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On time tui 
with Capper-Neill 


No. 27,568 

Thursday May 25 1978 

— — g g *"* ***** *««« «.,* ™ S ' JsBmmwifflSm 

~ - - — B J B. -- — » ... .?!!?■?? 

New York 

m:\vs simmakv 




[Government backs 

coal search for oil 

substitute with £20m 






Mr. Mitfaarf Foot, Leader of the 
2®*«®ns. last night hacked 
*»«8 for the tele vising ©f Parlia- 
ment— only eight weeks after 
rooi© broadcasting began. 

The Conservative SIP Mr. John 
Farr raised the subject by 
attempting to Introduce a Bill 
under the 10-miuute rule but 
mere was insufficient time. 

However. Mr. Foot said later 
Cl * t fa would support the Bill 
when it was brought forward 
again and added: *The House of 
Commons will haRte to move in 
that direction." 

Owners ‘let 
tankers sink* 

■ygg z 

• equities . 

boost on reports ™™, i ,„ PJSUI . u , 

announcement today that thej ceiltur y_ 

eig^t^yS^ 3 ™ of K 17 °m tonnes annual 

investment of £20m. is over the supply by the 811011 P rp ?. nct10 ?. by end of the 

period covered by the rabfflHtme fS ttemL«t d h2T e n “fag* tar ® et to which the 

“g^diturB survey. A vetoped nm? M? ? oal 15 working, might 

ssis- “3 “! 

S|„!S“ d tte «“ G “ S 0 — “ •HS-S SfiSSfiSSSSU? !U * 

mentfed hv , At J resent ’ the price of a gal- 0,0 lon S»«enn pro- 

■ursarS^^n — — 011 on deIhreiy to s^aaartt 

SSSSSidfttS 7 * ' n * “? 0f wln f 5 g 'Mxrtga* SSR “SLd £ bed^iS 

^ uee “hemes for ___ t”® 1 ooal Page 22 bastion plant to generate elec 

wSeS ^ t tsS 1 Sr 0rt a i^ ,, ! 1 iS 1 ?®J ^ fprtatemational energy £*<dty, The project! which wolild 
£7g nj costing an estimated institution Page 6 be Jointly developed by the Coal 

Announcing the level of WoiM ” port PagB 4 ISS'-J B v abcot *- and 

By Philip Bassett, Labour Staff BY DAVID LASCEU.ES 

to Lloyd’s 

, . ■’ jwuut friuiCK) max 

snips were sometimes allowed to 
sink- for insurance reasons. Mr 
Richard Rutherford, of Lloyd's * mmo - 
also said that human error was U GIL J 8 wep *t wMued, and 
the most common cause of tanker ■ ? wovemmeat Securities 
disasters. Page 12 under closed 0.03\up at 70.42, 

Arafat challenge £g PgtSdfflSaS 

Five Palestinian guerrilla organ!- remaining at 61.6 The dollar’s 

chaSSUl^tl! •*>"** depredation widejed to 4.74 per 

wn ‘ 

i“o p „ g^a^STs: • gold -* to 

Abortion appeal d "“ 

Mr. Bin Paton. whose wife yester- ?, redistiaotion mea- 
day won her right to have an 016 

abortion against his wishes, is to n , ( * i“ d P° or - 

eppeaL The court ruled Mr ?.^°^jfa5 tp r , the ^test report of 
Paton had no rights in the matter ff-IL.5? 3 !! 1 ConumssiOH ®= the 
but he said after the hearing: gjrtriteihoii of Incqme 
“ T am determined to carry this Wealtil - ® a< * and Pagfc 9 
appeal to the very highest courts _ V 

If necessary. RTZ pfaUS 1 

Hooligan jailed j t yent 

The PoUce Federation has J ,Ul YCiU III PS- 
welcomed the three-year jarl • RTZ is to. co-operate In joint 
sentence Imposed on a London ventures with the large oil cora- 
football hooligan at the Old panies, whjfch have the eiqierl- 
Bailey. West Ham follower ence and/ cash to undertake 
Carroll Pennant, 19, had been expensive mining, the chairman, 
involved in an affray after which Sir Marte Turner has told share- 
Mr. Pan! Cronin had suffered a holders. ‘ Back Page 

speech impediment and lost his - — ... . , 

memory. ® SWAN HUNTER has been 

awarded a limited pre-production 

Israel relents p i a *^ 5 ?^ 2 ntract for ^ thw 

of the Navy^s new anti-submarine 
Israel has abandoned its attempts If awarded, the full 

to take over the land and contract the £130m ship would 
property of emigrants from the P£ mde 3»°00 Jobs for six years, 
occupied West Bank following R Meanwhile, the president 
The Government was/”t-__?-_ e ? nral Council of British 

present coal-fired 

.o.d by a „ ~ nfeaat SSJ?—"a powap aa, ™ _ 

34 np * 474 -°- | shl“* *»« « $z n » »"•»* «« sa; vs sztis ssrsftss 

The three projects which will ^die added that Govern- J^ duc ® d su, P il or dioxide pollu- 
begin immediately are research ment backing for the report ESL^ij the /bility to burn 
into liquid solvent extraction. me ant that “King Coal was bark ‘ ow ^ r grades of coal. An early 
or the production of petrol from j° fa rightful place again!" The °f ^5 technol ogy has 

coal, costing Hbn; supercritical UK ’ S roost important enervy asset fl^^,~ velt>ped Babcock and 
gas-solvent extraction, or the ^ its SCO years of coal reserves W !J^ 

■’ - st*n« tairm - — ' > Other projects in winch invest- 


S-Tj tlf ut enrsenon, or the onu years ot coal reserves TvZT 

production of chemical feed- ste PS taken now would create ^ther projects in which invest- 
f rpm coal, costing £l5m: l obs at the end of this century ? s recommended include 

and the fixed-bed composite gasi- “d the beginning of next pyroHsis, or extracting liquids 

J* tits* production of sub- The need for nil fmm - . an “ gases from coal under beat; 

sxs&r 1 gss “I as'ati.i 


UK mechanical engineers 
i face slow growth period’ 

BV muicni • 

an outcry, 
accused of 
properly in 

development. Page 3 

trying to gral 
order to prever 

Shipping has warned that unless 
world Governments stop subsidis- 
ing shipbuilding, private enter- 
prise shipping would die from 
overcapacity. Back Page and 
Editorial comment Page 22 

Paper seized / 

Police seized the latest issj/e of 
Egypt's Left-wing weeWV r The COMPANIES 
People for the second wask run- a natvavat rito n ,j. 
ning following Sunday V9S per record SShi^of £9^m “11.1m) 

siSzssEstsssL zsv&sxsrSL 

extremists. The Peopil tres said IZee 4S\e“H)ed "sJS 
to contain = sensational and 

hostile " articles, are tp be maintained. Page 8 

-. . ... „ , , • BOC pre-tax profit for the half 

Schmidt attacked year to March 31 fell from 

— „ - . , tjwi,--—. w_. £365m to £25.2m because of 

The Soviet Embassy in East European trade difficulties and 


.Mechanical , 
f Engineering j 

TBE UJC mechanical engineer- 
ing industry can expect only a 
mcreue in demand 
rnun both home and overseas— 
and a very slow growth in out- 
put during the rest of this year 
and _ bj 1979 — a National Eco- 
nomic Development Office report 
says today. 

There win be virtually no 
further increase in employment 
m the industry through 1978 and 
1979, according to the mechanical 
engineering Little Neddy. 

It warns that imports will cun- 
nnue to increase their share of 
the U.K. market — a record 30 per 
cent in the third quarter of last 
year-— which is “a trend of 30 
years standing likely to be re- 
inforced by reduced U.K price 
competitiveness -in 1978 and 

ally In 1078, mainly in the 
second- hajf of the year. 

. On past experience GDP 
needs to grow at more th an 2.5 
per cent a year before meebani- 
cal engineering output increases 
substantially," it adds (Current 
treasury forecasts are for a 
three per cent GDP increase in 
the first half of 1979 compared 
with the same period of the 
previous year.) 

An increase in industrial pro- 
duction. ■< of which there are 
now perhaps the first tentative 
signs, normally works through 
to investment and mechanical 
engineering after about nine 
months. . 

'Export orders, which were 
“Ghren that at that time we "t? U *57 aK* 

5? UtUe Neddy Sbert-tenn S SSXSftw ‘'™» i» 197sL“giv£ftte 

s™Jsairifif5y?s?s & srat 5 SlSMsslsjss 

gfgr£3S5 IjSS^S Shie^hoSd*? f Smi°c 

orders ^ increase only gradu- ggfW ^ 

Zaire facing exchange crisis 


KUJSH^A, May 24, 

POST OFFICE plans for the 
reintroduction of Sunday mall 
collection were dedSiveley re- 
jected yesterday by the Union 
of Post Office Workers. This 
almost certainly means an end 
to the plan, since restoration of 
the service, which involved 
voluntary overtime working, 
depended on union approval 
The overwhelming rejection 
of the proposals by the union’s 
postal workers section, against 
(he recommendation of Ms 
executive, means members* 
hopes of a reduction in Satur- 
day deliveries to obtain a 
shorter working week, are not 
likely to be achieved. 

The 1,000 postal workers' sec- 
tion delegates at the union's 
annual conference in Black- 
pool, voted by a margin of 50 
to 1 to reject the proposal. 

Sir William Barlow, chair- 
man of the Post Office, has 
given the restoration of Sunday 
collection top priority in his 
plan for the service. Last night 
he said he was "naturally dis- 
appointed ” by the union’s 

All the delegates who spoke 
on the motion argued for the 
rejection of the Post Office 
plan. They felt that in the two 
years since Sunday collections 
were suspended Post Office 
staff had grown to value Uielr 
Sunday free from work. The 
union should be trying to re- 
duce the working week 
Because pay settlements bad 
not fully consolidated the sup- 
plementary increases of phases 
one and two into the basic pay 
to give overtime rates in line 
with 1978 standards, the finan- 
cial reward for Sunday work- 
ing was particularly unattrac- 

Mr. Maurice Styles, general 
secretary of the section, said 
union members were angry 
and Indignant about the Post 
Office’s proposals. The aboli- 
tion of Sunday collection by 
the Post Office was « the height 
of folly* 1 and the union had 
campaigned for its restoration. 
"Now, though, members were 
against its reintroduction.** 

Earlier this week Mr. Tom ■ 
Jfaksou, general secretary of: 
me union, said the abolition 
was **a mistake of immense 

The Post Office, which 
claimed suspending the service 
saved £8m a year, had pro- 
posed a compromise on Sunday 
collection after public com- 
plaints about its suspension. 
Collections would be made 
from all post offices and other 
selected boxes. 

NEW YOK. May 24, 

1 ^r 00 ^ Clia - ]en - e restrictive and that places a 

£^#£5=3 m 
1 - “ -sa ?£su?sSmus 

_ , a Proper centre. 

Proposals of this kind have r Clearly, they also resent 
fa for e but Lloyd's Lloyd's privi ledged position 
recent blocking of attempts by * Ir - John Regan, chairman of 
u,s - 1 P su T a oce brokers to buy J5 ar *Ji and McLennan, one of the 
control of Lloyd’s brokers has two * ar S e U.S. brokers recently 
given them additional impetus. Prevented from increasing its 

A Biu was introduced into the ,I >utl J nei1 tha 

New York State Assembly today Iast Wepk - 

ir^h^ 0 strong backing of Mr. market (to 

Telephones dispute Page 13 

£ hi New York 

, S P« 

I mooiii | 
3" months 
IS torarbi 

0.65-0.47 dig 
L 43-1.36 dia 


0.65-0.47 dia 
L 45-1.37 dls 

6^6.76 dia t 6«L6.70rtla 

nr v « ^o 11 ® backing of Mr. , cora .P ar abIe market (to 

Hugh Carey, State Governor. It exists in this countrv, 

seeks to amend state insurance though more than 50 p^r 
laws to allow creation of such worldwide insurance 

an exchange. premiums are produced in the 

- T y s - compared with less than 5 

No surprise 

tbe f tiStin? H 5065 throu K h “ « nd alternative to°Llovd'stii"?uniMd 
\ Sr„! aS - n0t clear i oday J. c,p the need for TddU 

r.sH sa? «5 

trading Bl ]L aim! t0 create * i ons . have be «> «prenST™’ 

trading floor and syndicate fa® insurance companies them- 

which, its sponsors selves. They say the proposals 
T? DC j? e * *® modelled closely on are still too vague. 

U °ld s ; Specifics Uy, they fear that the 

Sy dm cates would be composed fmergeoce of a new animal, the 
of member brokers and insur- , P surance indicate, would 
ance companies which would ^ireaten their position and 
compete for insurance business £ oss, oly even blur the distrnc- 
— mainly re-insurance and large “°° be tween insurance brokers 
or special risks. an <I underwriters. 

- At present the Insurance 1 

indufitiy is regulated tightly by I\Ol Clear 
state law, which makes' free ^ _ 

competahon virtually impossible. • In London the British Insur* 
Insurance companies must said that there 

u sd’Hy haTe their piemlvS i ™ dcbal t0 fonn 

approved by the state insurance t invri’« r>f r M 

commissioner and most of re- atSSL ? “** “We 

insurance business gee? to tinn^nf ^V 10 ^ ^ fl i U faP Iica_ 
London. H ons this proposal. But the 

Mag fflSS-S S? 

Scottish reactor go-ahead 



Lothian, at fi. ft 

*» twild the AGE- Secret, a^mee? the S 
Govenuneot° .S I "L^f ?“/ " “>• t S( ;™ P^lratmee . 

Bn d tis V uiI ' ^ »od?d ft* 

Mr Scotland, ordered, mcluding one for 

mt. Jnuian said that there was Scotland. 

i/ErA^^ »sr- , M 

faH«n?«.?!5fty veral organ - before construction could ^ E 

nu?£ar a ? PliCati ° n 0tr ° 0nbe “ iW a anTSlJEdSJa^ of S MW 

SSj & sssfe 2 S 3 

SS®R=SM c« n s »“ 

Berlin has ett.cked _ Wert gas — — 

SSSS foMoi“n S 0r toe H QS ******* ** 25 ^ JJg resS^s° to 1 2 J“g ********* Mt fl recently t 

embas r , ^rr^SrhrS? f AV v2 N KtJBBER P retax P™* Of^STif a $22(to toaS Sff ^plomats, St di^satiS^^ia 

embassy say. s Herr Schmidt for the six months to April I being negotiated before the canftaT 811 Die information provided bv thp 

L Vl 5,- t ^ aCreeraet,lS by 50108 - sli PP= d from £2-5“» to £2.38m invasion of Shaba produce SB2 L JK? b S£!5 w Government. P Cd by 1116 

to the city. in spite of a £2.G5m increase in »t-go through, according to aprindpal iSSitiSS?n?S« been «Jl conomists heTe believe the 

turnover t0 S 56 - 97 *- Pa « e27 economists here. coSSSum w ** MW can ^ expected to advire A ^ 

Briefly « ■ ■ • albright and wdlson i s with a 5SV$K5 SSftMSLi SXI&I&tS m i h b ^ ^ 

Princess Margaret’s marriage to JP negotiate a higher bid btmks, headed by dtibank of the paid about t ^5m C intn^ ontry has ation offte currency. I Hi 

Lord Snowdon ended at the Law Jfa 1 ? ^ 904 was *»*«»« to restore acconnt^rith 8 ^®?^ I ^ “P— which, when It last K MM M 

Courts. London, in a hearing offered for tiie 50^ a measure of mtenratlonal confl- nati raal ^ looJ::ed at the Zaire economp tMBl 

lasting I min, 53 sec. 8 WrMt it does not already own. deuce to Zaire’* cred£ Basle to recommended a series oftaS H |W 

British Fair cancelled sacral B "* P ““ . Sgfe &£ fe » C! 1 II B ■ _ 

croRS-Channei Sea link ferries • BRITISH HOME STORES has the ^ account since last November ^5? sfr«ter view, given I 

because of a 2«,our strike by S3SSd!iffl5.TS?J£ extent «g e 3? S-2S?S <***>}**] ^ 

Courts, i^onaon. in a bearing w-s * we» 

lasting I min, 53 sec. percent it does not already own. deuce to Zaire’* credit- 10 recommended a series 

British Bail cancelled ™™ral P ““ ■ Sgfe &£ fe « C! 

cross-Channel Sealink ferries • BRITISH HOME STORES has the ^ account since last November “* s ^ lcter riew, given 

bccaure of a 2«,our strike by SsdSed dttSs™. SSSTo^ "tSE K >U ofge SSSSmtH 

French merchant seamen. haul of its food business partly Shahid nS^urJ^^T banking community’s confidence .“fa actl0 n 

A skin said to he that of toe reflecting the impact of the food accounts for* und 9 nbted Jy be With toe °coantiv% I 

Abominable Snowman will be pnee-war on the company, in export earnings. 5J22S. by . _7 iew of tiie manufacturing 

auctioned at Christie's next contrast, Marks and Spencer it now looks tnerea«dn«riv m. ^* erna tional Monetary Fund of / m0U5try runmn § 

month. reports that its food sales, are likely ^tahTffiW^JE Contfaned on Back Page I 

Ten pwpto died In Eastern buoyant at the moment and _ Ad IMF team was Jn Zaire Editorial comment Page 22 

Thailand when They were not ha ^ t0 1 £f* , SS its ^ 

ambushed by Cambndian troops, margins on groceries. Page 25 

border police claimed. # ^ maintaIned lts 

Hooded man fought a gun battle recovery In taxable earning* to 
with police in Moscow after levels before 1975 with an 
seizing two hostages at the Fin- advance from £3.97m to £4.4m in 
msh airline offices. Page 2 the half-year to March 31, 

Belgian air force pilot was helped by rent increases and by 
killed when his Mirage fighter letting vacant premises in the 
crashed near Pondrome. UK and abroad. Page 25 

European new* — ,,, 2-3 

American news 4 

Overseas news „ . 4 

World trade news 5 

Home news— general ... 6, 8,9 

—labour 11 

—Parliament ... 12 

Technical page 
Marketing page 

Arts page 

Leader page . 
UK companies 

Inti, companies 
Euromarkets ... 

Wall Street 7.7!ZI^7 m 

Foreign Exchanges ’"."-. - 38 

Farming, raw materials -!.’ 39 
UK stock market 49 

y° u ’ ve sot one 
be§8^ ^ milyL3CQme Benefit policies 

^^^ mmyaacimx 


(Prices in pence unless otherwise 


Albright and Wilson 166 + 43 
Boivaicr 1R0 + 6 

+ 10 
+ 8 

Tit* La Hue 
pnhwR Park 
Ever Beady — 
Furness Wilhy 
jieron Motor . 


ici , 

hryser Ullmann 
i Iciyrls Bank ■ 
I.ueas Intis. 


.wsw« 3-10 + 

92 + 7 
144 + 5 
^.v. 279 + 13 
110 + 5 
29S + 4 
378 + 5 
— 48 + 2 
2S3 + 10 
■ TTi... SOfi + 5 
81 + 6 

Marks ancl Spencer... 139 + 4 

Midland Bank ....— _tv S75 +' 9 

Trafalgar House 133 + 4 

Unilever 51S 

Wettem Bros, b&a 6S 
Sicbens (UK) =s^s 460 
Gopeng Cons. ms-..-. 285 
Malayan Tin jn.v-.-r- 390 

Messina 93 

Minorca .nr...-. 174 

FT2 219 

Southern Kinta r.T... 205 
Sourhem Malayan ... 295 . __ 

Whim Creek 60 + 10 


Alginate 260 — 18 

Avon Rubber — 18S — 20 
Borthwiek (T.)F — 57-9 
Crystal at* 2o — 2 














Costs of winning oH 

gas from coal 

Economic viewpoint: 

currency snakes 

Medicines: the scandal- 



Business and toe eonifm 

process of arbitration ... 20 

23 Si* 1 *: Split control of a key 

that monopoly 3 

19 • The Bhutto appeal: a sense 

of exhaustion _ « 

Foreign companies' to Srath 



A *w h ii n iu s jt 

Apgrt mm e utt Atfvt*, X4-17 


sssr^~ s 

BCpw wie Indicator* • 37 

EntartalaneM Culda 20 

EnaHas Opts. an 

-fatal ColKn 14 

U* 7 2 

La tabard 

Hea ami Hatton J. 
Honey Harfcet* 



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Royal Exchange 



Financial Times Thursday May 25 1978 


Paris Cabinet adopts Saudis ‘may 
simplified Bill for 


share-dealings tax t0 France’ 


THE FRENCH Cabinet to-day 
approved changes to a long- 
awaited Bill introducing taxation 

on profits from share dealings. 
The Bill, which completes the 
Government's range of capital 
gains tax legislation, is due to 
go to the National Assembly at 
the end of the month. 

The Bill comes in much- 
simplified form. borrowing 
largely from the British and 
TJ.S. ssytenas of flat-rate deduc- 

The original draft, brought 
forward in July 1976, was ' to 
have come into effect with other 
capital gains law’s in January. 
Introduction was put off for 12 
months, first because the legis- 
lation was felt to be unwieldy, 
second because the Stock 
Market was depressed and third 
because the Gaullists in the 
- Government coalition took excep- 
tion to it. 

The new rules presented by 
M. Maurice Papon, who holds 
the newly-created post of Budget 
.Minister, set differential tax 
rates for three classes of 
inrestor. These depend on 
whether share profits form the 
investor's main, second or 
merely occasional source of 

People who make their living 
from the Bourse will be taxed on 
rbeir earnings as part of their 
income tax. Those judged to be 
semi-professionals, who make a 
regular income from the Bourse 

PARIS, May 24. gy Our Own Correspondent 

but do not live on it, are to be 
taxed at a flat rate of 30 per cent, 

and the once-in-a-while investor 
at 15 per cent 

The Bill is expected to be pre- 
sented with other proposals 
aimed at steering more private 
savings into company shares. 

The Paris Chamber of Trade 
and Industry said earlier that it 
was an inopportune moment to 
tax income from sales of shares, 
in apparent contradiction to the 
Government's stated aim of sup- 
porting the Stock Market 

But the Bill’s reception in 
Bourse circles was remarkably 
calm. While to-day's Cabinet 
meeting was in progress. Bourse 
prices went up by about 3 per 
cent on average, helped -by 
favourable company results and 
a drop in both short-term and 
long-term interest rates. Over- 
night money rates have dropped 
below S per cent for the first 
time in many months. 

Brokers commented that the 
market had already taken account 
of the imminent tax measure 
and was now coming out of a 
lull which set in after strong 
gains in March and April, fol- 
lowing the left’s defeat in the 
general election. 

The amended tax measures 
were regarded as reasonable in 
Comparison to the original pro- 
ject. and more easily applicable. 
The difficulty remains of how the 
tax authorities are going to dis- 
tinguish between professional 
and semi-professional investors. 

Giscard disarmament plan 


French President, to-day flew to 
New York to present France's 
new disarmament plan tomorrow 
to the UN General Assembly's 
special session. He is due to have 
a working dinner with President 
Carter in Washington on Friday. 

The French proposals mark 
the end of France's long boycott 
of international disarmament 
discussions, which dates frtvi the 
time of General de Gaulle’s 


President Giscard will propose 
that the Geneva disarmament 
conference should be replaced by 
two senarzte United Nations 
bodies. One of these, a reincarna- 
tion. of the old UN Disarmament 
romrni'- Sion.; would be mainly- a 
discussion forum open to all UN 
States. -A - more restricted body, 
made ugjpDiboiU 30 to 40'Rtates 
representing all the regions of 

PARIS, May 24 

the world, would be used for 

The French President will also 
propose the setting up of an 
international satellite agency to 
control arms limitation agree- 
ments and a special development 
aid fund, financed mainly by the 
most^ heavily armed States. 

Le Saffre in U.S. 

Le Saffre, a French foods pro- 
cessing concern, has agreed to 
build ' a yeast manufacturing 
plant valued at about' S13m on 
a 23-acre site obtained with the 
assistance of the Philadelphia 
Industrial Development Auth- 
ority, - AP-DJ reports from 

The plant will be in an area 
recently designated a free trade 


PARIS, May 24. 

EXPECTANCY about a pos- 
sible large inflow of official 
Saudi Arabian funds into 
France is gaining momentum 
here*. Middle East financial 
circles in Paris said that Saudi 
Arabia, whose head of state. 
King Khaled. is due In France 
next week, -might divert part 
of Its reserves Into France, 
now that the hurdle of the 
French general election has 
been cleared. 

A weekly Arable-language 
publication here, al Watan al 
Arabia, has asserted that the 
Saudi Arabian Monetary 
Agency (SAMA) Is ready to 
deposit $5.1bn in French banks 
If there Is a positive outcome 
to King Khaled's three day* 
visit, starting on Monday. 

The report, which said the 
deposits would be made in 
order to “reinforce the French 
economy," drew no comment 
from French officials. 

Saudi Arabia previously re- 
frained from placing money in 
France, they said. In view of 
the fears of a left-wing election 
victory and the business un- 
certainty that preceded the 
March election, and the possi- 
bility that banks and big Indus- 
trial concerns would be 

The report in al Watan al 
Arab! also said that France 
would seek to extend its cur- 
rent agreement on purchases 
of Saadi olL French officials 
said that the oil pact signed 
last year when President 
Valery Giscard d’Estaing was 
in Sandl Arabia would be one 
of the items under review. 
Jamie Buchan adds from 
Jeddah: Banking sources here 
did not role out the possibility 
of a large inflow of official 
Saudi funds into France. But 
they point ont that it would 
be unlikely to be as a result 
of a drawing down of the vast 
official Sandl holdings in the 

Given the oft-reiterated 
Sandl support for the U.S. 
dollar. It would be more likely, 
they thought, to take the form 
of a commitment against 
future reserves. 

' In view of recent French 
military interventions in 
Africa, and Saudi concern 
about the extension of com- 
munist Influence there, it is 
thought quite credible here 
that such a commitment might 
be made as part of a joint 
understanding between the two 
countries on African security. 

West German experts discount early renewal of growth 


A RECOVERY in. the growth of 
the West German gross national 
product is not to be expected 
before the second half of this 
year, after the heavily negative 
effects on the first quarter of 
bad winter weather and indus- 
trial disputes. That is the con- 
clusion of a report on the 
economy during the first quarter 
published today by tbe Berlin- 
based German Institute for 
Economic Research. 

According to the analysis, 
tber^ was a faff in real GNP 
growth between tbe fourth 
quarter of 1977 and the first 
quarter of 1978. Measured 

against the first quarter of 1977, 
the economy had expanded by 
Only 1 per cent. 

Attempting what it concedes 
to be a difficult exercise, the 
institute goes on to say that 
after allowing for strikes and 
bad weather, the first quarter 
showed a Off per cent increase 
from the last quarter of 1977 
and a 2 per cent increase from 
the first quarter of 1977. 

At the very least, these reflec- 
tions from a body often thought 
of as being In. broad sympathy 
with Chancellor ' Helmut 
Schmidt’s Social Democratic 
Party confuse the task which the 
Bonn Government has set itself 

of reconsidering its foreign 
(partners’ calls for fresh 
stimulatory measures in the 
light of first quarter per- 

The institute's main message 
seems to he that- the first 
quarter figures are so massively 
weighed down by social factors 
that any conclusions drawn from 
them mu£t be hesitant 

The institute does not mention 
directly the issue of further 
stimulatory measures, most 
recently pressed on the German 
Government by Mr. Denis 
Healey. Britain’s Chancellor of 
the Exchequer, during this 
week's meeting of European 

Finance Ministers in Brussels. 

Illustrating its main thesis, the 
Institute points to the 4 per ceni 
drop iff building output, even 
after seasonal correction, and 
asserts that in real terms, spend- 
ing by business on capital equip- 
ment actually fell by 2.5 per cent 
during the first quarter. 

A similar warning against tbe 
prospects of any early recovery 
of growth was sounded today by 

Herr Karl-Otto Mil vice- 
president of the Bundesbank. 
Referring to what he called 
“virtual stagnation" during the 
first few months of . this year, 
Herr Poehl held that the con- 
tinuing boom in tbo molor 

BONN. May 24. 

industry and the improved 
position of the building sector 
were virtually the only bright 
spots in the domestic economic 

The Bundesbank’s vice-presi- 
dent expressed less qualified 
optimism on the subject of tbe 
external position, .and said he 
was relatively confident that The 
recent stabilisation of the dollar 
acainst the mark on foreign 
exchange markets would endure. 
He paid tribute to recent actions 
by the U-S. authorities as finally 
putting into practice their com- 
mitment to anIi-inHauonary 
policies and to energy-saving 

5 TO 

Birthday parade in W. Germany 

The Queen revisits Berlin: Britain’s Queen 
Elizabeth (shown above during yesterday’s 
drive past in. her birthday parade) told cheering 
West Berliners of the United Kingdom's con- 
tinuing commitment to “defend your freedom 
for as long as need be, till the divisions in 
Europe and your city can be healed.” Herr 
Helmut Schmidt, the West German Chancellor, 
responded by thanking Britain for “standing 
firmly” in the city and then recalled the major 
changes that have taken place there since the 
Queen’s visit In 1966, her first to West Germany. 
Tbe four-power Berlin agreement, Herr Schmidt 
said, was an important step In “reducing ten- 
sions in the middle of Europe and alleviating 
the effects of the division in Germany and 
Europe.” West Berliners, writes Leslie Colitt, in 
the main agree that much bas improved since 
the four-power accord opened East Berlin and 
East Germany to them for regular visits and 
lifted virtually all controls on traffic between 
West Berlin and West Germany on the East 
German autobahn routes. West Berlin, / which 
lived at an emotional pitch for decades and 
came to believe it was the crux of East-West 
politics, is having to learn to deal with more 
prosaic problems: halting the Joss of factory jobs 

in Germany’s largest industrial city, attracting 
West Germans to live and work in an island 
city and integrating more than 100,000 foreign 
workers from southern Europe and Turkey, 
lured here at the height of the economic boom 
and showing no sign of wanting to leave even in 
a recession. West Berliners have grown some- 
what more muted since they yelled themselves 
hoarse when the Queen was last here. They are 
adjusting to a much longer haul, continuing 
to survive as a western city 110 miles inside the 
borders of the Warsaw Pact at a time when the 
immediate Soviet military threat to the city 
has seemingly passed. 

• The Soviet Embassy in East Berlin yesterday 
accused Herr Schmidt of violating agreements 
on West Berlin by accompanying the Queen to 
the city- Reuter reports that the Embassy state- 
ment said “certain circles” in West Germany 
and West Berlin were trying to present 'the 
visit as part of the Queen's state visit to West 
Germany. “This goal was apparently served by 
the fact that the federal Chancellor of the 
Federal Republic of West Germany. Helmut 
Schmidt accompanied the Queen, although it is 
generally’ known that West Berlin is not a part 
of the FRG and cannot be ruled by it” 

Moscow gunman held 
in hostage incident 

A HOODED man today fought a 
gun-battle with police in central 
Moscow after, seizing two Russian 
hostages in the Finnish airline 
office and demanding a plane to 
take him out of tbe Soviet Union. 

| The man. officially, identified as 
a ’ Soviet citizen, fired several 
blasts from a shotgun through the 
window of the sireet-level office 
close to the Kremlin during the 
95-minute siege before he was 
seized and driven away. 

Miss Lyudmila Semyonov, 40, 
the airline's secretary and one of 
the two hostages, was cut by 
flying glass in the incident but 
no-one was seriously injured. 

The second hostage was a 
Russian driver employed by the 
Finnish embassy who had just 
arrived at the office when the gun- 
man burst in shortly after raid- 
day, brandishing a double- 
barrelled shotgun and wearing a 
black .hood. 

Miss Semyonov told reporters 
later that tbe man, aged about 
30, said be wanted a plane “to 
fly him away.” He told one 
reporter who telephoned the 
office: “I represent the Russian 

MOSCOW’. May 24. , 

liberation army which fought 
alongside the Germans." 

But it appeared unlikely that 
the gunman could have bad any 
conection with that force, most 
of whose members were 
executed or given long prison 
camp terms after the war. 

In a report on the incident 
issued some two hours after it 
was over, the Soviet news agency 
Tass, said police had established 
the man was a wanted criminal. 
It did not name him. 

The last known shooting inci- 
dent in Moscow was in 196S when 
a man in police uniform opened 
fire inside the Kremlin grounds 
oo a cortege of cars carrying 
senior officials and Mr. Georgy 
Beregovoi, the cosmonaut, who 
was just back from a space flight. 

A man In plainclothes, appar- 
ently from the KGB security 
police, briefly detained ■ two 
Western reporters. They had 
arrived a few minutes after the 
incident was over, and one qF 
them was filming the smashed 
windows and the bullet holes in 
the glass when the official inter- 
vened. They wen? released after 
the film was handed over. 

Orlov sentence attacked 

THE ITALIAN Communist news- 
paper L’Unita today sharply 
criticised the jail sentence on 
the Soviet -.'issident Yuri Orlov 
in what appeared to be a harden- 
ing of the party's attitude to the 
Soviet Union. 

LTJnita’s front-page criticism 
came' six days after the news- 
paper opposed aid given by the 
Soviet Union and Cuba to help 
Ethiopia in its efforts to crush 

ROME, May 24. 

insurgents in Eritrea, saying the 
Eritreans were engaged in a 
“just struggle." 

The moderate Communists also 
announced they will hold a sym- 
posium praising the liberalising 
efforts of Czechoslovak Com- 
munists during the “Prague 
Spring ” ten years ago which was 
ended by the invasion of Soviet 
and Warsaw Pact troops. 



Our network can reach all four comers. 




UN*; v’j 


“- Our namexnav imply were Belgian , but our 

ffyj pr as networksayswVre international. 

■ • It says we have die ability to service cl ients not 

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J '. t&ough Our subsidiaries, aHHiatedand associated 
j banks. As well as through representative offices in 
■ major business centers, stretdiing from Rio to Tokyo. 

Why we sometimes open our ears instead 
of another office. 

4 We think that sometimes it can be just as 

i efficient to rely on our local correspondents, 
s ■ Wc also have other ears at tvorfc for you 

through our membership in SEE and Associated 
'\i Banks of Europe ( ABECOR). 

\ This is what gives us the loral touch around 

i die world. So we can give you the insi der's edge 
•j wherever you do business-. 

We' re the international bank with the 
face-to-face philosophy. 

Vie try to know a client as a person, nof just as 
a signature. Ve try to leam his business as well as our 
own. Taking lime to leant his language, instead of 
expecting him to speak 1 “ban kcSeT And taking timp to 
tailor specific answers to his specific financial 

Because we think that an individual approach 
to eadi client - to h is business, to his needs - is what 

really makes a bank big. Not simply its big 
international network. 

Banque Bruxelles Lambert 

hanking; a matter of people 

He are theABECOR fcinfc in Belgium. MomixlMn 24 , 1050 Brussel. Til. 02/515.81.81. Telex 26392 BBUN 

1 rSKS 

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■e ^4 

UK will resist EEC 
lorry weights accord 


BRITAIN WILL resist moves by 
the EEC to gain agreement this 
year on higher lorry weights and 

Mr. Raymond Burke, the EEC 
Transport Commissioner, told the 
annual congress of the Inter- 
national Road Transport Union 
(IRTU) here that he was hoping 
for “ a new approach towards at 
any rate a partial solution “ to 
the weights problem this year. 

But senior British Government 
sources have indicated that 
there is no chance of Britain 
agreeing in the foreseeable 
future to raise its present 32- 
gross ton maximum weight for 
commercial vehicles. Higher 
lorry weights are a sensitive 
issue with a general election in 
sight, and the opposition of the 
Liberals on environmental 
grounds to any such change 
would ’ present difficulties in 
getting tbe measure through 

Department of • Transport 
officials remain sympathetic to 
the need for Conraunity-wide 
standards of vehicle weights, 
which would be of great value 
to truck manufacturers such as 
British Ley land, but they believe 
a great deal more work needs to 
be done on the proposal. 

Any change would have to 
involve Increasing th 32-ton limit, 
perhaps to 40 or.‘44 tonnes, but 
there is' still widespread dis- 
agreement among EEC states on 
the optimum axle-weight con- 
figuration and On the funda- 
mental issue of whether regula- 
tions should apply to both 
domestic and international 

Britain would prefer a single 
international set of standards, 
but countries like Daly, which 
already has a maximum of 44 
tonnes, would strongly resist any 
pressures to reduce this limit. 

Mr. Burke, also appealed to 
road -haulage associations — 

OSLO, May 24. 

strongly represented at the 
congress — to press their govern- 
ments to back the development 
of an EEC transport infrastruc- 
ture fund. 

The first meeting of a new 
committee to discuss coopera- 
tion on infrastructure planning 
is planned for next month, but 
Mr. Burke made it' clear that 
ministerial backing for the Com- 
munity role in financing inter- 
national projects is tbe next key 

It has been suggested that a 
Channel Tunnel might form one 
project for such a fund, and the 
EEC is currently considering 
whether to finance a research 
project on tbe Channel link. 
Although the infrastructure fund 
may be considered at next 
month's meeting of tbe Council 
of Transport Ministers, progress 
Is unlikely because of the large 
amount of detailed work stiU 

A major theme of the IRTU 
congress has been an attack upon 
the growing hostility of several 
governments towards the heavy 
lorry. Austria, which is about to 
impose a tough transit tax. was 
again singled out for criticism. 
Dr. R. Schober, the union's presi- 
dent, said that such taxes were 
creating a severe drain on 
hauliers’ profitability and would, 
in the long term, damage the 
growth of international trade. 

4 resolution to be put to the 
congress tomorrow speaks of 
“ ever-increasing obstacles ” to 
road transport caused by taxes, 
administrative burdens, and 
petty official controls, and 
argues that vehicle taxation 
should “ correspond to an abjec- 
tive assessment of road infra- 
structure costs incurred.” 

Tbe latest statistics from the 
IRTU, which has members in 52 
countries, suggests that the 
world's total of commercial 
vehicles might well exceed 100m 
by 1990. The number grew from 
60.9m in 1973 to 63m in 1974 

Signs of end to fall 
in Spanish inflation 


THE SPANISH consumer price 
index rose by L7 per cent in 
April, according to . provisional 
figures just released here. This 
is the first' substantial monthly 
increase this year, and is a wan- 
ing that the Government's pro- 
gramme of controlling, inflation 
may he under pressure.'. 

In the first four months of the 
year, the Spanish consumer price 
index has increased 5.3 per cent, 
a rate which if continued for the 
whole year would be on target 
for -the Government’s planned 
reduction of inflation to 16-17 per 
cent for 1978. 

This compares with an increase 
of 922 per cent in tbe first four 
months of 1977. The sharp fall 
has been achieved by a combina- 
tion of rigorous control of the 
money supply, adherence to wage 
ceilings and tbe generally 
depressed state of demand. 

The Increase in the money 
supply has so far been kept' 
marginally below that which 
would produce the 17 per cent 
rise which is the target for the 
whole year. At the same time, 
new wage agreements have 
adhered to the 22 per cent wage 
ceiling, which has been accepted 
by both management and the 

The high 1.7 per cent April 
increase in the consumer price 
index is, however, only one of a 
number of worrying develop- 
ments on the inflation front. In 
April, the Government agreed to 
an average 16 per cent increase in 
prices of basic agricultural pro- 
ducts, expected to be higher 
when passed on to the consumer. 

Secondl&..(he Government has 
approved price rises for steel and 
steel products, and more impor- 
tant, it is contemplating a whole 
rang? of price, increases for 
utilities, especially electricity, 
and industrial .fuels which are 
considered unrealistically low 
priced. ■ • 

As wage agreements generally 
provide' for the -full permitted 
22 per cent. riser— and as in some 

MADRID, May 24. : 

cases the limit is awarded by 
reclassifying employees— infla- 
tion is almost certain to speed 
up in the latter part of the year. 

The main immediate concern 
for the Government is to ensure 
that by July it is not running at 
an annual rate of 25 per cent 
For if this were tbe case tbe 
Government would be round by 
the terms of the Moncloa Fact; 
the package of political and 
economic measures agreed with 
the opposition last October, to 
review the existing 22 per cent 
wage ceiling. Such a level of 
inflation is, however, most 

But if inflation is beginning to 
pick up slightly, the Government 
can take some comfort from the 
continued strong performance of 
exports. In the first four months 
exports lopped Ptas332bn 
f$4.2bn). a 42 per cent increase 
in peseta terms \on the same 
period last year.\ Meanwhile; 
imports grew at 17\ per. cent, tp 
P«=«467.3bn (S5.Sbp>, which 

reduced the trade deficit by 17 
per cent. * 

Norway oil 

By Fay G jester 

OSLO, May 24. 

Petroleum will be one of about 
30 oil companies to file applica- 
tions for one or more of the 15 
North Sea blocks which Norway 
has offered in its fourth licens- 
ing round, the Oslo newspaper 
Aftcnposten predicts today. 

Deadlines for applications is 
June 1. and so Far only, a few 
have been filed. Normal oil 
company practice is to file just 
Before the deadline expires. 
Advance inquiries by the in- 
terested companies give the Oil 
and Energy Ministry a fairly 
good idea, however, of which 
companies are likely to apply. 


Decision on onshore concessions shortly 


ment is expected to take a 
decision within the next two 
months on a recommendation 
as to which oil companies 
should he granted prospecting 
and drilling concessions for 
onshore oil du<> to begin on the 
Portuguese mainland by the 
end of next year. 

The recommendation will be 
made In an Initial report by 
the Portuguese Department for 
Oil Exploration and Drilling 
which has been leading nego- 

tiations with representatives 
from seven major oil companies 
since tbe beginning of April. 
Although officials are keeping 
the full list of these companies 
secret Tor the time being, it Is 
known to Include Petrogal. the 
nationalised oil company which 
recently signed a technical 
assistance contract with the 
multi-national SheU-Prospcx 

Shell, along with Esso, Chal- 
lenger, Sun Oil. Chevron and 
Texaco, was made- a conces- 
sionary In 1973 and 1974 for 

off-shore drilling. Although 
total investment in this project 
by the oil companies Is esti- 
mated to have been in the 
region of S150m (pre-devalua- 
tion calculation), only small 
quantities of high quality oil 
was found. Nevertheless Shell- 
Prospex Is known to have 
handed the Portuguese Govern- 
ment a confidential report last 
year suggesting the feasibility 
of continuing exploration on- 
shore^ . 

Oil along with foodstuffs and 
capital equipment make up 
over 50 per cent of Portugal's 

. LISBON, May 24.: 

total Imports. Officials hern 
feel that in spite of the dam- 
pening results of off-shore 
drilling, the onshore project Is 
worth a try if only as one more 
ati erupt to find a solution to til® 
country’s present balance of 
payment deficit or $1.5bn. 

Meanwhile alternative forms 
of saving energy are being con- 
templated hy the Government 
A White Paper is due to go 
before the Portuguese Parlia- 
ment within the next month 
recommending the Installation 
of nine unclear power plant* 
ay the year 2000. 




Split control of 

Simon Henderson reports from Islamabad on the Bhutto appeal. Below, 
David Dodweil writes on the man tipped as Pakistan’s next Premier 

a key monopoly 

A sense of exhaustion 

Israel halts 


LARGE companies ja Spain profits in 1977 were Sl9Sm HEARING of the appeal formula of being run by the nuclear reprocessing plant which country. Organised labour has because thev dislike the i< 

prefer to be seen and not beard. (Pta 15.9bn). against the death sentence on military bureaucratic hierarchy, they hope to buy from France, hcen alienated bv oven support having Maulana Naizi i 

what they expose of themselves Despite this State underpin in? former Pakistan Prime General Zia's statements, which the frail economy propped up given to the employers, the same cabinet. 

® usually selective— and fre- of the monopoly, the Govern- Minisler Mr - Zulfikax Ali Bhutt0 C0Ban “ t iinl t0 n0 dal o» seem precariously by remittances from encouragement of rationalisation * national covernmem would! • 

qvwntly confusing. The public meat ha* not sought to exercise meaos fbat the agony the mere lip service to tbe idea of Pakistanis abroad, and ine and therefore of sackings, and provide no real leadersfaiD and TEL AVIV. Mav 24. 

profile Of large companies is most full control over the company, country has been going through an elected form of democratic change of regime in neighbour- the almost complete ban on nersona lnics in it would ISRAEL todav dropped it* 
confusing where the company Perhaps in the past this was not for noore t^an a >" ear ** approach- government ing Afghanistan where a left- normal trade union activity. mostly be the hahitn-,l nnliiicians'aHemDt lo take over Ihe pro- 

State considered necessary, given the climax. The sense of But if Generai Zia and others wag coup toppled President Prison sentences and occasional of Pakistan, rich landlords and | perty ' and land of... emigrants 

eovernm P n^ eCJ h S ™ successive idiffo Kut treqj Jdisej finiejjaj fro™ ibe long period in his regime are gratified by tbe Daoud lastmonth. ^ whippings for protesting against businessmen who either directly from the West Bank. -- • 

of W. Bank 

ides of 
in the 

By David Lennon 

TEL AVIV. May 24. 

5r!i Ve 7*t nt and a privi ' 5,1 10 *1* tnd oi Wd between two regimes, and the of the fate or future of Mr. to. In spite of the privately 0 f >j or th West Frontier and The 

popular base. 



black and white on this grey Europe, raising the number of sorted agitation against Mr. death sentence was announced \s a most useful defence lo ward jn P in any so-called national opposition. However, as the lively | ° nc of the leaders r»f thr'hro- 

one of the two main monopolies such as its method of billing or 
at present regarded as private— delays in installing telephones, 
the petroleum marketing mono- There has been no challenge by 
•poly. Campsa. and the tele- the political parties on the ww ▼ m . m m ■— „ 

phones monopoly- ron by Com- broader issues of whether a % \ ( ^ -T 4-Z m i-L ^ 

pama Telefonica Nacional de utility such as the telephone WW SllTlTlU 1TI TtlA fl/lll tfTTC 

Espana— would become public, system should be ruh as a private TV wlllllw II I LIIC ff 

The largest State shareholding monopoly. Telefonica is a for- 
is io Campsa. where the Finance midable economic force la Spain 

Ministry holds 51 per cent. This with investments this year of GENERAL ZIA UL-HAQ, who gether, she has campaigned 
would lose its private status. pt a 8Sbn tSl.lbn), equivalent to heads Pakistan’s military re- effectively to improve the ima*e 

More problematical is Tele- $ per cen t of the State budget gime. seems daily less likely lo of Wali Khan and the NDP in W 

fonira. in which the State hold- a nd employing a 54,000-strong loosen his grip on power. But the provinces of Sind. Baluchis- fc* 

ing is 46.25 per cent. workforce which is second in size if he ever decides to fulfil his tan and the heavily populated &jj 

Telefonica, founded in 1924 in only to the railways. promise of an early morn to Punjab, sjt 

collaboration with ITT. has no Under the terms of its charter, civilian rule, then his first Naseera is on the political *<1 
doubts about its position. Telefonica's monopoly covers tbe choice as successor is likely to eta op* tn *tav cmrp sh? u is *a 

installation and operation of the be Abdul Wali Khan. years Wali" junior and so has 3 

Tli* *u nrin/^nal Spanish telephone network. How- WaJi Khan, who is 61. first draw him and the NDP into an 'M 

1 ne [WO principal ever, Telefoxuca has expanded as made his mark on Pakistan’s unelected civilian coalition 

» _ i t the telecommunications field has politics during the furious “government” was frostily k? 
snarenoiaers in grown into areas which, though horse-trading over the partition a long political career ahead of 

p-p , n : not exclusive to it, are de facto of India in 1947: both he and her. 

i eletomca are the monopolies. For instance, data bis father. Abdul Ghaffar Khan. Wah i.->. an dniT< , Pfnv 

... - £ t-,. transmission ha*, become an opposed partition. They were ^ b L wSl resisftte nriSure fij 

Ministry of Finance, effective part Of the monopoly also dogged pacifists, and firm to' t ake u o office He has lire a dS m 

, and is the most rapidly expand- adherents of democratic prim r?ieSe d the D re S iden^ of the M 

with 34.55 per cent of ing area of business. Data trans- ciples. These stands have Vrop ft? e ral Zti? Sm t to B 

r mission traffic was up 78 per cent caused Wall Khan to spend 10 rejected mpT to gj 

the shares, and the last year If and when systems of the past 30 years in jail. But he * just , hree inontbs M 

r, i c c *• • i Uke Viewdata are introduced in Hp Can Pakistan’s for- out of prison, and probably raj 

Bank of Spain* with 5 pai !? ; an ? Telefomca *° mer Prime Minister. Zulfikar Ali to keep all options open. ™ 

, , d0 . ^ eompuiy^be the Bhutt0 for hj ]atest confine _ for the present 

11.7 percent. sole one in tbe^told. with the ment So Mr Bbutt(/s CDm .l 

. Post Office exclndel As it is. the plaints of ill-treatment while m 

According to m chainnon, Sr. ££ “ “ ZJnTs dcS's^ntcn” c T^c U 

Tomas Allende y Garcia Baxter, reS p 0 nsible for telex links but ^ 8Qt s ympaSy Uke most * 

Tcleromca is a private company often rentillg ^ -^bles from politiri^s in PakiSan Wali 

providing a public service and Telefonica. \ . Khan is convinced that Mr. 

are returnin'* to their norm The loo,is as if the wrong parties have in,?n 11 w ould not nave left us 

i been chosen. ;any space to have a Palestinian 

tSns fn it an f the two groups' .General Zia is unlikely to meet | homeland or an independent 



The two principal 
shareholders in 
Telefonica are the 
Ministry of Finance, 
with 34.55 per cent of. 
the shares, and the 
Bank of Spain* with 
1 1 .7 per cent. 

Zulfikar Ali Bhutto. 

SEi rate lowest onTsSfe of stlfr domesUc PoHtSa wiriltei I State.” 

adherence tc. popular democratic monlhs - The [ lender an order issued by the 

principles, the Pakistan Moslem 5K^, p / r lh ! , means that jmilitao; government when the 

League of ihe Hereditary Saint. i-J»n e ffedively damp ami pall on started in 39G7. all 

the Pir Pa«aro and a faction of de ^ a ' e a ' home andllVcst Bankers not in residence 

ibe former governing People’s JjEmfnlX °° l have ltS fai ,,reS al '° considered as absentees. 

Party, led by an ex-confidant of h„! 55L .ho™ , .n , ] their property regarded as aban- 

Mr- Bhutto, Maulana Kauser .^A bo jdoned and Us title vested in 

\i az } lenges. Economically the country ; ihe Cu.-tudian of Absentees' 

is so stretched by increasing Property 

vV ith the almost complete ban imports that officials speak or - 

on politics it is very difficult to drastic measures being necessary. , 1 if prju-tire this law was 
judge the strength oF either of .Also the Aid to Pakistan consor- 0 . - v a PP‘ le Q *° l-md «inu nthpr 

these two groups but observers bum countries look like imposing |P ,,0 P er, y of. former West Bank 

doubt whether even together stiff conditions for rescheduling r. r . cfil ^ , ’ nls .. in Arab -nr 

they would receive 25 per cent of debt worth U.S.$300m over '•’* cne C 1 ' ••oun tries Three 
of the popular vote in a poll, five years. I months aco. the Custodian began 

and it couid be that they would After monlhs of uncertainty 10 a PP^' the taw also .to the 
never get above single figures. General Zia is still in power, property of those Arabs who live 
The electoral showing would Diplomats have endless inconclu- in the West. He refused to 
perhaps depend on the degree rive arguments about the a £ ce P l lhe powers of attorney, 
to which they were officially influence or other generals whose thus preventing any sale or 
adopted by the- military regime power in some fields is. certainly transfer of property, 
and the extent to which other very great. - But General Zia is After days of denial that there 
parties were prevented from still all powerful in the most had been any change -in policy, 
participating so that the_ vote public sectors of his Administra- the Custodian today announced 
would not be split in all direc- tion. Predictions of imminent a reversion to the former 
tions. The so-called Islamic chaos have to be played down, policy. This was the first admi.s- 
parties — and this is crucial — His grip is firm . but - while his sion by Israel that -there had 
have yet to commit themselves support is precariously, based, been an attempt to gain control 
to a national government, largely there remains a lingering doubt, over the emigrants’ property- 

„ r to r__ i tc » . l\Udn la COUVinCTO Uiai MS . 

aJi-Iwo Telefonica has afio achieved Bhutto is guilty and that the 

OU3.5. — shareholders. Altnouga __ iTn^nriant mpasmra of vertical lentenra he i*arriwt nnt 

T* If , “h C LI™ !nJ,w.f a i an important measure of. vertical sentence should be carried out. 
Telefonica has more individual integration so that it is; a sig- as he made clear in an exclusive 
shareholder;, than any other ^^4 shareholder, ifmot owner, interview in London, 
company in s p^n, the two main of its Spaiish-based u F - f best j U d Ee s 

oops hoDnen to be tte Ministry 01 ,t5 “f. in - * p ™f n ' owea “Five of our best judges 

!!r miSES? suppliers. This in tan means sitting in the Supreme Court 

of Finance^ and ^he^ Bank of ti, at Telefonica is the deter- f QUn£ f gb U tto guilty and sen- 

JffTirtt min v* i nflue f c , e “ th ^ eY S l0p - tended him to BS-Tff 3L 

and 11. » per cent, respertiveiy. m nt ^ a telecammimicatiQns -No one should turn round and 
For a company occupying such and electronics industry m Spain.. say tj,at is not correct. The 
a »iraiegic sector, it would be For instance, Standard-^ftecjriea pressure from the people is very 
hard for the State not to be fSESA). one of the largest com- strong. 

Closely • involved. There is a panies in the sector, in Which , 4 . . becai . se went to 

special Government appointee ITT has a direct 65 .per cent 0x f OK j 5033^5 English nicely, 
on ihe Board, and there are stake, and in which, Telefonica wears ' sn ^ r t Western suits and 

ihree orher members considered ho,ds 3® c h^SSfr^hanrhS has farming manners, people 
(government representatives. But per cent of its turnover absorbed ^.j. be jj Cve j, e cou j^ suc h 

the special status of Telefonica 1 terrible things,” he added. 

T.lTnS.i" ^ Wali Khan's personal ^tipathv 

Tekfonica is CNfWpt froni tnw^rrfR \fr Bhutto well docu- 

normal taxes and instead pays , • . , SS ^s DOwer- 

15 per cent, of net profits or six ^gJgfoniCH S hungry, unprepared to brook 

r er ih^ n hiShp t r rD ° Ver ’ whieb ever . *. . + t • criticism, and unwilling to risk 

** Jff c»S5 e Ii*« ha - th a rifht tn investments this year losing power through the demo- 
The State also ha* the right to nrnnPRR After Rninoinff a 


Authentic passenger statement 

tk! etati .ten ha - th* rifht tn investments tnis year losing power through the demo- 
The State jiiso has the right to ^ cr&tic oroc&ss AfteT suinQinfi a 

half the profits above 7 per $] .lbn, equivalent huge web of patronage based on 

cent of capital and reserves, lQ ^ tArrnr Wall tchan 

■ w. 

cent oi capuai ana mew, * bribery and terror. Wali Khan 

addition to which Telefonica ^ g _gr cent of the claims he overturned the con- 

p:t>s a quota of subscriber fees u w stitution and overran the 

to the Government If profits C tjlt p hn/forf* ife 54 000 judiciary. 
r.,n below tbe seven per cent State DUagCT, US J%UUU 

level then the company is, i.r : 

an^'amonlaUc 0 tariff* workforce is second SFznSZZS 1 
only to that of the 

111 T«i/f , T!'na ' a L« i icn tar, 'thp railwaVS ip tatteTs. A legal friend always 

fmm a t &tinn ^ argued that our constitution had 

({Hap flnjncp from that portion the checks 2nd balsucps to 

of .lepnaiU Which the savings defenS^ from tyranny” Bm 

cpi B hutto turned these into blank 

oriJJiinhl lo SPf 35 / dc top DS6 IQ I*hpmip< pnr? rash balancps 

specific sectors. Furthermore, by Telefonica purchase*— anu caso oajances. . 

since Telefonica traditionally equivalent to $231m (Pta 18.5bn) 

reties upon the bourses as an last year. ai»i, in j ai «» 

important source of capital, the Can therefore tbe -private Olunuerb 

biggnst single shareholders, the nature of this expanding 

Finance Mmislry and Bank of monopoly continue? Some Wali Khan has given his 
Spain, can be relied upon to Government officials believe that blessing to General Zia’s miti- 
underw rire the success of share Telefonica is too important to be xbty regime, despite its much- 
i.s.-ues. Until last July, when the allowed to act as a private com- publicised excesses, because be 
Bonk of Spam reviewed its pa ny- Therefore, if the company f €e j s zia will clear away the 
pi'lu-v of intervention on _tne f a fis outside the scope of the "ftitb” left by Mr. Bhutto’s 
hunries. intervention in Tele- new j aw relating to 'public enter- 0 f patronage. He concedes 
fomca shares was one way of prises, then the State must that Zia made early blunders, 
influencing bourse prices. Tele- ensure that it increases its stake that tbe new regime has 
ron ICO shares account if or some so aS t0 i 00 lude Telefonica. The used draconian punishment. But 
LO per vent /"J*' present mood of all the political he seems able to forgive Zia his 
nwr. > nt J®!?:.. pMn Parties is to play down talk of excesses, confident that he will 

fomva is one of the blue chip nat i 0nft usation. and Telefonica t0 his promise 0 f an early 

s ' ,jr 7 :i L o anv P other for its P" 1 confidently claim retU rn to civilian rule. 

avt* double those of any otner _ 0 Griveroment could afford „ > 

Spanish quoted company. Net t f0 ot th e compensation bllL Many now see General Zia s 

» SM.TT1 S to®. Operation F airplay, m which 

— 25? inSSSSSSJSh^ffi he promised elections in October 

r,..,Nc«M -UM.*- wwkw tuvir mm son- ie ' L ho its best last y ear . as little more than a 

1 .mi iw u.s. Mih^ripiion s^iw.uo fomca is expected to oo ns nest . . * • 

IiMsriM 1 IMIS- puMi^icd «i*4lT extern 
Jn.| h'li • U.V -uhfciflpllori S. 

lii, irriehn S 4 o".i*i |3 > r ."E'!’ to resist 

y,. ix nt , Li*., iKWiafc paid N.\ 

Asarcois j 
basic to 

sick joke. But Wali Khan still 
has faith. He has even approved 
Gen. Zia’s use of military 
tribunals to by-pass open courts. 
“ Our civil courts would take 
years to handle Bhutto’s case,” 
Wali Khan argues. “ If we want 
elections soon, and a return to 
democracy, then we must use 
military courts.” 

Wall Khan also complains that 
the international Press has been 
hard on Gen. Zia. Gen. Zia, be 
claims, has released 11,000 poli- 
tical prisoners. The floggings 
now conducted in public were 
simply carried out In private 
under Mr. Bhutto. 

M It is strange, hut while Pakis- 
tan has had democratic military 
rule, it has -only had undemocra- 
tic civilian rule-" 

Though, he is talked of as a 
future premier in Pakistan — if 

Asarco copper is used for electric motors, wiring 
and tubing in large and small appliances^ steel 
toasters to air conditioners. Our zinc coats the s 
to control corrosion and is j»-cut inti £ a JjjJJ 
parts for appliances. Our lead tamt& the > not^ 
dishwashers. ASARCO Incorporated. 120 Broad 
way. New York, N.Y. 10005. 


ftiiataic a. Minerals 

Though, he is talked of as a We have one of the most modern, 
tie crarti^ e ever manages to up“tO”date fle©ts in the wo rid, which is 

^ t &fSf > oS£S b? why we take extra special care to keep 

National A warn i Party has been ! it looking at its best 

the National Democratic Party And with the care comes the service, 

SSrsJS wlth I 7 flights a day, including three by 
demoralised membere. 66 " lts the new widebodied A300 Airbus, 
.dSu?!: serving Frankfurt and Dusseidorf. 

cal fame. She reluctantly aban- 
doaed tbe role of housewife for 
politics when her husband was 

Other destinations in Germany are: v 

Bremen, Hamburg, Hanover, Cologne/ 
Bonn, Munich, Nuremberg, Stuttgart. j 

Consult yourTrave! Agency or our : - . i 

Yellow BookTimetable for exact details : 

of all our flights. ; r 

■imprisoned. Not content with v JrMT"dnrf tfaa VTlP tn. 

fiormcin Airlinoc 

Financial Times Thursday May ?5 1978 


Major challenge issued to PLO leadership 

Five Palestinian guerrilla 

organisations have issued a 
major challenge to commando 
Chief Yassir Arafat by demand- 
ing a new leadership for the 
Palestinian Liberation Organ!* 
station (PLO). 

The demand came in a state- 
ment drafted jointly by the 
radical Rejection Front and 
the pro-Soviet Democratic 
Front for the Liberation of 
Palestine (DFLP1, In the past 
an ally of Mr. Arafat's Fatah 

Presented to Fatah last week 
and made public today, the 
joint statement indirectly 
accused Mr. Arafat of auto* 
eratlc rule — a major sin in an 
organisation which takes pride 
in Its democratic practice. 

The statement did not men- 
tion the commando chle[ by 
name but the meaning of the 
statement was dear. 

-This Is directly aimed 
against Arafat," said a PLO 
official. u It could be the most 
serious challenge to his posi- 
tion since be was elected PLO 

executive committee chairman 
in 1969 ” 

Analysts In Beirut said the 
statement reflected the grow* 
Ing Influence of Palestinian 
hawks critical of moderate 
leaders such as Mr. Arafat. 

The statement followed an 
acrimonious row last month 
within Fatah — the biggest 
group under the umbrella of 
the PLO — over Mr. Arafat’s 

orders to his troops In Isrell- 
occupied southern Lebanon to 
observe a ceasefire. 

The dispute culminated in 
the arrest of mote than 100 
guerrillas intent on attacking 
i he Israeli occupation army. 
The move prompted public 
denunciation by Fatah 
radicals of what they called 
attempts to settle disputes by 

The joint statement pub- 
lished today said: “We feel 
that political decisions are 
being taken Individually in- 
stead of collectively. There is 
no participation in the 
adoption of decisions, since 
your (Fatah's leadership Is 
still the party that determines 
the political decision.” 

BEIRUT. May 24. 

Analysts said the DFl.P’s 
clgnat ure on the document 
lent it considerable weight- 
Biit it was thought unlikely 
that it would create an im- 
mediate danger to Mr. Ararat. 

Rut swne commando officials 

in Beirut said the statement 
could serve to jolt the 46- 
ycar-old commando chief into 
adopting a political line closer 
to the Rejection Front. 

Led by Dr. Hahash’s Popular 
Front for the Liberation of 
Palestine (PFLP). the Rejec- 
tion Front embraces three 
other groups— the Palestine 
Popular ■Struggle From, the 
Arab Liberation Front and the 
Palestine Liberation Front. 

Ethiopians fail 
to break 
out of Asmara 

By john Worratl 

NAIROBI, May 24. 
THE RECENT Ethiopian attempt 
to break out of the besieged 
Eritrean capital nf Asmara, 
which is ringed by guerrilla 
forces, appears to have been 
baited, according to diplomatic 
sources in Ethiopia and the 

One significant event pointing 
to this apparent failure to give 
momentum to the Ethiopian 
breakout is the arrival of Colonel 
MengUtu. the Ethiopian leader, 
ia Asmara during the weekend. 

Arab newspapers in Khartoum 
reported that he ordered courts 
martial for a number of high- 
ranking officers on charges of 
“failure on the battlefield.” 

Ethiopian diplomatic sources 
today said Government forces 
which drove westwards out of 
the city had to retreat without 
breaking through the Eritrean 
rebel lines. 

Another interpretation of the 
cessation in fighting round 
Asmara is that the Ethiopian* 
had merely launched a series of 
probes to test the strength of 
the guerrilla forces to prepare 
lor' a major 'assault to come. 

! Addis Ababa radio today 
nuoted Colonel Mengistu as .dy- 
ing that “a major new push is 
imminent against rebels in 
Eritrea province.” 

Belgium and Zaire bridge 
differences on intervention 


BELGIUM and Zaire have 
patched up their quarrel over 
the intervention of Belgian para- 
troopers sent to Zaire to help 
save Europeans cut off by rebels 
in the mining town of Kolwezi. 

After unscheduled talks in 
.Paris between Mr. Leo 
Tindemans. the Belgian Prime 
Minister, and President Mobutu 
of Zaire, who has been attending 
a Franco-African summit con- 
ference here, a high Belgian 
official said that the two leaders 
had decided “ to let bygones be 

After his 70-minute talk with 
Mr. Tindemans about Zaire's re- 
lations with Belgium. President 
Mobutu merely said: “ Things 
are all right." when the Belgian 
, official said both sides had 
! agreed they had said too much 
ir, the heat of the moment. 

President Mobutu had forbid- 
den his diplomats in Brussels to 
meet Mr. Henri Simonet. the 
Belgian Foreign Minister, or his 
staff after the latter bad made a 
number of critical remarks about 
the Zaire regime. The Zaire 
President, for his part, sub- 
sequently accused Mr. Simonet of 
defying military aid after the 
rebels bad occupied Kolwezi. 

Mr. Tindemans, who imme- 
diately returned to Brussels after 
bis meeting with President 

Mobutu, was due to make a state- 
ment to the Belgian Senate this 
afternoon on the outcome of his 

Meanwhile, the French Foreign 
Ministry said today it had asked 
Angola and Zambia to ensure 

the safety of any French citi- 
zens wbo may have been taken 
into their countries by the rebels 
after their retreat from Kolwezi. 

Reports reaching Paris said 60 
French nationals had still not 
been accounted for and it is 
feared here that the fleeing 
rebels bad taken them hostage. 

Reuter adds: Rebels fleeing 
the fighting ia southern Zaire 

PARIS. May 24. 

streamed through Zambia today 
on the way to Angola, but there 
was no sign of the while hos 
lages they were believed to have 
taken, eyewitnesses said. 

The hostages were captured in 
Kolwezi. the Zaire copper min- 
ing town which the rebels 
attacked on May 13 in a chal- 
lenge to President Mobutu's 
Government. The rebels were 
dislodged last week by Zairean 
forces and paratroops of the 
French Foreign Legion. Hun- 
dreds of rebels were seen passing 
through north-west Zambia as 
they retreated to safety in 
Angola., apparently- unmolested 
by Zambian authorities. 

In Kinshasa. Western diplo- 
mats said . they believed an 
international force drawn from 
several countries in Europe and 
Africa . would prove to he the 
only way of securing’ Kolwezi 
against rebel attacks. 

Meanwhile. : Western military 
sources in Kinshasa said mday 
that 3 third French Legionnaire 
had been killed during “search 
and destroy" operations launched 
from Kolwezi against rebel* in 
I he surrounding bush. Two 
Legionnaires were killed In the 
initial fighting to retake the 


Staying put, for now 


at yesterday's annual general 
meeting of Rio Tinio-Zinc over 
the croup's mining operations in 
South Africa and Namibia under- 
line the growing intensity of 
debate over Western investment 
in South Africa. Faced with an 
hour's questioning by anti- 
apartheid groups. Sir Mark 
Turner, the RTZ chairman, con- 
ceded tb3t the group wished to 
make money, but not in a 
manner which did not take into 
account the peoples of the 
countries where the group 

A similar line of thought was 
’vtdent among commercial 
^ankers at a conference in 
Mexico City this week. Even 
Though a significant number of 
Tanks are growing wary of lend- 
ing to the South African public. 
*<?ctor. some major voices -were 
heard in Mexico in support of 
continued lending to investment' 
■irojects there. 

They were responding to a call 
by Mr. Harry Oppenheimer. rhe 
chairman of the Anglo American. 
Corporation, who said that isolat- 
ing South Africa would not bring 
a chance of heart by the Govern- 
ment and that those who advo- 
cated cutting the countrv off 
from the capital markets were in 
practice, if not intent, aiming at 
change by violence. 

Mr. David Rockefeller, the 
chairman of Chase Manhattan 
Bank, said he broadly agreed 
with Mr. Oppenheimer. *' We 
don't give loans to the South 
African Government,” he said, 
hut. “we are quite prepared to 
make loans to businesses that 
support widespread growth in 
South Africa.” 

Total investment in South 
Africa from abroad amounts to 
about SlObn. The growing reli- 
ance of the country on foreign 
funds to maintain a healthy 
growth rate is reflected in the 
fact that from 1974 to 1976 the 
annua! proportion of Investment 
financed from abroad was IS per 
cent, compared to 11.7 per cent 
for the whole post-war period. 

“The restoration of real pro- 
gress and prosperity, not merely 
a modest recovery conditioned by 
the limits set by domestic 
savings, depends to a much 
greater degree than in the past 
on the foreign investor." accord- 
ing to Mr. Aubrey Dlckman, 
economist at Anglo American. 

The conventional wisdom 
among South Africa- watchers is 
that many of the 1.000-odd 
American and European firms 
with investments south of the 
Limpopo arc busily winding up 
operations there. In fact, sur- 
prisingly few ha?e done so up 
to now, despite mounting pres- 
sures from governments and anti- 
.iparlheid lobbyists on both sides 
of (he Atlantic. 

Among British firms only the 
engineering group Drake and 
Scull is on record as having 
pulled out for what might be 
termed “noliticaP reasons. Mid- 
land Bank has stopped loans to 
The Pretoria government, though 
i: still maintain* an office in 

Johannesburg. And Barclays 
late Ia$S'ye? r twisted its local 
p-jhsiAiary'^ wm to svll its 
defence bonds. . - 

on the other band, such well- 
imnwn British, companies as 
Luca? Industries and Slather 

-iiPlatt have recently suhsran- 

gSjiOZ** thclT South 

African operations. More than 
twice the number of U.S. firms 
that have Withdrawn in the past 
two years have invested here For 
the first Uhie.: while giants such 

Legislation to enact three 
major items or South African 
Government policy towards 
blacks was introduced In Par- 
liament in Cape Town yester- 
day, in eluding a Bill to replace 
black Identity documents — the 
notorious pass books — with 
“ travel documents ” Issued by 
homeland governments, Quen- 
tin Peel writes from Johannes- 
burg. The same Bill will scrap 
the word." Bantu” from South 
African legislation and replace 
It with ■ the word “ black.” 
Rights to. 39-year leaseholds 
will be granted to nrban blacks 
.In terms .of another Bill, which 
• also provides for blacks befog 
granted- ’leasehold rights to 
mortgage^ " sell or bequeath 
their property. The third Bill 
Introduced. yesterday will make 
It an offence for anyone to re- 
fer to the ' activities or the 
Btirean - lor State Security 
(BOSS ), -.. ■ 

as Ford.- Bank Xerox and Cyana- 
mid. which already have South 
African subsidiaries, are broaden- 
ing their bases here. Much the 
same appffes to French and 
German companies. 

This is not to say however, 
that the pressures on companies 
to disengage have been fruitless, 
or that foreign businessmen are 
not concerned about their com- 
panies' future in South Africa. 

For one thing the awareness 
that South African operations 
are being monitored by borne 
governments and pressure 
groups has undoubtedly spurred 
many foreign firms into Improv- 
ing black employees’ working 
and living conditions, although 
there is still a long way to go. 
For instance, the number of U.S. 
corporations to have signed the 
six so-called “Sullivan Principles” 
(which, inter alia, lay down 
guidelines for phasing out race 
discrimination on the factory 
floor) has jumped from the 
original 12 fifteen months ago. 
to over 60. Moreover, the fact 
that Smith and Nephew was the 
first company to recognise a 
black trade union ts widely 
ascribed to pressure from its 
British parent. 

A Washington-based group. 
Investor Responsibility Research 
Center. (IRRC). recently 
reported that U.S. banks were 
concerned about a growing 
“ hassle factor ” surrounding 
their South African business. 
The centre noted that “several 
banks said that the cost of man- 
agement time spent in respond- 
ing to people questioning loans 
to South Africa and the possi- 
bility that depositors might with- 
draw funds or complain publicly 
about lending practices have 
heenme factors ;o he weighed 
carefully >n evaluating future 

Trade enquiries for American 
goods have dropped off sharply 
in recent months. Companies 
selling - -high-technology equip- 
ment. such as Westingbouse and 
General Electric, have -told IRRC 
that U.S. policy hurts their trade, 
while- computer company execu- 
tives are worried that Washing- 
ton (which has already banned 

the supply-- of all U.S.-sourced 
goods and unpublished technical 
data to the South African police 
and military) may restrict the 
supply of spare parts and servic- 

Current discussions between 
the British Department of In- 
dustry and firms with South 
African interests about the im- 
pact of an interruption of trade 
on their business are bound to 
heighten the nervousness of 
British investors. 

The U.S. Chamber of Com- 
merce has protested strongly 
about current moves in Wash- 
ington to restrict investment in 
South Africa, and many indivi- 
dual companies publicly assert 
their intention of staying on. 

There has been a sharp accel- 
eration in the repatriation of 
earnings by foreign-based sub- 
sidiaries. (in some cases 
prompted by depressed local 
business conditions, which in 
most sectors are hardly condu- 
cive to big new investment. 

For its pari. Pretoria has 
formally sounded out foreign 
subsidiaries for their views on 
the future of their investments. 
It is doing its utmost to soothe 
investors, but at the same time 
drawing up contingency plans in 
case of any disruptions in 
strategic sectors. 

The Minister of Economic 
Affairs. Mr. Chris Heunis, re- 
cently stressed that the Govern- 
ment appreciates the dilemma 
facing foreign investors as a 
result of restrictions on their 
operations by home govern- 
ments. “ While we seriously dis- 
approve of such action, we will 
not hold this against the inves- 
tors,” he said. “ But we do urge 
them to use their influence and 
power to convince the policy- 
makers in their home countries 
that such anti-South African 
actions are counter-productive 
and self-defeating.” 

Mr. Heunis is taking no 
chances. Late last year he 
invoked sweeping . powers under 
the National Supplies Procure- 
ment Act which allow him to 
commandeer factories, seize pro- 
duction and compel managers 
to hand over technical data if; 
this is deemed in the national; 
interest. ; 

Is a mass exodus of foreign: 
firms likely - ? Probably not so | 
long as there is no further: 
domestic crisis, such as the ! 
Soweto unrest or last October’s! 
security clampdowr.. which would '■ 
dramatically increase the pres-| 
sures for withdrawal. With the: 
economy showing the first signs' 
of emerging from a 45-month i 
recession, the prospect of more: 
profitable trading will doubtless i 
encourage many companies toj 
stay put for the time being. 

Another important factor is 
the attitude of the large multi- 
nationals. Mr. Henry Ford's firm 
support of his company’s con- 
tinued presence in South Africa, 
during his visit here in January 
calmed the nerves o: many 
smaller investors. 

While the chance* of a stam- 
pede out of the country are slim 1 
at present, so i< the prospect 
of significant new investment’ 
from abroad. This ..ill on | V ; 
materialise once the economy is! 
nrmly on its feet and the threat ! 
OF widespread violence in j 
Southern Africa recedes. Thei 
former depends of course, to a! 
large extent, on the latter. j 

Japan allows 
in foreign 
‘swap quota’ 

By Charles Smith ' 

• TOKYO. May 24. 
THE Bank of Japan today 
increased, the amount of the 
foreign banks yen “ swap quota 
by • an estimated $500iu from 
£2.6 bn to S3.1bn. 

The swap quota determines 
the amount of foreign currency 
foreign banks may bring into 
Japan for conversion into yen 
and lending to Japanese clients. 
The overall quota is divided into 
a series of individual quotas for 
each bank with large amounts 
for long established banks and 
relatively small quotas lor more 
recently established, foreign 
bank branches. 

Individual quotas are supposed 
to be confidential. The Bank or 
Japan today even refrained from 
confirming the overall amount of 
the increase although ihis is 
generally understood to be of 
the order of $500m. 

Foreign banks have been 
pressing for an increase in the 
dollar denominated swap quota 
so as to off-set the effect nf dollar 
devaluation over the past year 
On the amount of yen yielded bv 
the swap process. The Bank o’f 
Japan appears, in effect, to have 
granted this request, but not 
much more. The BOJ. however, 
would also seem to have been 
relatively generous i n some 
newly established (including 
British) banks in its distribution 
Of the overall quota increase. 

The swap quota has been 
valued in the past as the 
cheapest means by which foreign 
banks ean fund their Japanese 
lending operations. This attrac- 
tion has faded with the decline 
of interest rates in Japan, hut 
restrictions on the foreign bank's 
ability lo raise yen funds in the 
Japanese money market mean 
that the swap quota is still 

The Bank of Japan denied this 
afternoon that it has also decided 
to withdraw controls imposed in 
March on the purchase nf shnrt 
and medium term bonds bv 
expatriate*. Thw and the reduc- 
tion nf (he present ion per cent 
deposit requirement on foreign 
held free yen requirements . a re 
believed to he under cnnsider. 1 - 
non 3t the hank. If would apri^ar 
that BOJ intends tn studv the 
effects of ihe quota increase on 
the yen -do liar exchange rate 
before • making any ' further 

• Meanwhile. Saudi Arabia’s oil 

? e i Q t l,rces Minister 
Sheikh Ahmed Zaki Yamattl said 
ms country has guaranteed Japan 
long-term supplies nf crude oil. 
the Japan Brnaclcn-.iing Corngra- 
tiun (XHK) has said.' 

NHK said .Sheikh Yamani 
niane the statement in an inter- 
view with two nf iis correspon- 
dents in Saudi Arabia. 

Yamani was quoted as saying 

Japan's prosperity was important 
to Saudi Arabia and crude oil 
would be supplied to Japan In 
proportion tn its technical 
co-operation in Saudi Arabia's 


World oil shortage in next 
two decades is ‘ 

bv nAvth API t 



short a 

ihe amount produced will depend covered and undiscovered sup- ‘"j . C ouuThi* •'« second Saudi 
in part, on the rate of explore- plies Of this figure «onic SOObm ^ ^ „ { 

uon in developing countries that barrels arc actual). I- ■ since 1970 smne 1»hni 

may have as much as 40 per cenL reserve*. h-irrnls of oil have been found’ 

of the world's undiscovered Dr. Friedmann said latest ‘ . -vrovii-n. half the ■ 

reserves. estimates M»gs«t that the onshore in 

At present. non-OPEC, develop- possible world figure may 
ing countries produce but a frac- eloser to five trillion biirirv Is , 

lion of the world's oil — some 3m. ‘* ‘ *' T * “ “ 

barrels a day compared to the 
30m. a day output of OPEC. But 
Dr. Efrain Friedmann, an energy 

expert in the Bank, said at a sumption, nngnt last >“* abom 

hrieftng yesterday that .these years. ns target o - • 

same countries may well bold the Relying partly on 

the U.b. (.coin, 

inc ... Mexico, half, 

ho proven reserves of the L'-V 

Some estimates suggested that 

says change 
in $ role 
‘no solution’ 

ihe U.S. Treasury Secretary, 
said a change In the role of 
the dollar as a reserve cur- 

renev Is not a “ solution to the 
difficulties the dollar has 

■*We do not look to a revi- 
sion of the international 
monetary system or to a change 
the 'dollar’s role in '*“ 4 

• v -. , . . dollar has laced,” Mr. Blomen- 

rerent barrets of oil =* n d siss-oeiatcdiua* i lu j d jj,c international 

key to the future expansion of mi studies by the u.s. (''Ooincical ^Jc^s^per cent* more than \ Monetary conference in 
supplies. Survey, and partly nn other un- price* or 50 1 per eem mure Mexico City. A text of M* 

IS, Bank reckons .hat some published estimates. .. Dr . the total cost of all tts imports ^ ^ here. 

60 developing countries, includ- Friedmann said - Vastse^m^ |M . optimistic supply! "The 

ing some of the world’s poorest, tary areas that may contain i J however Dr. Friedmann . exchange raie nhich occurred 

could produce oil or gas and that per cent of Latin America * Pwnm^a Iinhkc iy to have ; during the Ijthw PJJt of Jwt 
the developing world as a who e Petroleum resources. SO per cent noted tn« i ihe Even year and early months of this 

~ The decline In the dollar'* 

should be' able substantially to oF those 
reduce its energy import bill by cent of those tn Asia 
1990 Far East. 


vear and early months 
vear had little to do with the 
'dollar's reserve currency role, 

Uhas launched a major drive explored^ In anini.-nsive wj. UAn barrels a (lay J “h* 'SS dftl current 

hPin countries develop m- Particularly .Promising areas Hm more I account deficit. 

the barrels a day than u is currently ( faster BHj - 

- — "* economy retain c to tuner* 

and lack of sufficient growth in 

in Africa.' and 95 per much effect. on ihe price 

and the if developing countries can 
have vet to be increase their production 

barrels a day by 

she offshore areas 

xne Diirreis a a-.- — - : t — 

Coast of Africa from producing to meet extra demand, j economy 

India, even allowing for more modest; 

nruwth rates than | 

to help countries develop 

digenous supplies and plans to included . . 

support about 30 projects in the Mexico. Brazil. Argentina, 
next five rears. West Coast of Afric- 

huSee ““aw* to IS!^Lh?OuiSSlSTtell.nd economic 

edv^lnsVumrms how Sl !o and' Vietnam The Bunk those m .he **..* ^ many 
develop their own resources, but estimates that developmc the>e And the e industrialised 

ihu, ,, will Ttot usually finance reeertes hjnecen now and 9S5 JjM .l» f j™“ nelt 

actual drilling for oil and gas. is come to cum 
H e noted that ali oil supply prices, but that 

high Inflation, 
of the US. 



SUSbn at 1977 world will 

oil companies supplies so iliat its dependence 


More energy Bill delays likely 



exports os reasons for 
dollar’s weakness. 

“ in fact i here was not a 
lot or shifting of reserves out 
of dollars during thoso 
months,” he said- 

Paper industry 
pay talks 
under attack 

By John Wylcs 

NEW YORK, May 24. 

THE PROSPECTS fnr earl, Con- . Lwr jnday ihe H-a* icon- from '"< ™j*! W 

industry have emerged as the 
first target of the Carter 
Administration’s bid to hold 
down the rate of 

Talks between 2»» paper 
and the Western 

;p.s win aiw miic un : , : . 7; z>Anir)9i»ips HfJn Inf n rsiri u 

uiise. It is reliably reporter! Bill, even if parsed, is certain 10. P ** ^ ^ Workers were 

t they will hack it by a 10 to 7 contain provi,ions that th f ci'-Sed out ax a cause of 
; - House will hat-- difficulty accept-; smiled ™' p ^£ nt 

concern _ 

inflation lighter. Mr. Robert 
Strauss, last week. This was 
followed up yesterday l*y a 
sharp attack on the unions 
claim and the employers’ oiler 
by Mr. Barry Bosworth, chair- 
man or the Council on Wage 
and Price Stability. „ , 
He called the union's claim 
for a two-year contract yield- 

»m«innal~natfa«e of President ferees will meet their Senate more favourhlj 
Carter's enerov 'Bill remain re- counterparts tn discuss the energy Bill than the Senate. 1 bu : 
mote todav 'even after last natural gas compromise in what many Congressional obser^r*, 
night's partial acceptance nf a will be only their second joint feel that that Mippnrt has * anrd 
Sromii?nn naS pnees session nf 'the year Probably in t .he i ntcrmmal \ 
and deregulation by Ihe House later this week the Senate con- of the pa rt>« r - »orev Wine , 
member* of ihe joint conference ferees will also vote on the com- Senate version of the energ. 
committee. promise 

The ccneral view on Capitol that 
Hill is that flnnr action by both vote 

the House and the Senate nn the Assuming this takes plare. an- mg. 

energy Bill is unlikely to take other month at a. minimum will Differences between the two 
place for at least another couple then elapse while the com- sides, assuming' both chambers 
of months, and that, even then, promise is drafted into legisla- pass Bills, would then have to 
there is no guarantee that the tive language, incorporating the he resolved once more by the 
package will be approved in first three parts of the energy joint conference committee, 
something approximating its cur- Bill (covering coal conversion, whose capacity for speedy action 
rent form. conservation and utility rate is in doubt, as the delays to 

It is agreed that the accept- reform, which have already been date demon-irate. 

aoce by the House conferees of accepted) but not including the The Administration's leverage. .... 

the natural gas compromise after st i|]-unresolved crude oil tax 0ver ^ Congress on the energy j ing 30 per cent rises *' outsUed 

six months of endless and bitter question. Bill does net appear to be great. | aHI | alarming and about twice 

debate is an important step for- There is a chance that the tax although ii will be pleased by 
ward. But the verv closeness nf aspects 0 f the energy Bill could the conferees’ acceptance of 
the vote — 13 tn 1 — nresaaes [ater be at jded to its other parts, the natural gas .compromise 
a rough fient m the full but this would clearly be a com- which it had strongly supported. 

Moreover. 3 key vote fo^ the p | ic ating factor creating yet Still en the table is the Prcsi- 
u: n '! e H ^rther delays. dent's threat to .impose either 

\Vts?S^- nera^? a t R on the 0nce the Bi,,s hav? been higher import fees or quotas' on 
aUumnt on thafthl fifth Sart of drafted, the Senate is likely to foreign crude if Congress con- 

’ ake *»em up first. Bp, .,he linues to drn e tts feet 

p 0<;a i s _.the enualisation tax on Senate calendar is very crowded Xhis L ,' a weapon lh * Adminls-i -. . - . . . . nfr . ln nil r- v-Ol not be enacted- after P rotr acted Panama Nation is - dearie loth to use.] Bosworth had been stung Into 

While it is often said that the Cs »nal debate and opponegts of Many Congressmen, content pi at- 1 public comment after two « 
cnide oif tax is dead, it is also Hie proposed labour law reform j ng their re-election dianges. j 

true thar ft has barely been con- *re currently conducting a would probably prefer it to bej 

side-red by either thp House or determined filibuster. ; Indeed, used. sin«?e it would i-lcarly 

Senate conferees so far and has opponents of the energy Bill are saddle the President with the 

not recently been Dressed by the already threatening another fili- responsibility for any inc.-ease 

Administration. Changes in' Con- buster when it comes up. in domestic fuel prices and’ re- 

gressiohal sentiment on the issue The House will probably wait Iteve Congress of the blame in 
could yet occur. to see what the Senate does. The the eyes of the electorate. 



average wage 
Hits country 

ihe size 
today." , . _ .. 

The employers offer, said 
Sir. Bosworth. urn? “dearly 
inflationary " as it proposed a 
three-year contract giving 9i 
per cent in flic first year, 8^ 
per cent in the second and 
7i per cent in the third. Mr. 

Fears of Angola intervention 



PRESIDENT CARTER has not opponents of rhe MPLA Govern- CJark which blocked all further 
yet decided whether to ask ment in Angola, which is aid to any group in Angola after 

Congress to remove existing receiving strong Soviet and Dr. Hnery Kissinger, the former 

restrictions which specifically Cuban backing. Secretary of State, urged the 

bar the U.S. from intervening Senator Dick Clark, the lead- Senate to send more assistance 
in Angola. Mr. Jody Powell, his rag Africa expert in the Senate, to Unit a and FNLA forces there. 
Press Secretary, said today. said this morning that this and 0 .. „ ... . . , , 

Mr. Powell confirmed that other actions by the Admmis- * B . u J. Mr i *mll insisted today! 

Admiral Stansfield Turner, the tration had led him to conclude , \ President has made no| 
head of the CIA. and Mr. David that if was “ increasinglv clear about Angola and that 

Aaron, the deputy head of the that President Carter has made 
National Security Council, had the decision In ro-involve the 
approached Senators in recent U.S. in the Angolan civil war." 
weeks outlining ways in which Late in 1975 the Senate accepted 
the U.S. might channel aid to a measure sponsored by Mr. 

Canadian $ row widens 


OTTAWA. May 24. 

he did not even know that 
Admiral Turner and Mr. Aaron 
had raised the issue on Capitol 
Hiir. He said it was proper for 
senior officials to sound nut 
members of Congress in this way 
and to “ run past them “ some 
of the proposals under study. 

However. Senators who met 
Mr. Carter yesterday' at the 
While House quoted him as 
clearly implying that he wanted 

MR RONALD BASFORD, the. if the Speaker. Mr. James Jerome T ?*«! the restrictions removed. 
Canadian Justice Minister., has finds there has been a breach a,Uwu fi?> h e never actually said 
called on Consenrative finance of privilege. as mi,cb - ' 

spokesman Mr. Sinclair Stevens In the meantime. Mr Allan Some members of the Admini- 
i°— iu. - ttate u r *! thdraw £ is MacEacben. the Health Minister station, particularly in the CIA 
1 Jhf~i wo. al legations that announced to-day he will intro- and lhe National Security 
rlhrotl Udm ? * j OUie ducc conflict of Interest legisla- Council, favour sending aid to 

Si s P® c . l { lated on Hon that bad heen delayed for Jonas Savimbi. the Unita 
he falling Canadian dollar. five years into the Commons teader. so that he can intensify 

In lhe Commons. Prime “ Vt:r - V quickly." his tighi against the MPLA 

Minister Pierre Trudeau con- , Hubert Gibbens writes from Government, 
deni red Mr. Stevens for making Montreal: Hopes fnr settling the 
what he said were unsubstan- t wo- montii old iron nre workers’ 
tialed charges that reflected on st^,, '' c ■ m north-eastern Quebec 
all MPs. and Labrador slimmed with the 

. .. , , rejection yesterday by 2.200 

the roniiJiorifc^vArerrf-.'^ro.f ^ r0n ! Steelworkers' members the kind of politics . of inierven- 

wifrd h*?* ^w-mtifl' Ldhradur C„y u f the latest tlon -which up to now lhe 
when L t P"? 5 ?" 1 "tier by 'be Iron Ore Company 

when the Justice Minister will of Canada 

X r ^ttons a mV, 1 dn , h n , lhe , The in me? straddle the Quebec- in- senator 

referred I,, h? . - M S .^ CTS Lybrador ^rder and ihe strike intervention' 
erred u the Commons Com- over healiq and safety issues, 
mitlec on Privileges and Elec- plus wages, has affected four 

Thii k . j mtmnts compnnie? and a imal of Thrrrfnre even - achroie its 

that .mm jn Mill he introduced .-ibnut 10.000 workers. limited aims. 

But Senator Clark and others 
fear, that this kind of inter- 
veutmn would inevitably back- 
fire. would involve the U.S. in a 
quagmire" and be a relurn tn 
f P 


Administration has successfully 
eschewed- Al. the same umc 
th«* Senator feels that U.S. 

might . actually 
make little difference in the 
Anenlan situatinq and would out 

Schmidt starts U.S. visit today 

HERR HELMUT SCHMIDT, tbe mit in Bonn In Julv. 

BONN. May 24. 

at the i 

_ /-uni * . , The two President Carter, not 

West German Chancellor, leaves leaders are also expected tn initiatives ihemselves 
here Tomorrow' for a. visit to discuss nuclear policy. Vest German officials recently ! 

the l .S. amid clear <;gns of a In advan.-e of the July meet- j n i\’ashin"ton hiv* 

S really improved atmosphere in in?, the Wesi German side has with ihe imnression tha^n^Sfi 

bilateral relation,. been doing every, hmg possible hera i?°the ? uT adntiniltrS I ----- - 

official to remove 'rnTanons tn rela- now have a much clearer under-! ftotirilhstandlng the fact that 

. -<nd the riandins of the German view on now Is being nego* 

■ppear lo have efunomjc growth, the weakening: 1ialptl **>' a hl-iia,lonal 
of the dollar and related trade 1 ra * ,,ee> 

beer, doing 

Herr Schmidt's chief 

tasks will be to address the UN lions with 
General Assembly's special ses- Americans 
sion on disarmament in New responded in kind. 
York this week 

his staff had met union leaders 
la Portland. Oregon, but had 
railed to persuade them to 
moderate their demands. 

This broadside underlines 
the Administration’s difficulty 
monitoring nation-wide pay 
talks and persuading unions to 
take a more optimistic view of 
the inflationary outlook by 
lowering their demands. The 
Administration's aim is to 
exert pressure on both sides 
of industry' before they sit 
down to negotiate, hut the 
paper negotiations bad clearly 
got away. 

The sl7.c of the problem now 
facing the President on the 
pay front is underscored by 
recent statistics showing that 
In the first quarter major 
collective agreements provided 
9.9 per cent rises for the first 
year ‘of a contract, compared 
to 7.3 per cent average in 1977. 
Although the figure is a little 
distorted by the pacesetting 
miners' .settlement, manufac- 
turing rises Tor the first ye^r 
of a contract averaged 9.4 per 
cent and Qon-raannjfactnring 
M.2 per cent compared with 
7.4 per cent last year. 

The major test tor the 
Administration will be the 
outcome of negotiations in the 
current quarter covering 1.1m 

Charge against 
Argentina over 
export to Chile 

By Robert Lind Icy 

Chilean daily newspaper F.l 
Merciiriu. of Santiago, has 
claimed thal. for reasons nf 
“ national scrurlly" ihe Argen- 
tine govern men t hav imple- 
mented a faw which " dlscrinil- 
nnles against Chile “as regards 
lhe export of ** strategic 
materials for military use.** 

The El Men-uriu report, by 
a rurrespu tide nt nlin has Just 
visited Argentina, would seert 
tn he bnrne out by an A rgen- 
tiiic official decree" of Slav 19 

obliging exporters of strategic 
products to petit Ion the Com- 
merce and International 
Economic Negotiations Secre- 
tariat In Uic form of a sworp 
statement giving the charac- 
teristics of the products* 
Ultimately, the Defence Minis- 
try will approve or disapprove 
lhe exports. 

The boundary dispute oyer 
the Beagle Channel near Capo 
Horn between Chile anff 
Argentina sim threatens war. 


“, nd u £ cnd H , trr Schmidt has recently problems. i 

i he HJATO summit in Washing- spoken out trenchantly in favour This applies in particular to' 

leadership mle Mr. Michael B|umehth.'il. the 

too next week. 

of a stronger 


He is expected to meet Presi- from t'he"us.. hm “bis‘ , WMro Trea Tsenret a ThJ'Vm Bidder tor Dv ra0 : GenerM 

™n nm^matiers n oreS»rtI! i™™™*** hpe " Con- am question' -row ft? ’VoT" u! Foods halts 

wTstera L r ! M hn ^ n ^ hr»w far Mr Blumenthal 

economic aum- for blocking initiatives by are shared by Mr. Carte* | 

„ halts profit decline; 

'a views I Doubts over Lvkes-LTV Uak— 

Page 29. 

\;*\ . 

Hi; v. } . 


*!' .‘I 

. *1 


Japan and UK sig n £ 500 m Demand up 

• for Dutch 

nuclear reprocessmg pact 

TW U YEARS after the “nuclear 

TOKYO. May 24. 

Hill ii iKi liras 

By Charles Batchelor 


New foreign currency finance 
deal for Hons lions railway 

lollies loaav Sljjnea a £500m rim Parirpr an* two rtohatop : 7 . ‘■■"6 avvuiju uiuiilu running ih rtpni, 

agreement for the transports Parliament sfrSS ^ a c* iteelf is worth about £300m with demand from abroad in- 

and, n.pra:« S in 3 „r sp ;ol produref" more tba °a romJf.S a current pnces - creasing strongly. The results, 

nudcar fuel in Britain. vindication the nVtfitwe factl the contract takes the shown m the latest assessment 

Signing the agreement on be- put for the construction of an form of Wo sepa™*® agreemeits hu^Jness opinion compiled by 

half „f t he British Nuclear Fuels oxide reDrocessins plant at ° ne on transport, the other on the Central Statistics Office, 

f BNFL1. its chairman. Sir John WindscaW* reprocessing. The transport “ark a reversal of the trend 

H'U. called the contracts “a sig- The reorocessin«» contracts £?«* is estima ted to he worth of theft rst two months of 1978* 

mficant step forward in inter- first mooted SS We desiS £200m at Present-day prices to when businessmen reported 

national collaboration in atomic to S j oan's reororeSn* tbe owners of Padfic Nuclear declining orders and a slump 

energy, particularly collabora- “JJS* the P 19S0s The%Si Transport (75 per cent owned “ exports, 

lion between Japan. France and 25S?J? BNPL and the rest by Figures f P,r foreign trade are 

ih* tr*r contract, moreover, will let the not vet a va Table for March and 

the UK.” rz ; rnre J Tth Japa°«e shareholders. not yet available for March and 

-bias's fsss^smsr^s. r SrM.Mss 

Power Company, concluded a S1Dg p ant m Cuml ? na - SSlS 1 * i l 'S? JSff 1*1 deficit on vsibles of FI 272m 

contract of similar X; with thl . The , thermal oxide reprocess- coGENA in Scs i dlli fS Il 0ni> - 
French nuclear reprocessing in- ™8 plant to be built alongside series will take Xe over a The upnjrn “ demand was 
dii-dry last September before the existing Windscale repro- wMl take place over a most marked in metal invest- 

BNFL had lhe P final go-ahead cessing plant will have a capa- ,q2?" >ea perlod hesmniQ ° m went goods and metal and 
from the British Government to cit y ot reprocess some 6,000 _ . . . . . .. . chemical consumer goods. Des- 

proeeed with the contract. tonnes over 10 years. Sir John suggested today that pjtg the increase in new orders. 

In a speech at the offices of The Japanese contract aJone CO GEN A may soon secure a the index oF orders in terms of 
the Federation of Electric Power accounts for 1,600 tonnes of ste*® in the transport company workq yet to be carried out fell 
Companies this morning. Sir reprocessing work and an which at present handles all the to 103 from 104 during the month 
John said BNFL "greatly re- equivalent amount will be repro- jpent nuclear fuel from British- an d was also lower !h3n the 306 
gretted not being able to sign cessed by COGEMA in France, built Japanese reactors repro- figure in ApriL 1977. 
these contracts on September 30 The Japanese contract with cessed at the windscaTe plant. Companies reported more 

when a similar ceremony was BNFL was signed today by Sir The fuel will arrive over a nine- activity during April hut fore- 
held in this room with COGEMA John as well as BNFL’s manag- year period and once the spent cast little improvement over the 
fthe French reprocessing com- ing director, Mr. Con Allday, as fuel is reprocessed the waste will three months to the end of July, 
pany.” well as the president of the nine be turned into glass. ’ ^ rTj *" — J — — — * — j -=-* 


In search of guidance 


6 Holland plans to extend aid 
to Dutch shipowners for a 
further two years when the 
present scheme expires on July 
1. The Government will provide 
a 15 per cent investment subsidy 
on new vessels and a special 
investment premium of 5.5 per 
cent, spread over five years, the 
Ministers of Transport and 
Economic and Social Affairs 

TO STAGE ao international coo- reached with supplier countries Commission and the member . 

fcreoce on textiles at present is in the recent GATT Multi Fibre Governments, as offering textiles WI I 

a brave move, as the British Arrangement (MFA); and the a breathing space to re-organise r3n * e of 

Textile Confederation may 60 on chances of securing within for much tougher international j -f s ’ j Sa j - se ‘ 

find out. For while protestionist Europe a co-ordinated industrial competition, and the industry j Sin ,® 

measures in all industries, not policy for textiles to accompany can clearly expect little sym- i T f*n ■ r ■ a ? U 

least textiles, are growing, to- the commercial policy enshrined pathy when the present agree- shipowners to place 

day's gathering at Heathrow, in the MFA. ;. roent is re-negotiated in 1981 U * yards and 

where representatives of the 0 th those the its structure and difficulties * m 

Hong Kong and Indian industries oujin,;™ p^oressed at the’ turn much the same. th^ ed i ,eca ?f c 

will confront their Western Euro- 0 ? t j._ after the MFA T* 16 commission has made « V * r ^ 

pean counterparts and importers nprppmpnts has riven wav to fc° 0WI1 that it would like views P f- S ,L ^ b ?u n Rrif.iln and fhn rtnnHnonr *Sree m MtS MS given way TO . ■ indnefru nn nurectaro ^®nt to modernise the Dutch, 

The world textile industry, antes. The main cause for £ bres > where massive Josses have 
however, is in considerable un- concern remains the position of been accumulating as a result of 
certainty and for many of the the EEC’s Mediterranean asso- over-capacity, producers are 
delegates the conference fee will elates: in particular Spain, expected shortly to agree io. 
have been well spent if Viscount Portugal, Greece and Turkey, reduce capacity, if the comtnis- 
Davignon, the European Industry all of which are substantially s;on s competitions directorate 
Commissioner, or any of the involved in textile'production. agrees, in tights, the producers 
other speakers can offer at least Because of their associate ? r « ^shortly to .begin ao inquiry 
some guidance on how the indus- status those countries were lnl ® wa > s dealing with over- 
try will fare over the next few excluded from the MFA agree- pr 1 a J^_ v .. 


