171p 
with sentiment unsettled by the 
chairman's disclosure in the 
annual report that the group Is 
cutting projected capital spending 
for 1978 from £30m to around 
£20m because of delays in 
nationalisation compensation pay- 
ment. Elsewhere, publicity 
given to a broker’s adverse 
circular prompted Renold lo ease 
3 to 129p, but Press comment 
following the previous day’s 
speculative gain of 4 left Victor 
Products 2 harder at 130p. M. L. 
Holdings picked up 4 to U4p and 
W. G. Allen, in which Brockhouse 
has recently acquired a 14.8 per 
cent, .stake, hardened 2 to 56p. 

Foods had the occasional 

picked up 4 at 304p and Glaxo 
hardened 3 to 583p, after 5S5p, 
but nervous small offerings in 
front of today's interim results 
prompted a reaction of 1) to 73p 
in BOC International. Elsewhere. 
Tnrifeam National Glass were 
prominent at 298p, up 13. in res- 
ponse to the higher first-half 
earnings and accompanying en- 
couraging statement concerning 
second-half prospects. Higher 
annual profits and the proposed 
one-for-three scrip-issue left 
Leisure Caravan Parks 4 higher at 
I20p. while Hunting Associates 
gained 5 to 235p, also following 
a favourable trading statement. 
Buying ahead of tomorrow's 
resulis led to a rise of 2 J to 22 jp 
■ n William Press and William 
Baird, at ISOp. recorded a Press- 
inspired improvement of 6. A 
firm market of late on the sale 
lo Black and Edgington of its 
i la i Icy Caravan Group subsidiary, 
interest revived in J. F. Nash 
Securities which moved forward 
7 to llop, while Coral Leisure, at 
J08p, retrieved the previous day's 
loss of 5 which followed a week- 
end Press report stating 
casino revenue is on the decline. 

Commercial Vehicles provided 
contrasting features in I’lax ton's 
(Scarborough). 4 better at 75p on 
the substantially increased first- 
half profits, and York Trailer, 
which fell to 61p on selling by 

short-term- holders following the 
profits warning contained in the 
interim report before closing 3 
cheaper on balance at 64p. Other 
Motor issues were quiet and little 
changed. Turner Manufacturing 
were suspended at I24p at the 
company's request pending an 

Thomson cased 10 to 248p in 
late dealings on Monday and 
traded at the lower Level through- 
out the session. Elsewhere. 
United Newspapers improved 6 
to 3a6p in after-honrs dealings. 
Still reflecting satisfaction with 
the capital reorganisation pro- 
posals, W. N. Sharpe improved 5 
more to 205p. In Paoer ''Printings. 
Wnce Group firmed 3 to 48p, after 
50p. following the annual results 
and SO per cent scrip issue. 
Despite lower annual profits. 
Transparent Paper held steady at 
66o. McCorquodale put on 5 to 
2B7p on buying ahead of the hall- 
vearlv statement due June 7 while 
Finlas found renewed support 
and, in a thin marker, closed 4 
higher at lion. 

Leading Properties performed 
reasonably well in an imn roved 
trade. Land Securities. 20$n. and 
ME PC. 12+p. both closed 3 better, 
the latter ahead or the interim 
figures due to-day. English Pro- 
perty added a penny to 3TJp and 
Great Portland B to 292n. while 
Peachey firmed 3 to Sip en- 
couraged bv the near-completion 
or the sale of the Park West 

Siebens UK erratic 

Oils were again quiet, but 
British Petroleum improved 10 to 
be 886p on Wall Street advices 
and Shell firmed 4 to swSp. 

Burra ah however, became an early 
active feature on Canadian buying 
and Press comment and closed 2 
higher at 70p. after Tip. Ultramar, 
3p at 281p. traded quietly ahead 
of quarterly figures due today, 
white higher first-quarter profits 
left Tricentrol fi better at lS4p. 
Oil Exploration firmed 12 to 246p 
on small buying, wbile Siebens 
UK touched 424p in volatile trad- 
ing be Tore closing 12 higher on 
balance at 406p: the announce- 
ment of an oil discovery east of 
the Shetland Islands by Chevron, 
in which Siebens has a 40 per 
rent stake, came well after market 

United City Merchants came on 
offer, the ordinary and 10 per 
cent loan both losing 4 apiece at 
the common level of B6p on fading 
bid hopes. Dealings were re- 
sumed in St Kitts (London 
Sugar) at 195p compared with the 
latest mark of ITOp following the 
agreed bid of 200p cash per share 
from the Australian company 
Industrial Equity Ltd. 

Investment Trusts adopted no 
set pattern. Rights and Issues 
Capital hardened 2 to 29p, while 
Clydesdale Investment B. 75p, and 
Stanhope General, 104p, put on 4 
apiece. Camellia Investments, a 
speculative Favourite of late, gave 
up 4 at 246p. 

Australians rally 

After losing ground in early 

dealings following profit-taking In 
overnight Sydney and Melbourne 
markets, Australians staged a 
good recovery in the laie trade. 
Buving was mainly centred on 
the base-metal producers follow- 
ing the further rise in metal 
prices on the London Metal 
Exchange. „ _ 

MIM Holdings were finaUyg 
better at 204p. after being IWp 
In early dealings, while Bougain- 
ville dosed a similar amount 
higher at a 1978 high of I2Qp, 
after 117. _ - 

Among the more speculative 
issues. Northern Mining featured 
with an advance of 13 to a peak 
93p reflecting the company's o per 
cent holding in the Ashton joint 
venture which is exploring for 
diamonds in the Kimberly’ region 
of Western Australia. On the 
other band, Conzine Riot into, the 
major participant in the join! 
venture, eased 2 to 22Sp. 

Other speculative stocks to 
move ahead included Geometals. 
which rose 4 to I4p, following the 
company's embarkation on a 
AS 100.000 exploration programme 
aimed at finding an extension of 
Kalgoorlie's Golden Mile. 

South African Golds also came 
to life after a dull start. Prices 
tended to drift in early trading 
despite the firmness of the 
bullion price, which was finally 
SI. 75 higher at $181,125 per 

However, as news of the bids 
for the U.S. Treasury's gold 
auction filtered through, buying 
orders, particularly from the U.S., 
enabled prices to pick up. 

The buying interest, however, 
was mainly confined to the high- 
quality issues and the Gold Mines 
index, down 0.1 at 155.1, reflected 
the overall state of the section. 

In the heavyweights. West Drie- 
foutein were particularly sought 
and closed a half-point higher at 
a 1078 high of £211. while rises of 
J were common to both Harte- 
hecst, £I3j and Western Hold- 
ings. £171. 

Financials were generally sub- 
dued. In South Africans, UC 
Investments rallied in 'the late 
trade to dose 4 higher on balance 
at 20Sp. after 201 p, while De 
Beers fell 4 to 352p. 

Among London -domiciled issues, 
r:» Tiuto-Zinc responded to the 
continuing firmness of the copper 
price following the Zaire fighting 
and the shares put on 3 to 214p 
in front of today's annual meeting. 

Uther copper shares la register 
sharp gains were Messina, 9 better 
at S9p, and Minorco. 7 to the good 
at a 1978 high of 168p. 

OonmaeoL See* 70.S#, 

PUvdlntWBrt 71 ‘ B7 j 

Industrial Ordinary— 470,6j 

Gobi Mines. IfiH.l' 

QhL DIt. Yield 6.59; 

Bamlnj^ridXffoIbC) W.98j 

P;B Berta (iwriCD T.OOj 

Dealing! mxrkrd j 4.935; 

Equity turnover . | 

Equity bargain* •tottl..’ “■ ! 

70.39 70-19; 70.43 
71.97! 71.7«j 71.99 
470.$' 468.8; 470.6 
IfiH.l' 153,31 163.2 

70.46! 70.»7| 
71.99| 72.32J 
470.6* 480.91 

151.3 I'M.! 

17.04) 17.02 
7.85] 7.86 

6B.46j 83-38) 88-281 

14.083! 16.084! 18.8461 

25 MU. «T3J. U un. 47UL Noon *13 0. 

S pa. 47U. I P-M- 471.5. 
Latest Index (MW ML 
■ Based on a per ceoL corporation ux. 
Bade 100 Govt. Sees. ia-10/M. Fixed lot- IMS. 
Bflncs 12, l.’SS. SB Activity July-Dee. !*«. 

18.75) 15.U 
7*»9| 9.87: 
6 - 8a *j 0,989' 
87.80lj 89.48 
17.935) 17.64S 

t M=T.7t 

Ind. Old. l/T/K QqM 


“j WTO iVince CcinplUitR** | 




























E3 a 

— Dniljr 
Indualnqe ._. 
T.Haln--— . . 



Iniliin trixlo... 



160.4 | 17l,e 
175.2 I 188.2 
■ 89.7 I 37.8 
112.7 119J 

152.8 164.1 
189.5 1B7.8 

38.6 41J3 

119.9 124.2 


First Last Last For 

Deal- Deal- Declara- Settle- 

ings ings Hon ment 

May 23 Jun. 6 Aug. 17 Aug. 30 
Jnu. 7 Jun. 20 Aug. 31 Sep. 14 
Jun. 20 July 4 Scp.14 Sep. 28 
For rate indications see evd of 
Share Information Service 
Stock favoured for the call 
included Dunlop, BP, Heron 
Motor, Bryant. Burmah Oil, 
P & O Deferred, Mount Charlotte 

Investments, Lad broke Warrants, 
Williams and James, Queen's 
Moat Houses, Harks and Spencer, 
Eagle Star, L and J. Hyman, 
Let reset, British Syphon. Cons. 
Gold Fields, Fodens, BSG Inter- 
national, Vickery and UDT. A 
pul was done in Dixon's Photo- 
graphic. while doubles were 
arranged in Heron Motor, Lofs, 
Queen’s Moat Houses, English 
Property. Ladbroke Warrants and 
Burmah Oil A short-dated call 
was transacted in Polymark. 


The following securities quoted In ttic 
Slwc tmormation Service yc&terdjy 
attained now Nlghs and Laws lor 197B. 

NEW HIGHS (107) 

BANKS (1} 

8CCRS (21 
FOODS (3) 


SHOES til 

OILS ,3) 

MINES <8i 


Birmlngnain 9 nc '79-SI 


Bowthoroe Philips Finance Mk 

Djnlcs Gowprton Vickers 

Green's Economiser 



Uid. Real Proa. 


Archimedes Inc. 



British Funds 

Corpus.. Dorn. and 

Foreign Bands 


Financial and Prop. . . 



Mines - 

Recent Issues 

Up Down Same 
TO — b 

S 2 31 

369 22b 

177 54 2» 

10 > lb 

6 18 lb 

31 44 43 

S 2 IS 

Total* 613 34i MW 









marks price f p) 

on day 



Sh^n Transport ... 




+ 4 







+ 10 



Marks Jt Spencer 







Burmah Oil 




+ 2 







+ 1 



BATs Defd 







GUS “A" 







Barclays Bank ... 




+ 5 







+ l 



Corn! Leisure ... 




+ 5 










Grand Mel 




+ 1 



Imperial Group... 




+ § 










Lucas Imls 




- 1 

3 IS 





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Swiss jnd foreign com- 

Full confidence and discretion 

COLNAGHI. 14. Old Band Street. W.t. BROWSE & DARBY. 19. Cork St- W.l. 
BRITISH AND FRENCH PRINTS I9tl>; FORAIN Mon.-Fri. 1 0.00-5 30. Sat. 
and 20th Century and L S. LOWRY ! 10 00-12.30. 

n 'in.'s IN San .'nT' 30 /^ o? V 49I V 74M' ! SLOANE STREET GALLERIES, 158 Slojrr 
9 30-6. San. 10.1. TCI. 01-491 7408. | W1 _ Modern na wings, sculptures 

and graphics by interesting International 
artists. Wide range ol prices. Tues.-Fri. 
10.00-5.00. SatS. 10.00-1.00. 


3 rue Pierrc-Fatio, 12004 Geneva 
Tel: 34 OS 10. Telex: 23JC 




Cnmnerciat Sr Industrial 
Pn>:v riy 4 v» 14 w* 

K -nit ai:.»i I’rupi-riy ".ini s no 

Anpuurmi'ni* 4.3o 14.00 

Ku'm.-'S Sc Investment 
•ipporiuniiii'i (torporation 
Lejiis. Proiiuviipn 
<’_i 1 1 j . i : >- Kusi n > . sses 
I ..r S VVjim-d 5 2S 16 00 

l .»n Mo:..:s 

• m:ra..i« L 1. r.d t». 

1*. ; final. <l.iiil- n.ns 4 2S 13.00 

! I ar.J Tr:i\.: 2.T3 HI on 

7.- mi. i’uhii.h. r' — 7.IVJ 

Premium pesitiuns available 
(Minimum urc 40 column cmi.) 

U.SD per single column cm. extra 
I ..r |-ir|ll..-r i/i I' ll-lllf |M. - 

Classified .Vdvertisenient 

Financial Times. 

10. Cannon Slreci, EC4P 4 BY. 

.U 1979 

In tlir mull COUHT OK JUSTICE 
ilajiLviT Ditiiiiwi ConiDanl's t:.itirt. f.i 
LIMITED and id ihe iljti-r of TJn- 
nunip:imt'5 A'-i ins 
Pi-ntlon for lit.* u' indict up of the jhnve- 
nnniiHX Compan? bv tin- IHub Couri of 
Justice was on the ILTh day of May 
I9TS. prca.«i:.d to ihe xald Conn by 
reKisrcri-d nOl.-e H stiuaie at 3 B..dfonl 
ChantlPTs. On-Mii Gard-.iL London. W.C.J. 
and that lh. slid Pelilinn i> direcleri 
to be h-ard b. (or> th-; Court sunns at 
the Kuval Courts ul Jiistlev. Strand. 
I-ondon WC2A ILL. on Hie ISth Uar Of 
June I47N. ,md lnv iTedlinr or eonirl'iiimrr 
of Ihe said Cuniuatu (IvUniiis nippurl 
nr oppiWi. 1 IOl niaKmu of an Ord-r on 
the sjid Pi-tit nut may at ihe 
ilnh 1 of h.-anna in person or br his 
Counsel ter inai onrpn>r-: and a eopv 
or Ihe P.-! it Ion will b.- iiirninhed by the 
undrrsluni.-ri iu any msliior or canlnhumn 
or Ihe- said Company reomnnu such cop-, 
on pavtni-m or the recnlaied chars..- for 
Lhe aann- 

ri !<■ New Riirlln"Ion Street. i WIN 2PV. 1 

.Snhcitnrs to lhe P-ritiAn.-r 
JIPTE — \ny person utio ini.-nds m 
. tpp'.'ar "n ill-, h-’anna of [ft.- staiii F.-i;lion 
iniisr «rv.. on or simmi m im in ih. 
abovon'ilil* •!. imine in wrihna of hi- 
inientiMi ,n m .|n, Tb, noit-.c- imisi siaiv 
the narr • and'-j «f me p. rs«n. or. 

II a firm tli— ind nddr. -- ol lh. 

firm, and inu-.i he sikm.-I hy rhe person 
or Hrnt. nr h.^ nr th.-ir Mlu/lw .ii any >. 
jilri Ulus: Ii- s- r'.v.l or. if pe*I. J lilu-T 
i>. sent he in suiiii'i- in. unie in , 

n-at'h ihe jimc -n.nn. ii mu |j:.-r tli.e. . 
r.iur «V‘riU- ir. ihe jfl.-rnoun of the ! 
91h day of June lilJi. 




beautifully sited res. facing S. 
across 5waledale I vacant posses- 
sion) plus adj. tenanted farm 
25 acres, HARKER VIEW 
HEALAUGH — 2 bedrmd. period 
cott. in upper Swaledale Village 
& ideal for holidays or retire- 
ment (vacant possession). For 
Auction 7th June. Full details 

DARLINGTON. Tel. 62633. 















■ •fter 










884 j. 



103 ' 












105 . 










O-m. Untiiii 






Zli* • 



I'niii. Union 


41; . 




131* < 


I'lHIH. li.l'll 






311* • 



fi.nt-. linlil 
















122 P 


















1 'idirLnnlii. 




















24 1 














1/nm.i JIM. 


16ij ! 






Ilnn.l Mol. 


81* , 






(iruDil JJoT. 


4 I 













6B i 





24 | 




38 [ 




si* ! 


17i = 




I.3I1.J Set'*. 




37 1 



Let nil NV6. 








lyinrl Shmti .. 


5 | 






Martin X Sjt. 


19 i 






Mm K-. .V >(.. 


61* [ 




15 • 


Mnrte a 


n, ! 




8 i 

41 it; II 


73 | 



102 | 




550 . 





60 1 


600 , 





32 • 




: 20i 


76 ! 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the FacHlty of Actuaries 

EQUITY GROUPS Tues., May 23, 1978 

Fri. Thu it Wed. Year 

May May May ago 

19 IB 17 lapproxi 


Earning] Du- P.E , 

Figures in parentheses show number of < JgJ ( Vicld^ YTeW-t Ratiu | 

stocks per section % Corp. at 34%) Corp. 


Index I Index I Index Index 
No. 1 No. | No. No. 




I ou'-bi-dra.injud modern 
lii.'o... Idiin... 4'ninn-rontn V,ri:h.-n. 
> linfcr-M.-n bj.'hr.wm. Gj< C1I. Laroe 
y-Mir-lifUrMiriL,! nio-'.-rn d..-lai*i,-d hot.. 
■fi*r)-ii,- uarj^- MQ»tl>.-d wardens. Eaxv 
.ux. i M tv. '.I*. 


■T - '7 5 ^ 


I ri,i- =— ' ],— 

~ H I Kb i lam- 

= 2 I I i'l S- ; S5 x- 
7t- + n t| — 3 = ;,si / j 

i i i|i 



BRACKEN HU USE. 10. CAN NUN Si UbfcTl . hLJP 4BY .... 

Telex: Editorial 886341/2, 883897 Adverliscnwnlsi: 885033 Telegrams: Floanlimo. London PS4 

Telephone: 01-248 8004 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 IU126. 


t'Vi III 


Amsterdam: P.O. Box 1296, Amstcrrtam-C. 

Telex 12171 Tel: 240 5S5 
Blnuingfiani: George House. Ge«rge Road. 

Telex 338630 Tel: 021-154 0922 
Bonn: Presshaus ll/HH HeussaUee ••10. 

Telex S869.VI2 Tel: 210039 
Bnwvcls: 39 Rue Dueale. 

Telev 23283 Tel: 512-9037 
Cairo: P.O. Bos 2440. 

Tel: 938510 

Dublin: S FjtzwHUam Square. 

Telex 5414 Tel: 78532 1 
Edinburgh: 37 George Street 
Telex; 72484 Tel: 031-226 4120 
Frankfurt: 1m Sachsenlaxer l*. 

Telex: 416263 Tel: 553730 
Johannesburg: P.O. Bus 2128. 

Telex 8-6257 Tel: WS-7SJ5 
Lisbon: Praca da Alegrin 58-tD. Lisbon J. 

Telex 12533 Tel: 362 508 
Madrid: Esprondceda 32. Madrid 3. 

Tel: 441 6772 

Manchester: Queens Hoase. Queen StreeL 
Telex 666813 Tel: 461-824 9381 
Moscow: SadoTo-Samutcchnaya 12-24. AdI. 11 
Telex 7900 Tel: 291 3748 
New York: 75 Kuvkeieller Plaia. N.Y. 10019. 

Telex 663 90 Tel: (212) 341 4625 
Paris; 36 Hue d:i Senlier. 73W2. 

Teles 220041 Tel: 236 5742 

T. m 




■ XiJ j 

K.P. ■ 


f.p. : 


f.K. r 



£5D ! 


r.K. | 



Xu 1 

tsaJj'Eio ! 

I Oludjiui. ln.ia- lu.i -4 Bna. Fn 

-VKA«!,lmer. hx|u».- Ini Fin. i'pnnlrte r£. 

1Q9( i Vrniiume (G.) LOlgi On.1 Cum. FreJ 

i iuQ| j.iriiuun- vrj Li«u. Vuui. KhI. in.i Kiel 

ij Z7 i i« Male,. I'J£ l«i. il-in. 

| Greenirl.^i ite.n. Uto. olf UJJ K«il. IW, 

: |<j : lllrniic* rJ.i sti Vmn. Krai 

: d7t2|KIUM>i ■’AS GUill. en 

'ij|un i Detent Ib^L'nv. L'na. Ln-lUSi 

j B ifynei W rut 12 ! „ Itei. l&fi 

. lUll.Wnrle Kmiprip. 10% IVn 


2 Buildi ag Materials (28) 

3 Contracting, Construction (28) 

4 Electricals 1 15i 

5 Engineering Contractors (Ml 

6 Mechanical Engineering <71 1 

8 Metals and Helal Forming ( 17) 


11 (DURABLE) (521 

12 Lt. Electronics. Rad to TV r 15) 

13 Househ old Goods 112/ 

14 Molars and Distributers (25) 


21 WON-DURABLE) 1173) 

22 Breweries (14)_ 

23 Wines and Spirits (Si 

24 Entertainment, Catering (17) 

25 Food Manufacturing (22) 

2d Food Retailing (15i 

32 Newspapers, Publishing (13) 

33 Packaging and Paper 1 15i 

34 Stores 1 30 1 

35 Textiles I2 Sj 

36 Tobaccos ■ 3i 

37 Toys and Games «6i : 

41 OTHER GBOL’PS 1971 

42 ChemicalaiWi — : 

43 Pharmaceutical Products > Ti — 

44 Office Equipment i 

45 Shipping ilOi 

46 Miscellaneous (55,i 


51 Oils (51 



62 Banks! 6) 

63 Discount Houses i ID)-.- 

64 Hire Purchasers) 

63 Insurance iLlfeiilOi 

65 Insurance iCompositei (7» 

67 Insurance Brokers l lOi 

68 Merchant Banks 114) 

69 Pro petty tail 

70 Miscellaneous!?) 

71 in vestment Trusts 1 50 1 _ 

81 Mining Financed)... 

91 Overseas Traders! 19) 



Rio dc Janeiro: Avcnida Pres. Vargas 418-10. 
Tel: 253 4848 * 

Bmue: Via della -Mercede 55. 

Telex 61033 Tel: 078 3314 
Stockholm: c-'o Sven^ka tin^hladet, Raalambs- 
vagen 7. Telex I76IC Tel: 50 6U 88 
Tehran: P.O. Ron 11-1H73. 

Telex 213634 Tel; 682698 
Tokyo: Hlh Fluor. Nihon Kelzaf Staimhim 
Building. I-D-3 Olemachi, Cbiyoda-ku. 

Telex J 27104 Tel: 341 3930 
Washington: 2nd Floor. 1335 E. Street. 

N.W., Washington D.C 20004 
Telex 440225 Tel: (202) 347 S876 


_ ... , _ ,1 ■ ... I • I ,U dUj. I >u dU| 

Bntish Government May I chance j To-day L978 

l,-iu - 1 = I.Vliitn, . i, 

I'ruvl I Ini if — 

«■: j > • Hu»ii 

luting m 

I l*ri.-v | — 

13;6| trTil^iin.lfiOiinijUtem Clipmi-nU 

«:a. a A3 ol 66>s I 4tJ iuiuwm u-.v.-n K^ur 
a La U.i j iL- ' 

C on 4 ' ! - i - h?,' 111 ' im'w'BrtlZr.™”'" 

; vi 1 [ OR k' J 3 7 |,ni ^pni teolnH MniuiurHring 

! A|, ( iJ3:6 oUpni e3^[>m - Hur Mi., 

Birmingham; George House, George Road. 

Telex 338650 Tel: 031-454 0932 
Edinburgh: 37 George Si reel. 

Telex 73484 Tel: (01-226 4139 
Frankfort: Im Snchcenlaaer 13. 

Telex 16362 Tel: 534GS7 
Leeds: Permanent House. The Head row. 
Tel: 0532 454969 

Manchester. Queens House, Queens Street 
Telex 666813 Tel: 061-SM 9381 
New York: 75 Rockefeller Plaaa. N.Y. 10019 
Telex 423025 Tel: f2131 489 8300 
Paris: 36 Rne du Sen tier. 75002. 

Telex 230044 Tel: 236-lfi.Ol 

Sha- d5i6i S2[ini ■ L^prr,' limt mrw Iln. idnt.Hh ... 

SU » I 4 US* -yii] .in 

luia lJ,r I3f ! [64 Turnei i Nmnl) 

5.6 17i7' 5 n pni| Ji|iiniU'pii,,i 

lGluin —1 

138 .... 

46;>m!— 1 
37^mj + 1 


B2 |+l 

ISO j 


Under 5 yean. 

5- 15 years. 

Over 15 years... 

1053 +0.13 - 

11591 +028 - 

120.09 +036 — 

Irredeemables..— 12735 +0.48 — 

All stocks. 112 99 +0J3 — 


Br. GccL Av. Gross Red. 







1 Low 5 years 

2 Coupons 15 years 

3 K years 







4 Medium 5 years 

5 Coupons 15 years 

B 25 years 



12 39 




7 High 5 years. 

8 Coupons 15 years 

8 25 years 

10 Irredeemables 



13 15 





Tokyo; Kasahara Building, l-S-10 Uehikanda, 
Chlyoda-ku- Telex J 27104 Tel; 595 4050 


Copies obtainable from newxas’rntii and bookstalls worldwide or on regular subscription 
from Subscription Department. Financial Times. London. 

IteBunrlaiion dale usually Iasi day (or dealing free of stamp duty, b FIkuks 
bas«n on Drospocnu eiduirtale. 0 Aowmed divideiid and yield, n Forecast dividend- 
covit bawd on previous war-* eamlnea. v Dlridewl and yield baaed 00 oroip-xlua , 
nr wbijr alDris) wtimaies for 10TO 0 Gmss r Figures a«un)cd, : Cnv«r iil*m-- 
for conversion of shares dm bow ranluns for dividend or ranRlnc only for restncied 
dividends JFia^na price in public in Ki-nw unlei-s oiherwue indicaied fl |£iw 4 
by lender, I] Offered iq holders of Ordinary shares as a “ nuhts." •• i-wu v 
by way of capiiaUaailofl. t* Minimum lender once. 9! Reintroduced. Issued 
in comvetinn wi<h reoraaiilsaUoa morscr or lahe-over llii ini induction. 1 Issued 
ia former Preference holders. ■ Alldimenl IcHcrs for fulbr-oaldi. • Pra visional 
or partly -paid allniraeni loners. * with warrants. 

Tueviay May 25 ».«.lny ! Fri.luy Thor*. Wol. ; Fn.lay Tear 

i *- ^ i “ar v ^ ur ^ \ «g> 

.s asyr. rw. Dtb a Lotus (lSi =,. 3 ,| :12 « 5 ,. M | . 67 . 72 „. S7 ; 57 . 87 1 j , 7 . M j M .„ 

16 Investment Trust Prers. (15) ..«j i 3 . 75 52JS a.t, i ».„! H .„| 

1 7 Coml. end Indl. Prefs. (20) 69.86 j i 5 .i 7 69.98 ,0.30 ,n.. 7 70 .4l | 7 o.6n ! 7 o. 32 ! msoj , 1.61 

London. EC4P 4SY. price Up. by Hn MpT Publlibors, the Flnaanal Times. Brack on Homo. Cunim Bred.. 

■ j. 


Financial limes Wednesday May 24 1978 

INSURANCE, property, 



Abbey Life Assurance Co Ltd. 

WSt Pbul't Churchyard, EC4. 

Equity PUnd„ ...... 

‘Eauity Arc 

Property Pd 

Selective Fund .... 
Convertible Fund 
Wwiit Fund _ 
ftw Properly 
Pena Seiecme .. . 
Pun* Rceurltj 
' IVnf Maiurrd 
IVrw Bquilc 
PPn-p K<t s«r 4 
VMxn Kd. Ser 4 
VEqutt? Fd Vt 4 
. VCnnv Fd Sor 4 



J5AS +0.3 

2R» *0 1 

B 73 025 _n 7 

1S3 +o'i 

JJJB 1272 ♦DY 

J&0 181.1 +02 

Eft |7j -oi, 

«5J M25 ^03 

S25 Jo-? -11 

1MJ 1M1 -32 

132 3 +0 1 
UI8 138 jB -1.3 

*34 35.2 -03 

me ues 40i 

(lOT.O 114 »0 1 ___ „ 

Bluatlon rtonoftll* Tuesday. G tS. Super Fd. 

Cenerai Portfolio Life Ins. C. jm p- hldnn8 1,4 

00 Bartholomew r> ar„i,K.„r- Management Ltd. 

Abbey Unit TsU Mgra. Lid. (a) 

72-W. Gat eh ouse Rd.. Avlcsbu rj K9S 5 W 1 

Ahhec Capitol [32.4 345 +011 4 OB 

Abbey Inrnmn .... B9 0 41.S “Oil 5 60 

Abho Ini Tsl Fd. (34 8 370 -0 1 925 

■w.ol+a-2 j.94 

Garttnore Fond Managers ? faKgl Perpetual Unit Trust MngmL? (a) 

r-a-oTi 111 KSEffi^/’T - 

^LoCp,«i...|«,7 43j| ::-J - ‘‘-WTjgeS:® d«££Wi ' Allied Hambro Groups la) tel 

Gresham Life Ass. Soc. Ltd. _ . Hamhrn H*e~ Hut inn. Brenlw.T’d. Essex. 

5 Prince of Wales Rd, B’mwth. QSE 707035 I ' ew ““Bd ins. Co. iL’.K-.l Ltd.0 01-568 361 or HrenU-ood i<J277 
”4“ Caah Fund _..]9bft 101.01 | — »«U»ik 1 House Southend SSJSJS iTJtCKssS Batinerd FUnd* 

I. S|. Marr Axe. £C3A 8HP, 

iti\mcnranTsi — 
RrilivO Tq 1 Are 1 
Com mod 1 fy Share . 
'liFirKail Tratt-M- 
HikIi Income Ttt. — E* J 







g {- Gill rtnd 1V&4 

Gi. Inll. Fund 120J 

<*3» Ppty Fund 96b 


+ 0? 




+1 h 


+ 0 1 




+ lfl 


+0 If 






48 Hart SI. Henley on Thames 048126868 

p-pwualCp.CLh |40 0 43 0) . | 351 

Piccadilly Unit T. Mgre. Lid.? (1 

U'ardctcHsr..#* Umdon Wall FC3 638 (UCI 1 


ptonoy Fd S.-r 4.'!!|l09.D 
rruviji Maj'Si v.i mm 

Alban)' Life Assurance Co. Ltd. 

SJ. 01.1 Burlington St. W I. 





Kiwi Key Ini Plan. 1375 
— Small i,Vi Fd 101.1 


Growth & sec. Life Ass. Soc. lid.? fS ! SSS9S d ZZT SB 

Weir Bank. Bray -an- Thamet. Berio. 082S-34284 GUI Bdsod Fd 182.9 

Flexible Finance— I 1X053 J I _ Con. Deposit Fd — 

tend bank Seat _ I 5471 I .....T _. 

Landbonk se*. Acc.|u4.4 117.* J — Norwich Union Insurance Group 

axn 1 — — PO Box 4. Norwich NR1SNC. 060322200 

Guardian Royal Exchange Managed Fund 12022 

1185 +Lol 
11X1 -0.21 


OFUetfliu. Ace 

»(!ld HonryFd Ar 

flntl MmvriLAcai 

Prop Fd. Ace. 

H'plelnv Ace 

Eouity Pl-n-Fd-Acc 
rttedl.PetLAec. . 
CVd_Mon.Pen.Arc ng. 9 

mnFWiAer. , . 

Vplalnv PetLAec. 

ABIEV Life Assurance ltd* Pe*.PiDwiS.Z: 

Alma Had, Alma Rd.. Relgate- Rei gale 40101. Pen. Prop. Cap. . 

' “ ' “ - Pen. Prop. Acc 






16*5 ..... 


MU .... 
1344 ..... 

1145 .... 



01-4373882 «®7*J Exchange. E.C5. 

AlffiV Money Fd. iSd 
ASJ.gniip Fd — noi 

Ajrej Steed ltd. 90.4 
AMEA’ Prop. Fd 965 ■ 
AMEV51 K-II'e n. Fd 97.2 

AlffiV MbLPml B'975 
Flmplan j9B5 

Life Assurance 

30. Uxbridge Rood, W.12. 






10U ...... 



103 .3 

Property Bondi 1174.4 

Hambro Life Assurance limited V 

7 Old Parti Lane, London. W1 01-4BB0031 

?**ed lot. Dep^— Q24.7 _ 

Eflulty 1765 US 

lyoperty-. 1609 169 

Mnna^tyJ Cap 1596 ycui 

Managed Act 1722 1815 ..... 

Overseas U9.9 i*t _... 

Gilt Edged ... 122.9 129.4 

American Acc. 10Q.9 Tp65 • 

Pea.Fl.Dep.Cap_ 1272 15J.I —. 

W7.B 155.6 

asu 2121 

2592 272.9 

1515| —I — Fixed fni* Fund p§6 

DrpOTh. Fund [UKi 

Nor. Unit May Is 

PM. Man. Cap. b062 

Pen. Man Acc 2644 

ftO.GUtgdc.Capv 1ZL0 
Pen. GUl Edg. Acc. 127 ft 

Pea as. Cap. 1234 

Pen. Q .S Arc. 139 ft 

Pen. DAf Cap. 




M64 — 

— Phoenix Assurance Co. Ltd. 

Allied In 

Bril Indg. Fuad 

(Crh iilne 

lEWi & Ind Dev. 
Hambro Fund . .... 

Harabro Acc -Fd 

1 Drome Fuads 

Hi«h Yield Fd 

Hifib Income - 

AH Ed. Inc. 

lalcraslloasl Fend* 
Imrraai lonal ._. 1255 

Kecv -it Amc rvea |M4 

PacHic Fund — [33.9 

SpreUllsl Funds 

Smaller Co. - v Fd B4.7 

2nd Sadr Co's Fd. .142.4 
Recovery Siis |535 

Invom** Fund . — » — jH-£_ 

Ins Acennoi jyf 8 

Inti Eienpt FBL — (B-5 
UilaiLTM iAcr.i__l» 7 
Gibbs (Antony) Unit To. Mgs. Ltd. 