Schroders and Chartered Hong 
Kong have concluded the first 
foreign currency buyer-credit 
deal which is denominated in the 
currency of the buyer and is 
supported by the Export Credits 
Guarantee Department. 

Today's HKS240m (about 
£25m) loan is to finance an addi- 
tional 70 rail cars to be supplied 
by Metro Cammeli to the Hong 
Kong Mass Transit Railway 
Corporation for its roil system 
now under construction. 

As a result of meetings in 
Hong' Kong last October Lazards 
was selected as the bank which 
was to arrange the finance for 
any future UK export finance 
business related to the mass 
transit system. 

The loan win finance an exten- 
sion of a contract awarded to 
Metro Cammeli for the supply 
of roil cars ior the first stage of 
the: project The company has 
already supplied 140 cars and 
the MTRC has now exercised Its 
option on a Further 70. A 
separate contract for the supply 
of 150 rail cars for the second 
stage of the mass transit project 
will be put to international 
tender within the next few 

This Is the first British buyer 
credit to be financed in Hong 
Kong dollars and indeed the first 
to be financed in any currency 
other than U.S. dollars since the 
foreign currency scheme was first 

Because there is no significant 
international market in Hong 
Kong dollars the local bank in- 
volved in the deal — Schroders and 
Chartered (acting on behalf of 
the. Chartered Bank! — has agreed 
to provide the necessary funds 
for the duration of the loan. 

ECGD claims tbat the credit 
complies with the consensus on 
export credits, classifying Hong 
Kong as an “ intermediate ” 
country, at an interest rate of 
7.75 per cent to the borrower 
and a loan maturity of years 
after commissioning, giving, in 
this case, a full term of 11 years. 

The lending banks will receive 

a margin over the Hong Kong 
prime rate. Currently the prime 
rate is around 4$ per cent, com- 
pared with a LIBOR rate of 
about 8 per cent, bad the deal 
been financed in dollars raised 
on the Euromarket. 

This means that on current 
rates ECGD. far from having to 
provide an interest rate subsidy 
— the difference between fixed 
export credit rates and market 
rates— will actually make a profit 
on the interest rate differential. 

In addition ECGD has no res- 
ponsibility for taking over this 

The first of the 210 rail cars 
ordered by the Hong Kong 
Mass Transit Railway Corpora- 
tion from Metro Cammeli of 
Birmingham arrived in Hong 
Kong last week. It is estim- 
ated tbat British contracts far 
the first phase of the project 
have provided employment for 
over four years for £500 
people in the UK railway 
equipment Industry. 

loan at any stage as lender Df last 
resort should the lending bank 
be unable to provide the full 
financing — a commitment which 
it would jbave to meet were the 
loan financed in U.S. dollars or 

These two factors are under- 
stood to have been key elements 
in getting ECGD to guarantee a 
load in the domestic currency of 
the buyer. 

A bridging facility of U.S4i25m 
■is being provided to the MTRC 
-by Standard Chartered Bank, 
giving added flexibility in fund- 
ing the buyer credit. 

The deal is being financed in 
Hong Kong .d ollar s because the 
borrower, the MTRC. was anxious 
that this and as many other con- 
tracts as possible for further 
stages of the project be financed 
in local currency — the same 
currency as its eventual income 
—to eliminate. the exchange risk. 

This, is . largely why Hazards i 
was chosen to arrange the finan- : 
ring. It made proposals for 
Hong Kong dollar financing ] 

when it acted as adviser to the 
Department of Industry for the 
Kowloon Electricity ' Supply 
Company power contract 
awarded to GEC and Babcock 
and Wilcox. 

In the event this contract was 
ultimately financed in U.S. 
dollars with Schroders as 
bankers, the Kowloon Electricity 
Supply Company arranging the 
$390m export credit financing. | 

On the current agreement. 
Hong Kong dollars' will be con- 
verted by the MTRC into U.S. 
dollars which will then be paid 
to Ihe contractor, which will nave 
sold them forward for sterling. 
Insofar as the forward contracts 
'for the sale of U.S. dollars 
matures before the contractor is 
-entitled to payment for work 
done, the sterling proceeds will 
be held on deposit in London 
with interest going to the MTRC. 

Metro Cammeli sald-tbe financ- 
ing was crucial -in winning the 
extension of its existing contract. 
On the one hand Lt was able to 
finance the deal in Hong Kong 
dollars, though this was largely 
because the buyer bad effectively 
nominated Lazards as bankers 
to arrange the financing. The 
understanding is that all these 
deals will be financed in Hong 
Kong dollars. 

But equally important, Metro 
Cammeli tok out ECGD tender- 
to-contract and cost escalation 
cover, protecting Metro Cammeli 
from violent currency move- 
ments and giving comfort to the 
mass transit corporation on in- 
flation in the UK. Together these 
allowed it to make a more attrac- 
tive offer for the rail cars order 
and illustraied the value of 
ECGD's flexibility. . 

Foreign currency deals sup- 
ported by ECGD now amount to 
£1.45bn.. with Morgan Grenfell 
(S391m.), Schroder Wagg 
(R390m.i and Lloyds (5197m. j 
the prominent leading lenders 
in syndicated loans bracketed. 
Although Lloyds bas provided 
around 25 per cent of total 
funds, the value of loans in 
which it has acted as leading 
lender is considerably less. 

$2.5bn aid 

An international aid consortium 
has granted Indonesia S2.5bn to 
finance development projects 
over tho next 12 months, AP-DJ 
reports from Amsterdam. 

The Inter-Governmental Group 
on Indonesia (IGGI). comprising 
13 donor nations including the 
U.S.. also the World Bank. Inter- 
national Monetary Fund and Asia 
Development Bank, announced 
the allocation at its annual meet- 
ing in Amsterdam. 

UK £lm contracts 

Aurora Holdings subsidiaries 
have won three orders to supply 
equipment with a total of about 
£lm. for the new Acoimnas steel 
mill in Brazil, through Davy 
International group companies, 
a Financial Times Reporter 
writes. They include billet and 
bloom grinding and inspection 
equipment, blast furnace parts 
and lifting magnets. 

Kenya ship handover 

Kenya today handed over to 
Tanzania three lake ships, part 
of the assets of East African 
Railways Corporation, which 
broke up on the collapse of th<* 
East African Community. John 
Worrall writes from Nairobi It 
is regarded as a hopeful sign 
: that Tanzania may food reopen 
Its border with Kenya. 

Polish $300 m credit 

Dalian Foreign Trade Minister 
Rmaldo Ossola has signed ah 
agreement with his Polish 
counterpart Jerzy Olszewski for 
a 5300m loan over -five years to 
Poland to buy Italian machinery 
and equipment, Reuter reports 
from Warsaw. It brought tho 
total of credits from Italy to 
Poland over the past four years 
to S1.2bn. 

Toshiba generators 

Toshiba has won a Y22bn order 
from New South Wale« 
Electricity Commission of 
Australia for two 660.00C-kilowalt 
steam turbine generators. Router 
reports, from Tokyo. 

try will fare over the next few excluded 
> fcars - raents b 

Behind the uncertainty lies to agree 

ments but were asked instead ba t ? 

to agree voluntarily to restrict “2, JKfc 

oonino inp uncertainly nes u severe difficulties and elsewhere 

weak demand in most parts of imports to the EECL' Ail have where obstocles have heen ^ 
ihe world. Hopes that last year been reluctant to rive ”"der- S r . h ^av be harde^ to 1 
in i rid see the start of a sustained takings, and a bigl-eoncession Achieve c^rSnated action One 
srounh in consumer demand for toPjrtua. been big 

tovnles proved again loo opti- given by the Commfclon. hg lhe re!uc £ oce o[ the Ger ^ a J 

misiic. The industry in mi rope m industry to countenance 

But. for the European repre- anxious to clear up tteaknesscs measures that appear to implv 
senlatives in particular, two quickly, as it is undertnressure any attempt to interfere with 
other key issues are also likely from the commission to. draw up f ree market forces, 
i* ftewre during lhe two days an industrial policy for textiles. A request is believed to have 
of discussions: the degree of nr face having its future decided been made for Community flnan- 
dclmninaiion with which the for it in Brussels. .< rial' support for that so that in 

EEC will be prepared to main- The MFA agreements were planning ahead the industry in 

tain ihe tight agreements seen essenfialiy by the European the Community will ~at least start 

" i ; with as much information on 

— — — — — - - i . I. — i ■ - 1 ■ - production, market size and total 

imports as its counterparts in 
FIRST INTERNATIONAL SYMPOSIUM un ^ markets such as the U.S. 

• ON MANAGEMENT AND AUTOMATION , n ae crucial issue, however, is 

JN BANKING how far fte Commission should | 

FOR BANK MANAGEMENT iSwl'TS to° d£w P u"p 

strategies and the extent to 

ana txrnf> which it should try to encourage 

illJIl/IHlJ 1 triO certain patterns of development} 

^ rJIl .li/iik iX The current idea being floated 

I M R A j\|K ll\If-l *5 to® somewhat weaker one that 

II M Uni wl VI I w VJ the Community should help to 

finance analyses of prospects 
for sectors, but those would act 

: only as guidelines, 

ZURICH — JUNE 13-15,1978 It is an approach that may be 

considered rather timid, given 
Secretariat - * e urgency with which the in- 

lnterconvenlion c/o SWISSAIR Jgj f l r , jl 

on BnvrHJWiKR 7 urirh period of stability lor the chief 

° r^atnt rationalising its structure. 

T 6 LU 1 oi4i4t^ Whether Viscount Davignon 

' . _ 1 thinks bo too may become appa- 

~ rent today. 








BALANCE SHEET AT 31 DECEMBER 1977 (in millions oi 


Lo ans 

Securitie s 

Current Accounts with Treasury, Bank of Italy and 

other Banks ~ 

Accounts with Credit Institutions ■ 

Sundry Credits 

Unamortized Bond Discount 

Other Assets ^ 


R eserve Funds 

Spec ial Conti n gency Fu nd 

Bonds — 

Matured Bon ds and Ac cruedjnterest^ 
Loans in course ofOisbursement 

Sundry Debts 

OtherjLiabiljties — 


(in millions of lire) 










420,6 30 


1,043,94 9 







Financial Times Thursday May 25 1978 


Hunter wins 


Comradely praise for British Steel 

on cruiser 


«?.« -ss £ s « sss S&SJ 


. __ . tha ****»«..**,», oTTmirirrmont for souhisticateti automation to set wooifl be built raaimy on exist ot Metals. nht-imiclv have to take place officials have been to thc planr 

f the week. One member of the present 
views will mission and other Chinese 

; h ' -hin bnt work could start ZZJuZ r vl. in . D ~ on a rwo-weeK tour of tsnusa mis&vu uiu-iwu ana ms presence, an «* iu-i. — ev idence among toe Chinese in a discussion on rne owno- 

^ lJ rnmm?t d .Self tl Si the' bull Within moothi Steel plants. Pin. a vire-m mister of the many other high-ranking dele- Siring ditlr day at Scanihorpe. ing of purchases from abroad. 

Ef Xe Kill S’ahea“ UIlter “ ***“ the ^suwtanSt” th?» tatfeat^S ^e^rorimental Sso % ftktaff aSes Vthetop. ^ jjf .ftihfle? Dm teS dJiT auSSfaS^ U? flttSS 

SlSr^ tO3n,O,1Dtt0at a^edS't^on^ct^o^ £-gj? 2HS Pooled VieWS VSS ovens « . 

c,id it d 1 armed to so to the Tyne. He would not that the Navy’s three anti- *£SHFH« which ran be used 6m ton annual out pul jl w generation 0 f equipment, using that .China would now be pre- 

id. subject to • otMMtw Micvc the _ mtelaWogs on equipped, with. See Harriers SsS.StSSttto.ueSS SLuse'it is Pear spurt « »?>“ “ ?T«i' ?£?”£& JSSiSIfLjSSf ^l itS madC ’ rfBl “* •”** 

and subject to satisfactory believe tne unaeriaiwngs on equipped witn sea 
agreement, hoped to place the normal working that he had been through to the 1990s. 
order early next year. given by the workforce. _ The order, in addit: 

The order, in addition to pro- 

■J 011 * ™ mtere^s^throug hout because it is near smirc« ot craj Sheffield. Wales and Tees- china already operated a system China, 

its British trip had oeen In the iron ore and coal, and si^ple^ sidg ^ we n ^ 5eV eral Sheffield 0 f co fce forming, though the pro- Hitherto, the only 

formed -^ke process, p'pelme mented with Soviet equipment priyate manu f aC turers. cess was different, using a borrowing the Chin 

only forms of 
Chinese would 

sum oe uses* juisiiic-s - — — ■ ■- , o. ioiu iu ouiiejt, wju aiau ytuviuc mr. xaug saiu mat miusa vsuiua s mtcuuu w>scsi oicbs fismarac /-iv. ... *i. » . LL . ij1jL , .. - 

builder if it were decided nnt to been under construction for 24 work for Rolls-Royce’s Bristol main problems in fhe steel in- complex, at Shanghai, with an bought basic oxygen furairai gtonweasthe most modern of supplier ‘ «g{“- „ ftn 

give the order to Swan Hunter, months, was on schedule. factory where the aircraft’s dustry were on ihe aiming side estimated outpnt of more than from the Austrian firm of Voest British Steelworivs. The s itinerary A more 

Swan Hunter has every reason Pegasus engines are built, and and in modernising steel mak- 4m tons, will benefit from the m the mid-60s. E®? rhl™^ 

To want this latest order. The R-R €H£infiS for many component and equip- Sng. It would be necessary to projected Japanese plant which The mission will later visit the .Chinese Embassy, and tne easier to sell capital equipment 

yard suffered a serious blow «nti - submarine meD t companies. expand steelmaking by building will supply billets and blooms to France, "West uermany and dclegauon expressed some parti- to the Chinese. 

Soralh'J'nfErl^h Sklptalld kn miiser. Is teine built, ; 

at BarrWia-Pa™* by vTck^. 

Sc orfer foT,h,^ for Kund! It ordered m 1973 and w» 
when workers at the yard failed launched last ye» It Is due 

?o acree to work normally on the to i join fleet 

contract.. ... *>.« loorw 

But yesterday's announcement 

falls far short of acknowledging ^a^ssei s re.uuu tons 

l-r fullv Powered by Rolls-Royce gas tor - 

tQQt the ^.i0' eminent , v;«« A nnmnac tinrl AmiirmpH with 

ta ?«Ir,w7SS5 WkinT at engines and equipped with 

sa ii>fied about future norking at the latest communications and 

the yard. navigation aids. The ships are 

If Swan Hunter win* the full des j gned l0 use Sea King anti- 
order it would proud* o.OOO jobs submar j ne warfare helicopters 
for six years. ... . and Sea Harrier vertical take-off 

Swan Hunter said that the j et aircraft- aD d also will carry 
order placed with it included: ^ gea-Dart air-defence missile 
preparing a programme and system. 

planning the construction of the ‘ nadie 0 f the ship planned 
ship and orderin': steel and j s not settled but it is generally 
other long-load items. believed that it will he called 

Mr. G. E. Steel, chief executive the Indomitable, 
of the company, said: “We are While the initial construction 
naturally delighted tn receive cost is expected to be about 
this Involvement contract for £130m. the provision of the com- 
which wo and British Ship- plex radar and other electronic 
builders have been negotiating gear is likely to raise the total 
for some time. cost of the in-service vessel to 

“While it does not guarantee about £200m. 


1 ** ■ ff,. er\%. ip! . » } » » * *?t*y, 


CBI plans campaign 
against White Paper 


. 7 

' • •: • * . ■' 

•• .-..v - , ’-r-- 

- 7' 

Ashley Ashland 

Accountants oppose 
UoSo Inspection ■ 


AA plans 



City has fi top role’ 
in world banking 


ERIT AIN'S leading accounting the American Institute of THE Automobile Association will 

firms may soon be forced to sub- Certified Accountants. spend more than £7. 5m. this year nnatrm 

joc: their audit procedures to The chief accountants section improving its road services and _ 

jndcpmdent reviews because of of the SEC said yesterday that Relay car rescue. Professor the British Bankers Association 

pressure from the U S. Securities the agency was ur?mg the Esmond Wright, honorary and former Governor of the 

and Exchange Commission. foreign auditors to agree to peer treasurer, told the annual meet- Rank nr Fnrfanrf vtxterdav 

at a Mansion House lunch 
organised by the Financial 
Times for representatives of 

Welsh bid 
for more 

By Anthony Moreton, 
Regional Affairs Editor 

and Exchange Commission. foreign auditors to agree to peer treasurer, told the annual meet- Bank of England, yesterday 

Significant proportion of UK reviews as quickly as possible, ing in London • yesterday that said he boped q,^ ^ aty 

audit business relates to subsi- hien done b^lSTS* 6 l^m^wito^urth&T-beloiiSS «f London would cnMime.-to 

diaries of V.S. companies subject Wl iiJ d 5, e „ e " S e m ^ Sn?«nISr P «fSSw 4M he an internatiofal financial 

10 J 11 ;- nd SEC "P^siUoa from 5,e SSorUK *««*"■ 

necen. cnngrcss'onal and SEC ^ transfer to the capital fund. I" Jhe last 15 y«is fe 

nmes m the t.S. have forced Mp DavW Bae Smith o-.j : j v- number of foreign banks 

annual meet* o«„v Fnafanj iriirir An ir the foreign banking com- WELSH ATTEMPTS to woo 
annual metri Bank of England, yesterday mtn , lly j n London. i n rfncM 9 ii>t e w«r«. 

GOVERNMENT plans for legisla- patible with existing company 
tion to -create a two-tier board Jaw and that it would not be 
structure for companies are feasible for worker directors to 
likely to be opposed by leading shoulder the full legal responsi- 
industrialists on the grounds that hi I i ties of company directors, 
they would blur responsibilities These detailed objections from 
and reduce the efficiency of top the company law experts on the 
management. committee are in addition tn the 

This emerged from a meeting confederation’s general objec- 
yesterd&y of the companies com- tions to the White Paper— which 
mittee of the Confederation of centre on opposition to trade 
British Industry which, under the union members having statutory 
chairmanship uf Lord Plowden, rights to demand both consulta- 
considered the proposals in tion with employers and board- 
Tuesday’s White Paper on room scats, 
industrial demoeracy. However, the confederation 

The White Paper, which has yet t0 decide how big a 
mapped out plans for legislation battu , t0 stage 0V er the White 
on employee consultation and paper. It led the opposition last 
worker directors, also said the vear t0 the Bullock Report and 
Government intended to legislate \ ts campaign provided the basis 
to allow companies to create the f or a succe ssful membership 
two-tier structure. recruitment campaign. 

Worker directors, it said, could Many of its members, inchid- 
have up to one third of the seats many among the 500 the con- 
on a top policy board whose federation has recruited in the 
shareholder representatives pas t year, may want it to repeat 
would include senior executives its outright opposition against 
of the company. These executives the White Paper, 
would also belong to a lower- On the other hand, some con- 
level management board respons- federation leaders may opt for 
ible for day- to-day management a law-key campaign aimed at 
of a company. maintaining general opposition 

However, the confederation’s un til the next general election 

Mr. David Bae Smith, senior Net asse ts bad increased by 

s« i:»-. 

number of Foreign banks 

£3375mT More "E5SS S.'SLS 5?JSS 

to agree to so^meu peer nsv.ews. Sells, doubted yesterday whether than fSm.'af the increase was qua J^ D . I !!5 d “S e 

This means that every U.S. the SEC’s writ should run in the investment in premises, vehicles asso f* te lr 1l I£ m A . ^ r~ 

accounting nrnt with an SEC- UK and ^uinment for the road P*™* 011 of th * Eurocurrency 

registered client must subject its “j question the whole validity service H e was greatly encour- 1 ^ rkels rela * t ^5 

*iua!!.y wntrol procedures to an of thc pee r renew except." He Se TncrSc of ls ir 

independent review by inde- said. c-nt in the turnover of commer- , , banking . 

pennent accouatants. Touche Similar sentiments were ^f^services. The AA would con- Loni °^ rien was speaWng 

Ru-s. for example, bas been expressed by Mr. John Grenside, Unue to monitor the results of 

reviewed by Price Waterhouse, senior partner of Peat Marwick additional services. 

The SEC wants tn extend the Mitchell, as well as senior part- 
systvm to ail the foreign associ- ners from Price Waterhouse and 
ai!.- nilicrs of thc U.S. auditors — Coopers and Lybrand. CadbUTV sells 

where these are involved in the it is probable that no more . 

audit of a particular U.S. com- than 20 per cent of these firms' Preston Candover, In the y. audit fees come from U.S. work. Candover Valley— consisting of a 

Toe possibility of this happen- However, two other large Queen Anne bouse and farm- 
in: hn been discussed within British firms with a larger pro- house. 1+. cottages, a fiat ana 
rue profession for some time, hut portion of U.S. work — Touche a bout 1,000 a cr^, including an 
me SEC tins month stepped up Ross and Arthur Young airemp—is to be put on the 
TT.- fvre for action when its MeCIellend Moores — appear less market by Mr Peter Cadbury, 
chairman. Mr. Harold Williams, opposed to the idea, at least In Knight Frank and Hatley. 

international bonking. 

Lord O’Brien was speaking 

m unity in London. Japanese industrialists were industrialists felt yesterday that and at winning some more eon- 

The International banks had taken a stage further yesterday this would weaken the executive cessions from the Government 
brought Immense benefits, and when Mr. M. Kawai. president authority that exists in Britain’s in the meantime, 
never more so than In coping of the Japanese Chamber of present unitary board system. The Association of Inde- 
with the effects of the oil price Commerce and Industry in the They were worried that the pendent Businesses, which repre- 
rises. he added. UK, was the principal guest at policy board would wield power sents small companies, yesterday 

Pictured above (from the a presentation in London organ- over a company's development backed ideas for employee par- 
left) Sir Peter »anneck, the ised by the Development Corpor- while actual responsibility for ticipation but opposed legislation 

V°rd Mayor, Mr. Samuel ation for Wales. . a management would have to be basing this on the trade unions. 

Anna cost, Bank of America With 90 of his fello w-co nn try- borne by the management board. “ It would be a grave mistake 
executive nce-president Hr. men representing industry, com- This could create divisions and to undo the excellent results 

Alan Hare, Financial Times merce and banking, be was told Mt at efficient management which Harold Lever has so far 

chauTun and ouet executive, by Sir Melvyn Rosser, a member Committee members were also obtained by burdening our sector 
I«rd OTSnen and Mr. fredy of the corporation s board, that concerned that the White Paper's with further bureacratisation,” 

Fisher, Financial Times editor,. Wales was particularly keen to proposals might prove in com- it declared. 

extend her links with Japan. 

Four of the seven Japanese — 

North Sea boost 
for UK suppliers 

manufacturing companies which 
have set up operations in Britain 
— Sony, Matsushita Electric. 
Takiron and Sekisul — have 
chosen Wales as their production 

Tbe corporation has been 
active in promoting Wales to the 
Japanese, not only through func- 
tions in this country similar to 

Whitehall plea for 
UN energy agency 



acMrec-ed council members of principle. 

agents, expect more than £2m. to 

Man-made fibres 
Industry recovers 

market by Mr. Peter Cadbury. yesterday's but also in Japan. 

Knight Frank and Rutiey, BY BAY OAJ-it*, energy corrbpondbit I t h as 0 ne executive designated THE NEED FOR a new Inter- term problems may also irihJGbtt 

agents, expect more than £2m. to to look after this side of its work national energy institution, pre- the rates of growth which could 

be realised. Mr. Cadbury is HOPES of a major Increase In spare platform -bull ding capacity aa( i be has recently visited ferably to be run under the otherwise be achieved in the 

executive chairman of Westward orders for the flbn-a-year UK in the UK Japan. auspices of the UN, Is stressed intervening period." 

TV, a director pf ITN News and offshore supplies industry has The Government's Offshore Corporation officials are by a Department of Energy The problems could be dealt 

chairman of Alfred Hays. been raised - by announcements Supplies Office has been satisfied optimistic that they will be able report on international energy with only by a common commit- 

yesterday from two North Sea that none of the British yards to annonnee another Japanese problems, published yesterday, ment by the industrialised 
operating groups. couM meet the Spanish price for entrant before the end of the The report, to be considered countries to adequate pro- 

The Shell/Esso partnership the two steel units which will , . by the UK Energy Commission, grammes of conservation and 

Health cover 'The SheU/Esso partnership the two steel units which will year- . . by the UK Energy Commission, grammes of conservation and 

About 4 per cent of Britain's indicated that as well as exploit- support the field's main prodne- ™K' were npset not oi niywnCT says that energy problems need energy development Without 
population ia.cp.etod by some log . its Futoar FJeW. it was non and scconm.oaaaou units^ 5££. h ' !£ MOeiiJion *» .*• ““M*** •» .? *■<*•> 

eet the wales. forms of pnerev Economic Community had set 

for the _ 0ne , important link which has i objectives for energy conserva- 


BRITAIN'S man-made fibre in- stronger buying trend will con- Health Service and seek private the consortium planning to “ Ul , “ fl ?5S D^rtam. rather' “'than 'in “South Bnanci °£ 0,6 development of A ™“‘" m 

du-crv mad.* a substantial tinue. helped by wage Increases, treatment, Lee Donald Associates exploit the inshore Beatrice Wales W conventional and alternative . a ^ d hJS p0a * 

reenverv in the first quarter of tax reductions, and falling In- said in an annual survey. Field, also announced £26tn- “JJ® X! One' Imnortant liDk which has forcns of energy. ™‘ c „ SPSS? 

This vnr, uhh production and flation, which have led to higher worth of contracts, almost 90 per target date of MaylPSl forthe ^^formedisirlththe Founda Developing countries. In parti- ?ian MviSs faurSwfe in March reaching living standards. cent of which will go to UK SS* eatrK * 0x1 mmuig 55n of SSa Sdence and Tech* ™Jar. ran the risk of suffering 22*1151™? 

their highest level for four The latest Confederation of Fares Cut suppliers. - no! ogy Centre. The foundation is balanc e of payments penalties as developed and strengthened 

New. lower fares between . The Shell/Esso sanooncemart Contracts assisting the corporation in a I? su Jf of h ‘8hcr energy prices. Examining the UK’s energy 

The improvement, taking total ™ lc r £^pi riothTnc showed and European capitals n U C ? t £ r %? n v, identifying companies wishing to t JJ} e - D f£® I 32£2 t g,reSa wan, . i . n A role, the paper says that it was 

mi tout for the nuarter tn IdO.OOO o n Textiles ana cioiaing snowea w<>ra h v RriHati Rail that the North Cormorant Field, Other contracts announced by set up in Europe as well as look- that ,n the 19 80s energy supplies notin Britain’s interest to see the 

with an estimated 400m barrels Mesa include: £17m to platform ing for potential joint ventures. may become a constraint on price of fuels rise, in spite of thc 
of recoverable reserves, is likely builders Highland Fabricators in November the corporation is desirab le rates *of worldwide short-term attractions, 

to be developed within the next for project management and to sponsor a three-week trade eeoQoniic development unless First, the period of self- 

w couple oE years. engineering design work; £3.6m mission to the Far East While actioa »s taken in the next few sufficiency would have passed by 

£18.50 single and £37 return Draft proposals, now with the }° Wilson Walton Engineering of Japan will be the main focus of years - the end of the century, when the 

valid two months during the Department of Energy, indicate Teesside for the design and interest, the team will also go to “ There Is a danger that a lack UK would again have a direct 

found :15 way into ibo latest "'"'J thsV‘“fhis' hi^hpr- ‘uUJT'nf Peak July to September, that tbe field could be prodncixig fabneation of accommodation Hong Kong. of confidence in the ability of interest in importing energy at 

Statistics. S™ nrt «uid tnr£ rVL SS ,£ oii J_ a F 1982- " Ql ^ and u teluxpUsT landing Last October a group returned rauntries t0 with the longer- the lowest cost 

— demand could torm the basis for Taywood^anta Fe has been d . ec ^ Purchase of steel plate for with orders worth 

awarded a contract by Shell/ * ad P^Pect of at least as much * 

-i 1 i"h p T' K \ ext lie -T1 □ ri; et *w here put dunng tne nrst quarter was] Miners at Sheru'ood, nrar Mans- defied design work^tmv ^ late Division, S ° W 3§din by tbe eP d of this year 1 1|| QFYISkflffl nAA^ln AA 

M in staple— up from SC, 090 tonnes) field. Notts.. _ produced 27,461 ductloa aQd Yocomm(rfation Mesa said thot substantial con- a , 1 3 1 3 ill C 511 ti laPOKlJlOf^ 

was some undor-rcportinc at thc mr £LS.50 single ana sn return *Fi«i yiupweaio, auw wain me 'y nanuu^uwiiusui <m 

end of lari year which has now P valid two months during the Department of Energy, indicate Teesside for the design and it 

found us. way into the latest " , " e -52? lh£ hHbSr nt Pea^ July to September, that the field could be prodneing fabrication of accommodation H 

time that mis Higher level of oil in igsi or 19S2. units and helicopter landine 

£ CM !SS r 4 in the Ust quarier of 1977 to in fire days - a ^es on^the JSSTSSSS tracti f^^oriUa^^topment 

nnn^m?-‘«°ejriiture^ fnr jSS S9 ' 500 tonnes - Produ ir ction of «*■ ™. rd a s,ng,e face 1x1 a ant platform. would also be awarded to British 

consumer expenditure for some ^p nt y arn nRe f r0m 53,050 British mine- 
ume. tonnes in the Goal quarter of 1977 

Tbe industry has also been to 80.570 tonnes. „ 

doing well ia exports, which Although a substantial improve- oQOW SCli-OUt 
accounted for 43 per cent of all me nt at 150,000 tonnes in the -.—a ^ 

uuenon ami accommodation “* CBa suusianuai con- * _ 

faciUties on the North Connor- trac ^ ^ or ancillary equipment ATQ1 HlGrChaflt 
ant platform. would also be awarded to British , , tUflUl 

Taywood-Santa Fe raid that S? m P anie s Overall cost of the Ctl|Y|C Ati U'cJflA 

field devedopmeni plans bad not “C^tnea development. is expected ‘Jlajpa \JU 

yet been submitted formally to t0 , b ® ab °. ut ? 325 ®- , rA ,,f A ItST) 

tbe Energy Department’ bnt Interests in the field, which lOUie— IVI jT 

Diamond necklace 
fetches £24,000 

*», ih ,bt "* «“« wK&lSS ^ ZZ B " Ti SK >u „ ««," 'w -» sssa 

THE LONDON dealer Drager 
paid £24.000 for an antique 



.. _ _ . ■ . , ^ . 7 menr exuiuiuuu, m ue uuiu w W/ aou Vaias- 7 ' 1 "T** . nrr ,.j no A :i a uiiumics 

LTv retailer? have expressed levels, when quarterly production ^ Canard international hotel gow as prime sub-contractor to £! r eent A : ^ unt 0,1 Company (20 ‘fe ® jJI 1 jewellery sale. .Another diamond 

optimism recently that the was more than ISO, 000 tonnes. from October 24 m 27, Taywood-SanU Fe. per ceat) - Creslenn Chelsea il5 r°u r P s ““ uld he armed, Mr. necklace went to an anonymous BY ANTONY THORNCROFT 

Both offshore supply groups ® SSSJSSf ? & ° “ ^ went to the - 

Strong case for BR Jobie^ WAa ^ 

iUi OiV oZ\7h?r£!nr iLSJnEL !? DbUnce d the formal allocatioS . anonymous buyer for £9,000. A JSSS th ^-! h J«L* 

ill.vd and a second to ah fetched £? 841 aSd the S 
ananymous buyer for £9,000. A flSgg ^ 

i'fiKn(»hnn r„Vi., clnn^^tnn. . W J* S J« r Kenneth 

^-asSarsSwt sa -a. o f s[- 

industrial training, to alleviate w «tie Humphreys and licences. K tbi* nil nm-in. chjt, c _ . , X B - _rr_. „u.. W.L .. 


industrial training, to alleviate Wi } L f numphreys and licences. that oil carrying ships were a dealer Seymour for £10 OfM) The Among other high oricei we™ 

S!25 ,1 w!!!S lt, rtai!S[;n 5 e fSf. rapidly in h 0ff5m?322* _ Slock 20/9. south-west of tbe . f ?5 1 atta ^“. ow th ? t sale »»«** C25.S95, with’ only JMB Paid for a Frank Stella 

at wraat Mfesaww ryrssss 


tonne? of * ue ' cacb >' c:ir - and Mr. John Palmer. Under- 
suaECSis a discussion paper Secretary fur Railways in the New Oil S€rvic8 
nrosented yesterday by Mr. department 

* ;i tv.j.. ^ Tenneorte* ThP diVUQU^TlT S.TVC pnHv oldl*. 

Shell /Esso nartnprxhin " ** aa n-xproraiion, Agip (UK/. as aosbu or with a high sold per- ot fine Art for a sculp- 

cussing thJ ar n!nrtnJE: K Century Power and Light, Halkyn Ethiopia, to wage a raini-war at centage. lure by David Smilfa “Wat 

project with rontrartnM bulldlnS 5 ,st . nct , Unlt ed Mines, and Oil sea o fl merchant ships. Three record prices for works Spectre.” * 

H T>«£S? lractors * ^ ^ Exploration. There was a strong possibility sold at auction were achieved 

M „ csa .Petroleum yesterday Part-block 3/9b, adjacent to the the Russians would welcome a The first r»7RS0 wu r£- _ j An auction record price for a 

Sf-fST 1 Kodqers, J> Transport ^Tbe^umont says early elec- A new company—Redwood Corex corffimed^hlt^tto s N .^ rt ^ b ^ s /? b - ad j a «nt to the the Russians would wtam?*! The £27.650.^” fo^^Twn typewritor' ?*}? * 

^ s ' A .r* K ° ^ trlfication would help use Services— based at Aberdeen will production unit* ^ nla11 F,eld > ,s t0 operated war at sea— especially If they Panels: Yellow, Black" by . paJl1 ,1t Cf,ristJe 8 

S tS * 5Ur. outlines the mu- Provide a _wideran P e of en^n- am and flEVSH ®TS &&**& «ES6V5K ^ Ellsworth Kelly. ThU was the for a 7, 

case *’ 
tion. " 


sculpture. “Dream House vii," made' £§J[ 

-lit 1 


■■ vV:a v7*.,''L'' /• * . 

M62 Motorway 

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Painting serene landscapes at his 
home in Sale, Paul Gillitt does not 
convey the impression of a man of 
action, a man to whom most of the 
drivers in the North West owe a 
debt of gratitude. For as alacsi 
BICC projects manager, he has 
been responsible for the majority 
of motorway lighting throughout 
the North West 

No job remains in his memory 
more vividly than the M62, where, 
high on the Pennines, at Milnrow, 
Paul and his team faced the most 
adverse weather conditions, 
particularly, near-zero visibili+v 
and gales so strong that men* 
working on the high lighting 
columns had to be strapped to 
their platforms. 

Little wonder Paul relaxes so 
completely when he can. Paul is 
one of 5-4,000 people working for 
BICC worldwide — people who 
make things work. 

Steven Pont is another. 

Immediately after joining BICC 
Steven became involved in the 
earliest stages of electrification of 
the London to Glasgow railway 
line — the first to** electriiW *6 
25kV AC and the longest length 
of overhead electrified line, in this 

Steven nest moved to India where 
he was involved in no less than 
two thirds of the electrification of 
the country s railway system 
cmied ou t by BICC. Before he 
left, his responsibility included all 
electrification contracts on the 

London to Glasgow Inter-City 
Express: Travefbe tween the two 
centres is possible in just five hours 
toanks to BICC’s overhead railwav 

Other BICC people help to ensure th 
safety of people like Paul Gillitt and 
his team by manufactu ring a range c 
road hazard war nin g lamps to alert 
oncoming traffic of the road work in 
progress. • 

I Since returning from India, 

Steven has controlled railway 
traction projects in a number of 
cowzry, weeding S. Africa, 
where he was instrumental in 
setting up the country’s first AC 

Steven still maintains his old ties 

with India through his pastime 

rowing. Ex-president of the 

Calcu tta rowing club, he Liverpool 's new 7,360 ft tunnel 

competed this year in the annual rader the Mersey relies on B ICC • 

rac ? between the Old “Me servicing the various complex 

Lalcuttans and Old Singaporeans, systems that ensure the smooth flow 

ot traffic. 

The building of motorways, 
bridges, interchanges and tunnels: 
electrification of mainlino inter- 
city rail routes; and improved 
lighting, communication and 
siguallmg facilities for both road 
and rad - BICC people do all 
these things. 

BICC help more people travel 
more often to more places more 
quickly — and a great deal more 
safely. . 

BICC mineral-insulated road heating 
03 “21 s prevent snow and ice causing 
frame hazards on the new £5! 2 
mill ion London Bridge. 

■p 10 BICC Group is diverse; one of 
the world s foremost cable 
manufacturers and designers; but 

also deeply involved in the 
jefining and fabrication of metals: 
heavily committed to research, 
and development in new 

communications technology; with 
a major stake in civil engineering 
and contracting through Balfour 
Beatty, a BICC company; 
possessed of hard-won skills in 
tunnel design and construction, 
and railway electrification; with 
specialist expertise in industrial 
plastics, ^ectrical accessories, 
capacitors, printing plates . . . 

One thing makes it all work. One 
thing makes BICC a stable, 
successful growing company that 
competes successfully in ’ sq many 
different markets. 

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

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

For a free copy, write to: 
Group Head Office 
21 Bloomsbury Street 
London WC1B 3QN 
Telephone: 01-637 1300 
Telex: 23463 & 28624 
Telegraphic address: 

Bicalbest London WC1 

Matins it worit 

Paul Gillitt 



Financial Times Thursday May 25 197S 

notice of redemption; 

9^4% Guaranteed Debentures Dae 1985 Issued under Indenture dated as of Jnly 1, 1970 •' 

NOTICE JS HEREBY GIVEN that pursuant to the provisions of the ahove-nienuoncd Indenture. 83,750.000 principal amount of tie above described 
TMiwitures have been selected for redemption on July 1, 1978, through operation of the Sinking Fund, at the principal amount thereof, together with ac- 
crued interest to said date, as follows: -T. \ 


-W. 5 1(150 "0R(J 30-3 4C38 5019 6010 0978 T9 21 80© 9972 109 SB 11902 12347 13846 14929 15911 10994 17966 18995 20017 21115 22151 23127 24038 

"7 107E *C4a 3P~{ 4069 5020 mil MSB T933 8P74 0973 10965 11305 12854 13862 14B38 15935 17020 17967 18596 20033 3X121 221 M 23138 21051 

-- fSlS J*S JgSg 5,55 «M 8 6998 7941 8376 0974 10974 ’ 11907 12860 13087 14941 15042- 17022 17993 19005 20028 2 iu» .C 2 iw ■nS™ » 4 .is* 

_±T „ .1 r.„ Oii’Ht AQQC iinai rnrnAmm inam 1 oaoO v^n<A 1 It AAK 4 WOT *1 •771*1 C 1 Dll 1 C OMJll 

THE State-owned National Bus unpro 6 ub!e^ services. o f £26Sm 

li 1085 "122 S Jo?0 SOM «M8 MM 79« 8376 0974 10974 11907 12860 13887 M941 i50«. 17022 17993 19005 30028 21139 51 59 »129 24058 A^ na „.7^ju , r r. ™ I ,, From mm metTODOli 3D COUMV reduction tlU5 year UnlCSS pUDHC 

17 1089 “l^T 3040 4071 5042 *i5S 6097 7951 MTS 9986 1U981 11911 128T7 13688 1494ft 15043. J7027 17996 19015 20040 21154 23188 23131 24068 COITipanj 01306 3 record >UrplU5 from non metTDpOJ “ ■ fin , n _* was increased t0 the 

in icS- " 13 ft 3*42 4087 0044 WHO 7000 7964 *3C7 9993 10987 11919 32887 13900 14983 l»g 17031 17997 19017 200S3 21100 22171 23135 24070 D f £9.6 m after interests and COUHClLS. ThlS was, however, finance was 11 

ij iJSS -,T 4 JrUA 4090 5055 60«8 7008 7979 89.19 9994 10989 1192* 12904 13912 14980 159.57 17047 18011 19023 20061 21161 22178 33138 24084 - - - ■ — • C-Utt. ronuested. 

32 1100 2146 2059 4094 5059 6070 7021 7988 *993 10002 10803 11925 12921 KW22 14993 lMTO 17051 18015 19M3 200© 21163 22179 23, . ' 

up £6m 
in April 

13ft 3042 4087 0044 8000 7000 7984 awo 1UWI liais IZBCi jww J4HBCJ IfUdl 1IW. iwu bww JWW «171 23135 240. u nl after lntereSTS 3110 COUriClLV 1IIIS nao, _ , 

134 3046 409P 5055 6068 7008 7979 89.19 9994 10989 1192* 12904 13912 14980 159.57 17047 18011 19023 20061 21161 22178 23138 24084 ,-JT “I ,- A film than re HU ire d I+Jni requested. 

33 1107 *}« £068 4iw »« M75 7§Z7 8010 8936 locos io999 11 I 2 I 12922 139 H i5oa5 iM87 17057 ilois liras 200 SW aim Mlm 23 I 3 ? 24M7 £ 5 .g m | Q 1975 . ^B ut j Q the 3 nnual and accounted for only 6.8 per The NBC Will continue to BY ERJC SHO 

3§ }\\\ SIS s2§2 4 ?ig iSS S& ?8£ SSS »m iowt i}oS imo l&» 1mm »oii ifooi 5ms! i«m i*«! mom ln« 13® report published yesterday UM cent of gross .revenue. An oppose the ‘"‘^"^houra and pctimvtfii fire 

SI llll §!» SB 2H ISS £E SB 2S S3 iS£ ltt\k *83 mm fiSS HSU ^ IS SR m 2UI 313 ^pubuTsSa ^‘SrtS ll^ofraphs hours and j ESTIMATEDfire 

68 1146 2176 3116 4150 5123 POM 7090 8044 900 10074 11054 11951 12375 13984 15044.10031 J7083 18071 19080 20119 21239 22214 23197 24134 

63 1149 -1113 3126 4163 31M 6101 "7091 • 804T "SOW 10104 ~ I1 0 3 S 1 1965 12982 13388 13046 16037 17089 18073 29082 20147 21241 22227 23198 24135 

?? ih2Z - ■ S.™ I.SS s!-n -mrt-1 Snci anita ini t a HIM) n m?n loqnit ijaii i(uisn lAddi I7im innoo vwm 911150 nw. 0x145 

are to be maintained. county councils if services are staffing levels fell by 4.1 per 

Sir Frederick Wood, chairman, to be maintained. cent during the year to 65.1 IS. 

said that although last year's The group, which has 31 com- Bv thf} en j of lhe year 74 peri yesterday. This w; 

results were the best in the panies running 18.000 buses ana Q{ . a jj hoses were one-man j higher than the figure 

company's nine-year life - they coaches, bad operating costs of oPcrate d. The company hopes last year, 

did not allow for the real cost £373.6ai. up 8.2 per cent from k i ntroi 

ESTIMATED fire damage cost* 
fa April jumped more than 
£6m to £19.7m. the British 
Insurance Assoriaiion reported 
yesterday. This was £4.1ra 
hlebt-r ihan the figure for April 

j ~(>7 3’ 67 4138 5162 -£133- 7119- 8089- 3102 10150 11X21- 12004 13027 14035 15070.10998 17120 18121 19108.20197 21288 222 S 8 23235 24174 u, “ u “ l - ^ llu * , tUB . , , ' 

\Z\\ =94b 3179 4203 5103 fll ->2 7128 8 >v*S 9110 10X67 11125 12005 13038 14043 150X8 16093 171 23 18128 19119 20200 21279 22269 28242 24175 Of replacing Capital, particularly 197b. 

117 !“7 “252 3185 4218 5109 6165 7130 KL99.9U2 10171 11126 12009 13034 14050 15091 16110 17130 18134 19120 20203 21283 22270.23246 24180 l buses. ^391 7m 

is ism 22^3 3202 42“5'5174 fli68 7139 11100 9115 10173 11127 12018 13036 14056 IS Ml 16111 17 189 J8|41 19140 Z02O4 31288 22274 23233 24188 fDUSfS. 7_, 

1^5* Fo8 3213 4225 5202 8179 7141 8107 ?123 10174 11128 12033 13039 14-568 15113 16113 17141 18143 19162 20203 21289 22276 28288 24169 

1-i 1230 2277 3210 4227 5203 6180 7148 8110 9725 IP1T7 ~11 139 12038 13059 14073 15119 16118 17148 18170 19171 20231 21290 22M8 23288 24191 

"79 JJ',8 2?ft? 3307 4.113 5308 6201 7259 8192 92-55 10262 11239 12135 13150 14139 1521B 16245 17223 18249 19262 20348 21403 22382 23379 24311 
"43 1342 23"S 3315 4321 5311 6266 7266 B2I1 ‘MW 10272-31240 22164 J31M 24152 25222 162*8 27230 18258 39269 20354 21411 22399 23387 24319 
2T7 1147 24 C>4 £.16 4324 5323 6270 7231 K12 9239 19289 11245 12170 23170 14160 15237 16266 17245 18258 19275 20359 21433 23415 23399 24320 

£uc 1-.52 2405 3548 4117 - 5329 0271 7285 3213- 9=41 10305 11251-12182 13172 14175 15238 16289 17247 18765 19286 20364 21443 23420 23402 24336 

5^7 13V? 24U9 33^5 4338 5331 6291 7287 8215 9261 10306 112S2 12197 13176 14180 15244 16272 17248 16268 19287 20372 21451 22434 23405 24340 

;•( [ir-a £425 5162 434 5 5334 6297 7303 8219 &2« 10313. .112S8 12203 13178 14181 15267 16276 17252 16270 19293 20387 21466 224S5 23400 24344 

23414 24364 
23410 24371 

did not allow for the real coil £373.631, up 8.3 per ceiu J0 i ntro d >Jce one-man operation 

of replacing capital, particularly 1976. Gross revenue was ((n alJ buJ s r ccnt 0 f services 

buses. 1391.7m, compared to £35b.4m wi{hin five voars . 

In addition, provisions needed in 1976. About 70 per cent oi v ti , 1 ^,,.-! r », e «rou «*’5 

to be made for increasing the working expenses represented M Vc h °n d e-cpre® bus operator, 

company*, “ relatively smell" wases. national insurance and S pa 0 £e" = “ r s 

temporary borrowing facility — pension contributions. y leldine £25ni or 6.5 per cent 

£12m last year-and preparing The group spent « J^NBC's revenue Travel 

for 1985 when the grant for new capital expenditure. I.5ol new services fell 3-4 per cent 

buses, totalling £17.9m last vear vehicles costing £ 3 t>. 3 m were ree fhe four areas hut 
ia finaUy phased out. . bought Md a grant of ^ line Ur waS 5.6 per 

In spite of these financial was received from the Goiern f “ , rh _ c, lu ,h East the 

limitations, the company said it ment. Coach and bus mamten- - • are now under review 

did not intend to increase fares ante cost £64m. more than 11 remcM aro now under review, 

again before the end of this vear. per cent up on 1976. . Group revenue from *cu 

Sir Frederick described 1977 Passenger journeys fell 3 per sioas, private h,r * * JLJ 
as “a successful and saUsfactor>- cent to l.Sbn miles compared to contract work amounted to 

year.” Revenue increased hy a decline of 9 per cent in 1976. BHrUh Trsmcnnrt 

5413 24351 19.3 per cent. NBC subsidiaries operated 6 iSm ^ Income from British Transport 

Total reveoue included revenue miles, a reduction of 2.t per Advertising Jointly JJ*"^* 1 ** 1 

uinnnrt ermlt tn nnv Fnr x«nt from 1976. British Rail. W3S a feCOrd £l.3m. 

Firr damage cos!** In the first 
four monihs of this year, at 
£!J«.4m. are 38 per cent above 
(hose for the correspoodins 




Total reveoue included revenue miles, a reduc 
pport grants, to pay for cent from 1976. 

St.5 «;.-4 Sc« MOT 4397 «0l 6343 7332 8260 92 10340 11300 12238 131P5 14221 15299 16310 17321 16318 1 9333 20148 21493 23468 23433 24392 

23418 24378 (support grants, 

23423 24382 I 


1415 2<7J 








54 U5 













1447 244R 





14 50 2405 



54 -!7 



1453 24:>4 





4? 9 

1 4 70 r.vo 





44 5- 

1471 s»:-3 





1472 1-507 






1475 1530 





4 >i 0 

1497 25.'2 



E4 1 :-! 


4r ■' 

1501 2533 






1507 2550 

?4 7 >1 





7513- 2S55 






1516. 2563 





4 P.5 

1518 2376 






1521 2576 

34 20 





1526 23(15 






1523 2507 






1550 2599 






1555 2663 





1342 8201 9326 10300 11352 12269 13249 14260 15841 16353 17358 1837B 13390 20472 21513 22502 23473 24423 

(348 8296 9327 K*365 11353 12275 13252 14271 15342 1R3B3 17358 18387 19391 20489 31514 22510 23477 24424 

C3M 0314 933b 1Q368 11356 12276 13257 14276 15343 16374 17361 18390 19403 20490 21519 22510 23481 24425 

736 7 *334 -03117 10377 11357 12281 33268 14279 35347 1 637B 17374 18391 39407 20492 21528 23539 23483 8442* 

173 8335 9345 10380 11363 12262 13271 14280 15340 16383 17376 18399 19408 20493 21543 22530 23489 24427 


Consumers consumers. “ We are not happy high level, consumers' represen- 
newly-formed with that role." Mr. Barnes told tatives were faced with enormous 
resenting the the select committee. responsibilities if they were to 

4mtv users— ™ .do their work properly. 

wants its powers to include aireci c i aime ^ i was whether the Elec- Consumers would also have to 
_ _ _ _ access to the Secretary *or «• *«< PnnininiPFQ l uijtc hr reoresentcri in the forth - 

5ST 7591 2617 3564 4503 C383 6530 7534 8457 -J4R0 10487 -11495- 12403 13394 14458 13468 16542 17489 16531 1M28 20827 21877 22883 23613 24564 FnereV on such sensitive «!«!? l-Onsiiracn5 WlUndl W3S uil . .. 

COO 1594.' =ma 8570 4572 5t*9 K22 TMfi 841-0 94R0 10403 114W- 12411 13418 14468 15«9 16544 17504^ 18543 19534 30640 21687 -22896 23630 24580 c * ner *»> 011 . - part Of the eleCtTICity industry COTHUlg decision On Whether 01 

6’3 1621 ZiAi>. -3i73 4611 5601 6536 7546 5lC3 W’J7 10494 11505 ,12417 13419 144 ii0 15505 16547 17310 18548-19539 20642 21690 22700 236*5 245?* IqueStlOnS as eleCiriCltJ- pdCts. n3rt 0 f (Kp consumer move- not to base t ’d flltUrC Of the 

e.»* 1880- C678. 3676 4.U7 ,56<Jo..m37 75SL 8472 9490 10508 if 508 *12421 13424 14471 15507 1®48 I75I1 18543 19540 2084? 21 038 2271? 22«8 24587 { & f r . Mjcfaael BarneS, Council “ [ Jj Wl 01 consumer muve- c „. nn , w indncirv 














01 S 


20 J3 












K ! l 










54 S3 


r / 

272 n 














3c> SI 



6»- 0 


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74 2 









21 80 






























electricity supply industry 

013 1C53;2CJ3 -2WJ 4*36 E82T 6M6 7559 6510.9528 10523 11522-- 12455 13455 14498 15513 16566 17527 18605 10577 20688 21712 22720 23075 24617 all.nartV Common- Select CO HI- TllO COURCll tOOk the View thai r ',* P I 

672 1CM 2706 3622 4W8 5836 6548 756S..S52S 9533 10528 11527 ..12CTL 13462 14497 15518 18581 17533 18809 19585 20670 21716 22748 =3884 24-J22 j.V, 1 >jT., in , n iu rt , J il W3S nnt SO much part 0? the rCaCl0r - 1 

KM 1605 2715-3627 4639 5S42 65*9 7568 8539-95^1 1052X. 1153r 12*33 13483. 14306 15523 16SW 17534 18615 19588 20679 21721 22750 22680 2*£iS DUttCe inquiring into the -Jlec- J? *T" iI P f: „, nfi - nc 

C:-3 lt!!>0 2717 3834 4C45 54S3 «55l 7571 B547 9i57 10329- 11539 -1247-t l-«65- 14507 15530 16591 17541 16617 19586 20684 21753 25756 230M 24632 hirlrv 6npplv indUStTV that W'lUSI rj that it had tO COPSUM He added M at relations hO- 

r ‘ ‘lTtC 2720 30KJ *A.a p533 7574 8551 95-K 10530 -U943-.1M63 134*2 14510 15531 1C5E5 1 7557 iwi43 19598 206«6 21734 22768 23691 3*G50 ‘ L‘ „ j;* , . inr v-ifb it lirfnre COnSUltine Govern- tWPOn MlP inHll-;lrv IhC «1»*VCrn- 

8M.1720 2727 iS57 4652 5J.*4 f560 7564 8554 10533 U545' 12489 124S9 14516 15548 16503 IT571 18K47 19608 20*i92 21738 22779 23630 241-70 Consumers needed a d’rect .me ' ,r ” u ” "ITJ 0 "SUlHllg UU*ern KWCPD ine innii ir.. mi. ' virn 

f-57-1721 2741 3681 4050 5670 0571 755S 3£53 2J3M 10S36 11549 12491 133:5 14S34 15549 10015 17273 18859 19621 20694 21730 22772 23704 2^*74 to the S"rrplarv ilf State ” m-?nt ministers. m?nt and COIl^UlTli'rS milSI PC 

1975 1976 1977 78 

period laxt year. This year's 
fire damage costs have been 
influenced hy the firemen's 
strike, which lasted until 
January 16. 

TV figure for la«t month 
was greatly Influenced by 
daman at two big tires, one at 
a factory in the V.'esl of Eng- 
land where damage Is esti- 
mated to be £3 and another at 
a school in London with, 
damage put at fl.lm. There 
were 10 other fires where 
estimated damage was more 
than rinO-ftfifl In each case. 

There were 24 large fire* *n 
public plarcs such as rlnrnies. 
schools, shoos, social clubs and 
l heal res In April. 

ITOB illif 20709 21780 Ifni Wrift The council is objecting to the The Electricity Consumers conducted In the form of "open 

9^2 \S HIS 12531 13541 jtsso itw 16093 17334 Hew lira? 207M 2 I 7 M tram oral 247W affairs envisaged for it by the major battle with -the industry The Electricity Consumers SSlSTC ODtJODS 
9103 locoi 11574 12538 135S3 14554 15578 16697 17355 18871 19642 20741 21800 22609 23738 247U leaders of the industry over the present levels of elec- Council is pressing the Select w 

b!> lueoa iiara iaeo i355« i«« isms iwoS-imw if«i ism? 2 ot» liw 3 alexa iH U 732 Sir Francis Tornb^. chairman tricity prices, and the cost to committee, in 1 memorandum, to • l? Iimn y> 

9630 10613 11588 12561 13582 14563 15593 16707 17628 16682 19846 M756 21824 22 Z 2 S 23768 24735 of the Electricity Council, -aid consumers of the industry keep- recommend that powers be in- in r.limpe 

9627 10*27 11589 12583 i3o68 145,6 15602 lb, 12 i7(}«- 18S30 19650 20763 21830 22832 23772 2*740 recenl i v he honed the co u noil ing a uear-30 per cent margin eluded in any future Electricity 

would in^ilve itseif in "steady, of spare cenera ring capacity. Bill for lh* consumers body to «« CfinU 

unspectacular and detailed Mr. Barnes said that with go to the Energy Minister over «U 3AFI/U 

work" to help electricity electricity prices at their currenl important \t sues. n„ r.-.h 

f4)2 1350- 2314 y*'.S 47H8 5701 8704 7720 666*- 972 9 l 

u» lasi-'xssa. aaxo 4790 :sts 3 «7ct- 7733 ^act-stho 
826 13tSi. 2326 3627 4796 '5704 75735 773< 86W. ^742 

£27 16 ft? X1M3 r' «4I 4820 -5705 8735 7733 8T13 97*4 1 

f-',7 , ?£5 r'i?-' r ’ c;9 48=1 578T 8742 7740 8722 2753 1 

SJ4 1692 2342 3S6i1 4626 50UL 6754 7757 B728 9755 

3.73 ]?<3 2545 4631 SKI 7 6733 77«J. 8745. 87S7- 

3- j X6S2- 2655 -.*4152 4 WO" 5320' £787- "7761 U7-4B' 3758; 

£'ri 32i£ SSS ** 77 ada.fca rrsv u?so ^7^ 

^4 l?ra 2!W 2 ME 0 41:51 S432 6785- 7778 8751 9782 107*2 .11752 15681 18717 14743 15730 

S-5 1913 =531 .3391 4354 5833 6T9» 7780 8753 9900 - 10749 1 1753 ’ t BSW/ 1W[« 14745 15739 

” = SSSi 2S92 3192 4656 5338 CE06 7793 87SI ' 97H0 10704 11754 12700 1 3723 14754 157R3 

10c:* S'-W.-i aw 4I»7 53-:6 Kj;s 7794 8767 9784 10737 11758 12717' 1-1724 14764 15755 

liei*" 12612 ■ 13644-> 14679 15667 167S9 17721 18780 10740 20840 21868 22891 

1362* 13683-- 140Pa 15Tfl8 16793 17728 18705 19748 28341 21374 228B7 

12033'; WBKf 14082 15874 1C802 177BS 18780 10753 28858 21888 22900 

11701 12*44. 13871 14701 15889 16805 17753 1CT72 19780 20886 21888 32914 

00 '11704 13047 12686 14707 15895 18807 17754. 18784 19785 20890 21903 22518 S3 

1.13686 24716 15722 16609 17787 23790 19 775 S0397 21306 22022 23 



1. 13*88 24718 15722 16609 1 7787 13790 19775 20397 21306 22022 23384 . 24.110 

, . ar-jawa 14723 15723 iotio 17774 10738 1 - 1794 . 209 : 9. 21915 22027 23971 &xn 

J36B0 13Sil 14730 15727 1 68 U -17704 .18798 19794 20927 21917 22 <(47 K371 24341 

10712 .51732 12681 18717 14743 15730 19814 176C1 188(M 19797 20933 21918 22W-8 23375 24843 

10749- 11753 'Ijew-.-lWrW 14745 15739 1C816 17805 18812- 1980T- 2C940 21923 229 Vi 23876-24349 

107-71 11754 13700 1 3723 14754 157R3 18821 17ST5 TS823 19819 20931 

BOC to set up 
frozen food -- 
delivery chain 

£90m wasted by poor 

16*28 1 7819 18679 I98Z8 .20974 21924 22965 2S984 2*036 

}IS US! Financial Times Reporter 


By Margaret Reid 

THE LAST hurdles tn British 
Stork Exchange firm? wishing to 
join the Amsterdani-hased Euro- 
pean Options Exchange are likely 
to he removed soon when the 
Stork Exchange cdnnril an- 
nounces its requirements on such ‘ 

These arc expected to deal 
chiefly with accounting techni- 



2 ora 



21 * 1 ? 









■J ..0 










07 [ 

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6868 7851 8832 9840 1PU8 

1 WV onji IO*AJ eau» JOOO ivo-e ilieo 1I9IV UN™ 4 4iV*n 4. WJIW MIJ1J WWI ■ I kllllivv* 04* 

J9.(2 4908 5306 OT'C 7857 5843 9863 10034 11707 12785 1 3788 14808 15810 16M3 17892 18890 19908 21025 21996 23012 23957 24018 lp-i-lv IPSO-! 

3940 41*22 5910 6683 7060 8849 9887 10847 11801 12759 13792 14814 15812 18911 17893 18896 12313 2102ft 22009 23024 23S39 24919 ^ ° 

956 3951 4934 5913 6871 7868 6850 9878 10864 11802 12774 13798 14915 15613 16916 17899 18309 10B18 21044 22022 23033 239-J4 24922 I tu- -K-; 

E-i SYJ rJfl m ''-° "WSS 5924 6874 7B71 8852 9877 10808 11805 12778 13790 14819 15820 16025 17902 18900 19932 21046 22023 23036 23S73 24923 

=VJ° 3Pt'l 4M6 5028 CSMi 7B76 B889 0880 10373 11812 12795 13800 14822 15831 16930 17904 18910 19943 21050 22028 23044 23978 24928 

;!• =0 4 =»90 30«6 4953 5935 C895 7879 8894 9883 ll^M 11*16 12797 23802 14*34 1583" 

=0 iS ">57 5961 6904 78*0 8897 9*97 UHU9 11832 12801 13805 14859 15352 16938 17908 10932 19965 21080 

£ J? 252 S55l 4.15ft 5969 8909 7881 8899 9B98 .. _ - . , 

It reports that ' poorly- The report blamed the decline Exchange control and other 
controlled boilers were wasting on the ending, in 1969, of the Pf?., j '5 w , h mi ? , “ 3V ® ,n ’ 
3.5ra tons of fuel a year, equiva- Government’s subsidy to the . br ™ s fr . om , have 

lent to about 5 Der cent of the National Industrial : Tr,.oi been ironed out already. 

3<»U« 4i'2-* 4-iOB M'liT 7905 89.'.2 9952 1»*»36 11893 12*30 12821 14916 15?-:*4 l«y75 17944 18382 10903 21090 32116 C21D6 24021 24991 C3 : h-2Ud-Carry Stores WTth a 

“*2$ -'‘Jr- 1 4O:-0 30HO 61818 8946 7P10 H95S 9950 10S47 11803 1283* 1W33 14072 IWOfl 16079 17953 13973 19995 21092 22120 23115 24026 24992 fa.Stej. more bvcdeDIC SPrVIce 

' l< “ -raj 4035 5003 «WK* C,UW 7918 8961 9960 10031 11900 12843 13634 UL'27 15-:-03 lfifi£-2 17963 13SWI 20016 21107 22132 33116 24032 25001 ‘ ° r ] 

. J«'y I- 1 till D'-l*rnliir..-« ileiign.itcd above will l-'-cnmc due and payable in Fiirh coin or currency, of the United States of America as at thft -cTnnn r, Pv ra tir>n. a 

rf pay i:u-!it I-*- Icpal leiuk-r for ihe payment of public an-l private dehtf. Said P-*!n-ntur« will -lie paid, upon presen la lion and surrender thereof '“0.000 cubic foot cold store in I 

-11 con pi'ii- appertaining llu-rcln niuluriu^ after llw redemption date, at the option o[ the holder either < the corporate icust.officeof Morgan Lynn. IViorfrilK, costing ( 

Guaranty Tru-t 0*niiiai»y of \i'w York. 15 Broad Street, New York, New York 1 0013. or ( b l r.t the main offices of. Morgan Guaranty Tni^t.Com- 1 " , ® aj - w ' as 0 P^. ne .d fhis week by 
l »'f N*.w ^ -*rk in Uni-M-l-. Frankfurt am Main, London. Paris or Zurich, or Ranca Y’ou i« iiler- & C. S.p.-L in Milan or in Rome, or Bank Men & Hope ® r - •*°” n Williams, a BOC 

N\ in Aci-ierdaiu or H m-pic- liiH-rnatii-nule a Luxi-nilniurg S.A. in Luxcnihniir-. floiipon* due July 1. 1978 should be.detached and collected in the usual managing director, 
manner. Payments at the ofliccs referred to in tb) above will be made by check drawn on adollar Account, or by a traitofer lo a dollar account maintained - Mr. Ray Stark, managing direc- 
I-y the payee, with a New York City bank. '. 

On and after J uly 1, 1978, Interest shall cease to accrue on the Debentures herein designated for redemption. 

set up w,ui rtn^na rroren roou5, total energy consumption outside Efficiency Service. The European Ontions Ex- 

ip" •’-SB* mb™ Che i w • . P ^ eSaI ll,. C0 ^’ the domestic sector. A secondary cause was that no change was launched in April, 

si Sags 249M Jn ” Fn^SM/idia. bulk storage Although Britain has around single industrial training. Board about three weeks before the 
24005 il!?! ?PfI at ®5!'i__ t0 ,, ^I ee , Z n h boi,er °P eralor s. only bad been responsible for training British Stock Exchange began 

be 24oi7 24987 l2 - 683 bad the City and operators at tbeir workplace. 1 trading in share options, 

ru ••jini *■ AOQi ca m-ana-carrv store?; wild a r 


Mr. Ray Stark, managing direc- 
tor of BOC distribution, said: 

The retailer can get large drops 
of products from several manu- 

Interpretation of Companies 
Act ‘crucial to SUITs case 9 

Rated: May 23, 1978 


The following Pcfvjntnres previously called Tor redemption have not as yet been presented for payment: 

11-49 676 11-7 l?"l> 2228 4733 0421 8145 12870 32947 13141 13414 13781 14724 17799 18420 20306 3134 

of products from several manu- RAY peRMan. SCOTTISH CORRESPONDENT 

s.-Tsa.-r zjsssi ^ s?s , .. A 5 

ESLS.-'* - — 5 SM'Sb'MRfiffa SSWEf - 10 hMr - ~ 

32947 13141 13414 1378 L 14724 17799 18420 20306 21340 21386 214177 21419 21441 21480 21468 23388 nrir . . . . , J .itJieiruaj fair View of the affairs Of the The COurt W 3 S told that the 

12964 13382 13415 13786 15332 17807 18421 20 S 96 2 t 3 « 21387 21408 2 i 42 o 21446 21462 2 i 5 oa 23432 BOC Is already involved in ” r - R * nal o Sutherland. QC, company Id the 1975 reDort and loan’s misclasslfipifinn wa« nnt 

13033 13408 13619 143 S 8 15579 17810 18424 31260 21381 21391 21489 21424 21447 21403 22937 23459 food distribution * 7 . Said that the Coitlnanipc' i rn n,., : repuri auu *uau s niisciassincauon was noi 

03107 13411 13623 14359 J 631 S 37840 3 S 914 21261 21382 21335 33413 21428 21450 31483 23010 24523 k " ^4 ^ TOUgh US i_ irf P* 1 **®* Ac t aCCOUDtS. DOtlCCd by the directors wfaPIJ 

13139 13413 13627 14360 mss 17938 18938 31335 31385 21397 21415 21433 21453 2i467 23302 Transhield subsidiary, which ,aia aown no such duty. Directors The court has been told that a they saw the final accounts and 

distributes chilled food for u' e £® ref iuired merely to cause a £4.2m. loan to Amalgamateo did not come to light until some 

Marks and Spencer. “ftt^ce-sheet to be drawn up, Caledonian Assets was wrongly months later when the auditors. 

. Interim statement Page 24 m and presented classified in the notes to the Touche Ross and Company, 

11 ■ ta a ggpgra* meeting of »bare accounts as “ cash at bankers' carried out a random check on 

and. on band." their files. 

Sir Hugh has admitted that he Mr. Sutherland said: “If we 
. made 61 transactions In SUITs have something which can he 

shares without informing the missed in (he accounts bv the 
company within the required two- whole accounting staff and the 

_ w t? k period.. whole audit team, it can hardly 

The case ended yesterday, but be said to be abundantly obvious 
was adjourned to enable Sheriff to the layman, unless he carried 
J. Irvine Smith to study the out a del ailed check nf PV e.rv 
notes. A verdict is expected in figure and chocked everv fi" U re 
five or six weeks. against the schedule from which 

Mr. Sutherland, in his closing it was taken *’ 

B io Belgium Bank of England man 

^ k ^ !* drivers toenioyduring the fast crossing of under H0l 10 Olot 



to Belgium 

fieeto^g ™ dtajre* 0 en i°y ^ unn 9 ‘he fast crossing of under 

- -r No ^ e ?I? offer you a c ^ 0lCG of al leastten daily" 
.sailings from Folkestone or Dover to Ostende where 
theSegJink terminal is directly linked to the whole 
European Motorway network. 

The ‘Prins Albert’, like 
- every ship in the Ostende 

||| p 

fleet, is specially 
I capacity ro-ro 
^ 4 traffic and 
offers superb 
Wg on-board facili- 
as ties for your 

The increased service frequency will provide 
even greater flexibility in route planning and speedier 
transits for your goods. 

Booking is simple for roll on-roll off reservation 
to the Continent or to the Republic of Ireland, 
you simply ask for ‘FREEPHONE 2034’ when our 
computerised booking control will be at your 

You will also find our rates are very keen and 
documentation is minimal. 

When you sail Sealink you sail with Europe’s 
No. 1 operator. You’ll find it pays to sail 
with the besi 

■ _ ^ 

~ ^ SWPPln9 Dhrt5i ° n ’ &e(M ^ ^Shott aeet London NV^BG. tSSSISSS 

ency will provide rnancjal times reporter 

inning and speedier tije JURY trying six defendants him that some people were claim- 

roll off reservation S£, ta oS iETiSUS S»JS? h3d him in Ih ™ 

cof Ireland, J'. crt? asked to disregard sugges- Mr. Wales, 42, nf fh isle hurst 

2034- when our SI!,*? 3 ] W u ? ,arli " a and ® v e Other defendant J dew 

II be at your rSISfid ?« - (,ir I claT ' 5? r ifP irin » 10 "htnin money 

invoh d in the affair because he dishonestly from authorised 

a very keen and callcri^^^ have dealers in investment currency- 

-vary Keen ana ^, ur man >n the Bank ru between August 1975 and Anri! 

England by some of the 1976. 

ill with Europe’s P SJL ers 'c v. „ . ai£ - fTarman «td that accounts 

3 sail , ^ r - R nI »rt Harman QC. by various witnesses of the 

defence counsel, told the jury in alleged dollar premium trim had 

his final speech for Mr Wales: got “out of contro " and ra 5d2 

Boastful people use this kind n 0 sense at all as fir as Mr 
of language to give the impres- Wales was concerned 
th! n ° f influential contacts when “It would he dangerous to 
theynever really exist. convict him nn the evidence of 

_ ^ P 11 ? r C m of ***** hatter is anorher alleeed mninKtor ' 

part of the armoury of fruads- whom he met it th. 
men. If you were able to listen Hotel For tiff « taiJEhSS 
to some nf the more fantastic yarn of an open meet/nn b jT a J 
con versa crons among crlmio.if.s in puhlic place '' a?, 1 ?? ' 

prison. you would know what I added. " lUri Harman 

‘Mr. Wales is not rhe kind nf nmf^ jndiv^and ftri j n,,rn ed 
01-387 1234 Ext 455Z ,na " » be In anybody's pocket next month ’ a Sj ,?L , H« nd oar T ' 
and you miut -noi hold it againsi - 





report on distribution of income and wealth 

Diamond Commission explains how 
old people fall into the poverty trap 

REPORT pub- bution and to examine the eco- 
b> -,. th ®.®°¥ aI Commission noxnic, social and. oilier factors 

j Wo-uvPv U K , r ' 0f * ncome which give rise to low incomes, 
and Wealth highlights the large The report, in the main, covers 
■numbers of old people who fall the period from the early 1960s 
mlo the lower income groups in to lh e mid-1970s. The terms of 
Britain and underlines a number reference point to some 7m 


• - — — ‘ iw ovule fill 

of important issues associated families out of a total of 28m in 


With lower incomes. the UK. It finds that when in- December A 

» «*« Particular attention comes after tax and benefits are each year 
to the issue of the so-called adjusted to take account of need Nesatr 

Poverty Trap, pointing out that according to the differing size 

ISShillSf* 8 ? Wsult °f a ?j* of Emilies, the Families with children (head 

establishment of support levels elderly consitute ever 40 per cent in full-time employment) 

Deiow which incomes are not o' all lower income families. 

allowed to fall. Some 60 per cent of individuals 5 

*' People out of work who take with lower incomes were in ‘ ( 40 J 

up part-time work or full-time families with children, and the 1973 

work with low earnings may find number of children exceeds tbe 1974 ( 20] 

that their family incomes are number of elderly persons with 1975 50 

little, if at all. increased as lower incomes. The unemployed 

benefits are progressively with- and the disabled are also groups , L .u 

drawn,” it says. with a high probability of experi- yWmut ehEdre" 

The report notes the role encing lower incomes- % ii*ad in fulMime employment) 

Amount of a £1 increase 
.in earnings retained 

different classes of beneficiary. 

IT AIN The report add* that the 

effects of disadvantages in life 
can be cumulative; there are 
links between tbe incidence of 

low skills, low earnings, gicknes. 

Working disablement and spells of un- 
families in employment, but there is con- 
the total sidgrable movement by indivi- 
population duals and groups into aiid out of 
the lower incomes category This 

contrasts wiih the marked 

stability of lower incomes as a 
whole in relation to other 
oofli incomes. The interactions of 
yj* earnings, benefits and taxes may 
o,490 toU have contributed to this 
M70 stability. 

* Royal t Commission on the 
6.510 Distribution of Income and 

Wealth; Report .\o. 6: Lower 

Incomes; 403 pages ; SO Cmd. 
7175. _ 

played by collective bargaining . Looking at the sources of 
in helping to raise relative earn- incomes, the report finds that 
in~s, and suggests that lack of shout 60 per cent of lower 
collective bargaining arrange- income families have no earnings 
ments was in general “ an im- aT1 d are almost wholly dependent 
portant factor explaining the low on state benefits. Of those who 
earnings of certain groups of have earnings the majority are 
workers.” low earners. 

Not claimed 

Looking at the sources of 1772 na na na na THE COMMISSION also pub- 

incomes, the report finds that 1773 na na na na Bstaed a background paper on 

about 60 per cent of lower 1974 — [10] 120 10,230 the caus ® s oE poverty, which 

income families have no earnings 1975 on 10 990 reports the results of a study 

and are almost wholly dependent /e . . . . . . ^ commissioned from the Centre 

on state benefits. Of those who (ngurw in b rackets are subject to considerable sampling error) for Labour Economics at the 
have earnings tbe majority are ■» London School of Economics. The 

low earners. The report concludes by ex- What generally determines POT? c ?Pi| in * a new analysis 

The real value of lower in- amining the economic and social whether a family is in Lhe lowest of .? General Household 

comes of families after direct tax factors affecting low incomes quarter of income recipients is Survey, with particular emphasis 

and benefits grew like other and finds that economic growth whether it belongs to erne of tbe on Eamlll e s on lower incomes, 

incomes from the beginning of has been a major factor in the vulnerable groups and whether Royal Commission on the 

Advances Received 

Loans in course of Disbursement 

Accounts with Credit Institutions 

people fail to draw benefits to 40 per cent in line with the with 

Resumption of decisions 

taken R. Layard. D. Piachaud and M. 

which they are entitled. In 1975 growth of gross national product, economic growth would permit a account of questions of incentive Stewart in collaboration with 

some 9210,000 families who were resumption of growth in lower and equity between those in and N. Barr, A. Comford and B. 

eligible for supplementary g~\ v incomes. out of work and as between Hayes; 190 pages; SO. 

benefit failed to claim it The t I — — 







average amount of weekly bene- 
fit unclaimed was about £5 for Comparing lower incomes with 
the families affected, and take-up other incomes, (he report says 
■was about 75 per cent on average that the average income of the 
for supplementary benefit and lowest quarter was about half tbe 
for family income supplement national average, and this 
The report reviews the recent remained virtually constant since 
controversy about tbe complex l ^ ie 1960s. Comparing various 
interplay of heredity, family family groups, there was no 
background, early environment change except that the elderly 
and education which 44 raise basic had ' m P rove d their relative posi- 
issues of human behaviour going (ion slightly, 
far wider than incomes.’* The report goes on to examine 

It concludes with the observa- labour market factors, identify- 
tion: “it has long been accented ***8 the rise “» tae number of 
that the community has an obli- economically inactive students 
gation to ensure that an' adequate ? nd of elderJ y - people; the 
safety net exists to protect 1 " creaSed number of unem- 
people from ihe main accidents plo * ed: lhe increase in part-time 
of life; it follows that thl WoTkin ° b - v women: and the rela- 

Don’t complain ab 

Srcaier the part played bv Uv ® increase * n women's earnings 
genetic endowment nr inhiaritoft the main recent changes. 

penetic endowment or inherited as ,, e n,J J ,n ret i ent “tf*- 
.social and economic dissdvant Manua J workers predominate 
acos ih B .v. Qi f aa '3nt- among the low earnine. and full- 

apes. the greater is the justifies , among , the low MrniJ W» and fu!l ' 
lion for rafiinlalntne thi uSil time iow earners - are coo- 
nei so as 10 provide ahn aSSS centrated inparticulai sectors of 

nei so as (0 provide akn anain^t paruKuiar sectors 01 

the accident of binb ■ the « on0my ~ ««riculture. 

In a special addendum fh— iniscellaneousservices.fhedistri- 
moinhers of the commSn {fr trade clothing and fool- 

Uenrge bouffhty Mr S n t waar - T hough a ra P«l r«e has 
and Prnfewor Doroih? Wedde? ?«? place in women Irearnings, 
burn. While accentteL . full-time womens earnings are 

tin? report, take 2 ? S u U 0n , average 60 P^cent of 

c ,. nnnBP 13 e a rather those of men. Nearly Swicreeni 

i ‘• sups’ rnvp rrrf °Th SOn,e of the of f nil-lime women employee^ are 
er 2* They stress fhe still low paid. V • 

JZ3SS the Examining the impact^ social 

in* ,122 , h l low ^comes security benefits, tbe report finds 
l a 3 f.V V of soods. that while since the last war 
amen, t ,eB many they have not at ali times kept 
3r T . regarded by pace with the growth of average 
* \ s ? clet i as ao, °og the earnings ^of manual workers, 

cmicmnltut benefits o£ citizen- over the; whole period thev 

* h, P- largely h^ve. 

After . looking at the poverty 

Prif'P rlpfnmnnf tTap * 8,14 lhe f ailure to claim 
* fsi-C UClIlUIclli benefits the rpport shows that 
Thn _ .. in 1975 the total number of 

ahLnce Of lhe famU - v u n ’ts ^ Britain below 

■■ nrt« n p 00 the support levels indicated by 

fh ^ e in _l he s |^ es - supplementary henefit scales was 

tlnn that lower income house- 7.^ before benefits (average 

S ..HI? y J ,B t y n pnces w . h ‘? f e weekly poverty gap per family 
as much as 10 per cent higher and after taking 

than other households, thus Account of benefits (average 
further reducing their incomes./ weekly ^rty gap per family 
It underlines that two groups Qf individuals below those 
emerge as being especially at sup p 0 rt levels after taking 
l ?j 1c r ras 0 f?. r . incomfs. account of benefits. 40 per cent 
the elderly and children, 6>rt OTre pensioners and 40 per cent 
draws atlcndon to the problems belonged to families with chJ]d- 
u-jsiuiatod with reliance, on r eo _ 

,, v’--n«!-te<!tPd benefits. j Turning to the characteristics 

"A sludy of living standards,” 0 f low recipients, tbe commis- 
the addendum says, “would call gioc shows that the incomes of 
in serious question the adequacy y,e elderly often depend on the 
of such benefits and would opportunities they had for ac- 
revpal, for those on tbe very qui ring rights under occupational 
lowest incomes, the consequences pension schemes, which continue 
(through non-take-up) of exces- to be more prevalent in non- 
sive reliance upon means tests, manual than in manual jobs, and 
The addendum stresses tbe in skilled than unskilled 
role of working women and the occupations. Among the elderly 
need 10 monitor availability or on low incomes .women are in 
employment for working majority, 
mothers, and also emphasises the 
role of collective bargaining in 

Shows the cost of yoipr call- whil# you’re 

Slickers. posleTS. newsletters, nolle eboanls - 
there's one message plaslered around mosl of 
Britain's offices: pleBse help to keep our phone 
bills down. 

Resulls? Usually, nil. Phone bills slay 
unchanged - or drift gradually up. 

lt‘s not uncuoperoUve slnl f - if s simply lhat 
what you cun’l see. you um’l conlrul. And 
nobody cun see a phone bill mounfing up. 

You cun w ork it ouL of course - or can you? 
When 3.2-jp buys you 2.4 seccinds I a Iking lo 
New York, can you work out how much 3 ! /s 
minutes costs? While you're talking.' And 
making nules? 

rote of collective bargaining in 

rjp.-dng security of employment I /I.Sdlllrll 

and be nr fits as well as improving 

rcl.itivv wages. It concludes ttiat Discussing the unemployed, 

ahhough the position of those on the report says that male un- 
lower incomes has been employment in 1977 was 5 times 
markedly stable in the period the level of 1966 and twice that 
1P6S-76. this docs not mean that of 1974 Female unemployment 
surh s lability is inevitable. has also grown rapidly over the 

** The level and distribution of period. Unemployment con- 
Jov. cr incomes are largely deter- tinues to be highest among the 
mined by interaction between oldest workers, but there has and economic arrange- been a relative increase among 
men is. including market forces, other age groups and particn- 
wbich are capable of modification larly among young people 
i:i the course of economic and in the last few years, 
social development, if society so The incidence of lower 

decides.” This would entail 41 a incomes among the permanently 
broad consensus about the disabled is high, and where the 
desired shape of the total income head of the household is perma-, 
tlisin but ion.’* and ** the resurap- nently disabled the major source 
non of economic growth and a k State benefits. ' t 

ri'diicnnn in the level of unem- One-parent families heauw* oy 

piovnient would make such a women have a high risk or lower 
consensus easier to attain.” incomes, but not those headed 

j e T hp sixth oub- by men. Larger families tend 
.. J', P h o Rnva! Commission, to be worse off than others, and 
U oners the reference on lower between! families oF the same sae 

made in June 19™. >»= important JUTema. 

which asked ihe commission To depend on tbe level of the 
examine incomes from all fathers earnings I 
sources at the lower levels— "say. the mother is w paid CTPgr- 

Now Monad shows von the cost 
of your call- as it accumulates 

The new Monilel telephone charge dock does 
all your working oul for you - and shows you 
tbe answer es you go along. 

The unit is designed fusil under your phone, 
Hs styling matches lhe phone, and it's made in 
all the standard telephone colours. 

■ , . k' c * 3 ^- 


^ : 


UK and overseas? 

Yes. There are I wo models. 

The first is for the UK only, with L, a and b 
charge band keys. 

The second, Monilel. comes 
with Iw o punched cards, and oilers you a 
choice. One card covers L. a. b, J. 2 and -J 
fUK, Western Europe. Ihe USA and Canada). 
The oilier covers bands 1.2, 3. 4. 5 A. all - lhe 
internal iunal t harge bands, excluding lhe UK. 
Both cards are supplied: changing them is a 
matter of seixmds. 

Whai Monitel does for you 

Qujle simply, it gives you n chance lo cul your 
phone bills. As money licks away, callers iejrn. 
to keep calls short. It’s Ihe unly way yoursloff 
can do anything lo control telephone cosls. 

LU ■ V. ' _ 

When you make acalL. 

How much does Monitel cost? 

1 % 

r» Zi 'n 
. L.L. D u 

ft A- . . ' 1', 

- v ; • •. *.* a.- 



i /w ecs las rrr 
* E3B ms OS! Bf— , 

Suggesfed consumer prices are under C30 for 
the UK version, and under L40 for Internationa! 
NIonilel. Bui uf course, commercial and volume 
discounts are available. Monilel can also be 
leased. Typical leasing costs are around ;lp a 
day- this cosl uf a angle unil ol leleplione lime! 

Rnd out raoie about Monitel 

For full dfl.iils of Monitel. clip the coupun 
below. \\ e'll send you comprehensive colour 
literature - covering all aspects or Monilel for 
office use by return. 

Pus I the coupon today. 

I Touch tbe rol era nt charge band key. 

Monilel as a desk clock - a large, handsome jjreen 
display - taking up little more desk space than lhe 
telephone Which rests on iL 

4 Touch 'slop' when you've finished lo return lo 
the (dock display. 

SEm be lowest 25 per cent of n«L MW fimllki are 
income recipients ' -to analyse out of I 

Sf'nresVnt^Son and Vast category by virtue of a wife’s 
ireni in their levels and dlstri- working. 


Percentage of Approximate 

Type of family 



lower income 

all lower 

number of 
lower income 

2- parent families with 
j children or more 
1 or Z children 
Other types-mamed 
couples without children 
and single adults under 
pensionable ag* 

II plugs inla any electrical socket. When not 
in use, if s a handsome, accurate, electronic 
digital clock. 

It’s programmed lo know ihe limp of day: 
and the day ur Ihe week. H’s also programmed 
to understand Post Office charge bands. 

You'll find lliese charge bands in your 
Telephone Dialling Codes Book. In mainland 
Britain. there are three bauds: L, a. b. Each of 
them represents h different call charge rale. 

Overseas there are six diffcrenl bands: i, 2. 
3.4, 5A. 5B. Again, each band represenis a 
different call charge rule. 

So when yon make a call, this is what you do. 

Before you dial, you touch the relevant 
charge band key. Iminediateh. Ihe charge band 
teller or number appears on the display, and 
lhe time cluck display disappears {although 
the clock keeps going internally]. 

You then dial, and as soon as you’re 
connected, you touch the 'start' key. From that 
moment, lhe Monitel shows vou the cosl of 
your call as it accumulates. 

When your call ends, you-louch the "slop’ 
key. and the digital dock display reappears - 
but the Monitel charge clock stores lhe cost 
untflyou make your ne.x 1 call. A louch of a key 
" e charge to the display. 

Monitel Ltd, 
Berechurch Road, 

C02 7QH. 

Tel: 0206 48227 

Tftteiit Duplication numb ora: 

Regia lered design application 
number: 982! 71. 

Conforms lo BS415. 

Q When your number Answers, loach the 
start key. 

C Touch ‘start’ again to recall the cosl at any time 
before your next cafi. 

Available from: Oyez, Ryman, 
Universal Stationers and all good 
office equipment dealers. 

j'-*; * 

How Morale! works 

The Monitel charge clock functions completely 
automatically. It adjusts itself lo peak, standard 
and cheap rate periods, and the charge it 
displays includes VAf. 

Thu charge clock gels its instructions Irom a 
punched card (supplied! which you insert 
when you sel up Ihp clock. Inserting the card is 
a simple. once-for-uJJ operation. 

So what happens when rates change? Simple. 
Me aulomuticaUy supply a new card for a 
nominal lee. 

r To Morulel Lid. f 

| Berechurch Road, Colchester, C02 7QH. I 

□ Please send me lull delails of Monilel. 

□ Pleuso telephone me lo arrange a no- 
oblig.iliun Monitel demons! rafion. 

(Tick whichever is applicable) 



J Cbmpany- 
I Address— 

3 Watch the money lick away. 

f Trfpnhnnft 


Financial Times Thursday May 23 1978 

.... i . 



Real Grace 

• . * • * 


•.... t- • ..*• 

•vt w*- 'msssk 

IV. G. Grace by Bernard Darwin. 
. Duckworth, £5.95. 128 pages 

Bernard Darwin wrote with 
knowledge. literary skill, 
immense good-nature about 
various aspects of games, most of 
all golf, where he was the most 
celebrated of correspondents.. His 
Judgment, human and technical., as John Arlott says in a 
typically pleasant introduction 
to this new edition of Darwin’s 
short lffe or W. Cl. Grace, almost 
invariably kind. For Darwin, the 
best tended to be for the he«r 
in the best of all possible worlds. 

That made him as amiable as 
any benevolent character in the 
Dickens he loved. Whether it 
made him the most suitable 
bfograoftcr for Grace is a maTTcr 
of psychological taste. Do you 
want large-scale characters 
handled with the gloves on. or 

Grace was one of the best- 
known figures in 19th Century 
.England. To a great many he 
v.-as the personification of man- 
hood. He was larger than life — 
physically enormous, resplendent 
in a black heard which ran down 
his chest, tireless. Doctor Grace 
to the whole country. When he 
made his hundredth century, he 
tossed off a bottle of champagne 
at the wicker as casually as 
though it were a sip of orange 
'juice (the evidence isn’t certain, 
and it may have heen a magnum, 
alcohol having about as much 
effect upon him us on 
t.iargantua: he went on to score 
2SS). He was the emblem of 
cricket itself. No he tens cricket, 
the beautiful stately moral game, 
the most essentially English of 
English things. 

He wasn't really much like 

that- He was. of course, a splen- 
did natural games player, and 
would have been a great batsman 
in any period. He had immense 
concentration. strength and 
stamina, and the killer instinct. 
Just how he would have com- 
pared with his major successors 
it is iotpOsSlble to tell. No one 
could have been a better batsman 
than Bradman, and it is hard to 
believe that there was ever any- 
one so good. The game has be- 
come technically more difficult, 
and u man of Grace’s build. 16 
stone in his mid-twenties, would 
have been at a disadvantage 
against the highest class spin- 
bowling. however fine a natural 
athlete he was as a youth 

Stilt, no one doubts' that he 
would have competed with the 
hest. Bradman excluded — with 
Hobbs. Hammond. Trumper. 
Headley, and to-day with the 
Richardses. Boycott, Greg 
Chappel. From what we know 
of his bowling, he wouldn’t have 
bad much success nowadays, and 
he would have looked slow, 
rhouch very safe, in the field. 
Yet we should all have admired 
him as a very great player. 

As a moral example, though. 
wr shouldn't have been so much 
impressed. We haven't been 
able to avoid learning that great 
games players can be. and often 
.-ire, as fallihlc as most human 
beings. We have given over 
thinkios that skill at cricket is a 
fine test nf character. The Vic- 
torians who idolised Grace were 
extremely innocent. To put it 
at its mildest, he was given to 
sharp practice. He was up to 
every trick in the game, a good 
many of them shabby. Darwin 
had to mention this, but affably 
smiles it off as Grace’s little way. 
His fellow-players, though they 
were overawed, often were not 

Peter Walker 

‘Thirteen revealing vignettes 
of contemporary cricketers . . . 
outstanding because of Walker's 
intimacy with and affection for 
his subject.’ 

Ian Wooldridge, Daily Mail 

so charitable. 

He would hare fitted, almost 
exact!}, into -the test match 
climate of recent years, no bolds 
barred, no nonsense about, 
etiquette or genteel morality, i 

After an appeal Grace always! 
glared down the wicket and: 
defied the umpire to give himj 
out. He and bis brother E.M. : 
were pioneers in what the Aus- ] 
tralians call a'ledginc. that in-; 
cessant verbal abuse from j 
fielders near the wicket, designed i 
to put the batsman off. It was j 
and is a peculiarly degraded ; 
tactic. The only difference 
between the Graces and recent 
Australians (not Simpson's side) 
would be that the Graces were 
not addicted to oafish swearing. 

In fact. Grace was bom a 
hundred years too early. He 
would have made the perfect 
recruit for the Packer circus. At 
very long last — he was scarcely 
known to read a book in his life, 
and he always maintained 
the disapproval of others who 
did — he managed io qualify as a 
doctor, and had a small country 
practice for some years. But he 
made bis living out of cricket, 
remaining, needless to say. an 
amateur and with majestic 
presence captaining the Gentle- 
men at Lord's. Quite openly, 
he accepted lavish testimonials, 
one of £10.000. which in the 
1890s was worth more than any 
conceivable Packer payment. 

The poor old professionals 
didn't like it. There were shop 
stewards among that oppressed 
class even then. "Why was he an 
amateur, earning from cricket 
ren times as much as they did ? 
When they were not ? No dear 
answer, except that he was W. G. 

The truth was. he was a man 
of abnormal weight or substance 
of personality. He was neither 
educated nor in the least clever. 
His family were all country doc- 
tors. very close in spirit, tastes, 
origin, to the agricultural 
labourers whom they treated. 
The Graces were peasant-like, 
with peasant graspingness and 
cunning. It is easy to imagine 
Grace as a peasant spokesman 
in Anna Karenina. He wanted 
his rights. He expected that 
everyone would cheat him. He 
was going to look after himself. 

He wasn’t conceited. He was 
certain of what he could and 
couldn't do. He was simple, but 
impregnable. People more com- 
plicated, or more given to self- 
doubt, Just- collapsed in the face 
of that massive cunning and 
massive simplicity. 

. Va ■ : • 

• •• 



»V «£*/*#»* C 'SfcsjV* 


The Theatres of neW 
bv Irvins Wardle. Jonathan 
Cape. £$.50. -S5 P- ! " es 


br • v«; > v,'- 


* * ■s&'J ; “ T .'TV?/’* 

«v‘ -r 

■vft • • ■ . 

Queen Victoria Goes t® *be 
Theatre by George Rowell. Paul 
Elek. £8.95. 1-H P a S^ 

Blind Fortune by FabUl Drake. 
Williini Kiiubcr. ib.jO. -.07 

William Kiniber. 

f ■ ••• ' 

K- • v-r- 

♦ 'V* 

X 5 fig* 

: • . ;• Vs. i & Hr &" 

-< • : 

• v-i. ■ . 

f^- 1 ^ -i? ~r 

••• ■Ui-pl br s* 


tL bVV .jA -.- , 

Fred Trueman and fidan 

Close In action. They also take their guards in the pages of new books 
reviewed below 

Cricket for life 


niy by Mike Stevenson. Midas 
Press, £3.95 (hardback). Ward 
Lock (paperback) £1.95. 135 

I Don't Bruise Easily by Brian 
Close with Don Mosey. Mac- 
donald and Jane’s, £4.95. 253 

Ton Nearly Had Him That Time 
by Fred Trueman and Frank 
Hardy. Stanley Pan), £2.95. 
128 pages 

Barry Richards Story by Barry 
Richards. Faber and Faber. 
£3.95. ISO pages - . 

Cricket Conversations bv Peter 
Walker. Pelham Books, £5.50. 
191 pages 

Goals co re rs by - Tony Paws on. 
Cassell. £*L96- 240 pages 

Illustrated with photographs by 
Patrick Eagar. 

In Short 



David C. Morley M.D. 

Unique advice on the many and 
‘ fascinating mental probfems 
encountered In the game of golf. 

The Techniques of Photography. | 
Time-Life Books, £12.95. 399 i 

'If this absorbing book doesn’t shave 
several strokes off your handicap 
then it’s time you gave up golf 

Sport for Ail 

£ 4.95 

Pelham Books 

I . • i .• i i 


The Game and Its Players 
Through the Ages 



Dr Brookes’ deeply researched book 
explores cricket from its medieval 
origins to the present day. Packed with 
information, surprises and provocative 
conclusions that will change accepted 
thinking about the history ot* 
England’s national game- £5.50 

For 36 years Life Magazine and 
great- photo-journalism were 
synonymous in meaning. The 
news magazine disappeared from 
the bookstalls in 1972, the 
victim of rocketing production 
and circulation costs and a fall in 
advertisement revenues. 

The familiar red and while 
logo has appeared on. occasional 
Life Special Reports since the 
weekly folded, maintaining the 
same high standard of photo- 
graphy. Life will reappear — as 
a-monthly— in October. 

Time-Life Books publish >he 
Life Library of Photography — 
a part-work par excellence which 
explains Life's Law on Pictures 
and. it is from this series that 
the single volume. Technique . s 
of Photography has been con- 

In 400 pages the philosophy 
and know-how of Life’s photo- 
graphers and technicians is ex- 
plained. As an all-embracing 
reference work it should appeal 
to amateurs, and professionals 
alike. Darkroom work — the 
chemistry of photography— film 
processing and printing are all 
given easily understood and de- 
tailed explanations, as are the 
selection and use of cameras and 
lenses, filters, and lighting tech- 
niques. The book is packed with 
pictures in colour and black and 
white by Life staff men and ofher 
top photographers to teach and 

Many of the photographs are 
classics of their kind. By betterj 
understanding the craft skills ex-; 
plained in this book, the reader! 
cannot fail to derive greate^ 
pleasure from photography. 


It is unusual for the life stories 
of two outstanding all-round 
cricketers who both captained 
England with success, played 
with distinction, for Yorkshire 
before eventually falling out 
with their native county and 
finished their careers as skippers 
of another club, to be published 
in tbe same summer. I^r Illing- 
worth and Brian Close, despite 
certain obvious similarities, make 
a fascinating and sharply con- 
trasting pair, the cool, calculat- 
ing and quiet Ray and the big, 
blunt, boisterous and frequently 
tactless Close. 

my is a pleasantly written 
biography by Mike Stevenson. 
Although always interesting tbe 
book is too short to do. full 
justice to ibe subject. Too many 
questions like: How did Ray com- 
pare with Fred Titmus and David 
Allen when they were bowling 
together in international cricket? 
Was he too mean a bowler on 
overseas pitches and when did 
his batting technique against 
spin improve dramatically? — 
remain unanswered. The section 
on captaincy is excellent, and 
occasionally critical, vdiile the 

Yorkshire background is accu- 
rately described, but the absence 
of statistical tables is a weakness. 

I ’Don't Bruise Easily Is an 
autobiography produced in con- 
junction with fellow Yorkshire- 
man. Don Mosey. Brian has 
never flinched from the fastest 
of bowling and cheerfully 
stationed himself in the most 
suicidal of fielding positions, hut 
the numerous non-physical blows 
he received have obviously hurt 
him deeply. His misfortunes, 
which occur in every chapter, 
are so frequent that the reader 
must be justified in asking if 
just once Brian may have been 
slightly at fault. 

The impression given is (hat 
Brian strode through his cricket 
career perpetually blinkered and 
firmly convinced that he was 
always in tbe right. As a cap- 
tain he led from tbe front, never 
asktng. or expecting any member 
of his team to do more than 
himself, or indeed believing that 
he could! 

Although entertaining, the 
autobiography does not do Brian 
full justice, failing to catch that 
instinctive giggle, or to provide 
an explanation why anybody with 
so much potential failed to deve- 
lop into a truly great cricketer 
instead oF a very good one. 

You iV early Had Him That 
Time by Fred Trueman and 
Frank Hardy is an amusing col- 
lection of cricket stories, 
delightfully illustrated by David 
Langdon.. Although not nearly as 
funny as the first time I heard 
them, they are infinitely funnier 
than when they are trotted out 
at Cricket Dinners during -the 
next 10 winters. 

I do not think I have ever 
encountered a more technically 
perfect batsman than Barry 
Richards. He possesses a com- 
plete repertoire of elegant 
strokes, an Immaculate defence, 
is equally at home on front or 
back foot and be has the ability 
to destroy a world-class attack 

with skill, and without having to 
rely on brute force. 

It is therefore not surprising 
that in the Barry Ttichards Story 
the author should express dis- 
appointment and bitterness that 
his opportunities of international 
cricket have been so limited. His 
enormous talent simply cried out 
for the supreme challenge at the 
highest level, but he has had 
to perform -on the lesser stages 
of County.' Currie Cup and Stale 
Cricket. This has left him 
frustrated, and disillusioned as 
be relates in the chapter. 
“ Summers oT Discontent.” He 
has became bored with the game 
to such a degree that it shows, 
but one wonders whether he is 
correct when he writes u In 1907 
no young man loved cricket 
more* than B. A. Richards.” Docs 
he not really mean that nobody 
loved batting more, which is 
entirely different? If he had 
really loved the game so much 
he must surely have had more 
fun out of it than his auto- 
biography suggests and certainly 
there arc many less attractive 
ways of earning a living ! 

Peter Walker's Cricket Con- 
versations consisr of a series of 
talks with a varied collection of 
outstanding cricketers. The ques- 
tion-and-answer technique which 
Walker uses so well is really 
better suited to television than 
the written word. As a result his 
tbougLful analysis on those he 
interviews are sharper and more 
satisfy, tg than the TV chats 

Rathe. Joddly ft>r this time of 
year- th*. best of the new sport- 
ing literature is the Goatscvrers. 
by Tony Pawson. This is a 
delightful history of those 
players wio consistently found 
the back of the net, -including 
the reasons why they were so 
successful. The outcome ts that 
com pari tive rarity, a book on 
soccer which is lively, well 
written, intelligent, and very’ 
readable. . 