23.BlamflrIclSt,EC3MTNL 01-58841 11 

faLLG. Income- — H-J 437«d ... I B 28 

iai A.C Grt-ttm -E J «LD) -O.S) 4 80 

lajA-aFarEsif-fSB Mfl.J 050 
Dealing Tubs. r**6ca 
Gov elt (JohntV 

77. London Wall. E.CJ3. 01-6685020 Aecum.Un«to 

S hWr.Kaylft M5» 

On. Accura. Unit -W56 17451 

Next dealing day Jane S 

Grieves on Management Co. JU4. 

59 Gresham SL BOPSDS. 

Bamnstoo May 17 Slr 
lAecum DaJu)— ■■-.^24.9 
BlgAH VcLMay IB .I1772 

Extra Income 


34 0, 


Small Co'« F4 „. 

n o 


,0 6 


Capital Fund. _ .... 




Inl. V^nr.AAsKClv. 




Private Fbnd 






Teehnetosr Fund. 



Far Earn Fd 

a j 

28 2 


Amcncan Fund-. 





4-5. King William Sl, EC4P4HR. 01-82B 9878 MeL Min & rdty. .. 09 2 

Wealth Am niu 11751 j — Overscan Earnings. 58 1 

EhV Ft. j _ E*pt.Sinlr.C»a_9l2115 

EbY. PtLEqX. ,(75J 7B.9I J — 

Anderson Unit Trust Manager* Ltd. 
Prop. Equity & Life Ass. Co.V 1S8 Fon church Sc EC3M baa 823Bzn 

119. Cravrfon) Street. WIH 2A3. 01-4860857 Aaderton U.T. (4850 52J0J | 4.43 

«*/ ■ 

Flex Money Bd_ | X4B5 

1 A crum. Units'-— 203 7 

Endear, May 23 1J7 7 

lAmna Units}—— 184 0 
Cm chair. May I*— 
lArenm. UpitM.— luLO 
LnJeBrtlx. May 17 .. 70.2 
iAccudi Unllai 172.8 

Practical Invest. Co. LULV (yNc) 

44, Bloonu-hurv Sq. WCIA 2RA 01-623 8SW 

Prxcucal Mu V n 11433 15731 ... \ Alb 

— J2D9.7 2225| .—J 456 

Provincial Life Inv. Co. Ltd.? 

222. Risfaopaglir*. E.F2. 01-347S83 

Prolific Units 181.7 S7S J 316 

High Income {UB.7 UtM.....| 754 

ai TZ% PrndL Portfolio Mqgra. LULV fnKbKCl 
4 26 Hotbora Bars, E3C1N 2.VH OM0992C 

PnidenUal D24 5 lM.Ouj+D.51 440 



Qu LUer Management Co. Ud.0 
The Sit Exchange, EC2N ) HP. 01-800 4177 

uAdmQL Gen. Fd. .11045 
adran I Ineome — )1245 

12 * ( 




- ~4 - 

Barclays Life Assnr. Co. ijh 

232 Romford Bd.E.7, 

Barelnybobda*^ 0232 

Pen. Mm Fd. Eq. 

Hearts of Oak Benefit Society SS" 1 *- 

lS-n.TarrUtoclt Place. WC1UBSM 015875020 

Hearts cd Oak JSM . 3*4) ._i - S3 ^Sp£3u. 

HiU Saxmral Life Amir. Ltd.V 
NLATwr.AddlseoabelbLCxoy. 01-8B843B5 Mooeyftad 

GlR-«dsed 109.* 

Property 1D2.6 

Msnaged iq*t 

Do. Initial QJ 

GUt EdgPenaJlcc... 942 
Do. Initial 915 


Units OSLO 

dries A - 100.0 



i»3 +6^ _ 


100.9 — 0.9I 

■H- 4 * 

Money Series A 9*5 

Fbped 1st. Ser. A __ *2.1 
fts. Managed Cap- 1385 
PnAManaendAcc.. 1455 
.GTeed. Cap 104.9 


Money Peas. Am. w. m.7 

Do. Initial |»7 2 

■Cmwd unit value May at. 

Beehive Life Assnr. Co. LhL? 

71. Lombard SL.EC3. 0VS2312B8 

BUt Horae Kay 2 — | 32825 ) J — 

' Canada Life Assurance Co. 

24 High SL Potters Bor. Herts. pjBar 51122 

r RecmLFed- Apr. 6— ] 1162 | _ 

“ ' OF. ''.Cannon Assurance Ltd.? . 

LOfrapicVy.. wembiey H abonb oi502B87« IJf * Assurance Co. lid. 

Equity Units (£16.93 


Pm Gteed. Acc lin? 

Pens. Equity Cap _ 95.0 
Pen*. Equity Aee„ 955 

Paa.FnUnt.CBn 955 

Paa-FwUatAct. W5 

Pens- Prop Cap— 955 

Pens. Prop. Aee |955 

imperial Life Ass. Co. of Canada 
Imperial Haase. GnOdford. 

Growth P«L May ip . 1725 

Pens. Fd. _J665 


S3 - 



vn. r 




116.1 , 

loot Zj 



Ansbacher Unit Mgmt. Co. Ltd. 

1 Noblest, ECXV 7JA 01^53 ffttd. 

Property Growth Assnr. Co. Ltd.* |««*. Monthly Ft,nd.l»*i ^ ......| ftM ^ ^ 

0)4800808 J Arboth not Securities Ltd. (aifc) Cap. G rest fa Inc. — 

r. Queen Sr tondiui EC4LR 1BY 01-238 9331 

reum. UnitxCT 

Wj% Wdrwiuta 
Prvlemrf FunX 

1 Actum. Untlsl 

Capital Fund 

Commodity Fund _ 

lArcunx Units' 



Giants Fund . 

Reliance Unit Mgrs. Ltd-V 
Guardian Royal Ex. Unit Mgrs. Ltd. ReUanee Mid. Tunbndje Wells. Kl 0802222 
Royal Exchange. EC3P3DN. 014288011 OfrppnunUy Fd. — {654 M9| -O.Jj 558 

laKiGoartUiillTA_|88j 9I7| *05) 441 Ijk/SideT.X^'M-^S 43 J *0 ill 557 

Henderson AdnnnJsrattve (at <ci Igl * 1 ia 

Roai HDt,tra - 

— teem House, Croydon, CR91LU 

Property Fund 

“ Property Fond iai.. 

_ A gn cultural Fund. 

Acnc. Fund 1 A). 

Abbey N 

Money Fund f A) 

Actuarial F luid 

_ Gilt Bed Fund 

_ Gilt-Edged Fd. <A>_ 

® Redrc Annuity 

Otnuncd. Anaty 

— Prop. Growth P e ns ions & 

— All Wiher ac. UU.Q272 

VAll Weather Cap. . 

Vine. Fd. Uts 

Pension Fd. Uls 

Conv.pena. Fd. 

Man. yyns^OgL UL 


10 Kb Inesme Pe«“>» . 

High Income— [59.0 

_ Cabot Eairs Inc. — [56.7 

&S f^c^rru- 

011 * Nat Ret 




World Wide M at 


061 ZM 8521 

, M Rldeefield InL VT .199.0 

Ridgefield In come. (96 0 103. 

Rothschild Asset Management (g) 
7240. Gatehouse Rd- Aylesbury. 0S905M1 





“1.8} :d 

lAcrora Unit*). _ 

Growth Fund — 

fAcrtira Unllfi 

Smaller Co s Fd 

Easlero & Inti. Fd. . 

— ,6% W drwlUts.) 

— Fared gn Fd . 

— N. Amer. & InL Fd.t3L0 

Archway Unit Tst. Mgs. Lld.7 (aMc) 
317. High Holberu, WC1V7NL 0)4318233. 

Arehwai’ Fund 185.2 B92| 5.75 

Pnce* U May IB. Next sub. day Kay as. 

N. C. Equity Fund- 
N.C. BtgrJtes Tst 

N.C, Income Fund., 

H.C. InU. Fd. rlne.493 1 
N.C. IntLFd.tAcc.ip' 
NjC. Smile Coys Pd 






1752 *0.9 
1229 *15 
155.9U *05 
99.1 +15 
991 *13 



6 64 






InL Fd. MSA 

Secure Cap Fd. 1955 

Equity Fund- ,(95.7 

| ’.if 55 Provincial life Assurance Co. Ltd. 
7S} ZZj — 222. Biabopaqaie, E.C2. 

Pror. Ilanaced Fd..t 

J — Prov. Cash Fd L 

j — cm Food: 

I Barclays Unicorn Ltd. faKgHhe) 
| Unicorn Ho 5KJ Romlonl Rd- E7. 
Unicorn .America— [345 

, Do AusL Acc .170 6 

01447K33 jpjj Autt loe._-._156 ft 

North American — pOA 
AcGra.tfayl8-_ 1241 [5L2 53.8) +02) 

Hill Samuel Unit Tst. M&ra-t (a» 

45 Beech SLEC3P2LX 
(hi BnUah Tract— ' 

fg) Inti Trust 

ig) Dollar Trust — 
fpi Capital TTust — B98 

ltd Rothschild & Lowndes Mgmt. (si 
457 SL Sudthina Lane. Ldn. EC-L 014264336 

New CL Exempt-- JU225 129 B| | 3.61 

Price on May 25. Next dealing Jane 15 
Rowan Unit Trust MngL Ltd. Via) 

City CateHse. Finsbury Sq, ECS. 02406 >060 
American Kay 1E_!695 

Secorltlea May 22— 1 

High Yield KaylA 

014288011 VSStfgfc 
3jg lAecum. Units) - 

Royal Tst. Can. Fd. Mgrs. Ltd. 

54. Jennyn Street. S.W.L ■ 014288220 





173 0; 










a 3 





7.66 Capital Fd 

5.17 Income Fd.— 

8L14 Price* at May 

i m H :d 

15. Next dealing May , 

— I Do. Capital 

PniW 13 tuts 995 

Equity Bond. Exec- 0156 
Prop. Boral'Ewc _ £13.10 
BaLBtL/Eiec/UnlL 02.95 

Depoelt Bond 110.4 

Equity Accura ITS 

Property Aceum. .— 02.43 


& m 




a«f Property lint n 

2nd Managed — 965 

2nd Oepoeit 963 

2nd GUL BB9 

2nd Eq. Pens VArc. . 945 
2ndPrp. Pens- ACC. _ lftSft 
2nd Mstd Pons/ Acc 9*A 
2nd DepJVna. Acc.975 
2rO GUI Pm*/ Acc. 19.1 


L4E5.LF.2. [265 

' Current value Hay SL 

Capital Life Assurance^ 

CbmatonHouse.Cbapel AahUrtos 0802 28311 

Key invest. Fd I 108.72 [ I — 

Paceronberlm JcL.I 10434 | .J __ 

Charterhouse Magna Gp.f 

■ 96.0] 








1 1, Finabury Square. BC2, 
Blue Chip May 18-. , 

Managed Pond 1219.9 

Prop. Mod. Kay 3—0755 
Prop. Mod. Gth.__Jl93J. 

King & Shaxson Ltd. 


Bond Fd. Exempt— 

Next ‘ 

pt_OOU8 II 17.721 1 — 

dm ln g^ rta June T 

Prudential Pensions Limited^ 

Hoi born Bara. BCTN2NH. 014059222 

014288233 gOutL Fd. May 17— 

‘ 440 ^-loLMaylT — 

450 Prop. F. May 17 

Reliance Mutual 
Tunbridge Wells, KenL 
014235433 Bet Prop. Bda.— .[ 196.9 I 

, Do Exempt T«L 1992 

I Do. Extra Incoroe - 275 

Do Financial 602 

Do 500 716 

Do General - — 30 0 

DO. Growth Acc 405 

Do Income Ttt. S3 1 

Do Prt A na Tst. 135.® 

Prices at April 28. Next sub day Kay 31 

Do Hoc oven. (415 44.91 *02f 5 68 

, Do Truatee Pbnd .. 1121 12J.Z +05j 5.11 

0803 99271 |Eo. Wldwide Tru*i 99.8 S3M +05) 156 

iroa itxri B'lst.rn FdJnc 623 64M*0-d 465 

•■1 — 1 Ho. Aceum m 1 7451^0 41 4g$ 

rbi Financial TroiL 
(hi In come Trust — . 

tbi Security Trust -H.0 .... _ — 

01.534SM4 lb) High Yield 7M— [285 30.M +0.JJ 8.14 Price* at May 15. Next dealing May 3L 

4i 107 XnteLV (a)(g) Save & Prosper Group 

15. Christopher Street. E.CA 01-M7724S A Great SL Helens, Loudon EC3P 3EP 

Intel, inv. Fond J882 95.01 +8il 658 68-73 Queen St, Edinburgh EH2 4XK 

Key Food Managers Ltd. laRg) rwaUnga to. Ol SM saw or 03l-2» 7351 
k tniir o RpTv&iE 014087070. Save Sc Prosper Securities Ltd.f 



Re? Energy la.Fd— 773 
Key EquI&AG® 1 --- 684 
* Key Exempt Fd. - 144.9 
Kev Income Fund— 802 

Key Fixed Inv Fd 60 0 

Ke>- Small Co's Fd, J92.6 








tnunatlanl Fonda 


GovL See. Bd. - (U%52 U^4«2IJ — 

Ltngham LiTe Assurance Co. Ild. 

tenghum Hs, HotabrookUr, NW4. 04036211 
te ng h a m 'A' Plan— [642 67jU ...J — 

eMi# , h= 1=* 

Legal & General (Unit Assnr.) Ltd. 

Rothschild Asset Management 


[1143 12L6< j — 

lb. Daiy June 3b 

SL Swlthlns Lane, London, ECK 
N.C. Prop. liar. 31- 11143 
Next Su 

Royal Insurance Group 
New Rail Place. Uaertoal. 

Boonl Shield Fd._p3M 1405] *0.7] — 

Baring Brothers & Co. UAJf (aliz) 
88. Leaden hall St, E.C A 

Klelnwort Benson Unit Managers^ 

20, Fen church SL, E.C5. 014238000 Hieh Return 

K_B, UnilFtHnc.— #4.9 9221 I 4.97 iaSneL.— 

CK.B Un.lfUAL_W5.9 1153 4.97 llV^dT 

K.B.FdInv.T*U—[H5 57^ 1 458 

LAC Unit Trust Management JUd.f o»e^2» 

Univ. Growth J65.7 

UcreaatflK ineemr Fbnd 

High-Yield 1535 

High bone Faad* 

(65.7 7B.6aj *0 j( 




575f 1 755 

Sit 0 : 


| Stratton Tsl |1M D 

01488 2800 Europe. 
790 {?]»■. 

01-5882830 The Flock Echange. EU2N 1HP. 

Do. Acctim. _Z1_ [2084 Mill “ j SU LAC !nU & GenFd l 99^ Z1Z| 

Next aub. day May Lawson Secs. Ltd. ¥<«Mc) gci^TW. 

OSl in 4422 1 Blshopsgale Progressive Mgmt. Co.f «3 George St, EdliiburehEU22JG. 031-2383811 Energy ” 


& Prosper G«mp» 

IRChequoraSq, Uxbridge DB81NE ■?»»» DoTAecum. 


Do. Aceum. 965 

Equity Initial — . PH 

Do. Aceum. 120.6 

Fixed InlU«l-__. U52 
Do. Aectnn. — 116.9 

IntL Initial 982 

Do. A reran. 985 

Managed Initial fll65 

4041 *L0i — Property Initial — 1975 

3UJ »0.2 — Do- Aceum. J99JJ _ .. 

402 +0.2 — teol A General AW Feubna) 

I 365 +0.4 — Exempt Cash lnlL_|9S5 10ft 

1246 — Do.Aecom._- 196.9 lta.i — 

149.8 ....] — Exempt Eqty.lnlL_hl25 U 

City of Westminster Assnr. Co. Ltd. ^^ed tailSfci fib 

fUngstead H«uw. B Whitehorse Road. Do-Accran. — -- __|l072 312' 

dtrtisse Energy .... 

?hniUH: Manr>- 

"hrthro Managed, 
-hrthae Equity ... 

Magna Bid. Soc 

Racna Managed.— 

-Toydon CXIO 21 a 


Equity Fund 

Farmland Fund—.. 

Uenev T'Und 

lilt Fund — .. 

a ULA Fund 

Hew Mngd. Cap.-. 

’cua Mngd. Are.—. 

-YttB Money Cap _ 

'Viis Mcncy Arc.— 

"Vim Equity Cep.... 

>ns Eouttj A-x. -L 

Funil cwTenuy ri 

^■rformUmta 1 197.7 1 J — 

City of Westminster Assnr. Soc. Ltd. 

"eieghone IU4M 0694 

01484 «WB€. Exempt Mngd. InlL 1325 

Do. Aceum 233 8 

ExempUitejX Intt. . 955 

_l _ 4, GLSLHelen-s, Lndn, EC3P 3EP. 01-354 

— Deposit Fdt. 

. — CampJ’en.'-Fd.t t200.4 

— EquityPenaJTd [1806 

— Prop Pcos-Fd.*- (2155 

— Gilt Pens. Fd.. 1915 

— Depos-PenaFd.f... |97.7 

— Prices on May M. 

— tWeekly 

0. Blshopagate. E.C2. 
B-gatePr -Ma>-23_ 1184.9 
Acc Dta -May 23. 220 Z 
B'gale InL May 16-177.3 
(Accumi May 19 195.6 

197 Oof — L6I 3.90 
2Wy +01 3.90 

138 7l 15* 

2085| J 156 

Next sub. day "May 3L **Jane 

Bridge Fund ManageraWaXc) 

King Wi lllain SL, EC4R9AR 014234851 

American AGeni .135.4 

laeomc* 502 

Capital Inc-T 35 J 

Do. Acc.t 38 9 

Exemptt 1375 

*FUvr Materlala 39 2 

SiAccum Uni til — 44.0 

•Growth Fund 54.7 

• nil*— 397 
tTGill and Warrant 36 7 

UmericanFd. 247 

ItAccum Unlu) 25.7 

-HighVidid 473 

••(Ac cum. Unita3_j67J 

Financial Secs. 1725 

Hlgh-SBatiwam Funds 


i asiaafcdff 

455|*ft5l 4.87 

8021+0.3 4.06 
74ft} +0ftj 1.78 
77.9t+03j 299 

264 6dt +151 232 
565] +05] 757 

I _ Equity 2 

Schroder Life Group* 
Enterpnoe House. Portsmouth. 
Equity May to 1 2275 

Fixed IntTflay 1H-- 1353 
Fixed InL May 18— 1453 

lm-LTMmlS.. 1347 

XkSGUlMayie..- 1415 
K *S Sr May ift U9.4 

| Intern U. lnc.t R53 

Do. Acer-- J17.1 

Scotbits Securities Ltd-V 

Scetbits 1395 4L9I *051 385 

SS Scotyjeid.— -1505 53.81 +0J| 7.17 

Deal IMon. -Tom. ttWed. tTbimT^Fri. Scotxhare* W>8 61 0] +05/ 438 

Legal & General Tyndall FnndV 

38. Caiouge Road. BrittoL 

Dia. April 12 

(Aceum. GnUO ,.[72.2 76 

day Jane 1 

8 610 

ScoL Ex. nd>6— _ll*oi ^7^ -“j 771 
0B7232M1 Prices at May 10 l Next sab. day May 24. 

j Ur Schlesinger Trust Mngrs. Ltd. (agg) 
1 Incorporating Trident Trusts 1 

I 12 156.8 

JtvliO (72.2 

Next sob. di 

Leenine Administration Ltd. 

340, Sooth Street. Dorking. 

0709 2; £18 

Dealing VUjyitam,->SSi May 2 ** *L London WU.W- «-«»? dtSSffr^S* 

■'irq Units. 11186 

tt. — |54J 

’rvperty Unit* 

rommercial Unien Group 

il. Helen's. 1, Under!, hail, EC3. 

i33r:i = 

Lloyds life Assurance 

20. aiRon SU EC2A 4MX 

BU.Cth.Uava 157295 

OpL5PcoftUay IB_ 123.1 129 

OpL5Eqty.M«jlH 1305 .'Ul 
014837300 Opt Hv KsSlS — 1535 • ML 

. arAnAcLUfaj-aj I 55.27 j J — it: ml - S» 

_ VI Annuity Uu._ | 1759 | ... J — OpL6 uefO. Kay IB_{U1A M7 

"unfctirratlou Life Insurance Co. 

<0. Chancery Lane. VVC2A IHE. 

Legal & General Prop. Fd. Mgrs. Ltd 

IL Queen Victoria Su BC4N4TP 01-3180878 “•“•**£ May ltt_ 10.4 
LftGPrpJU May 2_|U»0 19L7] I , - OfS'l *; — JS-2 

... . jggtiugltz utl 

Life Assur. Co. of Peansylrana . Property May 16— . 1525 

asa^^^ M, na«i«wwr , wBi ^ 

Exampt -|965 


143 a| 

137 jj 
150 J 




_ ' Britannia Trust Management (aj (g) 
3^Lrodon_tVa3I_Bui3dlngA London Wall. 

don EC2U5QL 

I Am«U — - 

Capital Acc_ 

Comm ft Ind - 

Leo Dlst _____ 

Leo Aceum 1 

Lloyds Bk. Unit Tst. Mngrs. UiLV W 

:^5 1% 

Cora mod L 

Eve dpi 

Extra income. 
Far £311 Scottish Widows’ Group 

Financial Sees 

Gold ft General—... 

Growth — 

Ipc.* Grout h..„ 

(ml Growth .... 

1 nveA-Tn 5bare* - 

Mineral* — 

Nil High Inc 

New lsaue_ 

PO Box 8G2. Edinburgh EHlS&Btl. 031496 6000 ■£««*» Amencan 


Inv Ply. SerleaS __ 

Inv. Cash May IS 

ExUtTr AccMoy IT.. . 



-J — Mgd. Pen. May J8_|267.1 




M ft 






39 ftt 






2D .8 








783 . 



72 7 

• 78.24 


63 6x 





























01-638 W78XH70 Registrar 1 * Dept, Gorlng4)>-Sea. 

w w . a wi raw a’ftrihind R'oal Omsbav 

Solar Life Assurance Limited 
Londstt IndemnJtyAGnJ. Ins. Co. IXd. 1002 Ely: 


Properly Share 


Statu* Change. 

Univ Energy— 

The British Life Office UdLV (al 





Worthing. West Sussex. 
First iEalned.1— _]4?3 
Do. lAceumj— 

Do. lAccumi— 

Third (Inconel. 


Fourth lExineJ, 

Do 1 at rum. 1 

Exempt High YId 2S.6 
Exempt MkLLdrs. 255 

Extra Tdc.Th. 286 

Income Dist 395 

Inc. 10% WdrwL 305 

| J.5 
66 4 

532rf +03 
731 +04) 
55.8 +0.4 
693 +0i 
873k +«3 
119.6 *04 

01-8231288 Intni. Growth 







. 495 

Inv.TW. Units....—. 253 
Market Leaders — 23.6 

•Nil Yield'. 27.6 

Prof ft Gill Trust— 24.0 
Property Share* — 253 
Special SiLTM. .. _ 265 

* Spec .... _ 1=i . 
8.05 ifJC. Grth. AccnmteLl 

23.71 +0.3 
305 +D.4. 
26 9x 
26 50 *05) 
525 +03j 

27.0 .3 
308a +o.a 
295 *0.l] 
253 .... 
275 +0.U 
285 *07| 

















8.05 UJC.Grth.DisL — .[186 

Lloyd s Life Fnlt Tst. Mngrs. Ltd. J. Henry Schroder Wagg & Co. LtiLP 
TSJO.GatcbouvcRd .Ayleabniy. 02965041 l20.CheaK4de.ECi 
Equity Acc urn. .... |l36 7 165.0) J 352 Capital May 23 [101.0 

•n! * r!L. Gr £ nP * ra, a ilWMWlUr I6“nip 

Three Qnaj'L Tower HiU, EC3R 8BQ. 03828 459B 1 Aceum Unit*] (269,6 


Arhathnot Securities iC.U Limited 
P ■'. Ho\ 3«. Si. Helicr, Jewry 053472177 

Cap. TS. 'Jcrxm-1,.,.1115 0 119 M . . .1 450 

Net! dcaliue. date June 7 
Eu(&lDir.T«.iC|> .11120 159 Of ._ I 115 

Next sub. Mar 25 

Australian Selection Fund w 
Market Opponuniilcs. c ic ln»h Young ft 
■ iinhwaiie. 127. Kent St., Arthur. 

USS1 Shares 1 SI S153 ' | | _ 

Bank of America International SA 
35 Boulevard Royal. Luxembourg G D 
Wldlnven Income .jtl'SlUM U«W .. I *56 
Price* al Hay 18 .Noxl mb da}’ May 24- 

Bnk- of Lndn. & S. America Ltd. 

4ML Queen Victoria SL. EC4. 01-8302313 

King & Shaxson Mgrs. 

1 Chari ng Cross. St (Ivhcr, Jersey. i0534i T374I 
Valley Hie. St. Peter Port. Grtivy. i(M8!>247M 
1 Themo* Sireei. Deuclat, LO.M 1 0824 >4858 
Gill FundiJerve>3../924 926) . ...I 1200 

GlllTruM<[nM > .103 7 106 4*3 -3.4] 1! DO 

Gill Fnd Guvrnseii£9.Z4 9251-0.46] 1200 

lall. Govl Seen. Trt. 

FirHSRThng — . . (3824 1837 +0031 — 

Furl Inti, — J18350 lB42B|+oioi — 

Klein wort Benson Limited 

Alexander Fund. |SUS7 06 — L"— I 

Net uul value May 
Baoque Bra relies Lambert 

2. Rue Do la Rcgcnn* B 1000 Brumcll 

Renta Fund LF P548 1 905j +3) 7 M 

Barclays Unicorn lot. (Ch. Is.) Ltd. 

1 .Charing Crow, SL Holier, Jtvy 
Oieraea* Income ,.|488 51 

Unidollar Trust IPTaiH u 

Uni Pond Trust |SI S9999 109251*007) 800 - 

•Subject in fee and enihholdinc tax os 

Barclays Unicom InL. ll. O. Man) Ltd. Uiqtto InL Income 
1 Thomas SL. Duaglav. i.o.M. 

-0 7^ 












20. FVnrhurrh Si . El"3 03^233000 

EunnvesL Lux. P. 1036 ■ I *21 
Guernsey Inc— ... 633 673) 

Do Areum 78.2 83.U 

3vB F»r EnM Fd. 5US30 62 

KBlnll Fuad SI SUM 

KB Japan Fund .. 1US2426 

K.B L'S.Cwlh Fd_ SUS13.409 
Sind Rmmida _ . SUSA.97 

•UnifondsiDM 1 .1800 19.00)- ... 

•Kfl act as London paying agents only. 

Lloyds Bk, (CJ.) U/T Mgrs. 

P.O. Box 185. St Helicr. Jcrsev . 0SM S7561 

1WT S£f«aia*dM. J 2K , «:- J *» 

10 M 

420- Lloyds International MgmnL S.A. 

Rue du Rhone. P.O. Box 178. 1213 Genova 11 
Llojds lnLCrou1h.|yFWa J71M ( 150 

- • |&nn» laaj l 620 

Unicorn Au*L ExL. 

Do Ault Milt 

Do ISitt Pacific 

Do lntl Inranr. 





Do. I. of Mon Ttt. {48 0 

Do Uanv Mutual... [256 

"df-" 1 


"T**** MAG Group 



8 20 

Three Qnaj v. Tower HiU EOR PBq. 0(«9S 4588 
Atlantic Mat 33 .. SI 8275 
Autt Ex Ma«- 17 . sr.-U.02 
Gold F.v Mj> J7. ... ICS424 , . . 

Inland 122 1 129 V>, 4 J 4Z 

(Aceum UniLvi 172 5 is: U *13 4J42 

ri-Sm-f'ltLoba 1 " "1 “ 214. Old Broad 61.. EC* 01-588W 

Inaily liaucd at *S10 and **£L00. Uav fV~:SB 1 l| r." It 

■ Management Ltd. tl7jmeyMa>3 lift 98 5471 , ft.) 

i 508. Grand Cavmnn. Caraun It Jl< JrsyUS 31o)’ 30..JC12.M 2238) , — — 

Bishopsgate Commodity Ser. t yt. 
pi.i Bov -is. Dougiav. I.o.M. 0624-23822 Samuel Montagu Id« Agts. 

armac-m * 




Bridge Management Ltd. 

P.O. Box 508 Grand Cayman, Cayman Is. 

VbaihlMayS ( V25542 I J — 

C.PO Box 500, HotlC Knng 1 ^ 

Nippon Fd. ilqy I7.WSUC UDJ ...,.J 0.77 

Ex StDCk SpliL ■ * 

Britannia Tst. Mngmt. tCll Ltd. 

X Bath Sl, SL Heller, Jersey. 033473114 
Sterling Draemlnalcd Fda. 

Grout h Invest ^.(325 35; 

IntnI. Fd..._ p3 5 79.5 

Jersey Energy T sl. [1426 1531 

UnivsL S Ttt. Sl g |£219 231 

High loLSUg.TiL* ..{LOO 
1'5 Dollar Deoemloated rft. 

Unival. STrt.....— ....prS5D 5> 

■ Grp. Uav 
117 Jersey Ml. _ 


Murray, Job ns tour (Inv. Adviser) 

183. Hope St.CInssow. C2. 0*1-22! 5521 

"Hope S>. Fd _.J SUS3107 

•Murray Fund ~.... SI.S10 98 
*NAV Nay 

InL High liiLTxi 1 


Value May 2ft Next Dealing May 3a. *inlUal 
r 31. 1«8. 

May 35. J 

Negit SLA. 

10a Boulevard Royal, Luxembourg 
NAVKnylO | 5US1D36 | J — 

Negit Ltd. 

Bank of Bermuda Bldex. HamlKon, Brmda. 
NAV May 22-_ |£435 — | j _ 

Phoenir International 
P0 Box 77. SL Peter Port. Guernsey. 

Inter- Dollar Fund. |2J5 2 54) J _ 

otter closes May- 

Brown Shipley Tst. Co. (Jersey) Ltd. 

P.O.Box 583. SLHdier. Jersey 053474444 Propertv Growth Overseas Ud. 
aertlHgBondFft. ^fta UJUt J 21-75 M lr ^rL^GI hraTtoT 

Batteifield Management Co. Ltd. tui Dollar Fund-) 

P.O. Box MS, HamlUou, Bermuda. Sterling Fuad ] 

£i£SBSK,-6S HU ■:::) ifi 

Prices at ttoy ft Next cab. day June 12. 

Capital International S-A. 

37 rue Notre- Dame, Luxembourg. 

Capital InL Fund — | 5US1R92 ( J 

Charterhouse Japhet Bo- Em B7,tCBd.„|164.1 172.7) +j.7| 

Sl'S85 99 

Richmond Life Ass. Ltd. 

4B. Athol Street. Dougins, LO.M 

(xtrhe Silrer Trust 
Richmond Bond 97. 
Do Platinum Bd._ 

Do. Gold Rd. 

Dol Em. 97,f£! Bd 

IBS 7 



(Gib) 8100 

1-0.41 - 

3 1272 

O.C Eq.Fr Apr. 38.. 
O.l'.Inc.Fd. May ] — 


O.C\SmCoFHA pi28. 
O.C. Com modi iy... 
O.C Dir Cmadty.f.. 


Prices on 



See also Stock Exchange f" 

Amentsa _ 
lAccum Units). 
lAccum Uni Lsi. 


lArcum- l'nltt>— 
l om pound Growth. 
Converaon GrowVh| 
Conversion Inc. 


’bqult} Fund 

•Managed blind., 
■crtonal Pen. Fd — [703 
•jjurt> pen Fund • 
'ivert Ini. Pen »-'«2| 
InnagedlVn Fd._ 
•roperty Pen. K<1... 
fl*rn!ecH<d In. Pol 






— ’ The London & Manchester Ass. Gp.¥ iSarFna 1 * .“ 

The Leas, Folkestone. Kem. 
Cap. Growth Fui 

'ortthill Insurance Co. Ltd. 

2 Oorntull. E.C 3 
. up Vc-I* May IS — 

;-<.Spv SI ,ii 15 . 
in'.lh Fd Ape JO ~ 

Irrdit & Commerce Insurance 

SfJ. Sl , Lon.1nn WlR 3FE. 01-4397031 c5pv Deporit- 

AC Used Fd 11210 U2ft) | — Equl^ Bocd^. 

Town Life Assurance Co. LU.f rSfi-ai-or-— 

from life Hae.. Woking. GU2I IXW 04(825088 Gin Bond- 1 V 

1ivu>! il Fund Acc 








030357333 Solar Kanased P_ ' _ 

Solar PropwtyP lltu 

Soiar Equity f 1602 

Solar FxdJnL P 

Solar Cash P 

Solar Inti. P. 

me +ftft) 

105.1 , 
1082 -03) 
133J +0A 

1686 *06) 

119.1 +03 


~ Brown Shfplej' Sc Co. LttLV 


U 01^85410 ins, Truat Fund 

— Property Fund — .. 

1 “ M & G GronpV 

Son Alliance Fund MangmL Ltd. 
Sua Alliance House, Horsham. 04(0 04142 

lpn.i,-dFd Incni.... 
lrne-d Fd Intt . 
kjuiiy FJ Acr — 
quit) F*1 Itvmv 
ijuityFil Inn — 
•roperty F.t Aci.*..- 
TopertyFd incm 
f»>p«TtyFit 1ml 
W i« Fd Ice 
n> T*l. FJ Inrm ■■ 
nv Tu Fd Intt. 
lreillnl Kd Ace. 
xd Ini W Inert.. 

nler'l Fd \cc 

nli-r'l Kil Inrm. ... 
Ifim-i- Fd Are. 





