How well 1 recall George 
Devine standing t»n a chair in 
the ruins of the hingsway 
Theatre announcing the pro- 
posals for what turned out to be 
Ihc English Stage Company at 
the Royal Court. He went on 
and on. far beyond his J*”®'. 
until iVevifle Blood plucked him 
by the trousers and got him in 
join the drinking public on the 

St ^fe was a vi nonary, like the 
pilgrims in Hassan ihc played 
the Caliph for OL'DM who go 
•' always a Utile farther." But he. 
was also an efficient busine»- 
man who tended . to become 
business manager in organisa- 
tions he had joined for artistic 
reasons, such as Motley, the 
designers. He became deeply 
involved with Michel Saint- 
Denis and Uv London Theatre 
Studio, where acting included 
mime, dance, design and every 
branch or theatre 

After the war. in which he 
natural! v became an efficient 
staff officer, he rejoined Saint- 
Denis at the Old Vic Centre, 
which incorporated j children's 
theatre, the Young Vic. This 
venture was absurdly allowed ;o 
die — murdered, perhaps, by the 
Governors — after six years, and 
Devine returned to acting and 
direction. The English Stage 
Company grew from his extra- 
ordinary friendship with Tony 
Richardson, a director who cared 
nothing for the Saint-Denis prin- 
ciples but was anxious to start 
a “truly contemporary" com- 

Irving Wardles account of 
Devine's life is outstandingly 
good. He shows himself to under- 
stand the problems That arose 
from the inside: his account of 
the rise and decline of the 

Foval Court in Pevine‘s time is 
intimate and informed (thoush 
in a rare error he suggests that 
the Earl of Bcssborough and 
Lord Duncaonun were separate 
people!. . 

Royal Court affairs occupy 
almost half thy book, and it is 
they above all that wtU immor- 
talise Devine's name in the Eng- 
lish theatre. The project wiq, of 
cannii*. a failure: Devine 
believed that the splendid plays 
be put on would influence the 
rest of the theatre, whereas, as 
we nnw i-ee. ihp standard of the 
commercial theatres is if any- 
thing lower Than ir was in the 
an mis inirahilis of 1956. 

1 hone a copy of George 
Rowell’s bonk will go »o Bucking- 
ham Palaii*. Quei-n Victoria -was 
an avid patron of hoth theatre 
and opera: in ISA", fur instance, 
she went in ihc opera 13 times 
and the play 39. Well, hhe didn't 
j/n to (he play always: at Windsor 
and St. .lamp's and Balmoral 
there were command perform- 
ances and amateur theatricals 
all the time, even after "Prinre 
Albert’s death. Mr. Rowell has 
made a most interesting record 
nf the Queen’s thespian activi- 
ties, principally extracted from 
her private and &till unpublished 

She wax .in assiduous though 
h.irdly profound critic: .“.Most 
effective and very pretty ” is for 
a family prodcution of Racine 
tin French, hien eniendu). "full 
nf the most beautiful and touch- 
ing melodies ” is Lucia di 
lemmcrmoor at the Italian 
Opera. Bur her taste was good, 
except when she said that 
Berlioz's Bcnrenuto CeiHni was 
"most unattractive and absurd"; 
and she kept up vrith the tim& 
commanding a performance of 
Lohengrin .it Windsor in 1R99 
and finding it “ the most glorious 

Fahia Drake has the apostolic 
succession from Ellen Terry. 
She played the great Shakiv 
spcarc parts in the 1920s: 
obsessive stage-fright and a 
happy marriage robbed the stage 
of her for a time, hut she is nmv 
with us on television and radio. 
She has written a charming, 
devoted book. 

Pin high 




Blbliotectaa ' Llndesiana by 
Nicolas Barker- Bernard 
Quaritch for the Roxburgbe 
Club. £25.00, 416 pages 

Tbe Complete Car Modeller by 
Gerald A. Wingrove. Methuen 
for IVew Cavendish Books, 
£6.95. 152 pages 

reidenfcld NicoIs< >n TTT 


.Annownccmcnfs bcioir are paid-for arfrcriisenicnf«. If 
require entnt in the farthrominq panels, application should 
he made to the Advertisement Department. Bmcken House. 
W Cannem Street. EC4P 4 BY, Telephone 0I-24S -SOhO. L'jT. 7064. 

The Young Yachtsman 
John Dyson 

Designed tr» teach young 
people how in become useful 
and enthusiastic members nf 
the crew of a sailing jacht. 
Covers all aspects of sailing 
from navigation to galley 
cooking. Fully illustrated. 

Angus and Robertson 


Tuning a Racing Yacht 
Mike Fletcher and 
Bob Ross 

A completely revised edition 

nf a book which ” Small 
Boat” called “ranks inside 
the top ten hooks on the 
subject ol all time." 

Angus and Robertson 


Mike Stevenson 

An account nf Illingworth's 
life which tells why ho lvft 
ibe Yorkshire side. now. as 
Captain. hi- transformed 
Leicestershire crickel and his 
*rcnt years as Captain of 
England in thirty-six tests. 
WARD LOCK a member 
of the Penlos Group 

£1.95 Paperback 

The West Indies: 

50 Years of Test 

Tony Cozier 

Universally* acknowledged as 
the most exciting cricketers 
in the world ihi.> bonk docu- 
ments their growth in inter- 
national cricket, complete 
with statistics on both players 
and games. Many photo- 

Angus and Robertson 


Among the collection of classic : 
cars at the Beaulieu motor I 
museum are a number of scaie, 
models, their detail perfect and! 
finish immaculate. They are the I 
work of Gerald Wingrove, the' 
author of this book. 

There can be no better tutor; 
for the perfectionist car modeller.! 
His model-making has developed 
into precision engineering in 
miniature — alihnugh he hod no 
formal training in any of the 
techniques he uses. 

ft was a case nf trial and error 
—something which the reader of 
(his book can avoid. For Mr. 
Wingrove gives a very detailed; 
description nf hnw to make a; 
realistic model C3r. starting with I 

taking photographs o.F the 
original and finishing with a 
gleaming coat of paint. 

One reason the finished carj 
looks so much like the original 
is that similar materials are used. 
Wire wheels have wire spokes 
threaded laboriously through 
machined metal rims and hubs. 
The body is made of sheet metai. 

Mr. Wingrove says: “I felt, 
many years ago, that if one could 
use a saw, a file, glue and a pencil I 
it would be possible to make a; 
start on almost anything and 
once a start has been made the 
problems solve themselves.” 

He has come a long way since 
his saw and file days as his work 
shows. Anyone who aims to 
emulate him can learn a lot from 
this book— including some short- 
cuts to realism. Whether they 
can ever match his superb crafts- 
manship is another matter 


Great bargains of tbe past are 
a painful tale. Until his death 
in 1880, Lord Lindsay lived for 
them. He flooded the family seats 
with rare books. Chinese volumes, 
maps. Bible upon Bible, early 
Americana, illuminated Missals, 
Floras, Herbals, proverbs, chival- 
rous Romances, Wynkyn de 
Worde’s early English printings 
at £50 a throw and latterly, a 
host of books on Maths. When 
his son decided to weed out, be 
discarded the mare modern sec- 
tions. the recent theology and so 
forth. Fifty-three tons of books 
from these areas alone lumbered 
south to the shelves of Qu&rticb. 
The Lindsay Library was rivalled 
only by tbe British Museum. 
Lindsay’s stamina, range, patron- 
age and single-mindedness make 
the reader now feel very small. 
Have we not. somehow,, run out 
of steam, no longer the same 
great locomotives of that mid- 
Victorian railway age? 

Book-collectors, maybe, are 
often fatuous. They deserve what 
Pope threw at them. “The Lib- 
rary. with what, volumes is it 
stored. In Books, not Reading, 
curious is my Lord.” Who else 
would pay far more for a book 
when its pages are still uncut? 
But Lord Lindsay was no mere 
investor in an alternative to 
shares. From his youth, he is 
shown by Nicolas Barker to be 
a collector driven by a passion 
for languages and origins, a Vic- 
torian theorist of Culture who 
wanted his collection, too/ to 
prove a point about history, 
speech and the over-arching pro- 
vidence of God throughout the- 
globe. He is the neat northern 
obverse. I would say. to that king 
of contemporary West country 
collectors, General Pitt-Rivers, 
driven by a similar vision, a will 
to prove the cultural evolution 
of our species, tills led him to the 
collection of African bronzes, 
primitive art and the first 
archaeological field-work which 
was scientific. 

Perhaps die standards of their 
prep schools helped. Our children 
learn May-dancing, haw to bottle 
tadpoles and run free on nature 
projects in the nearest Open 
Spare. Aged eight, Lindsay's 
class were required to . study 
“mathematics, algebra and Euclid, 
us well as Greek and. Latin, 
Spanish. Italian, Arabic, Persian 
and Hindustani.” No other 
Empire has bothered with its 
subject's grammar in its own 
nursery • schools. Naturally, 
Lindsay became an antiquarian, 
born to a big p.state and a health-* 
slake ,in Wigan Coal. Eton 

persecuted him as a swot. He was 
bullied stark-naked into singing 
dirty songs. Huge early learn- 
ing and extreme victimisation in 
a competitive school-society 
worked, as often, to the same 
end. The one was heightened, 
surely, by the other.' now turned 
in on an area where it could 
express itself supremely. Lord 
Lindsay set out to collect far 
more hooks than one mind could 
absorb. He paced himself, there- 
after, with his own literary 

His story, told here, is 
meticulously . researched.' Its 
recovery could not, 1 suspect, be 
faulted. The accuracy and 
detailed cataloguing would 
delight his Lordship's heir, 
Ludoric, who expanded the 
Library and hired private 
Librarians, anticipating the 
Public Libraries Act by a year. 
Barker, too. has a notable 
Victorian range. He can pin-point 
the changes latent in that pivotal 
Victorian year, 1S70. He can 
ferret out the. by-ways of the 
book-trade and alert us to the 
golden decades. He keeps us 
informed about ;the Lindsay 
children, their toys and travels, 
their years in a hotel while a 
Mayfair mansion was being built 
for them. Wigan Colliery scowls 
in the background. The family 
photographs of the age are 
superb. A book for the biblio- 
phile, it rests on a maze of detail 
which is not too easily absorbed. 
Sale follows sale, from Libri to 
Baron von Alstein. while Mr. B. 
Quaritch has a long innings, 
filled with sycophantic cover- 
drives until, at 75. Lindsay 
junior adjudges him out to a 
particularly fine leg-glance. 

Booksellers must now be added 

to the long list of socially mobile 
agents in Victorian <London. to 
the Wartskis and Cartiers who 
were dredged up by big-spending 
British peers. I would have likeo 
more, however on tbe apparent 
rise in book-prices 'and the value 
of money between 1830 and 1880. 
Did Lindsay find, from 1860 on- 
wards, that the market was rising 
as others began to compete? 
There are, however, some in- 
triguing pages on tbe mid- 
Victorian Bible-trade and tbe 
wilful patebiug of defective 
copies with others’ fragmentary 
leaves. Bibles were Lindsay’s 
strongest suit. 

Lindsay made Quaritcb. He 
allowed him a range and a sure 
patronage, right down to those 
bids for the modern Greek collec- 
tion oF a Bohemian captain, 
books which were decidedly the 
“ worse for the late owner’s very- 
dirty fingers." But it is not just 
money which marked him out. 
Lindsay believed that God’s 
design could be recovered by a 
grasp of all nld languages, "art 
and archaeology. True, he was 
also sensitive to new markets, 
not least to Americana, but 
mostly he collected in order to 
write. These writings were to no 
tasting purpose, tomes on the 
language of the Etruscans, on the 
Lindsays and that mirage, the 
culture of the Bible’s Japhet. But 
the greatest universal private 
library (destroyed by Estate 
Duty and war in the 1940s) 
rested on universal curiosity. 
Specialisation the rise of the 
academic " professional." the 
lethal splintering of knowledge; 
these, as well as nationalised 
mines, are solid reason why the 
Lindsay who is caught in this 
remarkably erudite book could 
never appear again. 

Leather craft 


The Brendan Voyage by Tim 
Severin. Hutchinson. £6.95, 
292 pages 

It is difficult to imagine being 
bounced around in a highly 
vulnerable leather boat in the 
pack ice off Greenland only to 
hear the skipper remark *• this is 
gening dodgy." Such a chattv- 
understatement must leave the 
average reader gasping, but there 
it is, as large as life, on pa*e 227 
of . Tim Severin'a book* The 
Brendan Voyage, 

The whole saga of this joumev 
to prove that Irish monks could 
have crossed tfa e Atlantic to 
c-orth America in boats made of 
ox-hides stretched over a wooden 

frame, has a similar touch of 
amateur gusto coupled with 
unbelievable luck running 
strongly through it. a 

The book itself swings between 
the np-roaring. .yarn of these 
cockleshell heroes and an 
academic treatise on’earlv Irish 
hJSiory. If you want to read it 
all. the tale is embellished with 
some expert background detail 
but if you want to skip the learn- 
ing then it is easy to concentrate 
On The main narrative of the 

The Brendan. Voyage ts a 
fantastic tale of a fantastic 
journey. It is highly readable 
and very reassuring. For at the 
end you are in no doubt about 
your own comparative sanily. 

To say that I97S is so far any- 
thing but a vintage year .in terms 
of golfs rich literature is almost 
an understatement. 

As always, books of Instruc- 
tions outnumber those that 
describe ihc heroic deeds of the 
‘game’s leading fipures—in this 
instance u y three to one. This 
is a faci lhat never ceases to 
amaze me. since there is no 
gent-rally accepted' method_of 
playing ihc game.' 

Wbat-Jlte author, is saying in 
each case is that the reader 
should attempt to play like him. 
This is rather more than 
ridiculous since it cunnot take 
into account the- physical size, 
strength and weaknesses of 
thousands of people wba di>'er 
completely in these departments 
from the author. The latter 
usually plays golf for a living 
in any case, while his readers 
are frequently happy ifi they can 
manage to squeeze in a couple 
of arthritic games every- week. • 

Mindy Blake (Golf: The Tech- 
nique Barrier Souvenir Press. 
£3.50) is not a professional > 
golfer but he was a first class 
athlete in his native New 
Zealand. A brilliant engineer 
and inventor, he always felt that 
golf-instruction had never pro- 
gressed past its infancy because 
scientific methods have never 
been applied to the game. 

Bloke brought his own scien- 
tific mind and considerable 
engineering knowledge to the 
subject, and came up some years 
ago with a book also published 
by Souvenir Press entitled The 
Golf Swing of the Future, which 
was revolutionary in that it 
departed radically from many 
well-accepted principles. The 
golfing establishment promptly 
turned its collective hack on 
Blake, hinting that he was some- 
thing or a craok. But the world- 
wide public response was so 
enormous that it became 
commonplace for Americans .to 
fly in and track down Blake to 
his Wentworth. Surrey, home for 
more details. 

This new book, is the direct 
result of world-wide curiosity, 
an attempt to clarify the earlier 
book's theories in certain grey 
areas, and take these theories 
further, and into much more de- 
tail. it is a fascinating volume, 
as was the previous offering, and 
required reading for any golfer 
who. like me. feels that the glut 
of gimmick-ridded instructional 
material foisted on a public avid 
for knowledge in the past 20 
years or more has done iittic 
to increase understanding of 
golfs scientific fundamentals. 

Master Golf by Neil Coles 
(MacDonald and Jane's £3.95 1 
and The Young Golfer by Vivien 
Saunders and Clive Clark (Stan- 
ley Paul. £3.85) both come into 
the category just described. They 
tell us nothing we have not read 
before a thousand times. The 
Coles book offers very tittle text 
in its k large pages, but the 
photographs arc of excellent 
quality. The Young Golfer bases 
its photographic section on eight 
action-swing sequences of the 
authors that can be followed by 
flicking through the pages, a 
good idea for children. Unfor- 
tunately many of them look as 
If they , were taken on a .foggy 
morning in February. 

Golf to Remember by Michael 
Hobbs with Peter AHiss (Bats- 
ford. £5.50) claims to be an 
analysis of some great aclueve- 
menib m golf, undertaken hv 
Mr. Hobbs because, as ho asserts 
in his introduction, reporters of 
the creat rounds of golf were 
almost invariably in The wrong 
place, and thus eye-witness 
accounts of past feats arc 
Strangely lacking. 

I have never met Mr. HobK 
which is possibly because i have 

always been in the wrong place 
when witnessing the. great 
achievements in golf for the past 
25 years. 

•But on page 13 Mr. Hi/bhs 
referring to Johnny Miller's 
effort in the 1975 U.S. Masters 
tournament at Augusta writes: 
"He was out of it anyway and 
had missed the cut only by three 
strokes." On Lhe next pagchtic 
refers the.-T4th— hole— at 
Augusta as measuring 475 yards. 
It has never heen longer Than 
420 in the many years I have 
been (here. 


from the publishers of 
the world famous know 
the game series. ■ 

The successful formula 
for books of sports 

fully illustrated with 
photographs and 

written by Top 

The most 

comprehensive serios 
of practical 1 sports 

priced between 

£2.50 & £3.95 

Titles currently 

All About Judo 

_ Conditioning for Sport 

Hockey for men and 

Learning to Swim 
Modem Riding 
Squash Rackets 
Start Motor Cruising 
Table Tennis 
Tennis up to 
tournament standard 

Track Athletics 

Available from good 
bookshops or in cass 
of difficulty direct from 

£P Publishing Bradford 
Road East Ardsloy 
Wakefield West 
Yorkshire WF32JN. 

Vera Di Palma £ 3.95 

Sensible advice for the self- 
employed, the tower paid, the 
company director -everyone who 
pay? too much tax; 


Dennis D Hunt £4,95 

A sectional isod reference book for 
those witn a particular problem. 


Pater Prior £1.95 

A succassful chairman promotes 
the theory that Personal leader- 
ship cannot be successfully re- 
placed by scientific management 


£Hr in 
Citl* *' 

Talk' |( 

Post * ?i 




Knandal Times Thursday May 25 1978 


labour news 

Engineering employers 
call for lower stage 4 


nre i EiJL ■« r ?fi°5. e «M the ? ot yet arranged a d.Ye for a discussions with 

main voice Within the CBT. yes- formal session with Ministprc at mam 

the Govern 

Graduate employment 
outlook ‘gloomy 
for next 10 years’ 


The engineering employers’ : 


fawl ... . . - >es- formal session with Ministers at ment 

menls for Stage * your ° tlf wh ’ ch ^eir anibilions lor "an 

incomes policy, now only IQ Mr. Len* Murray TUC ceneral * eac \ ers ealledon the Government ^ GLOOMY picture for graduate those- in Ihe labour force with 

weeks off. Secretary, repeated yesterdav !.f lve ■ . enjoyment iD ihe next 10 years Erst degrees or equivalent. In 

^ Stressing their dislike of pay that there could be no deal. The l i_f k a ? jn S • ' s presented today in a report the next eight years more than 

norms, the management Board. TUC had decided its poliev. could oe exijicated from l °'!by the manpower studies group one in. six people seeking firsi 
S-Lj e .- Ensin * ei ? ns Employers Asked wheiher the unions . ” ust it; of the .Department ol Employ- Jobff vill have some form or 

Federation nonetheless admitted would have anything to offer the * H? or \ equitable balance of ! merit. higher education. 

* n ° lher Phase and another Government in its search for betwcen Bra P ,0 >‘ er s aodi There will be slow growth in The report estimates that Dy 

° orm . WBre inevitable. The “appropriate” counter-in Mali on UD10ns - ! the kind of jobs the highly the middle of the next decade 

norm chm i lef ho mb list .. 1 J !ir..M...L:i. .v«.< ■ .. . „ 

, sfaould be expressed in policies he said there were manv Meanwhile, maintenance of the; qualified held in the earlv 1970s. the proportion of graduates look 

«tanii n e f erms ,. and be "sub- ways of controlling inflation. 12-month gap between main pay! The number of people of work- ing for the type of jobs not 

sianuaiiy below ’ the Stage Expanding the economy was one. settlements was essential, f ing age and with first degree or considered suitable for graduate 
* ijL®® figure of 10 per cent, they genuine productivity deals should = equivalent qualifications will employment five years ago will 

s PM ,, o Response be allowed outside the guide-, 1 double throughout the- 1971 to have' risen to 27 per cent, com 

ine fcfc,* called on the r lines, and ihe policy must allow' 1986 period. pared with 11 percent in 1976. 

ijovermnent to make an early But he added: 1 nave no doubt “ flexibility within companies “ i The result is that graduates Growth in the number of 
aecision Mr Denis Healey, that there will be an understand- Pay policies were damaging if 1 will have to seek jobs which only qualified people js likely tn be 
tmancellor. said last weekend ing by trade unions of the need continued and the EEF’s'a few years ago graduates were much more rapid for women 

*r? e y°’J er hment and vnions to keep inflation doum and I have objective must be to return to! not prepared to take. than for men and in arts and 

must find an answer to the prob- no doubt there will he a response “responsible collective bargain- Employment aspirations will social studies rather than 
.‘^railing earnings by bv negotiators to a climate in ing.” j have to be altered and employers science. 

August i when Stage Three ex- which the Government is very This phrase, incidentally, now, should be prepared to cmplov The repo rf says there are 

would be 
the near 

Although — . — ...... 

rast running out, the TUC has stratagem" emerging from policy gaining.” 

Talks to resume in bid to end 
Post Office engineers’ dispute 


Strikes cost half-million 
working days in April 


WORKING days lost through different sections rtf the work- 
strikes last- month showed an force in all industries covered 
appreciable increase over March by the Department survey are 

management which, if accept- 
able, would be sent out to 
branches for consideration before 
the union’s annual conference in 
the first week of June. 

That was the earliest date pos- 
sible for calling off the action, 
however, because it was the 
result of a conference decision 
lan year. 

The number of exchange con- 

Trawler strike threat 

HOPES OF an end soon to more man, said there .was concern for a shorter working week are 

than six months of industrial because the lease of the present being held separate from the 

a » J0 J! by Post Office engineers, building in. Bonhill Street current pay negotiations. Post j — but both the number of listed. 

affecting some 670 exchanges expired on June. 24. He claimed Office engineers and union < stoppages which began during For white-collar male workers, 

throughout the country, are that probably 34 major instifu- leaders hope an agreement can I the month and the number of full-time manual" male workers, 

pinned on talks to be resumed tions in the City were also be made which will not eat into I workers involved in strikes fell, women in the white-collar sector 

next week on a union demand affected. any pay offer which may emerge I i- ct «. ftr bino clave ««« tn an d women in full-time manual 

for a 35-hour week. In the country, as a whole, the within the Government's 10 peri s^i non tn a«hi “ ,ho work, the October 1977 figures 

Leaders in the Post Office En- Post « Mice estimates that some cent guidelines. previous month’s total of 373 000 wer ® m 9 °- ^2.89. £S3.S0 and 

glneering Union said yesterday fi 5-000 exchange connections are The engineers due for a Stage ^T^oumbe? of ftnkes bee Se “i* 31 respectively, 

that an offer was expected from overdue, including about 3.000 in Three settlement in July, claim!; A n r i i r e n from Marches tntaf October 19,6 figures were 

the London area.. they are the only Post Office 1 1”? ,J e {i t th* £8l6 °- f66 - 97 - 14880 and f40 - CT - 

Talks on. the union's demand workers on a 40-bour week. nf work?™ involved instnnnlsi aod those of the Previous year 

S,, 1 75m MMO to « tSt PP * £68J0 - £59 5S - 139 60 ajld £341fl - 

fell from /4.000 to 49.000. . For thp fo „ r -g roups in 1970 

For the first four months of the figures were £36.12. £28.05. 
this year, working days Josi £10,59 and £ 13.99. and fnr 1960 
totalled 2.3m as against 25m in £19.10. £14.53. £10.15 and £7.42 
the first third of last year, respectively 

SKIPPERS and mates of the Mr. Joe McLean, secretary of: according ‘to figures in the Average weekly earnings of 
Aberdeen trawling, fleet have the 224-member guild, said the > Employment Gazette's May full-time male and female white 

..... v.i,uauf;c lodged strike notice with fishing owners proposed paying the i edition. This represents a. drop collar staff in the coal and 

nections affected in the City of boat owaers to take effect on bonus, related To the profitability ! of 17.5. per cent. petroleum product industries are 

London are said by the Post Junc 15 in a depute over bonus of the vessel, once a year instead i Stoppages which began in the listed as the highest of any 

Office to be small. payments. of six monthly. The fishermen I first four months of this year industry in the October survey. 

But the City’s impatience with Thc stride- if St goes ahead, oppose this because of the varia i were down to 728 from last year's Average earnings there were 
long delays in getting new will immobilise the 84-strong tions in fishing and earnings 1 first four-month total of 046— £101.10. with those in gas. elec- 

*- ^ 'a fall of 23 per cent tricity and water next at £84.20. 

In terms of working days lost mining and quarrying at £53.80 


Notice to the Holders of LLS. $10,000,000 7 per cent. Guaranteed 
Convertible Bonds 1984 

(Convertible into Ordinary Shares of |L I each of 
Bank leiimi le-lsrael B.M.) of 


NOTICE IS HEREBY GIVEN to the Holders ol the Bonos tw Bant- 

Lc-umi it.isriri 3 M. i "Ihe S»v") is making an ,svuc d — 

ana ol 

. NOTES 1 

.rnisrered. su&oroinj;ed. unlinked, non-lrirrm! bearing »nd ron-ertibie "i!o 
Ordlnarv Ol IL.1 t-lch Ol U>c Bank; IL 2 nominal ol Notn; 

•nil be .-.on.erribip into one ink” snare m ci>c conrcrsion pei-ipns in eaCb ol me 
vfars 1979 to 1983 on tne uimn ol an aooiivonai il. 1 90 in cash at the 
t»me ol coi»er»ionj. 

Ire T 78 079. 100 REGISTERED ORDI mart SHARES -..noeiher with 

a/r Minn gKerce a* war ol nqitis to the Ordinary Sloe* holders el the Bank >no 
holder* o' oufstancJma securities carry] no Conversion subs-; r,ol ion rights into 
Ordma-v Share* ol me Bank 

IN S.935.970 UNITS OF SERIES ‘ A ‘ 

Each Unit ol Ser : e* --A” romorlses JO Ordinary Shares an© IL 10 nominal ol 


Holders ol the above Bonds are entitled lo subscribe 1 Unit o! Series "A" 
(or e»rrs U.S y6B JO nominal ol Bonds. 

Price to those entitled lo Ripns — IL 85 PER UNIT Of SERIES "A 1 
■ CdmeenyntS' IL 2. SO ocr share In respect Ol Shares par m .especl Ol Notes' 
Payable in lull on acceptance no: ia:er than J o m. on jist June. 1978 

Tne Bam. has applied to The Tel Av.v Stocv E.rhange tar the Jilting ol the 
l/ntfs ol Series ' A* and Ol thr Ordinar. Suns ana Norrs (gmgr'tM <n suen 
Um'a on ins inmnCMcmmi O* separate AeM'ngs innem on | sj Angus: 197B 
and ol me Ordinary Shares to be a Honed upon :nc conversion ©i ihe Notes and 

the said Stork E* mange has given a^reemcnl in principle tnc-i-ip. 

The BanV Wilt appt. to The Council ol Tee Stosi E-cnange in London I or 
Pina-r Shares comprised in tie Linns oi Series "A " only 

l/siing Ir.ereon o* me Oro _ 
when icnara'c aea'mgs in tne Dromary Shares rrmer'serf m suen UniS commoner 
on The Te! An.- Stock f, change on 1st August 19 ~B the Bank will not anoly 
lor I'kilng on Tne Stock Eschansc in London Ol me Units of Series 'A ' Or o* 
tr.e Ngres. 

Holders o' the above Bonds who min to oe r CiSr tnnr rights must apply 
not later man J p.m on 21s: June 1978 lor copies pi me Prospectus an© 
appl'ta'.itm forms presenting Talon No 1 .rMacbed irom men Bonds' nlW The" 
applications to any ol '.he Pa, ing and Cdn.rrsion Agents — 

Bank Leuim <U.K > Limited 
a- 7 Wooostorx Street 
London. WIA 2AF 

Bant keumi le-lirje' Bank Lnimvi le. Israel 

■ Switterlandl . France ■ S.A. 

34 Clarioenstrasse JO Boi-ICi am ors Ita liens 

CH 8022 Zurich 753Q9 Paris 

The Rights are ottered sole'r pursuant to and in accordance with the 
pre.-isions ol the Prospectus, the notice ana thr application lorms which last 
must be duly completed and returned in accordance with the instructions printed 
on such lorms. 

The Units ot Series "A * and the Ordinary Shares and Notes comprised 
therein nave not been registered under me Securities Act 1933 ol the United 
States ol America and are not being offered m ihe United States or America or 
its territories and areas sublect to its funsdiction or to citurts or residents of 
the United States of America and accordingly copies ©r me Prospectus and 
application forms win not be sent to addresses In tne United Slates ol America 
or such territories or areas 

Rights to subscribe Units ot Series "A" may be bought and sold on The 
Tel Anv Stock Exchange through Banks and Securities Brokers, members ol tne 
said Stock Evttiangc. on i&ih and 19th Junc. 197& and any Bondholder wishing 
So to deal may go So by reauesting one ol the Paring and Conversion Agents 
named to ma^c arrangements on ms bcftaii. Application terms and subscription 
monies will not be acknowleagetf but certificates lor me Ordinary Slock Into which 
Shares forming pan □' the Units ol Senes - A" will be («» rr:ro will be issued 
not later man 3l»t August. 1973 ana Certificates fa, the No'es will be issued 
not later than 29th September. 197S Holders ol ihe above Bonds wishing to 
oral, m the Ordinary Shares or the Notes Dend<ng receipt of such Cerlmcatrs 
mar do SO bv requesting -one ol the Paving ana Conversion Agents lo make 

arrangement* on his behalf 

be new Ordinary Shares comprised in the Units o' SeMes "A", will not 
rank lor any dividends declared in reiocct o< the hnanciai year at thr Bant 
eneeo 51St December 1977 or for the distribution of Capitalisation Shares 
resolved on at the Extraordinary General Meeting ot the Bank held an 13th Aon' 
197s. but will rank oari passu In all other resperts with the errStma Ordinary 

The Conversion Price ol tne Bonds will not be aoiusted bv reason o' tne 
Rights Issue whether or not the Rights arc taken up. Subject to market 
conditions the Bank Will, between 22n d Junc 1978 ana 3rd July 1978 sell the 
Units ol Series "A" the Rights to whkh ha.e not b?en enercised. proilded Such 
a Sale (winch will be chpc-.eo in Israel Pounds' will produce an amount ol net 
consideration for distribution .after deduction ol a sum equal to the subscription 
price ol tne said Units and the expenses pi safe al the rate of t°. ol tne 
consideration' Suen net consiccrafion will be distributed proportionately among 
the persons who were entitled to me unauercised Rights. >i any sum a mourns 
become available ter distribution lo Holders of the above Band* they will receive 
ihe equivalent in u-S. Dollars at the representative rate ol r>cnange as published 
by the Bank ol Israel tor 4 th JuU 197a. Holders ol me aoore Bonds who do not 
eterclsc their Rights may obtain the amounts due to them bv depositing Talon 
No. 1 (>l thev have no: previously done sol at any ol the Paving and Conversion 
Agents mentioned above alter 3rd July. 1978. The amount due with 
regard lb any ol :he above Bonds In respect ol which Talon No. 1 .has 
been so deposited but the Rights have not been cscrcisra win be sent to 
the Person who deposited such Talon. 

Notice was published on 8th Mav 1973 reminding holders ol the abate 
Bonds that they bare the right to convert their Banos into O/olnary Shares in 
the period 1st to JO:h June 1978 :hprh mciuslrei aid t hereafter during the 
oertod from and including 1st November in -»ch ci'enoar ve*t -Horn and including 
1978) uo to and including J0t;. June m me nc»t calendar year up to ana 
including 30th June 1984. As Ordinary Snares arising on Conversion will not 
entitle holoers lo particloatc in Ihe Rights issue holders ol the abort Bonos 
who oropose both lo take UP Ificr rights and lo Convert their Bonds in Ihe 
period 1st le 30th June 1978 should arrange to tale uo their rights oclcre they 

25th Mav 1078 

London Borough of 


variable Rats 
stock 1982 

For the six months from 
25th May 1975 
to 25 th November 1978 
the interest rate on the 
above stock 

will be I0.9063?n per annum. 

Midland Bank Limited 


New Zealand 




United Arab Republic 

Unned K.nnaom 

Un.icd S-.jtcs o> America 

Advice has been received from Tokyo 
that at the Annual Shar, -holders Mee'i-'d 
ne'd on 1 7W Mav 1 978 a Dividend pi 

Yen 16 50 per snare was declared (O 
Shareholders as *< 70th Febiua-v. 1973 
inis ni.idena .n respect ol the sham 
re?i bv ineir EDRs shau'3 present 
Coupon No 4 al me office o> 

Hill Samuel 3 Compjny L.mited 
4S. Br" n Slreer 
London EC7P JLX 

where iiSTing isrmi are avjuiib'e or 

Kred-elbanv Luvemoouigoise SA, 

4 3. Bpuievjrd Ro-al. 


Coupon* musi be p-esei:e» (w Off 
Auihansnd DeoawfJ'- aid Must be left 
lour ('ear day* let cam'njtiOn 

Pavmcnt be made ,n U 5 doi.'ars 
al tne ia:e cl eschange on the ajv 
tollpwing pre-.pntjiion 

Japanese W'lhno' Ta> at Ihe rate 
ol so* » be deducieti i.-nm the oro- 
reds al the rt.i.ocnd, except :i ihe uM 

O' h.-leers resident m the iciicwiirg, — 

An s!r.i I.a 
wm: Germany 


To Ohiain oavmeni unopr deduction iH 
Withholding Tax at the reduced rate Of 
1 S b b residents ol the aho,p counf-es 
must furnish a declaration o> residence a* 
'e-iuirea bv the Jaoancsc Ministry oi 
Finance The declaration must be given 
by an Authorised Depositary, and M >«• 
seed at helpers resident <n the United 
Kingdom is mcorpoialed in tne listing form 
For residents of all other coon-ries a 
senaraie declaration must be funvsheo, 
on mg ihe name and address ot |hp benc- 

hciat owner, the number and dehnliive 
number* cl EDRs he'd and arv»t:no that 
hr ,s eniiiied to thr S u n Tax Relict 
aursuan: to '.he if Cci.cniian brtnern 
Jaoin and me country cnn:erned. 

Attention is drawn to ihe fact that 
ihg abevr iwmionti' concessions ipla'ing 
id Jaoane-.c Withholding Tax aoplt only 
10 COuoons PrevCnied tar oavmcnt withiit 
aller lax will be erdui-ied a: the full rare 
ot 20“„ jnd II will br Ihe rrtpon* b'titv 
of the ©wper I* claim t orn the Japanese 
T*» Aulhor<l<e* an, r clued 10 which he 
s rnntiro 

United Kmodom ln;omc Tav at tho 
appropriate ra:e will be deducted from 
the or©.- eons unless the Couoons ar« 
accompanied bv a United Kingdom 
Affidavit nf Non -residence 

Full inlormaiicpn ma« be obtained Irons 

Hill Samuel A Company Limned. 


4S. Beech Sireet. 

London EC2P 7LH. 


exchange lines connected was 0eel - tlje 'bigsest «i Scotland, from one month to the next, 
underlined yesterdav at the for the first time since the deck- Mr. Robert Allan, chief execu 

annual meeting of Antony Gibbs, hands' ten-week strike in 1969. live of the Aberdeen Vessel I during the first third of this and', chemicals and allied indus* 

the banking and insurance Today about 20 trawlers in Owners’ Association, said that -year, industries most affected tries at £82.70. Vehicle building 

concern. Shareholders were told port for landing wflj not sail ihey had been talking with the 
a planned move to new offices at until after a . meeting of the Guild for some time on that 

the end of this month could not Trawl Officers’ Guild*- and may aspect of the agreement ' invok- 

tai-e place because of the remain in port until a meeting ing skippers’ bonuses and tbere 

dispute- with the owners this afternoon was a considerable amount of 

S‘r Philip Dezulvueta, chair- or tomorrow. . . . -talking still to be done. 

Trailer Roofs ot Ike Debenture Stocks 
pi the Company win bo c'osrt lor one 
It»v only bn 6ib June 1976 lor tbe 
preoarat-on of lfe Imprest Warrants 
Payable en 1*1 Ju'v 1973 
Dated tho Iwcnty.ti'lh dav ol Mav. 1978. 



B lark well Houtc. 

Alr-vnkam Roao. 


H-r'.leriKhlre. WD2 2EY 







EDINBURGH JUNE 26-27 1978 

A distinguished and authoritative panel of speakers 
will assess the outlook for the Scottish economy, 
appraise the country’s industrial performance and 
prospects and examine developments in the financial 
sector. Devolution and its consequences for the 
economy will be among the subjects to be considered 
as well as the North Sea, with particular reference to 
its place in the world oil context. 

The Chairmen of the four sessions will be: 

The Rt Hon Lord Thomson of Monifieth PC 
Mr Alan R. Devereux Chairman Scotland, 
Confederation of British Industry 
Mr Ian R. Clark Executive Member of the Board 
The British National Oil Corporation 
Mr John B. Burke Chairman 
The Committee of Scottish Clearing Bankers 

To The Financial Times Limited, Conference Organisation 

Bracken House, 1 0 Cannon Street, London BC4P 4 BY 

Tel: 01 -236 4382 Telex : 27347 FTCONF G 

Please send me further details of SCOTTISH FINANCE AND 


Name (Block capitals please) 




were molor vehicles, financial industry while collar staff were 
and professional services, the only other group whose 
general engineering and ship- average earning were more than 
building and marine engineer- .fSO.-- 

ing. In terms of the numbeT of . Average, pay for while collar 

was second only to engineering. tn< 

The Department of Employ- in furniture and other timber- 
ment lists three prominent stop- related Industries, textiles and 
pages — a five-week strike by. peripheral melaJ industries were 
workers at an Ayrshire distil- also under £70. 
lery. stoppages by locomotive. For all manufacturing Indus- 
repair depot workers and the tries, average weekly earnings 
strike at Rolls-Royce’s Coventry for white collar staff was £74.70 
aero-engine plant. — made up of £86.70 for men and 

• Average weekly earnings for £48.80 for women. 

To holders of Warrants ro Bearer 

Final dividend ol 6 d per Sharp will be 

oaid on Ihe 3rd July 1978 .n rnpccl 
ol toe year patted 3 1 st 

December 1977. 

Payment ot this dividend will be made 
after presentation ol Cauoan No SS 
«C any. ot the undermentioned offices 
of payment. 

2.5 -L- - B ■’ CUMULATIVE 
dividend Q‘ 1.?5p ocr Share will be 
paid on the Jrd julv 1978 *n resoecl 
Ol IBe hall-year ending 30rh June 

Payment ol this dividend will be made 
Liter c(Br««.n» Ol Coupon No. 32 
al anv ol ihe dndermrnuoncn offices 
ol oavmeni. 

Tne Rio Tmto-Zinc Corporation Limited. 

•Registered Office}. 

6 St. James i Square. 

London SW1Y 410. 

Barone Rothschild 
21 • Rue Lalhtie. 

75009 Paris. France. 

So^ele^ Generate de Banaue. 

Complaints by Russian 
unionists may be studied 

Montagne du Parc 
1000 Brussels. Belgium. 

Banaue Internationale A Luxembourg 


2 Boulevard Roval. 


Union Bark ol Switzerland. 
Bannholstrasse 45. 

CH 8021 Zurich. Swfaertand. 

The Rio T.nto-Zlrc Coreo'aripn Limned, 
i Transfer Off>ce). 

Central Registration L.mneii. 

1 ReffcliH Street. Bristol BS 1 SNT 
Banaue Bruxelles Lambert $ A.. 

2 Rue de la Regencc. 

1000 Brussel*. Belgium 

Banaue Generate du luxomhaurg S.A.. 
14 Rue Aldringcn. 

Lux cm bourg 

Socieic de Banaue Suisse. 

ch 4002 Basie. 


Credit Suisse. 

P.iradcplatz 8 

CH 0021 Zurich. Switzerland, 

Under the imnutation ta» system In igrte in the United K'ngdom these 
dividends will be payable without deduction ol United Kingdom lax and lor 
Shareholders resident in the United Kingdom will carry a tax crert'l calculated 

here a_ double tax agreement so provides. Shareholder, resident ouiS'dr the 

United Kingdom will obtain 
lax mav tail to be offset 

tax credit, against which some United Kingdom 


THE. International Labour m the Soviet trade union centre 
Organisation in Geneva probably about the group, before making 
will be asked to launch an any pronouncemenL 
investigation into tom pi aims Meanwhile, it has been 

raised by a group of trade rlaimed that some of the leaders 
unionists in Russia. of the group have been sent to 

ar.Lrn ttnnyy, TOO «,! - We .re 

secretary, said after a meetmu pealing here with allegations 
of the general council, at which r e 2a rding trade union members 
the issues were reported.' that u . hu so far . w r n unrtpr . 

lilt ^ r ° m tfl « stand, are not dissidents. bu( are 

International Con federaUon of t . D m plaining about the way their 
Free Trade Inions. own unions, Ihey allege, are 

The TUC is taking a wary ignoring their rights as trade 
tine. While supporting “the unionists” 

free exercise of trade union The TUCs international mm- 1 SMiSi ‘c' 

Coupons, which must be listed on special form*, which can be- omalneo 
on or after Tuesday 30:h May 1976 at anv oi inr above omen may be 
deposited on or a* ter Wednesday 7th Junc 7 978. Coupons presented tor 
oavment In the United Kingdom musi br leit FIVE CLEAR DAYS tar e- animation. 

Shareholders should note that under Ihe Company s Articles of Association 
adopted on ZOth May 1 970. provision is made for me forfeiture oi me above 
di.iecnds it not claimed within 12 rears trom the 24th May 19TS 

Bv Order ol me Board. 


6 5t. James's Sauare 

London StVJY 4LD. 

25tn May 197B. 



Register ©• Drdinary Shared Ol the ahowe 
Comuanv wall n« closed 'rum 13th June. 
1978. ro 28th June. 1978. both days 
inclusive lor me e-coaration of the Final 
□iv,dr-d «n re»oe« of ihe- vear ended 
3 1st Marrh. 19?B. payable On the 2151 
Julv. *979 

It E. GILLAH. Secretary. 
Prewerv. ‘ 

Ch sveii st-eer. 

London. EC 1. * 

25i!» May. 1978. 



Registers "of Hie " A " and — B ” Ordinary 
l3:h June. 

Shares will he do’rd" from 
1P7B. to 281 h June. 1978. Born dav4 
‘nelusirn. lor arenaratiOn o> fhe Final 
Dividend Id respect ol the period ended 
25th February. 1978. oavahle on 21st 
Julv. 1978 

R E. GILLAH. Secretary. , 

rhnvll Street, 

London. EC.1. 





EVE. 189. Regent St. 734 0557. A ia 
I Carte o' Ali-m Menu Three Spectacular 
__ . . .. ... • Floor Shows 10 45. 72 45 and 145 and 

The £7m. nf net 7 -one dav Bills were - music of Johnny Hawsesnorm & Friends. 

Issued on the 25th Mav with maturity ; — — — 

on the 24 rh August. 1978 Apolicaifons GARGOYLE. 69. Oean street. London. W.1 

I totalled £20. 5m. The minimum oriee , NEW STRIPTEASE FLOORSHOW 

,?,k i sE£ sraSffgsra 

Bills outotandmg is L20 m. i Mon.Fri. Closed Saturdays. 01-437 6455 

awauing an answer to its letter next iiiomn. 

Prison officers demand 
big pay rise next year 


12 the i 

THE 21.00Q strong Prison drop this formula during .«* 
Officers Ashociation yesterday pa^t three years of pay restraint. 

demamxfd a big pay rise next of 

...... ...i.un,,, r/iramman , ; association was summed up by 

>ear without any Got eminent in- Mr . Albert Cooper, a senior 

terference on the ground that prison officer from Winson 
its members are paid “a Gr«*en jail Birmingham. He' 
measurable pittance for a defer; bed how the guardians of 
unique job.” Britain's 41,000 prisoners had to. 

The association recently race daily danger and yet deat 
settled this year’s claim within sym pathetically with prisoners’ 
the Government’s ten per ccni problems, 
guidelines plus fringe benefits He warned the Government 
They want to return to the thnt if prison officers did not get 
established Civil Service pay the huge pay rise next spring 
formula by next spring, what- there would be a danger yf 
ever the economic circumstances mounting discontent, resulting in 
are. They were compelled to a go-slow- in the prison service. 

f ^Farringford 

X'n On urn or U 7 * 

in IV HI',H Ci>lRT I 1 F .TfSTh:E 
Chaflc PIT Oitision Comoffnn-x Cmiri. In 
Uit Maiii-r of lIL'XTKRSDl'BKir 
I.1M17EP .ind in the Mailer of Ttw 
Comp.-inirs Ar-r. J94h . 

NOTICE IS HEREBY given - tti»l . * 
Pi-filion Tor ihi- Winding up of Uif abd\K 
n-imrrff (.'omiMry br tin- High. Court -W 
•liwliv v it on Diu ifirh day nl Mar W7S. 
pTv*r»ni. d id ihi saw ri,uri by J. .Ul’IlH 
¥ 'OTinvY MMTTEf nf j-JO WigindFe 
sir - 1 London, w 1 furm-rs. and ifwr 
ihf «dfd Prunoii is dirni. rt to lv IilAt* 
it-ior<- ihi- rouri sunns at in.> RoyaT 
CwiirU o( .lusui-v. Sit and Lnndon. W>12.\ 
-I I. on Hu Iffi h day ol Jun.. I 9 ,'S. aiifl, 
atii- cridcor or conirlbiitoiT of the said 
Company desirous in suppnri or uppm* 
ihv niakins ol an Onlor on She safrt 
Primoii may app'-ar ai Hit- nmr at 
ftegring in pi-rson or by bis .-tuimrl [or 
thni r>tiTpnsi>. and a 1 071 y nf ihe PcUIiwj 
will be fumlvfi.-d by the underxiuned l"o 
' any rpxliicir or < orurfbulonr nf the xiid 
. Company ir-iiuinru: tudi r-upy on «>■«. 
;jn* m of iii<> rnpilnii-d vharv for ihe fame. 

: Pii.X.iLD NELSON & CO.. 

1 7117 Raker Sir»-eT. , 

London. W l. 

| Ref: Pll Tel- 0I-4SS M3 1. 

. Sulictturn lor the petttionir ■- 

NfiTE— Any p.'rson uho iniondg' lo 
: app- ar on Ihe hi-arlnF of ihe raid Petition 
| must sent- on. ur M-nd be post io. uw 
! aboto-nanied nnijeo m vi-nims of Uff 
; ijj'wiuon so 10 do. The nonce must sate 
■ fhe turn? and address of the person, oc,- 
' if a firm she name and address oi thn 
1 firm and musr be signrd br ibe person 
i or arm. or his or iheir solicf wr fir aoj-) 

I and maxi bo served, nr. if posted, mast 
1 V »m hy post in mITicicni nmc 10 reach 
1 ihe above - named nol lalcr Lban four 
j n'rlnck in :hp afiemoon of ihe I6ib day 

. of June 191$ 

once the home of 


For special mid-week or week-end breaks why not enjoy the 
excellent evisine, fine wines and traditional atmosphere of a 
beautiful country mansion. A Iso available and particularly 
attractive are the garden suites luxuriously furnished and with 

telephone, colour TV and all amenities for catering, if desired. 
Healed swimming pool, hard-court tennis, croquet, nine-hole 
putting green, games 'pavilion with table tennis ; billiards and 

darts. Guests are welcome to bring their dogs. 

1 ^. For brochure or bookings ring Freshwater {J. o. W) 2500 

Court sets aside ACAS 
Playboy Club proposal 


Commercial and Industrial Property 
Residential Property 

AN* arbitration service proposal February. .1976, by members of j^ pp0 ' nUT1 - e ™ A 
that the Playboy Club should the TGWVs subsidiary group. | Business i & luvestmcnU-ipportumtles. 

recognise the Transport and the Association of Clerical, " 

General Works’ uninn was set Technical and Supervisory Staffs. 

Corporation Loans. Production Capacity, 
Businesses for Sale/Wanted 

aside in the High Court jester- working in the club’s ‘gaming Education. Motors. Contracts & Tenders, 

Personal. Gardening 

day. room 

ACAS _ ft, Adrixnr. Con- u ™ ^ 

— I3 had rJub J '?!) ich a,so bas premises Book Publishers 

" , h d „/ 3 7. consult the in Thc Claremont Hotel London. 

Park Lane dubs staff association and ,n Manchester 
before making the recommends- >| r . Dillon said- “Mn 
tton on April .14. 1977. and it a bie body w 0u ?d have faHed S 
was therefore invalid, said Mr. conSU lt the akotSion aild 
George Dillon. QC, for the club. A CAS therefore faUgd in 
Roth ACAS and the TGWU duties-under stamte.’’ 
agreed to the recommendatton By agreement. Mr Justice 


sinple . , 
column ; 




£ ' 


14.00 , 


8.00 . 


14.00 i 



• t 

ifi.oo ! 


4^5 i- 

2.75 : 

7.00 ’ 

; t No. D01551 of 19TS -a. 

Lhaiicry Dinwnn Comparrtci C»un. In 
LnrrrED and in the Mailer flf Th* 
Comnanl-s Art. IMS 

• NOTICE IS HEREBY dron (hat * 
JVillfon for the Wmdinx up of ibr abovw- 

. Company br ihr Hlsh Conn of 
.lustier- KJ S an ihe 16/a day of Mar 19TB. 
BroM-ntttf so Shi* said Coon by DRA^TOJt 
: f:«TRPn RATIF'N LIMITED of 114 Old 
; Broad si row. London F.C2P TOY. Banker*. 

• and that ihe said Petition Is directed io 
he heard before the Court simnjf al lha 

- ROMl Conns of Justus.-. Strand. London. 

• wcsa ill on the isth dar of June I978 -' 
i an £. a 2 y crf,(J ' l5r or 1 'OrjlrtbmoiT Oi Ihe 
i said Company dnurous to suoport or- 

aptKise the inaUDK ol an Order on Sh«r 
; said PoiuioR may oppear j[ :he Umg 
of ih-anns In swrsop ar by his counsel.- 

• V? r .Hmi purpose; and a cod? of iba 
■PMilion mil be furnished by ihe under* 

i ny cr, - ,<,l,or or cMlribuiorr of 
me said Company rcquirliss snch copy 
on Day-mom of the reculaicd charce for 

, Tup !hIIM. 


[ Jr Throfaaiorion Avenue, , 

i lawdon EC?N “DD. 

I Ref; CF. Tel: Bl-383 KI7D. * 

.. SolKunrs for She Petitioner. 
note— A ny person who Intends fa 

- — — v» ikc fcuniirt* 

mu5T serve on. or send by posr ro, [htf 
Btov^uiDcd muce in wrltins «f hi* 
inlcnfion so io do. The notice must stale 

,. , w* !«.- ikihiu, or, 

iirm inc name and address of th£ 

and mass be served, or. if muled, zsuf 
by P°st in suiBclonr lime to 

^vrnows at the 
I6ih day of June IKS. “ 


Premium positions available 
(.lllnimtun size 40 column cols.) 

£1.50 per single column cm. extra 
F ar further details write to: 

Classified Advertisement Manager, 

BLOND FINE ART. 33. SaelMUi X, 1 

• w - 2-.J»-3.«7 izso. marwcllTloSbi 

_3 June, "md k ~.f7i i o~ 6.‘ Q.i° 

' * .? AR ? Y - is- coMTSTwr; 

io' 00 F " 10 w-5-4* : 


French MODERN 
Modern Brmxn MARITIME 

40 Albemarle StrwL 

eSr^isa* sss 


L ■ 


Financial Times Thursday May 25 1978 

parliament and politics 

New demand for TV 
cameras in Commons 


THE GOVERNMENT yesterdav la contrast, the noise and the thrust of argument in the House 
raced renewed "demands for the tone of the exchanges in Uie was the very ess-nce of Parll*- 
televising of the proceedings of Common?, particularly during merits ry democracy, 
the Commons only eight weeks Pri me Itf i f* * s question time “Radio is taking us. warts and 
after the start of the sound broad- has transformed this noo.e and w ^ people of this coun- 
casting of both Houses of Parlia- honourable House into a mere try » he lhe House, 
menl branch of snow business. . iL ^ . . 

But It was immediately Mr. Stokes said that the situ a- t J, h e e broadci^hroueh^mo 

apparent from the heated cx- tion had become so intolerable mU( , h eraD hacis on Prime Min- 

changes in the chamber that MPs lhat the whole question of the liwV - “.hie 

themselves are still split into continuation oF broadcasting absurd ritual of 0 ^ 0 ^ war . 
two strongly opposed camps on should be fully debated and fare - 

the issue. voted on in the House. “ Other- Some listeners were angered 

Some not only warned 10 pro- wlse w e ^hali sink deeper and that the broadcasts replaced their 

vent the introduction of the deeper into the mire, he f avour j te programmes on 

television cameras. They e\cn declared. medium wave. In view of this, 

urged that the House should According to Mr. Robert Adley Mr. "Whitehead suggested that 
scrap the new sound broadcas - (j ~ Christ church and Lymingtont. the posribilitv of using VHP 
mg arrangements- [hj> jjg C always seemed to con- should be looked into, and that 

Mr. John Farr iC. Harborou;bi centrate on the most noisy and entire debates might be carried, 
had broached the whole subject disagreeable exchanges- * This The fact that listeners had to 
bj attempting 10 introduce a 10 - confirmed some of the worst rely on a commentary to under- 
nunutc rule Bill to make provi- f cars 0 f MPs about broadcasting, stand what was happening in the 
Mnn for televising proceedings- he said- chamber gave added weight to 

His intention was to test the _ , irah rhe c * se for television beine 

opinion of the House by putting „ * rf ‘ . chairman of the intr <> du c ed . so that neoplc could 
the Bill to the vole. ieSt rnmmit ! follow what was ? oin S on more 

Bui an immediate vote was g 1 keeD an e \" ea * llv - he ar ^ ed - 

prevepted because MPs had to hrns*riei«tinp eP n^dn»iS T* 16 form « r leader of the 

move on to the traditional on . n!i Llberal Party, sir. Joe Grimond. 

adjournment debate on the '.hat a RhoUah^ the committee oons jd e n>d that on the whole 
spring Bank Holiday recess. had . I . nv ‘ t ®f u „I^ e r broadcasting had been a success 

Some saw this as a deliberate \ ,c "‘ s a " d ? and That the introduction o.F 

manouvre bv the Government to single one na a responded. A television was inevitable at some 
prevent ihe airing of a cuntcn- number of letters have been sla< , c 

tious issue. MPs. however, got received from the public and Mr. Nigel Spearing (Lab New. 
round this problem by raising J hesi ^ were ^mostly in favour of j, am S) said it might well have 
the matter throughout the broadcasting. been the case that 90 per cent of 

adjournment debate, an occi » on Mr. Phillip Whitehead (Lab. the live Parliamentary broadcasts 
when they can discuss any topic Derby a former television had been meaningless to the 
of interest. producer, did not believe that puhlic. But it had been worth- 

Mr. John Stokes iC. Hj'esov.-cn ihe public was annoyed by the while if the remaining 10 per 
and Stourbridge ». argued that to noisy exchanges. The cut and cent had made sense, 
televise the House would be 

utterlv disastrous. The recent cx- t 

More consular facilities for fans 

He thought that thr only good scqttjsh football fans travel- were being strengthened io cope 
thing in ha\e come out of it u-as , l0 Argentina for the World with any difficulties which may 
thSlSS o f debates from 0uP are being given detailed arise. 

•* The measured .ones nf their « r viCe T °U h id “ We have arrangements for 

Lordships, the quality of lheir }f{- “«?’■ ^ special consular facilities in the 

speeches, and the absent of S d 10 town * wherc matches are being 

background noises makes listen- t* 1 * Commons jesterdav. played as well as strengthening 

me io them quite a delight. " he He told MPs that Britain's con- our own consulate in Buenos 
said. sular arrangements in Argentina Aires/’ the Minister declared. 

move to 

Labour executive puts 
secrets law demand 


'■ «hnrtlv” officer involved in a secrets case. 
A DISPUTE was simmering last 18*6. would he° l ]t Any move to a Fredora of In- 

. . rotation A 

hy both Civil Service and many 

tax rates 

By Ivor Owen. Parliamentary Staff 

_ _ night between the Government They would comply . * f 0rma iion Act is being resisted 

L nitww n land Labour’s. National Executive undertaking given in the . . ^ .1 

■ IS iTfl OYl 1 Committee over the promised but Q«fi en f Speech. wnubt that 

1J.61X 111vF111v3 V [ lon2 de i ayed< White Paper set- He left "0 d J“;J wle , r had The Cabinet is also worried by j 

ting out prooosals for reform of national executive views the timing of lhe White Papers 

the Official Secrets Act. ew r ^, d to have scan t chance publication, for fear of it* com- 

The national executive yester- of changing the Cabinet's mind, elding with one of the secret^- (h « rnna>rwii™ 

dav carried bv 11 votes to one 0 Th» Hnhstp over official secrets cases now before the courts, and I AN APPEAL to the Consenrative 
a resolution expressina concern reform has been complicated by of subsequent possible embar- Party, made jittery by its falling 
at reports that the White Paper t £ c cmereence of a powerful rassment. i ratings in the opinion polh, to 

will deal only with changes in lobb y at Westminster, consisting It is clear that the proposals | stop apologising for its past 

calls for 
big Tory 

By Richard Evans. Lobby Editor 

AN opposition »'«»* to} ioo.MPi.?r.5“ «n !«.•??•« """LrliSS ! 52SU!?.' tSi 

SfJ ■, me * I ?Tnri ! which dates back to 1911. and " arti e,. who demand a full-scale the final part or this Parlia- , Government much more W 

i SSiJ ir?, - Ad ^ a uSi make no commitment to the Freedom or Information Act mentary session, after the return I sively came yesterday from Sir. 

| Gorporahoa Tax (ACT) into Une , .. Freedora of information Act- alone American lines. This would from the Whitsun recess. ; Peter Walker, the former Tory 

I with the Ip reduction mad ® : promised in Labour's 1974 Slant- „iace rhe burden on the author- Pressure was exerted yesterday , Minuter. 

earlier In the basic _. raIC " f : festo. tries to justify withholding by the national executive, par- : „ Walker now expected bv 

oSM’TSjSE? - .? JSL.^SS'as 2?^ “’S,, «.«, w ^ sur - ^ in 

I As a result, the ACT. rale laid ' [ a ' ' as i onH aR0 as November oF 44 Colonel B." the signals with security and espionage, 
i down in Clause 14 is now; 

33-67 ths instead of 34-66ths. 

1 Mr. Peter Rees, a Conservative; 

| spokesman on Treasury affairs, 
said it was crucial that the rate 
[ of ACT should be harmonised 
, with the basic rate of income 
! tax. 

! The business community 
should know the rate of ACT 
likely to be operating so that 
dividends could be calculated, 1 l A B O U R • S 

he said. 

NEC approves compromise 
plan on re-selection 


policy-making refuses him the vote of confi- lfamentpry party. 

Its chances of ratification by 

j -Motional Froputii-P fornmittee denee will a full-scale re-selection 

It is understood that the cost f? na i annrnval conference be held. the required two thirds majority 

of the change in 1978-79 will be - este f da -, ° ave the fina . a P pr0 The MP will be guaranteed an at Blackpool look good— assum- 

£33m. But it is expected that! for the key compromise on re- automatic place on the shortlist, ing that the annual conference, Labour'*? fortunes and 

this amount will be recovered 1 selection of sitting MPs to 30 am j w ill be protected by ample is not cancelled as a result °{j at , b c marked personal popularity 
| by the Revenue through the pay- : before— and presumably be procedures for appeal to the Mr. Callaghan calling a General} of Mr Callaghan in the country 

To the Holders of 


(now Scott Paper Company) 

8 % % Guaranteed Debentures Due July 1, 1986 
Issued nnder Indenture dated as of July 1, 1971, as supplemented 

NOTICE IS HEREBY GIVEN that pursuant to the provisions of the above-mentioned Indenture, 
SI, 600.000 principal amount of the above described Debentures has been selected by lot for redemption 
‘ ‘ 1. 197S, (*f ' 

(5800,000 principal amount thmugh operation of ih^ mandatory Sinking Fund and 

on July J. 

5800.000 principal amount through operation of the” optional Sinking Fund), at die principal amount 
thereof, together with accrued interest to said date, as follows: 



v IS? 32 Sg SB « 

39 1287 2332 aass SMS 8334 

43 1269 2540 3801 5051 6335 

59 1296 2541 3867 5060 6363 7443 

63 1238 2563 3890 5069 6384 7454 

88 1302 2579 3899 5098 6385 

353 1314 2582 3004 5U6 6400 

184 1327 2602 3910 5113 6401 

204 1354 2809 3937 5127 8414 7532 

208 1388 2617 3940 5141 6425 7552 

218 1402 2819 3949 5157 6433 7554 

219 1415 2632 3958 5168 6435 7361 

2=3 1423 2672 3957 5175 6450 7597 

281 1424 2676 3960 5185 8464 76U 

283 1425 2680 397B 5211 6495 7813 

287 1451 2700 4004 3230 6499 7615 







11126 12086 13273 14803 3 
11130 12053 13381 14519 1' 
11139 12067 13298 
13072 13306 


10151 11154 

8811 10157 11164 12076 13308 
8840 10163 11166 12077 
8850 10163 11184 
8878 10184 11202 

8920 10171 11209 

8923 101BQ 11232 12157 
8936 10196 11239 12160 
10200 11249 


312 14 

3 TUI 4005 5236 6313 7618 

339 1540 2750 4074 
343 1544 2759 4079 
358 1545 2773 4081 

438 1609 2793 4128 

441 1618 
443 1621 
497 1630 
528 3631 
531 1032 
541 1636 

567 1663 2926 
582 1877 2947 

568 1661 2953 

590 1893 2976 
601 1715 2081 

648 1731 2087 

649 1750 3008 

650 1757 3012 4344 

636 1771 3014 
686 1799 30=9 
flOG 1812 3051 
700 16=0 3052 
710 1B38 3079 
713 1840 3111 
721 1859 3112 4465 
743 1876 3117 
753 1878 3124 
756 1387 3127 

753 1894 3147 

610 1925 3334 4523 

875 2027 

974 2146 3517 4697 
977 =153 3524 4701 


















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12173 13396 14614 

11253 12173 13*14 14629 


is m h 

34544 16074 17541 
14547 16090 
14577 18099 
14581 16117 
14996 16128 




sss m? 

ilH & 35 

33 S3 

102*4 11330 12299 

10276 11333 12300 

10277 11336 13311 

14647 16181 
14683 16380 
M«8 16305 

14886 16S39 
14701 16349 
14706 18370 
14732 16374 
14744 18376 
14748 18391 

10288 11338 12331 13042 14747 164» 

- - 13689 14748 16459 17759 19043 

17m MMB 

17811 19049 

30387 11363 -12442 18783 14814 16519 
10368 11378 12443 
10377 11389 12481 

9 17881 _ 

19199 16591 17873 19109 

15214 18601 17876 19108 

10383 114X9 12512 13770 15230 18636 17908 19111 

10364 U427 12516 13778 13233 10641 17BU 19131 

. ___ 17920 19144 

10406 11440 12524 13792 15202 16658 17337 10 147 

10414 11430 12334 13820 13271 16670 17955 19148 

10420 11474 1=542 13362 15282 16686 17887 19149 

104=9 11482 12554 13870 1S288 18897 17991 19168 

10430 11484 12572 13878 1S339 10700 17998 19170 

1043.1 11489 12576 13879 15341 18718 18011 19172 

10438 11492 12577 13891 15358 18728 18018 19199 

10471 11502 12580 13890 15387 18733 18030 19251 

10496 11503 1=580 13900 15372 10742 18048 19337 

10501 11508 1=609 13927 15398 10759 18050 19238 

10312 11519 12517 13934 15404 10771 18074 19259 


11530 1=624 13933 13409 10782 18078 19281 

105=4 11531 12827 13960 15420 16799 18094 1 927 1 

105=5 11532 12831 13980 15452 16812 18103 19273 

10543 11557 12637 13039 15434 16810 18112 19317 

10550 11564 12600 13993 15480 16829 18113 19318 

10578 11588 12630 3.3893 15409 16843 18119 19335 

10581 11003 12703 14014 15473 16845 18132 19387 

10593 11606 12708 14017 15478 16848 18135 19390 

105&6 3I0U 12710 14028 13307 10831 18159 19399 

10602 11017 12713 14031 15517 16881 18103 19416 

10017 11024 12730 14044 15321 16888 1B168 19400 

10022 11028 12778 14055 10528 10908 18102 19511 

1OK0 11058 12785 140« 15540 10937 18130 18522 

10627 11007 1Z799 14W« 15381 J0M7 18193 19527 

9588 10845 11GU0 12806 14099 15583 1895* 28199 13531 

10670 11887 12810 14111 15988 16888 18213 19538 

}Ofl89 11690 12821 14122 15599 16967 18215 16543 

inOOT 11703 128=3 14135 10017 17012 18210 19545 

10702 11730 12835 14152 15622 17035 18228 19593 

10708 11787 12858 14108 13020 17043 18233 19090 

10715 H741 12893 14171 13631 17053 16242 19605 

8057 10716 1175* " 

10723 11708 


1076= 11781 12911 1*187 

14174 18680 17000 18280 19614 

38 8 

17001 18209 19633 
17067 18297 19637 

10704 11789 12937 14190 15683 17078 18843 19039 

1 07 73 11800 12940 14196 15718 17076 1 8344 196*1 

10774 11807 12957 14204 15721 17113 18330 396*9 

10800 11810 12960 14239 15724 17129 18351 " 

10002 11812 12903. 1*241 157S1 17139 18360 

10817 11819 12976 142*7 15753 17175 18388 19578 
_ _ 14233 ‘ 

9917 10865 11895 13073 14287 
9942 10901 11906 13074 14813 

1058 2271 5361 4709 0093 7190 8533 

106= 2278 3594 *774 6099 7201 8S48 

1000 2304 3000 4800 0121 7233 8577 

1080 2311 3012 4825 6133 7227 8580 

1083 Z332 3613 4B34 6130 7=28 8586 

1084 2340 30=9 4842 6101 7=29 8591 

1124 2333 3650 4837 6158 7=40 859= 

11=5 2358 3660 4874 8172 7252 8815 

1134 2371 3086 4901 6189 7239 8017 

1152 2390 3703 4911 8190 7281 8623 10010 10939 11951 

15788 17180 18386 19079 

10856 11840 13031 14264 15771 17184 18425 19638 

10857 11884 130*1 1*377 10788 17188 18435 13705 

10074 11086 13053 14278 15003 17242 18437 19712 

9901 10881 110 88 13057 14281 15809 17205 18443 13761 

7 17300 18444 19789 
‘ 17310 18458 19800 

994* 10003 11908 13078 14843 10830 17318 18476 16811 

90*8 10914 lim 13086 143*0 
9957 10930 11921 13104 14350 

15867 17317 10483 19821 
13880 17347 18*96 19831 

9975 10823 11923 13108 1*362 15805 17353 1SHJ7 19830 

9981 10932 11944 13126 14375 15903 17330 1R528 138B3 

13139 14378 15923 17365 18530 19866 

1170 =400 3713 4914 0191 7307 80=0 10017 11010 11304 13104 14381 15927 17374 18550 13875 

1170 2408 37=7 4920 0234 7325 8650 10027 11045 11357 13171 14420 15938 17394 18561 19878 

1179 2420 3750 4909 0230 7328 008= 10049 11056 11988 13180 144=7 13330 17*04 18073 13890 

1180 2*27 3759 4964 8241 7336 8691 10054 11005 11997 13194 14430 1593S 17423 18574 1 95*00 

1195 2435 3783 4986 6243 7340 8696 10061 110C8 12005 13321 14436 15988 17430 18586 199=3 

1202 2450 3777 4588 B2S3 7358 8725 10092 110.0 12012 13225 14449 15087 17431 18398 13224 

3=13 =454 3788 4990 8250 7383 8731 10094 1107B 12014 13235 14481 15988 17445 28803 19970 

1228 2499 3791 5004 6270 7398 8749 10090 110M 1=026 13267 14469 15993 17471 18629 19D81 

1=31 2504 3808 5025 6275 7402 877S 10104 U1D* 12033 13289 14500 15B95 17473 18837 19988 

On July 3, 1973, the Debenture d^rguaied abow* will become, due and payable in such coin or cur- 
rency of the United States of America as at the time of payment shall lie legal lender for the pay- 
tnent of public and private debts. Said Debentures will be paid, upon presentation and surrender 
ihrreof with all coupons appertaining thereto maturing after the redemption dale, at the option of the 
holder either (a) at the corporate trust office of Morgan Guaranty Trust Company of New York, 
15 Broad. Street, New York, New York 10015, or fb) at the main office? of Morgan Guaranty 
Trust Company of. Next- York in Brussels, Frankiun am Main. London and Paris, Banca Nazionale 
del Lavoro in Milan and Rome, Swiss Bonk Corporation in Basle, Geneva and Zurich, Bank Mees & 
Hope MV in Amsterdam, Crrdit Lyonnais in Parii. Society Gcnerale de Banqtte S.A. in Brussels and 
Banque Gen end c 'du Luxembourg SJL in Luxembourg. Payments at the offices referred to in 1 1,1 
above will be made by check drawn on 2 dollar account, or by transfer to a dollar account main rained 
by the payee, with u New York City bank. 

'Coupons due July J. 1978 should he detached and collected in the usual manner. 

On and after July 1, 1978, interest shall cease to accrue on the Debentures herein designated for 

of xrw York, Trustee 

Dated: .May 25, 1973 


The following Debentures previously called Tor redemption have not as yet been presented for 

„„ ng'-T 3603 38B3 *91S 8823 3730 97*4 .10608 11072 S4377 IT434 17483 

M ”l306 3001 3B80 *910 6946 3597 97=4 97*8 11009 13554 17032 ST477 17488 

Howe calls for fairer system 
of income tax allowances 

; control will be allowed to lapse 
■ in July. 

! Despite sustained Opposition 
[pressure for a definitive state- 
: ment on tbe Government’s inten- 
tions. he skilfully avoided any 
commitment and left the Chan- 
cellor’s ontions open. 

“The Government has not yet 
made a decision on this matter." 
said Mr. Barnett. 

Mr. Rees contended that the, . 

business community was entitled j SIR GEOFFREY HOWE, Con- The rules and practices of tax Government 
to know the Government's' servative Shadow Chancellor, authorities in dealing with mar- coinage, 

intentions. He claimed that [yesterday suggested that a nyre ried women were increasingly Inflation under the Labour 

dividend control had heen | equitable income tax system widely, and rightly, resented. Government had amounted to 

largely a cosmetic and political [might be achieved by providing If the individual allowance “an assault on the morality of [ 


is clipping our 

exercise to humonr Mr. .Tack 
Jones and Mr. Hugh Scanlon, 
and suggested that 'it was no 
longer needed even for this 


Opposition demands for a 
higher upper limit for mortgage 

interest, relief — at“ 4 present! same basis. 

ieverv taxpayer with the same were set :t the right figure the the nation. 

tax allowance. change would secure a signlfi- She accused the Government jrowm„. the benefits or North Sea 

Such a move could he the hest cantl >' Iar 8 er combined tax of failure equally to safeguard 

solution to comohSnts of allowance for the couple where other traditional values. The 

5522 women 9 h!Kplr partner did not go to work “dreadful decline in standards 

treaSnenL Geoffrev told the but regained at home to care and increase in crime ” could 

Sns?reative WomS's con for the nnt h “ ehrm,t 

ference ii London “ would end P resent « n “ 

rerence in London. fairness which enabled some 

Every taxpayer, man or married couples to enjoy allow'- 

woman, would be placed on the ances two-and-a-half times as 

not be shrugged off as a sign of 
the times 

People w ished to be protected 

£25.000 — were rejected by Mv. 
Robert Sheldon. Financial Secre- 
tary to the Treasury. 

He assured the committee that, 
in accordance with undertakings! 
given in 1074 when tbe £25.000' 
limit was introduced. Ministers 

large as those available to a 

against violence, theft and deserve to b e 24.9 per cent be“- 
intimidation. But Labour [hind and it is the task of the 

promised wielfare w r hile ignoring 

Old people in the big towns 
"go in fear and trembling as 

In the case of married couples. S i ne ] e person, 
each partner's allowance would The changp would also miti 

be set first against their own pale the o justice of lumping to «. 

income and any excess, subject pe ther the whole of a married never before.*' Thousands no 
jo rertain safeguards, could then. co np ie’s income for investment longer felt safe from assault 
be transferred between partners, income surcharge. • and robbery. 

Sir Geoffrey said that a Con- Mrs. Margaret Thatcher. Con- Yet when tbe Conservatives 

had considered the possibility ! servative working party was servative Party leader, told tbe responded to these fears they 
of an upward revision. But the - .... - .... - - 

movement in house prices over 
the last four years did not justify 
the introduction of a higher limit 
at the present time. 

Mr. Sheldon recalled that when 
the £25.000 limit was established 
for mortgage interest relief, the 
Chancellor made it clear that he 
regarded it as a high figure 
which should be expected to 
stand for some time. 

Mr. Nigel Law-son, a Conserva- 
tive spokesman on Treasury 
affairs, argued that the move- 
ment jn house prices and in the 
Retati Price Index since 1974 
required that the £25.000 limit 
should he increased as a matter 
of equity. 

A fl«mre of £-*0.000 wa« advo- 
cated bv Mr. Nicholas Ridley <C. 
rirpneoster and Tpwkpsburv) 
and nthPr Opposition MPs. Mr. 

Peter Brooke (C. City of Lon- 
don and Westminster S) sug- 
gested that a higher unner limit 
for mnrtaage interest relief 
would help to overcome the 
growing problem in parts of 
rentral London caused hy the 
purchase of property* by 
foreigners, of whom fhp Arabs 
nrovided the most conspicuous 

There was considerable pres- 
sure for the introduction of 
regulations already nnerated in 
snmp other countries which 
would make it iin possible for 
foreimers to huv real estate or 
nropertv in London, hut he w-as 
not in favour of such a course. 

“T hone w e can maintain an open 
so«* s *»ty.“ he said. 

Mr. Brooke called on the Gov- 
ernment to recognise the need 
to encourage the provision of 
nrivate-sector housing to let in 
London, so that accommodation 
was more, easily available in the 
ranital for transient business- 

As a nrflte«t against the Gov- 
ornment** refusal to raise the 
‘T.inno limit. Tory MPs voted 
against the entire clause covern- 
tpg mortgage interest relief, but 

madp it clear that, if it were to 
he defeated, they would seek lo 
introduce s more appropriate 
liro't at reonrt stage. 

The clause was a"nroved bv 
17 votes to 14, Government 
majority 3. 

Limit on EEC 
powers urged 

investigating the issues and any conference that, on the' same were accused of exaggeruting. 
changes in party policy would arithmetic used by the Chan- ** Conservatives believe pro- 
follow its report cellar to announce an S.4 per tection of the citizen in his law- 

But he emphasised that a cent rate in 1974. inflation was ful and peaceful pursuits is the 
majority of Western nations had already back in double figures. Government's prime duty." 
now switched from a tax system On a three-monthly -basis, tbe Not enough priority had been 
based on the family unit to one annual rate was now 10.5 per given to strengthening the police 
based on the individual. cent, she declared. force and too much notice bad 

Pressure for the change had The increase in money supply been taken of those who blamed 
come almost entirely from foretold higher inflation in the rising crime on social factors, 
women taxpnyers. future. w Day by day this she said. 

Judd promises view on future 
of Britain’s diplomatic service 

THE WORK of the British diplo- service, including the recent 
malic service in helping business- report from the central policy 
men secure overseas orders was review staff — the Think Tank — 
defended by Air. Frank Judd,. would be announced before the 
Minister of State. Foreign Affairs, summer recess. 

in the Commons yesterdav. Mr. Gwylim Roberts (Lab _ 

Mr Cannock) said it was high time America and had found their pro- 

^ssjf^rjsnK} “ i3m a ° d ° f — 

SJLfte.i* 11 f0und tte support the hands of the “pin-striped 
given b> the service. brigade " and put into the hands 

The Minister assured MPs that of people who had some under- 
time Government's conclusions on standing of the problems of 
the future of the diplomatic industry and business. 

Handicapped title ‘should 
be abolished in schools’ 


LEGISLATION to abolish the Children who showed signs of 
title - handicapped " for children a disability while attending a 
unable to receive normal educa- normal school would be subject 
tlon was urged on the Govern- to a five-stayc diagnosis Under 
ment yesterday as the result of this, if the problem proved in- 
study lastin S nearly tractable, a widening range of 

Instead 8 " voun* neonle with he “! th - soc,al and Psychological THE RELUCTANCE of some 
dlnhllitiM should fu h? hmi? workers would be brought Into local authorities to build council 
JSS 1 - “V,K be d 5 s . ,g ; consultation on the case. bouses is being overcome by new 

educational needs." said Local aulhorlti es would be government monitoring of town 

strong committee nf inquire ttalul wlly empowered to require J ail spending on housing, Mr. 
headed b>°Tra! M ar ? f wiToS ^ ^^“^. H0USiDg Minister ' 

Mr. Judd said this country’s 
commercial work overseas had to 
be second to none if Britain was 
to survive. He had recently met 
some of the foreign service staff 
involved in this work in north 

mitment outstanding. 

When Mr. Bruce Grocott (Lab. 
Lichfield and Tain worth) pro- 
tested that Britain's overseas 
representation was more exten- 
sive and more expensive than for 
other countries of comparable 
size, Mr. Judd agreed that cost 
effectiveness was important. It 
was bis experience, in many parts 
of the world, that Britain had an 
unrivalled service. 

Councils urged 
to spend more 
on housing 

By David Churchill 

of Oxford Univpj-sir-’ a “multi-professional assess- said yesterday. 

Th’p reoorr whif*h rnmm ment.” and obliged io provide Details of the monitoring for 

ment Srcls informX' 00e ,f P arent * » requested. lhe "<« financial year arc bcin S 
sources ."formally £ «nt out Way m local author?. 

ties in a circular from the De- 

regretted as a missed oppor- 
tunity-proposed the new title still be educated separately. Lhe nartiripm nVVV^IrJ-' 

as nSH nf u muter i„ ,Kas MmmiHu hrmofl that tr,o„l->l Pa/JUlCTIl Or ine e,n\ 

as pan of a major change in the committee hoped that special i “mT 
official attitude towards children needs would be catered for as common* 

ill-fitted for standard teaching, far as was reasonable as part rj, e n p on fro r i n 6 ^u 1 

The present tendency was to of normal schooling. housing sys J er T — 1116 

Ini ^' rccuoo „ mo U „r a prS?cS -UTn 

etjilemic. SU and wlurate b them in that the re P° rt was largely a cou raged local authorities to 
speciar^chools e wfth* places* for m ?“ of 4° c ° sted idealism, which spend more on housing. 

A House of Lords committee p£Vn\ “ & .hf Government d.vd^ ‘in Tc t ," 1, “rif r, J in ‘ 

vi-arned yesterday that Govern- nation’s full-time pupils. could affort to remidy quickly 1 havobeln fnJS ^ r ’2? 0rtt,eS 

ment departments might be 'Vben account was taken of ® Kly ’ r n f e ?? !j?j ced face up to 

tempted to use Common Market maladjustment and other less piJt famard— aUhou^h^ fncli^e^'ro T i ey w ® re t n0 !i' 
powers ro by-pass Parliament. [Obvious disabilities, added the S_.. ^ nt . ne ?. lo respond to Govern- 

Britom had .raosferred some i S- '•“" £* °" "" 

. b “? SSL »•«"« <» «.«. particular 

exteni of the transfer should be 
d «flocd and the Community 
should keep within its powers, 
the committee urged. 

The committee argued that 
EEC treaty powers which sought 
*0 bring the laws of member 
countries into line should not 


be used to 
of lue. 

like 20 per cent. _. . 

It proposes, among 225 recom- . Th cse are improved provision enou S" on house building, 
mendailons, a network of * or s P* c * a l needs among children e ®nccia!]y in decaying inner city 
devices to Identify and provide “ dd f r ,5 ve: among youngsters ar ^. ; j s - 

- : tee that shipowners tended to go 

house building. fnr the cheapest crews. But the 

i ncrc is still concern lhat local i complexities nf lire aboard a 
authorities are not spending! modern supertanker qauld lead 

lo stress, negligence and dis- 
aster. whatever the experience of 

cover every aspect) of the 

.... . lhe crew. 

for special educational' needs aaed 10 , a nd over; and for . Tl,e system of housing in-! There were pressures from the 

from an early age. if necessary special training in catering for ves Unont programmes was I sheer size or the vessel* their 

keeping the parents in touch su f h ne e d * for the majority of ann °uocert a year ago in a Gov- j complexities and greater' speed 

a named person” in one se hool and college teachers. ornment Green Paper. The pro- than in the past. “One mone- 


[of toe various social services Special Educational ,?*? , at f n at:, . r W t a r r error can have a subs tan. 

throughout the child s education. Cmiuf 7212. SO; £5.65, authonty J ,al advmr ™ effect." the commit 

j * uuusiuj, expenouure. tee was iold. 


the Conservatives 
advocated a deter- 
mined campaign to expose the 
*' myths'* that Labour had a 
better Ministerial team and that 
ihe Governments record was 
belter than that of the Tones. 

The challenging lone of his 
speech was in marked contrast 
to the gloom that has settled 
over many leading Tories follow- 
ing publication this week of ihe 
National Opinion Poll giving 
Labour a 4.9 per cent lead . and 
rumours that Mr. Callaghan 
might be preparing to call a snap 
summer election. 

Many Tory MPs are noticeably 
nervous about the apparent up- 

to that of Mrs. 

[ment of mainstream Corporation endorsed by— Uie party’s annual national executive. Election in October. j in COIUnist 

tax so that, in a full year, the: conference. At yesterday's meeting an The big unions s poni . cortnin l Thatcher. 

I co * 1 be nI1 - ! Tbe new formula, which was amendment calling for auto- to give support. it has been luinietar-* 

i £? r - T MPs "el comed this con- ; devised bv Mr. Joe Ashton, the malic re-selection conferences, their opposition to the more 1 hi Knnie Ministe r s jjm last 
1 soJIdation of their victory on the , Left-wing MP for Bassetlaw. who put forward by Miss Joan radical approach demanded ! hy !*e<?K uiatj the ^^ories were a one 
I basic rate nf income tax. Inti ; is not on & lbe executive, provides Maynard. Left-wing MP for many constituency parties which ■ unbana mt name particularly 
‘showed their disappointment! for a UV o-stagc process. Sheffield. Brightslde, was voted has tipped the .scales, as w ' »nd Mrs. T^tcher is bemg 

i "hen Mr. Joel Barnett. Chief: A sitting MP would first face down by 15 to' four. A similar now likely lo do in tbe equally . u*Vd .by "Rmn 1 0 PJuA 
i Secretary to the Treasury, failed a special readoption meeting jf mai/rity then endorsed the important debate over possible ; shad^ ow Cabinet team much more 
i to give any encouragement to i his constituency general manage- Ashton compromise, which has changes in the method of election i into the spotlight. It is feared 
! t --! , .Lf xo 5.S r l tlon ?,. tbat . dividend; merit committee. Only if that the strong backing of the Par- of the party leader. j team ^oulS 

be particularly damaging during 

an election campaign. 

Mr. Walker, addressing Oxford 
University Conservative Associa- 
tion, has now advocated the 
aggressive tactics that many 
i backbenchers feel should have 
been adopted by the front bench 
months ago. His relationship 
with Mrs. Thatcher and the 
shadow Cahinet continues to be 
one of the more intriguing 
elements of current Westminster 

Mr. Walker said that as a result 
of increasing Government bor- 

oil. the advantage last year in 
Britain's terms of trade and the 
television performances of the 
Prime Minister, the Government 
had a lead of 4.9 per cent in the 
latest poll. 

“On Pieir performance, they 

Tory Party to see that in~these 
coming few weeks or months, 
that performance Is exposed to 
the electorate. 

“We must stop being half 
apologetic about the last Con- 
servative Government and point 
out that in virtually every sphere 
that Government performed far 
better than the present adminis- 

Mr. Walker argued that the 
Tory record was much better in 
education, in social services, in 
housing, and in the creation of 

“We strengthened our defences 
and Labour bave weakened them. 
We lowered taxation, while 
Labour has increased it. We bad 
the lowest rate of domestic Infla- 
tion in western Europe while 
Labour has achieved tbe highest 

Mr. Walkers criticised the per- 
formance of Ministers, particu- 
larly Mr. Denis Healey, Chan- 
cellor of the Exchequer, “whose 
every forecast and promise bas 
been dramatically broken” and 
Mr. Fred Mulley. Defence Sec- 
retary. "under whom the armed 
forces have been more depressed 
and more eager to quit than at 
any time in post-war Britain.” 

This was no team to continue 
to govern Britain. The task of 
the Tory party was to see that 
the electorate realised just how 
bad tbe Labour Government had 
been and the manner in which, 
collectively. Ministers bad dissi- 
pated all the benefits that Britain 
should be receiving from North 
Sea oiL 

Crews ‘face 
stress’ on 
oil tankers 

By Lynton McLain, Industrial Staff 

HUMAN ERROR Is the most 
common cause of nil tanker 
disasters, a House or Commons 
Select Committee was told yes- 
terday by a panel of witnesses 
from the London insurance 

The committee is inquiring 
into ways of preventing collisions 
and standings of noxious cargo 
carriers in the wake of the 
Amoco Cadiz 3nd Elcni V 

'■ In every case, there is an 
element of human failure some- 
where In a stranding, fire or 
collision,” said Mr. Richard 
Rutherford, general manager of 
Lloyd's Underwriters' claims and 
recoveries office. 

" Much of the negligence of 
crews may come because of pres- 
sure put upon them. They do not 
have easy hours of work.” 

The witness told the conimit- 







'•‘alls •" 

Tile Financial Times 

'■W* ; *' 1 

■ . rl 

i * 

s Ml*" 

. . ». — • v v£:.W»n* .. 
•; •. ... . t- T.- ,■ ••• .. 

Sectary. ■ 

m T< 

»i . w * i Npw ^3 t^h 

Map by George Philip ami Son Ltd. © 1978. 

J •■■■gw wa Hiiivi ■■UUwllUl 

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Eurocurrency credits, bond issues, corporate and 
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Comprehensive insurance and reinsurance 
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} Delivers. 

Financial Times Thursday May' 25 1973 


Marked prospects in Hanover, Africa etc. 


who interviewed me for my first 
job 24 years ago naturally 
offered me a glimpse of rhe 
heady prospects available. "To 
my certain knowledge." he said 
"there is a man in this office 
earning £500 a year who is not 
yet 30 years old." 

Those who stayed in the 
business have, of course, since 
seen improvements in pay and 
condition^ — we still worked 
Three Saturday mornings a 
month in 1S54. But I would 
nonetheless suspect that there 
are one or wo insurance man- 
agers in rhe United Kingdom, 
if not in frhcr countries, who 
might consider a job being 
offered by London-based head- 
hunter Bill LarmaD. 

It is true that the post is in 
Hanover, West Germany, where 
I am told that living costs are 
about a third higher than in 
Britain. That, however, should 
not altogether pauperise the 
recruit, whose salary will 
amount to' roughly £50.000 a 
year: the ranee in Deutsch- 
marks being ISO .000 to 200,000. 

The opening is for someone 
who can bring up-to-date profes- 
sional management skills — 
evidenced by successful leader- 
ship of a substantial insurance 
operation — to the Board of 
Hanover Iron and Steel Insur- 

The Board, of no more than 
half a dozen, heads an organi- 

sation of some 1,600 souls con- 
cerned mainly with reinsurance 
for large industrial concerns. 
Although less important than 
demonstrable expertness in 
managing (as sharply, distinct 
from selling! Insurance, some 
experience in the reinsuring 
business would help. 

Candidates, expectedly aged 
around 40. will also need at 
least enough German to be 
raised to working competence 
by a crash course, which could 
be provided during the six to 
nine months “ settling-in ” 
before the new director 
■becomes fully operational. I 
gather that perks include a car. 

Outline qualifications in writ- 
ing to Bill at Lannan Associ- 
ates, Tavistock House North. 
Tavistock Square, London 
WCIH 9HX — telephone 01-388 

services internally In the 1.5m- 
population country, but also 
large-extensions to external ser- 
vices. With resources including 
Iron ore and rubber, Liberia is 
apparently attracting significant 
investment from Japanese and 
other foreign commercial in- 


TWO OTHER self-export 
opportunities for English-speak- 
ing managerial types are being 
offered through Birmingham- 
based David Upton, chairman of 
the FMR consultancy which 
■regularly ships 80 or more 
British executives a year to 
West Africa. 

On this occasion the 
employer is the Government- 
owned Liberia Telecommunica- 
tions Corporation currently 
planning, not only improved 

The jobs, both responsible to 
managing director Sam Butler, 
who is an American, are for a 
financial controller, and a com- 
mercial manager. 

The controller will be 
accountable for all LTC's finan- 
cial operations from invoicing 
and payroll, through budgeting, 
to international settlements and 
financial confabulations with 
the owning Government. 

Candidates should be appro- 
priately qualified at degree- 
level. and a Master of Business 
Administration would certainly 
not be looked at askance. 
Experience in public corpora- 
tions is wanted, and familiarity 
with telecommunications would 

The commercial manager will 
need to be strong in marketing 
and sales, but will also be con- 
cerned with developing office 
procedures for collection of 
accounts, resolving customers' 
complaints, reviewing perform- 
ance of operators and like staff, 
purchasing, and repairs. A 
similar level of formal qualifica- 
tion is desired, but success in 
comparable area of telecom- 

munications work is the main 

Both jobs also . carry an 
important responsibility for the 
training of Liberian staff, and 
that means being willing and 
able to get down and do detailed 
work oneself occasionally so as 
to show the trainees how. Most 
likely age range in either case 
is 40-50. Experience in a 
developing country preferable 
but not essential. 

Appointments for two years 
or longer offer salaries nego- 
tiable around $30,000 (about 
£16,550) plus family accommo- 
dation. car, help with schnnl 
fees and so on. Food costs are 
towards double those io UK, 
says David Upton, and Liberia 
still allows savings to be 
brought out 

Written applications to him 
at FMR. Regency House, 107, 
Hagley Road. Edgbaston. Bir- 
mingham B16 8LA — telephone 
021-454 369L 


SOMEONE WITH a shrewd 
understanding of the complexi- 
ties of taxation and the ability 
to write about them clearly is 
wanted by John Wilson, manag- 
ing director of Tolley Publish- 

A subsidiary of Benn 
Brothers, Tolley has about a 
dozen tax publications which it 
renews as and when laws and 
customs require, and has lately 

entered the higher-frequency 
periodical business with a fort- 
nightly review and digest for 
company secretaries. 

The recruit will be based in 
Croydon and be responsible to 
Eric Harvey, the editorial direc- 
tor, for helping to produce the 
existing range of products and 
to develop new ones. 

The mix and level of work 
will depend on the successful 
candidate's experience, about 
which Mr. Wilson has a remark- 
ably open mind. He requires 
candidates to be chartered 
(like himself) or certified 
accountants or members of the 
Institute of Taxation. Their ex- 
perience in tax work, however, 
could be as little as two years 
or as much as maybe. 

This vagueness does not help 
me to estimate the salary — 
which is not disclosed — but I 
would conjecture that the 
minimum would need to be 
about £7.000 and the maximum 
a bit into five figures. 

Written applications only to 
John Wilson at Benn Brothers, 
25, New Street Square, London 
EC4A 3JA. 


NOW FOR this week’s 
"anonymous-employer" offer* 
inss. bearing in mind that Philip 
Egerton, the head-hunter 
handling the jobs, |maraotees 
to honour any applicant’s re- 
quest not to be made known to 

the employing company until 
specific permission has been 
given. He would prefer 
interested people to telephone 
01-734 7282, although Philip 
Egerton and Associates' address 
is 35, Piccadilly, London W1V 

A Europewide group with 
£34m turnover wants a manag- 
ing director to extend its busi- 
ness — specialised services based 
on rigorously trained people — 
in Ireland. The newcomer will 
probably work from Dublin, 
reporting to the UK chairman. 

Candidates must have 
achieved profits in a labour- 
intensive service operation, for 
example in setting up regional 
sales network or widespread 
repairs organisation. Likely age 
35-50. Salary about £10,000 plus 
car and fringes. 

The second Egerton offer is 
another job in West Africa, 
probably Nigeria, for a 38- to 45- 
year-old with civil engineering 
qualifications and experience, as 
a senior director of the African 
branch of international en- 
gineering consultancy. 

Demonstrably keen commer- 
cial judgment is needed, as is 
experience of work such as 
major road construction, air- 
ports. colossal buildings, water- 
supply and sewerage, harbours 
and docks. Salary around 
£35,000, plus accommodation 
and other expatriate perks. 

No Jobs Column on Tuesday 
because of the bank holiday. 




c. £12,000 

One of the largest firms of stockbrokers in the 
City of London seeks a young Corporate fin- 
ance Executive to join its substantial Corporate 
Finance Department, working closely with its 
senior partners. Remuneration package, inclu- 
ding bonus participation, is negotiable around 
£1 2,000 a year. 

Candidates, probably aged 25-50. should have 
a professional qualification in accountancy or 
law or the equivalent; and preference will be 
given to relevant corporate finance experience 
in stockbroking, merchant banking or a pro- 
fessional firm. Prospects are excellent lor a 
person with, numeracy, application and 

For a fuller job description, write to 
W.T. Agar. John Courtis & Partners Ltd., 
Selection Consultants. 7S Wfemore Street, 
London W1H 9DQ, (telephone 01-4S6-7442), 
demonstrating your relevance briefly but ex- 
plicitly and quoting reference 2039/FT. This 
is an equal opportunity appointment. Replies 
will be treated in strict confidence. 


35 IVew Broad Street, London EC2IV1 1IMH 

5QS 3538 or .01-588 3576 

Telex lMo. S87374 


CITY c. £7,000 


Our Client is currently consolidating their fund management activities by bringing the currency and fixed interest portfolio of 
their institutional and private clients under the control of a small group of individuals. This is a unique opportunity for a 
resourceful person who can complement this group. Responsibilities would cover accounting and monitoring portfolio perfor- 

mance including the movements between currencies in the multi-currency accounts. The successful applicant will probably hive 
a re'evant professional qualification, augmented by practical experience of investment accounting, preferably with experience of 

a re'evant professional qualification, augmented by practical experience of investment accounting, preferably with experience of 
' the Eurocurrency and Eurobond markets and cash management. He/she will be working closely with'Senior Management and 
be involved in all aspects of fund management and client consultation. In addition to che opportunity of promotion in the 
medium term, there are excellent fringe benefits including non-contributory pension, free Family private' health scheme, free 
'life assurance and a subsidised house mortgage facility. Applications in strict confidence, which should be accompanied by a 
Curriculum Vitae, under reference IA10289/FT will be forwarded unopened to our Client, unless you list companies to which 
they should not be sent in a covering letter -marked for the attention of the Security Manager: 





Hoare Govett Ltd. have a vacancy in their Far 
Eastern Department for an experienced analyst 
to work in conjunction with the Company’s 
Research Department in Hong Kong. He or she 
should ideally have had previous experience in 
the analysis of Far Eastern securities. • 

The successful applicant, although based in 
London, will be required to visit the Far East at 
regular intervals. 

Remuneration by negotiation. 

Applications, which will be treated in strict 
confidence, should be addressed to:— r 

The Secretariat, 
Atlas House 
1 King Street 
London EC2V SDU 

Managing Director 

Carton and Box-making 

Our client. locntM In E. Anclia. hns been Established for 
over T.-i veai >• A unique company. providing on essential 
local service, is housed in a modem well-equipped factory. 

tilth a staff of KXi and turnover £1 million c.the board 
sovk a sueevs<orfnr the retiring incumbent, 
lie she trill have ji strong technical background in the 
industry: considerable experience or qualifications in the and account inti functions; managed a similar 
sized unit and lx* familiar nirh current Iwrislaiion. 

If you believe you are. capable of manasrinc and develop- 
ing the company through a challenging period, and aged 
cirica 40. 45. please contact us for full details 'Ref 440). 


U.K. subsidiary of a substantial European group In the capital 
goods industry require a Chief Accountant/Deputy Financial 
Controller. Formal qualification and familiarity with E.D.P. is 

Candidate should have commercial and industrial experience. 
Location is Ascot/ Bracknell area. Preferred age 35-50. Long 
term prospects for suitable candidate are excellent. Remuneration 
is commensurable with the appointment. 

Please apply quoting reference PNH: to 


The Brackens, London Road, Ascot, Berks. 

S/5 Gilt spar Street, London EClP 9DE. 
Telephone: 01-235 


COMPANY The Subsidiary of a )arj?e Interna 


The U.K. Subsidiary of a Internationa) 
Group with diverse activities in many 

Age 25-45 

£15,000 p.a. 


In a pleasant part of fbc East Midlands 
with easy access to the Motorway. 

APPLICANTS Should he qualified accountants with 
v * experience of controlling a busy Accounts 
Department and with the nhility in provide a service ».o other 
members of the Management Team. Experience in boih 
a manufacturing and distributive environment would be an 

ttFXFFITS Attractive salary, bonus scheme. excellent 

OuAtri* Mmnsnv nun.cinn srhrmf. pivot 

company pension scheme, ossislance given 
with relocation expenses. 

-pfran* jjon 
Set A SMC 

, ,, IT k , n curriculum Vitae. in wgSdcnce to ibj Flnaaelai Director 
«• Cannon S' 7 "* EC4P ffiY 

Medium size stockbroking firm with expanding 
institutional business requires investment analyst 
to specialise in property and building construction 
companies. Accountancy experience important 
but formal qualification not essential. Successful 
candidate will be required to show abilities as 
interviewer of company key financial personnel. 
Subsequent reports will" be the basis of investment 
recommendations. Remuneration is negotiable. 
Write Box A.6365. Financial Times, 10, Cannon 
Street, EC4P 4BY. 


Holland Chemical 
International, ltd. 

is a privately owned International trading company involved in the 
distribution, storage, shipping and trading of industrial chemicals, 
based in Bermuda with offices in Colombia, Ecuador, Venezuela. 
Brasil, Chile, Guatemala, El Salvador, Mexico, the Dominican 
Republic, the United States, Spain and Holland. 

Due to extremely rapid growth, we are looking for Assistant Con- 
trollers to be located in Caracas and Bermuda. 

The first position will involve regular review of existing financial 
systems in our subsidiary companies in South America to ensure a 
high quality of financial reporting. This will obviously entail develo- 
ping systems to meet the demands of rapid growth. The Assistant 
Controller will also be responsible for review of the annual budget 
and annual accounts for his area. This position will naturally invol- 
ve considerable travel. 

The other position will involve establishing a regular monthly re- 
view of all subsidiary company reporting and the development of 
analytical techniques to provide an early warning system io senior 

The persons we are looking for will preferably have a University 
degree and/or a recognised accounting qualification, and be be- 
tween 30440 years of age. In the case of the first position, can- 
didates will be expected to have worked for a number of years in 
audit or internal audit and wHl now be responsible for general 
company accounting. !n the case of the other position, candidates 
will be expected to have sound» management accounting and 
financial analysis experience. 



The Company offers a basic salary, tailored to local conditions 
which will ensure an excellent standard of living, a company car or 
car allowance and one month’s paid home leave annually. In 
addition, the Company operates a bonus system linked to profits 
and performance with the possibility of equity participation after 
some years. 

It must be emphasised that these positions are not for short term 

The company will pay full relocation expenses and any costs 
necessary for Spanish tuition. 

Handwritten letters of application in English, Spanish or Dutchun- 
der number 1309, to P.O. Box 1526, 3000 BM Rotterdam, Hol- 

Psycbologisch. Adviesbureau Deen b.v. 

Westersingel33, 3014 GS Rotterdam, Tel. 


Holland Chemical 
International, ltd. 

Is an international trading group involved in the distribution, stora- 
ge, shipping and trading of industrial chemicals based in Bermuda, 
with operating companies in Colombia, Ecuador, Venezuela. Bra- 
sil, Chile, Guatemala, San Salvador, Mexico, the Dominican Re- 
public, the United States, Spain and the Netherlands. 

The Group has an opening for a young lawyer (25-30) who has an 
interest in corporate and tax laws. After an initial period of training 
at one or more of the South American based offices, he will be 
stationed in Bermuda, from where he will travel extensively to the 
operating companies dealing with their day to day legal develop- 
ments and problems. 

young lawyer 

A basic salary will be paid locally which will ensure an excellent 
standard of living and one month’s paid home leave annually. In 
addition the Group operates a bonus system linked to profit and 
performance with the possibility of equity participation after some 
years. The Company will pay full re-location expenses and any 
costs necessary for Spanish tuition. 

Handwritten tetters of application with a curriculum vitae, under 
number 1310 to P.O. Box 1526, 3000 BM Rotterdam, Holland? 

Psychologisch Adviesbureau Been b v 

Westersingel 33, 3014 GS Rotterdam, Tel. 01 0.31.1 0.36271 1 ! 

Successful one man consultancy seeks similar person to jointly 
expand growing City Blue-chip and general business. 

Write Box A.6366. 

Financial Times. 10, Cannon Street, EC4P 4BY 

London Stockbraking Firm 
require* ASSISTANT f or 
expanding Money Department 

Experience preferable but not uusnt.i I 
cilery nfpjiUoIc. Good praip« a .' 
Hefwiei Co H S. Evini 


available to qualified indent! ind 
**pencnted accounting pononnel 
Coutert Altc Moor* on 01-628 269 1 

% * 

\ In-. 


Financial Times Thursday May 25 1973 


nv v 

l <h-Q 

Ct *: * * 

^'2* ; 

S • • , 

Corporate Finance 

Kfeinwort, Benson Limited require a young man or woman, aged 
approximately 25 years, to join its International Corporate Finance team. 

Applicants should be graduates and have either a further qualification 
or a financial background, although not necessarily in merchant banking. 

The capacity to work under pressure is essential. International experi- 
ence and a working knowledge of a European language would be an 

Please write giving full but concise details of age and career history to: 

M. L Darby, Assistant Staff Manager: 

Kleinwort Benson Limited, 20 Fenchurch Street London EC3P 3DB. 


— Merchant Bankers - 



We require an International Banker with outstanding credit and 
marketing experience gained over several years in a banking environment, 
to join our wholly owned subsidiary in Hong Kong. 

Applications are invited from bankers in their late twenties or early 
thirties with a strong Scandinavian background and fluent in English. 

Candidates must have an in depth knowledge of all aspects of inter- 
national lending including trade finance and syndications. 

The successful applicant will be given an initial training period in 
London and then take up the position in Hong Kong. Applicants should be 
prepared to commit themselves to three years in the Asia Pacific area and 
also be prepared to travel fairly frequently. 

Terms and conditions will be commensurate with the position and will 
include one trip back to Europe for the family each year. 

Please write wijh particulars of past experience, age, education and 
family circumstances, to Mr. J. C. Clark, Manager Personnel, Nordic Bank 
Limited, 41, Mincing Lane, London EC3R 7SP. 


Nordic Bank Ltd. 
London & Singapore 
Nordic Asia Ltd. 
Hong Kong 


Capital Funds 
, £31.8 million 
Total Assets 
£457.S million 

Shareholders of Nordic 

Copenhagen Handels- 
bank Copenhagen 
Den norske Creditbank 
• Oslo 



Svenska Handels- . 
banken Stockholm 

join a Renowned Publishing company 


London W.l- c. £8.500 

Long established and with a large range of non-fiction titles, our client hafi a 
current turnover of £2m. .... 

As part of the management team, tbs successful candidate wiD control tie 
fin ance f unction , and be responsible tor the further development of reportin g 

procedures and computer based systems. ' 

Ap plican ts phnnld be chartered accountants probably aged around 30. They 
should ideally have experience of a relevant service industry and demonstrate the 
ccawmtment to succeed in a cha ll en gi n g environment. 

Success in this position should lead to a Board appointment. 

For more detailed information and a personal history form please contact 
Nigel V. Smith. A.CJL or Peter Dawson. BJL quoting reference 2148. 

C u mi e r Oau mctriaittvtsion 
Pnni jlm: Llrnnhias Asodcto ltd. 

AcccruMaaty 6 Muanancn: 

410. SnmH Lcwkn WSCR CMS. Tel. 01-0368901 

in . w! vm see* 

3. C-Mlrv F-i.^hmnh EHJ r/ULlU-OJl-SSSTTH 


Charles Barker 

Confidential Reply Service 

otw.6 ttad ft* ra*p-:r iWafc aw j.’ tcatt’W "' lo uftew w shcvV ret 
irMsti *0-jt lean. KWc r-w niWKi 1 m.mbcrcri .'to eirjoiopo 
pus: jocwLi 


Merchant Banker 

A major International Banking Group is seeking a young Merchant 
Banker lor its Gulf based Merchant Bank. Applicants should be 
Chartered Accountants with at least two sears Merchant Banking 
exDerience preterably in medium term lending. They should be 
between 25-28 years and prepared to live and travel in the 

Middle East. 

Please reply with full C.V. to the Securrty Manager, quoting 
reference 1469. 

Managers for 

Commercial Wiide Business 

in Africa &The Middle East 

Successful selling in these two key- 
market areas depends on the quality of 
one's contacts and real business acumen. 
We are searching for two Regional 
Managers who are able to bring this 
expertise to our client, a newly formed 
international truck marketing opera- 
tion. An aggressive new marketing 
policy has been decided and the two 
new Regional Managers will be respon- 
sible for spearheading sales in their 
areas. Considerable expansion of busi- 
ness is called for by this major British 
company, therefore these two key 
positions represent exceptional 
challenges. In addition, the pros- 
pects of moving into a General 
Management role are very real. 

We would like to discuss these 

important new positions with candidates 
(either male or female) who have an 
outstanding record of achievement in 
one of the two areas. It need not be in 
truck sales. We will also be looking for 
resilience of character (to cope with a 
fair degree of international travel), drive 
and the presence to represent our client 
at a senior IeveL tte will also be interested 
m assessing your long term development 

The jobs will be based in central 
London and the remuneration package 
will be attractive. To apply, either 
telephone for an Application 
Form or send a C-v. to the address 
below. Please quote ref. RSM. At 
this stage all approaches nil] be 
treated in the strictest confidence. 

Cambridge Recruitment Consultants 

9 Brunswick Walk. Cambridge CBS 8DH. Telephone: Cambridge (0223) 311316. 


Our client is a merchant bank recently formed by a consortium of promi- 
. nent international banking names. To assist in the development of 
' Eurocurrency Credit Business the bank seeks to recruit an executive, 
probably aged in his/her 30s, with experience in international corporate 
finance, particularly syndication of Eurocurrency loans and Eurobond 
underwriting. This is an attractive opportunity for career development 
within a new organisation with very sound backing. 

CONTACT: Roy Webb 


A City firm, actively trading in the Sterling Money Markets, wishes to 
recruit a dynamic and accomplished Sterling Dealer. Candidates should 
have significant experience in Bills of Exchange, C.D.s, and inter-bank 
deposits, and be well-connected both in the City and amongst com- 
mercial depositors^ Attractive remuneration is negotiable for a candidate 
whose capabilities match the demands of this appointment. 

# CONTACT: Mike Pope 


The following money broking vacancies are among the many we can 
currently offer in this field 

1 . Experienced Local Authority Brokers or Dealers. 

2. Trainee B roker with fluent French, for prominent firm — c. £4,000 

3. Foreign Exchange Deposit Broker with many years experience, for 

leading firm ' - £10,000 

4. Experienced Sterling Broker, of Channel Islands birth, for prominent 
Money Brokers in Guernsey. 

CONTACT: Mike Pope 


Our client, a major New York based bank, is looking for an experienced 
man or woman to complete a professional team specialising in Eurocurrency 
lending to its Southern European customers. - 

This new appointment is based in London and offers participation in 
all aspects of the team's activities.These include relationship development, 
liaison with the Bank's Head Office and extensive European network.and 
involvement in Eurocurrency loan syndications. Subsequent re-assignment, 
within two years to New 'fork or. one of the Bank's continental offices is a 
distinct possibility. 

< The successful candidate, aged 25-30, will have approximately three 
years' relevant experience in Eurocurrency banking, credit analysis and loan 
documentation. Fluency in at least one continental .language is essential. 

An attractive base salary will be supported by the usual fringe benefits 
normally associated with a first-class multi-national bank. 

Please write in strictest confidence enclosing a foil curriculum vrtae, 
including present income, to:l.G.W. Cluett, at the address below, quoting ref. . 
EB/251/FT, listing any companies to which your application should hot be 
forwarded.AI! replies will beanswered. 

Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7. 

mi&i m 



SouthEast England 
c £25,000+Executive Car 

An mtemal promotion creates a vacanq/for a 
Senior Executive with a progressive back- 
ground and an in-depth knowledge in all as- 

E cts of non-food retailing — textiles, 
rdware and the range of merchandfeewhich 
complements a full grocery invcnloiy-in 
today's competitive" retail market 
The Company's enviable growth and profit 
record and dynamic presence in the U.K. 
requiresthat the successful candidate, male or 
female, will have immediate credibility with 
the non-foods management both internally 
and outside the organisation. 

Applicants will have the necessary specialised 
experience . prqbahlv gained with a major re- 
tailer. of directing a team of professionals in 
the buying, pricing, merchandisirtgand selling 
of substantial quantities of adverse range. 
He/ she will be familiar with computer tech- 
niques of stock control and assortment, and 
have personal financial acumen and initiative 
to contribute positively to the Boards 

necessary policy decisions to continue the 
Company's successful progress into the ’80s. 
Salary negotiable, but executives earning less 
than say £18.000 at present arc unlikely to suc- 
ceed in this instance. Appropriate hinge 
benefits, superannuation and life assurance, 
etc. Relocation expenses naturally, if 

If you feel you have the outstanding qualifies 
this appointment will require, write briefly 
and in confidence - please do not telephone - 
and 1 will arrange to talk about it in more 
detail with the minimum delay. 




reicr.jft: irejec:;-;* LL-r.’isa. 

4? . c c.':hu3 Vwk? Micl'-jras E2I 2FI 

IfepteM! K33Q6 2S9c: C£KW 2S3L 


A leading firm of Stockbrokers, \vilh highly success- 
ful Institutional and Private Clients Depart men is, 
invite applications for the following positions: 

Institutional Department 

Equities- c. £12,000 

Experienced in senicing majur institutions, 
backed by firsl class researcl ileam. 

Gilt Edge c. £16,000 

Experienced in all aspects one! able to conlribute 
lo the investment pofiry. Sophisticated computer 
back-up facilities. 

Private Clients Department 
Senior Executive c. £12,000 

Experienced in Fund Management on world- 
wide basis and ohle lo make n positive contribution 
to the department's dev elopment. 

Far East Sector 
Specialists c. £7500 

To help co-ordinate research and advice lo in- 
house funds. 

In addition to Ihe salaries indicated, an extensive 
range of benefits apply including attractive non- 
contributory pension scheme. 

Please write with details of career lo dale and stale 
any firms lo whom your Jeller should not be 
forwarded, to: 

J. D, Vine, Accounl Director (Ref: CRS'SOl, 
Lockvec Bradshaw & Wilson Limited. 

North A Vest House. 

119/127 Mary lebone Road. London NUT 5 PI 7 . 


, Chief 


c. £10,000 

St. Martins . Property Corporation 
Limited is a major international 
property company managing a port- 
folio in excess of £200 million. The 
Corporation is reorganising and 
strengthening the accounting pro- 
cedures and requires a chief account- 
ant to head up this function. 

He/she will assume responsibility for all ' 
accounting, taxation and related matters, 
including the development of improved 
controls, and management reporting 
systems, and will advise orvl toe formulation 
of company objectives. 

Applicants, ideally aged 30 to 35, must be 
chartered" accountants ' with - Significant 
posFqualifying'experience in a commercial 
environment. Ideally they will have ex- 
perience within a property orientated 
organisation with well developed financial 
control and management reporting 

Write in .confidence, quoting reference 
29B4,'L.toM.D. O'Mahony, 

□ Peat, Marwick, Mitchell & Co. - 
Executive Selection Division, .- 
165 Queen Victoria Street, 

. Blackl riars, London, EC-W 3PD. 

Funds Controller 

British Airways require* a qualified Accountant to provide 
close support (•’ the Funds Coni roller concerned with 
Foreign Exchange and UK Funds, Cash Services and Fay 
Office activities. 

Based ai Heathrow Airport, he or she will cany cut various 
ad hoc studies io devise, develop and initiate improvements 
in techniques, data capture, internal controls, management 
reporting and cash management. The iub calls for an 
ability to rationalise conflicting information and principles 
in order to compile succinct and objective rep, ins and ■ 

Applicants should be graduates and hold membership of a 
recognised Accounting body. You should also have suitable 
experience in or knowledge of Banking, Funds Control 
and. or Foreign Exchange. 

British Airway offers an initial remuneration of £6oSo per 
annum, plus a holiday pay supplement. Earnings incorporate 
a productivity supplement paid subject to achievement. In 
addition we offer excellent airline benefits which include an 
index-linked contributory pension scheme, and favourable 
holiday air travel opportunities. 

For an application form please ‘phone 01-S97 ^0/3247 
(between pant and 4pmj or write to: 

Head of Recruitment and Selection British Airways 
(Ref 633/FT/PW) P.O. Box 10, Heathrow Airport- 
London, Hounslow., Middlesex TW6 aJA. 

British - 

Research Assistant/ 

American investment bank in the City, with 
wide international activities requires a research 
assistant /librarian. Responsibilities ' include 
the preparation of a wide variety of information 
on TJX and Continental companies, and super-, 
vision of the library and filing system. 
Familiarity with U S. companies, knowledge of 
'at least one foreign language, and previous' 
experience in banking desirable. Salary 

Telephone K. S. Naughton at 600 0951. 

Major Int^nationalBank 

Our Client is one of the major forces in international banking with a sub- 
stantial operation in the U.K. - ■ 

This newly-created post will extend the present personnel function into new 
areas with initial responsibility for the. training and career development of 
both junior and managerial staff. Wider responsibilities will follow in due 


Candidates, preferably graduates and/or MIPM in their ea rly 30's, must have 
had responsible ■ personnel management experience, not necessarily in 
banking. Additionally, good experience of job evaluationand a broad know- 
ledge of industrial relations and employment legislation are regarded as 

Career prospects for the successful applicantare self-evident and the salary 

plus benefits will be most attractive. 

Contact Norman Philpot MIPM in confidence 
on 01-248 3812 



'hsngford, London, c £ 15,000 

l .RC InliVTuUrnnal Ltd. h,i$a turnover 
.ipl >n t.idiinu HuOM in tin.* home. Ix-alili 
. are and leisure markets and is looking 
•« u a financial accountant as Controller 
t yr i:s entire nuance function, with a view 
•o promotion to the Group Board within 
IS n» ml he. As a member of a small . 

■\i h uij\ e team he. she will report direct!', 
i » ihe.\ Imaging Director ancl have 
■'in ii. i !■ mal responsibility for accounting 
-iai f at lii vide |iuirter? and at'Group 
.omixvnos in the Dmtrd Kingdom. ■ 
Continental liuiope, Ni.irtli America and 

Tl )< • i.antiiii ileV career should include an 
anpi 'inimcnl or comparable seniority 
w ith substiintial experience of financial 
plannuieanrl control. (Wriicularlv 
inv • J\ mg cunei icy nunagenxintand 

foreign taxation. Tlie ability to quickly 
recognise and evaluate commercial 
opportunities is im[X)rta nt. Age is 
secondary- to an agile intellect and a flair 
tor optimising the use of Group resources 
within an international organisation. 
Short periods alaroad each year will be 
necessary and a knowledge of at least 
one .other Eur opean language would be 
tin advantage. 

The benefits which are commensurate 
with this senior appointment give the •_ 
remuneration pactage a value of circa 

fiaooo. :• : - 

Applicatipnj i n writi ng please, to 
Brian lynch. Personnel Director, 

LRC International Limited, North GrcuLir 
Road.Chingfurd, London E48QA. 

LRC International Umited_J 

• V/ • , 

Speak French? 

It is Hird to find •; ?ir.cilo iob'fitlelhat does not den act from {Lie 
■ J i: !•.!-. .{•; or ti'.ic jopointmenl. tut if the items ir the heading 
■.o:v.e .-.Hi ;n;.cur oi bil, please read on. . • 

The Chitf E ecu;he of a substarUiol (^iCOm+'i diviiior. v.i-hin n 
major British «r»oup, runs hrsxotnpcrucs A-fth.the heTjcoi a 
i-'.i: -ei;' able team of managers: ha ei »> Loud on ’a We t Ena A 

• c •: v l p- omolion in' 01 eaied on oopoi - un i tv tor an . ambit rou a 
o ii.. i !>■>» ;me-u about 35, to a;-..ime the ctjft n...u Idling rotr, 

coupled vulh that of Financial Controllsr. ^ .... 

Ha or aiio will advice the .Chief olive on financial ecn-*.?'r, 
■ ettr.n and finnncio! planning. didsional e-'roteg.:, preparation 
■ : :•».!. ••.Ik;! and .Jncstment sto-li-.. <nd appraisjiv, inidvoment 
•i r.cjjoi unions and, in the case o!. si.icreo , »fiil acquisitions, v.'iii 

• o-oi dinnle the:: intonratiort into the rii-.'i - ion. ! 

With o riqnirkcnt na-i or the division's operation.' based in Fur ce, 
c v.iil bo necessary lor the job holdei to uponl FT end:. 

'■he i>o't v:iM rroF'!:.'! / appeal to renior management con sultans 
■•r it peiloumn-i a similar role.iu an industrial en'.i'onment 
or nitichtint bank, who .ire seeking a wav thioi it|h to line mjnuge- 

• ■•.Ti* and i rhmrr. ;r, nin their ov.n comp. any uefore 'oo lorg. T i e 

■ .Mt.iioninn’ :• *. •a-.imn, htrt r-v. ■rrij up •.•.ants of ill 2,000 pi us 

• ai a:c !---, plus removal e. ■Tense?. 

r ’lease send in i-. i b..,i i;oinpret»*,-iv i ie a p eer details to Cjui !es 
Baiker-Coullnaid Ltd.. ?u Fariingdon Street, London EC4A 4EA 

■ luotlog Ref. No. a?i'. 4 FT 

Charles Barker-Coulthard 

30, Farringdon Street. I.ondon. EC4A 4LA. 
Telephone: U 1-236 0526 


Sales and Marketing 


The high reputation of BUPA makes its name 
pre-eminent in the private health insurance ^ 
field. The range of its services has increased' 
significantly in receni years, and the group is - 
poised for further development V\fe seek an 
Assistant General Manager — Marketing, * 
reporting to the Chief Executive, who will . 
control a marketing team in the London Head 
Office, as well as having functional 
responsibility for the sales staff based in the 2 1 
branch offices throughout the British Isles. The 
key requirements are a sophisticated 
marketing background allied with successful 
experience at senior level in sales 
management, and the abiMv to operate 

effectively in ah organisation which provides 
lor a very personal need v Remuneradon wi_H be 
arrangeefto kttracfihbse in'their early 40s who 
are already earning a five-figure salary- 

PA Personnel Seryices Re!; SM26 6437 FT 
initial interviews are conducted by PA 
Consultants. No details are divulged to ■ 
c.ients without prior permission. Piease 
send brief career details or write for an 
application form, quoting the reference . 
number on both your letter, and envelope, 
and advise us if you have recently made &nv 
other, applications to PA Personnel 

PA Personnel Services 

, ik- Park Hiiumt. bOd knighl4lridjy.v Lortdun S\V1\ “It. Ti-I; (I I ■ £ tj fillhu Trlcx; yTU'4 



B LENDING MANAGER Hong Kong with relevant 
experience for major American Bank. Salary 

'.leading Consortium 3ank. Applicants must hue 
S. American experience and fluency in Spanish. 
Salary c. £14.000. 

East with highly ' regarded Merchant Bank. Local 
knowledge and contacts essential. Arabic advan- 
tageous. Salary c. £12.000. 

but primarily involved in Middle Eastern activities. 
Salary negotiable. 


Accepting House, ideally suited to young ACA 
."Or Solicitor with languages. Salary c. £7.000. 

Apart from the few vacancies mentioned above we hive many 
poiinonj available for HiRh Calibre Bankers. If you are 
currently contemplating a job move it makes sente to optimise 
your abilities and ensure long-term career progression. To 
do so contact us lor tn informal discussion. 


v | Recruitment Cansult^ms 

™ Oudson&ptnrs 

29/31 Mitre St. London £C3. Tel: 01 -283 1 954 (5 linesl 





s. £8,000 

This Js a new appointment resulting from a recently implemented 
Company reorganrndon Into regions. 

The Company, founded In 192». has grown profitably and rapidly 
<n chti late two years In retpontc to bufineu opportunities and 
now opc*aon 10 Branch Office!, three of which ere In Hambcrsrd*. 
These offices are .located in Hull. Birmingham and Grimsby and 
are involved In ship agency, freight forwarding and shio chartering 
services. The Company is a subsidiary of the privately owned 
Peckston Group. 

The Regional Manager will be responsible for the profitable operation 
o' tho Humber offices, the development of new business and the 
effective administration e>f the branches. 

Candidates should be between 28-35 years old and have had a 
successful and progressive career ai a generalist manager within a 
service industry. Shipping experience is not necessary. Managerial 
and professional training will be given. The Regional Manager will 
M locate! in Hull and will report directly to the Board. 

A Company car,, relocation expenses, and a non -con tributary pension 
scheme a-e offered.-' The profit-sharing schema currently operating 
within the Company should enable che committed Manager to 
improve eirnings considerably. 

Pieose apply, fn writing, for an application form co; 

David C. Ord., 

Managing Director, 

Peckston Shipping Ltd-, 

Dundas House, 

Middlesbrough, Cleveland 


Representatives from ihe Lagos Head Office of Bandars Bank 
of Nigeria limited will be visaing Loudon Juriny the summer to 
interview Nigerian nationals who would be prepared to return ' 
and work For the bank in Nigeria. 

-Various categories of start’ of Nigerian nationality arc required 
tip to age 30. with the liil lowing experience and qualilicauons:— 

1 With bunking or allied experience who are A IBs or have at 
least completed Pari' Stage 1 of the examinations, or the 
cquituleiii, for supervisory and lower rrranagemeni posts. 

2 > Graduates or Post-Graduates, preferably with some banking 
or ciimmepial experience^ to commence as Management 

Salaries, terms and conditions of service will be discussed at the 
interviews in London, 

PlcaM* apply in writing giving foil details of qualifications and 
career to date to>- 

AttbUnt General Manager (Stuff), 

Bardays Bank of Nigeria limned, 

40 Marina, PM Bag 2027, Lagos, Nigeria. 

Closing date for receiving applications in Nigeria will be 
16 June 1578. 

International Banking 

We have been asked by a number of International 
Banks in the City to help find young bankers with 
interest and ability in the following areas: — 

Internal Audit (3) 

Euro'. Loans Admin. 
Documentary Credits 
Foreign Exchange (2) 
Accounts fStg. & F.X.) (3) 

£4,000 - £6,500 
to £4.500 
c. £4.000 
c. £3.500 
c. £3.500 

It is clearly impossible here to elaborate to a worth- 
while degree either on the particular job definitions 
or ihe i-areer oripnrt unities they represent, exceot 
to say that they are each with relatively small but 
expanding Banks that demand genuinely sound 
experience and offer equally cenuine prospects. 

please telephone cither John Cliiverlon.’ A.I.B. or 
Trevor Williams on 405 7711. 

David White Associates Ltd. 

Hampden House, 84, Kingsway, London, WC2 


To join E.C.4 bank in the Initial stages of their Lending/Credlt 
Section. Previous experience in Loan Syndications and allied 

operations. . 

Age 24-28. Salary £4,500 p.a. 


Fully qualified or in final stapes A.C.M.A., A.CJV. for E.C.4 
bank. Experience in hunkinc an advantage. 

Age 24-3« Salary £4.000-£5.000 p.a. 


Experience in all aspects: payments and collections for E.CJ1 

Age 25+ Salary £4.000 neg. 

2S3 9956 

\w £ 


Financial Times Thursday May 25 1978 

Group Financia 

South Yorkshire 

This is the top finance post in a thrusting public group. acli\c in the 
construction and allied industries and in related commcrcm 
Therc are $ operating subsidiaries and turnover is climbing towar s 
nine figures. 

Wiiliin a remit covering thecorporaic finance! unci ion the l.o'.iirollur 
will carry prime responsibilities diclated by the grmip s iccent rapi 
growth — one- a ge neral review and updating oi accounting melho s. 
another, the development of top manage tneni reporting from \\ liivll 
all possible ohscurities have been excised. 

Candidates should be FCA in their middle 30‘s ttitli career records 
demonstrating appropriate experience, and achievement, m 

Salary negotiable from £1 5.000. Car t Rover 3500'. and benefits - and 
future prospects — to match. 

Please write-in confidence - to Wallace Macmillan ret. B.^ 1214- 

J in. ti vpii: null jn -I n. 

BW^SSiraH Management Consultants 

Management Selection Limited 

474 Royal Exchange Manchester M2 7EJ 



Young Business Professionals 

... for an international banking group with its head office in the City of 
London. The group's policy is to recruit highly qualified young people with 
the potential and ambition to reach senior management positions. Initial 
appointments will be in the area of Corporate Banking and, thereafter, 
depending on achievement, there will be opportunities to assume other 
responsibilities in the UK and overseas. 

Typically, candidates should be in their twenties with a good degree and 
could be MBA’s or qualified accountants or solicitors. Candidates should 
have some track record in business or finance. 

Appointments are, of course, open to both men and women. 

The compensation package will be attractive with non -contributory pension 
scheme and subsidised mortgage. • 

Please telephone 1 01-529 IS44 at any time: or write - in confidence - for 
information. Mrs. C. Gorst ref. B.8D69. 

SVIBaif' Management Consultants 
Management Selection Limited 
1 7 Stratton Street London W1 X 6DB 

Financial Controller 


A leading International Insurance Company wishes to appoint a Financial Controller 
who will play an important role in developing its Branch Office in London. 

Applications are invited from Qualified Accountants with substantial commercial 
experience in an Insurance company and who are capable of working entirely on their 
own initiative. 

Primary requirements are the ability to set up and supervise efficient accounting 
systems, to prepare ail necessary statutory returns and to provide financial, secretarial 
and management accounting services and advice to the General Manager of the Branch. 

At the outset, the Financial Controller must be prepared io work alone, without 
back-up staff, in fulfilling the functions outlined above although, in due course, it will be 
necessary to plan and recommend additions to the Accounting staff in line with the 
growth of the Branch's activities. 

The salary is negotiable around £1 2.000 p.a. and this is an outstanding opportunity for 
a young, energetic accountant to get in on the ground floor of a new end interesting 
development with exceptional career opportunities. 

Applications should be made, in the strictest confidence, quoting Ref. No. AM74, to 
R. W. Murphy, Hughes Ovens & Hewitt Ltd., Executive Recruitment Consultants, 6-8 
Old Bond Street, London. W.1 who have been retained to advise on this appointment. 
No information will be passed to ourdient without the applicant's prior permission. 




London, W.l 

c. £10,000 

Our client is amajor division of a specialist manufacturing company, with 
a turnover of £2 00m, and is a world leader in its held. 1 

Anroite- t0 then the central finance' function through the 

& Financial Controller who mil report to the Financial 

P^ ameters of the position are broad and encompass control over 
ifJJSjL 5 ^P 0 ^. short and long range planning, and the 
gW MQlgm putofaad systems. In addifion, Ihe secceLlul caS. 

j 5“^ a , T ?° 5lhve contribution to the company’s development, 
h* T ,alilied a«<™tants. probably aged 

motivate staii and demonstrate 
succeed in a deznaadino unW 

-r— - quuuiu ph to ■FWjr WT Cfm J 

the commitment and flexibility necessary to 

(J ^jwnation concerning the ‘appointment and benefits 
refore^215L W “ nlocl m ^ oX V * Smitb. A.C JL quoting 


Douglcss Llambias Assockrtos Ltd. 

AaagnBUney&MjnjqmHat Rwcfuirmwi; Omm iimsh. 

i % S fah i- WC2f1 ^ th:oi33m8oi 

vs , 1 - ) Sewl. CUs^nr G3 SHW. Tol: iM 1-226 3IOI 

J. C*wf« n.ioc, EdaWgli EH37AA.TcL 03 1-225 7744 

; rr: ■ 

i -if : 

f! \ i 

ti ^ 

-BTnanci&l Tiroes Thursday May 25 1978 

F/X is an exciting business 
but is your job routine? 

We are one of the top compa nies in the 
U.K, computer services business - and also 
part of an international network. 

Our major clients include leading clearing, 
foreign and merchant banks and other 
financial institutions in the City of London 
who useu'8 for a variety of computer 
applications including on-line foreign 
exchange systems, credit evaluation and 
financial management systems which are 
widely acknowledged as being the best 

Expansion of these services into new areas 
within banking creates an exceptional 
opportunity in our.customer support team 
for a young, ambitious man or woman. 
This position involves working closely 
with out clients, advising them how they 
can make the best use of our services and 
then supervising ail the aspects of the 
installation of their systems. It offers a 
stimulating change from a mundane desk 
job to a more challenging and rewarding 

If you are the right person, we will train you 

extensively both in the use of computers 
and our specialised products for The 
banking community so you can learn how 
our Customers benefit from our services. 

We would like you to be aged 23-28. 
ideally with a degree, and have 3 years* 

experience of Foreign Exchange . 
Operations, preferably with a foreign bank. 
Some involvement with on-line computer 
systems would be useful. But mote 
important is a keen desire to change your 
career course and the confidence and 
potential to succeed in a professional 
marketing environment 
We value your foreign exchange knowledge 
and will pay you up to £8000 p.a. 

Our attractive benefits include Company 
car. BUPA. pension/life assure nee 
schema etc. 

We are a young organisation - individually 
and as a Company. If you are seeking a 
dynamic activity where personal effort is • 
encouraged and rewarded phone:— 
Nicholas Binles on 01 -222 5685 or 
write to him at: 

Comshare Limited, 

32-34 Great Peter Street London SW1 P 2DB 


Finance & Administration 

Over £16,000 p.a. plus allowances 

Ourcfient is Wardtey Swire Assurance 
Limited, a company jointly owned by 

The f ' — * 



GpeaaSees in the provision of 
tailor-made retirement benefit 
schemes for major organisations and 
plans for further development in the 
range of services offered are at an 
advanced stage. The retirement 
benefit funding systems are 
administered through an IBM 3031 

The Controller — Finance and 
Administration, will be a key executive, 
reporting directly to the Executive 
Committee. The person appointed will 
work dosety with, consultant actuaries 
and investment advisers in the 
administration ofpofcy- holders' 
accounts and a large, diversified 
investment portfolio. Ftespons forties 
will also cover general administration . 
and accounting systems and 

Candidates must be quafified 

accountants, desirably wfth executive 
experience in: 

★ investment portfofo analyses and 

★ Computerised systems and 

ft wiB be essential for the successfii 
candidate to acquire a thorough 
knowledge of retirement benefit 
systems in Hong Kong. 

It is unlikely that any appfcant under 
the age of 30 wiB have the required 
level of maturity demanded by our • 
dent for this important post. 

Benefits include an apartment, 
education allowance and annual 
home leave with passages paid. 
There are good prospects for further 
advancement and the position offers 
attractive retirement benefits. 
Personal taxation in Hong Kong is 
currentiy at a rate of 1 5%. 

Please write in complete 
confidence, quoting' fief. HK922IFT, 
to: Mr. D. B. Donaldson. 

PA Management Consultants Ltd 

M\tk* P.irk Hnu-r. (ill.i km^hlOiriOjH 1 . lundunbWIX 7LE. )el: U1-2J5 bOtiU Telex: 27874 

•I ' 



c. £8,500 plus benefits 





East Anglia c. £9,5Q0+Car 

Gur client is the market leader in price marking 
sysrems in rhe U.K. and i subsidiary of a major 
U.K public company. There is currently » multi- 
million L turnover and plans indicate substantial 

Responsibility will be to the Managing Director 
for Finance and Accounting. Administration. Secre- 
tarial. Personnel and Office Services. The ideal 
candidate will be a numerate qualified accountant, 
aged 28-40. with line experience at a senior level, 
who can make a general management contribution 
in a tough but exciting environment. 

The attractive benefit package includes a bonus 
scheme finked to performance and a generous 
relocation package where applicable. 

Management and Executive 


■ If m wb"dko ,,, oi , i ana cxecurw* 

A ' XI | Recruitment Consultants 

liudson &ptnrs 

29/31- Mine St London EC3. . Tel: 01-263 1954 (5 lines) 

We are probably the UK's fastest 
growing clearing bank with 64 
branches throughout the country and 
a planned development programme. 
It is our aim to see further growth of 
our commercial banking business 
and we are looking for an experienced 
banker to play a major role in the 
development of the Bank and to take 
charge of a small highly motivated 

We offer a salary based upon the 
responsibility involved together with 
the complete range of normal banking 
benefits including assistance with 
relocation expenses. 

If you feel you could fit within our 
stimulating environment write with full 
details to 

Based in Manchester the 
successful applicant will probably be 
in his or her late 30‘s and be abie to 

demonstrate a record of proven 

commercial experience at managerial 
level which will include credit 
appraisal and customer relationship. 

R. J. Gorvin, Personnel Manager, 
Co-operative Bank Limited, 

P.O. Box 1 01 , New Century House, 
Manchester M60 4EP. 







£ 10,000 + 

and car 

- James Pearsall and Company Limited, 
Taunton, requires a General Manager who will also 
be appointed to the Board of Bridport-Gundry 
(Holdings) Limited, its publicly quoted parent 
Pearsall’s, an old-established Silk Throwster, makes 
surgical suture, twines, braids and industrial sewing 
threads. Expansion into sewings is expected to con- 
tinue strongly. The Chief Executive will be respon- 
sible for the profitable performance not only of 
Pearsall's,, but also of North . Mills Textiles Limited, 
Bridport, producers of spun yarns, twines, lines 
and ropes. 

An experienced textile executive with general 
management experience is required. A knowledge of 
industrial sewings would be an advantage. 

Please telephone for- an application form 
quoting reference G M/269/4 to 

Miss Linda Hayward 1CFC-NUM AS Limited 
5 Victoria Street, Windsor SL41EZ 
' Windsor (07535) 56633 

Taxation Accountant 


Alcan Aluminium (UK) Ltd., one of Europe’s leading aluminium companies; 
seek a Taxation Accountant for the Group Taxation Department in Banbury; 

The successful candidate will research and assist in the development of tax . 
strategies for the Group, for which a thorough knowledge of all aspects of 
company taxation is essential. An accounting and/or taxation qualification 
would be advantageous. 

We offer an attractive salary, dependent on experience and qualifications. 
Generous benefits include assistance with re-location expenses, where appro- 
priate. Banbury is a pleasant market town situated on the edge of the Cotswolds 
within easy reach of London and the Midlands, and with the added benefit of 
relatively low-cost housing. 

For an informal discussion, please telephone F. A. Crowdson, Group Taxation 
Manager, on Banbury (0295) 4545, or write to Him at Alcan Aluminium (UK) 
Lid., Alcan House, South Bar, Banbury, Oxon OX16 9XJ. 


...everything from aluminium ' 



;$ r # 

.* i 


r £ 

'A iubH'C iry *or Industry Lid - 


Oiase Manhattan Bank wishes to appoints suitable 
qualified ybcmg Economist to jenn its London based 
Emnotnics Group wsfcing under the direction of Professor 
Geoffrey Maynard Direct or of Economics, Europe and the 
MiddleEasL Die person appointed will be expected to assist 
in the economic appraisal of the economies of (he Middle 
East and North Africa, as well as participate in fhe general 
economic intelligence and forecasting work of the group. 

Applicants should be in their mid or late 20's. 

They should bewell qualified in economics generally qnrf 
have been trained in quantitive methods of analysis. 

Ideally, they shonldhavehad about 3 years relevsn t 
experience in Universities, Go vernmen t Service or 
appropriate international agenti es. A working knowledge 
of French would be a substantial advantage. 

The post carries with it an attractive salary and 
other employment benefits. 

Apply in writing,giving lull details of qualifications and 
experience, and names of referees who may be consulted, Ux 

Professor Geoffrey Maynard, 

Director of Ec ou o ini cs-Emope & Middle East, 
The Chase Manhattan Bank N A. 


London EC3?3JL, 



c £20,000 

Based in London, our Client is a private company engaged in the 
manufacture and marketing of consumer products sold through mail 
order catalogues, retail stores and supermarkets, etc. There are 
substantial exports to a wide range of countries and an overseas 
subsidiary. The position has arisen due to constant rapid growth of 
sales and future expansion plans. 

Reporting to the Chairman, the appointee will be accountable for the 
future expansion and profitability of the UX company. This will 

require the reorganisation and development of the management 
possibly the relocation of the offices and warehousing 

team and 

Candidates, male or female, in the late 30’s, should be well qualified 
senior managers, preferably with a business school training. A sound 
record of achievements, ideally in consumer products, in a role with 
full profit accountability is essential. 

The remuneration package is made up of a basic salary of £15,000 
plus profit sharing, a prestige car, the usual senior level benefits and 
an equity holding, after a qualifying period. 

Please apply in writing, giving your telephone number and quoting 
reference 829, to Peter Barnett, F.I.P.M., Barnett Keel Ltd., 

Providence House, River Street, Windsor, Berks SL4 1 QT. 

Tel: Windsor 5701 1. Telex: 849323. 

Barnett Keel 





The Specialists in Executive and Management Selection 

Financial Controller/ 
Company Secretary 



This public quoted company, the accepted leader In Hs manufacturing field, is to ' 
recruit a qualified accountant, ideally aged 35 to 45. to report directly to the 
Chairman on all aspects of the finance and administration functions. The Controller * 
will be responsible for the accounts department's timely and accurate production 
of management information and financial statistics, much of which is computer s 
based, and will advise on all company secretarial mairers. This is fhe top finance, ■ 
position in the company and could lead to future promotion: consequently it. 
requires an enthusiastic and self motivated person with the strength ol personality i 
to take senior management decisions and control a large department . : .• 

Telephone: 07-836 1707 (24 hr service}, quoting Ref ■ 0299 FT. Reed Executive 
Selection Limited. 55-56 St. Martin's Lane. London WC2N4EA. 

Ttife above vacancy is open to both male and female candidates . 


The Specialists in Executive and Management Selection 

Managing Director 

Engineering — Scotland 

For a subsidiary of a public company engaged in 
the manufacture of compression fittings. The 
factory, located in Edinburgh, comprises a small 
foundry, press shop and machine shop and the 
company has a healthy order book. 

The position should be attractive to professional 
managers, preferably with foundry and general 
management experience, but experience in other 
engineering organisations coupled with an already 
successful career will be considered. 

Candidates should be ased up to 45. capable of 
accepting full responsibility for the business, 
numerate, enthusiastic and with the ability To lead 
an existing team. 

Applicants should presently be in receipt of a salary 
of at least £9.0no p.a. 

Please write in confidence, stating age. experience, 
qualifications and present salary to: 
Chairman, Lamont Holdings Limited, 

Lament House. Purdys Lane, 

Newtown bred a. Belfast 8. 

Administration Manager 



to £1 0,000 4- car 

anadna Director of the U.K. subsidiary of an International manufacturing 
retires arf assistant to relieve him of the general administration thus 
Z more time on sales and marketing. The position carries direct execu- 
thorilv and responsibilities will increase as rap^lyas the appointee can 
5 with promotional prospects within 3 years. Candidates wffl be under 40 
herprofessionally qualified or of graduate status preferably .n Business 
or w?h an M.B A. Essential qualities are deepness, a tough-minded 
h and proven administrative ability with experience of at least two different 

^027-643 7226 (24 hr. service! Quoting^ Ref: 116Q/FT. ReedExecutive 
vi Limited, 6th Floor, -T he Rotunda. Birmingham, 

Tm»3hci« vacancy 

-cy * PBerMOtolhmate a,dlemalee»HMai« 

Private Clients Department 


Fielding, Newson-Smith & Co. have vacancies in Iheir 
department dealing with Private ..Clients, Banks, 
Solicitors, etc, for: — 

An experienced portfolio manager capable of 
taking over day-to-day responsibility for a group 
of clients on the retirement of a senior executive 
in the autumn. 

A young graduate or similarly qualified person, 
probably in early twenties and preferably with 
one/two years’ experience, to assist the partner 
in charge of the department. 


Gilt Edged Department 

Due to further expansion we are looking for: — 

(ij An experienced gilt salesman/ woman to 
complement the existing team; 

(2) An economist to assist in both economic 
research and sales activiUes. 

Attractive terms offered — negotiable according to 

Please reply in confidence to: 

Robert Froy, 

31 Sun Street, 

London, E.C.2. 



OVER £5,000 
UNDER £25.000 
OVER 27 

flYes’ to eU these, ws 

are 90%b curtain we can 
he! p you Q8t a better job 
quicker. We are not an 
■ agency but Europe's most 
experienced executive and 
: professional career- 
-counsellors, so telephone 
us now for more informa bon 
about pur services. 

Percy COUTTS & Co. 


140 Grand Buildings: 
Trafalgar Squai£ WG2. 

Please reply, with curriculum vitae, to The Ittanaging Partner, 
Fielding, Newson-Smith & Co- St Gresham Street, 
London EC2V 7DX 


£5,500 — £6,000 + CAR 

An excellent opportunity exists In the rapidly expanding 
Business Information Division of The Financial Times fo» * 
bright and enthusiastic Sales Executive to promote the sates of 
information, company reports and newsletters. 

The successful applicant, who will probably be in their late 
20‘s will have a minimum of three yearj experience in the high 
quality selling of products or services. 

The prospects for such a person, who has the ability to make 
a positive contribution to the future success of the Division, 
are outstandingly good. 

Applicants should write in the first instance enclosing full 
c.v. to:— - 

Personnel Manager, 

Financial Times, 

. Bracken House, - 
IB, Cannon Street, EC4P 4BY 


Ag«d 15- JO- Responsible position.' 
Manual system*. 

Salary n £4,000 plus bonus: > 


01-628 0985 Mrs. P. Dudley 



International financial organ button 
requires experienced financial writer, 
so write comprehensive economic 
analytes, in repomnat style, on im 
various principal Industrial countries, 
on a per article basis. 

The organisation will provide the - 
research material required » write the 
ankles, so be written about various 
countries, as designated, bi-monthly, - 
the articles us be written about a 1 
single country, j n each case. 

The successful applicant will have ■■ 
background in international financial 
'cporrfnE. The fee for writing each; 
article, of apnraximately two thousand* 
Words, is £1Q0. 

Please reply. Sending return* tad 
examples of work to: 

D. 5. Lowery* - C 
P.O. Boar 9533, 

Financial Times Thursday May 25 1973 




Problems with aerials 

ACCORDING TO the British If, within perhaps ten years. 
Aerial Standards Council, an direct broadcasting from satel- 

al ready somewhat unsalisfactory lites starts in iheuK, there will 
domestic aerial installation situ- then be a need, claims the 
ation is likely to be made worse council. Tor a completely new 
by at least two advances in broad- breed of aerial installers, 
cast transmission — teletext and Already detailed plans have 
direct transmission from satel- been drawn up for such broad- 
Utes. casting in the 11.# to 125 GHz 

Since it was reformed id 1973 band and the i UK has been 
the Council bus been loin, to allocated a snlejllte position 31 
unite the aerial manufacturing degrees west bj - the Geneva 
and installing industry to the Broadcasting Satellite Confer- 

point where a customer using its *“**■ . , 

services will always be assured of Because Ion* ■ f e *de re 
a Standard of performance and frequenrj. are o J Practical, the 
reliabilitv installation of tomorrow will 

Most of' the bis makers are in involve a metre jHameter receiv- 
the Council, which has issued a J"g dish, followed 

standard. but there are by a dowfi-C°nverler to a fre- 

apparentiv still a considerable quency below l.wo MHz. 

□umber of “ cowboys ” providing Quite apart from the need to 
both hardware and installation point the dislv with extreme 
work of dubious quality. accuracy-half degree has been 

Research carried oul by both mentioned — the installer will 
the IBA and the BBC also shows probably also be concerned with 
that, although the great majority tuning the system, and, presum- 
of domestic installations will ably, putting it right when it 

Strip shape under control 

IN METAL strip production, strip shape has 
been’ a major problem for rolling mill opera- 
tors. Not only doe® badly-shaped strip require 
costly correction be fere it can be sold, it is 
also hard to detect that strip is going out of 
shape during the rolling operation. 

So far. producers have relied largely on the 
skills 3 nd years of experience of the mill 
operator to sense any Irregularities, in shape 

and lako necessary corrective action. Now, 
shape can be watched and fully controlled 
even in high-speed rolling by equipment 
developed over the past five years by Leowy 
Robertson Engineering Company under the 
name of Vidiplan. 

Fully automatic, it is regarded by rolling 
industry experts who have seen it under 
demonstration as a major advance, which must 
have important consequences in ' increasing 
productivity and influencing future roiling mill 

Already, a strip milt on which the equipment 
has been recently installed is showing a further 
25 per cent production increase from previous 
operation when it was running at speeds up 
to 1.200 metres per minute. This is the No. 5 
mill at Sidal, Duffel. Belgium. 

A British development, Vidiplan has 
attracted the interest of one of the U.S. aero- 
space companies which has ordered a complete 
Loewy Robertson aluminium strip mill fitted 
with the shape control. 

Vidiplan is also available as a retrofit to 
existing mills and four European operators 
have just ordered retrofits for two mills in 
France, one in Holland and one In Austria. 

• Key to the control operation, which is under 
the supervision of an Interdata computer, is 
the compaov's Vidirnon sbapemeter. This takes 

the form of a long air bearing divided into 

several segments, placed under the strip. When 
tension changes In any sector the correspond- 
ing air flow from a giyen segment Is deflected 
and a differential pressure set up which is 
detected and translated into -instructions to 
whichever portion of the roll train needs to 
be adjusted. Reaction is extremely fast. 

As a footnote to the results from the Duffel 
plant, it is sisnificant that strip being produced 
on Mill 5 k of a high enough quality to be 
delivered to users without tension levelling. 

More from Loewy Robertson Engineering 
Companv at Wallisdown Road, Poole, Dorset 
BH12 SAG. 0202 512211. 


Maictenbend, Berks. 

• DATA PROCESSING # Fluid Transfer, Control 

Europe’s magnetic giant and nitration 

last year, one of crisis for the down to about £120 Lubrication Systems 

SK Da“ucts opeas C up P aW applies— Garage Equipment 

division showed the fastest Mj n j floppy systems could be rnmbnstion Ennilieerinq 
growth and the best profit of any a<Jd ed to teletypes, repiaemp eon- LOnWOSUon c.« B . ** 

of the BAS? divisions. Growth ventional punched paper tape, * 

rate was in the 15-20 per cent within the next few years. « 

region, and the cross for 1977 BASF 8 la *? e drives This does not preclude BASF 

wu around DM 300m. not iuclud- *** JLfiS 

■aa tb. U* o^iiou, which i. So foiS e o« n w? l h Fujitsu *« 

not consolidated. in j ap an, Nippon Fenpherals. 15 > n - no ““- ncenctes 

The strength nf MDP is such And this situation is likely to pre- KJe a 

thaTBASF management is con- vail. BASF executives point out hmfc 
sidering spinning it off into a that the relationship between future and BASF ias 

wholly-owned separate sub- volume and price is *en*MV*j {SjjS it wlH set them* 

sidiarv. The awkwardness comes They need the Ion? production though when in ih zn toei .. 

from the type of operation ihat is runs which joint operations can due to the suDoort 

MDP: it is both a magnetic media give them if they arc to compete say PP ^ : 

producer and a supplier of drives with IBM. mechanisms, no one can saj. 

and electronics. This leads to a 

large service and maintenance : 

organisation, which itself is a a AUTOMATION 

substantial profit earner. _ _ 

Solves complex problems 

and support being such that a ... 

properly organised supplier can UNCLE describes computing pro- can be plotted wim niaaen 
make as much profit from main- ce dures aimed at nuclear lines" suppressed for clarify, 
lenance and service during the engineering, but applicable to H handies the input of nodal 
period of a five-year lease as they j n dustrv at large. anil element properties, standard 

f™ ra . .£?. ' casin = 0£ lhe Wrwult from ve,™ of work ««rutn, ™ndit>on*. «-M 

Helps to maintain accuracy 

Solves complex problems 


P*“* ,n * in S °The Wr °nePd for ultra-ririd IMPROVED TRANSDUCERS for comprises an Acculin AP trans- cleaned before contamination Peripheral itself. by. the computer Action of the “Sir^ind^nSSliSS 

X accurately measuring machine- ducer linked to an Acculin 100 -cbes an unacceptably high ^Y/SSSSS. ”■ “ Sit*— h “ 

“ Ghostin" “ at a level which mav ing accuracy might ultimately be tool slide motion, and a new digital counter. . .. ... p martin an H dkc ■ . , . Once calculations have been: 

not badly" affect a colour picture solved c^hoSc 'the ™ untcrs can A characteristic of the new be specified ‘to provide a one-, peripherals, disc drives, floppy engineering jjrobicins in simple Juried be^m pTS throtlgh 

* -rtHiKSJ not" $ the W ° rk t0?ether t0 f . on ? a H oza ' I* its ^liability. The two- or three-axis digital display, disc drives, and min. floppy disc f0 ^ to providing solutions of Se flciHu f« X in-H! 

characters on reJeiexL Lhminey pot ot the future. pJete runge of dlgfta j read-out measuring transdneer can cope The display is in units of 0.1 mm drives. It is now beginning to be complex mathematical equations £* clilty For example in 

a m ATCDlfll C tDROl systems for all types and with wide mounting tolerances and a zero setting facility is pro- recognised as such, and its future and to understanding the results ^ lv3 , ' q. vibration to be ex- 

W IWiA I tfCIAL.9 varieties of machine tool under and variations in the measuring vided for each axis. Inch/metric product is being tied in to some of calculations that relate to very t £j _ coolinir tower the 

■ I _ A.-. 1116 designation of the Ferranti gap resulting from heavy machin- switching, preset, absolute datum of the systems developments now complex shapes. whole complex surface of the 

( JlllPK TPSflOHSIP TO I Iff il I Acculin range. ing loads and slideway disior- and other optional facilities can going on in Germany. Applying it complex metal i ower can be straightened by 

I Latest equipment to be intro- tioti. The transdneer will also be provided if required. It supplies Nixdorf, Kienzle. oom ,,Q n ' en . g ., re pioticd auto- {JJ Srocram into a rectancular 

to C o C i Ur slTd' motion .and™ a n e w ^ A to scttin5 up ^"calculations have beep 

not badly affect a colour picture J hrf c >W> o l f ll "hc <h a OtSc 'the ? lgit f couaters can A characteristic of the new be specified ‘to provide a one-, peripherals, disc drives, floppy en^Seering 5 jSrobicins in simple ^^1 1 ? c?a be^mpTS th?ough 

Si™2.J e «n fc rriSS! ,Ce 6 -chinmevDOt ’* JfthefifmTe^ W ° rk t0 ^ th(!r t0 for ™ a J C01B - system is its reliability. The two- or three-axis digital display, disc drives, and min. floppy disc f0 ^, to providing solutions of flciHU for^ X in-H! 

characters on relelexL Lhminey pot of the future. pIete runge o[ dlg[tal read-out measuring transducer can cope The display is in units of 0.1 mm drives. It is now beginning to be complex mathematical equations [ 2C ‘ llty For example in 

a MATCOHI C tDROl systems for all types and with wide mounting tolerances and a zero setting facility is pro- recognised as such, and its future and to understanding the results ^ lv3 , ' q.- vibration to be ex- 

W IWi* I ttCIMLcS varieties of machine tool under and variations in the measuring tided for each axis. Inch/metric product is being tied in to some of calculations that relate to very t £j _ coolinir tower the 

■ I _ A.-. 1116 designation of the Ferranti gap resulting from heavy machin- switching, preset, absolute datum of the systems developments now complex shapes. whole comulex surface of the 

( JlllPK TPSITOITSIP TO I Iff il I Acculin range. ing loads and slideway disior- and other optional facilities can going on in Germany. Applying it complex metal i ower can be straightened by 

I Latest equipment to be intro- tioti. The transdneer will also be provided if required. It supplies Nixdorf, Kienzle. components re ploticd auto- } be program into a rectangular 

HOPES THAT a UK-developed welding using the upper, normal duced in f he series is a low-cost continue to operate accurately Ferranti. Industrial Products ITT - S SEI ^ a nd Siemens. With niatically the shape being f orm So that “ high-spots " of 

photochromic plastic with a re- welding glass aperture. . digital read-out system, known .as despite contaounation, and a Department, Thornybanfe Trad- - lhe i ast . i t is involved much divided into a targe number of strC ss or other results are 

action lime or a millionth of a Reaction time of the liquid the APIOO. intended specifically warning is provided l that the ing Estate. Dalkeith Midlothian, more deeply than as a supplier (i ny spaces ur -finite elements." visible tn one view. Tf required, 

second would soon be developed crystal unit is 100 milliseconds; long-travel machine tools. It measuring scales should be Eii— ing. 031 b632o-i. of discs and drives and has gone These are small "parcels" for the results along one line cf 

second would soon be developed crystal unit is 100 milliseconds; * or long-travel machine tools. It measuring scales should be tn— ing. uoi mw-o-i. of discs and drives and has gone These are small "parcels" for the results along one line cf 

into commercial products in the decay, however, take about „ into a joint, one for one relation- W hich if is a comparatively n od:il points can be antnmatic- 

U.K. have now faded perma- 3 Q 0 ms. making the device less mr -w m * * ship, development project to simple' 'exercise IP set up descrip- allv plotted n line graph, 

nently according to Dr. M. A. susceptible to arc intensity H\/B fa \t hfi IT AfiriAl* f A f %f%\7 supply disc drives for the new live equations. Dncu mental ton is being 

\\est. managing director of variation. The equipment is j f B 1% J J.S/ lf|X V Siemens commercial computer The program ran then go on prepared for more general 

Applied Photophysics, the com- fail-safcl MT of • series now under development t0 amalgamate these smaJl access to the scheme by outside 

pany that developed the material There are obviously several NEW LEASE purchase plans conventional manner of a bank years, high option prices fof sub- BASF is also a supplier to equations in order to simplify industry. The contact is .lohn 

m co-operation wild a Ministry otber applications for this kind being introduced to Britain. by loan. All of these methods of stantial benefit to the customer Philips, and has some ties with the solution of problems relating Enderbv, Central Computer 

oi uetence laboratory. of tec hnjq U e. if liquid crystal Warner and Swasey, under the financing ultimately require pay- in an inflationary economy) and CII Honeywell Bull in France. t 0 heat tran>Fer or stresses and Service. Northern Division. 

■ in-- ° n « :,Da * demonstration panels can be made cheaply name of Casbtrol (Cash Flow bark of the amount of the loan the flexibility of an option to Currently. BASF make disc strains in the conditions that UKAF.A. Risle.v, Wamngtott 

in iso a _ transparent plastics enough and with a sufficiently Control! provides advantages with interesL The residual purchase after the second year packs t Winchester type in which such a component will meet WAS 6 AT. Warrington 31244. 

plate contammg a dispersion ,oi j PO g jjfe. They include, impor- over alternative methods of value of the assets or their use- and each succeeding year. the head is an integral part of once it is installed inside a - 

fant areas such as car and air- financing by requiring lower ful life are not considered. The customer also claims all the pack), discs, floppy discs, reactor. 
i,„ , S n craft windscreens, .windows in payments in the early years. - High residual values of the tax allowances and regional “mini floppy" discs and the Other finite clement systems® By agreement between the 

rawousij oy a sirong nasn or hidings and possibly in photo- Casbtrol is asset-based and is Warner and Swasey machine development grants associated drives to go with them. Produc- are in use hut the developers of Financial Times and the Bffu 
Tl* r ° graphy and data processing. believed to be the first lease plan tools have made it oossible to with the machine's installation, uon of the latter is now running UNCLE claim it has many more fn/ormntion from fhc Technical 

about half a second later. 

In the commercial absence 

r £ e .? fasl Photochromic systems, machine "tools and their produc- plan which IncludeT'an^tiVual Street Ifouse, 156. Bristol Street confident about the long-term the component shapes as a coni- Corporation's Erternal Services 

1™, it? S I. electronically actuated liquid live use. Most other forms of six-month payments-free period. Birmingham, B5 7AZ. 021 622 future of this market. It has got bination of one. two or three- as mm material for its orer- 

crystals may prevail. equipment financing, including a limited lease, term of five 1861. the price for the small drives dimensional arrays and these sens broadcasts. 

payments in tne eariy >ears. Hign residual values or me tax allowances ana regional mini nupp.> duu u,e uiubi u,uiv umn.ii 

to- Cashtrol is asset-based and is Warner and Swasey machine development grants associated drives to go with them. Produc- are in use hut the developers of Finauctaf Times ana the BBc, 

believed to be the first lease plan tools have made it possible to with the machine's Installation, uon of the latter is now running UNCLE claim it has many more information from ihe TecnnuMl 

of recognising the asset value of offer the Cashtrol lease .purchase Warner and Swasey. Bristol at 20.000 a year, and BASF is facilities. The program sets up Pope is available for use bp me 

Cutting tool 
life is 

THE performance of throw-away 
and regrindable cutting tool tips 
is said to have been improved by 
factors ranging from 40 to 3Q0 
per cent followiag the develop- 
ment of a new class of sintered 

ennuirioc tmm TTK rnmninrixs “viuaicu u M uiu u»c uac. musi utaitrr luima ui six-man Ui pajmeauriree penoa. 

S ne an initial inte?est hut erysta,s may prWsiL equipment financing, including a limited lease term of five 

if 7s ^ understood thi“ none has 4 The UK fast photochromic pro- other leases, are organised in the T 

found itself able to proceed. i e . ct 18 meanwhile still tinder the 

• a result AoDlied Photo- Wlt13 of 1116 M * nistr y of Defence. ^ . . • . w 

SSK. A—.2 S j fjy asjy Cutting tool 

swri- •i.,Es , e a ws.‘ uf e is 

virtually immediate darkening GEOFFREY CHARUSH 

response will appear before the » 1 

end of the year. Dr. West a INSTRUMENTS llTCrff9S£fl 

refuses to say where this will w J lUVIVttOVU 

be. but it can hardly be other A rt A . irn 4-r\ THE performance of throw-away 

than in the U.S. XA.CL- Hi dlt and regrindable cutting tool tips 

One of the industrial areas in is said to have been improved by 

which a quick response to in- factors ranging from 40 to 3Q0 

tense light would be a distinct I B fi llH .lTlIlcl.d per cent following the develop- 
ad vantage is welding, where- ft is • s - - , ment of a new class of sintered 

necessa nr to continually push up ALTHOUGH tf is a portable or -carbide by. Ineo Europe, 
or pull down a suitable darkened h?nd-held device, - the newcomer At the latter’s research and 
risor in front of the eyes with to the crowded digital multi- development centre in Birming- 
tbe arc off or on respectively. meter market in the OK just* ham it was found that the inclu- 
Photochromic glass or plastics launched by Pye Unicam has the sion of a small quantity of 
are not the only materials that Performance of a laboratory- ruthenium fa precious metal in 

can achieve a suitable automatic grade _ instrument without costing the platinum group) in the steel 

visor, however. an ir UI lsL. 1 , ■ , milling grades of sintered car- 

At least two companies. Gor- The Philips PM 251i Is a full bide considerably enhanced cut- 
Vue of Cleveland (Ohio) and four-digit unit rather than the ting performance and extended 
Revue Thom men AG in Switzer- “3s” commonly found. This tool life, 
land have developed visors means that it can give a higher i n co says that unlike coated 
based on liquid crystal tech- resolution for 80 per cent of tips, the improved properties are 
nology, and the latter company measurements. not skin deep and make the 

is offering its product in the The display itself is available product ideal for brazed-on TURNOVER Em. C1978 PROJECTED! 

UK through • Planet . Gloves in LED or . liquid crystal form regrindable tools. 

(Industrial) of Trecenydd, without difference in cost- A Production of the rutbenium- 

Caerphilly (0222 SS5855). mains unit is supplied free with containing carbide tips is being v. 

The helmet, which will sell for t he LED version, although use of undertaken by licensees of Loco’s n-- 22-7 ^ 

about £95. has a fixed visor plate th* power-saving Stand-By patents and the first licensee is 

divided into two halves. In the display mode also included with Higher Speed Metals. Brocco 14-5 

top half is an interchangeable this model gives a battery life street. Sheffield S3 7GN. Both 

protective welding glass of the or at least 200 hours — similar to trial and commercial quantities 9-9 100 

conventional type, while the that of the liquid crystal version, of the tips are understood to be 53 

lower half consists of a combina- The PM 2517 autoranges, with available. . 

non uf polarising filler and an average response time of less 

“Our company has, over the 
past decade, become a 

liquid crystal cell. ' than two seconds, and tn 

Before arc ignition, the welder additiun has maniwl override- Its 


lnnks throuch the liquid crystal detection is into RMS. rather • Y • 

half or thoviMir. which is then than "average." giving greater | _|*n||n firVlIKJ 
transparent. As sur<n as the arc accuracy when non-inewave x Wiil lAi J iULafil 

ic inniinrl nhoTru-ntl Hplni-K.ltip sinirils 3 Til HlOaSlirPli. The 

68 69 707172737475267778 

Julian Wellesley. Chairman. 

Charles Barker ABH International Limited, 
in his Review of 1977. 

I 42-8 Our company has, over thepast decade, 

become a major force in its industry V\fe have risen 
from 16th place to 7th in the UK [on the basis of 
turnover or “billing’,’ so far as these things may 
accurately be determined]. However; unlike most 
other advertising and PR companies, we have 
grown through a policy of market segmentation, 
both geographically and by type of business, so as 
most effectively to meet the varied and increasingly 
specialised needs of our clients. 

Today, we have about 500 people in London, 

is ignited, a photocell delects the signals are measured. The >11 

sharply rising light level and standard of accuracy ^achieved by or\TlTl*r|B Charles Barker City, £7.9m. 

triggers a voltage supply to lhe the multi-meterts 0.2 per cent VuUU vlllvl & jropes lamest agency spatiafisinf 

liquid crystal cell, which he- of the reading, iO.Oo per cent of AV A1LABLE from Cornercroft corporate and financial advertisin g. 

Charles Barker City, E7.9m. 

Eurapes larges! agency spedafising in 

comes opaque. Since, from that se^eonDCvi oU. (Agriculture) is a grain drying Including print design and produc 

m°m e nt. there is a sit ht loss Pye Unicam, wk street. Cam- and storage con tr 0 ller designed and pubbcalf airs campaigns, 
of definition, he jrill continue bridge. 0223 58b66. mainly for use with the com- 

- — pany's fan beater units in on- _ 

I floor stores and with round or Ayw Barker Hogemaim, £11.4m. 
square «ilo plants. Consuntg-advertisin Q. Largest ac 

The unit has single knob Bassetts Chanel. Bristol-Myers/ C 
setting, and the percentage Harp Lager. Irish Tourist Board, 
humidity is read from a moving M&G, Midland Bank. 



Special Displays of McGraw-Hill's prestigious 
collection of scientific, technical and managerial 
Handbooks will be held at the following 
bookshops from June 5th— 16th. 

Au&tlck’s Polytechnic 

25 Cookndge Street, 


.. B. H. Blackwell Limited, 

- 48-51 Broad Street, 

Dillon’s University 
Bookshop Ltd, 

1 Malet Street, 



W & G. Foyle Limited, 
119-125 Charing Cross 


W. Hartley Seed Limited, 
152-160 West Street, 


W Heffer & Sons Limited, 


CB 2 3NG- 

Hudsons Bookshops 

lie'NWfStree 1 . 

birm* n ®ham, 


The Modem Book 

19-21 Praad StreeL 



Sisson & Parker Limited, 
25 Wheeler Gate, 

John Smith & Son 
(Glasgow) Ltd:, 

57 St Vincent Street, 


G2 5TB. 

James Thin Bookseller, 
53-59 South Bridge, 


Thome’s Students 
Bookshop Ltd., 

63-67 Percy Street, 
NEt 7RS. 

W.H.WIUshaw Limited, 

16 John Dalton street 

M2 6HS. 

William George's & Sons 

89 Park Street, 



coil meter. Once set. the instru- 
ment controls fan and beater . _ 

independently to achieve the Cranes Barker Scotland, £1.9m. 
relative humidity target set by ffisgow. Edinfeurrjh, Aberdeen. 
the knob. Consumer, industrial, financial and 

A continuous reading of RH in recruitment adverliang and public 
the fan air duct is given when relations, 
the fan is runnrog, or of the out- 
side air when the fan is stopped. 0 

The two temperatures from Cross Courtenay, £L5m. 

which the Instniment calculates w 

the RH are measured by wet and ^onsumei; industrial and recrutment 

dry thermistors ventilated by a advertising. 

miniature electric motor and fan. 

Ventilation of the crop is ~ . . _ 

automatically stopped when the ^ia T,es tsarKer, btack & Gross, £2.7m. 

Birmingham, Manchester Glasgow. Ec< 

Aberdeen and Sydney Our business comprises 
advertising of all kinds, public relations of all kintt* 
and certain related types of consultancy We work 
in one capacity or another for 174 of the "Times . 
1000” largest UK companies, as well as for 
nu merous major i nternational companies. 

Charles Barker is also a one-third owner of ' 
ABH International which has substantial share- a 
holdings in agencies in the USA, Canada, West * 
Germany, Holland, Belgium, Italy and Switzerland. 

Charles Barker Lyons, £8.1m. 

consultancy with specialist skills in 
corporate, financial and consumer PR, 
sponsorship and promoiiorts, ■ 
parliamentary i nf o rmation and consultancy 
in the UK and Europe, 
and employee communications. 

humidity is beyond either an 
upper or tower limit, preventing Uonaimerana i 
over-drying or moistening of the P utl * ic relations, 
grain in extreme conditions. 

More about the unit, called 
Ilu midairs tat. from the company 
at Coldbam Rnad. Coninssbv. 

Uneojnshire LN4 4SA (0526 OUfDrO! 


ortsumer and industrial advertising and 

■ Charles Barker Recruitment, 5T7. 5m. 

The second largest soeaalist recruitment 
• adverfeino agency in Europe. 

Charles Barkw-CoidthaiU £0.9m. 

Management selection and executiVQ search. 

ChaHes Barker FBms,£0J2m. 
Sponsored films. 

Charles Barker Australia, £0.7rii. 



McGraW-H * 11 Book Company < UK ) Lotted 

LSt 4SA 03=8 Our prospects and objectives 

TheDrospeds for our business inevitably reflect in microcosm those of our 
9 CONSTRUCTION clients. Atthe present time the major UK markets in which we operate are relatively 

. m buoyant and a billing of £42.8m. seems within reach If achieved, it will produce an 

V entl 1 TP l n increase of 20% in our income and a substantially greater improvement in our 

▼ VUIU1V ill profits and retained earnings. 

4-U p 1 1 1~F One of our objectivefS is to build our operations outside London, and we have 

lUC vX UX1 recently acquire«1 the capital of a thriving Manchester agency which has joined the 

in partnership with a. w G r °up as Charles Barker Cross Courtenay We shall continue to seek other such . 
Galadari Foundations (wholly- opportunities. 

owned subsidiary 0 f a. w. Gala- . Wealsohavea specific objective to increase ourshare of consumer advertising 

Cemernaiffrhpm^^r' ^ J i ed Ihfi - market in which ^ building on the success of Ayer Barker 

been formed » oSttate ^ from H egemann through organic growth and, should suitable opportunity arise, through 
Dubai. acquisition. 

Cementation chemicals Gulf is I n the Charles Berker Group, because of the make-up of our bus 1 ness 

£ ' l0orinc products, con- we have an asset which is probably unique in the ranqe and aualitv ot m ir ’ 

wmer r e n piu^?r adh?,1w 'S’: B ***f n !' 11 15 “rough tf,eir work and many achieve- 

ants and other materials plus ihat we hove reached our present posiiion: loqether we may 7 - -- - - j ■ 

lhe facilities available From an look forward with great confidence lo the future. • — ~-J-r TST* 

assoeiate company. Cemenfation J ' 

I Please send me j copy oi your Annu 3 l Report on 3977. 1 

I I ■•••ould also :o more about: I 

□ Ayer Barr e r Heciemann . Q Charles Barker Cily 
n Charles Barker Lyons □ Charles Barker Recruitment 

0 Charles Barker-Coulihard 0 Charles Barter Films 
0 Charles Barker Black & Gross 0 Charles Barker Crass Courtenay 
0 Charles Barker Scotland 0 ABH International 

associate company. Cementation 
Research, for studying construc- 
tion problems. The new com- 
pany* address Is PQ Box 22 
Dubai. United Arab Emirates or 
contact may he made m the U.K. 
through Cementation's head 
office: Rickmanswortii (ST) 76666. 



coppotyorantfvir'br . > j • | ■ ] 

j f o Ithe ^/rnes luftT * largosi (jt? companies. / | ■■ — ■ ■ j 

Charles Barker ABH International Limited 


* ’•JWfr. 

k :C 


- .. «*f 



Financial Times Thursday May 25 1978 




The crisis in branding 

' . O 


is THE .prospect of a sharp 
increase in consumer spending 
a mirage or not? Has (he 
economy returned (o a “bo" 
situation or hasn't it? We shall 
sec. But according to Stephen 
King, a director of J. Walter 
Thompson, the calmer economic 
waters of the present are con- 
cealing a crisis that came to a 
head in I9i i — a crisis that could 
destroy many companies: the 
crisis in branding. 

Writing in the JWT review of 
19/7, Mr. King maintains that 
crisis is not too strong a word. 
He observes that most consumer 
goods companies owe their enVre 
success to branding — to the 
added values with which they 
invest their products. 

These added values are a 
combination of raw material 
selection or special product 
quality, reliability, design or 
formula: the product name: ihe 
pack; Ihe advertising; the after- 
sales services and so on. “ It is 
this unique combination — Jhe 
branding — that justifies a pre- 
mium over the basic commodity 
I cost) and so the company's 
profit margin. In fact, it’s the 
fundamental contribution that 
manufacturing companies make 
to society.” 

But there are clear signs, says 
Mr. King, that short-term 
pressures are forcing many com- 
panies to cut back on ‘branding. 

advertising expenditure 





(Source: MEAL} 



famines viewer actually paid attention to several complete markets are 
irniuf n DS i PM^odmire. which about eight 30-second comraer- slipping into unnecessary 
unttke most other contributors io dais per brand. decline 

the branding process is measured “ |fs a matter of judgment The third reason For concern 
reguiany ana consistently. The whether four minutes of adver- is the most fundamental: The 
rfiem-ki be k -f r l h '8hly Using a year for your brand will danger of eroding the whole 
uisiuromg—tnougn it has been he enough, to change people's ration d'etre of manufacturer 
easy enough to miss them by buying habits or even to main- brands. Great pressures on profit 
ignoring the effects of inflation, tain them: but it seems to me margins have been exerted by 

The chart shows the dramatic dangerously near some sort of the retailers who are in the midst 

slump in Press and TV advertise threshold.” - of a full-blooded price war aup- 

ing expenditure of the 35 grocery Second, the branding activities ported by a dramatic increase in 
brands most heavily advertised which are measurable may be retail advertising (up 150 per 
in 1970. The decline, says Mr. symptomatic of those that are cent in real terms between 1970 The 35 brands are: Persil. 
King, was clearly noi solely a not. In other words, companies and 1977). . Radiant. Ariel, Weetablx, KpI- 

result of the post-1973 economic may be cutting back in real gut it goes further: “In the logg’s Corn Flakes. Maxwell 
crisis. ‘There are, of course, terms not only on advertising but last two years private label House. Das. Nescafe. Oxo. Stork, 
wide variations around the on the other activities which aim brands have been making sharp Blue Band, Fajrv Liquid* Typhoo 
average, but detailed analysis of to promote the long-term health gains after the slowing down of Tea, Brooke Bond PG Tips, Omo. 
the expenditure for the 160 or of a brand— R and D. process and 1975. More important, there are Palmolive Liquid, Smash, Bis to, 
so advertised brands of the top product improvement, invest- signs of their quality improving, 
ten advertisers shows a very raenl in plant, new variants; pack and blind versus named product c ..u 

similar picture. Improvements, consumer ser- tests suggest that they arc catch- consumers s.huuld continue to 

The graph tells all: real adver- vices and research, etc. ing up manufacturer brands on pa3r a P rermum P r * c * for lhem - 

rising expenditure for Britain's When profit margins on a both physical and psychological “Happily, there are enough 
higgeet, most • established, brand decline, says Mr. King, as values — moving nearer to the successful manufacturer brands 
grocery brands has halved in in a recession. It seems suicidal Marks and Spencer principle of to demonstrate that this erosion 
seven years. to spend less on the very producing under their own is not an inevitable process. As 

Does it matter? Mr. King says activities which could improve label and using manufacturers far as 1 can see. they are almost 
there are three reasons why it the situation in the future — a 3s suppliers to their own specifi- invariably brands that have 
matters greatly. First, there is cry from the heart clearly aimed cation. Sixty-six per cent of improved their products, intrp- 
the question of absolute levels, at’ the many Boards of directors people now agree that own duced new- variants, redesigned 
How much is too little? Accord- not renowned for their sympathy labels are as good as manufac- tbelr packs and not allowed their 
iog to Mr. King, the average towards tnor understanding of) hirer brands; only II per cent advertising expenditure to 
1977 TV expenditure for 140 the marketing concept. At disagree.'' decline in real terms. They have 

brands from the top ten adver- present* says the JWT man. Unless manufacturers devote taken the positive approach in 
riser® was as little as £195,000 several old-established brands proper resources to adding on branding." 

at 1970 prices. Wfaat that meant are visibly shrinking before other values to their brands, says The crisis in branding is tin- 

_ a. 



*: 1 1 1 









Fifteen try for 
PanAm’s $33m 

Uorlicks. Nimble. Cadbury's 
Dairy Milk. Flash, Fairy Snow, 
Ho vis, Heinz Soups. Rite Kris- 
pics, Lucozadc. Angel Delight. 
Heinz Baked Beans. Kit Kat. 
Galaxy. Lux Toilet Soap, Stera- 
dent. Ski, Vesta. 

King. But he doesn't think it's 
inevitable. And he doesn't ! 
think it's incurable. He sajsi 
companies and their agencies, 
should ensure they possess alt ( 
ibe facts on expenditure trends. , 
in real terms, on flit brand- j 
building activities; carry out fari 
more blind versus named pro-| 
duct tests: conduct more adver-' 
tising and other experiments; try! 
still harder lo calibrate lung-j 
term branding effects — above 
all. innovate and devote proper 
resources to the branding pro- 

in real life was that the average their shareholders* eyes and Mr. King, it is hard to see why doubtedly serious, says Mr. . We shall see what happens. 

! 3t present Ins aprnxitnately S20m 
j of Pan American World Airways' 
I total advertising business, is dis- 
creetly pleased that the airline 
has decided it wants a single 
agency to handle its total inier- 
national marketing effort. ' At 
present Pan Am, which spends 
S33m-plus on advertising and 
promotion, uses Ally and Gargano 
for its U.S. campaigns but has 
now invited some 15 agencies, 
including JWT. to put up pro- 
posals for its total world busi- 
ness. Outside the U.&. Pan Ain's 
six strongest markets are the 
U.K.. Japan, Germany, Brazil, 
Venezuela and Australia. 

JWT is quietly confident it will 
scoop the lot, partly because of 
the sirength of its international 
network, partly because some of 
ils biggest rivals are already 
hooked into rival airlines, anti 
partly because its Pan Am work 
is especially cherished io all the 
Pan Am markets. 

• TO HELP BOOST milk sales, 
Unigate Dairies is launching a 
£500.000 promotion aimed at 
giving its 10.000 milkmen the 
chance of big prizes for increased 
sales. There will be a Milkman 
of the Year, plus TV advertising. 
Milk consumption is running G 
per cent lower than the peak 

achieved during 1975-7S. Unigate 
says the aim is to sell an extra 
13,000 gallons a day; it says it 
has the cows. 

PAIGNS : IAL, the London-based, 
international aviation and com*, 
iriunica lions group, has handed 
its £500.000 account to Royds . . , 
Lancia (England) is spending 
£250,000 on the U.K. launch of. 
the new Lancia Gamma . . . 
Robinson's, part of Colman; 
Foods, is offering ”0.000 free ; 
Popmobility LPs as part of a- 
£700.000 ad/promolion package 
Ibis year . . . McCormick 
Richard* is starting a £150,000 
Press campaign for the renamed 
Ley land Vehicles . . . Doriand 
Advertising has gathered in the 
Slm-plus trade Press advertising 
for Caterpillar Overseas in 
Europe. Africa and the Middle 
East . . . Ogilvy Benson and' 
Malhrr has resigned the 3M 
business, wnrth aruund £.100.000, 
because of its unprofitabtiitv. 

is tn run a free national cam- 
paign for the Advertising 
Standard:, Authority. During the 
next few months every Rank- 
controlled cinema will show at 
least one week of ASA advertis- 
ing free. The cost equivalent: 

Medicines: the scandal that evaporated 

ANYONE HUNTING through the 
pages of the Price Commission's 
report on prices, costs and 
margins in proprietary non- 
erhicai medicines, published last 
week, will he disappointed if they 
expect to encounter the sort of 
advertising scandal intimated in 
the conclusions to' the renorL 

In brief, the Commission 
singled nut five famous products 
which it felt were rnaki^j a 
contribution to overheads* and 
profit as a percentage of sales, 
substantially in excess of the 
average contribution Cor proprie- 
tary medicines generally. 

The fiv e were Anadin (inter- 
national Chemical Company), 
Disprin (Reckilt and Colman 
Products), Milk of Magnesia 
(.Sterling Health Products). 
Rennie’s \ Nicholas Laboratories) 
and Beecham's Powders (Bec- 
cham Products). 

Further, the Commission re- 
ported 1 bat r pr a number or 
well-established products, adver- 
tising expenditure was as much 
as '25 per cent of sales revenue. 
While it accepted that successful 
products should underwrite Ihe 
cost of product development and 
assist ihe launch of new products, 
ii said it was disturbed by the 
extent to which this gave rise 
i" high, margins. 

"We consider that such r^«h“ 
levels of margins and the cost 
to consumers of such high levels 
of advertising are mailers which 
would be justified only in excep- 
tional circumstances,” In other 
words. Ihe public was sometimes 
paying ton imn-h for proprietary 
drugs because leading manufac- 

turers were overspending on the panies, so it is more than worth- 
advertisement of top brands. while digging deeper.. 

For some, the Commission's Total sales of pharmaceuticals, 
report will have triggered off including exports, exceed £lbn 
remembrance of. one of the a year, says the report, though 
classic if oversimplified advertised brands account for 
criticisms of the. commercial only 12 per cent or so. Of the 
effects of advertising, which 1.500 proprietary oon-elhicai 
comes in six stages and runs -like medicines available, about 300 
this: (1) Large companies ar e advertised 

advertise in order to create The Commission focussed on- 
brand preference, U> Lon- about 100 products within four 
sumejs perceive real ot apparent sub-groups which account for 
brand differences and develop two-thirds of sales— analgesics, 
preferences; (3).- Preferences cough and cold remedies, 
produce loyalty, . or consumer digestive and laxative prepara- 
inertia, that creates a barrier to tibns and vitamins and tonics, 
entry of new brands into the of the proprietarv medicines 
market: 14) Protected brand manufactured by the 26 com- 
positions reduce active rivalry; panies covered -by the Com- 
(5) Reduced rivalry enables com- mission, total sales, including 
panies to ignore more tangible exports, were £92.5ni last year, 
forms of- competition such as Direct manufacturing costs 
price and product quality and accounted for less than 50 per 
lets them charge higher prices: cenL of sales at manufacturers’ 
iGl Higher prices generate prices while marketing expendi- 
higher profits which provide the ture was almost 20 per cent, 
incentive to continue advents- The Commission says that in 
mg which brings the argument common with many consumer 
neatly back to Stage L goo^r manufacturers, proprietary 

So far as can be detected, medicine makers use advertising 
there is virtually nothing in the to supply product information 
report likely to provide critics so a s lo create and maintain 
of advertising with so much as demand, maximise or maintain 
a toe-bold on any the six marker share and reinforce brand 
rungs quoted above. According loyalty. The advertising of 
10 Reckilt and Colman: M The_ medicine brands can also 

Commission's conclusions do. not encourage ^ the hopetHor, move 
bear out the essence df its own towards self-medication, says the 
report — they appear. hi have been Commission. • . 
added on by interested parties Advertising expenditure, par- 
seeking to justify a pre-detep- ticularly on TV, appears high 
mined position." in relation to sales, says the 

Similar noises of pained Commission, so that total ad 
response have come from most spending for proprietary 
of the other big drugs com- medicines can represent 10 to 

25 per cent of sales income. 
"Expenditure on all marketing 
activities may also range 
between 30 and 35 per cent of 
saies income and in exceptional 
cases even more.” 

In fact, proprietary medicine 
sectors are quite small. The 
analgesic market is worth £20m- 
£25m, the rest each less than 
£20m. Seventeen of the products 
examined by the Commission 
had sales in the £lm-£5m range, 
but the average sales turnover 
of all products is of the order 
of £400,000. “Thus sales on 
many products are low in 
relation to the advertising ex- 
penditure claimed to be neces- 
sary lo promote products 
effectively, so (hat advertising' 
sales ratios turn out to be high,” 
claims the Commission. 

The largest ad sums are spent 
in the analgesic and cough and 
cold markets where spending on 
mature products ranges from 
£150.000 to £lm with ad-tosales 
ratios varying from. 15 to 30 per 
cent. New products, however, 
take up to five years or longer 
to become established, and the 
makers are prepared to spend up 
to £500,000 a year and rack up 
very high ratios, in some cases, 
says the Commission, spending 
moTe on advertising than they 
receive in revenue. 

According-.!© the Commission: 
'•With such 'wide disparities in 
practice between manufacturers 
it must be doubtful whether they 
are all planning and making most 
effective use of their advertising 
budgets. The fact that some 
manufacturers are able to main- 
tain advertising to sales ratios 

at the bottom of the range 
without loss of market share puts 
into question those ratios at the 
top of the range. One of the 
reasons claimed by those con- 
cerned is the very strong brand 
loyalty for some products which 
do not have to be sustained with 
such heavy advertising as others. 
This may have been fostered 
over a number of years by other 
forms of sales promotion. 
Equally, ihe quality of advertis- 
ing support for a particular 
product may be such that its 
brand position has been achieved 
at less media cost than for com- 
petitive products.” ' 

To an outsider, that paragraph 
may. appear lo hit the bull’s eye; 
to anyone who knows anything 
at all aboui the magnificently un- 
certain. joyously subjective, 

business of advertising, it is a 
glorious statement of the 

Unfortunately, the Commission 
does nof supply specific sales and 
advertising data for specific pro- 
ducts. Nor does it indicate what 
in its view would constitute fair 
or nOn-excessive A/S ratios, 
merely slates its concern that 
some manufacturers can main 
tain their brand positions with 
relatively low expenditure while 
others , seem to have- to spend 
mucJI Jnpre even on established 
products, ft ig therefor fe led to 
the conclusion “ that in some 
cases advertising expenditure is 
excessive.” - ' : 

The reason why Reckitt and 
Colman, for one, says it detects 
multiplicity of authors behind 
the report is lo be found at the 
end of the chapter on marketing 

and advertising, which seems 
almost totally to exonerate the 
proprietary medicines sector of 
any blame on the advertising 
front and thus jars seriously with 
the report’s overall conclusions. 

According to this chapter. “A 
total reduction or partial control 
of advertising expenditure could 
be reflected in retail prices in 
the short term. The long term 
consequences, however, are more 

obscure. Product brand images 
could become increasingly 
blurred, leaving consumers lo 
rely more on doctors or pharma- 
cists. in turn resulting either in 
increased cost to the NHS or 
the strengthening in the market 
place of strong multiple groups. 
It could also mean that the con- 
sumer’s. choice i s ultimately 
affected. Manufacturers . . . could 
stop developing new proprietary 

medicines, concern rating instead 
on more profitable products ... 
The conclusions on the likely 
consequence of any control on 
advertising must therefore be 
speculative " 

Speculative is the word. There 
may indeed be advertising 
skeletons lurking in the vaults of 
the proprietary medicines mar- 
ket. But they have not been# 
unearthed hy this report. M.T.-N.* 

4 V Introducing a 

f tool from 
Graham Beil. 

The least used medium in British business. 

The telephone: the one universal medium, the one we all listen 
to, the one xve aU use. Day in,day out. 

And (he one that somehow never seems to come into the 
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cffectivcncss-Despitc its case ot" operation. Despite its track 

Pauline Marks have introduced a new telephone selling service. 

It's called incorporates everything that's ever been 
practised in the States with everything that Pauline Marks have 
ever learned about the medium in the UK- 
lis the first tailor-made telephone selling service operated 
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Ever computed the cost of a sales force? 

Inflation has made it frightening. A salesman can 1 ravel a 
hundred miles to follow a lead which may or may not be worth a 
fraction oi'his pel rol costs. No company; whatever ns, sire or 
aspirations, can hope to cover the whole of its account 
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telephone, skilful ly used, can set up appointments. crcaLc new 
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the tricks of lampiage that can convert hostility ^ * ales -. 

And ihcv do it all on the premises, forking with you on an 
original “script,” modifying that “xcripl" when you have a chance 
togaugc customer reactions. Integrating the telephone selling 
with instant dispatch ol sales literature. 

To Pauline Marks, Phonesell is not iusr an occasional capacity to 
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We operate Phoncsdl out oCNorthlondon and 
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lerie Harvey on 01-348 4294. We look forward to telling you more. 


40 Tottenham Lane, London N8- 

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Abrmande offers you 
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This way you'll be 
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There’s more 
to America than Texas, 


Cowboys in Cadillacs. Oilfield 
gushers. Instant millionaires. A tempt- 
ing target for your U.S. advertising. 

But remember this: The Wall Street 
Journal reaches more Southwest decision- 
makers than any Texas newspaper. 

And, beyond Texas, The Journal is* 
America's national business daily. Read 
by millions of U.S. decision-makers. In 
business, industry, finance, govemment- 
From coast to coast 

To reach Texas — and more — ad- 
vertise in The Wail Street Journal. 

It’s the best way to spur your 
American sales. 

The Wall Street Journal. 
The all-America business dcqfp 

Represented by DJ1M5. Tn London, call Ray Sharp at 
353-l847:lnFrankfurt, call Joachim Nunvarat (611) 74-57-40. 
Other DJIMS offices in major business centres around the 

Television can 

give you a 


The face which your company presents to the world may not be quite 
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And it makes corporate advertising, communicating your attitudes and 
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Southern, with its high count of opinion-forming ABCls, is the ideal area in which to 
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That too is a fact. If you’re interested in a corporate facelift, call the number 
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Southern Television limited, Glen House, Stag Place, London SW1E 5AX. Telephone: 01-834 4404. 


ing Word 

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Organised by the Business Equipment Trade Association 

Financial Times Thursday May 25 1978 




Lesson from the 
fringe banks 


the arbitration process 

BY A. H. HERMANN, Legal Correspondent 


THE LESSONS of the fringe 
hanking crisis of 1973-74 have 
been driven deeply into the con- 
sciousness of the City. Vigorous 
measures have been taken to 
tighten up the supervision and 
control of the banking system 

by the Bank of England, matched 
by similar efforts in many other 

A whole generation of commer- 
cial bankers, which bad no pre- 
vious experience of crisis con- 
ditions, has learnt the dangers of 
being swept away by over- 
enthusiasm for the current 
fashion in lending. Indeed, there 
have been arguments that atti- 
tudes have swung too far the 
other way. with conservatism in 
banking commanding such devo- 
tion that there was no room left 
for experiment nr for newcomers 
to enter the industry. 


Yet one or two close observers 
of the industry are beginning to 
get a little worried about the cur- 
rent trends in banking, fearing 
that in spite of the recent experi- 
ences some of the mistakes made 
in the boom years could be made 
again. There is concern, for 
example, about the pressure 
being felt in the international 
eurocurrency markets to accept 
ever lower margins in order to 
retain a share of the lending 

One of the people who have 

expressed anxiety about the 
latest developments in hanking is 
Professor Jack Revell of the 
University College of North 
Wales in Bangor, a man who has 
followed closely the development 
of official thinking on the control 
of the banking industry. 

In his recent paper submitted 
to the Wilson Committee on the 
financial institutions Prof. Revell 
suggested that “ it is doubtful 
whether the experience of the 
hanking crisis was painful 
enough to the general run of 
bankers and regulators for the 
lessons to have been fully 

He identified a number of 
aspects of the present situation 
which he fell needed to be 
watched- First, he maintained, 
the regulatory system should not 
rely for its safety largely on the 
strength of the big banks, but 
should leave a place for smaller 
competitors and new banks, even 
if these required much closer 

Second. Prof. Revel! stressed 
that the duties of the authorities 
extended beyond the supervision 
or individual institutions to plan- 
ing the whole environment in 
which they all operated, and he 
suggested that one useful initia- 
tive might he ihe introduction 
of some kind of lender of last 

resort facilities for the " inter- 
bank market. 

He was less than .completely 
happy with the- details of the 
planned deposit prolection fund, 
arguinc in particular that there 
was a "strong case for insuring 
aii deposits m full rather than 
limiting the cover, on the 
grounds that only this would 
completely prevent runs on 
suspect banks. 

Finally, be emphasised the 
role of the market In helping to 
ensure the soundness of the 
banking system and the import- 
ance therefore of disclosing as 
much information as possible. In 
particular, he supported the 
Price Commission's case for 
showing bank bad debt provi- 
sions which in recent years have 
become major sources of bidden 

As an aside to back up his 
arguments. Prof. Reveli said: 
"Already there is talk in Lon- 
don of property speculators 
emerging from cover and of in- 
stitutions seeking to justify 
further ventures in this and 
other dangerous markets.” 

This feeling might find an 
echo among some senior clear- 
ing bankers in tbe City, though 
not specifically in the property 
field. There is some anxiety 
over the recent developments in 
the inter-hank and wholesale 
money markets. 

These markets have become 
highly sophisticated in the pasd 
few years. 2nd in the aftermath 
of the crisis have been through 
a time in which lenders have 
been extremely cautious in 
relation both to the periods for 
which they are prepared to make 
money available and to the bor-i 
rowers which qualify for access 
to wholesale funds. 

Appeal in Ordinary, told an 
Arbitratfou Forum in London 
last week that the Government 
was considering legislation 
which would make it possible 
for those who wish to have 
1 their disputes arbitrated in 
England and under English law 

to contract out- of the “ special 
case " procedure. 

This procedure, peculiar to 
English law on arbitration, 
enables either of the two 
parties, if dissatisfied, with the 
award, or the arbiter himself, 
to ask the courts to review the 
i-iegal issue Involved. There is 
thus no escape from the possi- 
bility that a “ London arbitra- 
tion " could be transformed into 
litigation so long as the contract 
was governed by English law. 
This "special case" procedure 
is bitterly criticised by some 
and extolled by others. The in- 
tention now seems to be to 
make it possible for parties to 
renounce — when concluding a 
contract — the possibility' of 
appeal to English courts on 
legal issues. 

The advantage of arbitration 
over litigation, it used to be 
asserted, was the informality, 
speed and lower cost. In many 

cases it still may retain this 
advantage, but complaints that 
it is becoming increasingly 
formal, slow and costly are 
becoming louder and more 


The use of delaying tactics by 
parties wishing to avoid or to 
postpone an arbitration award 
is possible even in countries 
which do not know the “ special 
case ” procedure, though the 
English system does seem to 
make it easier. As the laW now 
stands a party dissatisfied with 
an arbitration award on a point 

nT law can ask the arbitrator to 
“ state the case ” so that it can 
he submitted to a judge in the 
High Court for decision. Should 
the arbitrator fail to comply 
with this request, it is open to 
any of the parties to ask a judge 
to order him to state the case. 
If the judge finds that there is 
indeed a question of law in- 
volved he will make such an 
order, and from that point on 
the way is open for the issue to 
be taken to higher courts. The 
dissatisfied .party may, and 
sometimes does, go from the 

Divisional Court tn the Court of 
Appeal, and even to the House 
of Lords, by which time many 
years could have passed and 
legal costs may well have ex- 
ceeded the amount in dispute. 

Speaking at the Arbitration 
Forum which was convened by 
the Paris-based Internationa! 

Chamber of Commerce. M. Yves 
Derains, Secretary General of 
the ICC Court of Arbitration, 
said he was negotiating in 
London for similar arbitration 
facilities as those already pro- 
vided in Paris and Seoul. An 
advisory board, formed for this 
purpose, is chaired by Sir 
Michael Kerr, the High Court 
judge specialising in commer- 
cial cases. These two develop- 
ments — the establishment of an 
ICC arbitration base in London, 
together with the Government’s 
proposed legislation — are likely 
to enhance London’s role as one 
of the world's leading arbitra- 
tion centres. 

The ICC attempt to establish 
a base in London is linked with 
its intention to set up an inter- 
national centre for maritime 
arbitration. The ICC expects 
that such a centre together with 
the arbitration rules it would 

evolve, would be welcomed by 
*he developing countries. 
Because of the expertise avail- 
able in London it is assumed 
that many of the arbitrations 
held under the auspices of a 
new ICC maritime arbitration 
centre would actually take place 
in the English capital. 

In the course of the past year 
the ICC has brought on stream 
another innovation which meets 
a long-felt need. This springs 
from the notorious difficulty 
faring arbitrators trying to 
establish the essential facts tn 
disputes concerning the con- 
struction or performance of 
major industrial plants, the 
development of products, or 
public works contracts. 


By the time the need for 
arbitration has been agreed 
upon and the arbitrators hare 
been appointed several years 
may have elapsed. By then the 
project could hare been com- 
pleted or in any ease it could 
have undergone such fhanges 
that it would be extremely diffi- 
cult to find out what the posi- 

tion was at the time when the 
dispute arose. To fai-iliintc the 
work of arbitrators facing such 
a problem the ICC has estab- 
lished The International 
for Technical Expertise which 
has a panel of surveyors and 
other technical experts. 

Provided that a suitable 
clause is included in the con- 
tract. a neutral and impartial 
expert can be app° ,n ied at the 
request of either party to cany- 
out an immediate inspection on 
the spot, and record a kind of 
“still picture" of the situation. 
This picture would Then he 
available to the arbitrators 
when they are called, perhaps 
some years later, to apportion 
the blame. It I s hoped that an 
objective report by an impartial 
expert will enable the parties 
to resolve the dispute without 
the need for arbitration. This 
new facility established by the 
ICC has already been used by 
several companies and found 

Hie Forum not only 
beard news of improvements 
and new developments but also 
received numerous complaints. 

Most of these concerned 
unsatisfactory rules of evidence. 

Jmr the appointment o? 
inexperienced arbitrators, do- 
lays, ami finally problems with 
enforcement uf awards, be it 
because those were ambiguous 
nr incomplete or because their 
cn Foremen! was difficult under 
the national laws of the cotmtty 
concerned. The ICC also 
promised 10 make its procedural 
time limits more flexible and to 
iinpruve the rewarding of 
arbitrators by taking Into 
account in its fee scales not 
only the amount involved in a 
dispute — as at present — but also 
the time spent by the arbitra- 
tors in solving it. 


The discussion, tn which 
leading judges, barristers and 
arbitrators too k part, left the 
observer with the impression 
that as cases are becoming mom 
complicated, arbitration proc*. 
dure is becoming more Uke that 
used in courts. If nothing 
radical is done soon to srimplifx 
It, to make it more certain, and 
to speed it up, the advantage 
of accepting arbitration will 
hardly outweigh going straight 
into litigation. 

Flaming Leaves looks pick 
of the fillies at Goodwood 



With the recent increase in 
liquidity in the market and the 
pressure to achieve higher earn- 
ings. some bankers feel that 
these cautious criteria are being 
allowed tn slip. 

Borrowers who are not of tbe 
very first rank, the more com 
servative bankers feel, are again 
finding it possible to raise 
money in the open market at 
rates which take little account 
of differing degrees of risk. 
Lenders in the corporate sector 
may not be equipped to draw 
the fine distinctions of credit- 
worthiness on which the struc- 
ture of lending rates should 

It is Inconceivable that any- 
thing on tbe scale of the events 
which led up to the fringe bank 
crisis could happen again for 
quite a while, but not impossible 
that a few fingers could get 

FOLLOWING TWO afternoons 
on which colts' races have 
dominated, it is the turn of the 
fillies at Goodwood today. Here, 
by far the most valuable and 
interesting event on an other- 
wise uninspiring card is the 
mile -and -two- furlongs Lupe 
Stakes with £5.000 in added 

prize money. 

Neither Connaught Crescent 



nor Kumar i have accepted far 
this event, but several potentially 
smart fillies are in the line-up. 
including Cistus, a disappointing 
joint favourite for Ireland’s 

1.000 Guineas, Flaming Leaves 
from Peter Walwyn's stable res- 
ponsible for last year’s winner. 
Western Star, and the in form 
Swiss Maid. 

My idea of the likely outcome 
is a victory for Flaming Leaves. 
A daughter of Olden Times, a 
highly successful sire in the U.S.. 

Flaming Leaves . made two 
appearances last season." 

On the second of these, tbis 
chestnut created a fine impres- 
sion when lengthening her stride 
approaching the distance in a 
six-furlong event at Newbury- 
before going on to put eight 
lengths between herself and 
runner-up, Micklemere. 

On her only previous run 
this term. Flaming Leaves 
showed up for a long 
way before finding lack of 
peak fitness telling against 
her in the Pretty Polly Stakes 
nn testing ground at Newmarket 
on 2.000 Guineas day. 

Sure to be all the better for 
that outing. Flaming Leaves, a 
generously priced 50-to-l chance 
Tor the Oaks next month, may- 
have too much class for Cistus, 

Looking a little further ahead, 
a trip to Sunbury on Saturday, 
June 3. should prove an enjoy- 
able experience, for Kemplon 
Park celebrates 100 years of 
horseracing on that afternoon 
with £24,000 In added prize 
money for the centenary meet- 

The programme features two 
£6.000 races, the Kempton Park 
Centenary International Fillies 
stakes and the H. S. Persse 
Memorial stakes; while the Tote 
are marking their own 197S 
celebrations with the £5.000 
Tote Goiden Jubilee Handicap. 

Illustrated London News take 
their first step into sponsoring 
with the £2.500 Illustrated 
London News handicap, and the 
S. H. Hyde Founders two-year- 
old slakes commemorates the 
man who saw the potential of 
racing at Sunbury-on-Thames. 

A special event at ihe end of 
the day is the Trainers' Centen- 
ary Celebrations Invitation race, 
in* -which those taking part will 
include Fred Winter, Josh 
Gifford. Pat Rohan, and Pat 

CC — ThM m — an— Meant certain oytfK 
cards by t«l«onon« or at Mm bow MAcc. 


COLISEUM. Credit cards. 01-240 32M. 
Reservation* 01-036 5161. 