Ifl? 9 






100 fl 










lnternauiL Bond - 2003 
Managed Bd.— 1353 

Recovery Fd Bd.*. Ul 
American Fd Bd.’. 54.1 

Japan Fd Bd* J522 

Prices cm ’May 


& = 
108.4 11081 



17. -May ift 

-May 19. 

Son Alliance Linked Life Ins. Ltd. 

&» AlUsoce House. Horsbam 040884141 

Equity Fund (112.2 U8i +08> — 

FtedlMereKFA^ 1^3 107.7) *03 — 

Property Fund 107,7 113.4) — 

InternatlonaJ Fd _ 10*8 102ij -0J — 

Deposit Fund 96J 101ft) .... _ 

Managed Fhod _(1065 11221 *0 J — 

Son life of Canada (U.K.) Ltd. 

8,3.4, Cockqmr5L.SWlY SBH . 01S305400 jCapel (James) Mngt Ltd.f 

Mngrr. Founders Cl- ECS 

BS Units May 22 12155 

Ito . acc iMay£ — (tt86 
Oceanic TraiU iai I 


Genera/ — 

Grou-Ui Ac cum. 

Gniath Income 
JDph_ Income .._ 

index _ _ .... 




Exmpu April 10 — (SB 4 

Canada Life Unit Ts2 .Mngrs. Ud-V 

2<HlehSl. Potters Bar. Herts. P. Bar MIS 

Can ijen Din. 138.0 40 0) +03) 436 

Do. Geo Aceum Ml 485j +(j3 45* 

Do. lac. Dial B33 35. Dd +0.1] 735 

Do. lac. Acciun (43.5 *0.1) 7.75 


— Merchant Investors Assurance 

Made U. Grth. 

MaplnlJ. Macgd — 



Pr oper t y Pena. 



Equity Pena.— 
Money Market ... 
Hooey MkL Pens. — 


Deposit Peas. — ^ 



„ Mml 




„ N „ 




103 fa 


105 1 


- — 

H«l lM Incm. - 
nwn Hr lot -A' 

■nisadcr Insurance Co. Ltd. u - nVn>rf 

Inciila Ifoiiae, Trrn«-I W_ ECX 01-828 KOI M*^**®-- 

th Prop MoyL . 169,4 763^ . ...4 — NEL Pensions Ud. 

Ml- Sur lDS ,r/MWl.»d ^ 

Tlirrndoo.lles’UEC^- Nel«* Eq! Acrenu. _ 1121 

aglr Mid. UruLv. -IW.9 5281+031 ft« Nelrx Mojvey C»... WI 

Iqnil> gr Law Life Ass. Soc- Ltd.* Neiexnih iw- 47.4 

jiH-rshain RnaU. Illsh WJvombe _ 049433377 Nrira GthJnc_Cap_|V.9 

01-4089271 Maplol ^E^T-J., 





e3 e 

ICO Old Btoad Sl . EC2N 1BQ 

Capital. (84 6 

Income (79 0 

Prices on May 1 . 

quid' Fd. - 

roper-' Fd . . 


hi Deposit Fd. -.1985 
Lxed Fd -P093 




— NdKxd. 


118J *0.7] 


. 504 

Next sub. Day May 
For New Oxjrt Piop eny see usder 


— Target Life Assurance Co, Ltd- 
Bo use, Gatehouse Rd.. Aylesbury. 

_ Aylesbury HaSftl 5942 

_ Man. Fund lac H029 1D7M 

_ Fund ACC 06.7 123J 

ftv»pFd.2nc. 1062 1125 

_ Prop.Fd.Ace. 136 0 

^op-Fd. Inv 107,0 

Fixed InL Fd Inc. M53 U2_5 

Dep. Fd Are. Inc — 984 103.1 

Ret Plan At Pea... 728 783 

390 geLJJaaC^pJ’leiL.. 584 65.C 

_ R«-HaaMan-Are._ 1273 234.7 

_ RaLn»aJian.Cap._ 217.7 1245 

GUtpen-Acc. 129.8 137.0 

— G1R Pen-Cop.. J1232 13ftl] 

H Audnieiutumal Life Ins. Co. Lid. 

— 2 Bream Bldgs, BC41NV. O2-K6640T 

— TttUpInvesLFd „..IW10 248 

Tulip Maned. Fd— 1225 118- 

Man. Bond PH 115.9 122' 

Men-Ftt-Fd-Cap.. 1193 
Man. Pea Fd. Are.. 1262 

90 II ,_...| 4.72 
B4.ll .....| 734 
Next dealing June 7. 

E*lra Yield — 

I Areum I'nllsi 

Far Eastern 

01-60085 30 lAcrum. l'liit*i 

Fund of Inv. Tkls_ (59.1 
lAecum Unlui. — 

General — — 

f Areum Unlltt_: 

High Income 

lArrum. I ; aii5< 

Japan Income 

fAccum Unlui 


(Aceum Units r_, 

Midland — 

I Acrura. UnJtsj_ 

Recovery . ___ 
(Accum. L'niUl — — 

Second Gen 

(Aceum Unit*] 


(Aceum. Uiuui 

Specialised Funds 

Tm«w — .1 

(Areum. 1' nil*’ ... i 
ChanN'nd May 18 . 
“(ifl — 


546 +0fl 
55.7 +0.5j 
548 -BS 
557 -O.S 
80 5 +0_3 
86 7 +0J) 
1116 -05) 
6J.9 ' 

65 8 -02 
126.4 -lift 
2343 -U> 
».< -02 
520 -02 
88ft -03 
1187 -0.4 
55.9 +02^ 
613 +03 
643a -03 
70.6 -O.ri 
1805 -0.« 

S S7 — L2I 
17 -0.4 
177ft -0.7 
1540c ■ 

1554 +0 2f 

864 5 -02 
1752a -02 
29021 -0 5 
83.7 -0 4 
B4 6 -ft « 




li9J UI 



















General May 17 84.1 87 ti 3.42 

•Aeeom L'nilsi 183 7 108 0 3 42 

Europe May 18..— 29.7 31SS 232 

(Areum. L'nllsl.. _ 328 Mfl) .. J 232 

•FeniCharFdAcCS ita.O ' 

•Spec.Ex May- if... 2362 

'Recovery May 10|1836 . 

'For lax exempt Rinds only 

Scottish Equitable Pud. Mgrs. Ltd.* 
28 Sl Andrews Sq- Edinburgh 081-5589101 

Income Units 149.5 52.7] -0 7] 530 

ACCIim. Unit* )56 5 60j]-081 

Dealing day Wednesday. 

8J8 Sebag Unit Tst. Managers Ltd.f (a) 
LO po Box 311. Bcklbrv. H*e_ EL4. 01.2365000 


5-j Security Selection Lid. 
gig 15-lft.Uncoln's Inn Fields. WC2. 01-8316836-9 

832 • Unv-J Gib Tsi Are —@.8 25.41 l 3.70 

la Unvl Gth Ttt Inc . — B0.9 22^ ‘ 






PO Box 511. Bcklbry. Hse, EG4. 01-231 
Sebag Capital Fd -M.9 34 2J +ft^ 

JJ5 SebaglnremeFa-RftB 313| _.^| 

Chari fd May _ 

(Aceum. I'niU'... — [177.9 

3717 294.0! 


!®i 145 7d -23 1 

- 2.1 

223) f 3.7D 

3^ Stewart Unit Tst. Managers Ltd. (a) 

3.87 45. Charlotte Sq:. Edinburgh. 081-2883271 

kg tStewmrt American Fbnd 

Standard Units— 166 9 TL«, | 137 

a cc Acerira Units [721 76.9) J 

c-S Withdrawal UnJu .)534 57.01 J 

IS *ncwart British CapluJ Fuad 

4.19 Standard (133 2 U3.S-l.ti 430 

439 Accum. Units r |l52* 164.9) +03) 4.18 

Dealmy r Frl ‘Wed. 

Sun Alliance Fund Mngt. Ltd. 

Sun Alliance Use- llorsham. 0403 64141 




Carliol Unit Fd. >Igrs. Udf (alfc) 
Mil burs House. Newcastle-upon-Tyne 21185 

Carliol— — ...Ml TIlBj .) 440 

Do. Accum. 1‘nils _ |H3 0 B55\ ..—.l 4 40 

Do. Hich Yield >4L6 44 l3 I 830 

Do. Areum. L-nila-fSlft 544) ,™.| ft50 

Next dealing date May ZL 

Charterhouse JapbetV 
L Patent osier Row, EC4. 

|CJ InleinaTI (24.0 25.6 

Accum. Units 232 30 0 

CJ Income. 34 2 3*4 

CJ Euro Fin 26 0 27 0 

Areum. Units — 302 322 

CJ. Pd lav. Ttt 271) zasj 

Arc am. Units J3L 0 330, 

Price May 17. 

Peas. Ex May 22 — 

Manulife Management Ltd. 

St Georpe's Way. Stevenage. 043856101 Target Commodity.; 

Grourth Units — 1523 55.1J [ 3.69 Target Financial.., 

Mayflower Management Co. Ltd. eS. u m^ 

14']6Cre+hamSuEC2V7AU. 0J-6D68099 ODo Are. Units 

Income Mt) 23 — (1053 110 81 +031 838 Tsr*®J? l, S^. TKt — 
General May 23 . — |69ft 73^+0 6) 5.18 Israel Groirth 

Mercury Fund Managers Ltd. 

30. Gresham Su KC2P 2KB. t>lft004555 IF 8 !! so— 

Mere. Gen May 24 ■ )17kl 187.4| -53) 4.80 3>rt« Fr.May24« 

7.7 BU*J 



amity Fa... -195.0 UL0] +0.2) 338 

Target Tst. Mngrs. Ltd.* taligl 
31.GrMhunSL.EC2. ' Dealings 02D8594I 

Are Uu. May 24 
01-S4B38B9 Mere lo' Maya* - 

base lending rates 

a P.N. Bank 9 % ■Hill Samuel § 9 % 

\)>u‘d Irish Banks Ltd. 9 % C. Hoare & Co t 9 J 

American Express Bk. 9 % Julian S- Hodge 10 % 

Amro Bank 9 5 Hongkong & Shanghai 9 % 

\ i» Bank Ltd 9 % Industrial Bk. of Scot <3% 

Hi.nrv Anshacher 9 % Kcyser Ullmann 9 5 

Banco dr Bilhdo 9 ^ Knowsley & Co. Lid. ... 

Bank of Credit & Crnce. 9% Lloyds Bank 9% 

Bank of CjT™ s 9 * London Mercantile 9 ^ 

Bunk of NS.W 9 *5» Edward Manson & Co. 1 0i% 

p.miiur Bei=c Ltd 9 J Midland Bank 9 ^ 

Bnnque du Rhone 9} n n Samuel Montagu 9 

Barclays Bank " * Morgan Grenfell 9 95 

Burnell Christie Ltd.-.. 9 -B xalioiwl Wesuninster 9% 

r.rcinar Hold-nCS Ltd. 10 % Norwich General Trust 9 % 

Brit. Bank of Mid. East 9 o p s R e f SO n & Co. ... 9 % 

3 Brown Shipley 9 o Ross minster Accept’cs 9 % 

Canada Perm’l. 9 Royal Bk. Canada Trust 9 % 

rapitni C St C Kin. Ltd. 9 Schlesinger Limited ... 9 % 

pjyar Ltd J. J E. S. Schwab 101 J 

Cedar Holdings 9 -*^ Security Trust Co. Ltd. 10 **• 

■ , -h.irrerhmi5e Japhet ... 9 % shentey Trust 

" i'}m ulartons »5 Standard Chartered ... 3% 

V K. owte* * 39 5 Trade Dev. Bank ...... 9 % 

, on so [ida Jed Crediis... Trustee Savings Bank 9 % 

ro opera liw Bank * 9 % Twentieth Century Bk. 10 

Cnrinih'ian Securities... 9 % United Bank of Kuwait 9 % 

(Vi rtu Lvonnais 9 5 Whiteaway Laidlaw ... 

T 'i,o Cvpriis Popular Bfc 9 % Williams & Glyn's 9 % 

nuiicsn LawTie S 9 ^ Yorkshire Bank 9 ® 

Trust 9 J ■ Members oT the acccpUiw U»ubcs 

Vn.'lfch Transcont. ... u t* Commiuee. 

K:rM London SCCS 9 % - r-day deposits «». l-mpnib deposit* 

TllSt Na*. Tin. Cnrpo. 10^ dep«tt 5 on smn, nf 

KlfNj Nat Scch. LIU. ... aDll under 8 «V uu 10 ri5 W» «**• 

B Antony GihlfS and over £23.009 Blf*. 

Cret hound Guaranty... s ^ * can ecpwit* «« n - po ° * '■ 

Crindlava Bank ....I ® J I Demand depnsllfl Bi * Inl 

BGuiSnclV Mahon J t Rai* »ko «Pil« » Sterlh* “‘ , - 

B Hambros Bank 9 ***■ 

Wfent life Assurance Co. Ltd.v 

hendado Home, Cloucrauer 043238541 

tosnsUlooal fldU 

Ftacal , hair 

Growth Cap 1 ' 

Growth Are.. 

geaa .lfacd. Cap— |u3 J 



TTOVBood mi 

"Tntt.OJ.Bond — Sft3 

*Cash value for ClOD premium. 

iTyndall Assarancc/PensioiisV 

IS. Oraynge Road. Bristol. 027232341 


X5M ..... 

7L7 +-02 — 
UU +ftJ) 

1079 +02j 



^ -o-r, 

Next dealing May 24. 

Chieftain Trust Managers Ltd.*iaKg) 
It New SL EC2M 4TT. 072832632 

American K: 53 9 25 J] +DJI 156 

HI rh Income m.6 43.751 .... 945 

ln:eraaLoaaIT»t-._L'i24J 26.11 +01| j.ZJ 
Basic Rcvrcc. T aJSht 28 8|*<Uf 435 

Confederation Funds Mgt. LUMP (a) 
l50CbaocM7 Lauo. WiTSA JHE 012420282 
Growth Fund 1483 42R -CS| 4.4b 

CftsmopollUn Fund Managers. 

3« Font Sl-vcl Lon doo SWTJS OEJ. 01-83S 852ft 
Cos mope In Gth.Fft|173 13 S<4 J 4ft7 

Crescent Unit Tst. Mgra. Ltd. (aKg) 

4 MoIrtllcCre*. Edinburgh 3. 031^394931 

Criacent Growth _|27.0 29ffl .. ...1 <.M 

_ Cr« tolOTWl — Si 0.7S 

1 Crcs. High. ChiL C27 

Crea. Reserve*—— K03 

. ? 

AentuV-t*. May 24 IWft 
Mere .Ext. a pr 37-- gffiU 
AccumUU. Apr J!7. 12428 
Midland Bank Group 
Unit Trust Managers Ltd-V (a) 
Coumrood Houne. Silver Street. Head. 

Sheffield, Sl 3RD. 

Commodity A Gen.. Ml 

Do Accum. — |3j 

Growth —Ij7ft 

Do Areum C?4 

Coyne Growth Ftt. 

*1$ Target Tst. Mgrs. (Scotland) (a Kb) 

IP. Athol Crescent. Edi n.3. 03 1-228 8621, 2 


Tanl« Amer.Eaglepao 303} .... .1 126 
Target Thlxtle— _.._[402 43 2^+03 5.73 

Extra Income Fd._, (59.4 61^-0.1(1025 

J®-"- Trades Union Unit Tst. Managers? 

5 66 100. Wood Slreet,EC2. 01-ffi8801I 

335 TUltTKayS (49-0 52.2*4 1 SA2 

3 40 Transatiantic and Gen. Secs. Co-T 
340 01 » New London Rd. Chetouiord 02455165] 

Do Areum. — gft 

C^lc-roBlional 4aB 

Do Acciuu. Sl C 

High Yield 

Da Accum. H3. 

Equity Exeuipi- — 1«.J 

Do. Areum.’ Wj 

•Prices al April 3ft Next dealing May 31. 

Minster Fund Managers Ltd. 

Minster Bse . Arthur S l,E.Ca. 

687o -01 
79a -0JI 
*0-5 +0 Z 
4X0 +ftj 
29.9 +0.1 
322 +0j 


528 *62) 
55ft +0| 








Barbican May 18 i 

(Accum. Units i ! 

Barb ExptAPr26 . 

Bcctou Msj 18 , 

f Areum Untisl r 

Colcnjo Mav 19 [ 

(Areum l.'niLBJ 

554 Cmnld. May 17 1 

(Accum. Unlui : 

Glen May 23 

lAecom t'nlisi 

0I-6331050 Marlboro Kay 23 t 

3.97 lAecum. Um iai. 
552 Van.Uwth Kay 33... 
■ Accum Uaiui 

lS.COtxhall Are. EU2R7BU. 
Mutual See Plus ..W-7 
MuwaJlnc.Ttt. -.|66.J 716 

Motuai Blue Chip— |92 J 46 1 

Mutual riixB^d-.ISSa 591 

National and Commercial 

— ; 



- - wig 

O'aaasInv.May ift.. 









Do. Prop. May 2 

yndinigh life Assurance 
|41-43 Maddox SL, Ida. WIR9LA. 