Ton'! 7.30 EurvantJKi < final Derr): Tumor 
7 . jO The Two Foscarl .final oerf): Sat. 
7 JO Count Orv iSnal purfi: 104 balcony 
iNti always available day of Perform " 
■nee. Mav 29 to June 10 THE STUTT- 



Evenings 7.30. Mat*. Sat*. 2.30. 

A plav bv Don Tavlor 
“■era Kettelman *» suadrf* as Aching 
. . . Julian Curry is a splendid Shaw, FT 

[Gar dentil arge credit card* 636 6903). 

Tun.ght 6 Mon. next: 6.00 Tristan und 
Isolde. Tom or 7.30 Peter Grimes. 
Sat- 7 30 Rlgoletto. Toes next: 7.30 
Madame Buiierflv. 65 Ampin- seats 
avi'l. for alt oerfs from 10 am. o" day 
of oerf. 

HALF MOON THEATRE. 480 6465-466 

bf Dario Fo 

Inddi Premiere Mon. 22 May at 7 p.m. 
23 May -17 June at 6 p.m. 


SAVOY. 01 -83b 6666 . t*Oi. 1.00. 

Sat. 5.30. B30. 

Michael GAMBON. Mlcnadl JAYSTQN. 
Gary BOND. Joanna VAN GY5CCHEM. 
Geoitrev KEEN >n 


HAYMARKET. 01-930 9632. Cvgs. 6 . 00 . 
Mm. Wed. 2.30. Sat. 4.30 and 6-00. 



SAVOY THEATRE. 01-036 8 S 66 . 

Opening June 13 TOM CONTI In 
TO SEE IT." Gdn. 

Eva*, at 6.00. Frl. & Sat* 5.45 & 0.4S. 

23 to Aug. 7 with London Pnliharmoii k 
Orchestra. May 28. 30. June 1 and 3 1 
at 5.30: Die Zauberltote: June 2 and 4 , 
at 5.30: Don Giovanni. Possible returns 
only. Bax Office Glyndeboume. Lewes. E. 
Sussex. <0273 612 41 U 

*■ Congratulations on complete capacity 
and record-irui mg snow. Must unfor- 
tunately nniyn on July 1 st owing IP 
commitments of Miss Bergman and Dante 
Wendy Hiller. 

SHAFTESBURY. CC. 936 6596. 

Shaftesbury Ave WC2 (High Hoiborn end} 
Engs at 8 OO. Mali. Thur* sat. 3.00. 

EVERYTHING." S. Mirror. 


2.00 — A. ill. Lover 
2.3ft— Baccalaureate"* 

3.00— Royfern 

.3.30— Flaming Leaves*'* 
4.0ft— Le Soleil 
4.30— Miss Cameron* 

AVO. EC1. 

Dancer* from Kerala, India. Eves, at 
7.30. Tonight: The Ramayana- Tomorrow; 
The Mahabharata. " Enormously 
theatrical, and tun very splendid enter- 
tainment." Guardian. May 29 to Jun* 3 

STRAND. 01-636 2660. Evenings 8.00. 
Mat. Thun 3.00. Saturdays 5.30 A 8.30. 



> oe are Theatre <0769 22711. Ticker* 

Immediately available for RSC In THE 
TAMING OF THE SHREW June 1 (mat >. 



A DELPHI THEATRE. CC 01-636 7*11. 
Evas. 7.30. Mats. Thur*. 3.0. Sat*. 4.0. 

14 15 imat.J. THE TEMPEST May 25 

Crrtt.). Jane « (maLI. 12 13. IS. 

Recorded booking Info. <0789 691911. 

! ST. MARTIN'S. CC. 836 1443. 6 vg*. B.OO. 

Mat. Toes. 2.45. sat*. 5 and B. 
26th YEAR 


WO Dining, Dancing 9 

CC .734 5051. 
.30 Super Revuo 

inlng. Dancing 9.30 Super 

0,a^ ’,JEU•VA^£LE D ■ m • , 

and at 11 p.m. 


Evening 7.30 P.m 

f Indicates programme in 
black and while. 

BBC 1 

fi.40 a.m. Open University. 8.41 
For Schools. Colleges. 12.35 p.m. 
On the Move. 12.45 News. 1.00 
Pebble Miff. 1.45 Chigley. 2.00 
You and Me. 2.36 For Schools. 
Colleges. 3.53 Regional News for 
England i except London). 3.55 
Play School las BBC 2 11.00 a.m.i. 
4 -20 Sinbad and the Magnetic 
Mountain. 4.33 Heads and Tails. 

4.43 Laff-a-Lympics f cartoon). 5.05 
Blue Peter. 5.35 Roobarb. 

5.40 News. 

5.55 Nationwide t London and 
South-East only). 

6.20 Nationwide in Europe, 
“live" from Brussels. 

6.55 Tomorrow's World. 

7.20 Top of tbe Pops. 

8.00 Rosie. 

8.30 Happy Ever After. 

9.00 News. 

9.25 Des O’Connor Tonight. 

10—0 The Prince of Wales 
presents Face Values. 


11.10 Tonight. 

11.30 Weather/Regionai News. 

All Regions as BBC 1 except at 
the following times: — 

Wales— 1.45-2.00 p.m. Mr. Benn. 
4.45 Crystal Tipps and AUstalr. 
4-50-5.05 - Y Llewod a Mistar 
Mostyn. 5.55-6.20 Wales Today. 
6.55-7.00. Heddi tv. 31.51 News for 
Wales. 11.52-12.12 sun. Snooker. 

Scotland — 5.55 p.m. . Reporting 
Scotland including General 
Assembly report 6.10-6.20 Con- 
ference 78 (report on today's 
Scottish National Party debates). 
R.30-9.00 Good Luck Scotland. 
11.50 News and Weather for 

Northern Ireland — 3.53-3.55 p.m. 
Northern Ireland News. 5.55-6.2Q 
Scene Around Six. 11.50 News and 
Weather for Northern Ireland. 

England — 5.55-6.20 p.m. Look 
East (Norwich i : Look North 
(Leeds. Manchester. Newcastle); 
Midlands Today (Birmingham): 
Points West i Bristol); South 
Today (Southampton): Spotlight 
South-West (Plymouth). 

Sullivans. 4.20 Little House on 
the Prairie. 5.15 Mr. and Mrs. 
5.45 News. 

6.00 Thames at 6. 

6J35 Crossroads. 

7.00 OhNolIt'sSehiynFroggiu. 

7.30 The Thief Who Came to 


9-30 This Week. 

10.00 News. 

10 JO The Cuckoo Walt*. 

11.00 Drive-in. 

11.30 Elaine, the Singer of the 

12.00 What the Papers Say. 

12.15 a.m. Close: Joan Scott reads 

a poem by Elizabeth 

All 1BA Regions as London 
except at the following times: — 


US p.m. Anglia News. 2.00 Women 
Only. 4.ZD Racket Robin Hood. 445 The 
Adventures of Black Beauiy. 5.15 Enuner- 
dale l-'jrm. 6.B0 Abou: Aiuiia. 6.26 
Arena 7.08 Euierprise. 1B.J9 Bowls. 
1LM The Streets or Sap Fram-ivo. 13.00 
Man and Woman. 12m a.m. Tbe Linns 

BBC 2 

a.m. Open University. 

Play SchooL 

p.m. Open University. 

News on 2 Headlines. 

The Engineers. 


Gardeners’ World. 

In Deepest Britain. 
Midweek Cinema: '’.Sweet- 
hearts." starring Jeanette 
MacDonald and Nelson 


King of the Movies: Henry 
Kmc. Hollywood director. 

talks about his movies. 
Late News on 2. 

Closedown: Mervyn Levy 
talks about the " Portrait 
or Henri Matisse" bv 
Andrf Derain. 

' ATV 

1.20 p.m. A TV Newsdesk. 4.20 Tartan. 
5.15 Happy Days. 6.06 ATV Today. 7.08 
EmouTdali* Farm. 10J0 Pic Colour 
TcM>*ton Awards. 11.15 Gardening 
Today. 11.45 Dan Augnxf. 


T 220 p.m. Bonier News. 4J2D Children's 
Matinee: "Rogues of Sher-vuojf Forest " 
6 . DO Look a round Thursday. 7.00 Emner- 
-lal" Farm. 10.30 Dancer in Paradise. 
U.JO The Odd Couple. tliDO Border Hi-ws 


l.U p.m. Channel Lunchtime New" and 
Whai'e On Where. 6.60 Channel News. 
6.10 Elephant Boy. 10 - 2 * Channel Late 
Xcurs. 10 J 2 Celebrliy Concert: “Anne 
Murray " 1230 TV Movie: Love 

American Style. 37 Jfl a.m. News and 
weather In French. 


Soldiers m party are not 
revealed f G » 

Pure oils that may be 
dangerous t S » 

Clergyman takes a peep at 
stan of text <61 
Malicious term id the interim 

Sequel which may bring play 


A eat 1 caught is particularly 
small {6) 

To exist in retirement is 
wicked (41 

Contest in which anyone may 
participate without paying 

PI a open to arrive at a narrow 
defile (4, 2.4) 

Employer makes you ana me 
hesitate <4> 

Linen with raised surface 
coes to oriental railway 1 6 ) 

12 inch Ash 15 nonsensical 

erformer having the will to 
ipervise (SI 

equest for a quiet carillon 

5 Jug animal and start roasting 


6 Go in it in confusion and fire 
■ Si 

7 Blame duck I get In half a 
bullet 15) 

8 The way pointless pencil may 
qivc many copies (7) 

11 Fellow on tin* could be 
securing something 134 1 
14 Money paid in boarding- 
house (7) 

17 Teetotal but not present to 
accept metal c9i 

18 Pre-eminent performer is to 
begin nn vessel (4-ii 

19 It could be a mess for troops 

21 With dignity but really 
accepting a nnu» i7) 

22 It's a wonder it comes from 
Proust (fi) 

24 Trim soldiers in a sty (5) 

26 Game which is a variation of 
poo! (4) 

Solution to Puzzle No. .>.675 


9.30 a.m. Schools Programmes. 

12.00 Gammon and Spinach. 12.10 
p.m. Rainbow. 12.31) Treasures in 
Store. 1.00 News plus FT index. 
1-20 Help! IJO Crown Court. 2.00 
After Noon. 2.25 The Crezz. 
3.20 Quick on Ihe Draw. 3.5l) The 


9,25 B.m. First Thing. Uo m>. 
Grampian News Headlines- MO Gramoian 
Today. 10 JO Music In Camera, U40 
Reflections. IMS Slreels Of San Francisco. 
12.00 Siam on Ice. 12J® Grampian 
Laie Night Headlines. 


13 p.m. Report West Headlines. 13 
Report Wales ■ Headlines. 2.00- Women 
Only. 43 The Woody Woodpecker Show. 

4.45 BreakLime. 5-15 Popt-ye. 53 Cross- 
roads. 6 .M Report WesL 6 JS Report 
Wales. iJI Cel Some In! 7.00 Mr. ud 
Mrs. 10-35 Gallery. 1205 The Laic FQm: 
'■Blood Sport." 

HTV Cymru, 'Wale * — as HTV General 
Service except: 13-13 p.m. Fenawdau 
Ne-.crdiiioa y Drdd. 43 Miri Mawr. 

434.45 WstibeUui*. 63-605 Y Drdd. 
U-35-U.D5 Music In Camera 

HTV West— As HTV General Sendee 
except- 13-13 p.m. Report West Head- 
lines. 6JL5-6JO Sport Well.! 


1.25 p.m. News and road report. 200 
Women Only. 53 Tea time Tales. 5.20 
Crossroads MO SoVland Today from 
Hampden Park. 6 c 0 Garnocfc Way. TJJ 8 
Argentina Here We Come! 7.40 
TTnnsammyjTg. 83 The Sirceta of San 
Francisco UJO John Miles In Concert, 
u.oa No easy Answer. UJO Dare Cali. 
UJS Police Woman 


13 p.m. Southern News. 2.00 Women, 
Only. 43 Dynmnult— Che Dos' Wonder. 

4.45 The Loti Islands. 53 Betty Boop. 
53 Crossroads. 63 Day by Day. 63 
University Challenge. 7J)0 Ehnmerdale 
Farm. 103 The Practice. U-DO People 
Role! U.4S Southern News Extra. 11-55 
What The Papers Say. 


93 a .m. The Good Word folknred by 
North East New* Headlines. 13 p.m. 
North East Now* and LookarotHKL 2 J» 
Women Only. 43 Clue Club. 43 The 
Little Hnuse on the Prairie. 6.00 Northern 
Life. 7.60 Emmordale Farm. 103 
Double Top. U40 An Audience with 
Jasper Carroll. 113 Man and Woman. 
iJ-ifl a.m. Epilogue. 


13 P.m- Lunchtime. 4J8 Ulster News 
RfUllinoa 4.20 Clue Club. 4.45 Little 
House on the Praine. 6 .DD Uisrer Tele- 
vision Nc-wv 6.05 Crossroads. 6J0 
Reports. 7.00 Emmordale Farm. UJO 
Countd-poim. IX. 03 Honan's Heroes. 
113 Li vi ns and Growing. 1 1 -55 Old 
Bouse. New Home. 12.00 am Bedtime. 


12.27 pun. Gas Honeybuo's Birthdays. 
13 Westward News Heod'ines. 6.00 
Westward Diary. 7.00 Whai'g On Noxi. 
103 Westward Late News. 103 
Celebrity Concert: Anne- Murray, n m 
TV Movie: Love American Style. 
123 a.m. Faith for Life. 

ALDWYCH 836 6404. Into. 336 5352. 
repertoire. Tonlont 7.30. HENRY VI 
Part 2 tend* Sat.). 

"The belt Shakespeare production I 
have ever soen. ' F. Times. With: 
HENRY VI Part 3 UwiorJ. Final pert*. 
Sal. HENRY VI Part 1 ■ (10.M am). 
Fart 2 (3.00 pm). Pvt 5 < 8.00 pm i 
Said Out. From. Wed. rad. nrlee nra- 

RSC also at THE WAREHOUSE (*ce 
under W) and at Hctarfilly Theatre 
in Peter Nlchali* PRIVATES ON 

VAUDEVILLE. 336 9903. CC. Eve* 8.00 
' Mat. Tuc* 2 45 Sal S and 6 . 

Dinah SHERIDAN. Dutcle GRAY 
" Re-enter Agatha with another who- 
dunnit hit. Agatha Christie i* Milking the 
West End vet aga.i.n wltn another of her 
fte<NHshlv Ingemoui murder myster**." 

Felhi Barter. Erenltig Newv 

ALMOST FREE. 40S 6224. “ DHtant 

Encounter*.” by Brian W. AkHM. _ Tue*.- 

w A REHOUSE. Don mar Theatre. Covent 
Garden. B36 6800. Roval Shakespeare 

Sat. 1.15 pm Sun*. 3.00 and S.OOom. 
No Show Mondays. 

Company. Ton't 6 0 last pert. John 
field out*. Adv. b*os- Aldwych. 

WESTMINSTER. 01-834 0283, 

Evg*. Mat. Wed*. 3-0. Sat*. 4 36. 

APOLLO. 01-437 2663. Eveiringa B.OO. 
Mat*. Than. 3.00. Sat, 5.00 and 6.00. 
Actor o< the Year. Ev. Stand. 



WINDMILL THEATRE. CC. 01-437 6111. 
Twice Nightly 6.00 and 10 . 00 . 

Opens Sunday* B.OO and 8.00. 



‘'Take* to unprecedented limit* What 1 * 
permissible -on our stage." Eve. N*vm. 

permissible «n our stage." Bvg. Niwi. 
You may drink and smoke 'la the 



BB61. S ep. P art* ■ ALL SEATS BKBLI. 
1! me GOODBYE GIRL tA). Wk. A 
Sun.: 2 , 00 . 5.10. 0.10. 

^-SWEENEY 2 IAA>. Wk. A SrPA.> 
2-00. 5.10. 6.10 (last 2 dlvsl. 


1.20 p.m. Thl* I* Your RlgJii 5.10 What's 1-28 P-m. Calendar News 4.20 Lassie. 
New. 5J5 Crossroads. 6.00 Granada 1.45 Liirli? Ifaut? or ihe Prairie 6.00 

^fJDEN PLAZA i ooo. Camden Tdwn 
l5*£?' 485 2443 BrigIHe Pswv Wt LBS 

*!oQ*g55 ° PLACARO <**)■ S' 00 - 

.New. 5_uj i^rosarujuv. uranaua 4.>o Linn nuusp or me Prairie 6 00 

Reports. 6J8 Emmiirdale Farm. 7JI0 Calendar lEmlcy Muor and Uelmiiiir 

Bless Thl* House. 10 JO Whai's un. li.oo idiUmi*.. 7.00 Emmordale Farm. lojn 

What The Pdgcca Say. tms The t/n- Dancer in Paradise, n i n -mi* Pro- 

tnuchables. t odors. 


(5) Stereophonic broadcast 
5.00 a.m. a* Ra>1:o 5. 7.02 Dare Lee 

rr.f..' 4 00 S::nun Hairs, u ti Paul 

Bum-i 1 nJu.luu U.JO p.m Nowrsbear. 

_00 Tun'. Rl.i-.: bur'» 4_1 Kid Jensen 
:ii> lud'iu J.'i> .'.'var&u:. 7.30 Country 

U ,,l> S ‘ Radio 10.02 John 

P.-'-l >3- a.m. As Radio 2. 

VHF Radies 1 and 2— 5.0E a.rn. With 
Radio i including t.55 p m. Good Listen- 
ing 10.00 With Rad. a 1. . 1269-241? a.m. 
With Radio 'J. 

RADIO 2 I-500ra and VHF 

5.00 a.m. New* Summary. 5-0? Ray 
Mourr <S > wiih The Early Shorn, laelwl- 
ixr'S.U Pause tor Thought. 7J2 Terry 
Wasan <S> mcliidine naans Bulletin 
sod 5.43 Pause lor Thought- HUB Jimmy 
Young iSi. 1225 P.m. WaxnmeiV Walk. 
1230 Pe:p Murray's Open Rouse IS* 

o rpliciou* woman 1 take on 
iuld be unorganised f 3-5 1 
airly narrow-minded abotti 
ngleader ifil 


0 drink with soldiers is inns! 


be work of the reviewer 
fuld be «n«u« 19: > 
lation us m school (6) 


Q H 0 E E - S E U 
B IS H E .HE 0 H 
E 13 B fl 0 . >.0 0 

gaagQGnaEa obd® 
U -B --EJ E E3 • K 

a CI B Q R R E 
HEDBQsa aanraasB 
ti n D Kl 0 0 H H 

mdudins L45 Spans Dealt. 230 band 
Hamilton 1 S 1 includin£ 2.43 and 3 43 
Sports Desk, ajw was-ODcrs' Walk. 
445 Sport* Desk 4 JO John Dunn (Si 
lacludmg 5.45 Sports Desk and 5 02 
Cross-Channel Moionng Information 6.« 
Sports D«k. 7JI2 Country Club <s? 9J» 
1 olkiveavf «2> •. 4J5 Spont Devlt ’ 1002 
^.mn> Yo, Should \sk I0.M sisr Sound 
D* lni J ® rwn Moi:iii''-v introduces 

^'O'WKhc. ir.:ludi:ig u.oa 
200 . 2.02 a.m, x-.-b* Summary 

RADIO 3 464nt, Stereo & VHF 

medium Wave only 


.. lld **4?d .Si. 10 JQ violin 
SJJJ.. r:ann Recital <S.. Ulg 

symatioar OrcheWaTpan |: 
**' “JO In Short 12.00 EEC 
Northern SO. part 2: Bnjcknox tS). un 

News. IJ5 La»r Berman Plays Uui 
and Beethoven, Dan i , 5 , j.jg words . . . 
1.40 Laur Berman plays Liszt and 
Bc-edravun— Pari S ■ Si . 205 " Olav 

LijvKrjns." oiwra 10 uirec avis by Ar.n- 
Ea*«n. 3JS Clarinet and Piano Rc-citai 
■S 4.40 French Music of ihu Early 
ism Cenmry "S,. T5.45 HomewaM 

Bound. }6.05 News. ».lo Homeward 
Bound icunimuedi. 76 JO Lik-lims. TJ«- 
Wider world. TJB BBC Symphony 
Orchesira In Vienna, part 1: IVchi-rn 
Blrtu-lstle. Banak is. 8J0 lnr.-n a i 
Rcadins. 1J5 BBC SO in Vienna, pari • 
Boulez. 4.15 Drama Now Tnjn 

Sbcri i-ecital iSi. ULSS TTieOdore 

2S2!*!u C f ,P. eDls Donozhue eunii.i,.. 

Rocthke s life and work. 12.35 

VM» Rhl ? Schuben s °ns iS-! 
T 5^ * ' VHP a UM-M 4-M-. 5.45- 

BUS BBd am - 


t « . J*t n ' 330,n ' 285m an «* VHF 

6^‘ 1S L'n # Tn 1,17 JaontnB Today. 

Tnri«° 7uT? 4 H, H0Or ' 7M Nws - 7-10 

snn a h!oJ«' iS ,?. To Tbc Ronr 1 continued 1 . 
m ^ Today ' »■» Yesterday 

v„,. P ^ These 
” dl1 -' Loved. 13.00 New I 0.95 
Correspondent. UJO Daily 
grvKC. 1045 Morning Story. 11.00 News. 
2245 Down Your War rtefts Lampeter, 
urred. U.45 Clifflc-d World Of Lose. 1240 
,, 1 -ws. 12.02 p.m. You And Yours. 1227 
Jusl A Minute 1 S 1 12.55 Wrarhnr: oro- 
oews ' l,M T * 16 World Al One. 
UO The Archers. MS Woman's Hour 
inrtudliu 2.00-2.05 News. 245 Listen With 
Mother. 3-08 Nows. 3 JO Questions To Tho 
Prune lllmster “ live ” from the House 
of Commons. 3 Ja “wildlife a . 00 News. 
J-05 Jaefc de Mania Prestiely. 4J5 Slory 
MO PM Reports. 5.40 Serendipity. 
ESI weather: pnmom* new*, mb 

News. 6J0 Brain of Britain I9r« 7.00 
Nvw® 745 Th.- Archers. 7.2D Chc-.-Vpolm. 
745 Sisier Lauren i u an d Brother Bernard 
' Sl V a ' so Ra i' riishns with the P.BC Sound 
Archives 8.45 Analysis: The Two 
ST i n,ls I*' ^ Kaleidos-ow. 4J5 

WeJihnr in.00 Thu World Tonuhi. MJO 
U -°° A Boev ai Bcdume 
U.I5 The Hnan-.ui World Tonlunt. UJO 
Today in ParLament. 1240 Nevra. 

BBC Radio London 

206m and 94.9 VHF 
a ' m ' ^ l* 31 ) 1 ® - 6 JO Rush Hour. 

4.00 London Live. 1205 p.m. Call In. 2(13 
■jo* Showeaw. 4.05 Home Rim. 6.1D Look. 
Slop. Lisina. 7 JO Black Londoners. 8J0 
Soul "J. 10.03 Late Night London. 1260 
As Had 10 1205 a.m. Question Time 

rrom the House of Commons. 1-05 Close: 
Aa Radio 2. 

London Broadcasting 

261m and 97 J VHF 
5.90 a.m. MornJnR Music. 6.00 A.M: non- 
stop news, information, travel, soon and 
reviews. 16.00 Brian Hayc-s Show. UB 
p.m. LBC Reports. 3.00 G-'orsc Gale's .3 
O'clock Cali. 4.00 LBC Report* continues. 
0.00 After Eight. 0.00 Nighiluic. L00-5.D0 
a.m. Night Estra. 

Capital Radio 

1 94m and 95.8 VHF 
6.00 a.m. Graham Dene's Breakfast 
Show 1 S 1 . Tim Rice 1 S 1 . 1209 Dave 
Cash iSi. 340 PJH. Roger Scott 1 S 1 . 740 
Lord Geors '■-Brown’s Capital Comraemary 
'S-. 7.10 London Today <S>- 7.30 Set 

Book Repeat 'Si '• Richard II." B4Q 
Bryan Wolfe’s Open Line 1 S 1 . 9.00 .Mery 
Homo's Your Mather Wouldn't Like It 
•Si. U.80 Mike Allan's Late Show -iS' 
200 «.m. Duncan Johnson's Night Flight 

CRITERION. CredU Card* 0 30 3216 
Evening! e 0 Sits. S 30. B 30. Tnur. 3.0. 

DRURY LANE. 01-836 BIOS. E»err ! 
right B.OO. Matinee Wed. and SM. 3.00 

■' A rare devastating. lovmU a*ioMWIna ] 
stunnor." Sunday Tlmt*. 

DUCHESS. 636 6243. Mfl". to Thun 
Evas 8.00. Frl.. 6at. 6 15 and 9 00., 

” The Nudity It stunning " DiHy TN I 
8th Sensational Year. 

O‘IFFN'9 THEATRE. TC 0I-7J4 itch 
Ev-jv n on «"“- 1 ' no x»* *o », * so 

and PAT-HEE vrM»«CVN 
PI*V3 i-n Pl.iy-rv I e-dr— rrl'T* Anaro 
tnwwj bv Cl l«OPQ WILLIAMS 

C BPS2Sfi. C S r i£lfi Sfr rat W.I. 499 3737. 
' h l aM *F*AIRE ,X). CngllHl 

I jub-titlvr Proo*. I SO io». Sun.). 3.55. 
aiirf 8.30. Lin Wi*Vv 

DUKE OF YORK'S. 01-836 5122. 

Eva*. 8.. Mat. Wed.. Sat. at 3.00. 
JOHN Gielgud 

In Julian MiMtiell’* 


" BrlfHartlv wlttv . . . no on# vhoula 
mm It." Harold Hobson (Drama) Instant ' 
credit card reservations Dinner and 
too-price sear £?.oo. 

FORTUNE. R36 223B. Eve*. 6 00 Thur. 3. 

RAYMOND RFVUFBAR. CC. 01-714 1593 
At 7 nm . S rn 11 Am cm- n ftiin,) 

PAH' BAVMflUn pr-rentl 
THE op 


Fully Alr-Condptoneu. Ynu mi, drlnlr 
and imrtf In the auditorium. 

R*nBPfr“THE*TRE. , 637~9»fl?. 

M-»n -Thurv B 30 Frf. 6 00 and 8 45 
Elegant, good engaging” Gdn. 

A new mutlral. 

" Caustic and Comir ■■ Times. 

... " Shnw "Coras In snnos " D Tnl. 

Lind* Thnr-rn . . a r«v*la"lnn " Times. 
wfi rnu p rn Tuc ri ttm - , u 

t ?, C t ^T nC . R SQUARE THEATRE. (930 
Lr.iC > i. i £ ,rlf * k . M , asLalm ' An °P Bancroft. 

Barvshn.iov in a Herbert Rgss 
him The Turning Pomt ia) Pds W) 1 05. 
I ^ J?'’®- l,a *I D ai- Transfers to Flaka 

] * * Oacon Ken Unfit Iran* tomorrow. 

HAYMARKET. (9 J0 2^0-2771} 
Jan* Fonda. Vanesu Redgrave in a Frad 
| Ziuneminn him Juira iai. u. Progs. 

9.00. Late show. Sat. pp. Comm. 

Off. af < Tnca^‘ urfi t2o °' A " “ 

ROYAL COURT. 7^1 1745. 

Iv#nf-->** R "I i«* »> R an 
TH* CLAn H s ran 
hv t«"n v«t»nn Wn-H Premlnm. 
*' Rr.lllent rpmle writing ” Times. 


w * Kind IM. 

p , B i Dlv Open 1.05. a.mT 

Fr1, 4 141 Doors own 
11,15 o- m - Ail seats mav he boghed. 

°° EQ N MARBLE ARCH (723 3011-2). 
l aS^W'L 51 *, *05- "Jon.-5at. 1 -SO. 
5rt S g. e,?* ? , , in .- 4 ' s 0 7.70. Late snow 

« W’Jft bihl - 

P "*™CE CHARLES Lei c . 5q , p 3T BIBl , 

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Financial .Times Thursday May 25 1978 

Record Review 

Malvern Festival 

From Renaissance to Baroque 


by B. A. YOUNG 


Malvern is an idea! town for a 
festival, and late May is tbe ideal 
lime to bold it with the English 

judge is vhe incQurapemoni^r C0 !!f- e ? 0S ‘ - evea th , ouei] lWfi is a sepoltrro dell'amata, a masterly and sensitive approach to this I ^ * ' e « 

those that write- partial re-issue of a set made lamentation which hints, in its music realises its full potential: • . ,} e ’ ^losson) and hunting 

bookes ■»* sir?* " ^ * W i1 SD , me eight years ago, the playing fourth section, at the baroque both Pin nook and Malcolm have’ deck the streets, and on the green 

.. BU?a speed SCI wall Stul niil.Kmac invthmn I . J- c_- . . 1 11.1 vis,, .1. . * 

uUUKGXi Kif^e inoarf e„ , U ■ XVT' ' * lu s otwnwu, ai iuc uhawijwi. i luiium duu ohuluiui . — — D- --- 

that thev hava ■pnriifoow WeU S u ou ‘ s “ ,ne s a n>ohwg we have exploitation of dissonance for am extrovert rhythmic sense Malvern Hills the paths are firm 
third “ The rnn^nrf «r • ,. a ac h l ? v ed m this earnury. There's purely expressive ends, Nonring- which makes some movements for those invigorating walks with 
..—.i.,' _ • 01 MUSieke outstanding bassoon and pnmh.-, lan’c ei* cnlnicte *sine with care- ihrillinB— Gilhert si ves the itU- ikai* j 

could echo GhSd -fLUI t * D “ tstaodi £S bassoon and gamba ton’s six soloists sing with care- thrilling— Gilbert gives the im- uj e j r stupendous views. There 
IWi-.nw fT p words of John playing, fine contributions from fully controlled and characterised pression of being over-carefuL ,-p even H niehtinoalM in the 
UOWtand tin ihc preface to his Don Smlthers on rnmm rhi* i* „ rrk;. even plgMIDgaiCS ID toe 

en»j iti B ° . nave recora w .me next person who then the music is far more of Couperin's harpsicoora musiu 

J ? •? , t®t* the third is tells you that baroque music is demonstrative. Less Successful. I which Harm onia Mundi have just Last year the Royal Sbake- 

. Wl ^ 0j ned with all the same. . . . thought, is Pro CanUone re-released in four boxes: here speare Company opened its fine 

equal enmusiasm.\ Bui this new Also in Telefunkeo's Das Alte Aotiqua's record of Renaissance his understanding of the infiec- production of Alan and Superman 

two-record set doe^ not. I think, Wcrk series, a record of more Marian motets: glorious music, tions of the music, his control of here. It is too much to hope for 

merely repeat the success of the specialist interest but of great which when sung bv modem his instrument's sound, and his a similar event every time; 

splendid earlier issues; it has importance. Leonhard Lechner male voices acquires an ornamentation, are all well njgb even in the fabled pre-war years 

even more to offer. The singing was one of the creators of the unwonted muddiness. But done perfect But Couperin's restraint the Festival lost a bomb, and, 

of the four-part settings is as German Protestant tradition in with the utmost professionalism, is not identical to that of although subsidy has been 

clean and unanimous as ever, music: he was a choirbov under More music of undeniable Rameau. generous, the Festival Society 

hut the balance between the Lassus, and in his Passion of greatness which has been Equally important, yet also pro- can hardly sponsor its own pro- 

iv 1 " soloists — Emma \ Kirkby. 1503 be brought the short-lived recorded with less total success: viding Its share of frustrations, ductioos — yet This year it is 

Vork Skinner, \ Martyn L orm . °f the through -com posed the viol fantasias of Henry Pur- is Gustav. Leonhard t’s recording showing three visiting produc- 

riiii and David Thoma&V-is now Passion to Its cluuax. The whole cell, those ext a ordinarily rich of the complete Well-Tempered tions, the last of which, Pros- 

niore natural and more reiavprf Keyboard. (Is this a new record- peels Saint Joan. I have already 

U beras the director. A^thonv ing? There is no dale.) Leon- reviewed with considerable en- 

nooley. seemed in the first issues Dowland: Third Booke of Songs Purcell: Fantasias for viols 1680- bardt emphasises the large time umsiasm. whats more, there 
to be self-consciously varying 1603 - Consort of Musicke/ Ulsamer Collegium. Archive 5ap between first and second are throe visiting orchestras, and 
the performance style of Vach Anthony Rooley. L'Oiseau-Lyre 2533 366 £4.35 books of the so-called "48” — 22 ( Dumerou.-. first-class chamber 

song lest the set should become Florilegium DSLO 531-2 (2 re- Rameau: Harpsichord Works, years — by using two different I £*“ S1C players. There Is even a 
monotonous, here the arrange- cords) £7.88 Kenneth Gilbert. Archive 2710 instruments. Often his playing is encouraging sign oi 

menis are simpler: either spin Schmeltzen Sacro-profanus con- 020 (3 records) £13.05 authoritative, and brilliantly low 1 involvement, 

voice or quartet, with or with- centus musicus 1662. Concern Couperin: Livres de Clavecin, characterised. But (as one might The opening play is Guild- 

out lute (sensibly strengthened tus Musicus of Vienna/Niko- Kenneth Gilbert. Harmonia expect with music one has played ford's Pygmalion , directed by 

by a bass viol), plus viol consort laus Harnoncourt Telefunken Mundi 351-366 (4 boxes, each since childhood), there are a Val May. This is the most imme- 

in the final ••dialogue.” \ AW 8.42100 £4.20 containing 4 records) £11.96 large number of places where diately attractive of Shaw's plays. 

The emotional range and 'Lechner: Missa tenia 15S4. Pas- pet box the listener is compelled to dis- and the production is an enjoy- 

depth q£ DowLaod’s songs is \ slon 1593. Waller von der Bach: The Well-Tempered Key- agree, where Leonhardt seems to a hle one, with a bonne bouche 
overwhelming: though they were \VogeIweide Chamber Choir, board Books 1 and 2. Gustav give the music a perversely mis- j D the person of Evelyn Laye 
never intended to be sung as a Collegium Pro Musica/Othmar Leonhardt. Harmonia Mundi calculated character. Just to as Mrs. Higgins. Mr. May goes 
sequence, they achieve a grow- Sosta. Telefunken AW6.4200 20309-13 14 records) £14.95 take two examples: the D major t00 f ar j n his searc h f 0r laughs, 

ing intensity when performed Renaissance Chamber Music. (Book Two) has a splendid Fre- though, allowing Graham Callan’s 

consecutively. There is no deeo Sch^iz; Motels from Cantiones London Pro Musica Tactus lude of orehesirai weight and Freddy, for example, some out- 
despair in this third book rather Saljrae 1625. Monteverdi: 1002 £3.50 liveliness, but then its intricate r ageous clowning quite out of 

a resigned ardour ' which Seslina. SchQtz Choir and Con- Canzone, Sonate e Toccate. New fugue is made to sound plodding character. 

attempts to rouse itself (" Weep |° R r S^ e J 3 S‘ rliDStOD - Arso m”"" 1 ' TaCtUS TAC mmorTrelude^BoSk One) bow Jennifer Wijson's Eliza suffers 

and be JUJl *? sX”*!?* thi “Ave Regina": Motets by Gom- The Early Guitar. James Tyler, many meditative players will r^ockney^fs no more 

l" . S .P“ C O' hnrt \ Arcadelt. Willaert. Saga 5455 £1.75 1,ke ar ev * n believe in. thei« 10U ® B t-ocKney is no more 

Evelyn Laye and Paul Dan emu: 

pessimism which life's experi- 
ence offers. The mood is beauti- 
fully summed up in a tiny little 
Tour-part setting, perfect lv done 
on the record. O ichat hath over- 
icmught? “The day I see is 

clear/But I am ne'er th — 7 \ anenuon io some o: me 

For Brief doth still a onear rni r / test Joans' narrative, with late flowerings of an almost dead products of smaller companies 
hold! The sun wil shine warn/ additions) is *et for choir, the art-form, are performed by the which deserve attention: the new Elizabeth Hall Counfrv Cnii^in 

Therefore now feLr^ nJ hSn familiar phrase® emerging out Ulsamer Collegium with an indul- Tachis label, m particular . has VOUniry UOUSin 

blessed bpamn ■' ot a web of contrasted contra- gent weightiness and a wide, ex- male a feature of recording m __ 

not the Dowland Vf 'th* P unta ^ aQ d homuphonic writing, pressive vibrato through which it early music io natural 1 acoustics, t ■ 1 IllO'MO I lArO 

riolenT tacand nai *dn ThE ln i{s choice of sefiQes and musi ‘ is difficult to hear the sublimely not electronically modified, and I inflCOy nill'niPT C L/ldlld L/Oi S 

recoSs t cai ima g« ft* « el,J ns looks for- angular counterpoint of the of choosing reasonably small- J^IlldaCLy U U-llltW/lO A-flUIlW 

Dowland it ward to those of. Schulz and music with any precision. I scale music suited to domestic J 

ino nQ ' M0Sl rev,ard,n S listen- Bach; and as . performed here, think I would prefer a modern reproduction. The results on hau s* t t r 7136 aofi'ence at Country be comfortable with the beyont 

Anone ih« mh i«n. «.«k eooly. subtly, withoM overt ex- string band to this though it their initial releases of recitals bV UUM1N1L VJ ILL Cousin, alwavg a friendly, not the-minute mid-Atlantic ga 

of recent rVrnr£tfei Passion (by the Walter von der was good to be reminded of Pur- by the London Pro Musica and . ' to sav boisterous, crowd, took scene. 

,. a i m „c; P ih-i «[ M i a i ,S4 ’ Vogelweide Chamber Choir, con- cell's melancholic skill in weav- the New London Consort are _ Miss Diana Dors to its collective ^ he anecdotes about he 

in^r Jin Jh* 1 rT *" t J he a,,cn ; ducted by Othmar Costa) it ing his instruments around each most successful Saga has pro- The Lindsay String Quartet the first C major episode of t he|™ lss . D,and D ^ rs 10 " , recent career could be belts 

0 e „ i most 8® ner ? 1 makes a powerful unily. The other in the four-part fantasias duced another of its interesting were joined by a pianist and a slow movement as clearly as one) neart when she opened her two- )eft t0 a p rrss hand au , th 

Mass on side one is less success- (particularly the grave and historical surveys of guitar cellist respectively for quintets heard the two-against-three later, j week season there on Tuesday Michael Parkinson Show, or th 

like or even believe in, the though her Cockney is no more error. Higgins is teaching her depend on common speech in a and a set of gestures as gracefi 

jagged French Overture ‘into accurate than Shaws. She is to be a lady, and he could never cultured voice. as anvthinn his daughter lean 

which Leonhardt transforms the splendid in the scenes after her have specified that absurd bar; Higgins and Pickering are af ._ r * j-.-yj.* sv . 0 u inc 

niece 9 Nevertheless, a con- great triumph. But m her vital worse Lhan the hat she wore as decently done by Paul Daneman * , J “ ~ ^ 

stantlv stimulating issue. scene at Mrs - Higgins's At Home a flower-girl. Moreover, by and Dennis Ramsden. and there Ncxt wcck - Yow Acicr Lo 

1 can do no more than draw she 15 n S , > t off ^ rai,s ' and allowing her. a silly over-refined is an amusing Doolittle, Bill Tell, from the Abbey Tbeatr 

vour attention to some of the must be Mr. May's voice, he kills the jokes that Owen with a walrus moustache Dublin, with Cyril Cusack. 

Country Cousin 

Diana Dors 

Lindsay quintets 


The audience at Country be comfortable with the beyont 
Cousin, always a friendly, not the-minute mid-Atlantic ga 

rnfmahiA :h a t <h» r^n'iV. »» »" »»“ » '« »»«*» iparucunw uie grave ua r* guitar allist respectively for quintets heard the two-agamst-three later, : week season there on Tuesday Michael Parkinson Show, or tb 

SinSi«i« rfiLS „r l w.* ful- due to the presence of an serious minor-mode vforks which music, persuasively and by Schumann and Schubert on and in tbe finale, more incisive night. Buttbut was at Ihe begin- opening of a supermarket. The 

Schmelzer This elriw rnntpm- accompanying band of instru- begin side two) or in surround- pleasantly presented by James Tuesday— and their programme contrasts, more develish sfor-jning of her act when she made had all the coy innuendo c 

nS-Tr V 1 oV' RihAr S nn P C thl" ments P,i which dominates ihe ing The Tong plainsong ofThe ln tj'Ier and friends. Anti finally was dedicated in tribute to the zandi. jan entrance Fn the old tradition the" News “of the tVorFd^of' th 

virtuoso native Bohemian °musf- voit ' cs r,Iher 111311 supporting Nomine with elaborate decora- another jie ^compiiiv^MMidlu ^ the _ young But the ^Schubert C r major | — the split in her black dress, i950s. Her encounters with th 

if! s5ISiL a i them. ijon. has taken the dubious step of Hungarian cellist who died two string quintet is one of those to reveal an ample leg. almost cJlaD! : at the front few tab]* 

Ha -a ns la IHheH alian fashion s Two other recent records of Two important newboxed sets recording the Extempore String years ago at the age of 29. rare, sublime works that unfail- reaching up to the dip in her wer e more geared io Batlev tha 

..V J fV^ n S Ti«II choral music performed on a of harpsichord music deserve Ensemble which (as its name In their first half, with Clifford mgly transcends its perform- bodice, which displayed a W icked London bein« *hvav 

b in° U i^wn t0 Th t small scale make a strong con- more space than they can be suggests) recreates the skill of Benson, they gave a well-made, ance. Quibbles here — the too doubly ample chest. W jy, we n tried" cliches of tb 

musk evuder a ol^sure^n S^witb^e lScUr disc. Music g.ven here. Kenneth Gilbert's extemporising dirisions . m B »• dlghtly careful account of the cautious reticence - of Peter For a time all was well * * muZ* affo.?i me 

musu. exuacs a pleasure in « ... „ n «» n r<i>ni> nt Ramnu'n h&nm. hethan music. Hard to object. Schumann mama numtet: attrac- Cronner. thi» first violin, in ihn w<»,u. nurv. r»nr* r,n ehrint. * . . . . * . * KUIU . 

tnuriimnntal rficniav sn exneri. of only 20 years after Lecnners recoraing oi iwmeaus o«ip»- www *» me oecause uiana uors, no snnns- varielv And the unavoidabl 

2S! 1 ' Liih P Pftim?fu1 XP Mi! Passion makes bp tbe Schutz chord music follows hard on the though, for the ensembles subtle tive for its vigour and bright adagio; a few brief moments of ing violet has learned to live i ni oreisi ons were sur 
mental ion w'lin coiourtui ana u.. ivemr faciiitv and treat s?nnd taste wil mIamt hi.r nnt vp« tuitw that AAnniAmnint fmm tir« 0 *« i — u impressions were, surprise, su. 

unustia^coi^inatkm^dS^instro- and Monteverdi record by the heels of the com pletion of Trevor facility and great good taste will colour, but not. yet with that counterpoint from time to time! with, and to laugh at, her blonde priseofMaeVpst Earthl' Kit 
nents 2 an Roger SB FiagtonVSchutz Choir Pinnock's complete recording, surely win them many more of absolu te familiarity and less than ideally clear - werejand brassy image. She makes a ? t " (Has anvow i 

S'vj -ii Tr*M.h it and Consort; but whereas the and of the reissue of George admirers on record than could intimacy, every gesture m frame truly by the way. Marvellous living from being over-blown 

rhvthmic Vigour, all Oi It . • » .I. . r ..k; rtn ninnoar i-no CPI Hilbert Ihplr nrcasional public ltuorovl- anrl nrisnhi fnnispri whirh aUnvn nlavpri pvpd at a ripurorj 1 v«a%- flneh Vi- An CoiintT} GOUSIfl f filled tO impfel 

The Concentus Musicus are 

Chichester Festival Theatre 

The Inconstant Couple by MICHAEL COVENEY 

Tor example, in the first move- Botvay — whose sensitive shad- [adrift from her audience — too surprisingly professional sipgtb 
meat's second subject sound still ing and underpinning, and) young to be a vision of Holly- 11 was disappointing not to -o 
more expressive a tempo? It radiant first-movement duets with 1 wood nostalgia: Mae West or a ■overwhelmed oy a big person: 
would have been nice to hear Bernard Gregor-Smith, were a Ginger Rogers so beloved by the {1 t>- to go with them. 
the three-against-rour rhythms in constant pleasure.' I Country Cousin sot — too old to ANTONY THORNCROF 

After the stunning appearance 
at ihe National two years ago 
of Patrice Clicreau's TNP pro- 
duction of La Dispute it is all; 
loo drab to be dumped uneere* 
moniously into a leafy lSlh cen- 
lury country retreat where J/an- 
raudage lives and tbe linguistic 
sex battle bristles as if nothing 
had happened in the theatre tor 
200 years. “ Oh. Watteau Lovely 
War" should be the sub-title for 

a broken-backed evening of 
stylistic thrust and parry in dire 
need of Mozartian interference. 

To be mellow for a second. X 
have nothing but praise for John 
Bowen’s beautifully wrought 
elegantly baroque translation 
(originally commissioned by the 
National Theatre l, but 1 am 
afraid that I side with Pianchon, 
Vilar and Cbereau iD expecting a 
revaluation of Marivaux that 

does not hinge on a reverentially 
futile attempt to reconstruct Uie 
complicated literary tradition 
within which be wrote. 

After all, the piece is about 
people not saying what they 
mean, and although the essential 
comedy -centres around the 
servant class aping tbe ridiculous 
amorous conceits of. their 
masters, sex lurks threateningly 
in the wings and must be brought 

in under a spotlight by any 
responsible modern' producer. 


“ Horror! ” exclaim the purists, 
quoting the vile precedent of 
Pianchon plonking a large bed 
centre stage. In Chereau’s La 
Dispute, the metaphysical argu- 
ment was given short peripheral 
shrift in favour of a genuinely 
sexy core of encounters between 
children incubated from their 
sires’ flirtatious prattle. This 
play, adapted from a minor work 
{ L'Heurettx Slratngcme, 1733 ) 
concentrates on the ding-dong 
(more ding than dong) among 
an aristocratic quartet whose 
example threatens the animal 
lust pact between a yalet and 
a serving girl. 

The whole exercise is pre- 
sented as a genteel caper against 
a precious background and Noel 
Willman's production therefore 
depends for its success on the 
superficial style emitted by bis 
cast. In this respect he is 
admirably served by Sian Phil- 
lips and Keith Baxter as the 
couple who want each other when 
all is said and not done. The 
rest is all footling, finely-phrased 
obstacle with Morag Hood as a 
capricious Marquise stirring 
trouble before settling for Tim 
Woodward's Chevalier, a rouged 
and unfortunately muted townee 

v — -****-'* 

Martin Chamber^ Veronica Roberts, SUt IW.p» and Keith Baxter 

It is all like watching theatre 
behind a glass partition and at 
no point is an argument pro- 
pounded for a full-scale re- 
appraisal of Marivaux, . the 
neglected comic successor of 
Corneille. There are greater 
causes to be championed, and 
if Marivaux Is to be one or 
them, then someone should be 
studying the example . of the 

Arts news in brief 

V summer festival of cham- 
ber viiwit’ ^ d £ l teen 
ihp Viemorc llall has- uee‘i 

irnngBl u, 111 Ita 

l otidoc s musical *•"*■„ 

will arise from the tmnP«a^ 
d.Mire Of Jhe Queen Elizabeth 
Hall and ihe Purcell Room. 

Other living British compjMij 
represented will R'chard 
Rodney Bennett. T»eter Maxwoll- 
Davies, A13D Ridout and Colin 

Seaman. „ Uf! .i ... 

The festival opens with the 
first London recital for many 

; h ^ Arts ' “,2 

S« ^po^'e lot .he 

BBC’s St. John s Smith Square 

"■rjjr css-*- 

■ <ih n t- rt iT, m }L T™S: 

Th "re he six British string 
‘.Uriels taking part, and the 
i n. *i : val will include the 
London appearance of lbe Boro- 
,1 .ii Puno Trio- 
There Will he first perfoj'm- 
in . c f of works hjr Judith 
£ t \ Brian Kelly. Cinrdon 

Books on sports and 
games are reviewed on 
Page 10 . 

Mayumi Fujikawa (violin), John 
Sbirley-Quirk (barhone), George 
Malcolm (harpsichord) Paco 
Pena and Carlos Boneil (guitars), 
Jean-Bernard PommJer (piano) 
and Elly Ameling (soprano). 

Ensembles include the 
Gabrieli, Medici, Lindsay, 
Aeolian and Chilinglrian String 
Quartets, the Fires of London, 
The Songmakers’ Almanac and 
the London Early Music Group. 

vears of the distinguished mezzo- 
soprano Christ a Ludwig, accom- 
panied by Geoffrey 
Will be followed by r ^^«re 
Hall's first late night concert-- 
Rodney Slat ford's BBSsmrul-«at 
10 30 pm. On the three follow, 
ing Saturday nifihtslbere ill be 
late shows by Swingle II. a talk 
by Antony Hapkma and tho 
Marion Monipomcry and Richard 
RiSev Bvnaclt entertainment 

JH \ruSr td ^arpoarlns '".^“df 

The Devon village of Upoitexy 
is to be the stage for a major 
four-day arts festival next month. 

The festival, from June 1 to 
June 4, includes a drama written 
for Gpottery by Patricia Beer. 
The play will be directed by 
Clive Swift, for many years a 
member of the Royal Shake- 
speare Company’, and the cast 
includes Frank Windsor, Edward 
de Souza. Michael Goldie, 
Rowena Cooper and. Peier 

Entitled The Enterprise 0 } 
Eng load it describes the events 
of the summer of 158S when the 
Spanish Armada was approach- 
ing the coast of Devon. It is 
based on the letters and writings 
of Lord Howard of Effingham. 
Admiral of England, Sir Francis 
Drake, and the Duke of Medina 1 
Sidonia, the commander of the I 
Spanish fleet. 

Tbe music programme includes 
a song recital by Yvonne Kenny | 
and Anthony Bolfe Johnson and 
a classical guitar recital by 
Carlos Boneil. 

The festival includes a con- 
cert by Rolf Harris and a 
children's programme organised 
by Tom Baker, BBC television's 
Dr. Who. 

Coinciding with the festival 
arc exhibitions featuring prints 
by Elisabeth Frink and the work 
of the Brotherhood of Ruraiisls. 

Box office enquiries should be 
addressed to Renwick Travel. 
Hooiton, tel Hon! ton 2004, 

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26/33 Clifton Scvct, Lc'ndon ECT* 2LYK»i«iCi-247 4377: . 



Telegrams: Finanthno, London PS 4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Thursday May 25 1978 

The gendarme 
of Africa 

THE BITTER recriminations 
sparked by the Fran co-Belgian 

intervention in Zaire appear to 
be dying down. Mr. Leo Tinde- 
mans, ] the Belgian Prime 
Minister has received massive 
Parliamentary support for his 
action and also appears to have 
made his peace with President 
Mobutu. France and Belgium 
are no longer openly criticising 
each other's conduct of the 
operation. The bulk of the 
Belgian forces have been with- 
drawn and President Giscard 
d'Estaing has said that the 
Foreign Legion will pull out as 
soon as the last white has been 
saved. But the wider issues 
raised by the intervention are 
far from resolved. 


One immediate corvequence 
of the operation has been to 
give further impetus to the idea 
of a joint African peace-keeping 
force to deal with similar emer- 
gencies in the future. Following 
this week's Franco-African 
•summit in Paris, President 
Leopopid Senghur nf Senegal is 
to sound out other Governments 
in the area to see if creation of 
such a force would be feasible. 
The difficulties, however, are 
considerable. At political level, 
such a force would be open to 
the charge that its main func- 
tion was to preserve existing 
regimes in power regardless of 
their efficiency or popularity, 
like some latter day Praetorian 
Guard. It would be most un- 
likely to win the support of 
English-speaking West African 
countries like Nigeria or Ghana. 
At the practical level, it is hard 
to see how it would be able to 
operate effectively in the near 
future without substantial 
French help. 

With French troops in action 
In countries like Chad and 
Mauritania, there is no immedi- 
ate prospect of the country 
abandoning its self-appointed 
role as the gendarme of Africa. 
The haphazard and often illogi- 
cal boundaries that the con- 
tinent inherited from the 
colonial area are bound to 
remain a source of potential 
friction, whether it be in Zaire 
or Ethiopia or elsewhere. The 
Kolwezi episode has demon- 
strated that whites ran be 
caught up in such inter-African 
conflicts on a scale that has not 
been seen hitherto. Most 
African armies are weak and 
inexperienced, and. as the 
Cuban* have shown, the injec- 
tion of even quite a small 
number of well trained and 

equipped soldiers can swing the 
military balance one way or 

All this confers a heavy res- 
ponsibility on those non-African 
governments that are able and 
willing to intervene in Africa's 
affairs. When a country's 
citizens are being massacred, as 
in Kolwezi, few people would 
question a government's right 
to make every effort to save 

them. President Giscard 

d'Estaing's policy, however, goes 
considerably further. He would 
argue that the non-interven- 
tionist policy of the U.S. since 
Vietnam has left a vacuum, at 
its most serious in Africa, that 
somebody else has to fill. France 
sees itself as the defender of 
large parts of Africa against 
fragmentation and subversion, 
on behalf of the West as a 
whole. If such a posture also 
helps France's economic and 
political interests, so much the 

Critics of French policy 
would argue that no European 
power, nor for that matter Cuba, 
has any business interfering in 
Africa in the post-colonial 
period. More specifically, they 
would condemn the use of 
external military power to sup- 
port corntpt and unattractive 
regimes like that of President 
Mobutu. In the case of Zaire, 
there is the additional suspicion 
titat France is poaching in what 
has up to now been a predomin- 
antly Belgian preserve. Many 
African governments, however, 
would probably support France's 
action. They need to preserve 
territorial integrity, whether 
against invasion or secession, is 
an over-riding consideraton for 
most of the continent's newly 
independent states. 


Nevertheless. France is un- 
doubtedly taking risks. It is 
usually easier to get into a war 
than get out of one. There is 
always the danger of backing 
the wrong side or sustaining an 
unacceptable number of casual- 
ties. French relations with the 
Soviet Union have been soured 
by the Kolwezi operation, and 
political opposition inside 
France would grow if the inter- 
ventionist policy were carried 
too far. Ideally, as President 
Giscard d'Estaing keeps repeat- 
ing. Africa's problems should 
be solved by the Africans them- 
selves. But if they are incapable 
of doing so the West cannot 
close its eyes to the dangers of 
continuing conflict and in- 
stability' in such a key area of 
the world. 

Shipbuilding v. 

High hopes, and 
high costs, of 
winning oil and 
as from coal 

Financial Times Thursday May 25 1978- 


By DAVID FISHLOCK, Science Editor 


HAT THE Arabs 
have done is to 
make chemists 
think," remarked an ICI re- 
search chemist recently. In 
Britain the outcome is a suite 
of novel technologies for con- 
verting coal into oils and gases 
which could make substitute 
fuels and feedstocks when 
energy prices — as can confi- 
dently be predicted — begin to 
rise steeply again. Yesterday, 
in an ambitious charter for coal 
chemists, the Government 
affirmed its faith in their efforts 
by announcing plans to build a 
series of large plants to demon- 
strate new ways of using coal 
for the 1990s and after.* 

On the basis of estimates 
made this spring the plan, if 
fully implemented, will cost 
about £l22m. For this price 
Britain, in the words of Sir 
Hermann Bondi, chief scientist 
at the Department of Energy, 
will "go outdoors” for the first 
time with six ideas the scientists 
have been exploring in the 
laboratory for several years. 
From this it will be learned 
how to feed a heavy and 
crumbly black rock of very vari- 
able composition into chemical 
reactors. It will be the first 
industrial step on the long costly, 
road to the coal refineries of the 

For the past two years a 
working party under the chair- 
manship of Mr. Alex Eadie, 
Minister of State at the Depart- 
ment of Energy, has been 
examining the future of coal 
technology, as part of the work 
of the Coal Industry Tripartite 
Group. The Tripartite Group 
itself brings together the coal 
industry, the mineworkers and 
the Government in formulating 
plans for the industry's future. 

The question before Mr. 
Eadie's working party was as 
much a financial as a technical 
problem. The coal, gas -and 
process plant industries between 
them had worked up a number 
of impressive experiments with 
coal which gave every hope of 
being translated into industrial 
practice. In some cases the 
scientists could point to 
collaboration with the U.S. to 
increase confidence that they 
were on the right track. 

But there were two clear 
reasons why Britain could not 
simply leave it to the U.S., with 
its immense resources for 
energy research a nd develop- 
ment. to take the next steps in 
industrial development. The 
obvious one is that it would 
give the U.S. process plant 
industry a big advantage. Less 
obvious are the political prob- 
lems the U.S. Administration 
itself is having in launching 
demonstrations of advanced 
coal technology. 

On the other hand, for Britain 

it meant a heavy investment, 
on a scale far beyond the 
present research programmes of 
the coal and gas industries, 
which respectively spent £30m 
and £25m on research and devel- 
opment in 1977-78. Five of the 
six UK coal technologies 
thought ready to “ go outdoors ” 
are National Coal Board pro- 
jects. But the coai industry 
faces a decade in which demand 
for its product— and hence its 
profits — is unlikely to grow, 
while North Sea resources 
remain plentiful. 

Once North Sea resources 
begin to dwindle, however, the 
coal industry must be ready to 
respond quickly if Britain is 
to remain independent of 
energy imports. The working 
party concludes that the Govern- 
ment itself must step in to 
finance the several steps of 
industrial demonstration of 
technologies designed to open 
new markets for coal. The 
Government. in principle, 
agrees with this plan and as 
a first step will be funding 
design studies for the first hig 
coal-fed pilot plants to be built 
in Britain. 

The accompanying chart sets 
out the six technologies — which 
also have the approval of 
ACORD, the Government’s 
advisory council for research 
and development in the energy 
sector — and the new markets 
for coal they could open up. 
The first three, though very 
different in their chemistry, all 
share the same two over-riding 
objectives. One is to improve 
the ratio of hydrogen to carbon 
in the raw material, for coal 
with a ratio of about 0B: 1 is 
at a sad disadvantage as a fuel 
or feedstock compared with 
crude at 1.8 : 1. The other is 
to make coal more convenient 
to handle than a crumbly solid. 

TION is one way to liquefy coal 
by treating it with a hot liquid 
solvent to yield a thick tarry 
solution which can then be 
“ hydrogenated ” to enrich its 
hydrogen content The Coal 
Board at its Stoke Orchard 
laboratories in the Cotswolds 
has been operating an experi- 
mental unit producing 0.2 
tonnes a day of liquids from 
medium-rank coal. Its BP- 
designed hydrocracker both 
enriches and fractionates the 
feedstock, to produce a passable 
(if low-octane) synthetic petrol 
the scientists call Cresto. 

Dr. Joe Gibson, Board 
member for science at the 
NCB. delights in telling people 
that Marie Slopes back in the 
1940s was- urging people to 
save coal for its chemicals. The 
working party has accepted the 
proposal advanced by Dr. 
Gibson, for a pilot plant con- 
suming 24 tonnes of coal dally. 

to raakq 13 tonnes of " coal- 
liquids." The estimated cost 
is f 16.2m and the project would 
continue until about. 1935. The 
working party advises the 
Government to make a major 
contribution towards the cost 
of this pLanL 

Another novel way of lique- 
fying coal, also invented at 
Stoke Orchard, is SUPER- 
which a solvent vapour such as 
toluene is used at temperatures 
and pressures great enough to 
** open up ’* the coal and dis- 
solve the more valuable con- 
stituents. For the best part of 
a year the coal chemists have 
been ■ experimenting with a 
plant designed by Woodhall 
Duckham (part of Babcock and 
Wilcox) to dissolve about 120 
kilogrammes of coal a day. 

The plant Dr. Gibson now 
proposes would produce eight 
tonnes a day of coal extract 
from a feed of 24 tonnes of coal. 
The cost is put at £14.8m and 
again the project would run 
until about 1985. The working 
party recommends that the 
Government should make a 
major contribution towards the 
cost ' 



PYROLYSIS is another clever 
piece of chemistry from Stoke 
Orchard, in which coal is 
cooked very quickly by an in- 
tensely hot flame in hydrosen at 
high pressure. The result is a 
mixture of tars, oils and fuel 
gases, the precise blend nf 
which can be controlled by the 
reactor conditions used. It 
could be a very versatile adjunct 
to a coal refinery of the future. 
A recently negotiated tripartite 
project between West Germany, 
Britain and Sweden, under the 
aegis of the International Energy 
Agency, will take pyrolysis of 
coal a staee further, at a cost 
of about £3.25m. But the NCB 
has proposed that the next step 
should be a plant burning 24 
tonnes of coal a day. cc stine 
about £17m. construction of 
which should start around 198:). 
The working party’s verdict is 
that this proposal should await 
t t’P outcome of the German-led 
IF A experiments. 

British Gas. at its Westfield 
Development Centre in Scot- 
land. has already demonstrated 
on industrial plant a hiehlv 
promising gasifier which could 
form the heart of commercial 
method of making substitute 
natural gas (SNG). This could 
be the means of keeping Britain 
supplied with gas when North 
Sea supplies are exhausted. Its 
‘‘slaesrine gasifier” — a Lurei 
reactor ingeniously adapted so 
that the coal ash flows as a 

liquid from the reactor, much 
as slag flows freely from a blast 
furnace — has attracted consider- 
able interest in the U.S. The 
Conoco Coal Development Com- 
pany hopes to incorporate it 
into a design of a big SNG- 
from-coal demonstration plant 
to be funded by the U.S. Depart- 
ment of Energy. 

The latest idea of British Gas 
is a modification which would 
permit the gasifier to bum coal 
dust as well as lump coal — an 
important feature because 
modern coalmining methods 
produce generous quantities of 
" fines.” Its idea is to add a 
new bottom section to its reac- 
tor. whirii would burn fines to 
heat th * gasifier itself, with 
steam L ring injected at the 
interface between the two sec- 
tions. Tht new concept is called 

British Gas has proposed a 
pilot plant at Westfield .consum- 
ing 200 tounes of coal a day, at 
a cost of £12m. The working 
part; accepted the proposal — 
which also has NCB support — 
and recommends that the 
Government should be prepared 
to make a substantial contribu- 
tion towards the cost. 

Interest is growing rapidly in 
new “ combined-cycle ” methods 
of generating electricity at 
higher efficiencies — perhaps 5 
to 10 per cent higher than 
steam-raising cycles today. The 
Coal Research Establishment 
has been working on a coal- 
burning cycle which would 
gasify the coal with steam and 
air at a relatively low tempera- 
ture, so as to avoid adultera- 
tion of the gas in a way which 
could damage the gas turbine. 
This gas would be burned with 
more air to drive a high- 
temperature gas turbine and 
generator set. Not least of its' 
advantages might be that such 
powerplants would be built as 
modular systems, largely pre- 
fabricated in factories, like 
chemical plants. 

The NCB proposal for LOW 
Btn GASIFICATION suggests a 
fluidised-bed gasifier equipped 
with gas clean-up chemistry, 
and a gas turbine — a complete 
powerplant in fact It would 
cost about £ 11.8m and would 
be a six-year project, starting 
in 19S0-S1. 

The working party recom- 
mends that the support of the 

Central Electricity Generating 
Board — as the main domestic 
prospect for sales of ' such a 
powerplant — should be sought 
for a feasibility’ study. The 
Government should meet the 
cost of this study. In due time 
the NCB and the CEGB should 
Submit their joint proposal for 
a pilot plant 

Last and largest of the six 
proposals is for a big fluidised- 
bed powerplant. to succeed the 
IEA’s sponsored experiment rig 
under construction at Grime- 
thorpe in Yorkshire, expected 
to be operating next spring. The 
BED COMBUSTION project, as 
put forward by the NCB. would 
be a power-plant generating 80 
MW of electricity, costing 
£50.3m and spread over eight 
years. Babcock and Wilcox, 
commercial leaders in the tech- 
nology in Britain, have pro- 
posed a somewhat more am- 
bitious scheme for a power- 
plant of 100-200 MW output “ to 
demonstrate to overseas buyers 
the confidence which Britain 
has in the new technology.” 

The working party’s verdict 
is that the two organisations 
should prepare a joint proposal 
for an 80 MW demonstration, 
for Government to consider, 
■' with a minimum of delay.” 

No-one who has carefully 
examined the problem remains 
in any doubt that the new coal 
technologies — as with nuclear or 
the “benign and renewable" 
energy technologies — will 
require great perseverance and 
heavy investment in “ launching 
aid" to bring them to the 
marketplace. One way of stiffen- 
ing national resolve to per- 
severe with the expense and the 
problems will be to sew up as 
many projects as possible as 
international ventures, when 
launching costs will be shared 
perhaps by two or three 

The technologies are novel 
and demanding in the operating 
conditions — temperature, pres- 
sure. etc. — required. The feed- 
stock is troublesome to handle 
and will give rise to a 
voluminous waste. The scale 
required is likely to be very- 
large. For a successful coal 
refinery — “ coalplex " — several 
of these advanced technologies 
will have to operate har- 
moniously together. In the cases 
of liquefaction and gasification, 

for example, the LL5. and West 
Germany have an agreement 
whereby they have designated 
projects on which they will 
exchange technical information. 
By building its own pilot plants 
Britain could be providing itself 
with a valuable passport to this 
exclusive club. 

The working party quotes U.S. 
estimates suggesting that the 
capital cost of plants manufac- 
turing syncrude or SNG is 
likely to be very high. For 
example, they estimate that it 
might cost £500m. to build a 
plant to produce 50.000 barrels 
per day of syncrude (synthetic 
crude), or 200m standard cubic 
feet per day of SNG. This com- 
pares with about £200m-£300m 
for an oil refinery or a big 
ethylene cracker today. 

A, recent study by ICI— the 
British company which has pro- 
bably shown greatest interest 
in the impending return to coal 
as a feedstock — suggests that 
the Department of Energy itself 
is greatly underestimating the 
capital investment Britain must 
expect to make. It suggests that 
the capital requirements for 
coal conversion by the year 
2025 could he as high as SO 
per cent of the capital needed 
for nuclear energy. Adding the 
two resources together— with 
nuclear fuel providing most of 
the electricity by then, and coal 
most of the liquid and gaseous 
fuels and feedstocks— the ICI 
study forecasts an investment of 
£171bn In energy plant by 2025 
at pregfnt-day prices. This figure 
compares with £52bn invested 
to-day; of which £31bn is in 

One further hurdle should not 
be forgotten. Coal refineries 
will be located not on the coast, 
as are 'oil refineries, but dose 
to rich pockets of coal. Britain 
is discovering that its richest 
reserves of coal often lie under 
land with no coalmining— some- 
times no industrial — traditions. 
It may be possible to disguise 
the activity underground cun- 
ningly enough to avoid damage 
to the countryside. But how to 
disguise a “coalplex" will be a 
formidable challenge for the 
process plant designers of the 

*“ Cool technology: future 
developments in conversion. 
utilisation and unconventional 
mining in the UK Department 
of Energy, no charge. 

THE NEW president of the 
General Council of British Ship- 
ping. Mr. Swayne. inevitably 
devoted his maiden speech 
yesterday to the world surplus 
of shipping capacity. To the 
shipping industry iiM-If, this is 
no new problem. To those out- 
ride it. houever, hie full extent 
of the difficulties ahead may be 
only now becoming apparent. 
Mr. Swayne's predecessor con- 
centrated last year on tankers, 
where about 100m dwt — a 
quarter of the world total — is 
surplus to reed already. That 
problem is aggravated by the 
fact that only 35m ton? are 
over 15 years old and ready for 
voluntary scrapping and that 
there are still another 17m tons 
of new capacity due to he 
delivered this year and next. 

But it is not only in the (anker 
sector that there is a dangerous 
surplus of capacity. Much the 
same is happening in the dry- 
cargo sector: Mr. Swayne esti- 
mates that, even if no more 
chips were to be ordered and 
all tankers and bulk earners 
over 15 years old were to be 
scrapped, supply and demand 
would not move into balance 
for several years to come. He 
points out, too, that the liner 
sector is now faced with similar 
problems of over-capacity. They 
are only made worse, in his 
view, by the fact that over half 
the new tonnage on order is for 


Shipping is an industry par- 
ticularly vulnerable to fluctua- 
tions in the level °f world trade: 
but the over-capacity respon- 
sible for its present difficulties 
|s partly due to another factor, 
the over-expansion of world 
shipbuilding capacity. This can 
be traced back to a variety of 
causes: over-optimism about 
demand in the case of Japan, 
the desire of various govern- 
ments in the developing world 
t0 save foreign exchange by 
building up their own fleets and 
the decision (fur. whatever 
reasons) of countries in the 


the readiness of governments in 
the traditional shipbuilding 
companies to provide credit and 
subsidies on an increasing scale 
to prospective purchasers, 
mainly For the sake ur avoiding 

The provision of shipbuilding 
subsidies for this purpose is by 
no means confined to Britain. 
But the terms which the nation- 
alised British industry has 
recently been willing to offer 
for new orders, which will only 
add to existing overcapacity and 
increase the competitive pres- 
sure on British shipping lines, 
are a justifiable ground for com- 
plaint by the latter — not least 
because of their own contribu- 
tion to the balance of payments. 
Other industries may soon have 
similar cause to complain if 
British Shipbuilders goes ahead 
with its plans for (subsidised?) 
diversification into other fields. 
The chief executive of the com- 
pany said this week that nobody 
in their right mind would say 
that all the yards could be kept 
going and that the Government 
would have to meet the hill for 

any feather-bedding. 

EEC approach 

That there will he some 
feather-bedding 3t the expense 
of the taxpayer is. however, a 
political certainty with unem- 
ployment at its present level: 
the main domestic object must 
be to strike a reasonable balance 
and nut to help the public sector 
of industry at the expense of the 
private. But shipbuilding is only 
one of several industries in 
which the EEC is directly con- 
cerned because of national sub- 
sidies which distort competition. 
Even within the EEC. no 
general balance has yet been 
reached between the need to 
maintain competitive conditions 
and the need to dispute of sur- 
plus capacity without excessive 
sneial costs. But In shipbuilding 
the issues are clearer than in 
most other cases. Thy GCBS. 
despite itf natural fear of 
bureaucratic intervention, is 
right to explore in Brussels the 
linked problems of shipping and 
shipbuilding capacity among 
Community members. 


Youth may not 
have its fling 

The Labour Party’s first-ever 
political broadcast for youth is 
not due to go out until June 
15th. But already it has led to 
some spirited battles between 
the Young Socialists and their 
eiders. Yesterday, the Young 
Socialists met the Labour 
Party's National Executive 
Council to try and resolve these. 
Nick Bradley, the Young 
Socialists’ representative on the 
NEC, was quite specific: “The 
Labour Party should be pre- 
pared to take a chance, face the 
anger of the Tory press and 
make a socialist appeal to young 
people. Far from harming 
Labour’s electoral prospects, I 
am firmly of the opinion that 
this would enthuse our members 
and supporters and help ensure 
the return of a Labour govern- 

Bradley and his colleagues 
are worried at the way young 
potential supporters for the 
Labour party do not turn out 
on polling day. They claim that 
the 2.5m new voter? on the lists 
mainly back Labour. But the 
NEC has its own worries, not 
least that Margaret Thatcher 
may be in " Red Scare ” mood. 

Matters came to a head last 
week, with arguments even 
breaking out between tech- 
nicians making the film. Last 
weekend the National Com- 
mittee of the Young Socialists 
approved a resolution saying 
that the disagreement was poli- 
tical. They want to highlight the 
need for “Clause Four” 
policies. advocating public 
ownership of the means of pro- 
duction. They also condemn 
clever management of an ail- 
ing economy " since this is 
guaranteed to bore and 
alienate the mass of young 

However, the NEC put an end 
to their hones of exclusively 
handhns the broadcast- It 
argued that Laoour never rives 
sole control of a party political 

broadcast to “one section” of 
its membership. Now, I hear, 
there is a consensus on what 
should be in the programme: 
*’ precise details of how this will 
be presented are still being dis- 
cussed.” A balancing act in 
other words, is in prospect. 
Which sounds just like Unde 
Jim's style. 

Missed snip 

A warning that "more Ment- 
mores" will soon come on to 
the market — and their heir- 
looms dispersed all over the 
world unless urgent action is 
taken — was given yesterday by 
Mrs. Jennifer Jenkins, chairman 
of the Historic Buildings Coun- 
cil. The council's newly-pub- 
lished report chides the govern- 
ment for its behaviour over 
Mentmore: this is a forthright 
attitude for an advisory body 
that reports to Environment 
Minister Peter Shore. "What 
happened was a very good 
example of how not to handle 
such an offer,” Mrs. Jenkins 
says. "At £2m., Mentmore was 
a snip.” 





is . 



— — ^ 




"They’re comfortable enough, 

but would they keep the 
lower fifth in order ? n 

She declines to Identify 
several historic houses over 
which the council sees "a big 
question mark," but points out 
that the aristocracy is selling 
off its treasures at an even- 
faster rate. “Britain’s great 
homes are being drained," she 
told me. 

Mrs. Jenkins says it is 
“unsatisfactory'' that the 
Treasury and 'other government 
departments have failed to 
agree a policy to cope with 
future Mentmores. She and the 
HBC council — which includes 
such notables as Professor 
Nikolaus Pevsner and Sir John 
Summerson — also think 
Britain's architectural heritage 
is starved of funds. “To allocate 
£5m a year to historic buildings 
and £50m a year to the Arts 
Council is a severe imbalance,” 
says Mrs. Jenkins. 

Sister ships 

The owners of the Eleni V, 
whose oil is beiDg fought on the 
beaches of East Anglia, have a 
record of putting oil ashore in 
fairly unusual circumstances. 
Twelve years ago Nikos Vardi- 
noyannis's Ioanna V managed 
to break UN sanctions and 
supply fuel to Rhodesia. Before 
his death a few years ago, 
Vardinoyannis used to claimin’ 
private that he had outwitted 
the Royal Navy. According to 
Greek shipping circles, as the 
Ioanna V pumped the oil to 
an underwater pipe, it was 
replaced with sea water so that 
the plimsoll line did not change. 
He also used to boast that he 
had helped to re-elect President 
Nixon by contributing to 
CREEP — the campaign to 
re-elect the President 

The Varnima Corporation is 
the managing agent of the Eleni 
V and belongs to two surviving 
brothers of Nikos Vardinoy- 
annis. But it is none too keen to 
publicise that the Eleni V also 
m fact belongs to the 
Vardinoyannis family. 

The Eleni V is Greek 

registered and with a Greek 
flag, but Varnima told me yes- 
terday that she belongs to the 
Panamanian company, Gladiole. 
At first a company spokesman 
said he did not know who were 
the shareholders of Gladiole; 
then he added: “Of course, 
ownership of Gladiole is with 
the Vardinoyannis Group.” 

Delayed action 

This week an editorial In the 
Frankfurter Allgem eine Zeitung 
has discussed the possibility 
that a current German bestseller 
is accurately prophesying a 
future world disaster. The book 
is called “ The Crash of ’81 
and do not be misled into think- 
ing that Paul Erdman has 
already written bis follow-up to 
his doom-laden “The Crash of 
’79.” The German publishers of 
Erdman’s book, decided to push 
the title two years on for the 
very basic reason that it will 
give them more selling time. 
The book's editor. Uwe Gruhle. 
says there have also been some 
other “ cusruetic changes 
the novel ha s been slightly 

modified to incorporate the 
domestic struggle between 
Carter and a Republican rival. 

Out in the Middle East the 
book is never quoted at aJI in 
the newspapers — its sale is ban- 
ned. although anybody who 
matters has read it. Sheikh 
iamani has been heard to dis- 
miss it with a joke: “ We won in 
the end, didn’t we?” 

Animal crackers 

The State of Minnesota has just 
opened a Recreational Inter- 
pretive Centre. This is also 
called “a facility which zoo- 
geogra phical/y exhibits in 
nature-imitating habitats living 
tilings selected for their adapta- 
bility to a zoo environment.” 

In a word, a zoo. 


- ^ 

A History of 

Ten centuries ago, VBdngs regularly visited 
Peterborough on their frequent forays across th© North 
Sea. The people of Peterborough'minted “Dan eg old" to 
encourage the Vikings to rail] less often. 

Today, Peterborough is file home of an equally famous 
international currency -Thom as Cook Traveller© 

Cheques. In 1976. Thomas Cook moved their world 
headquarters and over 1.000 jobs from Piccadilly to 
Thorpe Wood, Peterborough. 

Peterborough is a New Town with many advantages for 
companies seeking new premises. 

Ring John Case 
Chief Estates Surveyor 


building on History 


Financial Times Thursday May 25 1978 




up on your study of snakes 

Chmcellor Schmidt at Chequers* t0 sll0w a^st unpre- equally strong yearning for agreed at a higher international and structural problems. It will 

a rather vague suecestinn *?*?* ** ^dented severity, it adds up to stability at what is seen as a level. When the Chancellor dis- also be abominably complicated, 

erwrged that Britain mi! hr constructive outlet for Ger- had news for the dollar. The reasonable level. The interven- cussed the possibilities in Wnuw »„ th- - - 

pa t in an undisclosed Cermin 5 othe f wlse ster,le . but likelihood is that a weak dollar Uou seems to speak for the real Brussels, he argued that the li cations of 

pl:n To stabmstttXnge mes * ** er0W,ne re5erVeS ' wi,] * Posing problems again Mr. Healey. He has been tighter the discipline of Ihe ZeTtic £aX£em 

Wlhin Europe and to Seet ^ weakness of the dollar before the year is out. distinctly nule to industrialists snake, the greater must be the f 0UJ ,d “and refa^-K- J£v P to 

speculation with joint intereen has untiI recentJy ”*!« The Cermans. therefore, may ** h ° hav ® ur ^ * e cas ® f ° r a provision for the transfer of LsnVirsi as we have dSadv 

tun. In Brussels at the weekend UlBse ar suments far more be pressing their proposals with f»rt2ier depreciation, and told resources. Sef ‘ some LraonStion 

tie EEC Commission Droduced ur SCntly persuasive than before, some urgency again — especially them t0 coutr ol ^ e . ir cnsts -. This is a highly ambitious p0]iev . - ls essential fand 
a plan for co-ordinated fiscal The German authorities have if. as now seems strongly likely, F°r th® time being the ex- phrase. The German proposals, restrictions* on the Government 
ietion of the sort that Britain been faced with aT> u hbappy the Bonn summit produces noth- change rate may be seen as a which have yet to be unveiled, deficit will offend far more 

:as long espoused, which was at choice between currency appre- ing concrete. Europe may by general sanction against cost seem to be centred on some Labou - mem bers than are readv 

east not rejected out of £nd ciation which has been puttin S then be drifting into the form inflation m the pnvate sector, notion of pooling reserves. This jfJJ t o^ebarrirade s^o r^ree 

V the German spokesman at real P^ssure oh margins and of Community protectionism more effective and less unpopu- is a transfer of resources of dQ | lvalue). Co-operation 

the meeting, and Mr Denis competitiveness, and losing con- known to the French as than official sanctions against a kind, and makes it possible J " -tarv do cv akSadv in- 

Healcy spoke a little more forth- tro1 of th ® domestic money " orderly free trade” and to individual companies dealing to finance imbalances which rttnUaMlSd i nutate would 

comingly about British willing- supply through support opera- others as ganging up on the ^itb the public sector. In the would cause impossible strains have tQ b ecome tjehter ’ 

ness to study some snake-like Uons - T* 1 ® recover y oI the Japanese. A currency stabilisa- longer run, there are certainly under a clean floating system. «. +h * ‘ 

arrangement. And at Commons do,lar has relieved this pressure tion scheme would then be seen so “ e advisers who see that the but it stjl implies basic balance .. . 

question time on Tuesday ?he for ** lime being, and if the not simply as a matter of market underlying improvement in the as a medium-term objective for m ?* dSSShfa^ ftS 

Prime Minister told an une«y- dollar ««■»«* ** ques- management, but as a necessary oil Glance of payments may all those talcing part 

Mr. Brian Gould MP Mr Gould tIon of counter-measures will step to preserve liberal trading make it \ery difficult to pre- p BnaJ{e arranepmem 

believ.s in devaluation-!^ be «me largely academic. conditions inside the Community ^ Transfer 

iSnTJFJZS!?* *2 be read Wall CfrOP* “IgSnS^s^KSd it is ^ not easy'to But there is another approach ap art before" long if inflation 

simply as a polite gesture. Wall 011661 ea^v® to s^ whJ the British large surplus in a floating rate to the transfer of resources rates diverge widely, and this 

easy w see wny me anuu „ ~ ° com _ whicb Eritish certainly see implies that German participa- 

IVfty, should 


Mr. Callaghan and Chancellor Schmidt: A Joint interest in 
herpetology (study of reptiles)? 

reward* flow"* of’'' V pr5r£te ' ““investment that' a counter-inflation polity, in snake as a means of Callaghan has included aid to under which exchange 

theynowsee as InevitableTM? capital into WaU Strew and 50 far from being somethinB recycling surpluses and preserv- the developing countries in his would move continuously at an 

mdiriSt „„ r UA US real estate. which hampers growth, is an mg markets. five point programme for agreed pace, and would be pre, 

to L Pressure on Germany ■ essential part of any growth In this respect a snake recovery: the thought pattern dictable even if they were not 

. nas re “ntly been far However, investors cannot strategy: the sharp recovery arrangement, whatever its tech- is consistent. stable. However, although such 

p j,®. 1 „ TV atl anyt bm§ switch their portfolios without happening at the moment is nicalities. can be seen as a kind The fact that there are two schemes appeal to technicians, 

Britain could achieve, and the limit, and there have already almost entirely due to falling of mini-IMF, financing imbal- clear theoretical alternatives they have no political backing. 

m * * n si 6 ns that the capital in- inflation, and the main growth ances and possibly imposing here does not, of course, mean H these political difficulties present obsession with the sary price lu be paid in terms 

““"7 grown] i rate to 4i per now has reached its peak. Mean- strategy for the future relies disciplines within a group which that any Community solution is can be overcome, the markets money supplv is not a redis- of sovereignty and even of 

.“ff, now th® “ore or Jess while, U.S. growth has re- on a further fall. strives to maintain stable likely to be simple or theoretic- will also have to adapt their covered truth about human revenue seems less forbidding 

LiohV mo US K U / P t° ♦ 0f the other ? vigorously, with some There is still some monetary relations— a second ally pure. If progress is made thinking, partly in ways which behaviour, but a necessary con- after the experience uf »he 
a C rT»?L De J fl tes ‘ . “‘sturbing signs of (werheatjng schizophrenia about what all best to the Prime Minister’s at all, it will result in a com- are already becoming familiar, sequence of floaiing exchange largely illusory freedoms of re- 

aeanes a zone in --shortages of products like this implies for exchange rate preferred strategy of general promise, with some features of A snake is the apotheosis of rates. cent years \*de tailed study of 

w \ ls “ Uch aiu f nmil H n > paper .and board, policy. The very sharp fall reform, with a refurbished SDR a financing arrangement be- dirty floating: and where inter- The changes described here snake’s may not be necessarv 

*! y exubanfie ra , 1 ® ®f d a sh T ^ Jbe m the . wa ses which was permitted after the playing the international role of tween independent trading vention is heavy, and the money are radical, and will not be from some time vet but a 

at lam- wh»t ~ -b. UM4 5S? i * J on ^ nl ^ lsed dollar recovered shows a con- the dollar. partners, with their appropriate supply consequently unpredict- achieved overnight; perhaps general consideration ’of their 

* W pe , ps ®? r ® workers. This carries the threat tinued preoccupation with However, the EEC scheme disciplines, and some of a single able, domestic credit expansion they never will be. However, habits does sug Test how the 

important, Jt is an area in which of both inflation and a rise in competitiveness; but the could in some respects be much trading region, in which becomes the touchstone of the yearning for stability and climate is changing. 

German profit margins are imports, and unless the. Fed expensive defence of the rate more ambitious than anything balance of payments problems monetary policy. Indeed, it may orderly financing is stron rt in 

relatively predictable. From the under its new chairman is in recent weeks shows an which could conceivably be are transformed into regional come to be realised that our many countries, and the neces- Anthony Harris 



' J 

... % 



Letters to the Editor 

Bureaux de 

Whitley’s report of such a closer to “where the action is" appeared to be entirely satisfied 
“ threat.” Andrew Whitley gave and that his personal and career that rather than that the Ship 
a similar report to the BBC. This development will benefit from a building and Allied Management 
report, wben broadcast by the close working relationship with Association, with 70 per 
BBC, was immediately denied by the best brains in the firm. cent of the membership, should 
From Mr. P Rast MP lhe Iranian Ambassador in The small firm has long since be nationally recognised 

Sir Cheoueooint Services has Pakistan and this denial was learnt the lesson that there is no membership should be frag- 

. , duly broadcast by the BBC a valid distinction between workers mented, provided only that it 

on two occasions in your columns couple of days ago. and management; all are working fragmented among the consti 

challenged me to Produce evi- it i s also noteworthy that Mr. colleagues together in an atmos- tuent unions of the CSEU. Hold- 
;t nce sup P Drt n,y aUega- Bhutto's appeal is now being phere which £ flexible and recep- ing the views that Mr. Mortimer 

non tnat some bureaux de heard by the Supreme Court of live to new ideas. It is also more has now revealed it is more 

change charge unreasonable Pakistan and the matter is there- responsive to the newcomer's. obvious than ever why ACAS did 

commission and offer unfair fore sub judice, 
rales of exchange. My criticisms „ 
were not specifically directed at r m t “’! n vL irfnB 
Chcqucpoint. but since the com- S b [^.SL F ?mutrJr svn 
panv rejects them as “uiwar- 35 ' Lmcnde * Square. SW1. 

ranted.” “ publicity-seeking " and 
’■ mischief making.” I leave 
readers to judge for themselves. 

fine dissatisfied Chequepoint 
customer changed SKr 70 on 
April 1 at SKr fl.23 when the . _ 

ram was around SKr S.45. He 
wa« also charaed 5 per cent Cola Zveiosustler. 
rnmntission. giving him a net Sir. — Some of your correspond- 


Treat gold as 
a commodity 

domestic and training problems not want to conciliate in ship 
than any but the best of the large building. The mere act of con 
businesses. ciliation would have undermined 

Even with current unemploy- whole position, 
ment levels, there is still a grave Happily, I believe that there 
shortage of . skilled, people in f. re possibilities of a nsconciha 
many crafts and the small firm thf V™!? ^ 

has to compete for the available and EMA/SAIMA. in shipbuild 
personnel with large organisa- in S; although it is much too 
tions which can offer better fringe ® a . rl y there to be any cer 
benefits and with nationalised *1^^. a ^? u ! I*: ,s u ‘ 

industries cushioned by Govern- aP ^® ls that Mr. Mortimer has 
ment now expressed the ACAS views 

r - - , .. so clearly. Everyone can now 

L effe r seems to think the see H-hat is afoot, and 1 believe 

20p - 

ents seem, obsessed with the idea - — — » - 

On a sample day l February of • tying the international ^ a™ «^Sil e fi5 ucce S! that oppostlon to ACAS policy 
16) Chequepoint at Gloucester monetary system to some f“rj. .P 15 ™ a 5 Kei ' plac ® will steadily grow. ACAS should 

Road. London, offered io buy standard which they hope will . r? p i ^ ignorant, reconsider its policy before 
French franc notes at FFr 10. A give it stability* — gold, land and f . discredits itself further, 

tourist chancing FFr 1.000 houses have been mentioned. “i,- w0 ^5 r t >, c ^ p J ab 5 John Lyons. 

away £100 Whaf I think they lose sight nf 1° i* Stl! E - 1M - s ^tion House, 

= £9S. At is that money is not wealth, but ? nmnwfv^hiJh u Fox ,Vorfil - 

(Uand BatiK nearby the is a claim on wealth and is “° de .^°° d Chertsey, Surrey. 

,000 would have been ultimately tied up with all pro- 

1 at a rate of FFr 9.58, duvtlon and trade. ~ . 

Catch 22 m 
the City 

From Mr. p. Wilkinson 
Sir — In his Lombard column 
of May 23 Anthony Harris once 
again provides a shining ray of 
common sense in the monetarist 
world we live in. Unfortunately 
the Chancellor and the Governor 
as seif- confessed “practical 
monetarists” have defined the 
rules of the game so that It is 
not surprising that the City is 
now enforcing those rules. The 
City . is the self-appointed 
guardian of the authorities' 
monetary conscience. The insti 
tutions which fund the Govern 
meat's borrowing requirement 

would have taken 
less £2 commission 
the Midland Bank 
FFr 1.' 

less commission of 

On the morning of May IS I 
trailed from Oxford Street to 
Trafalgar Square by way of 
Piccadilly. Most bureaux 
offered to huv French francs at 
a mu oil FFr 9 and the highest 
commission 1 found was 5 per 
cent at Chequepoint in Shaftes- 
hury Avenue. In front of me 
there at the counter was a 
mill die- a ued Bcltian 


Gold, land/houses and. indeed, fa * « that they understand it 
anvthing else fluctuates in price wel J* as mafl y us hare 

quite independently of the JP Id ,? nd f - , J: e * lso f understaod 
Tiionptan- system One of the ^ iwptications of perverse 
Factors * for instance! which Tribunal decisions which remind 

makes gold unsuitable for a “J J* 1 Fhe^be^inten^tonf^UwK 
standard is that in boom years *Y®Ji best-intent ion ed laws 

ihe amount of new gold mined is jSj“ tpd lil * y are ineplIy 
less in money terms than the 5 ™«o- 
growth in international trade. (Dr.) Vi. M. Hollyhock. 

And if, by chance, it was greater Id A’orffc Gross Street, 
economic* problems would still Gosport, Hampshire. 

counle ensue (as Europe found to its 

- cost in the 16th century when 


££ Numbers of 

srpffi H ?3 SsSiSSw-s ■ ■ 

ZAi eitrner to .he Midl.nd 

IZll '■•e| C M ,, ?wh>Srrali or comfonaWy in one large shin. En«in«rJ nod Manager* 
FFr S.77. less -Op commission. Far better to treat gold as ! a 
Thrv fi».ik my advice and commodity, as the United States Sir. — Mr. 
riwnivi’d £1 13 S2n net instead of Government and ihe 


quite From the General Secretary, 

Engineers' > 


preparing to accept. 

Their surprise and latitude - 

rtrengihens my cause. This was countries i hii> 

iheir fir-it vlwi to I-ondon; they the £ s ° t e hoose ' 

;;r «r “ ts 

believed that, as the British 
have a reputation for * fair 
trading.’* they were under 
official supervision and so there 
W. 1 .V pn need «o spend half their firVTl 

ffav -•■Min wit Mr a fair XAM. 

Mortimer's latest can and do call the tune in terms 

centra] letter (May IS) lets the eat out of Interest rates and. credit 
- - Behind the restrictions, even at the expense 


nil tip less £5.550 commission banks obviously intend, and let of the bag at last. Behind tile "stnenons. mu him expense 
-r 05 660 nrt-that they were sensible citizens who do not wish argument about discouraging h ,L ^l ‘ n f Ji™^5 
— £lu5 st'O on j hojd the r mQney pr ^ fj-agoientation. etc., lies a policy Jf® wnen* of already 

duced by financially incompetent -which, in the engineering |" v ®^ d ^"d s . in^ invMtment 
countries buy and trade in it if dustry for example, is blatantly a marginal increment of cash- 

and systematically rejecting the 

The small 

'ehnppinc around for a fair 
currency exchange. From the President. 

I accept the argument that c 0spO n Chamber of Trade 
bureaux provide a service nut- and industry 
side hanking hours fnr wnicn 

there it a demand, and I believe 
the bank* should try harder to 

ifCftRimc necd - . f u * 

rvsilcnce confirms that some 
kuiroaux provide this service 

wishes of many thousands of 
profesiocal and managerial staff 
who do not want to be forced, 
as Mr. Mortimer desires, into 
other unions as tiny fragmented 
.minorities, but want instead to 
be represented in a trade union 
which is identifiably theirs. 
Although the Advisory Concilia- 
tion and Arbitration. Service is 
required to ascertain the 

Last year. Mr. Harris pointed 
out the Catch 22 of monetarism 
— it can never be right to 
increase money supply at any 
stage since it implies an increase 
in the inflation rate at same 
ffiture stage. He cannot there 
f ore be really surprised at other 
examples of the 'devastating 
logic of ihe doctrine. The hero 
or possibly anti-hero, of the book 
when refusing to fly because of 

wh'lr oihers do not. 

r th 

[ Industry . opinions of the workers Involved danger was nosed the 

Sir, -The Chancellor of -the ifl recognition references as £552 “Shat T ££*& 

Duchy of Lancaster, to bis paper recent eases have shown this is thnueht Ilke that?" He replied, 

to the Labour Party TbC Liaison now little more tiian a charade. « theil rd be a fool to think anv 

comm iuee, reported in >ourPwr- Mr. Mortimers letter explains other way.” IF the funding prd- 

lia men tary page uf May A seems why. gramme is in the grip of 

unaware of the true position ot j^ r Mortimer's view* about monetarist logic and managers 

do not bear hold their funds from the mar- 
He argues dial t fl e analysis. He says that “ eoJIec- keL they are simply saying that 

of Protection Act seeks to S lve tive bargaining arrangements they would be fools to dp any- 
r-ri .nd the* British Tourist * am ® cover to_ workers in sma i already exist at all levels Thing other. Why be a hero at 

^f.i'inriiv or the Department fnr flrms as 1? en . 30S, * ed , b Li S This ^^Sh the Confederation of 8 per cent minimum lending 

r S VroteSn ll,bl«n« larse wfli-un.omsed ones. Ms shipOuildiw end Engineerins »■»>” you b.v, to fin ft, 
C.ncMimer i roteci p s superficial statement dlsregan^ Uljioai « That h m j s i eadin g. For trustees at 11 per cent minimum 
JU* r,n „ nnt offer th ® fact that the workmB atfflOfr the msuatry's managers the lending rate? 

lureau\ ^!j J h dQ y n fJ ar °our Phere in a small firm “ W** cgEU is limited to a representa- The equity market is in the 

toBnrt?. a fair deal, l re different from that in the i i m- Uan agreement j t can 01jl y same grip of Catch 22 logic, r 

personal ant-hill of a giani represent people it has in told that dividends are now 
factory; a fact of whicn tne ffiembershlp _ ahout 10 per cent Wiw paid with real money 

average worker is wu ovnre. of ^ totA Fot other gr 0ups which is derived from stock 

The person who seeks “.J 0 f staff the CSEU has sole retog- «*{ n « paper earnings 

small firm does so for things the nghts Mr Mortimer has de . r,ved .actually selling 

giants cannot offer- persistently sought to blur the lB . pren3ely the 

From the bicycle and the ana- r., - st -i,if S K e( i differences be- Prtndple id the book that there 
ing machine to the ov ^f’ r *f‘5n tween these two types of agrees 5 Kas ^ ar Tn0T .® money to be made 
chicken and the hovercraft, small ,nese ™ in not growing or selling alfalfa 

firms have always been in the . v than in growing it. 

rrpur.ition will suffer. 

F'ter Rost, 

hhuse of Cwimmis an i. 

Iran’s aid to 

Fraifi thi* Press CouiweHof. Sjrefront'of major tech^oiogi>al Ignoring this distinction there- “fSe^SSS^ea^ren only fund 
EtufcftWrf. forerro _ _ rt>..nv inrvrk- fnrv* Mr. Mortimer armies that wVm a,- ^ 

— in 

because many inno- fore. Mr. Mortimer argues that when they 
despatch from LSSS feel their “it would be wrong for ACAS vice, versl 

don't need to and 
Who. apart from 

Bhutto IS earned oof. ' Je "eaffaS Sow h^ ; U be much reverse of that, for 
There ts no truth id Andrew new enu««v 

has 10-12 Little Trinity Lane. EC4. 


Scottish National Party con- 
ference opens, Edinburgh (until 
May 27). 

Two-day conference an World 
Textile Trade — an International 
Perspective, organised by British 
Textile Confederation and Textile 
Institute, opens at Heathrow 
Hotel. • Speakers include Mr. 
Edmund Deli. Trade Secretary. 
Viscount Etienne Davignon, EEC 
Industrial Commissioner, and Sir 
Arthur Knight, chairman, 

Chinese Government mission 
arrives in UK to look at agri- 
cultural mechanisation (until 
June 12) prior to visiting Italy, 
France and Germany, 

United Nations special session 
on disarmament continues. 

Today’s Events 

Tokyo discussions continue be- 
tween Japan, Soviet Union and 
U.S. on East Siberia natural gas 

Fourth session of United. 
Nations Commission on Trans- 
national Corporations continues. 

London Chamber of Commerce 
business forum on Trade-related 
Aspects of Education in the 
Middle East, 89, Cannon Street 
EC4, 10 am. 

House of Commons: Debate on 
the Array, Air Force and Naval 
Discipline Acts (Continuation) 

House of Lords: Tuvalu Bill, 

third reading. Trustee Savings 
Bank Bill, committee. Motions to 
approve Planning (Amendment) 
(Nil Order; Health and Safety at 
Work (NI) Order; Building Regu- 
lations tNl) Order, Licensing (Ml) 
Order. The House then rises for 
the spring holiday recess until 
Tuesday, June 6. 

Select Committee: Race Rela- 
tions and Immigration. Subject: 
Effects of EEC membership on 
race relations and immigration. 
Witnesses; Officials from Foreign 
Office, Lord Chancellor's Depart- 
ment and Department of the 
Environment (4 pm. Room 6). 

Capital expenditure by manu- 

facturing. distributive and service 
industries: and ma nu fact urers’ 
and distributors' slocks t first 
quarter, provi-donal). Car and 
commercial vehicle production 
(April, final). Ericks and cement 
production (April). Ener.'y 
Trends publication from Depart- 
ment of Energy. 

Associated Engineering (half- 
year i. Bass Charrinstoh (half- 
year). Beechara Group (full 
year). Caravans International 
(half-year). Courtaulds (full 
year). ICI (first-quarter figures). 
ICL (half-year). International 
Paint (full year). Marley (half- 

See page 26. 

‘Right, IVe heard all your 
opinions on moving offices. 

Who’s got the facts? ’ 

■ Rather than dealing in opinions which 
ebst time and money, the Location of Offices 
Bureau provides a complete advisory service 
*wfih all the facts on office location in the UK 
•And the service is free. 

With fact sheets on oyer 160 cities and 
tcnvns,we can teK you aH about office rents, . 
staff avafiability/the latest communications 
and all the various Government incentives, 
which could mean substantial savings for 
each job you move. 

The only thing we don’t do is make up 
your mind. Because after all, you're the 
decision-maker. We justpravide the facts. 

Wherever you are, get the facts straight 
from LOB. 

TheXocationof Offices Bureau, 27 Chancery 
Lane,London WC2A IKS 01-405 292L 

Set up by Parliament to promote 
better distribution of office employment 
throughout the UK 


Financial Times Thursday May 25 19?S 

London & Northern 

European downturn leaves BOC f 10m lower 

WITH THE EFFECTS nf the UK ^ ^ mhm share are shown up from lO.op to 
gas division strike spilling over ||ia||| lAlfTC 

peon trade suffering from diffi HIGHLIGnlS 13 LTD 

pas division strike spilling over 
into the sevond quarter and Euro- 
pean trade suffering from diffi- 
cult conditions in the chemicals, 
metals and mcdishield businesses. 
pre-tax profit of BOC International 
slumped from £2fi.5m to £26.2ra 
in the March 31. 107S. batfyear. 

Directors say the strike cost 
almost £5ra. The overall European 
trading contribution was Him 
down at £7.2m. At the end of the 
first quarter group profit was cut 
from £16. 61m to £10.Sm, 

In a descriptive letter sent to 
shareholders' yesterday BOC 
reveals that its $504m takeover or 
Airco, the U.S. industrial gases 
company, has cost it S3. Sim in fees 
and expenses since September, 
1077. OF this sum. Lazard Freres, 
BOC's advisers in New York, 
received S2.5m. 