Discretionary Unit Fund Managers 
22,BlonttiridSL.EC=k1?AL 015384485 

Dt wince bib jUOj ITlJri .__J 526 

E. F- Winchester Fund Mngt. Ltd. 

Old Jewry, ECS 01^062167 

Crcal Wlochreter— [!£4 ».1| | 608 

GLWIncher Oscas|19.7 a.51 ( 456 

f Accum L'nrlsj 

Emsoq Sc Dndiey TsL MngmnL Ltd. Ca pi. Ma;- ir 

20. Arlington SL.S.W.:. 01-4097351 

Entttm Dudley Ttt-. jW.8 64.7] ...._] JftQ 

Min<erMay 15- — |36J 380) .1 

Exempt April SB — 1*7.1 91 i| .HITi 

TULA Unit Trnst Mgeznnt. Ltd. 

Old Queen Sireel.SWIHWG: 014007333. VSb*. 

KLAl'Dite W2 412) -0.4) 427 I Accum. Unit*-) - -V 

Matual Unit Trasl Managers? faHgl .Aerom'M.TZ: Irei 

Van Hr May 23 ( 

! Toe Hay 17. 

01ftDB4803 WlekDIv May 15. „. [66ft 

Do. Accum. _..|765 

Tyndall Managers Ltd.? 

1& Cauynge Road. Bristol 
Income Kay 17 
Accum. I'aiKi 


1235 -... 








5S W -0d 
71 a —o.h 

53.4 -O.fl 

60.9 -oa 

51.7 -IX 
635 -12) 

























a ll I 608 3L St- 'Andrew square. EdinbtirgbOSt-GSftOISl CamlaliK W ' “ ' 

5). — ( 456 Income May ■17 — 112-? jiM . — I 6.10 i Aceum. Utniat.‘”“; 

(Accucl L ; mu> 




48 Gracreburch Sl. EC3P3HK 

N.PJ.Gih lln.Tst- 
i Areum I'bjIac 
SPI o' was. Tro*r 
(Accum. t'nitti**. _ 



152ft] 40.41 — 
240.9 +10| — 
10*3 +o3( 

171ft +0.6] 


Equities Secs. Ltd. (a) (g) (z) 

•1 Biihopsgatc. Efr 01-5802851 

Progrcasivc _]66J. 69.7 tt] +02) 4ft9 

Equity St Law Un. Tr. M.? (akhVc) 

AmerahamRjLHIgiWyconbrt (KMtin NattMil“Westminstei?(a| 

Equltyfttew 166 4 698 4 ** Wl. Chcapalde. ECSV^flRj. oj, 

Framlington Unit Mgt. Ltd. (a) 

5-7. Ireland Yard, BC4B5DH. 01-248071 

610 EacmpH Aon I 2B. .. 
(Areum- units) - 
Canynge Kay 17...... 

gIS. lift* (Accum. Unilsi. - 
Jul Earn SCny 17__ 

01^343? i Aceum Unite 

• — ( \ J* Sew Caq Bin- 17. . 
3X5 " 


Sc« lor Mnj- 1 

?J PWcre"wTpnr.^ Xeet dSffic Mar n 

•Prices on May 1 ■_ Next deai« B K^ 31. -Kg 

i ai.i Do. Accum. _ ..1838 

Vanbrugh Pensions Limited 
141-43 Maddox SL. Ldn. W1R9LA 


Goarantaed wee -Ins. Ban Braes’ table. 

.Welfare Insurance Co. Ltd.? 

|Tbe Lens. Tblknnme, Kent 

Capi «nl Ttt. 

income Ttt—. 
Irl Growth Fd. 
014 0 048 28 Do. Accura. - 

Friends’ PnrodL Unit Tr. Mgra.? 
Pfxhaa End, Dprklflfi. 

Friend* Prm. L'i*_J413 - 
Do Accum p53 

Capital i Aceum > 
Extra Inc • - — 

Financial — - - 

Graonh Inv. 

. Income . . -■ — 

terUoliotnr Fd . 

I’m vena I Fd id) 

Vlt NEL Trust Managers Ltd.? taHg) 

Extra 1 nc. Croat b_ 
Do Accum . 
Financial Pi 
Do. Accum. . 








185 ! 




103 £ 
















83 8 




. 399 



















8 05 

. Paternoctcr Row. EC4. 

Adi in pa. . 

Adi verba. ______ 


f otvdla 

Emperor Fund 

Hlapano— .... 

dive Investments (Jersey) Ltd. 

P.O. Bcw 320. St Heller. Jersey. 053437301. I I.J987 98B) ..._J 1100 

CliveGUlFd. U«y.' n.85 9.86] ...Zj 12.00 

CornhOl Ins. (Gnernseyi Ltd. 

P.C. Box 157. SL Peter Port. Guernsey 
total. Mon. Pd. [1675 lftZ_5j | _ 

Delta Group 

P.O. Box 3012, NanMn. Bahamas. 

Delta Inv. May to.... 151.79 lftS( | — 

Dentscber Investment-Trust 
Poct/acb 2885 BiebenmuedJO 8000 Frankfurt 

InL Rentenfonds—lDUHftO - 

Dreyfus Intercontinental Inv. Fd, 

PO. Box N3712, Nassau. Bahamas. 

NAV May 10 in’SKK J5a| J — 

Emson & Dudley TsLMgtJrsyJLtd. 

P.O. Box 73. SLHeUer. Jersey. 0334 20591 Cora mod May 

EJ1J.C.T. 1117.0 125.41 | 3.00 SLFxd. Ma> 

F. & C. Mgmt- Ltd. Inv. Advisers 
1-2. Laurence Pmuuney Hill. EC4R OBA. 

01«S 4880 

FetrL Fd.Mayl7_| JUS5J1 | | — 

Fidelity Mgmt. ft Res. (Bda.J Ltd. 

P.O. Box 870. Hamilton. Bermuda. 
ndeliryAinA* | jl|S 2555 
Fidelity Ikl Fund J SUS2U3 
Fidelity Par Fd_ 5LS058 
Fidelity Wrld Fd._| SUS14.18 

Fidelity Mgmt. Research (Jersey) Ltd. 

Waterloo Hse, Don SL. SL Heller. Jersey. 

0S®4 27381 

Series A >lntnl.y 1 £374 

Series If (Pacl/ic)_. £7.41 

Seriea D lAmAssjJ £17 69 
First Viking Commodity Trusts 
ftSl Gmrfte'r SL. Doufi las. I.oJL 
0824 4682. Ldn. Agts. Dunbar'A Co, Ltd. 

S3. Pall Stall. London 5W175JH. 01-0307857 

Fsi \ ik. Cm Tsi 116 3 382) J 230 

Fsl.Vk.DhlOp.Trt.. (79.0 84ft] !| 120 

Fleming Japan Fund SA 
37. rue Notre-Dame; Loxembouig 

Plow. M«y 18 1 SUS45.04 ) ( — 

Free World Fund Ltd. 

Butterfield Bide, Hamilton. Bermuda. 

NAV’ April 28 1 SV5173J* ( ( — 

GLT. Management Ltd. 

01 -24831810 Rothschild Asset Management (C.I.l 
P.O Box 58, SL Julians CL Guenuer. 0401 28331 


. _ -Jly.1 . 

Price on May 12. Next dealing May 31 
iPnce on Ma)’ 22. Next dealing June 7. 

Royal Trust (Cl) Fd. Mgt. Lid. 

P.O. Box 1M. Royal Ttt. Hso, Jersey. 053437411 
RT.torLFd. |!raai 959d | 3110 

****tfW®« ■ i3X 

Next denling June li 

Save ft Prosper International 

DeaUnc to: 

37 Broad SL, SLHeUer, Jersey . 0SM-205BJ 
Vft MbrtnoHiiuwd Funds 

DlrFxdlnt*’MayU.p53 10.101 6.95 

Internal Gr •; 6 74 7.29| — 

Far Eavtern*; 37.22 4034] — 

North American'* . 3 75 4 OH — 

Sepn»"t_. WilliS Wttj — 

SCerllnK-deDominsteri Funds 
Channel Capital*.. [231 B 2440) +lft] 

Channel l*Jand*e._(l47 D 254.® +0.« 

iilal*.. 12318 244JJ +lft| 254 

nd^p.,(l47 D 254.® +0.3] 5.02 

IV 18.. -1214 127®...™] - 

IS __JlIL2 U7.&I 11.82 

•May 22 ->taj- 17. --May 18 
tUcetJy Dealings. 

Schlesinger International Mngt Ud. 

4L La ModcSL.Sl. HeUer, Jersey. 0534 73588. 


loji - 
l+oa/] - 

a = 

SA I U_ 
Gill Fd. . 

ll 0 

„ W| 

0.90B ^.... 
23 2 +0J, 
112 +2 






Xml. Fd. ieroey 

In tnl FdLLvmbrg 

•RirEasi Fund,_,_. 

•Next aub. day Hay fll 

Schroder Life Group 

Enterprise House. Portsmouth. 0705 27753 

lnieraaUoiul Funds 

fEqujly — 116.0 223.4 

SEquIlv 122.7 1305 

CFlxedlniere* i— ...1136.1 1447 

SFlxed Interest (1053 112.0 

plan aged 1282 136J 

SManaged 1 113.7 220.9 

J. Henry Schroder Wagg ft Ca Ltd. 
12D. Cheaprtdc. EC 2. 01^884000 

ChenpS May 22 . _. . 11. BO 

Trafalgar April 30.. 5CSU4.0* 

A^lanrd May 15 Sl'SUM 15 

DarllnpFmt SA18S ‘ 

japan Fd. May 18.... 5YS4J5 

+0.081 245 




Sentry Assurance International Ltd. 

P.O. Box MS. Hamlltnn &. Bermuda 
LofldDD EaL J*»"«8«iFudd__|Sl'SU3M uag J — 

Singer ft Friediander Ldn. Agents 

20. Cannon SL.EC4. 012+89SKI ■ 

!i fis»jsffKriuin=i » 

t~S Stronghold Management limited 

J-2 P.O. Bo* 315, SL Ueiler. Jersey. 0534-71480 
Commodity Trust _ 19020 94.95) J — 

“ Sorinvest (J enej) Ltd. (*) 

Queens H&e. Don. BrLSL Heller. Jsy. 053427MB 

American Ind,T*L_|£854 8711 J — ’ 

~ ~ 154 lLBH+«iti — 

-21 li-ri+BM — 

London Ancnu for 

Anchor ‘W nits. 

Anchor ('.I II Edge... 

Anchor InL Fd.. __ 

Anchor In Jry. T« . 

Bony Pac Fd 

Berry Pac Si rig— ._ 


G T. Asia Slerllna_i 
G.T. Bond Fund 

C.T Dollar Fd 

G.T F-aeiBeFiL 

Gartmore Invest. Ltd. ldn. Agts. 

8 SL Maty Axe. London, ECU PI-2833531 Copper 1 Trutt . 

Gartmore Pond MagL CFar Katt) ltd. Jap. IndexTcL 

1E03 Hutchison Hje. 10 Harcourt Rd, HXoae ,. U L _ . _ 

Kk A Pac. [i.Tsi — pHELW inl J TSB Unit Trust Managers (C.I.) lid. 

DBS ... J 0.700 Bj«alelleRd.,SL Saviour, Jersey. 053473484 

Japan Fd. 

N. American Ttt _i 

toll Bond Fond 1 

Jenejr Fund . 

Uneraoey Food — 
Pnres on May 2A 



Gartmore Inrr+tment Mnxt. Ltd. 

P.O Box 32. DouRla-v loMT 
laleroalionaMnc. _GL1 &M 

Do. Growth fU.B 65^ _... 

Hambro Pacific Fund Mgmt. Ltd. 

2110. Connaught ten Ire, Hong Kong 

Far East May3 BHKUJ6 UJU I _ 

Japan Fund jjCaW no] _..J _ 

Hambros (Guernsey) ltd/ 

Hambro Fund Mgra. (CLL) Ltd. 

P.O BaxSS.CocroHiy (M91-S8!C1 

CJ Fund 1142.4 

lnlnl. Bond 5U91M68 

Ini Equity SlisllO.92 

Ibl ’A’ Sl’SfL02 

InL SVBA -B 1 susliao „ 

Price* oq Hay 24 Next dealing Kay 31. 

Henderson Baring Fond Mgrs. Ltd. 

P.O. Box N4723. Nassau. Bahama* _ 

Japan FU BVSUJi D3JI J — Jersey Fd May J7_. 

Prices on Hay S4. Next dealing date Joo« L *f£ tilai ... 

Hili-Samnei & Co. (Gnernsey) Ltd. 

8 LeFebvre SL. PMer Port Guernsey, CL 

Guernsey TaL 1 146.9 15724 +0.9J 358 

Hill Samuel Overseas Fund SA 
37. Rue Notre- Dame. Luxembourg 

PV5M® lull *007] - 

48® -Oi 4.92 
48® -0J) 4.92 
Next sub. day May 3L 

Tokyo Pacific Holdings N.V. 

Xnlimia Management Ca N.Y_ Curacao. 

NAV per share Stay 15. SC54B5B. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
In Linn n Management Co. N.V_ Curacao. 

NAV per share May 15. 5US3S.4L * 

Tyndall Group 

P-O. Bos 1254 HandlUB 5 Beinmda, SSTOt 

Oversea* May 17 — BtSLM 12» I 6.00 

(Aceum. Unite IRTI?* lft<| J — 

3-Way IoLMa> 18... (SI S258 27l] ......1 — 

SNgwSL. Bt. Hdire. Je»ey B534 373SIS 

TOFSLMav 18 £730 £7ft£ 

m w fi?ip 

815 86.: 

tu 865 

194.4 206.2 

273.4 290 0 

1064 10ft4n 

137.6 140J)rt ■ 

Vlrtciy House. Poa gla*. lalert Man. 0634 SS02S 
Managed May lft__ 1129.0 135ft) | — 

I Accum. Sbsresl 

American May ]7_ 
i Aceum Shares) 

Gilt Fund May 17 

lAecum. Shares) 




Utd. IbtnL MngmnL (CJJ lid. 

14. Molcaaer Street. SL Heller. Jersey. 
International Pacific Inv. Mngt lid. DAB. Fund ISU5994S UUfl — | 814 

PO Box R237. M. Pin St, Sydney, AasL 

Jarelin Equity Ttt.. IJ2.07 207] | 

JJELT. Managers (Jersey) lid. 

PO Box 181 Royal Tst Hie.. Jersey0534 27441 

Jersey Exlml Ttt_J1600 178.01 1 _ 

As al ApnJ 7a Next aob. day Mir 3L 
Jardine Fleming & Co. Ltd. 

48th ncor. Ccnaflughi Centre. Hoof Kong 

Jardine Ran. Tst — I 5HK24099 I I t.00 

Jardine J"pp Fd * ... I SHK32115 j 0.90 

Jardine S.EA $HK13_52 ] — ( 

Jardine Flem.tol- 1 SHK846 _ 

NAV April 2& 'EauiraJent SU.SftBJH 
Nrai sub. Ugy 15 
Keyselex Mngt, Jersey Ltd. 

“ ' — — wi. djTUa. Apri(27 . 

PO Box SB, SL Heller. Jctmsj-.. (Eng 01408 70701 Metals Ttt. May 18-1 

United States TsL In a Adv. Ca 
14. Rue Aldrlnger. Uixcmbours. 
U.S.TM_Ini.Fnd.„.l SUS1D.76 1+0571 0.95 
Net asset May 22. 

S. G. Warburg ft Ca lid. 

30. Gresham Street. EC2. 014004555 

Warburg Invest. Mngt. Jrsy. Ltd. 

). Dianne Cross. Sl Heller. Jsy.CT 0S34 73741 

CMF Lid. April<5U16 1257) I — 

ClfTUd. April 27 .kl2j5 126® — 

Fonselex - 

B«l duel ex ..... 

Keycele* Inf I 

Keyseicx Europe_ 
Japan Gih. Fund _ 

Kerreies Japan 

Coni . Assets Cap. 



If-aa 1*^ 

3.85 World Wide Growth Management^ 

— Ida, Bouleiard Royal, Luxembourg. 

— Worldwide Gth Fd| 5l'S24JS — 


Prices done* iucladeS premium ein swn 
indicated. Yields N, isitthm m turalbmii 
mc'ude uu npciMt . — - - 
opening price, h Dirt. 

premium insurance. _ „ 

pnre ,nc J. at, vs all expenses if bought ihroueh tnanuerLT previous day's price. 
Net of ra^ on realised capital earns unless Indlealed by ♦ 4 Guernrey gross, d Suspended. 
♦ Yield More Jersey lax. T Ex -subdivision. 

.here Indicated j-, and am in pence unless otherwise 

in i allou- lor all buying expenses, a Offered price* 

H’rfi Prices e Yield based on oiler price, d Estimated, g To-day's 

a inttnbuiicai free of G K taxes, p Periodic pmninm Insurance plans, a Stoelo 
nw : * Wlered price includes aJI expense* except agenl's coomisslon. 

Milton Court, Perking. Surrey. 

Spec ial Sits. 