The letter shows that BOC 
increased the loan facility, which 
it arranged to finance' the pur- 
chase of Airco. from S400ni. to 
S3Q0m. This loan is repayable in 
two years beginning in December. 
1382, and will carry an interest 
rate { per cent above the London 
Interbank Rale for Eurodollars. 

The acquisition of Airco 
involved quite a struggle between 
the Boards of the two companies, 
but the BOC chairman, Sir Leslie 
Smith, told shareholders in the 
letter that “these difficulties are 
now behind us and both sides feel 
that honour and responsibility are 
satisfied . . . with Board room 
differences put to rest, and on 
the basis of respect and 
friendship built during the last 
five years, there is much we have 
to do together.'* 

Thr document also reveals that 
that the SEC is investigating >omo 
aspects of the offer in January. 
1378. by which BOC raised its 
stake in Airco from 34 per cent, 
to 49 per ccnl. The SEC.'s investi- 
gations. aimed at seeing whether 
there have been certain violation 
of securities law*, are continuing. 

.Sales in the half were un- 
changed at £325m. while operating 
costs increased Ifi.-im to £273. 5in. 

Directors say that the trading 
profit would have been £1.5m 
higher if exchange rates ruling at 
September .“0. 2977, had applied 
in the period. 

As well as the extra deprecia- 
tion incurred through its normal 
practice of valuing some assets at 
replacement cost, a further £ 2 .ffm 
provision ha<i been made for 
depreciation that will arise on the 
extension oT the revaluation pro- 
cess to additional assets. * This is 
designed to progressively bring 
the depreciation charge to the 
level calculated on a current cost 

The results of Airco have not 
been consolidated in the period. 
Airco became a wholly owned 
subsidiary on May 9. 

Adjusted for the rights issue 
earnings per share are shown 
down from 5.22p to 2.4p. The 
interim dividend is stepped up 
from 1.34p net per 25p share to 
1.6jp. A 1.795p final was paid 
la«t year on record profits of 

At March 31 the balance sheet 
total was up from ffillUm to 

Second-quarter figures from BOC show recovery in Euro- 
pean profits but overall worldwide profits are again lower 
than a year ago. Keyser Ullmann has shown a £3-6m improve- 
ment at the operating stage, while shareholder funds have 
increased by just over 10 per cent. Lex also takes a look at 
the Euro-dollar market where increasingly competitive terms 
are being offered. MJEPC is fairly optimistic about its letting 
programme and a reasonable recovery is on the cards for the 

year. Ransome Hoffman on the other hand is suffering from 
price competition in the bearing market and first-half profits 
are £lm lower. There are few surprises hi the London and 
Northern figures, with the outcome in line with mid-term 
projections, while Avon Rubber has been held baek by its tyre- 
related activities and interim profits are 5 per cent lower. 
Eastern Produce has been bolstered by the strung tea prices 
while Ultramar has performed in line with market expecta- 
tions Fur the first quarter. 


falls £lm 
so far 

£7I2m. with fixed assets £433.3m 
compared with £4 01. 4m at Septem- 
ber 30. 19i i. Associated com- 

patties and investments were 
£l52m i£97Xmj and working 

capital i excluding bank balances 
and short term loans) was £126.7m 
i£l20.4raj. Net borrowings and 
finance leases were up from 
II 53. 6m to £230.7m. 

Half year 





197ft- 77 


.. TSi.O 


Opu-ratinc rostB 

.. 279.5 

2 ri.n 



•_n : 


33 7 

Aitoc. prolirs .. 



2-1 H 

Trading prolli . 

.. 35.1 

40 3 







Ifi 7 




19 9 






1 ! 9 1 






19 .ft 

Profit before to* 








Net pmfit 


17 4 

47 [ 

To imnDripee 

3 3 


7 7 

.uaii able . “•* 

See Lex 



£0.8m at 

WITH ITS principal business in 
bearings where market trading 
conditions remained difficult, 
margins came under pressure Tor 
Ransome Hoffman Pollard in the 
2fi weeks to March 31. 1M7S, and 
taxable profit fell by fl. 02 m to 
£ 16 m. Sales showed growth iYom 
142.52m to £44.69m but there was 
a small volume decline in bearing 
deliveries, compared with the first 
half last year. 

Bettor results from bearings, a 
continuing good performance by 

the electrical company MTE and 
actions to improve Philidas. the 
fastener subsidiary which fell 
into loss, make it likely that croup 
results for the' second half will 
be ahead of those for the first 
six months, says Mr. J. Ercles. the 
chairman. For 1976-77 profit was 

Earnings per 25p share are 
Slated at 2.4p <4p) basic, or 2Xp 
(3.5pi diluted, and the net 
interim dividend is maintained at 



Allied Leather 2.43 

Allied Loodnn int 0.6 

Avon Rubber inu 4 

BOC Inter. int. 1.65 

British Syphon 2* 

Brunning Group 2.31 

Cambrian & Gen. Scs. int 1.3 
J. Carr (Doncaster) int. 0.33 
Janies H. Dennis 1.41 

Dobson Park inL 1.3* 

Dwek Gmup 0 19 

Eastern Prod 3.03 

Fidelity Radio 3-83 

W. and J. GiossOp 2.33 

Keyser Uliman 0-67 

Leys Foundries inL 1-06 

Lon. and Northern 1.2 

Manchester and London 0.49 

MEPC uit. 1.5 

Monks Inv 1 

PorLs’th and Sunderland 2X6 

Pritchard Services 0.91 

Ransome Hoffman ...inL 1 44 

Scott. Heritable TsL 0.7 

Time Products ...sec. int. 1.25 
Trust Union 2 

Data Corre- 
ol sponding 
payment div. 
July 3 2X1 

July 21 0.6* 

July 10 4 

Oct. 6 1-34 

- July 3 0.79 

July 25 228 

June 2S 1-25 
July 12 0.3* 

July 12 1X6 

Sept 21 0.S3 
June 26 nil 

slumps by £3.22m 

July 7 
July 5 

July 4 
Aug. 2 

July 14 
July 20 
June 28 

June 29 

Dividends shown pence per share net except where otherwise 


Dobson park £5m rights 
-forecasts £13m profit 

Dwek Group 



Although turnover declined 
from £6.7 m to £6.04m profit of 
Dwek Group jumped from £50.576 
to £179.066 m 1977. Dividend is 
restored with a O.lflSp net per 
lOp share final. The last payment 
was a 0.335p interim in 1974. 

The result is after tax of 
£86— 4 J l £-">5.544 1 and ex I in- 
ordinary debits of £57,910 

Mr. M. Dwek. chairman of the 
pvc importer and wholesaler says 
that in the first quarter or 197S 
turnover was ahead of the same 
period last year. 

New product lines introduced 
in the new year— particularly 
housew-Bres — have had a good 
reception from customers and it 
appears that the volume of turn- 
over for 197S should exceed the 
1977 level, excluding that amount 
related to industrial containers 
disposed of with the injection 
moulding division. 

The company has close status. 

A RECORD £SJ 4.672 taxable profit, 
compared with £676,906 last time, 
is reported by Bninning Group 
for the March 31. 1978 year. Turn- 
over rose from £2Q.96m to 
£26.1 lm. 

At half-time profit was some 
£100.000 better at 1424.543, and 
directors predicted a full year 

They now say that given 
reasonable trading conditions they 
hope the current year's profit will 
exceed the 1977-78 figure. 

In the year just ended they 
say the advertising, marketing 
and public relations division 
performed well. The boat build- 
ing section had a good year and 
export orders continued to benefit 
the company. Orders for the 
current year are satisfactory and 
it is intended In build a new 
factory at Corby to increase pro- 
duction capacity. 

The caravan companies 
encountered very difficult trading 
owing to the poor summer ami 
also the loss of trading in 
February following the local 
blizzard conditions in the south 
west of England, where most of 
the company's caravan silos are 
located. Sales prospects for 1978 
appear much improved, they say. 

The printing division also had 
a difficult year while all other 
companies in the group traded 

The result is subject to tax of 
£433.992 (£357.744) and there 

were extraordinary debits of 
£24.472 (£45.341), mainly related 
to the closing down of the Roker 
caravan sales depoL 

A final dividend of 2-31p net 
per 23p share takes the total from 
3.4125p to 3.795p. Earnings per 

1.44n. Last year's final was 


2 . 4022 p. 

An analysis of - turnover snd 
profit by activity show* with 
fDODs omitted: bearings £38.908 
(£67.023 1 and £909 (£1,825): elec- 
trical £3.S92 t £3.178) and £875 
(£688) and fasteners £1.893 
i £2 .3 17) and loss £183 (profit 

MTE continued lo expand its 
market share but Fliilidas 
.suffered from the combined effect 
of reduced demand at home and 
low priced imports, and has had 
to make -onie of its workforce 
redundant. The second six 
months will however show some 
improvement and, with delivery 
schedules firmer, this trend is 
expected to continue, Mr. Eccles 

The tax charge of £9:16.000 
t£1.5tm) reflects unrelieved losses 
In Australia where a restructur- 
ing operation has been completed 
and improved performance in this 
area with consequent tax benefits 
.should be seen in the second half. 

• comment 

With the giants of the industry, 
SKF and the Japanese, baulinc it 
out for market share, RHP can 
only wait and hope (hat they will 
soon pay a> much attention to 
ibeir profitability. This struggle 
has been going on for 18 months, 
but RHP says there is now a 
slight glimmer that the worst is 
over. As expected, first-half 
profits are substantially lower and 
margins have freen slashed from 
7.7 per cent, to 4.8 per cent. With 
bearing profits 59 per cent lower 
at £909.000 and losses on the- 
fasteners side, the only good news 
at ibis stage is the electrical 
business, where profits are 27 per 
cenL ahead at £875.000. \l 56p 
the shares yield a prospective 
10.4 per vent. 

Dobson Park, the mining equip- 
ment and engineering manufac- 
turer, is making a £5m rights 
issue and forecasting a profits 
increase of a fifth to £132L5ni pre- 
tax. coupled with a near doubting 
of the dividend to 4p per share 
for the current year. 

The chairman. Mr. C. F. Ward, 
also announced the half-year 
figures yesterday for the period 
to April 1. 1978. w hich show pre- 
tax profits of £6.35m compared 
with £4Jlm on sales £17.4m 
higher at £84.05 m. 

The rights issue is of 7.430.720 
ordinary lOp shares at 70p each 
on the basis of one-for-eight. In 
the market Dobson's shares dosed 
7p higher at 92p. 

Proceeds of the £5m issue will 
be used to finance higher work- 
ing capital requirements and 
capital expenditure. 

The board is planning major 
capital expenditure over the next 
two years of in excess of 110m. 
This is necessary, it is claimed, 
to meet anticipated increase in 
demand particularly for mining 

First-half profits for mining 
machinery are up from £2.12ra to 
£2.S8m. while engineering shows 
a significant jump in profits from 
£768.000 lo n~2m. Kan go's 
interim profits are nearly 30 per 
cent higher at £U6m. though the 
industrial products division 
turned down into the red with a 
£152.000 loss compared with a 
£131,000 profit. Property profits 
were £102.000 higher at £599.000. 

Commenting on the first-half 
results the chairman said yester- 
day that high levels of produc- 
tion in the mining machinery 
division contributed to an appre- 
ciable increase in sales and 
profits. Demand continues to be 
good and additional investment 
is being made to increase pro- 

The engineering division, has 
shown a substantial improvement 
overall. In particular demand for 

Markon alternators is at a high 

Kango continues to make pro- 
gress in export markets while 
the home market is holding up 

Industrial products is, as usual, 
affected by the seasonal nature of 
the demand but the full -year 
figures should reflect the con- 
tinuing progress of Petite Type- 
writer. Losses at Trent Concrete 
have continued though there are 
now signs of some recovery. 

An interim dividend of 1.5p Is 
declared and the directors expect 
to pay a final next March of about 
2-jp. Last year a total dividend 
of 2.132p was paid. 

Brokers to the issue, which is 
underwritten by Hill Samuel, are 
Fielding Newson-Sith. 

TURNOVER of London and 
Northern Group fell from ^ -ij{ 
to £163.9m and pre-tax pn£JJ 
slumped from X 9 ^m to r6.3.m 
for 1977. Results relied ino 
changed accounting t T oal “’^L^ 
part of the groups 
interests, with a wnsequent 
reduction in mmonlj inttri. - 

and the worldwide recession >n 

the metal reclamation industry, 
and disposals made during me 

Profit for the half^car was 
down from lo.l6m to £3.i»lm and 
the directors said second half 
results should be similar to the 
first, and that a resumption of 

growth was expected in 19 -v 
They now say that profits for the 
opening months of fbe current 
year are ahead 

Earnings per 2op share are 
unchanged at 5ip and the divi- 
dend is reduced from 325p to -p. 
as forecast, with 3 Gnal ot 1— P 

* Results include alt ribu fable 
foreign esebjnse losses of £141«.»00 
(profit £2.890.0011 >. these were 
incurred in the second half which 
was also affected by losses of 
£455.000 arising on the cessation 
of part of (he group's house- 
building operations and the 
disposal of associated land for 
£li5m, receivable in the current 

There were extraordinary debits 
of £0.69m t£0.66mi which relate 
mainly to the disposal of sub- 

The group is involved in con- 
struction. building products and 
construction services. motal 
reclamation, steel stockholding 
and fabrication. 

merit on May M that the appro, 
» rate of ACT in j|»p1v 10 the 
dividend «:r* 33;-6" i« «*“ ‘-.the 
proposed amendment lo Ihe I9.S 
finance Dill. j. 

Subsequently ihnr audit**, 
after consultation with thr Ifea- 
surv have informed l hem flat 
the' rate of ACT payable by cjm« 
panics remains 34 -'Uti. J he etpet 
of using The latter rate tsUo 
reduce (fie recommended hpl 
dividend from 3KCP to 3K4p £t 
per lOp share, irtakuiq the tojj 
5.127P- • 

Over £lm 
by British 

7977 J97-I 
finH) tihin 

lifil *11*0 J2» -1.' 
6371 9383 

— SB 

3.9:1 3 mi: 


1 1.91 ( 

• comment 

Dobson Park appears reluctant to 
take on even a small amount of 
debt for very long. A combina- 
tion of capital spending and 
higher working capital require- 
ments is eating into cash flow. 
Tn the last accounts the group was 
showing net cash of around Iljra 
and now there is an overdraft of 
about film to £2m. Spending on 
capital projects could be around 
£5m this year and with turnover 
set to rise by a third to £130m 
working capital needs could in- 
crease by a further £6m or 17m. 
So without the rights issue 1978 
may well have been a year when 
cash flow has to be supported by 
borrowing. But with the last 
accounts showing fixed debts of 
only £2.3m compared with share- 
holders' funds m excess of £38m 
the balance sheet is far from 
strained. Meanwhile the profits 
forecast is ahead of market pro- 
jections and clearly the overall 
package will be well accepted. At 
92p the prospective ex-rights p/e 
on average capital is just over six 
and the yield comes out at 6.8 per 
cent, not a demanding rating. 

Turnover ■’“i — 1 =*- 

Pre-tax profii S-371 ’-585 

Tax ... . 

Minontr inrr-rvn« ,,n 

Pre-actuHsiuon profits .... — ■'* 

Attributable . 3 ''J; 

Extraordinary dehtls ■«*- , 

Dividends l-'W Iri* 

Retained 1 l-i ■**1 

• comment 

London and Northern's share 
price has remained fairly listless 
for sometime now. having settled 
down around 27 p after the trauma 
of the half way dividend cut. And 
there are no surprises in the 
latest figures, which are in line 
with interim projections. The 
profit slide at United Scrap seers; 
to have been halted in the past 
six months, although profits for 
the year from scrap metal activi- 
ties have been halved to around 
£1 .lain. Otherwise the trouble- 
some Bardolin housebuilding com- 
pany is said lo be breaking even. 

Meanwhile, the balance sheet 
will show net current assets im- 
proved from £S.3m to 111 in but 
nel borrowings of around £21m 
have increased by £2m. They 
represent 137 per cent of the 
group's siockmarket capitalisa- 
tion, and at present levels the 
shares stand on a p.-'c of around 
5 and yield 11.7 per cenL 

WITH A decline in second-half 
profit from £504.404 In £421,743, 
British Svphon Industries ended 
1077 at i' 1.037 .851 pre-lux, com* 
pared mill »hc Previous year's 
£«i53 331 Turnover increased 
from £T3.!l."»ni In II 7.07m. 

Profit was struck after interest 
of £30iS92 i£Sur*.r»S2i. hut before 
lav* V»V JIW-MO (£152.874) 

adjusted for ED in. and £118,(85 
t £ 33 . 1125 ) extraordinary debits, 
"stated earnings arc down from 
an adjusted 13 tip to 13.4-"p pep 
■>i)l> share. As indicated at (It® 
Time of the September rights 
issue. Treasury pornmwon ha* 
been granted for a final dividend 
of 2p net. making a total OF 3p 
( 1 3943 p l on increased capital. 

Sir J. Hard ley. the chairman, 
sa vs ’there was a slowing down 
in' the call-off or scheduled re* 
ijiiirenients for cooling equip- 
ment bv brewery customers. The 
slackness in demand has con- 
tinned into 1978 and It will 
dampen performance in the first 
half of Hie J»»7S year 

The proceeds from Ihc rights 
issue have been n-etl lo finance 
this build up in slocks, as the 
Board feels its major customers 
will take their requirentcnfs 
later in (he year. 

Trading at present is better 
than in the latter half of last 
year but the directors do not 
expect the interim result will 
equal or belter last year's strong 
figure. However. I hey are con- 
fident that in the second half 
the posjlinn will be reversed and 
are hopeful of an improved 
overall result for Ihe year. 

Portsm’th & 



The directors of Fidelity Radio 
were advised at lbe time they 
issued their preliminary state- 

A SECOND-HALF pre-tax profit of 
£1.2 til compared with £u,72m lifted 
the April 1. 1978 year's figure far 
Portsmouth and Sunderland 
Newspapers up from £ 1.36m to a 
record £l.Mm on turnover ahead 
from £10.3 1 m to £12.41 in. 

Earnings per 25p share ara 
shown as lO.Tp isHpl and the 
dividend is increased from 2.5351 p 
to 3.1351p with a final payment of 
2 246tip net. 

Tax for the year took Xl.OJm 
f£0.69m) leaving a net profit of 
£0.S7m (£0.H7ni). 


'■* ac* 

, '<?Tnsi 



Hectic start by Eurotherm TYS0NS (contractors) limited 



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FIRST DAY dealings in electronics 
group. Eurothenn International, 
the new issue which was over- 
subscribed 85 times, got off to a 
hectic slart yesterday. Estimates 
of the -level of business varied 
widely but it looks as if as much 
as half of the 2.85m shares sold to 
the public could have passed 
through the market yesterday. 

Prior to the opening of the 
Stock Exchange's trading floor 
'esterday morning there was a 
much larger than usual queue of 
dealers waiting for the official 
start to the day’s trading. Immedi- 
ately the "floo r~ was o/’ned there 
was a rush of brokers to the deal- 
ing pitches of the jobbers. Wedd 
Durlacher and Pinchin Denny. 

The shares opened around 146p 
—a premium of 46p over the offer 
price and despite a very large 
turnover they held fairly steady 
throughout the day to dose at 
146 jp. with extremes during irad- 
lag of /.iflp and I43p. 

Such was the bustle around the 
dealers that the chairman of the 
Stock Exchange, Mr. .Vchoias 
Cloodison, came down onto tbc 
floor to see the scene. 

Last week a quarter or Euro- 
tberm’s capital was offered to the 
public by way of an offer for 
safe at IQOp per share. At this 
level the company was coming 
to the market on a prospective 
P/e or 9j and yield of 5.3 per 

The offer was of 2.S5fn. ordf- 
i nary lOp shares raising £2Bm Tor' 
I existing shareholders who were 
I .selling part of their holdings, 
j When the application list opened 
on Thursday morning the offi.r 
1 met with a tremendous respon-se 
, with a total of over 30.000 appli- 

cants putting up £245m. of money 
for the issue. 

Though there will coD|/mie to 
be plenty of trading during the 
next few days dealers were saying 
last night that the activity would 
be much quieter to-dqy. 

At the closing price of M0Jp 
the whole company is valued at 
about £l6.6m. 

On the basis of the profits fore- 
cast of £2fm. for this year Euro- 
therm stands on a prospective p/e 
of 14 and yield of S.6 per cent 

Results for the year ended 
3J st December, 1977 

Group Turnover 

Group Profit before Taxation 



Sufficient holders of the Alcan i 
Aluminium (UK) convertible loan 
stock have applied for conversion 
to enable the company to apply | 
for a share listing- 
The Stock Exchange required a' 
minimum of only 5 per cent of, 
the equity to be in the hands of 
the British public before granting 
a listing. This figure has already 
been passed by several percentage 
points and the last day for lodg-; 
ing applications is not until o ext 

If the listing is granted. Alcan 
wifi be the one major UK 
Aluminium company in which 
investors can take a substantial 
direct stake. If ai] convertible 
stockholders convert. 20 per cent 
of the company will be in British 

Group Profit after Taxation 

Extraordinary Items 


Retained in Group 

Earnings per Share 



















The Annual General Meeting of the Company will he held at the 
?«Se nllc Tower Hote, » Chapel Street, Liverpool on the 30th June, 

The proposed First and Final Ordinary Dividend will he paid on 
the 1st July 1978 to Shareholders on the Register at the close of 
business on the 6th June. 197S. 

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B. Paradise 
returns to 

jlw computorT 

for the valuation, management, 
acquisition and disposal of Real Estate. 

The service is designed to provide a 
speedv and highly efficient aid to all 
involved with the management and 
valuation of property -institutional and 

A onschure outlining all JLW COMPUTON 
services is available from 103 Mount Street. 
London, W1Y GAS Ref. RCF, 


Chartered Surveyors 

on an vxrrs-.t froai 'Tn-? Little Oxford !>ctionnrv*Dy kind permission of Oxford university Press . 

A return to profitability in the 
j second half of the year to Janu- 
ary 3T. T97S meant that B. 
Paradise, the clothing group, fin- 
ished with a pre-tax profit of 
£10^65 against a £75,338 loss. 
However, no dividend is to be 
paid compared with a I.OSp 
interim for all the previous year. 

At the midway stage, when an- 
nouncing a deficit of £39.000 
(£ 21.000 profit), the directors said 
results had been affected by prob- , 
lems arising Troni very sharp I 
increases in raw materia! costs, 
but necessary action had been 
taken, which it was anticipated 
would lead to a return to profit 
in the second srx months. 

Turnover for the year was 
slightly lower at £3.74m. (£3, 92m.) 
reflecting a reduction in activi- 
ties which are not sufficiently pro- 
fitable. The company continued to 
expand exports— -total non-UK 
sales amounted to 40 per cent, of 

Orders in hand are satisfactory, 
bui a note of caution must be 
sounded in view of the uncer- 
tainty in the general economic 
situation and the continuing rise 
in costs, say the directors. 

Some major customers have 
been delaying placing orders in 
ihe light of curreni circumstances 

After tax credits or £12.500 
1I4S.S14). net profit was £22.765 
(£26.524 loss!, ^representing earn- 
ings or 1 8p per lOp share, com- 
pared with a loss of 2.IP. 

Stability through diversification 

Group FrowSo,, Tj, £ c|;SloSJ ^IffiOOO 

Dividends per share ( n«) . *^SSS 

* irn P r °'f. ement in sales and profits despite setbacks in some 
subsidiaries involved in both capital and consumer areas 

* Direct exports rose 25% .to £3,693,000. . er areas. 

* E * pai ’ s ' on Programme has continued giving us increased 

■ : capacity -and improved efficiency. «-reasea 


Evans Iffis and escalators- 
Evertaut desks and chairs ■■ 

H & s Display and store fixtures . 
Josej* KWfngftam engineering 
Toone veneered fabrications 

CONSUMER goods - 
■ .Antler luggage 
; Churchin-sporting guns 
Desmo car accessories 
English Rose fitted kitchens 
Hardy fishing tackle 
Jet Filters 

- 9 ?8 u . ns & airguns 

4 °Z S ob'JZd"o„ Z^nZVtTfhoS ^ "’*• yL ‘‘ r 1177 

N, ” ,h coun - vr L,d - 

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£t\ irn 

It?.. »:* 


I is 





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V »*s. 1 

' PilOll 

l >i! i I"*!?!!!}, 
v .:i:>iirbr 

Financial Times Thursday May 25 1978 

M & S sales 

20% ahead 


Spewer w^nnlne 2?Sr J2S 81,11 W of room for 
up on last n>v «rM. Per cent expansion in Britain. As \% c ll as 

A n cX^-;- ^jsr % hkespueb, ft*-?- s* 


vesierdav inir<iHn^i*nn ‘ Yu"' sa,d cnm P*ny intended mcreasm 
and accoHnu lhe report range or merchandise it sells 

March *?i Un tii“s 0r £ e 'Y ear , ended Sir Marcus admitted, however. 
Marcn 31. 1»7S. Food saw. ho iha« cr,™ „r iv» 

sa j ri , F *? od saIes> he that some of the new product?! 

the • . liS .»>»•»»/ 

affect eri hu rho Sfi not been bad tested over the last few" yean 
has have not been enlire, £ successful 

n,ost otber food, and were now being withdrawn 
retailers margins. The company's Bwopum buS 

t«ir Marcus, who, Jn his chair- ness was, he claimed - making 
. *fV s statement criticised the excellent progress.*' Despite the 
inability of the British textile in- continued problems in Lyons the 
ausiry to produce some of the French operator was now makin» 
mgh-quality woven fabrics which 3 P rofit - There were still pro£ 
tne company needed, said that the * en,s in Canada but the outlook' 
year had started “rather well " "as more encouraging than it had 
and that the signs were encour- , been and Sir Marcus said that 
xp’J'K- he was confident it would even- 

Food sales, which now account tualI y make a profit, 
for around s third of the com- The com Pany*s export business, 
pany's total turnover, were now * h,ch doubled in two years, now 
running about 10 per cent up on '? oks ,ike growing more slowly, 
the same period last year in terms s,r said. This was partly 

of volume and were more buoyant becaus * of the action taken by 
than they had been for a lone vanous customers to restrict 
time. Non-food sales were show* i r ? lpom - Nigeria, the company’ 
mg a rather smaller volume in b,ssest export customers, recentl; 

crease of around 4 a er cent introduced measures which meant 

the directors said this figure tb ? 1 Macks would no longer be 

cealed the fact that. wiSi more ab, F. l °. «*' many of those goods 
teir ' 

money in their pockets, customer M' hich Jl , had Previously exported 
were trading up and buvin* ,lie ^ e ‘ . E . re ? tdl * u had to 

JZ jSW'UTrewj: 

r KJavaas 1 - 

wer £ ?en fl «“.„ C0U ^ Sir MarcUfi said that there wire 

* certain hhtds of woven textiles 

feet S neu Jtlin« ™<, 0 000 sqi i ar€ which & *** WJ difficult to buy 
^ce. much of in Britain. As a result, the com- 

MEPC confident after 
£4.4m at half time 


HELPED B\ rental increases The directors hate started to jumped from 034p to 2.14p. The 

front reversions and good lake advantage pj new investment net interim dividend is 1.5p 
progress made in letting vacant and development opportunities. compared with a single payment 
premises both at home and In the U.S, they have enlarged of l-“p for 1976-77. 
overseas since last December lhe groups interests through the No depreciation has been 

MEPC. property investment purchase of a shopping centre in provided in respect of freehold 
developer and dealer, maintained Las Vegas in association with an properties. in the year to 
its recovery to the levels of institutional partner. In the UK September 30, 1P77 it was the 
taxable earnings seen before 1875. the company has been awarded a policy to charge depreciation on 
with an advance from £3.fl7rn to small shopping scheme by the freehold properties in North 
£4.4m_in the half year to March Cwmbran Development Corpora- America- Continuation of this 
31. 1978. Hon and has commenced the policy would have resulted in a 

Sir Gerald Thoriey the refurbishment of Chan trey House, charge of £105.000 for tbe'half- 

ebairman, expects earnings' for the v;Wch wU1 complete its major year, lhe directors say. 
second half to be at lea* as high : a , P ro § ra “ 1 " e a Jn - 

as for the first six months btrf Buckingham Palace Road, London. 9 comment 
points out that no meaningful “ “ • 

comparison can be made with the 
performance of 1976-77 when 
profit reached JE8.97m. due to the oStr "i 

inclusion then of results of the propenr outgoings* ... 

Canadian subsidiary which was Fmaoct cost 

sold on September 30, 1977. Traatfert „.. 

. _ . Share of auocs. 

The cost of finance for the pre-tax preflt 

half-year was £5.6m lower at Tax 

£12^3m and outgoings on — 

properties and other chargeswere p?* S?£ET*«i 

reduced to 18.42m, against Apoiuphatioa 

£1 2.51m, Atmbuiahle 

Hal/ scar HEPCs interim results are at the 
a»7r-78 1974-7! top end of market targets, and 

«/!!£? the group is talking optimistically 
~s!£u about the development of its 
12.315 letting programme. A third of 
17.W8 what was empty in the UK last 
*'- J i September has now been let, with 
Vro Birmingham being the stickiest 
5.69s area, and the response to initial 
1-75 marketing of the Sydney Ex- 
5 1! change Centre is apparently 
eai encouraging. Earnines this year 
K3 could reach, say 4jp per share. 








5 OVS 


Trt rfatP Ihp from the <aJe / ,n - ,od,n * «ber charge* » Traiuifcr leaving room for a dividend of 

JO aaie Lne AJ-m irom ine saie ^ an >n , ount oaual to imetvsi and oihor «i D or » hit more With risine 

of the Canadian company. MEPC ouuom^ io dcivioprami proocnn-* : y nr a nn °'; h „ „ 

Canadian Properties, has been depreciation on overseas nropi-nics. Income on the ordinary, conver 

used to repav overseas debts With lax lower at £2.03m sion of the bve outstanding loan 

previously unmatched by assets. (f2.69m). a minority profit of could start to look sensible id the 
At half-time, the group's liquid £54.000 against £246.000, and no foreseeable future. The pros- 
posltion remained strone with depreciation on- overseas pecbve yield is about 4j per cent, 
cash deposits or £33m, Sir Gerald properties compared with £630.000 and the shares look sensibly 
states. last lime, earnings per 25p share valued at 127p. 

BHS to overhaul food side 

t0 I" Sny and Tls* Appiers were 

___i ... hoiij aiiu iu were 

, tfm ®fP® nd,t H re “compelled to buy a substantial 
.u° n . mucb an increase quantity of hi ff h quality woven 
ye iV s - fabrics from high wage, techni- 

kl S,r ^ , rcps stressed cally advanced producers, mainly 

importance of the British in Western Europe, North 


market to the company. It was America and Israel.** Much of 
* io }*} misunderstand mg. he said, this, Sir Marcus said 14 could, and 
to say that the company had to should be, within the capacity 
look overseas for growth. There of British firms to produce.” 

A MAJOR overhaul of Its food the housewife will hare the yesterday, BHS says that cui 
operations is to be carried out by option of buying pre-packed goods tomers are beginning to trade up 
British Home Stores. The com- if she wanted to. to better quality merchandise, 

□any, which has already an- Sir Jack says that it would be So far this year, non-food sales 

nounced that it intends closing impractical to develop the food hare continued to improve. Sir 

19 of its 80 food departments at departments along these lines in jack says, while food sales hare 
expense of 800 jobs, says in Its some of the companys smaller been slightly better, 
annual report that it is to widen stores. For this reason. 19 food The group has also formed a 

the range of foods it carries and sections are to be closed. Last bhs (Leasing! to enter the 

increase the amount it sells by J2T; int 2ySr jS^SnSS fie I d 0f equi > ment ! ? asi ?K' 

self-service accounted for 13 per cent of RHb s A property revaluation was 

sell service. food sales but while the directors pan-led out in fhe vear and tha 

In marked contrast to Marks Ka , they expect an initial drop. SS net vaTuation wL ffisSS 

and bpencer. which yesterday said m sajes from the closures, they JJJSfTji,,- S 

that tt« fnn<t cntp-c had heen very -- 1-- against a book value of £5S.6m. 

Pritchard Services ahead 
£0.5m. to peak £2m 

that its food sales had. been very are hopeful that food sales in 

buoyant last year and that it had ^ remaining stores wiU increase. not ***“ 

- - _ - . , , „.e muAJDiUK mures increase. :„„T„ j_ J 

not been affected by the grocery Meanwhile. Sir Jack says that mciuaecl ln accounts, 
price war. BHS has had a difficult the company is continuing - to A current cost statement shows 
worths, it has decided that chang expand into new areas of mer- the historical pre-tax profit of 

time with food. So. like chandise. One of the most sue- £2?m (£35.5m) reduced to £22.3m 

Wool worths, it has decided that cessful developments has been the (£2'0.62m) by additional deprecia- 
ebanges are necessary. creation of a sportswear section lion based on the revaluation of 

Traditionally. BHS's policy has which is now being introduced to £3m (12.65m), a £3^9 ra i'£3.S5m) 

been to offer a limited range of aJl the company's stores. Like cost of sales adjustment and a 

t0 high quality products with per- Marks and Spencer, which also £l.66m <£l.62ml gearing adjust- 

nblc profit of PrUcbanf ^vi^ fSSSh & 1»ST Trover ”g$ ^ 3 - nd . acC . 0U ? to mgat ; 

rero U r5 „ - S? "rSh hoKnf .ntflSS 

1978 >-eh ” 1 ^ f00d have grown each year, 

isfio, year. reports thal as expected- the UK ii,-# ; n *u p VMr 

At half tvay profit was £19».000 operating companies made a slow come imdcr*^ increasinc 

higher al £972.000 and profits start, bui a useful contribution S-Lre lv beiS use of lSS5? 
comfortably in excess of £2m were from U Comubia. enabled the ^ e c ^t?Tnd ^Sy becauw of 
forecast. group to maintain its progress. L ™ 

' ' * ■ The modernisation pro^amme „- prB ^l" ,°" }%} 

ON TURNOVER of £45. 39m improved from £194^200 
against £43.5Bm previously, tax- £212,100 for the half-year 

Francis Industries limited 

Manufacturers of packaging and engineering products 

66 And there is more 
profit growth to come; 

1977 pre-tax profits were the highest ever, at 
£1.6m, up 21% on 1976; 




Shareholders' funds are now £7m; 

Net overdrafts are completely eliminated; 
Dividend is up 30% and five times covered; 

Future profit will be generated by further 
improving efficiency, and by increasing market 
share both at home and overseas through internal 
expansion and through acquisition. •* 5 

Mr. D. M. (Sandy) Saunders, Chairman. 



Earnings per Ordinary Share 

Copies of the Annual Report and Accounts can be obtained from the 
Company Secretary, Francis Industries Limited, Magson House, Luddendenfoot, Halifax, Yorkshire. 

The result is after interest of 

£307.000 (£346.000) and subject to for its UK compani 
tax of £772.000 (£883,0001. .After ing and although 

companies is proceed- rirtmbng margins stemming from 

the work is lhe current price war amonj 

an extraordinary debit of £75.000 inevitably causing some disrup- supermarkets., 

. a t “ aaa 1 1. . _ ^ .1 ■ — . • *.a__ i . ivfiu* thp mi 

(£15.000 credit') and minority lion to production, the adverse the company has decided. 

interests, ariribulabie profit was effect on results has been kept to to . change its approach and. 
£1—4 m (£0.79m>. ED 19 has been an acceptable level, he adds. red » ce *** element of personal 
applied. Stated half-year earnings are ,nv °l' , . ed ’? « 

Earnings per 5p share are 4.64p (3.S7p) per lOp share and J .* ck JS 

shown at 6.12p. against R.6p. and the interim dividend is lifted from Airman, says in his annual 
a final dividend nf OMMUEn lifre ].2645 d to 1.4 1 225 u n et_ enctine statement that it is the Company S 



Six months 
progress for 
Jas. Dennis 

was ].56p 



Op-ranas profit 
Exchange loss , . 
Pram before tax 

UK lax 

French ux .. J . . . 
After an exchange loss of “f 0 " 1 - ■■ ■■ 

£22.000 against a £9.300 surplus. 

taxable profit of James H. Dennis Armbnubk Ord. !.. 
and Co., the engineering concern, i survive 

pre-tax orotit food Products sold so that the: 
■ - . \ housewife will be able to buy a 

Uttfsi’sr .^larger proportion of -her weekly! 
1977-7S 197C-77- repuirrmeuts frnm BHS; by- the j 

. addition of a range of pre-packed . 

“ SfffJSl convlenience foods. At the same* 

Vsoo tirop- many of the existing lines 
lMjot H-hicri arc currently sold loose 
H2.50Q aver the counter, will be put into 
packs so enabling the customer to 
serve herself. { 

, Persona) service will, however. • 
9sjci he retained on the cheese and 
bacon counters, though even here 








118 .M 

Matthew Hail 

Internationally renowned for Engineering, Mechanical and 
Electrical Services projects 

Increased involvement in 
energy projects 

| Profit before taxation for the 
year to 31 December, 1977 
amounted to £6,203,000, 
compared with £4,620,000 for 
the previous year - an increase 

of 34° 

■ A final dividend of 5.321 6p 
per share is proposed - the 
maximum permitted under 
current legislation. 

■ The results reflect an 
increase in the engineering 
companies’ contribution 
arising from increased activity- 
in energy projects. 

■ The mechanical and 
electrical services companies 
have again produced 
satisfactory results, due in no 
small measure to their success 
in securing an increased 
proportion of work from the 
industrial sector. Good 
prospects continue in this area. 

H Overseas, our Dutch . 
subsidiary has improved on 
last year's performance. 
Contracts are also under way 
in Egypt, Iran and Saudi 

Future Prospects 

« As to'the future, we know 
only too well how quickly 
recession comes - and' when it 
arrives, how slow it is to go. 
However, we as a Group are 
very fortunate to be playing 
such a leading role, not only in 
the building and industrial 
field, but also in all aspects of 
energy production, be it oil, 
coal, gas or nuclear power. 

• - r. ' I believe that our Group, 
with its broad base, can 
look to the future, no 
' matter how tough 
l J2T t* 16 going may be, 
-with considerable 



Copies of the Annua! S -sport 
available from, the Secretary, 
Matthew Hall fit Co., Limited, 
Matthew Hall House, 

101-103 Tottenham Court Si, 

Re port No 1 

Plastics: now41%of our UK 







5 50 



1 * r - r ' 4 ? .K • 



. .y*. v , •; - 

’ ‘ • 

■ v* • . • 

— . 'S \ • 





Highlights of 1977 

(Mastics and industrial materials) 

Storeys of Lancaster acquired, adding new 
consumer markets (wall coverings, home decor 
and DIY) and increasing existing industrial outlets 
New £15m plant announced to double PVC 
resin production 

50% expansion of capacity for polypropylene 
film started- on stream mid 1978 



In the past few years/ plastics have 
spearheaded T & N prosress. 

Today, plastics products account for 4125 of 
total UK turnover; we are important exporters to 
world automotive/ engineering/ electrical and 
construction industries; we are one of the major 
suppliers of glass fibre for plastics reinforcement in 
Europe; and we have plastics subsidiaries in 11 
countries. -• ■ 

We are growing rapidly in plastic* specialty ■ 
chemicals/ automotive components,- man-made 
mineral fibres and construction materials.' We are 
growing in the USA market as well as 
continental Europe. In .1977 we invested expanded - 
and diversified at a more rapid rate than ever before.' 
We are very much more than *the asbestos giant. 
Why n<pt take a fresh look at Turner & NewaH? 
Write for our new brochure today. ' ' 


Providing what the future needs 


To: Public Relations Depfi>Tufper & NswaB Ltc& * 

20 St Marys Pasonag^ Manchester M3 2NL 

Please send me a copy of your corporate brochure and/or 
Report and Accounts. 



Beralt Tin and Wolfram Limited 

Extracts from the statement by the chairman, 
Mr. L. G. Stopford Sackviiie 

1 am pleased to be able to report that 
despite having encountered some difficulties. 
1977 has been another successful year. Due 
principally to the firmness of wolfram prices, 
earnings for the year were the highest recorded 
since the company was incorporated just over 
50 years ago. 

Financial results 

The consolidated profit before tax for 1977 
was £4,449.000. compared with £2.572.000 in 
the previous year, and after talcing into 
account taxation of £931.000 and interests of 
the minority shareholders at £764.000. profit 
attributable to members amounted to 
£2.754.000 ( equivalent to 24.0p per share) com- 
pared with £1,431.000 (equivalent to 12.47p 
per share I in 1976. 

For the purposes of the consolidated 
accounts, the assets and liabilities of the 
Portuguese operating company are translated 
from escudos into sterling at the rate of 
exchange prevailing on 31 December and the 
difference which arises as a result of the 
variation of exchange rates at each year-end 
is dealt with as an extraordinary item in the 
profit and loss account. For some years past, 
when sterling was depreciating in value against 
many currencies including the escudo, surpluses 
arose on the year-end conversions and were 
dealt with in the accounts as extraordinary 
profits amounting in total to some £600.000 
from 1973 to 1976. The rate of exchange 
ruling on 1 January. 1977 was 53.67 escudos 
to £1. At the end of February, the escudo 
was formally devalued but it continued to 
depreciate against the strengthening pound 
and at 31 December. 1977 the rate ruling was 
76.11 escudos to £1 representing an overall 
fall of some 30 >. As a result, an exchange 
deficit of £1.700.000 has arisen and been dealt 
with as an extraordinary item in the con- 
solidated profit and loss account. No transfers 
to reserves were made in 1977. 

U55I76Q0. The average quotation for the 
year was U5SI74.76 per unit. 

Significant factors affecting the tungsten 
market during the year included firm demand 
from Eastern Europe coupled with controlled 
supply from China. Releases from the General 
Services Administration's stockpile in the USA 
continued with offerings each month of 
tungsten in various forms amounting to 700.000 
lbs of contained tungsten equivalent co nearly 
10?» of total monthly, world production. The 
tungsten contained in each of these offerings 
is approximately equivalent to the tungsten 
content of some 530 tonnes of concentrate 
produced by Beralt. Not all che GSA material 
offered was disposed of however, as total 
sales for the year amounted to 2.200.000 lbs. 

The Primary Tungsten Association 

Towards the end of 1977. the Primary 
Tungsten Association, of which che Portuguese 
operating company is a founder member, was 
admitted for the first time to formal UNCTAD 
meetings as a body with consultative scacus. 
Under the umbrella of UNCTAD a greater 
spirit of co-operation between the producing 
and consuming sides of che industry has been 
fostered and as further meetings are scheduled 
co continue 1 am hopeful that this will lead 
eventually to a better understanding of the 
complicated structure of the industry. 

On 26 April. I97B it was announced chat 
the Primary Tungscen Association and the 
Tungsten Users index Group had agreed ro 
establish a new tungsten price index to be 
known as the International Tungsten Indicator. 
Commencing in mid-July this new index will 
be derived from the transaction data reported 
to an independent collator by subscribing 
members of both groups which represent the 
producers and consumers of tungsten. Our 
Portuguese operating company will supply data 
for the new index. 


The Portuguese company has declared a 
dividend of 90 million escudos from its 1977 
earnings (compared with 52.7 million escudos 
in the previous year) and consent is being 
sought for remittance of our 80.55 ,J : share in 
full. On receipt of che funds in che United 
Kingdom, the Board will consider the declara- 
tion of a dividend. The amounc payable will 
depend- principally on the rate of exchange 
prevailing when the funds are received and 
the fiscal conditions applicable, and it is thus 
not possible to forecast the rate of dividend 
that could be paid: however if the company's 
full share were to be received now it would 
permit a distribution of approximate)/ 4p per 

Capital expenditure 

I referred in my statement last year to work 
which had commenced on the new inclined 
shaft and ancillary installations. Work on the 
scheme was suspended from May to October, 
and all labour was transferred to stoping 
operations with a view to maintaining pro- 
duction. However, work resumed in October 
and is now progressing satisfactorily and it 
expecced co be completed in the first quarter 
of 1981. 

A number of studies were carried out during 
1977 into improving che volume of production 
by means of further mechanisation and early 
in 1978 a decision was caken to return to 
room and pillar mining and to introduce track- 
less equipment. Capital expenditure in 1978. 
including expenditure programmed for 1977 
but carried forward into 1978. is expected to 
amount to approximately £2 million. 


Production of concentrates in 1977 totalled 
1.287 tonnes of wolfram. 1.176 tonnes of 
copper and 58 tonnes of tin compared with 
1.597, 1.441 and 75 tonnes respectively in 1976. 
This was the fourth successive year of decline 
in production levels and was particularly dis- 
appointing coming at a time when not only 
were wolfram prices favourable but when 
Portugal could ill afford to forego the foreign 
exchange which higher production and sales 
would have brought. The decline in 19 77 was 
due- in part to a lower grade of ore fed to 
the mill but the main reasons were difficulties 
associated with absence from work under- 
ground, recruiting and training, and industrial 


Wages and prices throughout Portugal rose 
sharply during the -year- and as a consequence 
operating costs increased significantly. Effects 
of the cost increases, fortunately, were com- 
pensated by firm wolfram prices and by higher 
escudo revenue derived from exporr sales 
following devaluation of the escudo. 

Sales of wolfram concentrates totalled 1.308 
tonnes during 1977. Although there were some 
significant fluctuations in the market price of 
wolfram during the course of the year, prices 
in general held firm. In January 1977, the 
Metal Bulletin higher quotational price opened 
at USS 147.50 per metric ton unit and had 
risen to US$186 50 per unit by June. The price 
declined during the summer but rose again 
sharply in the autumn closing in December at 

A number of schemes and proposals have 
been examined during the course of the year 
into ways which might help to protect the 
purchasing power of the operating company's 
liquid resources held in Portuguese currency 
which at the exchange rate ruling at the end 
of the year amounted to the equivalent of 
approximately £6.9 million. Discussions in 
regard to some of the proposals are continuing. 

Against a background of a rising cost of 
living throughout Portugal, the labour situation 
at. Panasqucira remains unsettled. All 
employees were awarded a 10% wage increase 
from I January. 1978 and the company has 
offered to consider a further increment when 
legally permissible. Despite this, however, 
disruptive industrial action was taken which 
adversely affected scheduled production levels 
in February and March. 

Since che beginning of rhe year the wolfram 
price has fallen from US$176.00 to a level of 
USS 145.00 on 28 April. I offer no predictions 
as to how the market will perform during 
the remainde- of the year, although it is of 
note that supplies from the West have been 
increasing as new developments in a number 
of territories come on stream and that there 
are indications that releases from the General 
Services Administration stockpile could be 
higher in 1978 than those in 1977. On balance, 
however, provided that there .is no serious 
disruption of activities at the mine and given 
a reasonably stable market. I think 1978 will 
be a satisfactory year for the company. 

2 May. 1978 

Copies of the chairman’s statement, together with the annunl report and accounts, may be 
obta.'ncd from the registered office of the company at 40 Ho/born Viaduct. London E ClP 1AJ. 
or from the transfer office at P.O. Box 102. Charter House. Park Street, Ashford, Kent 
T .\' 24 8EQ. 

The 50:h Annual General Meeting of Beralt Tin and Wolfram Limited will be held at 12 noon 
on Tuesday. 20ih June, 1978. nt che Connaught Rooms. Greet Queen Street, London WC2B 5DA. 


Improved results in difficult year 

Results at a glance 

Year to 5th January 1978 


Profit before Tax 
Ordinary Dividends 
Profit retained 

1 2,946 

1 1 .054 

Earnings per Share 
Net Dividends 
Gross equivalent 

p per share 

p per share 




- The improvement in sales of 1 9% and in 
iretax profit of 1 3% was nor achieved with- 
>ut difficulty. Contributors to our profit 
mprovement have been Porter Chadburn 
Plastics). A. H. Senar. and Porter-Lancas- 
rian's brewery equipment divisions. 

4r Continued growth in the current year will 
depend much upon the maintenance of rhe in- 
vestment programmes of the brewing industry 
which show some signs of slackening. I shall, 
however, be disappointed if the year as a 
whole does not provide a satisfactory result. 

Highlights from the Statement by the Chairman t, D. C. Bamford. C.6.E. 

Operating subsidiaries 






A review of the activities of operating subsidiaries is included in the full Report and Accounts 
and Chairman's Statement which may be obtained from the Secretary: 


Kevser I T llmann turnround 


aided by property sales 

FOLLOWING A £3.fi7m turnround 
on [he operating side to a £fi.S6m 
profit and the release of 
from provisions, there was a 
£4-36m pre-tax profit at Kcjser 
Ullmann Holdings for the March 
31. 197S. year compared with a 
£i.3m loss previously.. 

In 1976-77" there was a £6ni 
provision for bad and doublfuJ 
debts, etc., a £0.nm exchange loss, 
and a 14 m finance cost provision 
was used. 

Mr. Derek Wilde, the chairman, 
says £30m cash was received on 
the sale of property in the year, 
and this process _of concerting 
low-yielding assets Into money 
which can bo employed .at a full 
rale of return in its London bank- 
ing business accounts for a large 
part of the improvement. 

The lower level of interest 
rates and the consequential reduc- 
tion in the cost of carrying ib 
unrealised property portfolio' also 
had its effect. 

The £0.84m operating- profit in 
the second half of the year ex- 
ceeded the expectations of direc- 
tors and reflects the help received 
from exchange rate and interest 
movements, in the absence of 
these special factors Keyser will 
do well to achieve similar results 
in the first half of the current 
year, he says. But the improved 
position of the group will allow 
it to take advantage of opportuni- 
ties previously denied it. 

Deposits are being placed with 
the company more readily and 
although it continues to have 
stand-by facilities with the clear- 
ing banks it has not made u&e of 
them since the middle of last 
year. “ and we have a comfort- 
ably liquid balance sheet." 

During the year its Swiss bank. 
Keyset Ullmann en Suisse, again 
improved results, and the figures 
look even better in sterling terms 
following the 20 per cent fall in 
the value of the pound against 
the Swiss franc between March in 

19 ii and 1978. 

Housebuilding activities through 
I he Bennington companies were 
virtually brought to an end and 
the losses previously suffered 
have been eliminated. 

Southern and Red Tern, the 
remaining investment of the 
West forth Group. produced 
record profits of £200.000 in ihe 

Property sales at prices above 
the written down book value 
reached the directors' target, with 
a resulting improvement in asset 
values shown by the 13. 5 m 
increase in shareholders funds to 
£35 m. 

In the current year property 
sales of some I 20 m are expected. 

Elsewhere, however. the 
demand for borrowing remains 
sluggish and the group has been 
unable to .wholly replace wit fi 
good lending the advances repaid 
following the sale of property- 

held as security. 

At year end, advances and 
debtors were down from 

£141.83m to £129.41 m. while 

current. deposit and other 

accounts rose from £l73.74m to 


Cush in hand, balances at banks 
arid at calf and short notice 
totalled £21.50m against £32.77m 
and short-term deposits with 
banks and local authorities were 
£32 .2m compared with £7.Sm a 
year ago. 

The result for the year is 
subject to tax of £0.5Im <£0.29m.). 
Turnover, excluding banking and 
life assurance activities, was 
£6.39 m t£7.93m>. 

Earnings per share are shown 
at 7.5p flo.Sp loss'*, and the 
dividend is up from 0.325p to 
0.67p net per 25p share. 

Mr. Wilde says he hopes that 
the legal proceedings taken 
against the company in respect 
of the December 1972 purchase 
of shares in Cannon Assurance 
w'iil soon be settled. Terms of 
settlement have been agreed, 
subject to approval of the courts 

In Canada and the Bahamas. "Hie 
effect will be to confirm its UlJe 
to and increase its holding m 
Cannon from 57 per cent to bh 
per cent of capital, at a total cost 

of some £2 5m. 

In the vear its subsidiar> 
Hocroft Trust achieved turnover 
ur I3:Slm Iff 83m) for a hj»n" 

noil-banking interests of i_ 1 . 0 W 

Its share of profits of an asso- 
ciate banking company was 
£331.000 compared with a" 
£809.000 loss and its share of pro- 
visions no longer required was 
£ 1 37m (£0.9Sm provision), wiin 
a tax credit of £72.000 iflJOOO) 
and an extraordinary credit nr 
£30.000 (£103.000 debit) the result 
emerged as a £i.8m profit com- 
pared with a £2.I7m loss. ■ 

Margaret Reid writes: Mr. 
Wilde j aid yesterday of the 
group's liquid position and the 
small decline in its advances over 
the past year: "Our purpose is 
to build up our lending to British 
industry and commerce: We were 
in the past so almost wholly com- 
mitted to property. We're doing 
no more or that and we arc- now- 
aiming to be a hunk oriented 
towards the finance of British 
industry." He added, however, 
that in the present competitive 
climate it would lake time H» 
expand such lending in appro- 
priate ways. 

The group, w hich required some 
£65m of loans from the big banks' 
lifeboat in the secondary banking 
crisis in 1974-73. hut which dis- 
pensed with such help altogether 
two years ago when it fixed up 
a standby facility of some £35m 
from several large hanks, has not 
used even this standby for a 
good many months past The 
standby facility still exists, as Mr. 
Wilde made clear in his state- 
ment. though it is believed that 
it has now- been reduced to a 
smaller total in the region of 

Indonesian boost for Ultramar 

LARGELY DUE to. its Indonesian 
operations. Ultramar Company 
lifted taxable profit from £3.92 m 
to £9 ,64m, in the first three 
months of 1978 and Mr. Campbell 
Nelson, the chairman, expects the 
group to do considerably better 
at full time than last year despite 
an anticipated continuance of 
adverse results in Quebec. For 
19«i. profit was more than 
doubled from £ 12.32m to £24.7 lm. 

California refining and market- 
ing and the UK marketing also 
produced excellent results in the 
first quarter while the Newfound- 
land. Ontario. Western Canada 
and Caribbean activities made a 
modest contribution to profit. 
There was. however, no profit 
from the Quebec refinery and 
marketing operation because of 
persisting adverse market condi- 
tions but the refinery functioned 
well with average daily output 
of oil up 10.000 to 78.000 barrels 
a day. 

The group's financial ^-position, 
which has benefited from recent 
good operating results, has -been 
Turther strengthened by a 
U.S-S75m loan raised by. the Indo- 
nesian subsidiary 'and secured 
on the cash flaw from Indonesia 
without other collateral or 
guarantee by Ultramar. As a 
result the U.S.$23m loan raised 
in March. 1978. which carried a 
number of restrictive provisions 
os regards trading operations and 
dividend payments, has been paid 
off. together with loan stock 
issued in 1960. 

Mr. Nelson says the company 
is left with a substantial addition 
to its working funds Tor opera- 
tions outside Indonesia including 
the UK North Sea. where, as 
known, it has formed a new ex- 
nloration group involving 
PanCanadian Petroleum and 
Houston Oil and Minerals Corpora- 

Including 123.75m from the 
Indonesian loan total cash flow 
for the first Quarter jumped from 
£5.07m to £34.09m and working 
capital from £3.13m to £37.14ra. 

Long-term loans at March 31 
amounted to £81 .77m (£6G.65m). 

Sales for the first three months 
reached £134.3m (£104.9m) and 
tbere was an increased net 
exchange loss of £i5Gm. com- 
pared with £602.000 last time. 
Earnings per 25p share emersed 
at 11.3p (4.Sp) basic or 10.2p 
(4.5p ) fully diluted. 

Had the exchange rates pre- 
vailing at . the close of business 
on May 19 been adopted first- 
quarter net earnings would have 
been about £1.4m higher, the 
chairman adds. 

Quebec profit picture. The 
market reacted to the result by 
pushing the shares up to. 289p 
but they slipped back to close at 
284p — a gain of 4p. The p'e 
ratio, assuming net profit of X20m. 
is 5.5. 

First quart i*r 
f»T« 1*177 




Sales 1-U.SW 

Trading urofil 12.7K 

Charger 5 14<» 

Pre-tax profit S.M3 

£000 (W 
1.11.330 104.31? 

Current tax 3 pi l r« 

Deferred tax 1.719 753 

Wt pro lit 4.™ 2.131 

Exchange loss „ . .. l.'Si so; 

Pret. dividend 2*S 2b6 

ACT written off ........ IK — 

Atribntable 2.331 1.23S 

- Cum prises amortisation. dKPr»eiaUon. 
depletion and amounts written off. 

• comment 

Ultra mar's first quarter lives up 
to market expectations of a con- 
siderably better growth in both 
cash flow and operating profits 
in 197S. Analysts have forecast 
post-tax profits around £20m and 
the result is consistent with these 
hopes. The growth comes from 
the Indonesian operations, and 
the group's entitlement to the in- 
come generated Is being adjusted 
to reflect an equal annual charge 
for debt service over a 12-year 
period, rather than the irregular 
repayment schedule established 
for the loans. 

The Californian and T7K market- 
ing noeratinns arc producing good 
results. But the problem is the 
Quebec refinery where low prices 
for residual fuel oil are causing 
losses. The position for the rest 
of 197S does not look loo happy 
but in the longer term a decision 
to go ahead with construction of 
a cracker could improve the 

Associated Fortland Cement, i 
Dorchester Hotel. W.. 12. Aurora, I 
Sheffield. 12.30. Baird (William I. 
Glasgow, 12. Beau ford. Hudders- 
field. 12. Bcllair Cosmetics. Wins- 
ford, Cheshire. 11. Bentalls. King- 
ston upon Thames. 12. Cadbury 
Schweppes, Connaught Rooms. 
W.C- 12. Carpels lntnl.. 14-15, 
Berners Street, W.. 12. Fogarty | 
iB.j, Boston. Lines, 215. Free- 
mans (London S.W.9). Connaught 
Rooms. W.C.. ,13. Grattan Ware- 
houses. Bradford. 12. Harris and 
Sheldon, Warwicks., 3. Hoskins 
and Horton. Birmingham, 12.30. 
London Brick, Connaught Rooms. 
W.C, 12. Low and Bonar. Dundee. 
12. Magnolia. Rochford, Essex, 12. 
Marshall (Thomas) and ' Co. 
(Loxleyj, Sheffield. 12. Ne war thill. 
Imperial Hotel W.C, 12.30. Ofrcx. 
Stephen Street, W, 11. Phoenix 
Assurance. 4-5. King -William 
Street. E.C.. 12. Prudential Assur- 
ance, J42. HoJborn Bars. E.C., 
12.13. Quick (H. and J-). Man- 
chester, 11. Reckit aDd Caiman. 
Connaught Rooms. . W.C, 11. 
Re vertex Chemicals, Harlow. 
Essex. 12. Sharpe and Fisher, 
Cheltenham, 12. Smith (W. H.). 
7fi. Shoe Lane, E.C.. 2.30. Taylor 
Pallister. Newcastle upon Tyne. 

11. Tern-Consulate'. Lawrence 
Road. Tottenham. NL. 12. Whit- 
tington Engineering, Chesterfield. 

12. Willis Faber. Ten Trinity 
Square. E.C.. 11. WtLson (Con- 
nolly). Northampton. 12. Wood 
(Arthur). Stoke on Trent. 12. 

Fire and flood claims hit Sun Alliance 


FOR Sun Alliance and London 
Insurance Group the year has 
started with a substantial under- 
writing loss on the home account 
stated Lord Aldingon. These arose 
from heavier than usual claims 
arising from floods and severe 
weather with, in addition, more 
and larger than usual fire claims 
in January which mum be attri- 
buted to the firemen's strike. The 
number of motor .^airns had also 
increased probably because of the 
bad weather. 

He pointed out that ii was in- 
herent in an msutance business 
that from time to time heavy 

Claims will be made upon under- 
writers as a consequence of extra- 
ordinary conditions. 

Mr. F. L. Garner, chairman of 
Pearl Assurance reported that 
busine.vs in ‘/ie industrial branch 
was now running satisfactorily 
following las; year's protracted 
industrial action s#v agents. There 
had not been any excessive laps- 
ing or sur rending of policies as 
had been feared. 

All hough new business started 
slowly this year because of the 
need to concentrate on clearing 
up after the action had coded, 
business had picked up and new 

premiums Tor the year wore 
slightly above this for last vear 
over the corresponding period, he 

In the ordinary branch, new 
business figures were very good 
indeed, with new annual pre- 
miums 60 per cent higher — more 
than three limes the rate of u-x 
pansion for the. industry as a 
whole. Unit-finked business was 
also enjoying success. 

He warned that ir was doubtful 
whether the general branch wndd 
contribute positively to prowls 
this year, because of ihe adverse 
claims experienced so far. 


Calmer conditions 

Bank of England Minimum 
Lending Rate 9 per cent 
(since May 12 , rjfrS) 

The London money market hns 
all the appearance of an old 
mailing .ship preparing to wail out 
on impending storm. .Just as the 
•dup would shoricn sail as 
conditions worsened. 50 the 
discount houses have shortened 
the Icnglh of their bonks in anti- 
cipation of higher interest rales 
and a possible monetary package 
from the authorities. 

The most nervous day "as 
Monday, however, and as the week 
progresses the prospect of a 
.sharp rise in Bank of England 
Minimum Lending Rate appears 
to diminish. There was a 

reasonable degree of confidence 
yesterday that MLR will remain 
at 9 per cent this week, and 
discount houses buying rates for 
ihrec-momh Treasury bills were 
slightly easier. Rates still point 
towards a possible rise in MLR. 
but this is mainly an indication 
nf the defensive attitude adopted 
by the houses, w hich is unlikely 
to change while fears about 
monetary policy dominate 

Day-to-day credit was expected 
in be in short supply yesterday, 
but probably finished in surplus. 
There was no intervention from 
the authorities. 

Banks brought forward surplus 
balances, and the market was also 
helped by substantial net 

maturities of Treasury bills. 

On ihe other hand revenue 
payments to the Exchequer 
exceeded Government disburse- 
ments. although this factor was 
not as large as first expected, ihe 
authorities held maturing local 
authority bills, and settlement wa-- 
made nf gilt-edged stock 
purchased Trom the auihoniies 
on Tuesday. 

Discount houses paid up m si 
per cent for secured call loans’ 
but closing balances were found 
at 3-5 per cent in places. In the 
interbank market overnight loans 
opened at S*-SJ per cent, and 
remained fairly firm at 7^ -Si until 
the early afternoon, but fell to 

around 2 per cent at the dose. 

Slerlme 1 1 [.ua< :t«l Autli.| Flaxncc 1 

' (Mrtilmic Interbank Aurlmritr . nes>4iati>e ■ Hmih> k'l'nirenv 
■If • ifcimiii! . ImnrU ' (.!«)<. »11( . Ue|i.,i. 

■ ■igriuiihl 

•• ■ [»*« n-n.v. 
i il«v» nr 

I lm- rurfii'*. 

I I ne nii.nih. ., 

in. .in 

Hi re*- ntmilli-. 
•ii nnorli'... 
Xintr nmnrh'. 

1 <m- \ re 

I «!!• lwv._ 

Diccituni : Kltxil.le ! 

inxiket Tnre-'iin 1 Biuk ft rir Trail. 
•leiM-u BUI- 4 Hill,* 1 u.ii** 


®ri 9,* 

10, <9-1 

Bi* 9 8V)-B'c 

9-9 J* ■ Big 9ij 
9r„-9S« . 

9 A 10, It ' 9h 

10 10 A 95, 10 
101* 10 £ 

101* 10> 2 . 10 10 

10 10i« 
lQ?e 11 

9i, 9 
9i, ft 
9 i»-9 

9 i t 8!j , 
10 9-z . 
10911 , 

SVs 9 
9*3 9i* 
95* 10 

lo:* lCiq 
10 15 

Br 5J, ET. 

b.i 9,'. 


- I 

Local anibonrie* anil lliunce bouses »rrn days' noilce. oii»r* seem da™ 1 , 

nominally three rear* 114-11! per cent: four years 12 - 13 * orr cent- bI-I ,l E aJ authority moricaxe rale rates for Drimc paper. Burins rales for four-momh hank' bin* lUkH ,flW * arc 

l Aoprasimate selling rales fnr one-raontli Treasury bills 4 *w»V r trad, ‘ b,lta ln pcr c, ‘ nl - 

18' k per cent. Approximate selling rate for oiK-momh bank “J?; pcr . Uir«-niouit> S»»- 

moniJi per «ul One-month trade biu* u nfr7rm ,, p ^ r ceul - 3tv5 wo-moiuh an IB per ceni: and three. 

1 Finance Ham RaT« , pU hl1 5 h4 h, FiJuSS. lwSl CI ?L!?i 3nd 3,50 thn^-mcnnh 91 per cent 

Dnesti Ram ifw small turn* ai levendayr Mtic* > i~, ^ Associa tion ' . .4 vti cent from Slav 1 . 1978 Clearing »«ifc 
■Ills: Arena* under ratal of fliacouM SA514. PW cant riaarlag Bank* Boa Rates for tending ft per cenL Treasury 

Financial Times Thursday May 25 1978 

British to be! precise 


■ With margins under pressure, profits 
on bearings declined significantly*. 

■ Both sales and profits advanced in MTE. 

■ Philidas second six months will show 

■ Positive cash flow achieved. 

■ Second half results likely to show 


Unaudited results of the group forlhc2riwccksto 31 March I? 78 

26 weeks to 26 weeks to 52 weeks to - 

31 March 1978 

1 April 1977 

30 Sept 1977 






425 IS 


Profit before interest 




Less: Interest payable 




Profit before tax 




Dividends per share 





Sunbeam Wolsey Limited 


! : * v ' * ’ ' 

‘.is * 1 
r. P » '> -. 

Group Turnover 
From bdore Taxation 
Earnings per Share 
Piv ivlend per Share 
Dividend Co* en time?) 

1977 1976 

£20,926,000 £14,954.000 

915,293 457,921 

8.52p 322»p 

Z7375p . 1-725p : 

3.1 1.91 

sr Co? 

The Fiftieth Ordinary General Meeting of Sunbeam Wolsey 
Limited was held on May 24th al Millfield, Cork. 

The following arc extracts from t he circulated statement of 
the Chairman, Mr. C. O. Stanley, C.BJE., LL.D., F.C.G.I.:- 

A fui dicr significant improvement was achieved in 1977. 
Exports from tn«-h : based companies increased bv£2.5ni.and 
this, logelher 'wit ii sales from U.K.- based companies, now 
represents 50/So f our total lun tover and it is our intention to 
increase further our export business. 

During the vear v.e invested £280.000 in new plant in 
various operating uOinpanies and have now approv eda further 
£381.0i.)0 ior new plant We tullv recognise that it i*. essential 
lo operate the mo‘l up-io-date equipment and machinery if 
\v e are to continue to compete internationally. 

m f-ip: 

Sound financial base 

During the past \ ear we have been concerned to conserve 
financial resources and conso'fdate the sfrength.ot the Group 
Balance Sheet. Net bank and -hort-lerin loan- and medium- 
term indebtedness a re £98000 a gainst L’Xfl.flOO last year. We 
continue to regaid maintenance of the strongest possible 
Balance Sheet position as being of paramount importance. 
With this sound financial base. \v rt shall retain the means to 
expand within our existing Group oi Companies or by aquisi- 
lion as opportunities occur. 

The future 

It is difficult to predict the profit for .1978 with any degree 
of certainly. Government efforts lo create a belter business 
climate still need lo show definite results. The new Multi 
Fibre Agreement perhaps offers, at be-?, a less rapid rale of 
deterioration in trading conditions within ihe E.E.C than 
occured over the past live years. The international scene is 
looking even'mnre difficult and if we are not in a position lo 
compete internationally vve cannot lie successful. Neverthe- 
less. and in spite of these problems, we are confident that ive 
can still further improve our position during this, our Golden 
Jubilee Year. 

ext :v- - 


Turnover £17.900, 

Profit before lax £1,961, 

Earnings per share 24.6p 24.5p 

Ordinary dividends 5.075p 4.59! p 





4.591 p 

^ Overseas earnings hit by exchange 

New ventures in organs and pop music. 
^ Music royalties buoyant. 

^ Dividends up by' maximum permitted 

Comments by the Chairman, Mr. H. P. Barker: 

“Music industries are suffering from hesitant demand 
worldwide and only a moderate year is forecast for 
1978. The company’s strong financial position will 
enable us to develop new business opportunities/ 1 

Copies of the 1977 Report and Accounts are available an 
request from the Secretary, Boosey & Hawkes Ltd,. 
295 Regent Street. London . W1R 8Jff. 






Financial Times Thursday Msy 25 1978 

Eastern Produce up 
£4.6m to £7.2m 

A a t haHWay 

£22 £0 ‘® 7ra to W.OSm Eastern 

^iS? I, t^rf?( 0ldinS « > Cnisiied Mm 
™ t a 0 ble P^rs well ahead 
from £2.58m to a record 17.16m, 
™ «“™ver up from Xl4.75m to 

Profit included a conversion oi 

S*255J ,#t curreBt ^ts gain 

Sr cpm pared with losses 

of £137.000 last time, and asso- 
c)3*es contribution more than 
doubled from £l57m to S3 25. 
r The group returned to dividends 
lor I9u with a l_32p Interim, and 
the directors now propose a 3.03p 
not per 50p share final, as forecast. 
Tile previous dividend totalled 
i^p for 1973. Basic earnings are 
?'« p JFJp) and 33.4p (12J2 pf . 
TuBy diluted. Net asset value per 
share Is given as 12Sp f77p). . 

There was an extraordinary 
debit for 1977 of £386,000, com- 
pared with a credit of £553.000 
last time. 

The croup produces tea, rubber, 
copra and cocna on its plantations 
and holds investments related to 
its commodity and trading in- 

Avon Rubber hit 
by competition 


board meetings 


From ami itivect. revenue 

Conversion euinf* 

Afsociarrd companies 

Profit before Lax 


Net profit 

Extraordinary debits 


Interim dividend 

Proposed final 






!».■?« H.M6 
3^51 1.147 











I. aw 

1. 175 

Ttie fnllijwthR com oa ales nave nonried 
dales or board meeting to me smi* 
Exchange. Sts* meeting* atv usiiun? 
«W tor i he purpose of cotuidurlna Uiv|. 
dentu. Official Indications are not avail* 
sole whether dividends aincimert are 
imevtoae or Saab and U» sutnllvlslons 
SboitTi below an based mainly on lam 
year's ttmeufcle. 

, T0DAV 

Interims— Associated EasineeriOK. Earn 
Chamn^toxi. Caravans International 
Flnumve Etmlneerios. Doxnme. Hum fray! 
tCL. Jcnfcs and Cattail, Keystone lnt»«. 
men's, Norland. Proprietors of Bar’s 
Wharf. Seorrtsh investment Trust. Spencer 
Clark Meial Industries. 

Finals— Ash Spinning. Ayrshire Metal 
Prndin.ia. Bo-chu ra. Court a olds. Erchanpe 
Teleuraph. International Palm Karur 
Bomlor. Lamom. Minster Assets. New 
Tnrosmorton Trust, Pobmarfc. wutiam 
Press. Francis Sumner, To ray industries 
Incoroo rated. 



An-hlmedes Investment Trust .. 

CuItoiph i Arthurt 

Northern Foods * . 

7V>tioniacsfte and Cobbold Brews 

Atlda PackaxloK .. • 

Blflam «j . 

Carles? Capet afld Leonard . 

Chapman >Bal»ami 

Ol'nhiH 'Alfred i 

Picaplpv Intrmauonal 

Land Secuntiex In vestment Tst tjune 6 
M and c. Second Dual Trust . Mar 31 

Parkland Tr**tii* tone a 

’’AMU am 3 one 5 

Bangers June 1 

W amtorfl Investments ....... May 38 

< Amended 

•tiin' fi 
June J6 
Mae 30 
May 30 

affected by short time working 
in these foundries. 

Due to the low level of demand 
for heavy steel cast inns the out- 
put or the steel foundry continued 
to decline and a loss was recorded, 
but they add that the engineering 
company achieved a higher level 
or sales aod profit. 

Profit for the whole of the 1976- 
1B77 year was down from a peak 
of JES.lm to £L.S8m and the 
directors then said that the 
group's profit margin would 
depend on an Improvement in 
demand for its products. 

Results for the second half will 
depend to a substantial extent on 
whether there is a recovery in 
demand for castings in the final 
quarter. So far. during the third 
quarter, sales have continued at 
the previous depressed level, they 

The interim dividend payment 
is maintained at 1.05p net per 
25p share absorbing £108.701 
(same) — last year's final was 

ON TURNOVER up by £2.6am. to 
£56.97m. pre-tax profits of Avon 
Robber for the half year to April 
I. 1978 slipped from £2.5m. to 
£2JStn. due mainly to extreme 
competitive conditions resulting 
from a world wide excess of lyre 
manufacturing capacity. 

For the remaining part Df the 

year, the directors say that while 

Jnne 7 
Mai- 2< 
.tun.- (, 
June t 
May 31 
June :> 


Half tfoar 
1977-18 1875-77 


Profit borate lax 
Tax ... . . 

Nt*t proto 

Preference thvs. 
AtlribuMbie _... 

. 31 







- — 1,733 

• Of averse.™ W! current assets, 
t Losses. 1 Including overseas £3.Q2m 
flJSmi. (Credits. 

• comment 

The boom in tea prices last year 
explains Eastern Produce's profits 
explosion, its share of associates 
profits, which largely reflect its 
tea interests in Kenya and 
Malawi, has risen from £1.6m in 
1976 to £3 5m last year. The tea 
boom has i--.d on impact on 
another aspect of its business— 
as secretaries and agents of plan- 
tation companies. Coupled with 
an upturn in its import and 
export business and international 
merchant! ng. the largely UK 
trading and agency division has 
produced a satisfactory profit 
against a small loss in 1976. The 
resultant positive cash flow has 
in turn enabled Eastern to reduce 
Ps borrowings significantly — From 
f.l.flm In £1 5m at end-1977. With 
mo prices at stable levels since 
end- tP77 Eastern is lookup* for a 
js.-irifffartorv growth rate this year, 
while there is some possibility 
of diversification in the UK now 
that borrowings have been re- 
duced. The shares at 10Bp yes- 
terday yield 65 per cent on a 
p 'e of 35. 

Regional Investment Trust on May 
23 repaid a loan of SI 55m from 
the proceeds of the dollar certifi- 
cate of deposit which matured on 
that day. The company's total 
multicurrency lean facility has 
been renegotiated in a reduced 
amount of 6255m for a period of 
five years to May, 1983. 





reaches £lm 
at halftime 


Atlanta, Baltimore and Chicago 

PRE-TAX profits of Ley’s 
Foundries and Engineering 
recovered slightly at tile half year 
stage from a - depressed £0.3lm 
to £lm on turnover of £2QJ32m 
against £17.36m. 

But the directors state that 
while normal full time working 
was maintained in the malleable 
iron and grey iron foundries 
during the 1977-78 half-year, weak 
demand, particularly from the 
Ntractor industry resulted in severe 
pressure on domestic profit 
margins and in addition the profit- 
ability of export sales declined, 
the directors explain. . 

Figures for the first half of 
the 1976-77 year were adversely 

A RISE of £82.000 m second-half 
earnings has taken pre-tax profit 
of W and J GIossop up from 
£733.796 to a peak £830515 in the 
January 31. 1978. year. At half- 
time profit was £15,000 higher at 

Turnover of the public works 
contractor lined from £954m. to 
£3L68m., and directors say they 
achieved. Ihe fm pro vein ent In 
figures through the reorganisation 
of the company which began -last 
year, the modernisation of plant 
and equipment and the central- 
ising of certain operations. Ail 
these combined to reduce over- 
heads and increase efficiency. 

Results were achieved against a 
background of trading conditions 
which did not improve during the 
year and a reduction in Govern- 
ment road maintenance funds. 

Also, competition wqs sharper 
and margins tighter for the work 
that was available. Poor weather 
did little to help. 

After tax Of £366.445 (£232395) 
net profit was £464.470 (£409,801) 
and eatTilngs per share afe given 

there is as yet no evidence of any 
improvement in market condi- 
tions, which will benefit the 
group's tyre business, the out- 
look for its other activities is en- 
couraging. However, they add that 
it seems unlikely that the full 
year result will equal last years 
rerord £5 .42m. 

Earnings per £1 - share are 
shown to be down from 31.1 p to 
28. 4p for the half .year and the 
interim dividend is maintained 
at 4p net, costing £205.500 — last 
years final was 557p. 

The group's tyre related 
businesses were affected 
adversely, particularly in the 
second quarter. With the excep- 
tion of the remoulding burinefs. 
Avon Rubber (Bridgend), which 
has now been eloped, they 
continue to trade profitably but 
at reduced margins. 

The increased volume of low- 
priced imported tyres during this 
period, especially from East 
European countries, added to the 
market problems, the directors 

Progress was maintained by 
Avon Industrial "Polymers, they 
add. The modernised factory 
space at Melksham together with 
the new factory at Trowbridge, 
in Wiltshire, for automotive and 
domestic appliance hose, are now 
in use and production commenced 
in the new factory at Hendy for 
inflatables. These investments 
have not only increased capacity 
but will also hring additional 
factory efficiency, ' say the 

H*U rear 
19.T-79 1S76-77- 




has put pressure on margins 
although the company hopes for 
some improvement In the second 

The same factors also look their 
toll on the retail motorway aide 
and tyre-reJaied products are 
unlikely to contribute more than 
30 per cent to full-year group 
profits, against about 35 per cent 
last time. Meanwhile 
rubber .continues to be a growth 
division but overall the company 
does not expect to equal last 
year’s £5-4m. The shares fell 20p 
to 18fip yesterday where without 
provision Tot deferred tax they 
stand on a prospectice p 'e of jmtt 
under 3 and yield 8.4 per cent 
given the maximum permitted 
dividend of 10 per cent. 




Trsdlnc profit ... 
Share of autocs. . 
Profit before tax ' 

T« . 

Net profit 
Minority interests 

* Losses, t ED19 adjusted. 





1 064 
2. NT 

2 Jit 



FOLLOWING A rise from £644.988 
to £910.238 in second half profit. 
Allied Leather Industries finished 
1977 with a record £1.246.814 pre- 
tax, compared with £896,357 last 
time. Turnover advanced from 
£lSMm to £16.67m. 

After tax of £874,320 (£483,687) 
and extraordinary credits of 
£175,932 (£57, 458 j. attributable 

proGt for the year was up from 
£470,126 to £748.426. 

Earnings pc-r 25p share are 
given as 28j)tip f20J7p) and the 
dividend total is raised from 
3.445p to 3.795p net, absorbing 
£75.900 f £68.900 j. with a final of 

A capitalisation on the basts of 
£3 of e now 9 per cent cumulative 
preference stock for evprv to 
ordinary shares held is also' pro- 
posed. - 

Allied London 
ahead so far 

at 10p (fiJp). 
A final di 

. . Jividend of 2.S29D. net 

per 25p share takes the total to 
S.7«2p (3.469p). 

• comment 

Taxable profits at Avon Rubber 
have slipped 5 per cent in the 
first six months after last year’s 
achievement of more than 
doubled earnings. Admittedly, the 
interim figure compares with a 
period of very substantial 
recovery but Avon l s clearly 
haring difficulties with its tyre 
related division. A price increase 
of around 6 per cent planned for 
February has been deferred until 
next month due to the impact of 
cheap imports from ' East 
Germany. Added to tbe increas- 
ing overcapacity brought about 
hy longer lasting r*d*'al tvres, th;* 

A 9 per cent increase in nre-tax 
profits from £448.957 to £480.530 is 
reported by Allied London Proper- 
ties. for the December 31, 1977. six 

And - directors say that having 
regard to ihe business already 
completed the prog res*; is ex- 
peeled to be maintained: Profit 
for ■ all 1970 - j » was a record 

They say that the company has 
recently arranged a new 25-yrar 
debenture stock of £4.1m at 12.2 
per cent, and this will be 
advanced in the next few weeks. 

• Tbe interim dividend is main- 
tained bt O.Sftafflp pfter adjust- 
ment for the onp-ri'-two .«crip 
issue. An adjusted l_25305p final 
was paid la<q year 




Interim Statement 

Sir Gerald Thorley TD ERICS, the Chairman, reports; 

I am pleased to report that net earnings have improved to £2,288,000 
(3.T4p per share) for the half-year to 31st March compared with £365,030 
(0.34P per share) for the half-year to 31st March, I977 j and £2,236,000 (2.iop per 
share) for the full year to 30th September, 1977. Furthermore, 1 expect 
earnings for the second half-year id be at least as high as for the first. 

Since my la>r report rental increases from reversions and good progress 
made in letting vacam premises both at home and overseas have been principal 
factors in these improved earnings. No meaningful comparison with the results 
for 1 976/77 can be made at the pre-tax level due to the inclusion in those results 
of the Canadian subsidiary, sold on 30 th September, 1977 . To date, £ ram of the 
proceeds of sale of the Canadian subsidiary have been utilised in repayment of 
overseas debts previously unmatched by assets. The Group remains in a strong 
liquid position with / 33 m of cash deposits held at 31 st Match, 1978 . 

We have started to take advantage of new investment and 
development opportunities. In the U.S.A., we have enlarged our interests 
through the purchase of a shopping centre in Las Vegas in association with 
an institutional partner. In the United Kingdom we have been awarded a small 
shopping scheme by the Cwmbran Development Corporation and have 
commenced the refurbishment of Chan trey House, which will complete our 
major development programme in Buckingham Palace Road: 

The payment to shareholders at mid-term is being restored by an interim 
dividend of r. 5 p net per share, which together with the related tax credit is 
equivalent to a gross dividend of 2 . 273 p per share. This dividend will be payable 
on 4 th July, 1978 , to shareholders on the register at dose of business on 1 st June. 

Results for the six months ended 
31st March 197S ( unaudited ) 









Gross Income 

23 ; 860 


Earnings Before Taxation 



Earnings Attributable to 

Ordinary Shareholders 










Ultramar Company Limited 

Off to a 


in 1978 

Group Results for fhe quarter to 31st March 1978 

Consolidated financial results 

First Quarter 

First Quarter 



Profit on trading 

Amortization, depreciation, depletion and 
amounts written off 

Optrating profit before taxation 
Taxation on operating profit: 

Operating profit after taxation 

Foreign exchange fluctuations - Joss (Note 2) 

Less: Tax effects 

Profit after taxatien aad Foreign exchange fluctuations 
Deduct: Convertible Redeemable Preferred Shares dividend 

Advance Corporation Tax written off 

Extract from the Chairman’s Remarks at the 
Annual General Meeting held on 24th May, 1978 

Earnings attributable to Ordinary Shareholders 
Cash flow from operations 

In my Statement in our Annual Report for 1977 1 said 
that we expected to do considerably better in 1978 than we did 
in 1977. 1 am glad to tell you that the results for the first 
quarter of 1978 show that we have got off to a good start for 
the year- 

Operating profit before taxation for the quarter amounts 
to £9.643.000 compared with £3,922,000 for the first quarter 
of 1977. Operating profit after taxation comes out at 
£4 793,000, an improvement of £2,672, 000 over the first 
quarter of 1977. 

Earnings per Ordinary Share (before foreign exchange fluctuations) 

Fully diluted- 

























1 36 





2 66 


£1 , 253 







We expect the Group to do considerably better financially 
in 1978 than in 1977 despite an anticjpated.contimiance of 
adverse results in Quebec. 

Consolidated statement of - 
source and application of fund 6 

Thou we come to the non-cash exchange fluctuations in 
respect of foreign currency loans of individual group 
' companies. These loans stretch out over the years to 1 993 ana 

. w the actual exchange losses or profits upon repayments may 

■ prove to be entirely different to the provisions being made at 
the end of each accounting quarter based on the rates of 
. - exchange then ruling. For the quarter to:. 1 st March 1978 the 
net exchange loss amounts to £ 1 , 86 J ,000 compared with 
£60‘ > 000 for the quarter to 3 1st March 1 977. It is gratifying 
thateven after charging these exchange adjustments we come 
out with net earnings of £2,932.000 for the quarter which is an 
improvement of £1 -41 3,000 over the first quarter ofl 977. 

Since 3 1st March there has been a material change in 
exchance rates affecting the foreign currency loans of . 
individual group companies. If we adopted close of business 
May 19th raws of exchange instead of those ruling a £ 

3 Ut March our net earnings for the hrst quarter of 1978 
would be higher by about £ 1 .400.000. 

Wtramar has strengthened itself financially in recent 
times because of good operating results. We have further 
strengthened our financial position by having our Indonesian 
subsidiary company raise a US $75 million loan secured on 
cash flow from Indonesia and without other collateral or 
guarantee by Ultramar. That Joan permitted us to pay off the 
USS25 million loan raised in March 1976 which earned a 
number of restrictive provisions as regards trading operations 
ami payment of dividends. We havealso paid off on 30th April 
the reminder of our Unsecured LoawStockwhich we issued - 
in. 1960. We are left with a substantial addition to our working 
funds for operations outside Indonesia including the UK 
North Sea. 

Source of funds 
From operations:. 

Operating profit after taxation 
Amortization, depredation, depletion and 
amounts written off 
Deferred taxation' on trading profits 
Indonesian debt service equalisation (Note 3) 

Cash flow Framipperations - 
.From othersoureeg-. ; . ' 

•' Lori^tcnfl^brtipn 0 f l'S575 mflliGil loan. raised 
Less : prepayment of existing USS25 million loan 



We have Tong wanted to take a more active role in North, 
Sea exploration, development and production. With this 
strengthening of our financial position, we have joined forces 
with two other substantial Independents, Pan Canadian 
Petroleum and Houston Oil and Minerals as you will see from 
the Press Notice issued on 27th April which reads : 

Disposal of fixed assets 
Miscellaneous items 

Application of fastis 
Acquisition of subsidiary companies 
Additions to fixed assets 

The improvement in the first quarter's results is largely 
due to the Indonesian operations. California refining and 
■/‘ marketing and the U K Marketing also produced excellent 
^tts. Our Newfoundland, Ontario, Western Canada and 
Caribbean activities made modest contributions to profits. 

, / sales of oil for the quarter at 1 98.300 b/d showed a sh?rp 
. increase due to substantial purchase and salctransaclionsm 
.crude oil which arc lately forthe purpose of gemng the right 
- • blends of crude oil in each retmerybut .without any other 

- ■- -S!XS^KfflCSS~» 
£^»2S2H3SttS a- 

of 10,000 b/d over the first quarter of 1977. 

“Ultramar Company Limited announces the formation, 
of a new North Sea Exploration Group involving 
Fan Canadian Petroleum Ltd. and Houston Oil and Minerals 
Corporation; all three Companies have teen active in world 
wide oil exploration. Ultramar will be the operator of the new 
group which will be making applications'for North Sea 
blocks under the approaching 6 th licensing round.” 

Capital expenditures 

Portion of long term debt now due in one year 
Exchange at^ustmeois due to currency realignments 
Convertible Redeemable Preferred Shares dividend 2 65 

Add: Advance Corporation Tax 136 

Increase in working capital 

We feel this Group has the financial and operational 
muscle for the job.TanCanadian is owned 87 % by Canadian 
Pacific Investments with its network of RailwaySj Hoteh; and 
other industrial activities and is one of the largest and most 
experienced oil operators in Western Canada. Houston Oil 
and Minerals has established a fine reputation and is one of 
the few independents about to make a start in the US Hast 
Coast /Baltimore Canyon) offshore drilling. - We ourselves 
have had long experience In exploration, development and 
production, in Venezuela, USA, Western Canada, Indonesia 
and elsewhere. 

Working capital at3lst Mart* 3978 
Long terra loans at3iat March 1978 

t Quarter 



First Quarter 

















. £5,967 
























and Canadian dollars whk^ftrr tin 
three months to 3!st March 1978 have 
been translated into Sterling at USSLSS 
and. Canadian S2.ll to £1. The com- 
parative figures for the throe months to 
3 ltd. March 1977 have been translated at 
UBS 1.72 and Canadian £1.81 to £1, 
betnE the exchange rates effective at that 

2 The net loss on foreij 
fluctuations of £1,861,000 during too 
three months to 31st March 1978 relates 
almost entirely to long term loans or 
individual companies repayable oyer 
the yean to 1993, and is doe to tbo 
continuing fell to voices of the CajMSClsM 
dollar against the US debar and the 
US dollar against the Swiss Franc. 

3 The Group's entitlement to hi come 
from Indonesian LNG sales is included 
in Ute Profit and Loss Account net of 
contractual deductions for transpor- 
tation, liquefaction costs andnehC 
service on the loans raised by Pertontma 
tp finance the construction of the 
Sadat LNG plant. In order to match, 
inoorne with these deductions, the 
Group's entitlement is adjusted to 
reflect an equal annual charge for debt 
service over a twelve-year period rather 
than the irregular repayment aefae d ofes 
established for the Jonhs. 

Operating results 

First Quarter 

First Quarter 

Notes to operating results 

Campbell L. Nelson 

Sales of oil (barrels per day) 



Oil refined (barrels per day) 


90,90 0 

Oil produced (barrels per day) 



Gas produced (thousands of cubic feet per day) 



Gross wells drilled. 



OU and gas wells completed 
(in vfhtah the Group has varying interests) 



3 There were substantial purchase and 
sale transactions in the crude ail market 
during the first quarter Of 1978. which 
did not occur In the first quarter of 
1<J7“. This is the principal reason for 
the rise in the volume of sales of oil. 

2 The Group’s share of gas produced m 
i for tbe marked 

Indonesia is the reason . 

increase in gas production during the 
first quarter of 1978 compared with Use 

equivalent period last year. 


:*■ 28 ■ ■; *. ;. s : \" ' y.?:. ■r'v ' :■ 


U.S. invasion continues 


Dana Corporation’s bid for U.S. group spelt out at the time It problems if, _as seems likely, the 
Turner Manufacturing, announced gained a UK quota- fqr*its - shares Dura bell family (which is thought 
Tuesday, marks the * latest at the beginning of this year.’ ‘ It to control around 30 per cent of 

Incursion by American groups has already made some acquisi- the equity) is wmmitted 
into the UK commercial vehicle lions in France and Switzerland accepting Dana s bid. 
industry. but nothing on the scale of the Turners sales are largely tn 

_ , . _ Turner deal — judgin'* on the the truck and tractor markets 

Three of the top four commer- , f Ti5S? r shares It "ith the former takinc around 

aai vehicle manufacturers in ”555 cost Dana atleast mlm «» P«r cent, of group sales, which 
this country are V.S. owned- co g ,d to l^fh- feSt year rose to £2o.44nt while 
Ford. Chrysler and Bedford ; ndeD p‘n dcnr proprietary mamifac- Profits increased almost 50 per 
(General Motors) - while the wSS in cent to a record £3.4m. 

satellite components supply in- 5 iJSL America with net income But P rofits in ** current year 
dustry has been increasingly ? P of iifi? and a™ unlikely to be as good. Former 

dominated by American com- £ < yea Jllhn ffiSEi It chairman. Mr. S. V. Lancaster, 
panics over the part decode. It. «|t ceTSke £ who retire l K February. then 

wssrsz^^ iss sst. sssr.. 
aa h . c s3?"«sTE s ssurs aw: 

SSSS r 53th?iI , l? 1 BntfsTSand S pipe . r ran2C ° f dutches “4 ShSTdipSes at'outslde suppKere 
and Rolls-Royce MotoA as the Dana s p0 Y, er * ake -° ff , systems. It aod th c collapse of the UK tractor 
maior homo hawd eJmStition ¥ s rewn,!y J««“W P™' market bare added to the 

ThI auction — supported by imports— difficulties. 

us]d their UK SS ^ t of the Spicer PI heavy duty Data’s ambitions in Europe 
s ,jL a gear boxes used by the heavy- stretch beyond the automotive 
thr nnfpnfi^? far \lflr weight end of the commercial industry and it has repeatedly 
than ifU?™ » * « / vcliiclc market. stated its plans to build an 

. .JLvP *w l L n,t u d Stat «- The SST is a major plank in industrial base here. As part of 
ha jL a Tin ner’s plans for the future, with this overall strategy the U.S. 
Er/ e CL*“ ke n T ur T er - and ?- J ' 0 British Leyland understood to be group this week announced that 
hnlnc per cent of automotive n p t j n q to use the gearbox for its it had agreed a fl.Sm deal to 
parts distributor Brown Brothers. i 1Pav -ier range of trucks. The UK acquire Posidata. a Basingstoke 
has perhaps not been as quick to company also has a contract to company manufacturing computer 
develop its European interests as supply thc SST to Vauxhall. linked control systems for 
have some of its compatriate auto- f n addition. Turner is currently machine tools, 
motive companies, but it clearly planning a £3m expansion to But it is Dana's increased 
regards its bid for Turner as an launch a new range of gearboxes involvement in the UK commercial 
Important step in the right and Dana’s extra financial muscle vehicle industry that create’s most 
direction. at this time will clearly be interest as yet another British 

It seems likely Turner will now welcome. company in this field now appears 

provide the base for Dana’s Meanwhile it looks as though destined to fall under full control 
ambitions in Europe, which the the bid itself should face few of a U.S. company. 

Empress Services buys Brengreen 

Empress Services (Holdings), in CPf, with NCR and 1CL each shares. Dir. Wood and Mr. Belak 
the office cleaning and security’ holding a 20 per cent interest each own more than 5 per cent 
group, announces that agreement Currently, Control Data and NCR Debenhams: — Mr. E. E. 

in principle has been reached each own 42 per cent of CPI, with Crabtree, director, on May 19 
(subject to contract) for the icl having a 16 per cent equity bought 5.000 shares at 92p. 
acquisition of Brengreen (Hold- interesL Cope Sportswear: — 5 Cope’s 

Ings). which carries on business holding is now 792.581 shares 

in the same field. * v FV HOWDFTV STAKF H7.16 per cent.) having sold 

The consideration is to he satis- „ Lr _ . . j;. 23 non «hare«i 

fied by the issue to the Brengreen FN SOUTH AFRICAN “ Tern - Consulate- Mr M A 

INSURANCE CONCERN Nachman ha 5 sold 20,000 shares 

STS l e n n,aSo P d e c,o < i1S. l P aod^f By Richard Rolf. «* M* 1M» 55r« (5.7 

rS— KiaTj ^HAN-NE'SHURGAlay 25. ' At •-*- 1M- 

The loan stock- will he canverlible Through us subsidiary. Capital London and Manchester Assur- 
into a total of 8m further Marine Insurance. Alexander anee company, subsidiaries and 
ordinary shares of Empress at Howden is taking a 20 per cent nominees, hold 1.472.900 shares, 
any rime between I!)S0 and 1985. slake in Marine and Trade Foster Brothers Clothing Com- 
If not previouslv converted. Insurance, a local short-term pany: — Midland Bank Trust Com- 
the stock will be repayable by insurer which has been under- pany. Mr. E. G. Wilicox and Mr. 
five equal annual payments on capitalised in recent years, but G. R. Wilicox. director, sold on 
December .11 in each year between control of which has just passed April 21 135.000 shares at 871 p. 
19S5 and 19S9 at the rate of 1120 to the powerful unquoted group, Mr. S. D. Collins, director, on 
per £100 nominal. Kirsh Industries. The price at May 17 sold 4,000 shares at 115p 

An associate of Brengreen has which control has passed was 75 and Mrs. B. D. Collins sold 6.000 
agreed to acquire lm cents per share, but in anticipa- shares at Hop. 

Empress shares (13.S per cent of lion of more active direction of 

• he present capital) at a price Marine and Trade the market orTcnon nine ion 
of R.5312p per share from an price is now up to 100 cents, and J-X* r UP 

asocial© of Empress. market capitalisation to R3.5m. FOR HENSHALL 

Assuming full conversion of the In common with other short- w. Henshall and Sons 

convertible loan slock. Brengreen term insurance, -mainly motor (Addles! one), the aircraft interior 
holders (including the associate business. . Marine and Trade has fitters, has attracted a counter 
purchase)... would thea hold . an .to maintain: a . ratio. . of . .1:10 .cash offer of £750.000 for -its 
aggregate of 69 per cent. or the between capital and business capital from a second private 
enlarged - capital of Empress. ,, - , ‘: ’■ '<ri=Weh;-n(Hv ’Wfminsr'ttf ^ebotft'cbmpanyt 

R 2Dm annually. With a short-. - Bovhnurne. which announced 
4 1 I im IXCIII aTORQ fall on this ra ti° recently, its offer nn May 10. has already 
A ni.irv<c Marine and Trade has been obtained 50 per cent of HenshalJ’s 

— BLAKE l S obliged to re-insure business- at equity. But Pel ford, which is 

Allied Insulators’ offer for the a small loss, but its total profits '-incorporated in the JsJe or Man. 
6 per cent cumulative preference this year are forecast at R 0.5m. said yesterday that it intends to 
stock of Blakey’s (Malleable Cast- With the prospect or the offer 30p ner share against 

ings) is now unconditional. Thc capital base rising sharply over Bov bourne's 20n per share bid. 

offer has been accepted in respect the next 18 month?, the shortfall Petrord. which acquired a small 
of 7.947 stock units, SI.5 per cent should not recur, and the group interest in Henshall following 
of that class. will be able, it is expected, .to. .Eovbou roe’s offer, believes that its 

increase business written with- offer is attractive enough to 
tin i iiMcniM nCMMV out materially rising operating induce Bovboume to give it due 
1, u '" L,c .u costs. consideration. 

Ma II mson- Denny announces the Tw 0 Howden directors, Mr. Petford represents a group of 

purchase, subject to contract, of j ac ^ carpenter and Mr. Alan companies owned by family trusts 

iu-JL™ Fyic of bouUi paw, are to join the Marine and settled by Mr. Joseph Murphy 

SJ!*)*!?- t J] c consideration ls Trade Board. - . . with interests in cable 

3n.3aS ordinary' shares, the manufacturing installation and 

equivalent of £200.000 at a price g^ARE STAKES maintenance, 

oi o3p. 

Eckford and Fyfc executive Unocbrome International — • ¥Tr >i/~r: m»rc 

directors. Mr. T. II. Conway. Mr. Has been notified by Jorehaut MAUKlUt 

W F. Eckrnnl and Mr. F. Osborne. Holdings of a further purchase £1.2M DISPOSALS 

will continue in office. of 100,000 ordinary shares which Maurice Janies Industries an- 

brings their aggregate holding to pounces that terms, have been 
INTL. COMPUTERS (25 per cent) ordinary agreed in principle for 'the sale 
Computer Peripherals Incorp- shares. of the engineering subsidiary 

orated, a company owned jointly Samuel Sherman:— Mr. Samuel Joshua Bigwood and Son and part 
bv Control Daia Corporation Sherman has disposed of his of the assets of Morcroft. Engineer- 

tl’.S.j, NCR Corporation (U.S.) holding of 426.000 shares to ing for a total consideration of 

and International Computers clients of Rowe Rudd and Co. some £\2m. .... . 

ll’Kl has annnunved a prdiml- Dixnr: — Mr. N. H. Davis, direc- Mr. W. Shnnd Kydd has re- 

nary plan bv thc three parent tn r . has sold 2.ono shares. Mr. M. signed as director of the company 
‘ Dinsmore. director, has. sold to concentrate on his other coin- 

122707 shares. Mrs. W. L. David- panics. Joshua Bigwood was his 
son director, lias sold 34.500 particular concern. Mr. Sband 
shares. Mr. R E. Bloye. director, Kydd proposes to retain his per- 
has acouired 7f.2>7!) shares. Mr. sonal holding n Mau nee James 
They would results in Control D. N. Wood has sold 2,000 shares and the company states that he 
DoS haring a mpc?Mi£mM and Mr. P. G. Belak has sefid 2,000 the goodwdl of the 


At the EGM of St Kitts 
Sugar Factory yesterday the meet- 
ing was adjourned for 28 days 
pending the receipt by share- 
holders of the offer on behalf of 
Industrial Equity (details of which 
were announced) to acquire the 
shares at 200p per share. The 
adjourned meeting will take place 
on June 2L 

Seligmann R2yner bought on 
May 23 75.000 Ringside Investment 
at 5Gp, on behalf of associates 
of Jove Investment Trust. 