TSB Unit Trusts fy) 

ZL Chanlry Way. Andover. finnU. 0384 8Z18S 

Dealliua to 0364 KVC2-3 



xSlKMHiihtoc - ^ 7.98 _ ___ 

To For New Court Fluid Jtaaanrs Lti fbl Do. Accum 

4 04 see RothschUd Asset Haq^emrat 

Norwich Union Insurance Group (b) riI^S l nb®'ia? 
0I«SPI31 PCX Box 4, Nor.lch.NH 1 2VC. 00022220 

Croup Ttt. Fd. ■ - - 13424 360 4| +2^j 491 e 

- - — - - ibiL'tater Growth... |37 5 

WI fbJTSB General _ - (44 8 
421 rh'Do Areum Sift 

fbi TSB Income __ fS93 

G.T. Unit Manager* Ltd.? 
O303 57333 |l E Fihsbury Qrcua ECZM TDD 

* -[824 87 

99a leg. 

C.T lor. Fd l-B 1612 171 

I G T l r S * Gen .1478 156 

J«^n * G« J _ 2M4 2W 

gt Srt rSwui: SI m 

Fd. I 1025 J ' " (CT CapInc. 

■ds. ptesae retcr to Too London fc 19®L." cr - 
M jt Be hct t e r Group. 

Life Inv. HR 



Fl»fav. Growth _(l04J W9JJ 

G.T Fanr YdsFd_J54J 
— G. ft A. Trust takg)Cti 

IS *’Wl Trust Managers Ltd. (aKgXjE) 
7-79 H, vnvtn .. 

483) +08] 506 

3S2High Hoit.era.sriy JEB O1-W80441 iff.. 

Peart Groathfd—’ - ” ‘ ” 

Aceum foils 

^ ri !»: -. — 

Pearl Vnit TO . 

lAceura fniisi , 

Peiiisn Units AdsrijL T ih (vVv*h 

Bag^sr ”3? RBstsar-—™ sr?ss!^sr 

Kins William SL EC4R PAR 
Friar* Hse. Fuad— 1149 0 
Wider Grifa Fnd._[294 
Do. Aenun. ______ P4J 

4M Wider Growth Fund 

a. mm _ _ untniicLtiiu. 

■®Ja$ +D-9) 504 Arena. Units. 

01-633 4951 





101458 3212) 

281 onwwKS Hiah Road, 

Greenwich. 5E10 g SL. 

■Deposit Rate 5.25. Sbarg Accooms 160. 
S*T*t*««* aT =- Teim Shares 3 yrt. 
IV. a how: share rate. 2 m. 1% above 
mare rale. 

10M9S 8521) 

15-17. dUrtrk* High Road. 
London W4 2KG. 

Deposdf Rate 503. Share Aoommte B.R. 
sab’pn. Shares 7.M. 

Renown Inc. Y50. ! 230 


r _ 48 
leu- 26 
RcttaiKorcs— _ 134 
Russell l A.llOp_ 58 

jsZ 137 

Sl-GoWinFrtJOQ. £24^ 


ita. 23 




I 961* 

! 28 

28 2 194 ISjChcbyP-B 

102 ISjumwiaw.flOp. 

£330 {£270 


58" 1 ?5. 
112 (93 
131; ( 10 
\1 1 







128 ] 3.4 
9.18 I- 

- 7. 

— b. 

JO — 
83 * 

f5 6 3.1 

559 2-91 1 

5.77' 1 ‘ 

•Sovuli'Hl “,V 

riJ 47 2.1 

42? « j 

919 21 I 

333 43 

3e2 ZS 
12 59 - 
10 35 - , 
8.17 — 

8.17 — 

MS — , 

3(1 Z5 
12 59 - 
10 35 ~ , 
8.17 — 3 

8.17 - 1 

665 ~ 
8.1 - 
16.45 — 

.9 59 33 

405 27 


1'iitai Mhnriw Ins cued, prices end Mt dtvhfcnds are la 
(me nd dmuni i nations tie EtUtwcd irinj e t mtoff 
ro He* end covets ere based oo latest annual reports and ttrouou 
Bad. where passible. are a p dste d on half-yearly figure*. FOB* *»x» 
calculated on the basis of net dtarihutau bracketed figures 
indicate 10 per eenL or mere difference U calcplated an “nlT* 
distribution- Oners are based on Toastaann" Oatrihotlaa. 
Fields are bawd on middle pricey ate crass, adjusted to ACT ef 
3« per cent, and allow for mint of declared digtrflbadaas sad 
rights. Securities with denrtniimfons other than sterling ara 
Hooted ludush-e ef the l ute taut ul dollar preadom. 

4 Sterling denominated securities which ludude investment 
dollar pr em ium. 

■ "Tap" Soot 

* Highs and Loin marked thus have been adjusted to alhrif 
for rights Issues for cash. 

t Interim since increased 6r resumed. 

T Interim since reduced, posted or defeased. 

U Tax-ftee to non-resMect* on applwauintl. 

* Figures or report awaited- 
tt Unlisted security. 

3 Price at tune of suspension. 

62 5 indicated dividend after pending scrip andftr rights land; 
q D cover relates to precious dividend er forecast. 
o"S ■■ Free ol Stamp Dirty. 

S i ♦ Merger hid or reorganisation in pr og ress . 

* Not comparable. 

■^■9 ♦ Satno interim; reduced final and/or reduced earning* 
v.O indicated. 

61 $ Forecast dividend; cover on earnings updated by latest 
interim statement. 

I Cover allows inr conversion of shares pot now ranking for 
dividends or ranking only for restririwi dividend. 

* Cover does not allow for sham which may also rank for 
divide nd at a tutnre dare No P'S ratio usually provided. 

* Excluding a final dividend declaration. 

* Regional price. 

II No par value. 

a Tax tree, b Figures based on p ro spect u s or Other offleUI 
estimate, c Cents, d Dividend rate paid or payable on part 
ol capital: cover baaed oo dividend oa fun capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip Issue. 
) Payment from capital stance*, k Kenya, m Interim higher 
than previous total, n Rights issue pending q Earning* 
based on prclimtnaiy figures, r Australian currency, 
s Dividend and yield exclude a special payment. » Indicated 
dividend: cover relates to previous dividend. P E ratio based 
on luwi annual earnings a Forecast dividend: cover based 
on-previous year's earnings. Tax tree up Jo 30p In the S_ 
w Yield -illcnv* for currency clause, y Dividend and yield 
based or merger terms t Dividend and yield Include a 
special pnvwm. Owner does Mi apply to special payment. 
A Net ilniiiend and neld. B Preference diridend passed or 
deferred. C i.'snsdian. I* Cocer and FT ratio exclude profit* 
of U K. aeroqwt* subsidiaries. E Lau* price. F Dividend 
and yield hi<.«i on prospectus or other official estimate* tor 
IB77-7R C Assumed dividend and yield after pending scrip 
and/or rights uwr it Dividend and :ietd baaed on 
13)22.5 prn.c pecan or other official estimate* for IPTS-TT. s Flgnrea 

1 7 based on prospectus or other official estimates for 1778. 

_ JS Dividend and yield ba«ed on prospectus or otter official 
13113 estimaH's lor IIR8. N Dividend end yield based on prospectus 
19 5 7 or other official es t i m ates lor JB79. P Dividend anti yield 

, rje- I assumption Treasury Bill Rato stays unchanged until maturity 

v*c I O gSv.oJof clock. 

tQ86c lj\ 8.0 [ 

— | — | Abbreviations: ri ex dividend;*: ex seripissae: s' ex rights; n ex 
all; *8 u capital distribution. 

Recent Issues - and “ Rights ” Page 34 

This-serrice is available to every Co m p a n y dull ta on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


The following Is a selection of London quotations of shares 
previously listed only in regional markets. Priees of Irish 
uoraex. most of which nre not offn 

israev most of which nre not officially listed in London, 
are as quoted on the Irish exchange. 

Albany Im 20p 23 

Ash Spinning ... 45 

Bertam _22 

Bdg 'wtr EsLSOp 272 
Clover Croft — 22 

Craig t Rose £1 420 
Dyson iTL .4.1 A . 34 

Elilsi McHtfo- 62 
Evans FT'kJOp. 57) 
Eve red l&i 

£ 1 Stott Refrehm*.! 52 I 1 

« | Sindali (Wul)._| 85 l | 

Fife Force 

Finlay Fug. 5p_l 

Grain Ship £1... 

23 *2V 

Craig Ship £1... 

Hicsons Brcw„ 82uJ . ... 
1 OM-5tm £1 ... 150 .... 
Holt (Jos <25p. . 263 ... 

Ktkn GoiiL'mllh 55 ... 

Pearce iC. H.» — 155d -*-5 

Peel Mills M ... 

Sheffield Erick 46d r2 



9 ::::: 

S Coov.9%-W)82. £9Wi +J| 

Alliance Gas_ 68a 

S’" Carroll «FJ.)_ 88 

55 Cion dal kin 97 

3 +2V* Concrete Prods.. 135 

S, Heiion (HJdgsj 41 

SF d IfifrCorp 148 

£2 Irish Ropes 12tbd 

IL, Sunbeam 34 ,.^.. 

TJJ.G 180 -3 

2 ? "i Unidare.__ 90 



12W ..... 
70 ...... 


180 -3 

3-month Call Rates 

7.9 Imtotrlals ,I.C t 20 Tube Invert. -1 30 1 

U A. Brew..-— y? “ImpE*'— 6 U&Ueeor — _|»] 

6 4 A.P. Cement .. Iff I.Ci. — 20 Utd. Drapery _] 7^1 

52 B^.r: 9 inveresk 8 iff 

g"-i Babcock... 11 KCA — 3 WoolworOis—] 5 | 

77 Barclay* Bank. 25 Lad broke. — 17 

5 1 Bwbam. 35 Le«!&Gen... 14 Property 

an Boot* Drug ■ IS tA*Sera»ce_ 7 Brit Land 3t» 

8.1 IS ? Cup. Counties. £ 

at turns. f.“ lo i i- 

52 Burton *A' — 12 laicax Indj 25 g 

7.9 CadbUIY!—— S LypiWU.J.--. _ 10 p^aehev g 

6.9 Onurumlrls..- 10 7_ Samuel From-. 9 

a assert: & BRawa a 

a * Dunlop 7 N£I .... 12 q{]| 

8,1 m. St>r ... -' w W RntPemteu-' 4s l 

Geu Accident" 17 P&ODftL 8 

Gen Electric. 13 Plesvey 0 Cbanarhan_ 

tfovi 40 R HjSl 5 Shell 

Grand Met-..- 9 35 Wtramar 

GG.S.-A-. .. 20 Reed Intnl 12 w 

Guardian... - M Spdlers 3 "*«■ 

G.IOr 22 J«c n — * Charter Conx..| 12 l 

Hawker Sidd- 20 ThoriJ-—-- 22 Cons. Gold il \a 

BasasotFUKv*- 12 Trust Houses.. 15 BioT. 16 \ 

A aelerhon of Options traded is given on the 
London Stock Exrlmnge Keoon nace 


7 ?''.. construction 

guilds for Business 

Wednesday May 24 19TS 

Shaba death toll mounts 
as French find more bodies 


KINSHASA, May 23. 

the Shaba province of Zaire arc 
<rill uncovering Ihe bodies of 
Europeans slaughiered hy rebels 
in their flight from the mining 
inwn of Kolwezi. a Western diplo- 
mat said today. 

' According to military reports. 
20 moer European had been 
fnund in a huuse outside Kolwezi. 
The group included 12 children. 

Other victims have been found 
in isolated farmhouses and small 
communities in the area and 
it is now thought th3t 200 Euro- 
peans and 200 rebels, plus 3n un- 
known number of other Zaireans 
have been killed. 

In Paris, meanwhile. President 
Valery discard d'Eslaing 
announced that the French para- 
troopers sent to Kolwezi would 
return to France as soon as they 
had traced those Europeans still 
missing in the area. 

He told a Press conference 
after a two-day Franco- African 
.summit that the Zaire Govern- 
ment would he informed in 
advance of the French with- 

drawal so that it could take the 
necessary steps to secure the 
security of the region. 

President Mobutu, in Paris fur 
the summit, was earlier reported 
as having tried to persuade 
President Giscard of the im- 
portance of keeping the troops 
in the country indefinitely. There 
are 600 of them in the province 
at present. 

President Mobutu desperately 
needs an outside force to guard 
his frontiers, as his own army 
has been largely discredited. 

The 600 Belgian troops at the 
military base of Kamina are 
staving strictly neutral, much to 
the fury of President Mobutu. 

Tiie Moroccans, meanwhile, 
have hotly denied report* that 
their troops have arrived In 
Zaire. A French military source 
had reported that the first batch 
of 40 men had gone down to 
lamina, but the Moroccan em- 
bassy here said that Morocco 
had not intention for the 
moment of sending any troops, 
although same Moroccan military 

transport aircraft had flown down 
to Kamina. 

The Moroccans played a big 
rnle in defeating the last invasion 
of Shaba province last year. 

Robert Mauthner report from 
Paris: France and French-speak- 
ing African countries agreed here 
to-night to examine a project for 
a collective security arrangement 
which -would enable African 
countries to deFend themselves 
against external agression. 

The task of drawing up a blue- 
print for a Franco-AJrican de- 
fence pact was given to Presi- 
dent Leopold Senghor of Sene- 
gal. one of the most ardent ad- 
vocates of European involve- 
ment in Africa. 

Several Heads of Government 
at the conference of 21 African 
and Indian Ocean stales here 
publicly supported the creation 
of an African peace-keeping 
force. tD which each stale would 
make some kind of contribution. 

president Eyadaraa of Togo 
told jouranalists earlier to-day 
lb at if an agreement was even- 
tually reached on the creation 

of such a force, it would certainly 
have lo be set up with French 
assistance. The African countries 
needed the technical know-bow 
and experience of the French 
Army, he said. 

it was understood, however, 
that some states, notably Mali, 
expressed strong reservations 
about the creation of a pan- 
African force with French aid. 

The Africa continent was 
threatened by a vast attempt to 
upset its “ geopolitical equili- 
brium.” He emphasised that it 
was up to the Africans them- 
selves to solve their problems.” 

Meanwhile, the French Defence 
Ministry said tbut the rebels had 
left behind piles of documents 
when they beat a hasty retreat. 
The papers, which were being 
analysed in Kinshasa, showed 
that the rebels had approached 
Kolwezi in three columns and 
were met in the town by a largp 
group of supporters. 

Further details Pago 3 
Copper and cohalt prices 
Page 23 


on Peru 


By Nicholas Asheshov 

LIMA, May 23. 

New audit 



U.S. anti-dumping drive 
will cost BSC £100m 

By Michael Lafferty 
THE UK accounting bndies have 
launched a programme of defini- 
tive minimum audit standards to 
meet some of the recent critic- 
isms levelled at the auditing 

Up to now public accountants, 
in the UK have only had a series j 
nf guidance statements to he!p ( 
them in their audit work. | 

The new audit standards; 
should provide benchmarks; 
against which both accountants; 
and outsiders can measure per- 
formance. They will complement 
the profession’s accounting 
stands rds-settin? programme 
launched in 1969. 

The decision to issue auditing; 
slandards follows two years in; 
which some of the largest ■ 
accounting firms in the country; 
have been criticised in Depart- 
ment of Trade reports. 

Auditors are now warned that a 
court may well take these 
standards, and the back-up guide- 
lincs. as indicative of good 
practice when considering the 
adequacy of a particular company 
audit. Accountants who fail to 
observe the standards could face 
disciplinary action from their 
professional body. 

The draft standards are 
presented in the form of 11 
papers. They arc now open for 
discussion for six months and 
will probably become definitive 
around the turn of ihe year. 

The auditors respond Page 20 


THE British Steel Corporation its U.S. trade being relaxed. The British Steel lost £440m. Iasi 
is expecting to lose two-thirds corporation is bracing itself for year and a loss of £400m. has 

or its U.S. business, worth about a reduction of Ks business i From been projected for the current 
ElOOm. this year as a result of level of ,64 - 000 lonnes 10 year. 

the anti-dumping campaign 
against imports now being con- 
ducted by some of the U.S. sled 

Pressure upon the traditional 
British Steel trade in the U.S. 
has heightened steadily since 
last October. 

Sis dumping complaints 
against the corporation's pro- 
ducts have been filed by National 
Steel. Arrnco Steel, and Korf 
Industries fan associate of the 
West German company Korf- 
Stahh. Also the U.S. Govern- 
ment has introduced its trigger 
price system designed to reduce 
imports of foreign steel. 

The resolve of some of the 
U.S. producers to persist with 
their campaign against imports 
has been stiffened by new 

Pricing ‘flaw’ 

U.S. steel Industry leaders 
indicated yesterday that they 
were unhappy with the U.S. 
Government trigger price 
mechanism designed to protect 
the domestic industry against 
alleged dumping by foreign 

Mr. George Stinson, chair- 
man of the National Steel 
Corporation, said that the 
industry Is seeking “prompt 
revision ” to eliminate '* 
flaws” in the system. 

Details, Page 6 

.Vsarco with 

At the moment income from 
Cuajone copper sale* goes 
into two Central Reserve Bank 
accounts with Chase Manhattan 
in New York. One is used to 
remit funds back to Peru for 
running expenses and the 
other is a kind nf sinking fund 
used lo pay off loans and 
distribute profits. Chase wants 
even basis by the end of the ■ this system to be guaranteed 
year 1979-80 and foresaw exports i hv specific new legislation, 
continuing at round 3m tonnes a I The Cuajone mine went into 
year. The document was cautious* operation at the end of 1976 
about exports growth prospects ! afler an investment of S750m, 
but did not provide for the sud 

In a recent document. Pros- 
pects for Steel, the corporation 
set its management a financial 
objective of operating on a break- 

THE CHASE Manhattan Bank 
is demanding a special law to 
ensure the Southern Peru 
Copper Corporation's financial 
fat ure as a condition for 
further financial assistance to 
the hard-pressed Peruvian 
military governmenL 

The hank's request came in 
the form of a sharply-worded 
telex message from its New 
York headquarters lo Dr. 
Man ael Morey ra. President of 
the Central Rcsene Bank, in 

It has provoked equally sharp 
reaction from the Peruvian 
authorities, who are warning 
obliquely that if they do not 
get further financial help they 
will be forced to declare a 
moratorium on their foreign 

Peru's public external debt 
due this year amounts to 
$645 m (£35 2m). 

The matter centre* on the 
disposal or income from the 
corporation's new and rostiy 
Cuajone copper mine, one of 
the biggest mining ventures in 
the country, and (hr riglus of 
5PC.C shareholders and finan- 
ciers. 5PCC is owned by four 
U.S. mining companies, the 
principal shareholder being 
a 52 J! per cent 

den collapse of any of the cor- 
poration’s major markets. 

British Steel has always sold 
strongly in the U.S. market and 
regards its rightful share of that 
market, based upon traditional 
trading, as round about 1 m 
serious .tonnes of steel a year. 

Defending itself, in the U.S. 
courts against the anti-dumping 

suits promises to be a long and 

costly business Tor British Steel 
250.000 Mr. William Verity, chairman 
of Armco, said when his corn- 

figures Tor Ihe U.S. steel trade. 1977-78 to only some 
They show that imports of steel tonnes in 1978-79. 
into the U.S. in the first three The loss will cut the corpora- party hied its case that it had 
months of this vear were at a lion’s total exports by 16 per selected the UK as its brst anti- 
record level of 5.75m lonnes— cent, and will be a serious sei- dumping target because British 

Europe sent 2m tonne* back to hopes of bringing the Steel prices were "ridiculous 

British Steel sees no immediate business hack into profits by the when measured against costs io 

prospect of the pressure against early 19S0s. • the British industry. 


SUNNY periods, some showers. 
London. S.E.. Coni. S-. Cent. N. 
England. Midlands 
Sunny, isolated showers. Max. 
20G (KSFi. 

E. Anglia. E., N.E. England 
Cloudy, sunny intervals. Max. 
16C itilFi. 

Channel Islands. S.W.. NAV. 
England. Wales, Lakes. Isle of 
Man, S.W. Scotland. Glasgow, 
N. Ireland 

Onudv. showers. Max. 1HC. 

Borders, rent. Highlands, N.E. 
Scotland. Orkney 
Cloudy, rain. Mow MC <57F». 
N.W. Scotland 

C’lnudy. shower.-. Max- 14C 
(57F). j 

Shetland 1 

Cloudy. W ind N.E. Max. SC i 

British Shipbuilders to diversify 
in effort to save j 



about two-thirds of which was 
borrowed from about 60 inter- 
national banks in a deal tied 
id the sale of ihe mine's 
copper output. 

The Chase message to Hie 
Central Bank talked in 
insistent terms about the 
urgency for the special legisla- 
tion and then emphasised that 
it is “absolutely -a prior condi- 
tion of the further co-operation" 
of Chase and “ hanking institu- 
tions worldwide " which are at 
the moment considering 
“ further financial arrange- 
ments” with Peru. 

The telex calls Tor legisla-’ 
tion to be “passed this week 
without fall/' 

As the telex implies, 
Peru is urgently requesting 
fgurther financial help from 
the international banking com- 
munity. The Central Bank has 
lilile or no foreign cash 
reserves. Exports this year 
cau at most be expected to 
bring in about $9S0m. 

Peru’s banking relations with 
the outside world are being 
continued on a day-to-day basis. 

Dr. Morey ra is in New York 
today, asking a .steering com- 
mittee of international banks 
Tor a roll-over arrangement to 
avoid a default 

BRITISH Shipbuilder? plans a mp development. Investment in In the battlp to win orders, 
big diversification programme to all' the new fields would fall far British Shipbuilders yesterday, 

save job.' and provide alternative short of £100m over the next five urged the European Commission] 

work m the face of the world years, as many yards already to approve a second intervention ' 

shipbuilding slump. Mr. Michael have flexible manufacturing fund to subsidise building. The j Continued from Fage 1 

- - ’ ' existing fund of £B5m has beeni 


in facilities. 

The corporation said yesterday used up and the corporation 

.... talkinn with PVl'tV "30tS aOOt/.pr £(0m tO £80 HI. 

Casey, chief executive 
London yesterday. 

Details »f the programme will that it was talking with every 
he in British Shipbuilders' first British flag carrier to persuade 
corpora**? plan, now half-coni- them lo buy new ships in 
pleted hut expected in be ready Britain. 

by the end of the year. British Shipbuilders also is 

The radical plans for the sur- considering converting under- ^‘ders.' 
vivai or British Shipbuilders call used ship repair yards to bases Even wUh lhesc p i aI1Si it would 

ear for British 

The go-ahead could be given 
by ihe end of the month, Mr. 
Casey added, hut he gave a warn- 
ing that further delays would be 
felt acutely as yards fought for 

immediate strategy of 

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for a six-point diversification out {or scrapping unwanted ships. ^ a s va „ e vca 
of shipbuilding in some yards LK owners get rid or most of v#rds _ j imri ' cd i 
and in parts *»r others. There their older ships in the Far East ‘ Bril j sh shipbuilders was to sur- 

JnlL vlve in the face of orders which 
. would last only another IS 

par .. 

would ;i!-u bo an expansion of -—which 
waolup inurkctmc overseas. In redundant 

the pasi 20 months a fifth of ihe rather than in Britain where months 

workforce m ihe corporation has there is little purpose-built There was no question of 

moved nui of merchant ship- scrapping capacity. British Shipbuilders' working as 

building Into naval work. Mr. Casey said all British a so cial service. He had no inten- 

Plans for alternative work yards had the capability of work- tiem nr feather-bedding inefficient 
ine'ude diversification into off- ing in civil engineering. The vards “But if the Government r h^rirnek or n..«- nrn ; 

<hore engineering. subsea corporation would look at design wants us to do this then they ; js (hat ^ should P nno™ to 

assemblies for oii-related work areas where the UK had no must pay the bill.* Nobody in h h tha 4 

union move- 

White Paper 

seats on a policy board in the 
new two-tier structure, subject 
to a ballot of all employees. 

The worker director system 
would be based on the unions 
although the White Paper says 
that “homogeneous" groups of 
non-unionists might have a right 
of appeal. 

This does nor go nearly far 
enough in uccomniudating the 
interests of non-uoionisis lo 
please either the Conservative 
Party or ihe CBI. But Mr. 
Callaghan showed his determina- 
tion on this issue when he said: 



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UK had no must pay the bill." Nobody in j t 'fo rous h t h e 'trade 
on the iH'?an llnor. new merchant previous expertise, including their right inind would say that: mem .. 

ships and nnn-inarine engineer- hydrofoil manufacture. ' all the yards could be kept going.] However, he also pointed nut 

th3t the White Paper has 

Continued from Page 1 

Peers shown ‘Saudi blacklist’ 



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F— Fair 

under the chairmanship of Lord 
Redd iff c-Maud. had been toid 
that (he Deparunem of Trade 
had nu authoritative copy of air 
Arab blacklist. 

He claimed it had been sent 
to him by the .Teddah Chamber 
of Commerce to which he had 
written on his private stationery, 
enclosing a S25 cheque. Many 
of the blacklisted companies 
have Jewish directors known for 
their support of Icraei. 

it is understood that 12 per 
cent uf the 1,150 entries are sub- 
sidiaries! and affiliates of Great 
Universal Siores. whose chair- 
man. Sir Isaac Wolf son, is a 
benufacinr of Israel. 

A on i her 5 in 10 per cent are 
affiliates and subsidiaries of 
Sears HnMing.i. whose chairman. 
Sir Cbarlc* Clore, also supports 
Israeli causes. 

Mr. M.tslow. expressing sup- 
pnri r»r the Bill sponsored by 
Lord Byers, said ihut experience 
m Ihe U.S. »ii nee unti-hnycnti 
IcgisUtinn was passed there, had 
disproved claims that there 

would he reprisals by Arab 
naiinns. Arab trade had in- 
creased rather than decreased. 

He also claimed that British 
Petroleum had told Jewish 
leaders in Britain that it would 
no longer ask other companies 
from whom it was inviting 
tenders for Middle East construc- 
tion work whether they complied 
with the Arab boycott. 

BP bad given this pledge after 
an incident last August, when 
Brown and Root, a subsidiary cif 
Halliburton or Texas, the U.S. 
construction company, had re- 
ceived an invitation to bid for 
a project in Abu Dhabi from RP 
Trading, a subdivision of. BP. 

The invitation included a 
“form of tender" which Mr. 
Maslow showed in [he committee. 
Paragraph Four read: “ We 
declare [hat we are not in breach 
of any of the regulations of the 
Arab boycott nf Israel.” Clause 
"S stated that the contractor 
should comply with all laws and 
orders relating to the Arab 

Brown and Root had filed these 
papers with the U.S. Commerce 
Department and reported that it 
would not comply with the BP 
Trading request, which was in 
Violation of the U.S. Export 
Administration Act. 

Earlier Mr. Tom Boardmnn. 
president uf the Association or 
British Chambers of Commerce, 
said that while the association 
deplored the boycott. legislation 
would by '* positively damaging '* 
to British trade. It also opposed 
an initiative by the EEC, 
although that would he less 
damaging to British interests. 

Anthony McDermott writes: 
The Damascus headquarters of 
the Arab boycott office issues the 
central list of banned companies 
and their subsidiaries. However, 
each Arab country applies these 
lists more nr less according to its 
economic needs. . 

In Lon dun A rah 
officials denied that a 
as the r>ne obtained 
Maslow existed. 

list such 
by Mr. 

"green edges” on several points 
and stressed his willingness to 
have a further round of consul- 
tations with both sides of indus- 
I try before legislation is pre- 
sented to Parliament, 
i These issues include what 
- rights of appeal non-unionists 
should have in a worker director 
system, whether there should he 
a three- or four-year waiting 
period before a company had to 
accept a claim for worker direc- 
tors. and whether any industries 
I or sectors of the economy should 
I be excluded from the legislation, 
i Lord Bullock, who was chair 
( man or last vear's Committee of 
I Inquiry, welcomed the White 
I Paper last night. He was pleased 
I that the Government had 
[“decided to make a start with 
I employee representation nn 
hoards and to do so along the 
j broad lines proposed hy the com- 

However, the Institute of 
Directors called for an urgent 
meting with the Prime Minister 
io protest that the White Paper 
"disregards the need for quality 
in our directors and will ensure 
conflict instead of teamwork in 
our boardrooms." 

The Engineering Employers 
Federation said it holievod the 
proposals were “inflexible and 
impractical in seeking to extend 
Iraric union influence at the 
expense of industrial efficiency.” 


Tenneco picks 

its moment 


It cost Tenneco altogether 
around £ 20 m to acquire its cur- 
rent 49.S per cent stake in 
Albright and Wilson. Now it is 
offering nearly £100m — orl65p 
cash a share — for the remainder. 
The difference between those 
two sums can be viewed as re- 
flecting Tenneco's opportunistic 
skill, in investing in a rocky 
situation back in 1971. But it 
also reflects the cost imposed 
on Albright’s shareholders by 
the management mistakes of the 

Ever since -Albright began tn 
come right in the mid-1970s the 
non-Tennecn directors have 
been waiting for the moment 
when the U.S. group would 
attempt to gain full control. 
Now Tenneco has chosen a 
moment shortly after the pub- 
lication of Albright's annual 
report, which forecast no- 
dramatic change in the com- 
pany's results in 1978. The offer 
has been publicly laid on the 
table, represents an exit p/e of 
11 or so. and leaves the non- 
Tonnecn directors in the full 
glare of publicity as they con- 
sider their response. 

The fact that the bid has come 
this year rather than last, how- 
ever, to a large extent seems to 
reflect internal considerations at 
Tenneco. For several years the 
U.S. conglomerate has baulked 
at converting its remaining loan 
stoch to take its stake over 50 
per cent., for it has been un- 
willing to consolidate Albright’s 
debt. Even at the end of 1977 
the group had some $2.Sbn of 
debt outstanding against stock- 
holders’ equity of S3.1bn. But it 
seems that Tenneco is now 
looking forward to the com- 
mencement of production from 
the Heather field in the North 
Sea at the end of the year, and 
a wholly-owned Albright would 
be a more suitable vehicle for 
reinvestment of this cash flow. 

In a very real sense, the ncm- 
Tenneco directors have already 
been conducting their defence 
for some considerable time. -A 
series of press conferences and 
institutional presentations 
appear to have heen designed tn 
make sure Tenneco could not 
pick up too much nf.a bargain. 
So even before yesterday's sus- 
pension at 123p the price was 
very close to the recent peaks. 

Index rose 1.8 to 470.6 

iDpHEQUER 12% 1998 





outside world the progress of 
their companies appears inexor- 
able. BMW said yesterday that 
orders for the first four months 
were 50 per cent up on their 
1977 level, while the buyer of 
some Mercedes models now 
wails for more than three years 
before delivery. Both companies 
are manufacturing flat out. Both 
will continue their steady 
increase in capital investment 
in 1978. 

Labour costs in the German 
motor industry are now 
DM 23.20 per man hour, say 
BMW, versus DM 19.80 in the 
U.S. and DM 14.20 in Japan. 
Yet such is the price that the 
buyer of smart cars will pay for 
German solidity that BMW still 
has no thoughts of following 
Volkswagen into overseas 

Though both companies made 
impressive advances in sales 
and profits last year. German 
tax reform obscured this fact 
in their p and 1 accounts and 
denied overseas investors the 
rewards. Both companies cut 
their cash dividends lo DM 9 
— BMW from DM 10 and 
Daimler from DM 9.5 — and only 
German investors wiU benefit 
from a tax rebate worth DM 5 
a share. For the foreign 
investor BMW shares were 
yielding 4 per cent last night 
at DM 226. while Daimler at 
DM 295 were yielding 3 per 

Following the spectaculai 
down turn in the second half 
of last year, Borthwick's first- 
half pre-tax profits are 57 per 
cent down at £2.2m. The cam. 
pany has had to dip into 
reserves to pay the dividend and 
" considers that prudence may 
dictate a real constraint on the 
year-end dividend i.e., it 
might have to cut iL 

This is the latest episode in 
the group's short but unhappy 
stock market career. When it 
was brought to the stock market 
by Morgan Grenfell in the 
summer of 1976 the company 
warned shareholders that " they 
should not expect dividends in 
good years to match the 
increase in profits. However, in 
less profitable years, the 
directors intend at least to 
maintain the previous .year's 
dividend payments, so long as 
they do not prejudice the 
financial strength of the group 
. . . and to provide shareholders 
with a regular and steadily 
rising income.” Less than tu-Q 
years later, Bnrthwick’s is hint- 
ing that the dividend could lie 

Admittedly. Borthwick's. has 
had its fair share of bad luck. 
Because of chrome ' labour 
troubles, its New Zealand opera- 
tion. which would normally con- 
tribute close to half its profits, 
Inst over £lm in the first 
But Borthwick's £12.5m bid for 
Matthews Holdings last year 
now looks tu have been a very 
expensive and ambitious exer- 
cise which has been draining 
both the company's cash and 
management resources — short- 
term borrowings are currently 
in excess of £50m against share- 
holders’ funds oF just under 
£30m. The hoard says that it 
is “well satisfied with the 
acquisition/’ Shareholders may 
think otherwise. 


The managements of BMW 
and Daimler Benz may stress 
strikes, the rising DM. the cost 
of German labour and the pos- 
sible passing of the German 
motor sales boom, but to the 

Thos. Borthwick 

They always say that bad 
figures take longer to add up 
and by the time Thomas Borth- 
wick released, its interim profits 
last night the stock market had 
long since gone home. So not 
much should be read into the 
2p rise in the share price to 
66p qo the day. 

The long tap 

The Government broker's dei 
eision to activate the long tajj 
raised a few eyebrows. The prici 
was cut by around fit to £63 
but this did not look tn be 
particularly aggressive mmtf 
The authorities probably sold 
under £100m. nf stock but nn 
as much was taken up by the 
institutions and there were 
rumours that the authorities 
were only helping out a few 
jobbers that -had been caught 

Whatever the motive, the 
decision was not the sort nf 
major initiative that the finan- 
cial markets had been waiting 
for, and it is seen more as a 
stabilising move. 



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