RTZ gives notice of 
reduced profits 


FIRST -HALF PROFITS at Rio Mark said that the Woodlawn M ffgunsion to » 

Tinto-Zlnc this year will be lower project in Australia, a joint has fallen tor 
than those in the same period venture with Phelps Dodge of the years. S .„ Return to 

of 1977, Sir Mark Turner the U.S.. is virtually complete. Annual decision to 

chairmaa warned shareholders at capacity is 10,000-13.000 tonnes of room and .^ 'i-iLrLumment 
the annual meeting j n London copper. 15.000-21.000 tonnes of introduce trackJe^ equipraeni. 
yesterday. But he held out the lead and 68,000-75.000 tonnes of Net profit in 19m. nei ore extra 
possibility of an improvement in zinc, all in concentrates. • ordinary items, was *---' ’ 

base metal prices later this year. Another expansion at a similar pared with £1.4m in 19<G. interim 

During the first six months of stage is the growth of milling dividends of 3. up were paid ana 
1977 RTZ had -net' attributable capacity at Rio AJgora’s Quirk there could be a final of 4p, but 
profits of £42.3m, and the earn- uranium mine on the Elliot Lake that depends on exchange rate 
ings rate was largely maintained property of Ontario, but mine movements. The shares yesterday 
in the second half with the total expansion will take several more were 59 p . 
for the whole year at £82. 3m. months. 

The adverse factors hurting the -£• priCe 

group were predictable. . Copper nse D P t0 c]ose at 21 9p - 
and zinc prices were very de- 
pressed in the first quarter t, iv * • 

although they have improved JoGrftlt tGlllpCrS 

issue terms 

The results for AM and S. the nnfimicTH 

ad and zinc company, will be ll!S 

lead _ 

bad. Sir Mark staled. Those of A SATISFACTORY year is offering "its share- 

tiie groups three copper mines— expected by Beralt Tin and ^ olders t y ie chance to buy new 

Elandsrand Gold, the develop- 
ing mine in South Africa 
controlled by Anglo American 

Palabor* Lornex and Bou gam- vvolfram, tbe London company ^ares at a price of R3.05 (194p) 

with P0rtu su ese mining interests. jn ^ propor tioii of 50 new shares 
were profitable m the first prov i ded the market remains r- f ev ^_ jqq already held. 

qu n?mer«l#v the WiWflm Au«- stable and there iS j"° — J* r SE* B ? 1 The issue price compares with 
oil AU i, at the mines, according to Mr. L. a Lo ndon pr i ce yesterday of 195p. 

S" JS -5 Sid " iUt ' “* chaJr - J*' “IV s ' ,PCI1 fn,m 

stSl U induSrv SmsS? 111 ° f ^ But in his 30,11131 sta tement - Tt is intended to raise a total 
steel mnuNtry _rece»‘on. published today, he points nut of R77 m (£48. jm) to cover the 

The other side of the come is ttlat the wolfram price has capita i of bringing the mine 

hncin p n ^ a i fallen this year from 8176 to 8145 t0 production by the middle of 
business elsewhere is in good and suppi ; es f rora West have next rear. 

S« P anH d »h- r nK t |Jr been Increasing. At the same time -hie ne ed for a rights issue was 

as^no^o^better year" hc expects larccr releases from made clear last March and earlier 

5L*2! some imnro^neni U-S. stockpUe than in 1977. this month thc total amount 

n hi In fart, there has already been required was settled, 

out' the PoSfbility^Sf Ser bue d ‘srupuon to production at the Th e new shares will be listed 
metal pricM V ° f his ° e D e Panasquieira mine with industrial 0 n both the Johannesburg and 
The group is protected by the disputes in February and March. London exchanges, 
diversity of its products and its Th,s £ as come at a t.hen __ r * rTTVI/ -. DDI rrc 
geographical spread. Thus last costs have been increasing. Beralt MINING BRIEFS 
year, the importance of copper awarded its employees a 10 per NEW guinea goldfields— April 
to the annual figures diminished, cent wage increase at the begin- production: Golden Ridges Util: Tons ore 
It dropped to fourth place as a ning of the year and has offered M»: 1 JS? 

source of earnings and was to consider another rise when it 5t!m££T5S 

replaced at the top by aluminium- is legally permissible. Crvvd juibvUIs: Fine sold prodoo d 

In fact the group's copper pro- Capital expenditure this year , ounces) 26.9; fine surer pratumi uwncest 
duction will soon increase. Sir will be £2m, as the group seeks :u. 


companies to revise their relative 
ownership levels in CPI. 

The proposed changes in owner- 
ship arc subject to final approval 
by each of the three companies. 



(Incorporated in the Republic 0/ South Africa) 


An announcement was published in the Press on May 12 
1978 (copies of which were posted to mefnbers of tbe com- 
pany) regarding the directors’ intention to make a ng his 
offer of shares to members to raise approximately Rn 000 HOO 
to finance the estimated capital expenditure required, to bring 
the mine to production in mid-1979. The announcement 
stated that it was expected that the record date for tbe 
proposed Offer would be May 26 197S. 

Members registered at the close of business on May 26 197S 
(i.e. the record date previously specified) will be offered the 
right to subscribe for a total of 25.161.413 shares of a nominal 
value of 20 cents each at a price of R3.05 per share t South 
African currency), in the proportion of 50 such shares for 
every 100 shares held at the record date, fractions of new 

shares being disregarded. ■ • 

The new shares to be offered will, upon issue, rank part 
passu in all respects with the existing issued shares of thc 

The head office and United Kingdom transfer registers 
and registers of members of the company will be closed from 
May 27 to June 2 1978 for the purposes of the offer, 

A circular will he posted to members from the Johannes- 
burg and United Kingdom offices of the company on June 2 
1978. containing full details of the offer, together with a 
report by the company’s technical advisers. The circular . 
will be accompanied by renounceable letters of allocation, in 
respect of members' rights arising from their holdings in 
the company on the record dale. 1 

The offer will open on June 2 197S and will close on 
June 23 1978. 

Application has been made to The Johannesburg Stock 
Exchange for a primary listing of the shares to be offered, 
and to the Council of Thc Stock Exchange in London inr the 
chares to bo admitted to the Official List. It Is expected that 
details the listings will be advertised in the Press on 
May 26 I97S. 

Johannesburg * ’ Mfuj 25 Ifl/S 

r „_, Vs of this flwimmeemaif src h.ctna.jwsfed.fp alLmach&s.. 

Copies Q j then- register erf addresses 

Morgan Grenfell to advise 
Woodside on North Rankin 


gas explorer Woodside Petroleum gas ashore; an onshore plant to Australia and one from Singa 
has taken a further step towards treat gas for domestic sales and pore. The information is currently 
the commercial development of to liquify it for export; storage being digested and Morgan Gren- 
its North Rankin gas field off the facilities: marine loading facilities fell expects to make some pre- 
coast of Western Australia with and associated Infrastructure and liminary comment within the next 
the appointment of Morgan Gren- a fleet of seven to 12 specialised feu weeks. 

fell and Co. as financial ad\ ixers. tankers to transport tbe liquified Meanwhile. Woodside has 
The North' Rankin -prflject cost- gas. . announced that the Miller No. 1 

ing between £l.$bn and I2bn at -One of thc basic questions well offshore- Western -Australia 
Today’s prices, is the largest Morgan Grenfell has to answer was plugged and abandoned nt 
natural resource project yet J« the level of equity that Is neces- a total depth of 3.520 metres on 
undertaken in Australia. Wood- sary for the long-term future of May 20. 

side has a 50 per cent, stake in the company. Australian political The company had previously 
the project and has asked Morgan constraints suggest that a sizable reported the presence or hydro- 
Grenfell for advice on the best portion of the debt will have to carbon* in the well but not in thc 
methods of raising the £900m. tn be raised locally but it is inevit- formations which were the main 
£lbn it needs to maintain its able that European and United objective of drilling. The inrer- 
interest. Slates markets will also be tapped, val 3,300 to 3.520 metres was 

Thc essential elements of Ihe Thc advisors were officially water bearing, 
project are two offshore drilling/ appointed on May 5 and within The “Regional Endeavour' 
production platforms which will days had a top-level team on the drillship has returned to the 
have the capacity to produce an spot for a preliminary examina- Browse Basin to drill the Basset 
annual daily average of 720m lion. There are six people in- No. I exploration w-ell In permit 
cubic feet of raw gas; a 133 km volved in the examination team. NT-P5 to a programmed depth 
submarine pipeline to bring tbe three from London, two from of 2.500 metres. 

Time products up 32% to £3.9m 

PRE-TAX PROFITS of . Time executive director. facts which ought in fairness to 

Products. watch and clock London Sumatra indicated in be known, they ad<L 
distributing and retail jeweller the course of the heated battle to First, Bryant Holdings, which 
concern, rose by 32 per cent frora fend off McLeod SipeFs bid had throughout maintained that 
£2.33 m to a record £3.S7m for the earlier this year that it would it was in ho way involved in any 
year to January 31. 1078. after appoint an independent director, wrongdoing, was found not guilty 
£ l.43m, against' £1. 09m. at the six Tbe company stated “ the existing of all charges on the direction of 
rnanihs tlaae. arrangements, admirably though the Judge. Second, C.B.&S. was 

The directors then said they they may have worked in the past, f °o n d not guilty of all the con- 
were confident that the trend of xuav need further consideration spiracy charges (as well as a num- 
flrst-half figures would continue. S the l&ht^f diSS idaS?" of indivfdual charges) on the 
giving rise to improved results for The Boa ^ wa _ P CO n Sidered bv direction of the Judge, and finally. 

the first quarter of the current * nP - - r 

year, is well ahead of last year tors " ere ^ from H 3113 C - 
and taking this into account, they 
say they have every reason to 
expect that tbe 1978-79 year will 
again be one of substantial 
growth for the group. And they 
look forward to the future with 

The group continues to open 
further retail units and it is well 
Poised to take advantage of any 
upturn *- 

Trading pro fit 
Share of assoc 

Pre-ox profit 


Net profit 

Alginate Inds. 
sees decline 
in first half 

The volume of vales for the 
current year at Alginate Indus- 
tries is expected to show a 
modest increase over the 
depressed levels of 1977 but any 
substantial rise in sales must 
await an upturn in general 
economic conditions. Mr. William 
Merton, thc chairman, tells 

The company experienced some 
teething troubles with one of its 
new production processes and the 
chairman says that although 
difficulties are being resolved, 
profits for the first quarter of the 
current year have been adversely 
affected, and results for the first 
half will compare badly, he says, 
with last year’s exceptionally 
good flrst-baif results. 

As known pre-tax profits for 
ti»77 fell frora £2.9Rm to £2.8m on 
turnover of £IB.74m i£lo.52m) 
and the dividend is increased to 
13.96 15p ll2.5p). 

On a 'CCA basis, following the 
Hyde guidelines, pre-tax proGt is 
adjusted 10 Il-Sim i£2_3m» after 
adjustments for: depreciation 
£297,000 <£207.0001; cost of sales 
£897,000 <£514.000 j and the gear- 
ing factor £27S,00Q (£45.000). As 
far-December 31: '1977 

consumer spending, 

19T7-T8 1878-77 

fooo rooo 











4 S3 











First half 
advance by 
John Carr 

least one of the three former 
directors had pleaded guilty. The 
last offence alleged took place in 
1972, but as a matter of (aw the 
company is liable for what those 
former directors did and It was 
on this footing and no other that 
these ■ pleas of guilty were 
entered by tbe company, tbe 
directors state. 

They say it ought also to be 
known that the order for costs 
made against the company fvari- 
ON HIGHER turnover of £S.77m JlBly estimated at sums ranging 
against £7.64m pre-tax profit of from £13,000 to over a million 
JohnOuT (Doncaster), joinery Pounds ) is itself the subject of 
~i ‘- SS Manufacturer ’ and timber **PPeaJ , c -?: &s - 4 P e Sectors 
erchant, expanded from advised that the costs for 
.283,000 to £1.364,000 for the "f 

• if-vpar to March 3L 1978 5T 6 UD bkely in fact to exceed 

After tax of £696.000 (£632,000) *" d may WeI1 be substan ' 

Niirihoiabie slsss 2.9n net profit was ahead from £ 811,000 since in 70 p « e HaH hour. 

Dividend. is? 20= to £66S.000. The interim dividend had b ® en 


National advertising campaigns net — last year, payments totalled plt.nnrtVn.Tarf ^,i^ uouia ’ ana 8 
greatly helped advance the sales an equivalent 051 3p per 25p share C tl1 ; , 

of the group's UK watch dJstnbu- f rom £2. 52m taxable profit. 

tion division, with the quartz The directors state that the bsianual 

ranges proving to be exceptionally factories are currenUy working at • °^ quality land bank and an 
well received 6 The Hong Kong £3S£E£ ™ . but^SSfl ZhmF/L pr °. per 7 

assembly business, wffi^roduce ba]f ^ colid 

year. the” < add,°making the fac- MS^XMntSturlf'on new^ra a Si d ^ nanc ' al rcs °ur«s are avail- 
there one of the latest of ^le and the overall outlook is 

jects and extensions during this EO od 
period. The provision for erttra 


its'klnd in the world. 

ahea™roS IM.iHmU) and S P f mre* w^I h' r f°,? fidence 

associates contributed £0.9m the future growth of the com- 

againsl £0.67m last time, pa r I J 5 : lhe T- add ; . 

Tax took £99,000 (£428.000). and « *8 anticipated that tiiere wnll 
the directors say that the charge f e a modest increase in demand 

is in accordance with ED 19. Last f [om the building industry during . , 

year’s charge has been restated. the remainder of 1978 and the TAX of «n8,46o against 

Earnings are shown as 28.09p company is confident of obtaining 77*. revenue of the Trust 

Increase for 
Trust Union 

(18.62p) per lOp share and the share of this increase, 
dividend total is stepped up to 
t.677p (L51S6p) net with a second 
Interim payment of 1^47p. If 
ACT is reduced the directors will 
pay an additional amount together 
with the group’s next dividend. 

Lon. Sumatra 
gets outside 

Union increased from £704,606 to 
£794,881 for the year to March 31, 
3978. Total income was better at 
£1.712,692 against £1J51S.722. 

Earnings per 25p share are 
shown as 3.61 p (32p) and the 
dividend total is stepped up to 
3.4p (2.Sp). with a final or 2p net. 

Net asset value, after deducting 
prior charges at redemption value. 

In a letter to shareholders, the iharc * l - 134 ' ,p (12l ’ S P> l** 
directors of Bryant Holdings say 
tiiat following the recent trial, 

C. Bryant and Son rCBJfcS."* 
has appealed against the total 

C. Bryant & 
Son lodges 

London Sumatra Plantations , .2* r Jm P°SCd on it 

has appointed a director frnm , re . e °. £ lts former directors 



nas appointed . a airector from h av _ I" *’'*,“*— «“ «=■>*«• ■» 

outside the Harrisons and Cros- SJJLncSrSr iSSnSS.* 8 ”. 0 * 1 ***, 
field group which owns over 42 J, ,Sm ‘ m P r ‘sonment passed 

per cent. He is Sir Eric Norris T>ia rcrueinpuon 


a„d iotad.lnch ’i S KSnVKnS SM" Sl0d< 19S3 - 9 ° 

SL Regis Paper CompBnv (UK) 
proposes premature redemption 

Financial Times Thursday May 25 197S : | 

BOC international Ltd 

Group profit, unaudited, for the^six 
months to 31 March 1978 was: 

! Six : Six [ 

■ months months i Year 
* '• to to J to 
' 31 .3.78 31 .3.77 1 30.9.77 

Group sales 
Operating costs 


Group share of 
associated companies' 
profits, less losses 

Group trading profit 






Group profit 
before tax 


Available for disposal 

Earnings per share 
(adjusted for Rights Issue) 

-£ million C million '£ million 
325.0- 325.0! 670.6 
I 279.5 273.0 1 556.1 


45. 5 - 

1 7.2 i 



! 24.3 

i i 



1 r 




i 35.1 . 


101 .8- 

i 7.2 : 



I 7.3. 



Q ?! 









35.1 j 



8.9 ; 





19 1 




3.3 ; 





7.8: 14.0- 


2.40p 5.22p 1 4.49p 

Condensed balance sheet as at 31 March 

Group capitai employed, unaudited, at 31 March 
1978 was; 

Shareholders' funds 
Minority shareholders' interests 
Deferred taxation and capital 

Net borrowings and finance 

Fixed assets 

Associated companies and 

Working capital (excluding 
bank balances and short 
term loans) 





£ million 

£ million 









712.0 ! 619.1 








619.1 8 

1 ) Airco has not been- consolidated as a subsidiary at 31 March 1 973 
and rn this imenm announcement ihe Group profit and capital 
employed statements shown above treat Airco as an associated 
company, as in previous statements. 

Airco became a wholly-owned subsidiary Of BOC on 9 May 1 978. 
A circular giving detailed information relating to the acquisition was 
oosted to shareholders today. 

"21 Profits in Europe Suffered from the difficult trading conditions in the 
Cnemicals. Metals and Med 'Shield businesses The impact of Ihe strike 
in the UK Gases Division during October and November 1 977 con- 
tinued into the second quarter; the cumulative cost was close to 
£5 million. 

3) In addmon to e*.:ra depreciation incurred through die normal practice 
of valuing sbme assets at replacement cost, a provision of £2.6 
million has bfcen niade for further depreciation that will arise on 
extending ihe ^valuation process to additional classes of assets. 
This procedure wiltprogressively bring the depreciation charge tn the 
historic accountsto ihe level calculated on a CCA basis. 

4) Sterling strengthened against other major currencies during the six 
months to 31 Martfi 1 978. Group trading profit would have been 
higher by £1 .5 milfion if exchange rates ruling at 30 September 
1977 had still applied.. 

6) The Directors have declared an interim dividend of 1 ,65p net per 
share (last year 1 .34p) payable on 6 October 1 978 10 the holders of 
ordinary shares registered at the dose of business on 8 September 

Further copies of this report may be obtained from the Secretary. 

BOC International Ltd„ Hammersmith House. London. WS SDK 

Tef. OT -748 2020. 




The Annual General Meeting of Sun Alliance and London 
Insurance Limited teas held yesterday at the Head Ofice of 
me Company m Bartholomew Lane. London, E.CJ. 

.1. Aldington, the Chairman, presided and in addressing 

the Meeting stated: — 

“ 1 Q my Statements I have frequently mentioned the 
importance of achieving an underwriting profit in our general 
business. To do so is an essential aim. because it is inherent 
in an insurant* business that from time to time heavy claims 
will be made upon underwriters as a consequence of the 

As you will have seen frora tbe Reports of some other 
large British Insurance Companies, in thc early part of the 
year there were heavier than usual claims in the United 
Kingdom arising from Hoods and severe weather and in 
addition there were more, and larger than usual, fire claims 
in January, which I think we must attribute to the firemen’s 
strike. The frequency of motor claims increased, probably 
because of bad weather. So we have started the Year with a 
substantial underwriting loss at home. As you will under- 
stand. precise judgments cannot be made about a year’s 
underwriting out-turn simply by taking the first three months, 
even on as large an area as our Home account. 

I have nothing special to say about experience overseas 
or in our Marine Account; nor have I anything to say about 
Investment Income except to remind you that some of the 
growth which we have seen over the last few years has been 
due to high interest rates. Reports show that tn all these 
areas other than the Home underwriting account experience 
up to date has been very much as we expected. 

Thc half-year’s figures will be published as usual fin 
September and win, of course, reflect the very heavy claims 
at borne in the first quarter.** 

A Vote of Thanks to the Directors and Staff was proposed 
by Sir Thomas Lund, CJB.E. 


Every Saturday tbe Financial Times publishes 
a table giving details of Building Society Rates 
on offer to the public. 

For further details please ring 
01-248 8000 Extn. 266 



a to, 


Financial Times Thursday Kay 25 1978 

INTERNATIONAL financial and company news 


U.S. Shoe 


good year 

Cincinnati; May m. 

Looking forward lo higher 
profits for the year as a whole, 
United States Shoe Corporal 
uon toms in a 33 per cent rise 
in jts third quarter net to 
$ 1 . 2 m to give 60 cents a share 
against the 45 cents for the 
same period or last year. Sales 
for the third quarter rose by 
17 per cent to Sl67m. 

For the nine months the 
company brought net profit 
some 29 per cent ahead to 
$~l£m with a net per share 
of 53.03 against $2.36. Sales 
for the nine months also were 
ahead 17 per cent at $540m. 

The company says that 
...strengths in the footwear 
wholesale area, combined with 
ongoing Increases in apparel 
and footwear retailing, should 
result in the fourth quarter 
showing “a very favourable 
comparison with the depressed 
fourth quarter last year." 

In the fiscal 1977 fourth 
quarter U.S. Shoe earned $2. 7m 
or 39 cents a share on sales of 

Many .of its wholesale foot* 
wear divisions are now 
experiencing the highest 
incoming order rate. for 
autumn merchandise since 
1968. As a result, the company 
expects to ship substantial 
quantities of autumn mer- 
chandise before the end or the 
fiscal year on July 31 and to 
have factories running at 
maxim am capacity for most of 
the fourth quarter. 


Syntex ahead 

With the. push coming from 
overseas operations, Syntcx 
Corporation, the pharmaceo- 
tlcals and agribusiness concern 
managed a 54 per cent ad- 
vance in third quarter net 
proGt to $13.5m '(o give 73 cents 
a share against the 43 cents for 
the same period of last year. 
Sales were 29 per cent, higher 
at 51 00.7m Agencies report 
from New York. For the nine 
months this brings the com- 
pany 40 per cent ahead in net 
profit to S41m or S2.15 a share 
against 31.40 for the same 
period of last year. 

Fedders upturn 

Fedders, the air-conditioning 
concern tnms In a profit for 
the second quarter of this year 
of $2.1 m against the S0.6m for 
the same period of last year, 
bringing the net per share to 
17 rents against I rent. 
Revenue was slightly lower at 
$94m. Agencies report from 
New York. .For the six mouths 
the company shows a loss of m against the $0.25ni loss 
for the same period of la*l 
year, with revenue also lower 
at $150m against 51fi5m. 

in counter bid for Dymo 


Field buys 

General Foods halts 
decline in earnings 

CHICAGO, May 24. 
FIELD said 

results volumes during the first half of 

NEW YORK. May 24. 

THE BID by the Swedish con- raised Us offer to S3Q. saying hardware and medical sood?. and its higher offer. No details of 

cern, Esselle, for control of that ibis price would also be is described as interested in how Daylin proposed to finance 

Dymo Industries, the California- paid t0 shareholders who had expansion. the purchase were immediately 

based labelling manufacturer Steady watered their shares for The geographical proximity to available. 

was thrown into unrertirim-.. Dyiho (which is in San AP-DJ adds: Arrangements MARSHALL FIELD said if FOURTH QUARTER , 

own 1010 "certainty Dymo shareholders are faced Francisco^ plus overlapping have been made for the Deposi- reached an agreement in prin- ^r° m . General Foods Corpora- the year were far below our ex* 

today by cbe arrival on the with a difficult decision. Although business interests are obvious lary Fidelity Union Trust of ciple to acquire John Bveuoer. t|°n bear out the Board's predic- pectations and while they irn- 

sceoe of a “white knight” in Esselte's bid is the firmer, it reasons for considering a merger, Newark -New Jersey to remain a California-based retailer of U° n an upturn after the set- proved in the final six mouths of 

the shape of Daylin, a holding expires tomorrow morning, though the value of Day lin's offer open until S.OO pm this evening, home furnishings. backs of the earlier part of the the year, profit margins coa- 

company with diversified in- Daylin's bid on the other hand, was clearly uppermost in the in connection with the new offer Under. the terms of the agree- A® increase of 21 per cent unued to be under pressure, 
terests in retailing and house- though only a proposed one at mind of Dymo, which had from Esseite. rnent, each of the 728.496 out- to 551^m m earnings for the In fiscal 1978. losses from 

bold goods. this stage, has longer to nm. and rejected Esselte's first bid as Dymo Industries bad planned standing shares of Brenner’s final quarter faring total net for foreign currency translations 

After rejecting Esselte's offer could be raised to tDp the “inadequate.** to file a motion of appeal of a common stock will be exchanged the year to S 169 .5m. a fall _ of totalled $2.7m. against S13.6m. 

of S24 a share last week, and Esselte counter-offer. The S3Q Offer brings the value lower coon's order denting its for 1.625 shares of Field common. only 4-3 per cent. At the nine in fiscal 1977. 

seeking to block the takeover Daylin is based in Los Angeles of the bid to S62m if all out- bid to stop the first proposed In addition, each of the 2.S56 out- month stage, earnings were 13 The increase in sales for the 

with legal holding actions, Dymo and bad reported revenues of standing shares are bought, tender offer by Esselte AB and standing shares oF BreuneFs pre- Per cent down at $li7.7m. >' e ®r was attributed to higher 

announced today that it had some 3300m last year. It has Esselte stressed today that it had Oxford "Pendaflex Corporation, ferred stock will he exchanged Share earnings for the Cull selling prices as well as to 

accepted a proposed offer by recently been regrouping its com- received clearance from the Dymo said- it would appeal the for three shares of Marshall Field year slipped from 83.56 to S3.40. volume increases throughout the 

Daylin of $30 a share. But ponent companies which include Swedish banking authorities for decision lo the U.S. Court of common slock. Sales showed a rise of 9-5 per world in a number of products 

within minutes .Esselte also timber, drug retailing, clothing, the additional cash required for Appeals for the second circuit. The merger is subject io the cent at $5.4bn. Share earnings within the packaged convenience 

; • . execution of definitive merger for the final quarter of SI .04 com- foods and food-away-from-home 

documents, approval hy directors pare with S6 cents previously, segments nl rhe business, 

nf both companies, approval by while sales put on 7 per cent to General Foods was hurt durmg 

i he shareholders of Breuner, and $1.5bn. la si year by the >harp fall in 

other usual conditions. Commenting on the results, coffee sales and coffee price 

AP-DJ Mr. James L. Ferguson, chairman margins which reflected enn- 

and chief executive, said "lies- sinner resistance to the suhstan- 
('’avt-nixH In f altrc pits l ^ e slron 6 earnings improve- lial increase in rnffro on world 

Yjianneu ID ittllvS ment of the company’s non-coffee markets. In January, both 

A number of newspaper enm- businesses, fiscal 1978 earnings Nestle and General Foods 

Texaco Canada 
merger backed 
by shareholders 

Doubts on Lykes-LTV link 

* NEW YORK. May 24. 


LYRES CORPORATION and and eighth largest steel produ- problems. It ha? warned that 

lente fbookjH Fo^at^ least a* week ^There has been considerable probably ha, re T* S' su bsta mill panies"are considering joining reflect both the .sharp decline in announced cuts in retail prices 

2; speculation recently, that the assets to cover cashflow require- Gamiett. according to Paul * al “,« w ®i? n,e and the profil £* f w * wm ^ ’ n 

TORONTO. May 24 

Canada at the annual meeting . , , , ,. , auccuiiiuiiii rccciiuy czihl me > u c. .,. rn irumip. — — -. - — - - — - . 

approved the merger of Texaco “ fore Attorney General, Mr. Department of justice's ant i_ meat*. There also are capital Miller, chairman. AP-D-T reports margin pressures ou our grocery February. General Foods the 

Exploration Canada Ltd- and Griffin Bell, announces the trust division was still uncon- spending needs, such as tbe from Rochester. He did noi dis- coffee business worldwide. leading toffee roaster in rh** l".S„ 

Texaco Inc. into a new company administration's decision on the v |nced or the justification for the necessity to progressive! v reline c l° fe 1he location or the exact Results of our coffee business cut ground »*off,-e pro w for the 

to be called Texaco Canada fnc. merger between tbe two com- combination. One of Lykes and refurbish agein« blast fur- number of companies involved, more than offset the gains made seventh lime ,n a year. 

The company said 99.9 per cent Panics with major steel interests- problems now is that it has laid naces in Youngstown* at an e*ri- He atlfJ ed that the pending mer- in other areas. Grocery coffee Agencies 

of the Common and 94.9 per cent. Lykes and LTV officials su^ public stress on the difficul- mated cost of SISm to S22m per ? pr wnh Combined Commumea- 

of tbe preferred shares voted in emerged from a meeting with tj es 0 f going it alone that banks furnace. fion would not dilute fiannett's 

favour of the change. Only 75 Mr. Bell this morning reportedly an d other creditors micht be In fact Lvke* ha* sr.nw* image as a newspaper company. 

--»* As of Stock -grim faced." Serious doubts panicked into moves ta antect AlAv' i" , . Three-quarters or operating 

passage of have been raised about Lykes’ {heir interests if the mercer is ? tt ”® t . ,ve ® nd _ sa,eable assets, profits after the merger would 
ability to survive without the vetoed 8 including its Contmenial-Emsco be from newspapers. Noting 

Chemical Bank in Rome 


ZURICH. May 24. 

t,U cmm CHEMICAL BANK, with a- view office into a branch as soon as 

per ceuL of each class 
was required for the 

tbe merger. aomiy to survive witnout tne vetoed 

. Under the merger, common merger which would combine its AJP-DJ adds from Pittsbureh- d' vision - a leading producer of Gannett’* recently reported 22 

shareholders will receive one Youngstown steel and tube in- s ince last September the banks oil-drilling rigs, the Van Huffel P er 05111 Sam in first qv* rt “" 

share of tbe new company stock terests with LTV’s Jones and have allowed Lvkes and Younss- tube division and its Emerald P rofil *- Mr. Miller said the _ ^ 

f £ r e t C M T exaC0 Ll , d - - • town various wiiws and ai^eiTd- mine, a new S90m coal mine n Pany was clearly set for anmher to extending its .niemational new- Sp a nislr legislation allows, 

share held. Texaco Inc- presently The corporation? have been ments of three maior loan Western Pennsylvania. But manv ****W««t year— unless there was network, has applied to the The ban > " hlch last year con- 
holds about 6SJ2 per cent- of . lea P ^ e . aoti-tnist agreements totalling about assets,, including the Lykes a major downturn in the Italian authorities for permission ,n • ® ur p.l ) * on 

Texa co Ca nada and «J11 own hurdle by invoking the “failing SI 25m. But some of these waivers interest in a Palm Beach Bank econ °W- to open a branch in Rome where £ uen « thenin £ . J* links to 

They, have expire soon, and Lykes has and l he irade receivable!? of nlTnowT hi Europe, 

company. - argued that Youngstown will be warned that without further several maior (subsidiaries have Uolm FonJirmT 'L n i s a also re Po rls tbe opening last 

Texaco Inc-, as the forced into bankruptcy without extension or other modi Stations, already been pledged to secure ** e,n2- * 0 °dwa>S Yo^based^banfc 5 ^ a re , pres( ‘ ntati '' c 

shareholder of Texaco EJplora- the merger and Lykes’ future it soon could be in default under existing loans from creditors. A definitive agreement ^ a<; an imil^hranrh 'n Al ? id3an * .Ivory Coast, and 

Canada, will receive would also he in question. In the net-worth provisions of its The merger still require* heen reached between -H. J. branch in Milan since Canadian regional headquarters 

20,402.253 common shares of the other words, the collapse of loan agreement?. endorsement hy shareholders of Heinz an ^ Foodways NaUonal to m *- . , m Toronto, 

new company on a one-for-one Youngstovra is a greater threat Under Younestown’K first- hoth comnanip* which * 11 ^/ merep Foodways into a Heinz l h * time. Chemical _ Comnany subsidiary. Chemical 

basis and will also receive a total to competition in the steel indus- 
par value of S290m. of voting try than would be a merger 
Preferred shares. between the country's seventh 

Holders of the 4 per cent, non- - both Boards but is subject 

convertible preferred shares will — - 

receive one 6 per cent convert- 
ible preferred share of the pew 
company for each 4 per cent- 
preferred share heidL^Each 6 per 
cent, share would be convertible 
at any time into two common 
shares of the merged company 

approval of Foodways share- 
holders at a special meeting on 

C^jDtlOllS bro k ers S W l. ^ Obi tCJ Alll BX presently outstanding share of Second half optimism at Ideal Toy 

-®- Fnnrltt'ovc cmnnwin will Ka mh. . _ “ 

NEW YORK, May 24. 

CHICAGO, May 24. 

Foodways common will be con- 
verted into the riaht to receire 

^1 carfi and Foodways will IDEAL TOY CORPORATION the current fiscal v e ar 

and will* be caUabTe~at'”si02.50 TW0 LARGE brokerage- houses firms will normally route orders a peak or 402.000 contracts a a whoMv-owned indirect expects to report that earnings In the year-ago' first quarter 

after five years. have switched _ their main to the American exchange in day — about four times greater subsidiary of .temz. wiu be at about the breakeven Ideal reported earnings of 

The directors of Texaco markets in dually traded options New York instead of to Chicago, than its previous normal level point on a decline in sales in S77I.000 or 22 cents a store 

Exploration and Texaco Canada f rom u, e Chicaeo Board Ootions a J, ou ° h 5 ustomer ? be of 100.000 contracts. Mr. Sullivan Honevwell aCGUisition ^, e 5 # first r|uarte ^- en “ e “ Mr. Winkler expects to report 

approved the proposed merger Exchange to the rival American a ^ e h ave orders filled at described the week of April 17 „ ... ‘May 4. from a year earlier, but that sales in the quarter de- 

on April 25. At that time, the sfock Exchange CBOE. With rhe change, as “hectic/’ Honeywell has acquired the expects that earnings and sales dined 17.5 per cent to a little 

company said the purpose of the Merri 1 I Ly nch’ Pierce. Fenner the , Am ™ ”0* « the primary But be added that a recent in- Naut, H d, '’ lslon ® r . Electro- for the current fiscal year will ove r SI 7m. 

amalgamation was to establish- and Shiittand BacS Halsey K ket fw optrota of American creafie ^ th b f acousuc, a sonar-tccbnology com- lop those reported for the fiscal In fiscal 1978 the company re- 
a major integrated Canadian com- Stuart Shields 7aid problems^ in Express. Bally Manufacturing, ^ ine " u “ Der0 ' e * pany based in Mel. Wert Ger- year ended February 2 1978. ported earnings of 8284,000 or 

pany with a good balance among, processing ordere on the D >SltaI Equipment Corporation change floor perwnnel from 1M many, for an undisclosed sum. according to Mr. Joseph C. efghr cents a share down 

producing, refining and market- Chicago exchange when market ?? d N » tion * 1 Semicouductor to 114 “will enable us to main- Re»ner reports from Minneapolis. Winkler, senior vice president sharply from S55m or a re- 

ing operations to provide a activity surged in April prompted Corporatlon - reporting function The Nautik division had sales . stated S1.49 a share. Sales in 

strengthened financial and opera- their moves. Merrill Lynch's Mr. Joseph W. Sullivan, CBOE at 300.000 contracts a day with- of Slim in 1077, oF which /0 Most or all of the increases 1078 were $126m down from 

action. • effective on Monday, President, said the firms' actions ™t delays. per cent was commercial and 30 in sales and earnings should $137.6m. 

effective came two weeks after the Bache “reflect temporary operational . P er rent defence-related. come during tbe second. half of AP-DJ . 

tlonai base. 

The merger becomes 
on June 1. 





1977 Results 

Slight rise in sales, marked decrease in profit. 

1973 1974 1975 1976 1977 

(million B. Fr.) 

Nel sales * 63.796 78,381 80,263 87.B47 92,867 

Cash flow 9-417 i 1,896 ' 8,178 11,720 . 9,781 

Depreciation 6,228 6,397 6,610 6,461 6,818 

Appropriation to the Inventory -adjustment fund, . 656 2,325 * 3 41 350 300 

Consolidated net profit 2,533 2,974 1,227 4,889 2,563 

Applicable to Solvay shareholders 2.054 2,371 923 4,083 2,102 

The small increase in sales reilects the world business trend in 1977: overall stagnation 
after a temporary recovery at the beginning of the year, large overcapacities in chemical 
plants world-wide and severe competition in the E.E.C. due to Imports from third countries, 
notably from Eastern countries. 

Moreover, the appreciation of the Belgian franc versus the currencies of most of the 
countries where we cariy on our activities practically oflsetthe slight improvements recorded 
in quantities soid and selling prices..The 6% rise results mainly from the inclusion ol new 
subsidiaries in the Group, principally in Germany. 

Consolidated net profit shows a significant drop compared with 1976 -'admittedly a record 

Continuation of the capita! expenditure and research effort, 
increase in the number of persons employed. • 

1973 1974 1975 1976 1977 

. (million B. Fr.) 

Capital expenditure. 6.580 9.604 7,065 8,109 

Research expenditure 1-fiM 1.911 2,230 ,2,257 2,439 

Persons employed at December 31 . ........... 44,274 44 t 467 42,706 44,109 46,221 

Distribution of sates. 

. . 1977 

' % 

Alkalis and derivatives 20-0 

Sails, fertilizers and calcium products . S’S 

Chlorine and derivatives ‘ 

Peroxvgen chemicals * 

Plastics * 

plastics processing * 

Other activities - * 10-0 


Stability of the parent company net profit (Solvay & Cie Societe 
Anonyme). Dividend maintained. 

The net profit amounts to B. Fr. 2,064 million, up by 3-5 lb (B.Fr. 1.994 million in 1976). 
The Board of Directors decided to propose to the General Meeting on June 12, 1978 to 
disrribute a net dividend of B. Fr. 200 per fully paid share. 

The table ot Ihe net dividends per fully paid share for the last five years would thus bo 

as lotiowsi ig73 1g74 ig?s 1976 19?7 

B.Fr. 170 185 170 200 200 

The total gross dividend would thus again stand at B. Fr. 250 per fully paid share and- 

^ The proposed distribution of the available profit, including the balance brought forward 
from the previous year is as follows: 

Net dividend of B. Fr. 200 per A and B share 

Nel dividend of B. Fr. 80 per C share *2° 

VMthholding tax on dividend "SS'S! 

Reserve not available for distribution (France) 

General reserve iw'wn'im 

profit to be carried forward * * 17 ■ 530 ’ 137 

B.Fr. 2,230,277,484 

~ By the tearing ot June, copies otthe English vertior, O'*™™* “'ochme conning 
G,ou° damliis ,« 1977 will be obtainable, on 

Solvay & Cie Societe Anonyme. Secretariat Ijfaiiral, 
rue du Prince Albert, 33. 1050 Bruxelles (Belgium). 

switch. overloads " that occurred last 

The move means that the two April when volume climbed to j 


ICI Swiss 
franc bond 
likely soon 

By Francis Ghilfe 

PRICES of dollar bonds fell by 
a further eighth to a quarter of 
a point yesterday as profes? 
sionals continued to sell. Tbe i 
Canadair issue which was priced 
at 99 last Monday closed at 
96j-97i while the AGA issue 
which had been priced at par) 
the same day closed at 98-$. 

Many dealers expect to fall ( 
further which would bring yields j 
in the Eurobond market in line 
wit those in the Yankee -hood 

In some instances this is 
already happening. For eample. 
the yield on tbe outstanding 
1SS2 Australia Eurobond which 
was quoted yesterday at 97J- 
98} is S.57 per cent. This com- 
pares favourably with the yield 
on the shorter tranche of the 
Australia Yankee bond which 
was priced on Tuesday to yield 
8.45 per cent (again on an AXED 

Whereas the shorter tranche 
of the Yankee bond for Australia 
was increased by S25m to |175m. 
the longer tranche was decreased 
by a similar amount to $75m. 

In the Swiss Franc sector. 
Imperial Chemical Industries is 
expected to float a bond early 
nevst month’- The amount. and) 
terms are not yet known. 

Norges Kommunalbank intends 
to float a SwFr lQGra bond carry- 
ing a maturity of 12 years and a 
coupon of 4i per cent. The 
bands are expected to be priced 
at par by lead manager, Banque 
Gutzwfller, Kurz, Bungener. 
They will be guaranteed by the 
Kingdom of Norway. 

Vorarlberger Kraftwerke isi 
raising SwFr 30m for 15 years. 
The bonds will carry a 4 per| 
cent coupon and will be priced 
at par. Lead manager is Credit] 

Prices on the secondary mar- 
ket for Swiss Franc denomiated 
bonds has weakened, often by a 
point and a half since tbe end 
of last week. Tbe Danish Nor- 
gage Bank, to give but one ex- 
ample, which was priced at 99; 
last week was being quoted yes- 
terday at 9S. Fear of higher 
interest rates explain this fall 
which was signalled last week 
by a rise In bank deposit rates, 
the first in 12 months. 

Prices in the Deutsche Mark) 
sector staged a small technical 
recovery yesterday, with a 
number of issues moving up hy 
one eighth or a quarter of a 
point But turnover remained 

Wardair slips 

Canada's largest charter air- ] 
line. Wards ir earned C$1.7m : 
(U.SJL5m) or 49 rents a share! 
in the first quarter against CS2m | 
or 60 cents a year earlier, our 
Montreal correspondent reports. 
Revenues were up 26 per cent 
to C$37m (US.S33rn) primarily 
from higher sales of Inclusive 
tour charters. 

Al Salth Banque 


Dunn; it* 6m y»ir your tank, was mcosful in wtabtiihinj it* 
nune Mid reputation within the Arab and inEemitioiiil Banking 
comm unities, and in gaining the confidence of in client* and 
depositor*. Thi* wit achieved bjr following conservative approach 
dictated by sound and prudent banking practices, while at the same 
time moving forward to telKtively take advantage of profitable 
business opportunities which enabled it to achieve its ambitious 
targets. Moreover, priority was given to the selection of * highly 
professional staff in order to lay down the baiia For continued 
sound growth lo the future. 

Balance Sheet and Profit and Lou Accounts 

The tank completed i» liu year with encouraging results »i may 

be seen from the following; 

II The total balance sheet grew steadily to reich FF i93.I57.l33 
on December 31. 1977. This figure "O achieved it. • steady 
pece averaging 6.25°? monthly. 

2) Gross profits before tax amounting to FF 6.994.999.61 yie’ding 
gras* income at 9.33% on the average paid-up capita* which 
was paid in three equal instalments of FF 25 million each. 

The directors have decided that in addition to normal depreciation, 
the full amount of the establishment costs will be amortised 
during the fine year. Consequently net taxable income was 
FF 3.721 ,051.40. 

Increase of Capital 

In order to keep pace with the npld expansion expe r '»«» , l by 
h«fc' .‘during its fine year, capital had to be raised from 
f F million to FF 100 million, of which FF 75 million was paid 
up by end of the year and tha remaining balance wa* paid up In 
mid -Ap>ll 1978. 

Present* Abroad 

To assure further expansion during the second year and vubseouent 
years, a number of steps have been taken, main among which *r* 
the following: 

l ) The establishment of s London representative office in September 
•977.- This office has contributed In the first Instance to tbe 
strengthening of our ties with British and . International banks. 
Then .the hank is do develop this opening in response to the 
expansion required on London's leading financial market. 

Th* Inaupu ration ol ■ representative office in Bahrain in Sep- 
tember 1977. But due to great business potential in the area 
• more active presence of our hank Is required, therefore this 
h in Che process of being transformed Into an offshore 
Banking unit wh-'di we anticipate to Inaugurate In . June of this 
7*»r. . 

11 The bank In eo-openidon with our parent companies Ssfieo and 
AFCfl) was instrumental in establishing Saudffln in Geneva 
with a paid-up capital of SF !0 million In which che bank 
holds a 50% share. 

International Financing 

In the aroi Of international financing, the bank ws* lead-memger 
co -manager pf six international loans and bond issues, in addition 
M being a participant in i slynificant number of such transactions. 
Furthermore, the bank has encaged in a new important actlvit*. 

Promotion of buslnei* co-ooentiori between Franre and 
rhf °n one hand and the Kingdom ol Saudi Arabia and Arab 
countries on rhe other hand, through rhe setting un of loinr venrares 
Strween Western and Arab business interests in the areal of industry 
and construction mainly. 

Tim has placed emphasis on its role is'* an Arab institution 

and made s peefa] efforts to develop its business accordingly in the 
following fields: 

M fey rcnon with Arab financial institutions;, our effort! have 
been successful ) n this respect through the - establishment of . 
correspondent banking relationship and close ties with a number 
or Arab central banks and commercial tanks. 

3) true 60 our vocation of serving Arab investors, we are 
giving eweng support to our Geneva affiliate Saudifin. and to 
our sitter company Farabi which specialises in real estou 
advisory services 1(1 Paris. 

The Future 

In 1978 we took forward to further steady progress and *» een- 
(olidace our position byr 

1 ) Developing our professional cepabilrti** through the continued 
recruitment of Mgh calibre pommel. 

2) Jb« widening and strengthening of our deposits base and the 
initiation of new financial activities and services both in the 
Arab .wo U and inwmatiojiilty. 

The positive results of 1977 were achieved thanki to the invaluable 
tupBort of< the bank'i shareholders and the board pf directors: 
thanks also to the dynamic commitment of the shareholders of our ■ 
mother company. 

1 wish to convey to all my warmest gratitude. 

Finally I wish to take fh'»* opportunity to thank the members of 
tht stair fqr their loyalty, devotion and senricet which mid* all 
diis possible. 


Chairman of the Bond 


as at December 31. 1977 
fin French Francs) 

Cash and due. from banks 

Trading account securities 

Loans-and bills discounted 

Sundry debtors 


Fixed and other assets 

5851 250 

Total Assert 




Demand deposits 

Time deposits 



Total Deposits 

Sundry creditors 

Accrued liabilities 




Total Liabilities 


Stockholders' Equity: 

Capital stock, FF. 1.000 nominal 
value subscribed and paid up 

75.000.— shares 

Retained earnings 



Total Stockholders' Equity 


'Total Liabilities .and Stockholders' Equity 

FF 693, 157,133 

Contra Accounts 

Documentary credits 

Guarantees; issued 





Interest . 3UB3L223 

Fees arid Com minions 7,535,567 

Other income 852,048 

Total Operating Income 40,218,836 


Interest charges. 19742.1 13 

General and administrative expenses 12793.996 

Other expenses 1732^97 

Depredation and amortization 3773,441 

Total Operating Expenses FF36>542.449 

Income before tax 3,676289 

Income tax 2,058736 

Net income FRA1TA53 


Farit (11,0.) 

49/SI Av. Georgt V, ?SM». Tel.: 720 *608. Tvlex: 630349 F ASBX 
Bahrain (O.B.O.) 

P.O. Bear 5820. Tel..* 509 03. Trie*; 9W SAUBAH Gf 
kowton f Rep, Office) 

The 5ux* Bcehuee Building. OW 8 road Street, London EON IHH 
Tel.; 04-5S8 4322. Telex: *8813438 SAUDI C 


1. Tel.: 326400. Triwr. 284)95 

international financial and company news 

Financial Times Thursday May 25 1978- 

Mannesmann lifts sales 
despite weaker markets 


BONN, May 24. 

Increase at 

Jernverk to restructure 
following record losses 


OSLO, May 24. 

Volvo to 
market new 
minicar in 
the U.S. 

By Terry Dodsworth 

OLVO. the Swedish vehicle 
wnutacturer. Is considering a 
ew project to build a twogeat 

ghtweight minicar aimed mainly 

MANNESMANN',. the West board said lo an interim report enabled an increased run-down Bv p, u! v «n«r tFownur Y nr wr',- Uinistrr of Industry later this ships’ profiles. Financial costs. r 

German steel pipe, plant con- Wort? in hand, including out- of stocks. By ™ Brtt * «2SS^-niRr«rt*siui‘ ctocl con- vear Like most iron and steel have been high owing to stock- 1 VOLVO, the Swedish vehicle 

struction and mechanical engin- standing major orders from the The weak spot in Mannes- ROME May 24. | in« o' arnducers it has been affected piling of unsold products a™ manufacturer. Is considering a 

eering group, achieved profitable Soviet Ln»n. is enough to matin’* activities appears to be 1TALY *S largest private insur- 1 K r {50 3m in l977 aFt e r depre- bv the world slump, and will currency fluctuations which led new project to build a tvmt 

results in a number of major guarantee employment in this plant construction Two of its ance com ^|Qy Assicurxzioni j ^t/ oa (no ?nttretax wu pav- probably continue to need state to a loss of some Kr Urn. lightweight minicar aimed nuuaty 

M S & J3S b, J!SW2. SS FEfM&E.S'S 3^5 ™ ^ ^ S3ff iTWf 53 

- colt market conditions* caused Still being adversely affected by first quarter of 1977. . ^SST a L50 W1 ^ ^thoriS it to boSoTkr 50m l«T, and that stocks are unlike* SSSudSS 

by currency movements. the fulfilment of contracts signed Despite a weak order position. i reasp ■ t hei9VRdtvidend ,96m v __ C<1 * hrn _ rt sea to decline. For .slcc! goods, the . Volvo cars following the move by 

= Overall group sales rose by during Ihe recession in order with a 16 per cent decline in ln «W on the iSTB dividend- | Jeimverk is currently study ins abroad ha .._ hppn v arfIest h,r board hopes that present price rhe-Nur^ 1“ 

about J per cent from the first to avoid lay-offs. A positive export bookings compared to At a Board meeting in Venice. . the possibi.xties o L restruclur- Exports n e , jits’ levels can be maintained but the» !!*».„ %n lw>r «,nt of the Swedish 
■ quarter 1977 level to just under factor in the market, however, first quarter 1978/ Deni a ^ the company also said that «:ing its production and making ^UinebyKr from 19.R torts ' l0 increase!^* ^ SiSTcarnty - 

: DM 2.4hn (S1.13bni. Both current has been ihe European Com- resistered a brisk increase in extraordinary general meeting is 1 changes in technology and Tne sharpest decline s na. cun pta t c\p plate ,C °KS2 (hi nf «» 

sales and new orders for pipes mission's minimum price policy, some lines of off-the-shelf Jo be held lo approve a capital ; marketing policy and will suomji m sales of iron ore products pig » n R er£ft ,ra P ; V ?I«T h J 

and tubes wore satisfactory- the which Manoesmann says has machinery and machine tools, increase from L65.8bn to Li9bn j proposals about this to the iron, semi-finished goods. dp - ; proposed deal. 1 0 bJrt 

. through a one-for-five serin issue. ! • : lu transfer the development- of 

: Premiums collected last year I cclam m-w model - 

bv the parent coraoanv nod the ■’ _ _ ■» . : Norw ay, and if Iho project proves 

Setback for Karstadt feels pressure | ~ ssS-E Norsk Hydro shelves smelter legSE- gfe 

AllianZ ESSEN. May 24. 1976. The company said that t .cr., M , v *» 4 ‘ assembly also taking place in The 

_ . , , , , Italy accounted for 29 per cent BY OUR OWN CORRESPONDENT UbLU. -■* U.S_ - 

BEBLIiN. — **■ KARSTADT AG, Europe s In tho dividend, psynifint below nf group business, while other! f .v n c __, 0 ra * n KniiH a n pw ni>ii?ne^iuni dIqqI uti 

ALLIANZ VERSICHERUNGS largest department store chain, last year s DM 7.50 a share wou Id EEC countries amounted for 41-I^ORSK HYDRO. the Norwegian have not ‘UCn at the same rate h jnW a ne S Norway. He 1 f nr 

AG. one of West Germany s said its turnover rose by 5.5 per be “the worst possible case, percent. [metals, chemicals and energy con- ^ the cost o/ new pi am sen then that tho situation inj 1UI 

Setback for 

Karstadt feels pressure 

Norsk Hydro shelves smelter 


OSLO. May 24 

: proposed deal. Volvo has agreed 
■ lu transfer the development ■ of 
■* a certain new model " to 
: Norway, and if the project proves 
: successful start production there, 
r But the company indicated yester- 
day thia (here is a possibility of 
1 assembly also taking place in The 
U.S_ - 

ALLIANZ VERSICHERUNGS largest department store chain, last year's DM 7.50 a share would EEC countries amounted for ^RSK HYDRO, the Norwegian nave not risen ^ Mongstad Wcst Norway. He I 

AG. one of West Germany s said its turnover rose by 5.5 per be “the worst possible case, percent I metals, chemicals and energy con- as the cost o/ new piam gen r ‘ tho S j lU a t j pn , n ; 

largest insurance companies. «nt m DM 2.6bn (Sl2»3bni in Karstadt's 1977 net profit AssJcurazioni Generali is now ’ cern. has shelved plans to build a is the second time within Norway was far more difficulty 

Sr cent nC in P l?77 to^DM* 130 7m from the lame period la°{ vea? d”H f?ora DM ft S 1976 P ro R osing l 9 .concentrate ■« Its {new aluminium smelter at Glom- few montbs ^ Hydro has an- than in the rest of Europe. 

DM ,5S.?m ta W7S. Hc4 uS T U ™o«?^c« to DM S JSSSySSSST “ N '‘ > '' Ihern J?. *? elvc r“ SnSScffi* “ny 

The companVs supervisory mem board chairman, said the from DM T.flbn. For the 1977 &nannal company. It has a n ammonia and fertiliser major industrial Project. ^ In Prospsc i _ 5j _ for ^ u t aK t ng ^ a n> 

board voied to recommend an company saw continued pressure dividend. Karstadt’s supenrisorj- ~ plant. The project was no March Hydro President Odd ®“jor indu nrcsent he 

unchanged 1977 DM10 dividend on results in 1978 board proposed a cut to DM 7.50 Cfayr llffc longer likely to pay its way Narud. said the concern w^ post- Ibis country at present, h 

for each DM50 nominal share. Commenting on dividend from DM 10 in 1976. iJlC J 1 Ulld partly because aluminium prices pomng indefinitely ns plans to aaueo. 

AP-DJ policy. Herr Deuss said a cut AP-DJ dividend 

By Our Financial Staff 

$250m for 

ijyru. .luriuwu nouncea a aecision o ^U<u w.ia n_ Francis Ghil6s 

it has an ammonia and 'fertiliser major industrial project. In prospects for undertaking any r 

Plant. The project was “no March Hydro president. Odd major industrial development in AUGH IN1SH STEEL, of Ireland, 
longer likely to pay its way” N'arud, said the concern was post- this country at present, oe j 0 j nt financial borrowing 

partly because aluminium prices poning indefinitely its plans to added. vehicle of Alcan, BilUngton and 

tria's leading motor concern. I 
is increasing its dividend again . 

Enskilda sees 
15% Increase 


Further compensation delays for HVA 15 % increase 8T ^ 


HVA the plantation con- No profit was made in the first profits were FIs 800.000 against >** T 10 ^ (56ni) trom Banken s - s it exp ects 1978 sharply higher los 

sultaocy, trading, chemicals and three months of 1978 and pros- FIs 2.2m turnover was FIs 591m 5013 8 - m - 'operating profit before extra- -1977 as a result of 

Low prices hit Schauman 

HELSINKI, May 24. 

Anaconda, is raising 3250m for 
ten years on a spread aver the 
interbank rate split three ways: 
5 per cent for the first three 
years, rising to 5 per cent for 
the next four, and I per cent for 
the remainder. Lead manager is 

HVA the plantation con- No profit was made in the first profits were FIs 800.0 
sultaocy, trading, chemicals and three months of 1978 and pros- FIs 2.2m turnover was 

STOCKHOLM. May 24. {FINNISH pulp and paper group S per ceni on the preferred com- Citicorp. 

S KAXDINA VIS KA Enskilda Wilh. Schauman AB turned in a pared with 8 per cent for both The same bank, together with 

Banken says it expects 1978; sharply higher loss for fiscal categories the previous year. Manufacturers Hanover and 

operating profit before extra- ' 1977 as a result of the general The main problem for Scbau- Morgan Guaranty, is arranging a 

its annual report. 

FIs 4.Sm while at the next level are frozen in Ethiopia. 


7 — ~ — % . » year to C>tvr ana uaiauve- louse oi me pjrcui umupan; '*> ■■ 

to Scb 10.5b n from Scb 9.9bn. j heet as5ets were over 14 p er ;9 per cent to FM Tllm. Schau- vital. Producer stocks should 

cent higher at SKr 44.07hn. man's losses mounted to FM 9.2m return to normal by about mid- 

The high liauiditv of the; (92.1m) last year, after tax and 197S. and this should influence 

* 1 . "S' 1 M - . , I-.: t CM -1 ■ .itii.finn (nr hoHnr 

The Taiwan Power Company is 






SKF Spc 19S7 



Al-JD Australia Sipc 19S9 



Sweden iR'tlnm' Sjpc 1937 



AMEV Spc 19S: 



United Biscuits 9pc 1989 ... 



Australia Mpc 1992 ... ... 



Volvo Spc 1957 March .... . 



, Australian M ft & 9* pc ’92 



Uardavs Bank Sine 1992 . 




Bowatcr 9) pc 1592 



Australia 7)t>c 1984 



Can. N. Railway Sipc IBfcfi 



Bell Canada 7!pc 1987 . ... 



Crwlil Xauonal Sipc 19S4... 



Br. Columbia Hrd. 7*pc “85 



Denmark Sipc I9S4 



Can. Pac. Sipc HB4 



. ECS Spc 1993 



Dow Chemical Spc 19S6 ... 



- ECS Sipc 1997 



ECS 71 pc 1P92 



. EIB SIPC 1992 



ECS S)pc IRS9 



Ericsson Si pc 19s9 




EEC 7? DC 1934 ... 





Es-Hi Spc 19^ Not. . 



Eno Gotxeit sipc 1RR4 .. 



Cl. Lakes Paper S3nc 1934 



Gotaverkon 7'pr I9S2 



naincrslcT 9>pc 1992 



Kocfcunu Sp- 1933 



Hrrtro Qncb.c Spc 1992 ... 



Mlchclin SIpc 1933 



. Id SJpc 1997 



Montreal Urban 8*pc 1331 



ISE Canada mne l!*d ... 



New Brunswick Spc 19S4 ... 



M icmilliin Blocdel 9 r.- ii»2 



New Brana. Prov. Sipc "93 



Itasscy FcrEU5on 9)pc "91 



New Zealand 8*pc 198$ 

97 ’ 


. Mi- holm Blpc 19SS 

ioi j 


Nordic Inv. Bfr. 7|pc 1B84 



M’dl.ind lm Fin. s:dc ‘•K 



Norsk Hydro Tlpc 1982 



National f^al Bri. Spc ip»7 



Norway Tlpc 1982 



National Wstmnstr. Spc >8 





. Nrwlmiikllaml 9 PC 19s9 



Rinser Sipc 1982 



Nordic tnv. Bft. Sloe 19«S 



S. or Scot. EU-c. j**pc l««l 

991 . 


Norccs Kom. Sir. >inc 1992 



Sweden iK'dtmii 7»pc 1>« 



Norpipe ^ipe 19^9 ... 


- 97 J 

Swodlfb Staie-Cn. -7Jpc *52 



Norsk Hjdro Sipc 1992 .. 



Telmcs 9ioc 19M 



Oslo ?pc l*S 



T. nncco 7J pc 19s7 May 



Pons Autotiwnos 9t>; 1991 



Volkswagen 7}pc 1937 



Prov. Quebec 9pc TOTS 


Trov. Saskatch S.'pc 19W 



R*-d Initmailnnal Spc 19S7 



Allied Breweries m pc M 


Bint 9pc 1992 




911 1 

S-'lccilon Tnisi l?'9 



CoirtiuMn 9fpc 1939 



SV i-id EosklM.I Spc 1901... 



ECS 9'nc 1989 




EIB 9! PC J98S 

EUB 9jpc UK 934 

Finance for lad. 9!oc 1387 SSi 
Finance for UuL iopc 1989 90} 

F Iso ns lOJpc 1987 93i 

Geaetner Hoc I99S 9Ii 

TNA lOpc 1998 89 

Offer BM Offer 

9<i SNCF 1395 8iDC 9Si 100 

9J* Sid. and Cbird. *81 7 UmPC 90< 1001 

80 i- Wns. and Clyn’s Slisoc 89. 1001 

Source: White Weld Securities. 


Asian Dev. Bank Sine 1988 

BNDE 61pc 1988 

Canada 4Jpc 19S3 

Den Xorfke Id. BK. flnr *90 
Deutsche Bank 4loc 19S3... 

ECS 5* sc 1990 

E’B disc 1990 

21* Forsmarta SJpc 1990 97* 

Sj Mexico 8 pc 1985 931 

Si Norerm SJpc 1999 100 

2 4 Norway 4]pc 19S3 99 

tnni 52^*' <loc 1«3 

1M 1 BanXen 5Jpr 19SS 95i 

Sc. Prt * v Qwfbcc Rpc 199U — 95* 

251 Rantareufckl 5?t»c 1988 .. 96 

Spain fine 1988 94 

IXO'toeim SJpc 1988 ..... M* 

Oil V* 0 ***** C ° *l« ‘*55 ... 97* 

841 'ineruela 8pc 19Sc 97 

World Banlr 53pc 1*«0 98 . 

U.S. 530,000,000 

The Mitsui Bank Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certiticates of Deposit 

Series B — Maturity date 24 November 1980 

Bank of Tokyo 1384 S*pc... W4 

BFCE 19M Sipc 89| 

hyp i«s? s*kpc tool 

r<~F 19S5 SJpc 994 

GCMF 13-4 tip.: 99* 

■rrediransrcilr IBS* s*pc .... 995 

Fr*<li» Lyonnais 1?^" Spc... 100 

DG Bank 1983 “liiopc ?0fl» 

GZB J 981 S'ltpc 1004 

iiiil. Wej»mtn«i«r I8S4 Spc 99' 

Llovds 19Sn Tip.: 100! 

I.TCR 18V! Snc 98* 

'■i" | ljwf 1^2 'pc io«: 

Midland 1PS7 99|*pc B»i 

■■*I* B 1*98 7Tdc 99* 


** American Expn-3s 4*pc W 88 89 

SSI Ashland 5pc 1988 94 95 

Babcock ft Wilcox SJpc "97 102* 103 

S3 Beatrice Foods «nc 1992.. 99 

Beatrice Foods 41 pc 1982... 107 108 

Beccham 6Jpc 1992 8M| 97 

88 Borden ape 1892 100) 102 

97 Broadway Hale 41pC 1887 77 78 

88* Carnation 4pC 1987 77* 79 

98f Chevron 5pc 1988 1.77 138 

981 Pan 4*pc 1987 SO* 82 

95] Eastman Kodak 4*pc 1988 SI* 86 

83* Economic Labs. 4inc 1987 78 79 

96 Firestone 5pc 1988 ... S3 84 

98 Ford 5 pc 1988 .... 88) BO 

9 ?t Ceneral EJecrrtc 44 pc ]*S7 W) 88 

98 Gillette 4]pc 1987 77 7S 

94* Gould 5pc 1987 . .. 118 117 

108] God and Western 5pc 1988 88 88 

100 Harris 5pc 1992 . — ITS 180 

99* Honeywell 6 pc 1986 8* » 

98* ICI * I PC 1992 J«i 88. 

98j INA Opt; 1997 95) 97 

95] Inch cape Sipc 19B2 IB . 114 

9*j ITT 4ipc 1987 S2 83 

97) JB3CO 60C 1992 : IDS • |D9 

9S) Komanm 71pc 1990 123 124 

971 J- r »f McDermoo «pc ■sr J72 173: 

98; Uamnhlta «.T>c UW l«3 iih 

Mitsui Tlpc 1990 1I7| n?; 

J P. M or aan 4Jpc 1987 ... 181* 193 

XablscQ 5} pc 1988 ..... 1« 1,13; 

° wn * HUnols 4* pc 3987 ... 117 118. 

}00i j. c. Penney 4*pc i»7 re 79< 

‘S** Hcrton *{pc 1957 117 118* 

Reynolds Metals 3pc 199S 88* « 

1M. Sandvlk 6!pc 19S8 107 109 

Snerry Rand 41 oc 1987 m* 93 

Sntribb 4! pc 1«7 jrij ya 

iwi Texaco 4)oc 1PS8 80* 52 

W Toshiba s:pc i«92 l?4 in 

IrtO Ty Co. ooc 1934 .. 77 7S< 

!?“■ tinlon Carbide 43 pc 19*2 ... 94 93; 

J\«rncr Lamhen 4»oc 19*7 « 83 < 

nn> Warner Lambert 4)pc 19S9 77 78) 

J2S- Semr jpe 194* -91 gj 

1W3 Source- iriddcr. Peabody Secnrltiei 

Please note that the notice published May 23 should have 
read as follows: 

In accordance with the provisions af the Certificates 
0/ Deposit notice is hereby given that for the six 
month interest period from 23 May. 1978 to 
2-1 November. 1 9?S the Certificates w ill earn’ an 
Interest Rate of S' i% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 


Weekly net asset value 
! on May 22nd 1 978 
Tokyo Pacific Holdings N.V. 

U.S. $48.22 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $35.14 • 

Listed on the Amsterdam Stock Exchange 

Information: Piarson. Holdring & Pierson N:V„ HorengncM 914. Amsterdam 

* 145.75= 100% 

PRICE INDEX 23.5.78 

DM Bond* 185.77 

HFL Band* 8 Norn 184.95 
U.S. i Strt. Bond* 99.8ft 
Cjn.-Dol lar Bond* 100.05 

DM Bond* ft.596 

HFL Bond* ft Note* 7.415 
U.S. S Strt. Bond* 8.722 
Can.* Dollar Bond* 9.270 

ZWEVEGEH, May 24. 

domestic monev market -s , aepreciauon, irom rm i„.,b. u« iuhx »>>«««« «« ww.. •«*•»•*■* *• — voTf- 

reflected in the operating results.! But by drawing on reserves, it is The annual report views the Taiwan would have to obtain a 

__ J, ,dded. ^ able to pav shareholders 4 per prospects for the current year in rating from the U.S. agencies. 

Renter ‘cent on the ordinarv stock and a cautiously optimistic light. Moody's and Standard and Poors, 

loo* fteuier before it was able to proceed. 

mm — — ~ — ■ “ The medium term credit 

_ • . o i ■ portion of this operation is Hkely 

». Bekaert hopes for maintained earnings recently obtained by borrowers 

»•>* from Taiwan: up to now.- a 

ZWEVEGEH. May 24. spread over t the interbank rate 
ins) . . . _ • „ . .... of under 1 'p^r cent for eight 

m BEKAERT SA. the Belgian year which increased profits. Georgia, produces steel cords for vears is nol nut p art 0 f 

re* industrial, wire producer, expects Operating profit actually rose by reinforcing and bead wire, these funds would help 

t» iq7 Q net Dro g t t0 at i e a S t equal 9 cem m 3 s77, he added - af . M ',y e 8 , aid mee J' refinance, on cheaper terms for 
l») 1978 net pront to at least equal p^pec^ f or group profits mg that Bekaert’s 19TS invest- rh horrower Joans raised in 

82 last years BFr 404m CSI_m), this year were also good, with ments will not be higher than rem ,t years ’ 

providing the current trend con- satisfactory results so far from the BFr S92m spent last year. The lerms 0 { shell Petroleum’s 
mi tinues, chairman Marc Verhaeghe Bekaert’s susbidiaries in Britain. The company intends to consoii- sSGOm. Eurodollar 'standby credit 

jE de Naeyer told the annual Spain. Latin America and Japan, date current performance rather are understood to include a Len- 

79) meeting. Action is being taken to - than go for fast expansion, he year maturity and a split spread 

He said results in the first four improve the performance of its added. over the London interbank rate 

ifo months were favourable both for non-Belgian wire making sub- Meanwhile, Sanaa, one of Bel- 0 f j per ce nt for the first four 

89* wire and steel cord products, sidiaries in Europe, whose profits gium's big retail chains which years, rising to J per cent for 

J « Bekaert paid a BFr 216 net were poor last year, and their is in turn almost wholly-owned ' t h e remainder. 

,ii dividend for. 1977 against BFr 112 range of products is also being by . the American chain J. C. Lead manager is Algemene 

83* for 1976. updated, he said. Penney, has reported an ti per Bank Nederland and the man- 

M. de Naeyer said the 9 Der Managing director Jean- cent increase In turnover to a cement group includes about 
ire* cent net profit drop in 1977 Charles Velge said that, in the BFr 22.1bn. No profit figures ten other major hanks, 

uu occurred because the company, long term, Bekaert may open a were given but they are said to Part of the proceeds will .help 

{i! 1 the largest in its sector in second factory in the Ui>., be about the same as in 1976. to refinance a S400m seven-year 

lie? Europe, benefited .from an un- although no decision has been Income will remain in Belgium. I nan raised by Shell Petroleum in 

ire* usual tax boost in the previous taken. Us existing plant. at Rome, Reuter . J974. 

This announcement appears as a matter of record only . : 

April, 1978 

Kuwaiti Dinars 7,000,000 

Banco Nacional de Obras y Servicios 

Publicos, S.A. 


8V4 percent. Notes due 1990 

( redeemable at the option of the holders in 1985) 

I -Vjl 

■„ run 


This announcement appears as a matter of record only. 

March, 1978 

f*.£ 3 uJL^f GjUJJ qJ 

Yusuf A. Alghanim & Sons w.I.I. 

Kuwaiti Dinars 5 , 500,000 

Promissory Notes Due 1980/1981 /1 982 

Kuwait International Investment Co. s.a.k. J. Henry Schroder & Co. S.AX. 

AlaWi Bank <?f Kuwait K.S.C. A rah Malaysian Development Bank Bertiad 

Arab African Bank — Cairo Burgan Bank SJLK. — Kuwait 

The Commercial Bank of Kuwait S.A.K. Financial Croup of Kuwait K.S.C. 
Manufacturers Hanover Trust Co.— Bahrain Riyad Bank Ltd.— Jeddah 
Union de Banques Arabes et Francoises — U.B.A.F. 

Kuwait International Investment Co. s.a.k. 

Alahli Bank of Kuwait (K25.C.) American Express Middle East Development Company S.A.L. 
Arab African Bank — Cairo Arab Finance Corporation S.AX. 

The Arab Investment Company S.AA (Riyadh) Arab Trust Company K.S.C. 

B.A J.L (Middle East) Inc. Banque NationaJe de Paris 
Burgan Bank S.A.K., Kuwait Citicorp international Groop — Bahrain 

First Boston AG„ Athens The Gulf Bank K.S.C. 

Gulf International Bank B.S.C. The Industrial Bank of Kuwait KSC 
Kuhn Loeb Lehman Brothers International Kuwait Financial Centre S.A.K. 

Kuwait International Finance Co. S.A.K. “KIFCO” Manufacturers Hanover Limited 
National Bank of Abn Dhabi The National Bank of Kuwait S.A.K. 

Union de Banques Arabes et Fran$aises— U.BXF. 

AJgemene Bank Nederland N.V. (Bahrain Branch) A3 Saudi Banque, Paris 
Arab Financial Consultants Company S.A.K. Arab Investments for Asia (Kuwait) lts.c. 

The Arab and Morgan Grenfell Finance Company Limited Bank of Lebanon & Kuwait S.A.L. 
Baycnsche Veremsbank fnteroational Societe Anonyme ByWos Arab Finance Bank (Belgium) S.A. 
Byblos Bank S.A.L. Dillon. Read Overseas Corporation 
European Arab Bank Limited European Banking Company Limited 
Financial Group of Kuwait K.S.C. Frab Bank International 
J. Henry Schroder & Co. S.A.L. Krcdictbank N.V. 

Merrill Lynch International & Co. The National Commercial Bank (Saudi Arabia) 
Nederland.** Credietbank nv Salomon Brothers International Limited 
Union de Banques Arabes ct Europeennes— U.B.A.E. Societc Anonyme Wood Gundy Limited 


••Kiiaacial. Times Thursday May 25 • 1978 


•'•inicj , 'r 

. > ~ 

‘‘ n*r 

Schindler earnings 
halved as demand 
in Europe weakens 


- ‘-fhmdler, tho leading European 
mt ana escalator manufacturer 
dropped from SwFr 74.6m to 
SwFr 55.4m (S2Sm) last year 
after a decline in net profits 
•from SwFr 43. Sm to SwFr 22m. 

• setback is attributed to 

pom the economic situation and 
J 1o adverse currency movements. 
Croup turnover fell slightly 
fronjSwFrl.lSbn to SwFrl.Mbn 
in », though this decline was 
due to a ten per cent loss in 
Potential Swiss franc income 
owing to the currency situation. 
Had the Swiss franc not 
appreciated last year, sales would 
have risen by seven per cent. 
new order value in terras of 
Swiss francs was also down. 

At a Press conference in 
EbiJron, Mr. Zeno Schindler 
group chairman, said that no 
major improvement in the 
economy was anticipated for 
Europe, Schindler's most impor- 
tant sales market. The company 
was “ well prepared for a more 
uncertain future M and had a 
good technical and financial base, 

ZURICH. May 24. 

as well as high liquidity. This 
would allow the group to keep 
and further expand its position 
as the world's second biggest 
lift manufacturer after Otis of 
the U.S. 

The parent undertaking. 
Schindler Holding, is to pay 
dividends of SwFr 12 per 
registered share and partici- 
pation certificate- and SwFr 60 
per bearer share from net profits 
of SwFr 12.93m. Figures are not 
comparable with 1976, since this 
was only a nine-month financial 

* . * ★ 

Zurich banking bouse bank 
Gut, Streiif, has changed its 
name to InteralMaoz Bank 
Zuerich. This marks the exien 
sion of the circle of shareholders 
which occurred when the Gut 
family sold part of the former 
capital to Swiss interests, in- 
cluding Swiss Volksbank and 
Industrie-nd Handelsbank. A. 
Japanese banking and indus- 
trial consortium subsequently 
acquired 40 per cent of the 
capital of SwFr 8m. 

Same again from Tobler 


ZURICH. May 24. 

cern AG Cbocolat Tobler of 
Berne foresees payment of an 
unchanged dividend of 7 per 
cent for 1977 after almost un- 
altered operating profits of 
.SwFr 7.15m (SwFr 7.09mi and 
net profits of SwFr 860.000 
(SwFr 800.000). Although pro- 
duction of the company, a sub- 
sidiary of the Lausanne-based 
Interfood group, rose by only 3.8 
per cent last year, price increases 
and the replacement of large 
quantities of semi-finished pro- 
duct sales by those of finished 
chocolate led to a rise in turn- 
over of 12.1 per cent to 

SwFr 92.84m (SwFr 82.79m). 

Abroad, British affiliate Tobler 
Suchard booked a loss in sales 
volume despite a turnover ira 
provement of 10 per cent and 
showed a trading loss for the 
year. Sales of the West German 
company. Chocolat Tobler GmbH, 
rose by 15 per cent, resulting in 
satisfactory profits... 

For the current year. Tobler 
anticipates a continuation of the 
moderate rise .in demand 
Although there ts now little 
opportunity for a. farther in- 
crease in Swiss per-capita con- 
sumption. the only. limit? seen 
as existing on export markets are 
those of exchange rates. 

Sales upsurge at UTC 


ZURICH. May 24. 

TURNOVER of the Swiss-based 
UTC trading concern increased 
by about one quarter last year 
to SwFr 1.5bn, ($760m) after 
having risen by a third in 1976 
to some StvFr 1.2bn. 

This rise is accounted for by 
the group holding company. 
Easier Handelfr-Gesellscbaft of 
Basle, largely through direct 
sales in the retail and services 
field. The figures do not include 
the controlling stake acquired in 
the Swiss department-store group 
Jplmoii from Credit Suisse late 
last year. 

Must' of the turnover still 
originates in group operations in 
West Africa, where UTC — the 
former Union Trading group — 
: grew up out of the activities of 
the Basle mission. The subsidiary 
UTC nf Nigeria remains the 
biggpst single source of income 
despite the reduction of the UTC 

shareholders from 58 to 40 per 

No profits are given, for the 
parent company or. the group. 
Barter Handels-Gesellschaft in- 
tends to distribute an unchanged 
10 yer cent dividend for the year. 

Union Bank purchase 

One fo Switzerland's "big three" 
banks, the Union Bank of 
Switzerland, is planning to pur- 
chase a shareholding In. Develop- 
ment Underwriting ofLAustralia. 
write John Wicks from’Zuricb. 

Agreement has been reac^pd 
in principle for the Swiss bank 
to buy the shareholding from 
Chemical Bank of tVeU-S. A 
spokesman for Union ‘Bank said 
that the negotiations had not 
reached a conclusion. The amount 
of Development Underwriting 
capital involved is not being dis- 
closed at this sage. 

Ampol moves into leisure 
as margins boost income 


non need a 78.7 per cent profit 
increase to A$7J29m fUSSS2mi 
for the latest half-year, and Is 
diversifying into the leisure 
industry with two new ventures. 
One is a leisure cluh which will 
offer its members package tours 
and accommodation both in 
Australia and overseas, as well 
as special prices on a range of 
leisure, sporting and household 
electrical goods. 

The other is the securing of 
the marketing and distribution 
rights to a new synthetic turf— 
a petroleum-based product which 
is aimed at providing long life 
and virtually maintenance free 
surfaces for tennis courts and 
bowling greens. 

The profit for the six months 
to March 31, which was achieved 
oo a 15.2 per cent rise in sales 
revenue, was after rax but before 
deducting minority interests of 
ASl.I5m. compared with minori- 
ties of AS569.000. 

The main factors in the Im- 
provement were higher profit 
margins, the containing of cost 
increases, and price rises granted 
by the Prices Justification 

Tribunal to offset costs. Ampol 
increased its sales income 
despite a lower volume of motor 
spirit sales than In the corres- 
ponding half of the previous 

The company's chairman. Mr. 
A. E. Karris said in Sydney today 
that he was still unsatisfied with 
the company's profit margins, 
and that the period had been one 
of intense- competition. 

Margins had been improved in 
the face of widespread petrol dis- 
counting, and despite the petrol 
price freeze in New South Wales 
which had prevented the com- 
pany from implementing the 
Prices , Tribunal’s increases in 
that state. 

In addition, the market during 
the period had grown by only 
2.9 per cent compared with the 
company's projections of a 5 per 
cent increase. 

Mr. Harris reaffirmed his pre- 
diction, made six months ago, 
that Ampol Petroleum sub- 
sidiary Ampol Exploration 
would double .its profit in the 
current year to abnut S7m. 

After deducting minority 
interests and including an extra- 

SYDNEY, May 24. 

ordinary profit of AS107.000 (pre- 
viously AS362.000) earned 
primarily from the sale of un 
profitable service stations. 
Ampol 's profit from all sources 
after tax rose 61.4 per cent to 
AS8-25m (SUSTml. 

This included profits 
A$l-53m from associated com 
parties, compared with ASl-03ra 
in the same half last year. 

The new leisure club, to be 
owned 45 per cent each by Ampol 
and. National Mutual Life Asso- 
ciation. will be launched 
September with a national 
advertising campaign. Ampol is 
hoping to attract between 160.000 
and 200,000 members in the first 
year, but Mr. Harris would not 
disclose what the membership 
fee would be. or the percentage 
nf price reductions to be offered. 
The reductions would not include 
lower air fares. 

The three domestic airlines, as 
well as a car rental group, a 
travel agency and several hotel 
chains, have been lined up to 
participate in the venture 
Several major suppliers of 
leisure goods will also be in- 

Third Australian smelter study 


SYDNEY, May 24. 

AUSTRALIA MAY soon have Since the process of smelting at •' an 
three aluminium smelters rather aluminium for alumina requires today. 

extraordinary meeting 

than one if a new feasibility study considerable quantities * of i a , ip creasing its 

comes to fruition. Gove Alumina, ene-ov incatlnn could- well he Queensland Alumina sharehold- 
which is 51 per cent owned by h hi 5.J - T ing-from 13.8 per . cent to 302 

CSR, and Swiss Aluminium Aus- influenced by the coal deposits ^ wnt and lts salt 

tralia, a wholly owned subsidiary certain of the Gove partners,, interests to finance the purchase, 
of Alusuisse, have formed a new which include CSR and Peko-. Sir .‘Donald Hibberd, the chair- 
company to undertake the study. Wallsend. man. said that the acquisition 

This news follows confirmation The standing of other Gove would, take Comaleo’s annual 
last month that Comalco would participants, such as the Bank of alumina output to 730.000 tonnes 
go ahead with a A$200m smelter New South -Wales and the a yejr. • 

in Gladstone Queensland a Australian Mutual Provident Sir Donald believed it was bet- 

development which had been in Society,- should ensure that ter for Comalco. td.l If t ite capa : 

the pipeline for about five years financing of the smelter will city through this purchase rather 
Gove and Swiss Aluminium present few prohiems. ■ than any new development of its 

Australia (Aust&wfss) will own . Meanwhile. Comalco’s AS56m own, and said that eventual 
60 per cent and 40 per cent res- purchase of a bigger Make in capacity could rise to 870.000 
ncctively of the new company Queensland Alumina recently will .tonnes, or 20 per cent more than 
to be known as Nabalco add about 400.000 tonnes a year the new figure. r- ~ • 

Aluminium Ptv - GSR said t0 th ® groups capacity. This Shareholders' at The meeting 
tonight that this’comnanv was will" meet ’ we initial alumina' approved the Oueneslanrt mines 
nurelv a vehicle for the stud v and needs of the proposed Gladstone deal, which valuers had stated 

smelter, shareholders were told was being made at a fair price. 

proved practicable. ' 

dSSwSS Offer for Toft minority 


Gove and Austswiss are : BRISBANE,. May 24 

already partners in the Gove 
Alumina project which produces JardineMatheson Australians to on approval by the Foreign 
about lm. tonnes of alumina a offer 65 cents each for the shares Investment Review Board and 
voar and sells about one third of in Bundaberg-fcased sugar cane . on administrative conditions to 
this amount to Alusuisse The harvesting machinery maker, be set out in the formal bid 
nartners were granted bauxite Toft Bros. Industries, not documents, 
mining leases at Gove in 1968 on already held by Jardine JMA. said it considered, the 
the condition that they under- Mathesou. . Toft capital- structure Jo have 

took a feasibility study- for a Jardine Matheson already been ^unsuitable for several 
c melter in the- Northern holds 74.8 per cent, of the 8.23m yearspln view of its. growth and 
Territory. .. issued 50 per cent part Toft the nature of .the harvester 

The stutTy ntfed' out a smelter shares and all ' 900.000 of its. .50 industry. . .. 

in. the territory and such- a loca- cent par redeemable preference This has resulted in minority 
tion is still unlikely to be a shares- shareholders receiving no- .dlvi- 

proposition. as a result of the JaTdine Matheson Australia fiends for several years..' The aim 
increasing shortage of fuel oil. (JMA) also plans to cause Toft- nf the intended offer is. .to make 
But the study will include all to redeem all. its preference Toft a unit of a larger company 
aspects of a smelter including shares in accordance with the in order for it to accommodate 
location,, markets for its pn» redemption terms .attached to- more resrtllv.The swings which 
ected output, finance and them. are a feature of the business, 

•design. The acquisition is conditional Reutef 

Tiger Oats 

its sales 

By Richard Roife 

THE; FOOD group. Tiger Oats, 
which with Premier Milling Is 
the dominant force in this 
sector in South Africa, lifted 
turnover from R412m to RSSlm 
(S654m) in its year to Decem- 
ber, 1977, and the chairman, 
Mr. R. L. Frankel, says in his 
annual statement published to- 
day that volume sales have 
been maintained so far in the 
current year. He adds (hat 
“intense competition is being 
encountered in certain areas,” 
particularly in the “agri-busi- 
ness,” bul that M overall trading 
conditions have nevertheless 
remained satisfactory.** 

One area of obvious difficulty 
In the current year Is the 
group’s fishing activities in 
South Wales Africa, where the 
fishing season bas just opened. 
Reports indicate (hat the main 
fish concentrations are further 
north than usual, near the 
Angola border, entailing 
lengthy, steaming time and 
damage to catches. Mr. Frankel 
says that,- in addition, raw fish 
quotas and their pilchards con- 
tent have been redneed, and 
it- would be unrealistic not to 
‘anticipate a material drop in 
the. 1978 earnings of both Sea 
Producis (SWA) and South 
West African Fishing Indus- 

On. the more positive side, 
from January 1. Tiger will con- 
solidate the rcsidt* of Adcock- 
Ingram, a local pharmaceuti- 
cal group which Is expected to 
show above-average growth., ft 
has expanded capacity In 
recent. years and should bene- 
fit from the trends towards . 
increased Ideal manufacture. 
-Mr. Frankel, pointing out that 
.diversffiation iuto pharmaceuti- 
cals bas been a feature of. the 
international food industry, 
.says this is Tiger's first major 
move outside food and feeds 
since its Incorporation. 

Last year Tiger earned 202 
cents a share; of which 30 cents 
was derived from the fishing 
side, and paid 52 cents a share. 
While the going may be barder 
this year, a rise in the divi- 
dend would not be out of 
character and the shares at 
-940 cents yield 5.5 per cent, a 
premium rating but merited 
by the profits record. 

This announcement appears as a matter of record only. 

March, 1978 


Kuwaiti Dinars 12,000,000 

Societe Nationale pour la Recherche, la Production, 
le Transport, la Transformation et la Commercialisation 
des Hydrocarbures (SONATRACH) 

8 % percent. Guaranteed Bonds due 1990 

(redeemable at the option of the holders in 1 985) 

guaranteed by 

Banque Exterieure d’Algerie 

Kuwait International Investment Co. s.a.k. Financial Group of Kuwait K.S.C. 

Aba Dhabi Investment Company Arab African Bank — Cairo 

Hie Arab Investment Company S.A*A. (Riyadh) Arab Petroleum Investments Corporation 
Union de Banques Arabes et Franfaises — UJ5.A.F. Banque Nationale de Paris 

Wardley Middle East Limited 

Arab Malaysian Development Bank Berhad B.AJ.L (Middle East) Inc. 
dticorp International Group — Bahrain Dflloo, Read Overseas Corporation 

The Gulf Bank K.S.G. The Industrial Bank of Kuwait KSC 

Kuwait Financial Centre S. AX Kuwait International Finance Co. SAJL "HFCO” 

Kuwait Real Estate Bank K.S.C. Ike National Bank of Kuwait S.A.K. 

AlafcU Bank of Kuwait (K.S.C.) Algemene Bank Nederland N.V,, Bahrain 

Al Sdudi Banque, Paris American Express Middle East Development Company SAX. 

Arab Finance Corporation S. A.L. Arab Financial Consultants Company SAX 

Arab Investments for Asia (Kuwait) (k3-c.) Ibe Arab and Morgan Grenfell Finance Company limited 
Arab Trust Company K.S.C Bank of America International limited 

Bank of Lebanon & Kuwait SJLL. Bayerisdie Vereinsbank International, Societe Anonyme 

Burgas Bank S.A.K. Kuwait ByWos Arab Finance Bank (Belgium) SA Byblos Bank SAX. 

European Arab Bank Ltd. European Banking Company Limited Frab Bank International 

J. Henry Schroder & Co. S.A.L. Kredietbank N.V. Manufacturers Hanover limited 

National Bank of Aba Dhabi The National Commercial Bank (Saadi Arabia) 

Nederbndse Crediefbank nv Salomon Brothers International limited 

Union de Banques Arabes et Europeeunes - U.BjLE. Societe Anonyme 
Wood Gundy Limited 

Bank of Cyprus 

TOTAL group deposits of the 
Bank of Cyprus were C£144m. 
'.at the end of 1977 compared .to 
C£l2Im a year earlier. In Tues- 
day’s editions, deposits were 
stated at C£20m. against 
C£182m. These figures applied 
to increases during the year 
and related to the posit of the 
Cyprus banking companies 



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FX 26.40 

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“S’. i* 

Downturn forecast 
by Fuji HI after 
sharp rise in profit 


NET PROFITS at Fuji Heavy 
Industries, manufacturer of tbe 
Subaru Leone compact car sold 
in the UK since last December, 
rose by 70.2 per cent, !0 Y4.72bn 
(920.8m) for the year to March. 
But it expects profits to fall 25 
per cent this year. 

As a result of brisk sales of 
compact cars, the company’s 
sales rose by 21.2 per cent to 
Y307.9hn ($1.4hn). While cars 
accounted for 75 per cent of the 
total sales, rolling stock for 7.5 
per cent, hus bodies for 5.3 per 
cent, aircraft for 5.5 per cent 
and 'industrial machinery for 6 
per cent. 

During the year, the company 
produced 373.J53 vehicles, or 
47.137 more i ban m the previous 
year, of which R2.70R vehicles 
were for Nissan Motor. U 
exported 44 per cent (120.084 
vehicles) of production to ihe 
U.S. and Canada and started to 
export to the U.N. at the end of 
last year. 

TOKYO', May 24. 

Exports in value accounted for 
32.9 per cent of the total 
revenue. However,, the com- 
pany's doilar-based exports' io- 
curred a YlO.Sbn exchange lbss 
as a result of the higher yen 
exchange rate. To meet the rise 
in the yen, iho company raised 
export prices five times during 
The year, and carried out cost 
reduction measures by boosting 
production and through ration- 
alisation moves. The company 
also reduced interest payments 
hy cutting down borrowing by 
Y i.i bn. This was sufficient to 
cover the exchange loss. 

Rccurrine profits were Y9 54bn. 
up 19.S per cent. Because of 
the higher yen value, the com- 
pany expects a modest profits 
performance for the current 
fiscal year, forecasting a 25 per 
cent, fall in current profits to 
YThn. and net profits down 25 
per cent, to Y3.5bn, on sales of 
Y325bn. up ti per cent. 

Leasing group expansion 


TOKYO, May 24. 

DESPITE THE slump in private 
capital investment. Orient Leas- 
ing improved its results for the 
six months to March, with 
recurring profits rising 9.7 per 
cent to Y323hn (SI4.4m) and 
net profits up 11.4 per cent to 
Y7I4m fSS.lm). 

In order to cover setbacks in 
traditional lines, such as indus- 
trial machinery, the company 
expanded into new business 
areas, such a.s medical equipment 
and optical precision machinery. 
At the same time, it strength- 
ened its conservative risk policies 
by raising the quality of leasing- 
receivables. As a result, new 
lease receivahles for -the - year 
declined by 15 per cent. 

Howcvpr. a large part of the 
company's lease revenue 
stemmed from contracts signed 
in the previous year with much 
wider margins. Thus lease 
revenue earned (sales) rose by 

11.5 per cent to Y45.65bn. 
Industrial machinery accounted 

for 14.3 per cent of total sales, 
office machinery (computers) Tor 
39.1 per cent, transportation for 
4.6 per cent, retailing and 
services for 7JS per cent, elec- 
trical and electronics for 5.7 per 
cent and medical equipment for 

6.5 per cent. 

Helping the rise in-profits was 
the reduction in interest rates 
which cut the interest paymed 
burden substantially. 

Matsushita Malaysia gain 


PRE-TAX PROFITS of Matsushita 
Electric Company of Malaysia 
rose by 45 per cent last year to 
S.54m Ringgits iS3.6ra). on a 30. 
per cent increase in turnover to 
70m Ringgits. Exports Rose by 55 
per cent, underlining the import- 
ance of this sector to the com- 
pany’s future growth and. profit- 

Tbe .company is paying a final 
dividend of 20 per cent against 
15 per cent, last year. 

Despite ■, higher labour ‘eo'ns, 
and more expensive imports from 

Japan because of the appreciation 
of the Yen. the company expects 
to maintain its position as the 
leading manufacturer of elets 
tru-al appliances in Malaysia, 
with its plans to buy more 
sophisticated and efficient 
With the introduction of colour 
television in Malaysia at the end 
or tfa year, the company also 
expects- improved sales in the 

; The- parent Japanese- company 
owns 43 per cent- of -Matsushita 

cic group 

The leading 
.in France 

Credit Industrie! 
et Commercial 


74 London Wall EC2M 5NE 
Telegraphic address: 

Canonicus Ldn EC2 
Phone 638 57 00 120 lines) 

Telex 886 725 Canonicus Lda 

Foreign exchange s 

' telex 888 959 Canonex Ldn ■ S 



(/ncorporaietd in the Republic of Singapore) 

U.S. $25,000,000 Floating Rate 
Note Issue due 1981 

For the six months 

25th May, 1978 to 27th November, 1978 
The Notes will carry an 
interest rate of 8-ft per cent, per annum. 

By: Morgan Guaranty Trust Company of New York, London 
Agent Bank . 

This announcement appears as a matter of record only. 

May, 1978 

(.d ru ft) 



. .. Kuwaiti Dinars 7,000,000 

7% Certificates of Deposit Due 10 May 1981 

The above Certificates of Deposit were placed by 

Kuwait International Investment Co. s.a.k. 

The Financial Tunes 



: W. 





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suggest investment that offers natural growth 

We believe British agriculture needs City 
finance. For City funds land is a first class 
investment, often outperforming 
commodities, equities and gilts. 

Prime acres have survived recent 
economic setbacks well, and offer a highly 
attractive proposition to institutional 
investors looking for strong growth. Bents 
have been growing at 50% every three 

years with consequent capital growth. 

The important thing is to invest in land 
which is of good quality, well-farmed, and 
held in economically-efficient parcels. 

Assessing these qualities is a matter of 
knowledge and experience. 

That’s where Savills come in. 

Savills have trained agriculturists on 
their London staff, and in their offices 
throughout the country. 

A purchaser therefore has access in 
London to a complete service for the 
valuation, purchase and management of 
Estates in any part of the country. 

Any investment fund would be well 
advised to look at agricultural land. 

The Partners responsible for agricultural 
investment are Jeremy Wilson and 
George Inge. 


The complete propert y service. 

20 Grosvenor Hill. Berkeley Square, London W1X OHQ. 

Tel: 01-499 8644 

Banbury Beocles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam J 

Associates in Scotland. Represented in Guernsey. 


‘ — - '. — •Vr.- 

Financial Times Thursday May 25 1978 




Thursday May 25 1978 

in the 
hands of 

Anthony McDermott 

ipa R c ,?y1 0 T S un^^ B t L h E e Caught in the centre of the Middle East’s territorial and political problems, and lacking the 
stogie entity, has become one natural wealth of many of its fellow Arab states, Jordan is none the less achieving substantial 
existence is_veiy much* syra- growth and development, and is managing to maintain its place as a leading Arab state. 

bolised by King Hussein, who 
has been on the throne for more 
than a quarter of a century in 

*2 pal estinians then which is most Mr. Begin's advent to power conducted through Mr. Adnan frustration at the Israeli inva- resolutions of Rabat essentially The key question will be the 
JLT:® tnrone and held against him in the Arab has increased King Hussein’s Abu Odefa, the Information ston of Lebanon. It signalled excluded anv nolitieal oreanisa- extent to which recommenda- 
person, longer than any other world. Since 1970. Kins Hussein mnrom about the limited Winictpr whrt Is in nharaa a!c/» tnn thif ■» uiirhin Tnrrlan _ . _ ^ .. > n... 



36,617 sq miles 




JD 535.4m 

Per capita 

JD 196 

Trade (1977) 


•JD 436£m 


•JD 83.63m 

Imports from 

UK £49m 

Exports to UK 


Currency: £I=JD 0.563 

* Preliminary 

Central Bank 

The fact 

- — jaiavu toimitu inaeea ue iuiu After the Rabat summit auegiance is not to tne Sharaf himself when asked 

i T . . only once, in Cairo in March a group of American business* there followed aseries of events Hashemites. It made the addi- P ar ** Secondly, Israel continues about press coverage. He made 

th of Jo [? a £, s survival 1977— the culmination of a men in March that "our feeling W hich illustrate the third theme bonal point that it was neces- to occupy the West Bank (and ^ noint that "We don't have 

Jordanian-PLO dialogue which has always been since the ISSB W to create a political body refuses to have anything to do but cerSSlv oir 

it is essentially a country with- has since effectively died out, in (Israeli* elections that the £ "2? iSSS tJEJlEIS to replace the lower House of with the PLO). Others criti h p ‘ but rertajnIy our 

was a »>.Trinhn 0riC < i f plte , of further contacts at choice was very dear to the Syri^^as ™f«ulul ' of 8 betoe Representatives suspended in cised the NCC on the grounds {jJ^neetMo coKmerate ^loseta 

^,o n !S phaS i Se 5 X 1Sra l el s lower levels year - Israeli electorate: territory or ggSrt to eSp?s a-kemeS November 1974. half af whose that its members were largely “* h n f h c e d thll 

n *^* 5 c J ® rus f^ em The low profile approach has peace, and probably a substan- w j t j, Israel over Sinai°to 1974- 80 members were drawn from to sympathy with the Govern* . th ’/ ■ 

end the rest of the West beet, perhaps , to most M mffS of M opted SS.'S? TtSZH tot <h= « Bant If. mm, mm.M that, because it was 

JfF* * that frequently .adopted posture, for territory as opposed to sought out Jordan as a'noten" that the current difficulties of appointed, the King had th 
Amman, although rapidly turn- directly as a result of becoming peace. What we have witnessed nal ally Some limited oroaress the Middle East situation, par- ultimate right of hire and fire. 

me Jordan- — a pa in «r nlannnrc’ tho m n oo f a— urn auy. avme unuien progress , ^ 

ing Jordan — against 
wishes — into a 

jinst planners’ the most identifiable hate target and seen during the last few has been made economically to ticularly 
city-state, is a for other Arab states (a role days (Israel's invasion of south *2? mit co£c 

since the Rabat sum- 


porting proceedings, much 
as. . . members of the council 
.^s. It remains to be seen how ought to restrict themselves by 

relationship, nut conference and Mr. Sadat’s effective the NCC is to be. their sense of responsibility 

are i Sr A a f e1 ’ Sharif Sharaf in a television from bordering on the negative 

has some sort of political evolution interview last month gave one and merely probable or even 

darabUiw stanmed in its early and party because of Jordan's SSJ* .^VorTwortSTSoui " taSta* spTr?” tto Mitotic Svisaae’s ’’Sg 

years from having friends in economic and strategic weak- what I see at this, staee ” ♦ * wT *. SP • “• at . ® e envisages this , 

the West who were on occasions ness. But perhaps the must . . I see at this stage. which to take two initiatives. Thus, on Apnl 24 King experiment as a step m the Pale Still I MS 

prepared to intervene on its significant example of how Aid 0ne - ^ circulation of a posi- , tiie 6 ^ n ! emb f r dtrecrion of dialogue and con- 

behalf physically. Since then, these tactics have paid off came , . . „ _ M . tion paper aimed at reforging NCC, deliberately not in the saltation and more participatory This political approach has. 

King Hussein has learned three after the Arab summit in Rabat . Nevertheless far from wash- unUy i s discussed to the new building for the suspended government than administrative of course to be tempered by the 
main lessons- when to act in October 1974. There the "8‘ts bands of the West Bank, article on foreign policy. The lower house. Some in Jordan improvement” Sharaf said that Palestinian presence on the 

powerfully in the interests of Arab states recognised “the J ?™ an ha l continued to give second is the establishment of have argued that the King the law had defined the powers East Bank which may constitute 

**■“ officially a National Consultative Conn- missed an opportunity to hold of the NCC as "First: every as •much as two thirds of the 

very much the brainchild overall elections. But the main law or every legislation has to population. Government offi- 

Sharif Abdel-Hamid Sharaf, potot about the NCC is that it is go through the consultative rials with considerable justifica- 

June 1987 the end the Chief of the Royal Court, a domestic East Bank organise- council which has to give the tion maintain that to draw a 

King Hussein was clearly of test year * Tbis was and Mr. Mudar Badran, the tion (even though it contains Government its opinion, distinction between Palestinians 

which he broken down ,T, to loans by p r i me Minister. within its broad mix of pro- Secondly: the council itself can and " bedouins ” is artificial, 

guerrillas who seemed to pose a accepted, but he shrewdly commercial banks worth JD The opening of the NCC may fessional representatives, poli- propose legislation or can pro- Firstly, this is because all are 

dire threat to the throne was calculated that, even though the fr °zen 3oans from credit we ii have been speeded up by tirians of a wide range of views, pose the annulment of legisla- classified as Jordanians. Indeed, 
one example of King Hussein's PLO appeared to have -arrived specialised institutions worth the demonstration by Pales- tribal leaders, and. above all. tion or the amendment of legis- Jordan has been the only Arab 

determination to act decisively on the international seene and 3 - 6m ; government cash tinians to March leading to three women), containing at the lation. Thirdly: the council can country to grant passports and 

in the interests of self-preserva- at the' UN, its -chances of transfers to West Bankers dashes with the police and. same time about one dozen discuss public issues, or public full nationality to all Pales- 

tion, and with force if necessary, regaining the West Bazik by JO 5.4m: and government according to official reports, the members with identifiable links policies in various areas, tinians. Secondly, of the 

In spite of the violent treatment itself, were extremely limited — salaries and rents JD $7.7m. In deaths of six people. Hiis with the Israeli-occupied West Fourthly: the council can look “bedouin” only one third are 

of the Palestinians in the the more so since toe election fact, Jordan's aid to the West demonstration was not so much Bank: ' But the Government into the various services of the still migratory. However, there 

Lebanese civil war, it is still which brought Mr. 'Menahem Bank may well be higher. Con- against the Jordanian Govern- was acting under two major res- Government and ask questions is no denying the fact that King 

King Hussein’s crushing of the Begin to power in Israel- tacts with the West Bank are ment as an expression of trictians. The first was that the and discuss these issues.” Hussein depends heavily on the 

\ i £ - 

n the interests of Arab states recognised “the tw ™ rJfLfn* secc 

ival: when to adopt p L0 in its capacity as the sole ^ *?. 11131 area ' 0 ®. t o 1 ^ y a & 

J tiring profile: and legitimate representative of the 5° JI ? ciL 

launch modest Palestinian people over all f$156.<m) between toe war of 0 f ; 

his own survival 
a low and retiring 

when to launch 

initiatives. liberated territory. 

The military drive in 1970-71 
against the Palestinian hurt by this decision, which he 

predominance of the "bedouin” 
element in his armed forces and 
their iraditional tribal loyalties 
to the Hashemite throne as the 
ultimate guarantor of his con- 
tinuing in power. He returns 
this loyalty by acting very much 
as his own Defence Minister 
(nominally Mr. Badran) and 
taking a very close interest in 
the programme to re-organise 
and modernise the armed 

The question of the Pales- 
tinians on the East Bank is 
itself complicated. The attitude 
tbey take towards the Hashe- 
mites is conditioned by whether 
they arrived before 1948, of 
their own accord; whether they 
arrived afterwards partly as re- 
fugees and partly whether they 
then established themselves 
within the country's administra- 
tion or in commerce; whether 
they arrived after 1967. again 
as refugees or not: and also 
whether they perhaps come 
from families with connections 
still on toe West Bank or even 
in Israel itself. Furthermore, 
the attitudes of each of these 
groups have been coloured by 
their economic status, and their 
reactions to the events of 1970* 
71. the Lebanese civil war. and 
the Israeli invasion of Lebanon. 

Essentially, the domestic and 
pan-Arab pressure is off Jordan 
for the moment. As a result, it 
is able to enjoy a period in 
which it has externally per- 
mitted itself a modest diplo- 
matic initiative, calling for 
greater Arab unity. At home. 
King Hussein has been able to 
steady the economy and attempt 
to build it up to cope 
with longer term considera- 
tions, and politically to con- 
struct to the NCC an interim 
political organisation. It is 
enjoying a breathing space be- 
fore the diplomatic moves in 
the wake of the apparent 
failure— or at toe very least, 
deadlock— of the Sadat initia- 
tive work themselves out 

'■ L ■ 

Financial Times Thursday May 25 1978’ 



Steadier economic 

$ l ! If* 


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Head Office: PO Box 1578. Amman, Jordan. 

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Jordan and Lebanon Branches 


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Paid-up Capital 
Total Assets 

JD 1.500.000 
JD 656.747 
JD 33,539.127 
JD 49,006£34 

Amman— Main Brandi Jerusalem 

Amman — Wihdat Branch Nablus 

Amman — Mahata Street Hebron 

Amman— Jabal Amman Sweiieh 

Z erica Wadiseer 

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(Industrial. Military, Electrical Equipment and 
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P.O. BOX 2235 still under 

Cable: AYMENCO establishment 

Tel: 41586 


AFTER A DECADE of weak- 
ness and fluctuation, Jordan's 
economy is beginning to settle 
down and establish institutions 
which should enable its future 
to be steadier and easier to 
control than in the past. 

The reasons for the former 
weakness and today's com- 
parative strength are charac- 
teristic of Jordan’s ppsition as 
a whole in the Middle East, 
exposed as it is to whatever 
political or economic winds 
blow in the area. Thus between 
1967 and 1973. Jordan lost the 
West Bank as a result of direct 
involvement in one Arab-Israeli 
war. It then suffered from 
subsequent bombardments along 
the Jordan Valley and the 1970- 
1971 civil war in which King 
Hussein crushed Palestinian 
forces in the country. It 
suffered again, indirectly, from 
the 1973 war. In losing the 
West Bank to Israel, Jordan 
forfeited an area contributing 
45 per cent of the GNP, one 
third of agriculture, two-fifths 
of wholesale and retail trade 
and over half the country’s con- 
tribution to services. (And since 
1973. the West Bank has been 
excluded from Jordanian GDP 
data.) Furthermore some 
300.000 refugees streamed over 
the Jordan river almost doub- 
ling the number of Palestinian 
refugees already on the East 
Bank. In addition, Jordan has 
often been politically un- 
popular in the Arab world — 
and has suffered for it 

Political fortunes have by the 
same measure accounted -for 
Jordan's recover}-. First it 
has benefited from the growth 
in the wealth of the oil pro- 
ducing countries. Secondly, the 
civil war in Lebanon and pro- 
tracted political uncertainty 
there has led to many business- 
men and financiers shifting 
their offices and centres of 
operation from Beirut to 
Amman. Thirdly, Jordan has in 
recent years been enjoying 
greater political stability at 
home and acceptance in the 
Arab world. On this foundation 
Jordan's economic, managers 

have — within the constraints 
of a free economy in a develop- 
ing country — started to build 
up the means of making the 
country more prosperous, to 
encourage private capital into 
less immediately profitable 
areas, and to move inwards 
making the economy — in the 
long run — more independent 
than it has been in the past. 

In recent years as figures for 
the real growth in Gross 
National Product (GNP) indi- 
cate, the behaviour of the 
economy in boom years has 
been as erratic as it was in the 
bleak earlier period. For 
example in 1974 it rose by 10.7 
per cent, fell back in 1975 to 
6.9 per cent, and then rose by 
25.8 per cent. Last year the 
growth rate was expected to 
reach 10 per cent and to decline 
to between 6 and 8 per cent for 
this. The 1976-80 development 
plan puts the annual GNP 
growth rate at 11.5 per cent. 


The underlying fact is that 
Jordan — more than ever since 
the occupation of the West 
Bank — is a small country with 
meagre natural resources. As 
a result it is extremely depen- 
dent on aid and grants to 
finance its trade gap. and 
budget: to permit the develop- 
ment of the economy: and to 
pay for military expenditure. 

. This year, the main contri- 
butions in aid and grants will 
be 8104m from the U.S. (com- 
pared with $82m in 1977) com- 
posed of 842m in budgetary 
support. 846ra in capital long 
term loans on soft terms. 85m 
grant project assistance and 
811m from PLO 480 food pro- 
gramme. West Germany 
agreed in April to provide 
technical and financial aid worth 

Such, however, are the terms 
of the aid Jordan receives, it 
has in comparison with other 
countries only a small debt ser- 
vice ratio. Far example, in 
1976 debt service payments on 
external public debts of. 
JD 126.9m amounted to JD8.25m 
on 4.5 per cent; this year Jordan 
is. expected .to., pay debts 

amounting to JD8.9m against 
overall debts of JD143-2m — a 
ratio of 6.2 per cent. This 
ratio is expected to rise to 10 
per cent in I960. 

The pattern of this aid is 
changing. Both Saudi Arabia 
and tbc U.S. are moving away 
from untied grants to aid con- 
nected to specific projects 
(although Jordan has never 
been as wasteful as say E-^ypt 
in its use. of money from out- 
side). Jordan is aware of this 
and is gradually trying to re- 
duce this- dependence, but it 
will take a considerable time. 

But the budgetary exercise 
each year underlines Jordan's 
basic vulnerability. Expendi- 
ture this year is to reach 
.TD371.8m or S1.2bn tup 9.6 per 
cent on the year before), 
and revenue JD356.8m (or 
JD44m' or 14.1 per cent up on 
the previous year). The deficit 
of JDlam for 848m) is to be 
covered by domestic and 
foreign borrowing. But every 
year. Jordan suffers from not 
being able to use its budget as 
more than a general indicator 
nf its priorities and intentions 
(this year for example the 
armed forces and public 
security forces are to receive 
JD95m — 8304.5m and civilian 
services JD85.2m — S273m) 
because of the doubts about the 
timing and arrival of Arab aid. 
The budget this year was pub- 
lished one month late and it 
was reckoned Lhat it would be 
lucky to obtain all the JD103m 
in foreign financial aid it was 
hoping for. 

There are elements of 
Jordan's economy which are 
almost an embarrassment, caus- 
ing aid and grant suppliers to 
wonder whether it requires as 
much support as it receives. 
For example, foreign currency 
reserves have been accumulat- 
ing powerfully (in part as a 
deliberate hedge against declin- 
ing aid receipts). According to 
the Central Bank of Jordan, they 
rose by 36.4 per cent over the 
12 months ending last February, 
when they stood at JD 225.4m 
($722.5m). They may well rise 
this year further to a level 
covering more . than seven 
months’ imports. At the same 
time. Jordan's balance of pay- 
ments has been In surplus for 
some years. The surplus in the 
balance of caoital and current 
accounts was JD 3 80m fS12.2m) 
in 1973. rising to a peak of 
JD 27.34m' (S87.6m) in 1976. 
and. according to preliminary 
estimates, falling to JD 2.89m 
(S9 3m) in 1977. 

- The main outflow results from 
the balance of trade • whose 
deficit has risen From JD 88.82m 
(8284m) in 1973 to JD 352.57m 

($l.I3bn) last year, even 
[hough in exports fruits add 
vegetables — particularly as off- 
season supplies — to neighbour- 
ing countries have been impres- 
sive compared w r ith the stagna- 
tion in receipts frurn phosphates 
caused by the decline in inter- 
national prices. 

The resource gap has been 
covered primarily by the 
enormous increase in workers' 
remittances — JD 14.70m (S47m) 
over the same period to 
JD 143.75m ($460.7m.): income 
from tourism — up from 
from tourism — up from JD 
10.71m l $34.3m> to JD 95.21m 
($305): and capital transfers. 
The latter have risen from 
JD 64.60m (8207m) in 1973 to 
JD 153.75m ($493ro.) in 19«i 
(three-quarters of which came 
from Arab governments and one 
tenth from the U.S.). However 
Mr. Najmcddin Dajani, the 
Minister of Industry and Com- 
merce, has said he expects the 
overall surplus to fall this year 
as payments for development 
projects start to become due 
and the income from remit- 
tances to level out to about 
S500m. (In fact the Central 
Bank may well be underesti- 
mating the total value of 
remittances to the economy 
— which do not all pass through 
its hands — by about half.) 

J I r ! i • ^ 



N.J " V ' 2 

\ sf V * 

\ ; ■*£■■■ 
EGYPT \ /aqau i„>™ 






i ' nkr 

—** . . nStey KopfM 


Between 1973 and 1976 infla- 
tion was largely the result of 
import prices and excess 
liquidity in the domestic 
economy caused by an increase 
in government expenditure 
without a parallel rise in 
domestic revenues: the inflow 
of workers' remittances, and 
the rise in hank credits from 
commercial banks which rose 
by 44.6 per cent in 1975 and 
51.3 per cent in 1976. There- 
after wage rises — they have 
more than doubled in the last 
three years — as a result of the 
net emigration of labour and 
the cost of food and vegetables 
— in response to demand from 
abroad — have been major 
factors. However, it is esti- 
mated that because of the 
levelling off in wages and im- 
proved harvests the inflation 
rate could fall this year. 

The article on the 1976-80 
Development Plan indicates, 
after two years, a broadly satis- 
factory performance. It . has 
reinforced the Government in 
its view that in the wake of 
the “boom." the time has come 
to take initiatives to stabilise 
the economy, promote institu- 
tions and incentives to involve 
the private sector in productive 
enterprises, and to. stimulate 
foreign investment. 

In addition. Jordan will have 
further recourse to the Euro- 
dollar markets to bring its bor- 
rowings, since the first loans 
in April 1977 of about $S0m. 
to nearly 8200m. The Central 
Bank disclaims responsibility 
for inflationary pressures since 
1976, saying lhat it took such 
measures as imposing ceilings 
on credits, and credit-deposit 
ratios. These have, however, 
since been relaxed to pneourage 
the inately conservative com- 
mercial b3nks to be more 
adventurous in making avail- 
able credit for productive 

Thus in 1976. while general 
commerce and trade took 44.4 
per cent of outstanding com- 
mercial bank credit, followed 
by the construction and pur- 
chase of land and buildings 
16.8 per cent and industry 11.8 
per cent in 1976. at the end of 
February this year the propor- 
tion held by trade had fallen to 
39.4 per cent, that of industry 
had risen to 13.2 per cent. Con- 
struction's share was up at 1S.4 
per cent, but this is down on 
the 1975 peak of 21.6 per cent 
Some further encouragement of 
a shift away from trade and 
real estate can be taken from 
the fact that whereas in 1976 
201 industrial licences were 
issued of which 79 were con- 
struction-related. while last 
year only 25 out of 114 fell into 
the same category. 

In addition, in 1977 the Cen- 
tral Bank issued development 
bonds worth JD12m of which 65 
per cent were bought by the 
public sector. At the end of 
this month JD5ra second issue 
goes on sale (with an interest 
rate of 8 per cent for the pub- 
lic, 2 per cent more than rate 
available for others). 

A key role is being played by 
the half dozen specialised credit 
institutions covering agricul- 
ture. industry, housing, co- 
operatives. pensions and vil- 
lages. financed by private, 
equity participation, govern- 
ment and Central Bank loans 


Tense border and 


regional affairs 

















1 JD= US$ 3.17 (APPROX.) 






Sister Institutions: 








Lagos, a pa pa, inolo 

IT IS A TRIBUTE to the quick- 
wittedness and soft spoken 
determination of Jordan's 
monarch. King Hussein, that 
he has remained on the throne 
for 25 of the most turbulent 
years of the Middle East 
During this time he has man- 
aged tu keep the Hashemite 
monarchy alive surrounded by 
enemies who at best want to 
whip him into a line inimical 
to tbe interests of Jordan and 
at worst are after his scalp. 

His foreign policy — or at any 
rate the tactics (because one 
cannot honestly speak of a 
Jordanian strategy) which guide 
it — have been governed by a 
remarkable ability at political 

" Whenever Jordan is pre. 
sented with options 1 A ’ and 
‘ B he told a recent visitor, 
“we look for option ■ C.’ " With 
the exception of the Hashemite 
struggle for survival in 1970 
when King Hussein ruthlessly 
attacked a threatening Pales- 
tinian guerrilla movement, the 
Jordanian regime never picks 
a fight. 

Equally when the backcloth 
against W'hich Jordan survives 
becomes troubled, such as it 
is at present King Hussein 
studiously avoids taking sides 
and. wherever possible, seeks 
a compromise. Unrest in a 
hopelessly split Arab world 
often provokes unrest in Jordan. 
This is partly because Jordan 
is vulnerable- — it has the longest 
frontier with Israel — but largely 
because a large proportion of 
ils population is Palestinian. 
And the Palestinians are as 
good a barometer of unrest in 
Ihe Middle East as any other 
single element. 

The recent, apparently spon- 
taneous, riots by young 
Palestinian elements in Amman 
protesting at the Arab world’s 
inability to react to Israel's 
invasion of Southern Lebanon 
a I a time when Israeli diplo- 
mats were in Cairo talking 
peace with President Anwar 
Sadat, was a perfect example of 

this barometer at work. 

Equally. King Hussein’s reac- 
tion to these events was a 
textbook Jordanian foreign 
policy move. Shortly after 
senior Jordanian officials fanned 
out across the Arab world with 
a detailed and reasoned recon- 
ciliation plan in an effort to 
promote an Arab summit. 
Jordan was not affected by the 
Israeli incursion into Lebanon. 
Neither has it been directly 
involved in tbe Sadat peace 
initiative any more than it is 
affected, in any immediate 
c ense. by the resulting quarrel 
between Syria and Egypt. But 
Jordan felt the shock waves 
and instability, whether inside 
or outside the country, is 
something which the Hashemite 
regime can ill-afford. 

The Jordanian plan is a re- 
markably clear blueprint for 
Arab co-operation in the politi- 
cal. economic, diplomatic, mili- 
tary' and information fields, 
cnn.-entrating on strengthening 
the standing of the M confronta- 
tion " states with Israel. Apart 
from calling for an Arab sum- 
mit. it presses For co-ordination 
amongst Arab slates to be 
stepped up so that overall unity 
in terms of the Arab-Israeli con- 
flict would not be damaged by 
bilateral Arab disputes. It also 
calls fur the Palestine Liberation 
Organisation tPLO) to he separ- 
ated from the direct influence of 
individual Arab governments. 

as it still is, calling for Presi- 
dent Sadat’s overthrow. 

Elsewhere the plan was lis- 
tened to attentively but. not un- 
fairly. regarded as premature. 
“ Mind you." commented one 
top Jordanian adviser, “ it wnuld 
have been a different matter 
had the plan been hatched in 
Riyadh or Cairo.” Perhaps so, 
but the fact is that the Arabs, 
never united at the best of times, 
are not yet ready lor com- 

Throughout the days when the 
Sadat peace initiative stood its 
best chance of taking root King 
Hussein came under intense 
pressure, particularly from the 
United States, to join the direct 
talks with Israel. At one point 
there were strong rumours that 
the King was seriously consider- 
ing this option. 

But e\’en a superficial 
analysis of the Jordanian pnsi- 


and concessionary foreign loans. 
To co-ordinate and regulate 
their operations the Develop- 
ment Credit Council has been 
set up under the chairmanship' 
of Crown Prince Hassan. Of 
these banks, the Industrial De- 
velopment Bank has mBde a 
major contribution, exceeding 
its lending to about 30 per cent 
more than it was supposed to 
during the first two years of the 
Development Plan. 

At the beginning of the year, 
a new financial institution, the 
Stock Market opened in Amman 
to replace the small volume of 
private equity share trans- 
action; (Government bonds' 
being handled by the banks). 
Its operations are restricted 
initially to Jordanian storks, 
shares, and bonds, and as there 
are only some 170,000 share-'- 
holders in Jordan, the volume 
of transactions has been small. 
It rose from JD 153.000 in 
January, to total during the 
first quarter JD 643.000. while 
daily transactions have risen by 
107 per cent, over the period. 
It is intended that the stock 
market should provide a new 
source of funds for and a means 
of focusing attention of the 
public on the activities of com- 
panies, of whom there are 100 
listed with public shareholding 
but of which by the end of 
March only 37 had ' been 
registered with Lhe Stock 

Earlier this year, as part of 
Jordan's hopes of establishing 
a developing capital market 
the Arab Jordanian Investment 
Bank, with potential for 
medium and long-term financing 
operations, was set up as the 
first merchant bank-type institu- 
tion — followed later by two 
others, the Jordan-Gulf Bank 
and Petra Bank. 

Jordan has also been striving 
to encourage foreign invest- 
ment. ' A number of foreign 
investment laws have been 
published, first in 1952 and 
latterly in 1973 and 1977. In 
April an investment guarantee 
agreement was concluded with 
Britain, the fourth after similar 
ones with West Germany, 
Switzerland and France. The 
Central Bank, even though 
aware of Jordan being possibly 
overbanked, is encouraging 
Jordanian and Gulf banks to 
attract money from that area. 
This year exchange controls 
have been eased to permit 
Jordanians to hold foreign 
bank accounts (up to JD 5,000 
per person) in Jordan, and to, 
continue to hold foreign 
currency accounts opened while ■ 
abroad. To stimulate local 
industries, restrictions on the 
Import of raw materials, parti- 
cularly those to be processed 
and re-exported to Arab coun- 
tries were removed. Non- 
Jordanian Arabs were permitted 
to purchase shares in Jordanian 
companies withour restriction. 

In spite of this marked 
improvement in the economy, 
Jordanian officials have few 
illusions about the size of their 
task — for example, they expect 
no Teal improvement in the 
balance of trade until the mid- 
1980s. But they do take 
encouragement from the oppor- 
tunities they have had to begin 
laying the basis for an economic 
structure to serve not just 
Jordan, but also the region. As 
one summed up, ** We hope to 
be mentally not a developing 
country — but economically we 

Anthony McDermott 

/ 3 sj\ Insurance 

{(T nmnmm 


“ If the Arabs had any sense i 
they’d take a long, hard look al 
it.” one senior diplomat in the 
Jordanian capital remarked. 

But Jordan's exhortations fell 
on deaf ears. One Syrian official 
in on tbe talks with King 
Hussein's envoy. Sharif Abdul 
Hamid Sharaf. chief nf the Royal 
Court and King Hussein's key 
adviser, described the initiative 
as “ nonsense.” He could 
hardly have done otherwise at a 
time when the Syrian press was. 

Head Office: P.O. BOX 2938, 


Marine - Fire • Burglary • Motor - C.A.R. • 
Miscellaneous Accident. • Full service for 
International contractors for Jorda nian pro- 


Jordan's only company writing International 
Reinsurance business. 

Telephones: 42204-42207 Telegrams; AL AHUA 
Telex: 1588 AHUA JO 

UK. can tar; office: Queens House, Holly Road, Twickenham.. 
' Middlesex. (Tel: 01-891 0202) 

l).. r ; -- 

Bor. : 



* W. |L . 

? h 

Mi 1 

Financial. Times Thursday Kay 25 1978 




starts to 


ffWW SMALL size makes 

n.n° bit'thi 0 centraIised Ptan- 

*1"° 5 ut the ec onomy’s heaw 

dependence on the private 
sector precludes too much gov* 
crnment control in charting 

SPrtSlS take deV ' e3 ° Paient 

middJe ««se rs 
which the state's young, plan- 
happy, .-technocrats establish 
guidelines. Within these the 
private sector is encouraged to 
proceed fay a combination of in- 

Ss taTh 1 ??. •inducements. such 
as tay holidays, low-cost land 
and the provision of essential 

p.- « ««« ”S 

Bnlf S i n $ by -' orda "' s Perform- 
^ y_CMC,ly ^'f-way 
through -the current 1976-1980 
lue year plan — one has to -look 
favourably on both the country's 
approach to developmental 
rivi^n », and its ac hi elements. 
?' t ™ 1 11 the cou ntiy’s continuing 
successes over the p ast few 
years speak for themselves 
, .The current five-year plan is 
the latest and most dramatic 
example of the dominance of 
Jhe private sector. Of the total 
planned investments of JD765m 

- JrfSf " Ver 50 per cent 

" r - J P 3S3ra ’S supposed to 
cp™e from private sector 

A " d " f ^ government 
share, the bulk comes from long- 
term concessionary loans or 
grants from abroad 


; Given this reality of a plan- 
ning-c o'pscious government 
which is also cash-poor, the 
planning effort in Jordan has 
evolved into a close partnership 
between the public and private 
sectors what one former gov- 
ernment minister calls “.a 
reflection of the concept of 
family that pertains in the 

The Government takes the' 
lending- role in large-scale 
economic planning of infra- 
srruciural projects which arc 
beyond the means of the rela- 
tively small and conservative 

Private sector. These Include 
& e K ajrporls ' the sole port at 
Aqaba, telecommunications and 
water projects, and productive 
schemes such- as Jordan Valiev 
irrigation projects, the Dead 
, 8 potash plant, the chemical 
fertiliser plant at Aqaba and 
the mainstay of the economy 
fiver the past few years — the 
Phosphate Company.! 

The recent movement into 
projects on a far larger scale 
than ever before attempted in 
Jordan — such as the potash, 
Jordan Valley and fertiliser 
schemes, which will require a 
total of over $lbn to get under 
way— has meant that interna- 
tional lending institutions and 
Arab aid funds have been called 
on- to play a larger role than 
before in key projects. The 
fact that Jordan has never had 
any difficulty in finding inter- 
national financial backing — in 
hoth equity participations and 
concessionary loans— is in itseir 
testament to the fundamental 
strength nf Jordan's develop- 
mental drive. 

For the first two years of the 
current plan, government 
capital investments have been 
running slightly behind 
schedule, hut private sector 
spending has far exceeded its 
targets, particularly in such 
sectors as construction and 

The plan anticipates a high 
annual growth rate of 12 per 
cent of poss domestic product, 
and this has nearly been 
achieved, with the annual in- 
crease in GDP over the past two 
years averaging about JO • per 
cent in real terms, according to 
preliminary estimates. ' 

The cupent plan generally 
aims^ to increase the govern- 
ment’s reliance on , domestic 
revenues, decrease its depend- 
ence on externa] budget support 
and reduce the trade gap. While. 
Jordan does not expect to be 
totally self-reliant by 1980 it 
does hope to he moving more 
vigorously in' 'that direction 
This is expected to happen hv 
racing the relative' .'share of 
mining, industry and manufac- 
turing in GDP while lowering 

■ ■ : iir.'n . 

the relative share of trade and 
services This trend has in fact 
been followed during the first 
two years of the plan, and is 
expected to continue with the 
increasing willingness of private 
capital to find its way — often by 
the prodding of Government 
inducements— into productive 
sectors such as export-oriented 
industries and agriculture. 

The slowly-increasing sophis- 
tication of the banking sector 
and the opening of the Amman 
slock market this year are just 
two of the means by which 
private capital is finding the 
institutional framework within 
which it can be channelled into 
productive investments instead 
of gravitating naturally towards 
quick-profit ventures in 
commerce and land speculation. 


The brisk growth of the 
country's five specialised credit 
organisations— particularly the 
housing bank and the industrial 
development bank— is also 
testament to the development of 
domestic institutions which are 
proving themselves “ credible ** 
as Crown Prince Hasan calls 
“? vehicles for the 
mobilisation 0 f domestic 

The recent establishment of 
jwo high-powered ministerial- 
level bodies — the Development 
Credit Council and the Mini- 
sterial Committee for Develop, 
mem— has reflected the recent 
realisation that the implementa- 
tion of the development plan 
, s l ? motored much more 
closely There has been a tradi- 
tional feeling in Jordan that 
monetary expenditures neces- 
sarily reflect physical implemen- 
tation or projects while in fact 
there is a large lag between fhe 
two that has only recently been 
appreciated. . 

There is also a new willing- 
ness in Jordan to implement 
the plan with more flexibility 
postponing or slowing down 
some projects— such as the 
copper mining pilot project or 
the second cement factorv— if 
overall priorities dictate tins. 

In any case the plan is seen 
by senior officials as " indica- 
tive ” of where Jordan should 
he heading. This is' in part due 
to the traditional and lingering 
heavy dependence on external 
budgetary support, which makes 
capital expenditures by the 
state hard to plan too far in 

Domestic revenues now cover 
only 75 per cent of reeurrm" 
government expenditures, and 
the Finance Ministry is working 
on the assumption that Jordan 
will require $180m every year 
in foreign budgetary support. 
This is. of course, always vulneii 
able to the fickleness of political 
ties, and there have been some 
worrying signs this year that the 
high level of foreign budgetary 
support, such as from the U.S 
may drop slightly in favour of 
developmental assistance tied to 
specific projects. 

|There is also a realisation 
that the top priority concern of 
the government— fighting infla- 
tion— may require slowing down 
some parts of the development 
plan according to the dictates of 
tighter monetary policies. 

But overall. Jordan's planning 
strategy— like the state itself— 
has proved to be prudent and 
realistic as the biggest projects 
in the plan are now approaching 
full implementation, it is 
expected . that more dramatic 
results will be achieved in the 
second half of the plan than 
during the first half, particu- 
larly in agriculture, industry 
and mining. 

It is likely that regional 
events beyond Jordans control, 
both political and economic, 
will continue to push the 
domestic economy in directions 
not wholly of its own choosing 
But the difference today over 
10 years ago is that Jordan's 
domestic economic and political 
situation is much sturdier and 
corresponding^ more' able to 
withstand the buffeting it will 
continue to get from its central 
position in a turbulent region 
which has always made the task 
of the planners difficult 

Ifour key to unlock Middli 

SSTAV* . . 



! ■:/ 

Rami G. Khourij 

f , . 

Business centre 

WHEN' JORDAN - passed special 
legislation in late 1975 to 
encourage international com- 
panies to establish their Middle 
East regional offices in Amman, 
the rush of nearly 150 companies 
wanting to open such offices put 
a temporary strain on the 
already oven axed telephone and 
teji-x network. 

•When Guvernmenr officials 
realised the shortcomings of 
their capital's business infra- 
structure, senior* officials, in- 
cluding minister* and the 
governor of the Central Bank, 
voluntarily gave up their private 
office telephone lines tn enable 
some of the new regional offices 
to cet telephones immediately, 
as promised in the new legisla- 
tion. This is a good example of 
how Jordanian officials are try- 
ing to ronie up with temporary 
suf ni ions tn the bottlenecks 
wlnuii emerged during the 

economic frenzy of the past 
three years. 

Furthermore, the middle 
ground between the avid de- 
mands of the international 
business community for efficient 
services and the capacity of 
Amman's limited facilites ttf 
cope appears to have emerged 
at iasL 

In its desire to he a more 
potent regional business centre, 
Jordan needs time more than 
anything else. It has most of the 
attributes required of a good r£ 
gional commercial centre, but it 
has also realised that' its long- 
term role is that of one of a 
series of such centres scattered 
throughout the MiddJe East and 
Europe. As a result. Jordanian 
officials have now toned down 
their previously boastful claims 
to be an ideal relocation site 
for those companies fleeing 
Lebanon, and have settled into 



u r m w-uild have revealed this 
Tr* Have been an enormous and 
foolhardy risk take. Apart 
from ihe fact that Jordan must 
always keep a close 'eyp on us 
Palestinian population, how 

could King Hussein have sat 
down t*» negotiate with Israel at 
.runic when U- Prime Minister. 
.Mr. Mrnahcin Begin, was rewrit- 
ing l/mrrri Nations resolution 

lH*J n This calls for Israeli re- 
treat from Arab territories, how- 
peer. Mr. Begin now argues 'his 
does not apply to the West Bank. 

For all the Arab world's 
rr.-ilisAMitn that Jordan still 
holds the key lu the West Bank, 
the matter of its negotiated re- 
turn can never be an exclusively 
hi lateral matter between Jerusa- 
lem and Amman. The Rabat 
Summit resolution of October, 
JH74 which effectively handed 
what was once Jordanian terri- 
tory to the PLO— with King 
Hussein's approval — cannot real- 
i sue. illy be wiped off The record. 

Another factor governing 
.Iordan's limited response is its 
jfewly forged relationship with 

neighbour Syria. True the 
road ru unity — loudly pro- 
cl :u mod bni probably misunder- 
Fioml l\v the rest of the world— 

—in bb a kid. Bur cooperation 
com umes in several important 
economic and social fields. Both 
(•outlines have .t loi to gain from 
joint economic ventures. The 
two economies are not. exactly 

contiguous but joint free trade 
zones, joint electricity, rail; 
road, mineral exploitation and 
communications projects make 
sound sense, even if progre&s 
so far has been limited. 

There is. of course, no ques- 
tion of political unity. "There 
is a realisation in Amman that 
the Syrian Ba'aih Part)' cannot 
have the long-term survival of 
the. Hashemite monarchy at 
"hcarr is how one diplomat put 
jt. Military co-operation between 
-Moscow and Washington sup- 
plied armies also has its limits. 
But the two countries do have 
common interest and it is 
difficult to sec how King 
Hussein can now act with total 
disregard for the wishes of the 
Syrian . regime. This is under- 
scored by a conviction in 
Amman that Israel will strike 
at Syria through Jordan in 
another Middle Ekst war. 

The next few months will be 
crucial for the MiddJe East. The 
area will have to be steered 
carefully in between the conse- 
quences of a complete failure 
of the Sadat initiative and the 
possible over-reaction of an 
insecure Israeli Government to 
pressure from the U.S. These 
arc the events in which Jordan 
may not play a direct role. But, 
like it or not. it will have to 

encouraging 6 ^^ welcoming the nhere^nf* The ™ iS w atnios ' 
establishment of ^ regional SSS « 0f * en V ine Hospital 

as? but not *■— '"Sm-Ks 

sir 55 

w“ idd, \ Ea,t for the flre ° “'office staff 3 family 85 ueU as 
time, are choosing Amman as tt. „ — . . . 

their base, after reviewing th»» ■ e * e SJsIation offers a 
alternatives re ™wing the senes of tax and tariff exerap- 

This is welcomed because it n™ K perS0 K naI . office 
demonstrates that Amman is ■ 11,10 Jordan - 

indeed a good centre to set up IS? ° T 5 palm *? staff and 
shop in. and it helps tone down PI rh? 0UtS]de Jordan, 

lingering feelings that Amman haTtekw ° f ■ Jo . rdan 

can only build itself fay taltine tB *? 11 a , lou ^ h new attitude 
away business from MiniSS 0 ^ °? ces ' 

One such company that moved wtihtoZ,!!* Trad 5. and Ind «stry. 
straight into Amman ia the big of ^ nieCX * one l 

American consultants. Wilbur titL ? *5 *** ^ ree ne,v WUca* 
Smith, and Western commercial ,„ A !! Set ^ f^ona! offices 
sources in Amman say this '^ nuna f ‘ T |*l» reflects a I 

trend is increasing. growing Jordanian awareness 

But time is what Jordan S „°“ e of the r ogional offices 

neefc now because it wiU take ZfLJ !? nr , m0 ? th!in 
another year or so for soml tagned to take 

of the big telecommunications .J? lax benefits more 
projects to come into service^ else, 

and take away the biggest head- a m n ® ,v, are JDl *. ed flings 
ache for some of the regional a ^ DIlg those regional office 
offices that are here. These ? ana sers already in Aminan. 
projectii include new telephone 7°™,^. 837 that the location and 
and telex systems. most imT 2™!L2. Amman are ideal 
poriantly. along with water ~ ver i n £ Syria. Iraq, 

projects that will make Aminan ~" anon 81311 Saudi Arabia, bu« 
one of the most tolerable places ?■ Vi f0 ^ m office 11,81 15 respon- 
m the Middle East to live in.' * or . operations in 

Of the 150 or so companies Gulf region and 

which flocked into Amman in Nu i? Afr,CL 
I9i6 and 1977 over 100 remain. . l8tle r type of wide- 
The rest have either returned °P era tioh is probably 

to Beirut, moved permanently . out of Athens, or 

to Athens, or scattered thpir F' e " London, some foreign 


be ready to face the conse- 
quences with its customary 
agility and survival instinct. 

Alain Cass 

to Athens, or scattered their v' e " Lond on. some foreign 
operations throughout the Mid- °l ,s i“ eaune n say. simply because I 
die East and their home offices ?■ lhe travel and communica-| 
in Europe or North America advantages involved when I 

*?? u m f ke a sudd ™ trip 
tn. and hotel reservations in 
four countries within five days. ’ 

■ The consensus among those ! insulting 

who remain is that Amman is a nf wants lo base a team . 
comfortable, efficient and very to proji^e” bJrt?* East 
hospitable rily. but that It some- hei^, J« de back ! up for work 
times lacks the technical ifanth a*. 11 ® d ® ne tn the Gulf area, 
that armernationaT^uS tSFFJ* !* idea ! tottouR 
operation requires todav. ^ ii Qn of more opera- 
printing, translation, banking The t*r An u n 
services or local consulting ph , e and te,es 

talent, for example. Amman^ a i m0St a ? ins of 

unable to match what Beirut t 85 pn> 

used to offer. !S.v y -f ,eked np . aiJ business 

Its attractions, howeier. are it * rer from 
that housing and office space is Bahrain eni freed. with 

readily available and has re ^ “ d CyprUs - as i 

turned to reasonable PricS, 

arter the exorbitant price 15 51*21- ^ ffer P^cular 
creases that accompanied tbe { £f f n a Pf^cuiar kind 
1976-77 boom. Communications Th S Sf! s J2P eration * 
are good, particularly to Eutotc combh>piiin Stm J° n / m ° n t0 the 
and the U.S.. though less gSS fac ?” ties **** 

when one wants to telephone ™. proVlde - than a 

Abu Dhabi English is Widely S v Sf the^r of 

spoken and there is an open Sddfc IL?* of ** 

business atmo^here, where EasL 

senior officials are readily Rami G. Khouri 


gUs .^r.kVA* 

urn t 


■ i 

!:«M <V. j 

. Headquarters-^ Middle East ' ' 

Area of operations -The World • ■ ■ 

EawMat^-& m m°ditiK-Hnance- ? Haisffi5i| [ i duotg 

Tounsrn -insurance -Contract Engineering ■ 

Dn««d Trading ca Lid, 

P.O. Box 1408. 

Amman. Jordan. 

Tel: 36365. 

Tales: 1203/1440. 

Mr. Said Murad 

Contact the nearest Administrative Cdhtr &. 

oS^SZ!? 1114, Murray Clayton USA Ihc_ 

Murray Clayton Lid. 
Oueens Boose, 

Holly Hoad. 

Twickenham TWI 4EG. 


Tel: 01-801 0ZCC. 

Tele*: 934893. 

Mr. CJt Barden. 

Mnrray Qayton TJSA Lieu 

s®r o ” Dra “^«! ! 

Arlington. . 

Virginia 22202. TJSJL 
*8 b1: (703) SSI 0333/4. 

TWe*: 893401 MCLIIS ACTlt 
Mt Dale Qpiv^ ri 

s U S^ dingCo ' L < 

Shuwa K3G1-CHO TBR, 

No. 7,-5-Chome. EDjrMachi. 
Oujjda-Ku, Ihkyo, Japan. 

TbI: 03^263-1631 "2. 

TatoK 27446. 

Mr. H-HioJo. 

Unded Continental Tradmer Co.- 
fHjmgKongiLicL. r 

J403 Lee BmJdfna^ 

54 Dcs Voeuz Road Central, 
Hong Kong; , 

Tel: 3-715630 5-C290B.71 

Tele*: 84194. ' ■ 

Mr. Hcrben Ltrng. 


A Member of The Hongkong Bank Group 

United Kingdom ■ Near & Middle East -India - Switzerland 

Branches in 

Amman (Main Office) 
and at 

Abdalli ■ Jebel Hussein 

Mahatta Street 

Head Office & London Main Office 

99 Bishopsgale London EC2P 2LA 

Telephone: 01-638 2366 Telex: 884293 
and at 

falcon House Curzon Street London WIY 8AA 
Telephone; 01-493 8331 Telex; 27544 

Financial Times muiria.-' Slay 3 »7S 


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Forwarding Co-ordinators 
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Registered Office: 

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Associates in U.A.E. 


LABOUR continues to be 
Jordan's most serious constraint 

on development and economic 
growth, as well as the primary 
fuelling force behind inflation. 
But after two years of confusion 
on the labour market. Jordan’s 
planners have now settled down 
to a two-pronged approach, con- 
centrating on closer regulation 
and monitoring of labour move- 
ments, and, more importantly, 
on an increased effort to attract 
and supply more labour. 

Jordan's dilemma is that it 
has produced a body of educated 
and skilled workers which is in 
high demand throughout the 
Arab oil-producing states. At 
the same time, it is philosophic- 
ally committed to an open 
economic system. Thus it re- 
jects out of hand the sort of 
restrictions on labour emigra- 
tion practised in some other 
countries. The signs are that as 
Jordan's economic performance 
improves and as the boom on 
the Arabian Peninsula slows 
down, the balance may be 
tipping gradually back to 

Nevertheless the result has 
been a high emigration rate to 
jobs which may pay four or 
fire times the salaries in Jordan, 
something that was welcomed 
when unemployment hovered 
near the 15 per cent mark in 
the early 1970s. But now with 
Jordan’s own development drive 
picking up, as it has been for 
the past five years, demand for 
skilled workers at home is also 
high, and unemployment has 
been reduced to the negligible 
levels of one or two per cent 

The simple statistics of the 

entering unskilled fac- 

additional 250,000 Jordanians what kinds ot ana now . 

are working abroad. Jordanians are working abroad 0 f ffnwnmw* plamiw 

. There are positive sides to and parallel data on imported the financial an ra cm 

the labour outflow, primarily workers who have to nwalili- of 

the high level of remittances shortages and gaps that have the total .J ual | l - . 
sent back (at least 5600m a year appeared in some key sectors of vantages m ' 

at current rates), and the fact the Jordanian economy-par* Prince Hasan often 
chat when workers return borne ticularly among skilled engin- the concept of a -. J 
they do so equipped with eers. foremen, electricians and ^ m Jordan uhun 
advanced experience in their the like. home ownership scheni 

fieIds While the Labour Ministry SO cial security prograt 

Bui the small Jordanian popu- will not prohibit workers from V :ill S« under way n 
lation of 2 million (on the East leaving— as is done in Syria. increased ^ernmeni 
Bank) has not been able to keep Libya and Iraq-it jnll insti- :n schooling, health l ti 

,-ernrnent planners is ^at' economy 

, bv a combination of 

.Hi. inL anti Will also require a 

sectors of the ■ ^ J(1 350 ml cummer-. • 

UTuSi borrowing tncoinplele the - 
fivc-vcar lino nr nU packet . The com-_ 
cs.cnatcd the lunation of raw phosphate rock, 
• ? fnn“ ipnu chemical fertiliocns and potash 
1 rtPvMon thnt .Ini d.m will In* able \o oCer 
l" 0 } 0 ?: liistnniers after l»SO will put 

lation of 2 million (on the East leaving— as is done in Syria, increased ^* e ™™ ent “™2 |,,,D!3,ta — , T",®? ex- bcinc couriered by Jordanian 

Bank) has not been able to keep Libya and Traq— it will insti- . n schooling- health. .ID765m — c.,ihni. and .* « 0 fHciaK is the e»tat.»Iisluni*nt of. 

up with the demand at home tute a tighter registration pro- tlon an d power, to mention nnl> pect(?ll , n s how the a— or at least closely co- 

and abroad for skilled and semi- cedure for outgoing workers. the most obvioui. growth rate, targeted at -6 p» r ord i lull ,. d _iRirkHiiiq effort for 

skilled workers with the result which will include a more In addition there in cent annually ami LLP p>*r cent ^ threi , lci!l i lt er companies, 

that continued high labour vigorous effort to spell out the more balanced ^"^{inver ihe five-year period 19«b ^ Olhor IWi , h,- mineral-:- 

rree-marKei xorces nave — - — . = n „j r oemna svucu*>'‘ ■ allow tneni nmii iu mcvi 

pkigged some gaps in the labour ti-ends^ ^umates Jha tn ea picture of a Governmenl-run schemes, wh in , domestic requirements for 

picture by importing unskilled one-third of new eligible nor , Torda? j„ st as appealing is the mnain far ah ead of expects- Vl . ars to come. Neither 

and some skilled workers from kers will emigrate, and ha. financial attractions of a job. in U(mfi in the private sector. cXpo * r ii w ,.f its output 

other Arab countries, primarily bui,t t5lIS as *H. in lL .... voca- 01 sta , lcs ‘ . . The trend towards a growing t cehiiery's capacity is 

Egypt and Syria, as well as Trom programmes of the new Voca- certainly in fields where productivc , rclnr t mining. ™ ; tdcd f r lim a n annual 
Pakistan and South' Korea, tional Training CorporaU - domestic \ a *;“ ^ ave industry and agriculture* at the 3 73m tons by 

Labour . Ministry officials say vriAri s^arplv— such as^engineenri^ r expenae of the traditionally and the cement plant will 

there are over 70.000 Immigrant WOUldl tnp-leiej raanagers-rthc non I versized . it , n -K-es sector ha> ■ r , as0 ils output from 1,700 

. financial benefits of life in Jor- ..j ihe oast two 1 . . . s 

I -Til 

I, • 

v ■<' ...s' 

i. . 


who leaves for work abroad now enter the labour force. Part of to a new high-payine, job in a the beginning of last year. j rbW *' hllt j ur dan's hopes of 
has to be replaced directly or Jordans labour shortages are neighbouring Arab c ““ n J*v- Mineral-based (particularb >n ' lin! , an „ r g as pro- 
indirectly by an Imported due to a very low participation This will continue to ha PPcm f er tiijser-produc“ing) industries - stnctly limited, 

worker. rate by women, and also by the as the rate of wage increases dorainalo thc industrial sector, au«r «rc sincuy 

To monitor and emulate this fact that 50 per cent of the continues to match or even and w y| continue to do so Tor ■ . 

two-way flow more coherently, population is under the age of surpass the rate of price in- man y years to come. The Big JjiCllcIIlCS 

the Ministry has embarked on 15 . and thus is at school. creases, as is happening now T bree schemes here arc the - i. ant jf u j 0 f large- - 

a programme of signing strict Establishment of the Depart- in some sectors. existing phosphate mines and schemes dominates the ‘ 

bilateral labour agreements ment of Women's .Affairs The signing of bilateral Dead Sea pntash and Aqaba ' i n dustznal sector— and 

with, most importantly, Paki- in the Labour Ministry, and labour agreements, however, chemical fertiliser plants which nharlv so i lt between 

stan, Saudi Arabia, Libya, accelerated programmes to open and the successes being regis- are nmv in the first stages ® tolally 

Kuwait, Egypt and the smaller day-care centres to facilitate the tered in vocational training 0 f C onsLnitii«»n. _ or lnt . a ri y domestically 

Gulf oil producer states. life of working mothers has schemes and the promotion of Raw pho^phaie nick prodne- inn-.term aim 

The first agreement was already helped increase the women workers, appear to signal Uon by , he State-owned Jordan "jama leiin * p economic 

signed with Pakistan earlier this participation rate of women. Jordan’s fragile and nascent Phosphate Mines Company rose 1 j ordan K tinned 

month but is meant primarily Labour officials say this has ability to deal with a problem slightly last year to a new all- r o n the dcvelno- 

to monitor the inflow of Paki- risen from a participation rate which appeared menacingly in- time record nfi: 77m tons, while ‘ n ‘ m l , L ‘ 

stani workers, as Jordan does of five per cent of eligible soluble only a year or so ago. exports similarly hit an all-time J"*" 1 “ “ , 1 * b nth the 

not export workers to Pakistan, working women in 1974 to some nri( peak of l.7Um tons. . J* fj rkel and , he 

Similar accords are expected 12 per cent to-day. with many K.lx.K. But phosphate revenues-the evDnrt 

single bicse«l export earner — mammoth re e mn.n e.\pon 

dropped .>liditly last year to market. 

559m from 1976 revenues of Tri this area, investments by 
$64m. reflecting a continuing private sector financiers have 
but small deterioration in inter- been running well ahead or the 
A • -f , national phosphate prices, and guidelines set out m the. five- 


the break-up »f the informal year plan. Tin- Ministry of 
marketinc club with Morocco. Industry and Trade licensed 129 

Ifyou could see our whole 
organisation, youH understand 
how we can be so helpful to 

£ V&iX IV Ull K til V/ Tunisia and Senegal. fThia new Projects to JWiJV cow; 

was due io Eastern Bloc philo- pared to *.03 in 19ib. but the 
snphical resistance, apparently, investments i^_ vear were 
an important consideration higher. than in 3 9i 6 (JD -3m 

AGRICULTURE ' HAS the of a per capita income signifi- back agricultural production in given lha , Easl European States S73.7m compared to ,lDl6m — 

second top priority in Jordan's candy higher than the national Jordan are fragmented land , ast .. car were Jordan's biggest ?5l.3m). 

current five-vear plan, after average of some S500. Average holdings, a lack of marketing ; niar ket for phosphates.] Mar- This indicates a slight shirt 

mining and industry, but it has agricultural incomes are now expertise and poor co-ordlna- j- etin „ co-ordination with to larger-srak* projects servicing 

traditionally been a problem half this sum. tion between the Government Morocco continues, however. both domestic and regional 

sector due to the great reliance ^ total of 36.000 hectares of and the P rivate sector farmprs- g u t work is proceeding on demand, with an emphasis 00 - 

of farmers on unpredictable irrigated land is the aim of the The small land holdings prob- expansion of phosphate facili- schemes to produce matches, 
rain-fed agriculture Both 1975 jy/C. which will mean converting lem is being tackled by the ties at the main Hasa mines in detergents, medicines, paper 
and 1976 were poor crop years. some existing surface irrigated emphasis on irrigated J&uit and the centre of the country and bags, asbestos pipes, pretab 
again due to insufficient rain- j and w ' sprinklers and adding vegetable production, in the a t the new facility in the south, houses, wooden doors, shoes, 
Fail, and 1977 appears no better. 23.000 new hectares of sprinkler- Valley according to strict licens- at Shadiya. Production capa- ballpoint pens. chemicals. 

But a major push in irrigated irrigated land in the coming ins by the JVA which will also cjty will be 6m tons a year .-by various food processing plants,; 

farming schemes has finally firevears hel P remove some of the sea- ig8 Q. By that time, the two and construction industry 

started to take effect as the first ^ *v- n 1 , sonal marketing uncertainties 0 t b er big fertiliser-producing materials. There is also a 

sprinkler* in the all-important . Water . t0 the that usually plagued farmers in schemes will be nearing comple- tendency towards less labour- 

Tordan Valiev irrigation piu- IS * lready s “ red behind the a country where more attention tjon intensive projects, in favour of 

jects were switched on this “ ew y completed King TaW hag traditionally been paid to capital-intensive schemes and 

month (May), heralding a new hulk Sfthe* water foMhevLley l J e con J umer of food t0 Potash mechanisation, as something of 

and less fickle era for Jor- ^ , rni L P i Za h the pfT)ducer ' rOldSO a natural reaction to the deli- 

danian farmers. is „ow In thcfiXn There have ais0 hee ? recent The Dead Sea P ofa * h P roject ' calc labour situation. 

The emphasis now is on ini- ?■"’ a I d ^ Sn"d to store experimeots by which some with' its annual production capa- The performance and es^b- 

gated produedon of high-value Sf* a " d bt l c S Ses of water *»™«b have been able to plan city of 1Jbn lons . is expected m Ushment of small aad I medran- 

fruits and vegetables, with “ h if *52™, th® Yar- their season’s plantings by get- come on stream by the end of scale industries will be helped , 

[dafively less concentration on ^ uk V™ n ^the norS alo^ ting advance guarantees from I981 , and to raise its output further during the coming 
difficult wheat and barley farm- Z Serial border ^ Concessions state marketing bodies to buy gradualIy t0 lJm tons by thc years by the Government s to- 
ing in thc rainfed uplands. fin ^ ce „ 0 " t of the a certam ? ua " t,ty _° f rft™ d S" ^d' 19905 - lts TOSt of 542 5m creas ' n E attention to directing 

IS?* Which will re- at a 8U aranteed P nc ®- „ Thls will be covered almost com- private capital and excess 

Tnirnpfmnwf tallej *- nnm been tried especially with p | ete i y by equity capital and liquidity (including much of the 

investment quire well over $3 . onions and potatoes. concessional loans, with a small remittances of the 250,000 

ThP hulk of thp iniT^m The recent use of simple not- The Government has got into I commercial loan perhaps being Jordanian workers abroad) to- 
iS359m) investments'in aaricul- houses 811,1 drip J irngB SSl.. f! the habit of suddenly prohibit- required this year. wards productive industries and 

tu're earmarked in the current a,ready Increased crop yields in ing esport5 0 f certain fresh The chemical fertiliser plant, away from land speculation and 
1 QTft. 1 qko Rva-voar nian a-iii Valley, whose fruits and ve g etab j es and fruits, to raise now also under construction at commerce. 

The Bank of Credit and Commerce Group has 1 56 offices in 32 countries. 45 of them are 
in Britain - and no less than 79 are in the Middle East including l in Jordan. All your 
hanking huMiicss can be processed at branch level, no matter how complex it mav be. or 
how wide thc international ramifications. And you will find that besides our know ledge 
and experience of commercial banking, wc have a iu’.v/ri/ commitment to personal sen ice. 
Our on-line, real lime computer system is an adjunct to this, not a substitute torn. 11 puts 
our whole worldwide network install (Iv at you r service. __ . 

Contact us at our Jordan Office: P.O. Box No. 7943. Down Town, King Hussein Street. 

Telephone: 38251. Tdex: 1455 BCC1 JO, or at the address below. 

"d Bank of Credit and Commerce 
5 • ■ International ¥ fe! T »“»s 

^ 9 Vj Rinclideh. Cjinun ELind*. Krawe. Oaten. German. ■W'e4 - Gnmi.Hon^ Konj, 

inJi'i lndonoij. Inin. hocvC.W'Ular.m. J-’rdjn. kcn;i l.orai ■ V-iuh.. LrSju -x Lu^ho-irc. 

_^r Mjunii.i-. M.w.xVW Xicen.1. Onun. r.iki-t.m. v>i.hclliri Siul.m. Swiuvrldna. L n::cJ \rjb l:.ii!i.r.cs 

1 ink'd VencnKLi, cnicn « N,-nli>. 




m mum agents 



HEAD OFFICE: Amman P.O. Bo* 222. Tele* (212 & 1520. 

Phone 22324 ( 6 lines). Cable: Kawarship. 

SUBSIDIARY: Red Sea Shipping Agency P.O. Box 1148. Tele*: 1212 & 1520. 

Phone 22324 ( 6 lines 1. Cable: Reds hip. 

BRANCHES: AQABA P.O. Bo* 22. Telex 220- “ 17 ,inc *l . 

BEIRUT P.O. Box 4230- Telex 20865. Phone 250484. 


Maintain: regular line betm-een AQA6A. SUEZ. PORT SUDAN Assi'.rs exports to and imports 
from chase parti. MV "AQABA" 1150 d *i-t and MV “PETRA' 2900 dwt both Jordan flaj; 
and several other similar v:c vessels operating on Time Charter inter Red St* ports. Ease Med.. 

Greece. Cyprus 

1 QTfi- 1 QSfl Rvp-vpar nlan will *»*»*.-» ----- - — . vegeiaoies anu iiuna, nnw also unaer construction at 

1 provide infrastructure and wat>»r ve S et ®bies, ejc P° rt * d J? t e supply and lower prices in the southern port of Aqaba, is Thespecialisedcreditinstitu- 
[proviae iniraairucture ana water npiohhoiir i na Arab oil pro- Tnn i gn fnT m n«>mpr This c.nh «i, a Tmfnxtrial 

for Droiei'Ls in the Jordan Val- nei 8hbouring Arab ail pro- Jordan f nr u, e consumer. This expected to start production tions, such as the Industrial 

lev (both' above and helow the ducers - account for a4, ® ut makes the consumer's life easier slightly earlier, by niid-1980. Development Bank and the 

ni-ad Seal and the northern uo- tJlird of Jo” 1811 s exports. Next bllt lbe farmer's more difficult. The 5325m plant, whose techni- Housing Bank, have both proved- 

lands Thp nlan's targets are to t0 Phosphates, food products a related problem has been that cal management has been their worth in this effort, and . 

raise agricultural income bv 40 are JordaQ S second largest middlemen make thc largest i warden to Mitsui Toalsu Chemi- are emerging as major forces — 

per cent to JD42m (S 134 . 6 m) by export item. profits from agricultural export cals of Japan, will have a capa- along with other specialised 

1980 compared to JD30m But overall. Jordan remains sales, while thc fanners them- j city 0 f 1J250 tons per day of credit bodies — in channelling 

t ^9 6m ) in 1975. This would a heavy importer of food, parti- selves do not reap the full bene- phosphoric acid. 3,600 tons per domestic and foreign resources 

represent a realistic 7 per cent cularly wheat and red meaL-In fits of their proximity to high- day of sulphuric acid and 2,400 into productive areas, particii- 

annual erowth- rate and aims to fact about a full half of demand and high-paying tons per day of monoaramonium larly new and expanding export- ' 

bring down agriculture's relative Jordan's food requirements are markets ui the oil states of the and/or diammonium phosphate orientated industries, 

share of GDP to jyst over 8 imported, accounting for about Gulf - fertiliser: _ . nr if 

per cent by 1980 tdown from one-third of total imports. _ This project is similarly 

14 per cent in 1972 and 10 per Lasl year ’s unexciting agn- V/VCrCOHlG ^ __ 

cent in 1975). cultural performance means this . ... ” 

The showcase of Jordan's Irend continues unchanged, and _ Thls ,s be, i n § overcome in 

belated agricultural drive is it wilI require al , eas! lwo mor , f™ ' 

the Jordan Valley integrated years ft>r sufflciem produce to " 

development plan. This has two come up from the ValIe> . t0 Manv of ' 

Durnoses. The first is raisins ma L-« a fir* a nt r-Hnnin In % ^ ^ ® I c 

purposes, rne nrsi IS raisins m akp a significant r-han^r- in 1 Vl 5IU ^' 1 
agricultural production, which J). rdan * s e food imnortin" those lradilional P roh J en ? s as . so ' 
will contribute to increased ex- Dat . ern ^ * 3 tia led with a lack of planning 

ports and thereby will help cut p and hapha 2 ard marketing are 

thc country's large trade deficit. In case of grains. Jordan being slowly brought under con- 
The second is the Valley's com- is curling back the amount of trnl as thc JVA controls mailers 
prehensive regional planning land used for wheat and barley, more closely, 
approach, which must show in favour oT planting more Similar to its labuur situation, 
quick success if Jordan is l» fruit trees in the rainfed Jordan's agricultural dilemma is 
avoid becoming merely a city- uplands. Last year’s wheat and that it has significant potential 

stale centred around the capital barley harvest, at 62.000 and at home but has to align this 

of Amman. 12.000 tons respectively, were with the financially attractive 

After the 1967 war and the slightly down from 1976 yields, demands of neighbouring coun- 
1970-71 internal fighting, thc This compares to annual cereals tries. 

Valley s population dwindled consumption of some 300.000 steady progress on the Jordan 
tu just over 5,000 harried far- tons in Jordan. The gap is filled valley projects augers well for 
mers. Through a combination of by imports financed by long- everybody— farmers, consumers, 
state and private sector efforts, term soft loans. neighbouring stales and the 

jS e niin V “i^L " ow S° i u J lts T °r er Successes have been regis- central government planners 
v,’?! 00 ? Il ^ a ??,. lhe Jordan tered in poultry (in which the with their expo rt-onen rated 

h ° } U' nA ! — th 1 country is now self-sufficient) emphasis. But this large-scale 

m erall agency with total control and # p rogramnic bac k e d by the effort in the Valley includes the 
there — aim* to bring thc area s World Food p rosram me tu sub- realistic assessment that Jordan 
popiiiation up to 150 000 by 1983. stitlUe fruit u . ee! . in raBrsina | will always require to import 
This will be done by providing |and that had been used badly grams and meat, and the best 
.ho full range of agricultural ror in producliQn . Fodder 1,181 be hoped for is that 
and social infrastructure, in- produccion is also being en . domesUc production and liigh- 
cliid:ng water, sprinkler sys- d , marginal areas va,uo « all-season exports will 

terns, roads, homes, schools, tele- oTrSriw animal nffset the trade S a P a SricuI- 

commumcauons, hospitals and , outn „, »o 175 ODfi 5 tons bv luraJ h roduc, s a 10 " 6 that ha*- 
agricultural marketing services. feed output to l.a.000 tons bs bovered around lhe ^oOm mark 

A key feature of the Valley pro- inow * for the past few years, 

ject is that it .aims .to. attract Suiu«- of the traditional . _ „ 

new farmers by assuring, them problems that have also held K>b>K. 



P.O. BOX 2140 



CAPITAL : JD. 1,125,000 

RESERVES : JD. 1,298,985 

■DEPOSITS : JD. 21,679.619 

TOTAL ASSETS : JD. 24,103,604 

LIQUID ASSETS : JD. 8,747,825 

As at 31 st December 1 977 

Branches ■ AMMAN MA’AN' 









Chairman of the Board ef Directors: Huinl Sido A /'Kurd! 
General Manager: Zuhair Darwex a 

i.v i 




L l 

i ? j ! M 



‘ i*> 

® r * Haigh heads 

tor. Ior eiawfS? 11 * 1 ^ ih’ as direc ’ Baud ,0 / 1 ^? Iason has Joined the 
Nuclear HS rL' hc Berkeley SCIENCES 

recently was 5™ s , Md more COMPIU TE “ technical director 

™ Ai'ssaj^ ■>«“-" *• a coL»^ hc „ ^ 

slr " CL „” dw -“ ^ 

: - ,ear v a “- 

i°™ParS fiBSSSU: “ ”» 

R- Beevor, Mr. S. ji J d secretary to the Board. 

1™ E .“ ™J«ns™E»f oppoirumrEs 


APPROPRIATE PROFESSIONAL advjce. before enter, ng 


Air. Joha 
Murphy. Mr. 

s£? sink & sm 




George Bock. 
xi X jF2? n f e m «tnacer 

the end of this monih. 
__ * 

Mr. Harold Porter 

„J!f r : E - C. Hammond has been I 
appointed adviser to the general; 
™f S6r - of MITSUI AND CO 
foreign addition to his position 

— assistant general 


*J»ager of BANOUE f* assi 
iSFJ^HS retires « LoDd °n- 

Mr. Peter Sachs has been 
appointed financTar be S n SK? 0 ”^ m anaging director of 

integration of WS AJ~n'™IL‘£ ■SfEE , “«“**»<* Computer 



Vertically integrated with modern processing 
facilities just outside London 


£450,000 PRE-TAX ’’ 5 

Founded in 1970 with a capital of £33,000 increased in eight years to 
et assets at 30th September 1978 in excess of £1,400, 000^ 

Young and energetic management team 

For further details write to: 


27 John Street, 

London WC1N 2BL. 

Systems ’and “Gar^S." A ,®° 0 . rb 5^P bcr * ,s ' Mr. Sachs' was 
Mr. Porter Js , Altunin. Previously in charge of rS 

director of AleiS? ^ D S nclal ^ ero ^ s electronics operations. 
Extrusions . Bo °th 

h 36 completed - 
assignment as 



assistant to thedeputy n? a S“^ Mr*. Ro^'have^b^en appointed 
director of AlcaS aESE WKaSf* directors of "" 


pk« ■ v a member of the 
Phoenuc Timber group. 

Mr. Prank 

En4at^ ?f SLOUGH be?omp Fl !^ k 7’ has 

w,th special responsi- ™ » manufacturing director 

hihty for the develonmen* the Board of FRANK R. FORD 

Programme in UK and mcmber of the Ofrax Group. 

Mr. Jari H. F. Kohler manacHnu ** ®- Paterson has been 

Lamco Paper 1S~ fflPnmHif director CONSOu” 
London, has been appointed' ° A TED_ PLANTATIONS and Mr! 

will • ■‘wveuiBer J. He U1 1118 Liarpy group, 

wil! join Fmnboard on August i ^ * “ ** 

Cr"nh° ^ et ' re ment of^Mr B Dr : Ke “ Dnncaa has been 

SESf- £he Present man «Suiff by - 1156 Health mad 

Blreclor - . v ***** Commission to be the 

member of the HEALTH 
Gwyther has i,AFE T Y EXECUTIVE for 
director of from July \L- He will 




H. Michael 
appointed a 

-VAN A GROUP. He is generai fucceed Mha Audrey' Plttom;«h“ 

is retiring at the end of 

and^aTb^ “ e j^Tt Vi mTtSe'S? 

hazardous substances division. 


Hie past five years. 




With companies interested in establishing or expanding 
commercial or industrial activities 6 


We can. provide industrial land and buildings plus financial 

“ d su PP ort - For personal callers! we will 

m Hamburg, Germany, from June 3 to 9. 



Company Owners 
and Businessmen 

use your time more, 
profitably by freeing 
yourselves from ad- 
ministrative duties. 
Entrust the execution 
of your affairs — finan- 
cial, administrative, etc., 

profinor sa., 

who will carry them out 
consistently, punctually 
and with discretion. We 
offer you a first class 

T, Place Saint-Gervpis 
1201 Geneva 
Tel. (022) 31A9.S2 
Telex 2S 465 ORGE 



Fennanent and long term capital 
ror the succes sful priv ate company 

Also a wide ran ste 

c , pf banking sendees, includins:- 
heiecn ve finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 

For further information 
Please telephone 01-606 6474 or write 
to Barrington House, Gresham Street 

Gresham Thi st L,d. pB inTOj9OTHou5^Crc>hjm Street. London ECV THE 
Birmingham Office Edmun ^.^^'N«N^l Strecr, Birmin^Vum, B3 5EW 

Hn? r 'u Fr ?J\ Co,Ji,ls and Mr. Gor- .. »* 

in» Hc SL have been appointed . RIr - ,vor Mills is leaving ITN on 
c \U UP 1 rru T S directors of 23 to become head of public 
IVehhbnc ^ 'LL- Sir. Norman affairs at the POST OFFICE? 
J,™ , h rt M U lCTied , 10 Sive more ★ 

. l0 Position as co- Mr. Basfl Landau has Hpph 

Rnnlrfu? 'I 1 up Lilemational. appointed deputy ehainnan^of 

vih^Sd I?TiK* r - 1S“ lm S , AP t PI and mntSM.'S'SISmw 

hfw f ' rabain , Dossett of the executive committee. Mr 

SllpW raaJn ■"«* Landau, who i s .“SSS or^l 
p x Union Corporation and head S 




Company wonld bo intareneA in acquiring , majority in 

Sp0r “ * nd Leisurt A " np 

.to £250,000 would be considered for a sound profitable business. 

Write Box G.1989. 

Financial Times. ?Q. Cannon Street. EC4P 4BY. 




sdentifi {^technical sales Drornmrm. 

Sfr. Mio cast, profit appr. ?% * ' y 

Cipbey no «, « P.gjgb Seneice 






^ y teL. a miu' a '’J na ri th ' *“’* f«»r 

CJT" mileJ Sr preftiM motor. nrf 

?*»• iS^SS. 

Po~Ju r ' t j4 * u * r ' Vjmdtn 
Ro*»r. Tnumph j^d Volvo cm 

^ . u™ pric or ShiKffai- 1 

OF poking ltd. 
Brookwood (04867) 4567 







2nd qir 
3rd qtr. 
4 til qtr. 

1st qtr. 



Retail Unem- 
value ployed 








































for sale 


ma f ket sector: consumer goods, investment goods 
intermediate goods (materials and fuels); engineering output! 
nu-tal manufacture, te-Vtiles, leather and clothing (1970 = 100)"- 
housing starts (000s. monthly average). '* 










Cn-I qlr. 





3rd qtr. 





















Isi nix. 






















Textile Housg. 
etc. starts* 















16 jl 


100 JI 












ln AUD1 ° 

Pri ncipals only reply Soy G. 1 9 77 

— Financial Time i. 10, Cannon Street. EC4P 4BY 

T^D^-mdices Of export and import volume 
iJ9.5-.l00i. visible balance; current balance; off balance; terms 
oT trade 1 19*5 — 100); exchange reserves. 

Export Import Visible Current Oil Terms Resv 
balance balance trade USIbn* 1 

volume volume balance 

2nd qtr. 


109 JI 





3rd sjtr. 



+ 54 




■irfl qlr. 



+ 45 







+ 68 








- 76 

+ 26 



1st qir. 
















+ 82 

+ 182 



























engaged in direct sales from 
stock through home parties. 
Excellent goodwill. Active 
countrywide agents. Local 
depots. T/o about £800,000 
p.a. Principals only write to 
Box G.1994, Financial Times, 
10, Cannon Street, EG4P 4BY 



engineering company 

frtm? irefSoW property of ^>prnx. 

20,0 h?wiiit. ft ' ** lfu * rlec *«m of 
niounot motorway network. 

Write Box C.J99J. Financial Time, 

•O. Cannon Street. EC4P 4BY. 

Attention Purchasers' 

SSSJS^T ” *“" » » 

• hospitals • schools • hotels 

I f n "f n L and public institutions, 
industrial ottices, factories, supermarkets etc. 

fi?h j[ urn 'S , ! | nfiS, carpets, bedroom furnishinas 

fnrmf 8 ? ° f lnd ° o 0r & outc,Qor furniture linen uni- 

Wnnri' h S1Jre & sports wear & other garments 
Wooden houses, saunas, summer cottaor?*™ 

P° Pa .W buildings, holiday chalets, pre-tabricated 
and/oriog type round W00 d buildings and materi 

■ ftsssssr Mntra ^ -i 

For further details - please cohtact " 

Miss S. Tiltola ; . . - 

Finn-Flare Group 
Helsingihtie 14 ■ 

24.100 Salo 10, Finiand ■' 

Telex 6818 

Telephone Salo (24) 15585 



assist U.K./Eurnpean 
Ptc.. tn establish in 

I. offered. 3 comp ' rw s ' r ' 1 « 

• Market Evaluation. 

• Location & Evaluation of: 
Lonipany Acquisitions 
Distribution & Uanufjctc. 

facibiics, etc. 

F ,°vr.v. r I^i ttirc - ac - ctnrtact: 

f J!?. li ' TKON consulting 
2i0 Madison Avenue ' 
Mew York. \.V. mm 6 
Telex: ITT !2:W67 



Institutional lut-i-Mor. Hi,, inrpr- 
nannnal linannal mjcj.-inc. sc-k: an 

Journjll!l > lo w uric m ih" 
maejsin.,- * n-v Loudon orH.,-.-, Th . 

lni l ?pn3ii and l d K tC ha!> 0/ 

w b - ,nl,,nc and lin.niiv. and 
SZrSh. “m * «?*.Viid90Uy. 

KdlirJTL 1(1 A' JS. VlTtli* i*irrf trTIt* 

x** 1 ""V*”- and ' u “rk 
N ‘ , « York- based c-drrors 
nraipcunvc salarj-. Please send rnm 
culuai Vila.- anrl l1 ii;^,™' rarn - 
Mjna^irik F«d;jnr. 
v . ,n . , " ,u '“’W Jsustnr. 

” adL \ l, . n Ai-nu-,-, New York. 
Y ork Iwj;. s.a 


Sole distributor of well-known 
International brand 


Consultant in mergers, parti* 
£i pa lions or associalions 

between French and foreign 
companies. b 

iLE-M.I. (Mrs. M. F. Salmc) 

«H rue Jobbe-Duvaf— 
75015 PARIS 
Tel. 250.77.59 

interoation^y 1 ^^.^ 3 ^ 0 ^®^ a ° d , m anufacturei3 of an 
The products 1 ha« KEK sSSess LS 
tte wortS? 1 hraod leaders' in mSToSS?~-" d - * ■' 

marketing S («1enLatml ^oeal 3 *!! 6 ' 4 yn ® mlc . aggressive and 
Distribatfr ™ to U ^dom atI ?^ , be °“ r Soie 

opportunity f 0r firm# wh n °®L.. P 113 . ,s . aa excellent 

countries throughout 


This is an 

% t TaVL,r e!lse 

that only thone^ o^aSSS'^fif^S? to** ^ f onsidered 
extensive disiribuh'nn mmaw sound financial standing 

d be ible t0 handlf 

«SrienM «we^ P>rti,culars of marketing 

who will forward repli« to the*SiS5u b,1,t! i> t0 *** consill tant 

Bridge s"»nl„ n A I« 


iriSF" : ii &&£?. 

,na current " ?swsa 

pr'nei,.,,^ ■ ^L^frTL CU994 

nandat Times. ID, Cannon Streer, EC4P 4BT. 

A printed brochure is stiu. tour best publicity 

Ujr- •PertM* | vi' , *eiMn«i"Sow^ JJ j >ri "'ed brochure' 

M : a iss/i “iffe ? sjf aavaet . 

or services, 
lor Impact. 

IBd each’ 
in lull colour 

FINANCIAL — Money supply Ml and sterling M3, bank advances 
in fi or hng to the private sector (three months’ growth at annual 
r.iri-i; domestic credit expansion (£m); building societies’ net 
inflow: HP. new credit; all seasonally adjusted. Minimum 
lending rate (end period). 




injection moulding CO 


Ownen ran ring afar 27 ywon. 

Ltruehold: 16,000 *q. ft 
with scop* for expvHjon. 
£200.000 PJk. 

own brand products. 
Son* CDolmiUng fccllitiM. 

tn C -'Z 97 - FIvmM Timet. 
TO. Gannon Strort, EC4P 4BY. 

Precision engineering 
company • 

rioaod in South.™ EngUnd. 

WWi;.J^L C, L Ctan »[«l ActMootMtR, 
WoNlti^on How* I2S/IJ0 Strati 

Landon WC2R 0AZ. 

' n 



advances DCS 
% £m 





L’n'i nir 




+ 769 



3rd qlr. 

28. 1) 






4th fjtr. 






















1 <*! qtr. 


24 JS 







































6 } 


INFLATION— Indices of earnings (Jan. 1976=100), basic 
materia!. 1 ; and fuels, wholesale prices of -manufactured products 
(1970=100); rerail prices and food prices (1974=100); FT 
commodity Index (July 1952=100); trade weighted value of 
sierling (Dec. 1971=100). 

Earn- Basic WhsaJe. FT* 

mgs* mails.* mnfg.* RPT* ‘ Foods* comdty- Strig. 


2nd qtr. 







3rd qlr. 







4th qlr. 



272.1 • 



234 JH) 















l«l «i»r. 


































FrwboM Sin and Showroom. Servic- 
,Wo1 ** lM - Twaonr 

Nondl> 2 b3 « s >»>e town. 

£60.000 + hoc*. 

Giles. Bearibhry TbsobaHk. 
Cb»™wd Surveyort. 22 Mirket St., 
Nocdnthan 0602 407SI. 

London ,„ m 

major businesses and/or real i 1 n . v ? Itors interested in 

send inquiries to or contact ^ United States - P 'e*e 

Pa “ l , i- Zeman or Randall O. T. Courtnev 

^ ^HE °Md2 FRMriTr" ° n do "“^®3^8000 or 
3703 B a i ■ T M^ERMOTT GROUP. 

, - ■ 


Principals only write to Box G.19B3, 

* na H clai Times. - 10, Cannon 5treec, EC4P 4BY. 


Funouj fun^ bocal 

WKh 42 



^oramodirioo of 3 


0602 48751, 

Private successful 

wishes to purchase bus 

to £100.000 preferably 

corufu . mer onema 
fid^ n n0t ne ^ e *“ r, h'- Strictest i 
naence maintained. VI 

wteh “ * <***»• 01 fo 

™«o control equipment muma as 

Li« n “ Pr * ce £ 


Nr. N. F, Bnuell 
Lxidon Roid. Bucfcinetam 
(Bockingham 3031 ) 

Erl?**™ With T/O E500.00Q B .» L |2? 


FOR sale. 
Turnover £100,000 
equal home and 

Write Box G .1999 
■ciuaucial Times, 

‘Not seasonally adjusted. 


companies In the following 

relatS*' • pe,rBl < * aiHn « «» or 

• C 5 ,te 5- | A - T/0 ^250.000 

1* G t e 12 ‘ T '™*. 

10. Cannon Street, £C4P 4 by. 

Group Seeks to Acquire 
whh profit record— area 


Marragemefit A^mancp Service 

W ^a r21 Fivancml Tin„ 

tO. Cep bob Street. EC4P 4 BY,' 

— -* I .^fy^KNATIONAI. 


^ 2 f“ hes itse ff with a 

tioK. I source of finance for hotel 
c«w. I acquisitions both in the UK 

aiv, u.1980. Fmanciaj Times 10 
Jur. [ Cannon Street, EC 4 P 4 BY 

Pension/Funds Etc., 

i *nd/or 

Piping, m iKrtiw and muntsln 

Write Bo, G.I9BB. Financial Times. 

J ID. Cannon Street. EC4P 4BY. I p 


r 1 HSH&fss 

se . no ^TtfSELfSTj* 
ed, ( »«r- . 

,n - Wrt ,n Finance Timet. 

OX I 10 ' Cannaa Stm«, EC4P 4 BY. 



,f A .9 tED ,N SYRUP 

CA.I0 cans, 3.1 

j Available September. “ 

1 Write Box C.19B6 . Financial Timet. 

I ■* 10- Cannon Street. EC CP <fly 


Sa , BSL l 53?" “T“-« 

j *new, aaijnitiens. ren. 

L | ,D * Can,> ° ,, ftreet. EC4P 4BY, 

ble of man I ~ 


S 2 f* m a low tax I 

Saar-aAar ^ ss: 


We ipemalHe in Commercial Credit 
Collection and Credit Consultancy. |f 

Ym be*i -any. debar preMema tben 
contact: y 

A ^ aca ; 

a u »■ .?'■ Cwft| (> ACA 

4 New BrKjse Street, London, EC4 

OI-3S3 7722 

CoPYwntme, i ransiJtlM and 1 
— Typ^etting for Advertisements,! 

p SSIS,'iSS2“^ r 

■ V U1-43S 33119 ) 



-i?=:ar w 4-iet. 

j/ Fhonez 0I-64T 23&5 |J 


formed by experts . “V 





30 Gty Road. £ci 

91-420 5434/S/736). 9936 1 

A m «C Mr rin * wablighmMTt , n 
«h« FRG i, loo king lot a 



SS“ p*2“ ,«ci 

oHorcd liiterBsting 1 ■eaSrOS^ 



1 * WEEK rw ,r S or anooilno Times, 
m Smb Phono 
under £3 a wook H^.n ,,e * “'** 

Slock ^chanBB mJIIS ¥ . oll,:e5 ne4ir 

si5i M ..;» VSiS c *g. 1 s 

30 yegrs. ClieSl M's> E *“ W '. Shed c D,er 

large s A e vv.riL n S* eouniries. Seiui 

_9. Mar^i^’^OuPi. P- P.O. Bo. 


r, ? 0 f mpa Z y wjth unrealised 
Capital Gains Tax losses 
urgently required. 

Write Box G.1992. 
Financial Times, 
lu. Cannon Street. EC4P 4 BY 

EDUCA- . be 

ks“« 5. ■ws.iafS 

Tel. 0702 354870! 

«- Tee* Volley rabylci, Nockbern k 

upon r r ,,,omiM *:*«*a, n 


«Mln£ Date 'for Tender-Frlday 3 0ch J„ 0e , | 97a . 

_ , SpeciBcailon and Font, of Tender from: 

I s ; G- F; SINGLETON & CO_ 

53 K[ __ -:«■«•« Auet/oneeri end Surysyert 

A»ng Street, Manchester. 

(Teli 061-832 8271) 


,' 2v 

alternator p 

and Markon 


Panel wirh lull 
Complete wirh 

PRICE: -08,500 



Ext. 283 


£ J 0 *™ » H G ,tf 

Hempstead 42181, Ex. 5 fi, 


Over 400 sets In stock 
. lkVA-7(XMcVA 

•uy *"*tly from A, j - 

fan «"w-oi**^S5T ,r#r * 
01-986 8231 
Telex 897784 

'■ L ■ 

Financial Times. Thursday May 25; 197$ 


Fresh fall on inflation concern 


NEW YORK, May 24 . 




Pound steady 


STILL REFLECTING investor con- highest levels since 1974 ’s credit July, 1076 ), a favourable response and the Tokyo SE- index 2.85 to . Trill J ™ 

ccrn over inflation. Wall Street squeeze- to the announcement that a draft 409 . 56 . s 31 -SlOO-l-Si 

sustained a further sharp and Barry Bosworth. O.S. Wage and Bill proposinp- a new flat-rate tax Pharmaceuticals. Blue Chios — 1 f dollar aft< 

widespread reaction today in Price Council director, .said yester- on capital gains derived from an( j export-orientatrd issues 1 J SL. 8110 . T 

another heavy trade, although the day that U.& consumer prices securities investment is to he attracted a good deal of the 7 an Xk i I SI.SH 04.81 

market ended some way above the could rise at a 9 per cent annual presented to Parliament, the fact buvin" intpronr . whii* Machinery U\«\ J I ..i nu . l( i d;. 

days worst. rate in April and May on top of a that Wednesday is the first day of on !?SSS 1 T\ 4 / ifSi » ij 

The Dow .Tones Industrial 9 .i» per cent increase in March, the new monthly trading account. lhal ^ machlneiV tool industry * 6 ° " — i iW- Tuo«i- 

Averase retreated to S 20 .S 7 . be- while today. Robert Straus,, a carryover from Tuesday of the L ra^ly impSi However Ja/T-I Vn„lr 

fore recovering to 837 .H 2 for a President Carter’s inflation coun- announcement that France had its somr front-ninno.* 8 iiL-* Tn^iioe .1977 1978 W I i 

fresh Tall of 7.37 on the day. The sellor. stated that consumer price third consecutive mnnthly trade Paner-PulDK^ Jnseri Xnc 74 °^ ‘ Vab apb mot” SsvTna sh 

WSE All Common Hides was index figures could continue to be surplus in April, and the good MetSs id Efitk S ock . 

finally W cents lower at 3 S 4 .. 1 C poor into May. CPI fibres for performance or the franc on the R ° ' S ■ Snmini c 

after touching S 54 . 1 A. while de- April are due to be announced on foreign exchange markets. Ejsa j . d y Y i 040 ,• „ ■ ™ -h. ™i na i After ar 

SS^^lS^S X “KtJiWra tended to ignore 19 ^f&®i 83 K V pf on «r S diSiiSta 

3 t 4 .im shares, against yes- passage late yesterday by House FFr 1 . 424 . Carrefour 83 to ironic YUO to Y 1 . 7 T 0 To™ ta MMar Sv ‘ ^ DM ° 1 around th< 

tprrfav. . conferees of a Bill to deregulate FFr trail and Air IJmilrf 13 9 In VO m Venn ..J -v.". ... w,n . - . ... Tn 


Eisai gained Y 50 to Y 1 . 040 , following its DM 5 I. 3 m nominal 

Quiet conditions prevailed once 
again in yesterday's foreign 
exchange marker. Sterling traded 
within the very narrow range of 
313100-13150 against the U.b. 
dollar after opening at S 1 -S 100 - 
S 1 . 8 110 . The pound moved up to 
Sl.SH 04 . 8 l 50 at one point but 
closed slightly off the lop at 
S 1 .S 12 O-I.S 130 , a rive or 20 points 
on Tuesday’s close. Using Bank 
of England figures, its 
weighted index remained at 61 . 0 . 
having shown a sliKtir improve- 
ment at noon to hi. i from the 

morning calculation of 61 . 6 . 

After an initially sorter start, 
(he UJS. dollar gained ground 
during the afternoon and linisoeu 

somt«-wa— 6 w»^r 

Gold Boll kin. I 

f* fins nuncnV 



OraoU*.... J »1 W» UKUe-I ISO. W* 
Homier Bt’k 8X79.60 [ 9 IBO-SS' 

<Mp« LIRA Iran 



Homier flxg 8 X 7 B .80 
^ iO.Ua. 1391 
Afl+ro’n Ox'S!? 179010 
l(£fl 8 . 9 BS) 

(CMU 4 « 

IS 179 . 7 S 

i£ 9 fi.aas*) 

U old Coin • 1 

•lomcfllcally.' _ . _ . _ ^ 

Krnfiionuul.. ! $ 184 5. -IK^j | lS51j-rt7i. 

S' wSnr'Kni..!s 54 I* -® 6 l* 13343 , 

VS30 31, ! i£30U-4Uo 

Old SaT’nrnt: L'SS 3 , - 873 * 598-66 

!^CSO*i-8Uai i £31-32)- 

4 j? m shares, against 33 . 23 m yes- passage late yesterday by House FFr 1 . 424 . Carrefour 83 to ironic YrtO to Y 1.770 Tovota Motor day " around the middle of the day’s i Dpr ^ 

^Y- • . , , . conferees of a Bill to deregulate FFr 1 . 650 . and Air Liquid 13.9 to Y 8 in Y 950 . and Toyo Knsjo Y 19 cmf *hr P mf sbrdlz range. In terms of the West 

Broker, said the market natural gas prices. FFr 3 GS. 9 . to Y 470 yo M cmfD.MPShrd emt snr emi snra Q erin;m mark, it showed a slight r*t 1 RRFNCY 

mainrd unsettled by fears of Glamour and growth stocks ® . * „ , 4 „ Vfrmamv c. w day ‘ hom ' tSSnrwEm ro DM 2-13 from CURRENCY 

rivasing inflation and the out- were prominently lower but Blue CANADA — Markets turned GERMANY — Share prices ever, were steady. 0 w j,j| e the Swiss franc — — s : 

Qk for furthe rises in interest Chins were less hard hit in active predominantly lower yesterday turned easier in quiet trading KONG— Market -ained fin shed better at SwFr 1.9690 i 

, rading. in active trading, bringing to an ahead of today’s Corpus Chnsti i* ‘^ESu n< r wuut SwFr 1 9715 . Morgan R 


•Tianw ij 3 i L t in a reduced volume of setback was laid to blame for linked to the poor state or the __ 4n«iiiK on 0 shares fSilrn) Ihe weakness, which left the Domestic Bond market, where H t on f p lL™ A 0 

„r, i^'onn pr, LV ‘Vi " " Toronto Composite Index 9.3 Bundesbank intervention has been cents to JOk.Slo .60 on sfrong de-, 

«?L ’flu 1 

Dec Jan Feb Mar Apr May 

QoM CoiM » \ 

Ilnterujit'lly) l 

K'ruBwniihl.. 3184*4 - 1883 * 8165 *, 1871 , 

(Eto a. 103 ) tcioai-ioii? 

N>«- 6 or'rc<H 8 S 4 U 461 « . 894 ^- 88 ^ 

; a' 30 - 51 ) < 0301 ,- 52 1 4 ) 

01,1 Srtr'tKtift 3851,-5714 358-38 - 

i£i<y> 4 - 315.1 -(£ 51 - 39 r 
531 Ra K le*.„. F275U 27BU 5B76U-879:, 


look for furthe rises in interest 

Special European 
Drawing Unit ot 
Right* Account^ 



trade weighted average 







A-»i«n- an M«»ori 



+ j 

1 1* World 


19 ! 





— 1 

W’/.iidioiur Elfcii. 





.'IS. Ufcl 

- 7 ’xd 

— 1 

Si'A S.-mifc'* 

2 U.i SW 

+ 1 

1 Aiiiur 11 m- 




•:--ilrral Moiari 

191 onu 

."■ 9 i 



iw 00 



Trjnfc- World Airline* 

Ik-' «il» 

19 i 

~ ! 

3 .S 2 m shares 

Bond P market where Hon « Kon * B ®hk put on 40 depreciation u ^L n S to I 1.21070 

i Intervention ^has Kn cents lo HKS 15.60 on strong de- New \ork. widened shghtly to L . iniulwn , 1.34969 

r.»tST 5 ? tlon n * “** mand, white Jarfllne Matheaon A 74 per cent from 4-.1 per cent Allrtr » ... ia. 54 ifl 


down at 1 , 127 . 0 . Oils and Gas needed to lift yields . “• aT^’TSSiMSliS preriously Gold showed little i «. 22 B 3 

retreated 1129 to 1 , 367.9 on index. Banks were the heaviest losers. ' aUS reaction after Tuesdav’s U.S. gold «me • 6.92823 

u.-hiie Fm„ n eini « 5 -ruic« Felt with Dresdner fall me n\T 3 . Com- Hutchison __ Whampoa and reaction alter iu««ajs u.a. -»*« Ueiltai . h . II .. r |. ; E . S 7782 

while Financial Sereices feU with Dresdner tolling DM 3 . Com- Hu^blson Whampoa and reac ion after lu^oajs 533 .SSE ; 

bSt to lJSSr. merzbank DM Z^oTind Deutsche Wheeloek ^Marten n ceu^ each sales and eased 81 an ounce to 2^979 

PARIS— Stocks rose afresh by 

22.97 to 1 , 079 . 57 . 
TOKYO — Stock 

merzbank DM 2250 , and Deutsche 
Bank DM 2 . 20 . BHF-Bank were 
were dm 4 weaker on the lower 

gains ranging as high as 10 per 

Press reports, stated that cent, in some cases. 

rates. Press reports, stated that 
economists and bankers are con- 
vinced that growing credit 
demands and the Federal 
Be«crvo’s tight money policy will 
push borrowing costs to their 

institutional buying, with sen Li- Mechanicals lost up lo DM 3 . a P* e c® , t0 , 1 
ment aided by a fall in the out- steels up to DM 2 . 20 , and Stores respectively. 

UTSS to HKS 4.65 and HK 32.475 respecj S 179 J- 1 S 0 . The ■ Kruwrnmd j 565821 

J,.™ lively However Hong Kong Land finished at S 1 S 4 J-I 863 (£ 102-1031 | Ullmn ! 1055.97 
the lower ^ y j wire pacific 5 hed 5 cents from S 1 S 5 MS 7 * f£ 1023 - 1031 > and 

n\T ^ apiece to HKS 7.90 and HKS 855 its premium over the gold con- |k 6 ||f| 

to DM 3 , tent widened to the common dose 1 

of 3.12 per cent from the previous Haiti 

AUSTRALIA — After Tuesday's] common close of 2.97 per cent. 

rts. stated that cent, in some cases. standing balance of buying in up to DM 2 . but against the trend, AUSTRALIA— After Tuesday’s 

nkers are con- Several factors were responsible margin trading on the major Preussng rose DM 3.30 and t»a«der toneT on nrofit-takine lead- 

owing credit for the good performance. These Japanese stock exchanges. Volume Pegulan DM 4 J 20 . ing Minings and Industrials and 

the Federal were the lowering of the Call expanded to 260 m shares ( 230 m) In the Bond market. Public speculative issues made fresh pro- 

ney policy will Money rale from S to 7 | per cent with the Nikkei-Dow Jones Authority issues lost up to 45 E ress early yesterday but gains] 

■osls to their (now at its lowest level since Average rising 37.83 to 5 , 455^1 pfennigs more. The Bundesbank, were later pared. I evruAvrc rDnC c on-recs 

Industrial leader BHP managed tA^nANfaL LKUM-HAIt* 




I 0.868162 

I 1.21180 

I X . 54937 
! 18 . 88 X 1 
, 40.2681 

■ 8.93842 
I 5.66374 
| 567154 
I 2.38760 

Ban!, - 
V»V» Hfl'el 

I * [ 

Hftrbet tutw 

New York...; 7 | 1 51 .«in 
Hnotnwj....! a>, i 2 .ai 4 ft. 3 .ni 3 .Lm 8 .L«iB 

AmnlnUnin | 4 
Pnn-<iin tig 
C,>ponh»i^iii 9 
Frankfurt- & 

l 44 K>n 18 

UaUrhl ( 

i 4 . 11 * 4.14 | 4 .KM.TB 
60 . IO-E 0.80 W.IM 0.36 

8 . 8 <*- 4 A/ ; 6 . 86 MJSi 
1 82 . 7543.78 B 3 .tt-B 9 .ffi 
. 147 . 26 - 147 . 7 &I 47 JEF - 147 

tinUi 7 9 . 98 - 9.98 I 8 . 9044 . 91 * 

tVri> 8 VJ 8 . 436 - 8.483 > 8 . 4 ^ 4.481 

Slrklutlni.... 7 B. 464 .S 0 8 , 48 - 8.49 

T.'kvo - 3*2 418-413 : 4 UA 4 K* 

VwhtM.. 61 , ! 87 . 85 - 27.80 I VJtktjSt 

iorlch I | . &AfiHu 57 , 

Zorich _.| I 

J Hates siven for convertible - franc*. 
Financial francs ML 23 -A 9 . 43 . Raw for 
Mai' 20 should be CO -■ 5 - 00 . 45 . 



Rise* ami Kaua 

[ »*y z*\ Ha: 


! | I i 1978 

Mir , Hay j Hue | Hat { 

34 ' 23 ! 22 ■ 19 i Hi«h I Luw 

Mat i Mur Slur . Mar 
21 25 22 19 , 

an ui- i.vinpilai n 
I Hirii I 

54 JE 54 . 30 ' G 5 . 4 F 64 . 95 ,' 65 .G 8 . 

j 43 . 6 / 

. I 1 \ > 17 / 6 i 

1 i 6 i 3 i 

Fbbih-s cra.fetL I X .895 

lliaea 300 

FWIh i 1,246 

Unchanged 349 

New Ricbf... ,.[ 21 

Nnrl/im ...I BO 

LUa a rise of 6 cents on balance at 

Hay 2 ’ ‘ Hay 22 AS 6 .T 2 . after reaching AS 6 . 7 S. 
— ; — i — - — while ICI Australia were 4 cents 
lif 22 1.912 up at AS 2 ^ 0 . 

JUy 34 'Fouikf urt^.Ven Turk Harm j Urtc-*ci: | Libil-ii .Am -iM'in ^ Auncti 

rxnWiirt ; ~ i 2.1273 E 3 ; ■»."«* 70 i 6 . 40 H 41 S , A«- 7 -ii 7 "! 95 37 «7 Irt?.IS 30 

1,922 1.912 
471 922 

1.029 592 

422 398 

86 105 

45 36 

Olympic Industries were heavily j . : 2 l 9 .ii.T 3 1 4 .»-c^-- 7 .t*i ! £ 

al. 43-46 ! itlfO-W (lielb:* rlCT 45 .f 8 .At 

< I Nitfct Raws 

A rsrnrina.' 1 . 405 - 1.409 'AnntMoa.'BaO-IISO 
Australia - 1.6034 I.SIS^AwUvi.^ 87 -Mi 

Nnidl 1 M. 90 3 1.30 {Belgium.. J 69 4 fit 

Finiimt...; 7.80 7 .B 8 llraul ' 53-56 


657.32 346.29 856.42 B 46.85 85 Q.» B 58.57 S 5 B.J 7 ■ 742.12 

■ lib* i«F; 2 . 

H'n,cH'n«l‘" 84.19 88.51 08.51 88 . 47 ' 88.59 98 . 55 ; Aik 
Tmn- 1 -n... 274.98 227 .BD 231.50 229.16 230.91 251 . 25 ' 231.50 

; tii'.si 

Inline. 104.05 104.56 104.67 104.26 104.09 104.04 

105 Uo! 41.22 
i ILL Til | < 2 / 7,321 

( ■•■'l 

Traiimc ini. 


189.51 1 279.88 1 li .25 — 

( 9 / 1 ) I i 7 .g.-d*i i TORONTO f.inij< 

102.84 1 165.52 . I 0 J 8 — 

i 22 /?i cJuia.irh i 2 ls. 4 .d 2 i JOHAHTNESBORG 


122 . 8 ft 185.81 123 / 6 ) 
191 . 72 ; 182.86 ( 25 / 6 ) 

162.90 \\fli2i 
170.62 Igtt.l, 

L'<mi|o-iie. 1127.0 1138.5 

1128.5 1136 . 3 ( 23 / 6 ) 

4 S ". 2 < 30 ; I) 

31.450 33.230 2 B .700 34.560 42.270 45.490 - 

I nil i in Hit | r 

211.9 218 . 7 : 210.1 
224.4 225.7 | 225 J 5 



2187 ( 1,21 

183.0 ( 2 L>.- 4 i 

222 . 9 , 

224.4 ( 24 / 5 ) 

194.9 itilll 

traded and gained 2 cents to o 6 i.-. njw «i^ I 
cents following the AMP Society's { i-,n <»n.. 
sale of over 2 m shares. I >ni-i iam. 

Uraniums, after a firmer start, 
reacted to close mixed following 
the Queensland Mines annual 
meeting, at which shareholders 
were told that the company had 
i little chance of starting the 
Narbarlek project this dry season 
unless the Federal Government 
look quick action. 

14 . 043-077 V.« 5 SJ«b 3 M.SMJ 3 237 .^ 6 S (nvwe ( 67 . 620 - 69 . 1 »i>na.ta ' 2 .BW.M 

:;ni 3 .-elF>. la.tS- 2 i 35 . 21 3 ? l.H -12 ; _ : gc.Hol . 14 . 56 -A* ■ IIoiu;Ki.-iu 8 . 455 - 8.4576 iKHimiirt.^ 10 .HM 5 

I-.ii m.. t_- 13 y 30 60 . 15-26 - • 4 .UMS ! 3 .rf*- 7-73 Inin!.....^ 124 130 .Tnuiv. ‘ B. 46 A 65 

\ni-iUni..l 06 .iM 6 . 93 r. 1 2 ^i £2 607 . Jr .Tic K* ;S.r 6 fo EtUS 4.1509 I 35 h - llv.iij- 7 i Kunmit 8 . 680 - 11.610 .tlerainnx 4 5 . 90 - 5.95 I> ^ 8.425 alO n: i =55 SSiS i 42 . 0 i «.]40 ,n ^223 «J& 7 ;v-V:.LnJ 7 < W. 402 JFJ; •- l.iucmt-'rc jlircrre ! 65-72 

Umavbih .. 4.3575 4 . 5725 -lwly jlS 6 B- 162 fl 

T.S. S In T*.irunti> = 111 . 51 - 111.54 Cmui-Il-ih irni". N. Zt»lBinljl./ri#-lAWiM«reii J 405-475 

Canuitian S in .SVtr York = 89 . 64-67 cents. L'.S. S tu Hil/iu 971 . 50 - 2 .C 0 nnii'li Xnl’ 6 . 20 - 6.50 ■Niihfrl - nd' 4 . 85 - 4 .ffl 

3 lvriine in Hifatn 1580 . 00 - 20 . 6 lnrf»|*itc . ^. 2376 - 4 . 25 M Vi.i-uny . .. 9 . 95 -UU 16 

it. A I rim ..jl. 5 SI 5 - 1 . 5 W 6 .l'>irtiif:al — 75.85 

U.S ' ->|«ni . ... 145-148 

Unidi ! Sn u latnl' 6 . 50 - 5 A 5 

B. 46 A 55 

r.S. S in Toronto = 111 . 51 - 111.64 Cnnn>lMii , cnii. 

Csnailum S in .Vctr York = 129 . 64-67 cents. U.S. S iu HiLiu 971 . 50 - 2 .CO 
Slvrime tn Milan 1580 . 00 - 20 . 


CSl : l-> Jl-Bli 142 

U.S. cenlrj 89.67 B 9 . 7 Q Ymiwlnvla 34 
Rate uJvi:n (or <\rn-iiiuu c- a (riv r^r 

■ ■i In'icN i-liBnm."! Inou Ain^iai 24 
3 Uv (6 ' X 

l*M. .In- viBl.i 9 . 

Yenr n^o (Aptrnx.i 

Analrallai** 4 H 2 J 9 492-52 484.49 1 441.19 

I 16 .- 0 ) 

Belgium 96.67 95.45 | 101 . 1 b 


Hmv ) Huy 
22 19 

May J AUv 
12 ( 17 

|SmueLonipiial □ 
I High I Low 

Denmark '** * 5.12 
France itri -7 7 

16.01 . <L 5 ) 
1 ) 1.16 06.45 

(b.tii j ' 25 / 6 i 



: In.ln-,iri"ls 107 - 39 ' 108 . 47 ] 109 . 7 ft 108.52 109.1 111 10.51 1 110.51 
; I ! i ! I < 17 / 5 i 

{(.-mi-iiHC 87.06 98.05 99.09 98 . 1 ? 98 . 6 ? 99 . 90 , 99 .B 0 

36 . 5 , 154.64 542 

10 / 3 ) m.l(? 3 i f 30 ) 6 ) 32 ! 
66.90 125.15 '< 4.40 

( 6 / 3 ) iLl L' 7 ii' <l/fi/i 2 ) 

France itri -7 7 | Sd .7 

: r ( 2 h. 4 i 

GermanyKtl. <» B . 77 I.S [ M2. 1 
. tlO.- 2 i 

Holland > 4 «t -5 2 BA 2 ] r 3.2 
I <55 6 > 

a^.li jhjK' 
wii l 


! Ilf?.: 

I 197 b 



102 M 3 

110 . 7 c | 


( 9 , Vi 

| 17 ( 3 > 

37 LG 8 

397 . 9 ? 1 

32 ta. 7 » 

( 3 '*.. , 



3 ZS 7 ! 

! 279.0 

il 4 2. • 

( 254 , 

MOTES : Overseas priort Sluvvn below Umiailian 

| exclude 8 premium Rclclan divMecd!i Jl,} “ | - tePllu a Lkuiar 

■ire after withholding las — - — — ■— 

ft DM30 deortm. unless- other- vise staled: idoort term... Ill* 12 I fil2 7lj 

yields baked on ne: dividcndk olu-i tax i .lav* notice! 115^ 12U 1 6i™ 7ij 

V Mas 5 u) nenoni unless orherwisc star-u vi. joi* 10*4 I 7 3 * 75 t 

+ r 1 ^ 1 '’ ,T L, un,f ”- orhcrwtsc siaicfl i | imr uiEMtlii-J lO< e UW I lit c,i 

Bearer shares 

Indices and base dates (alt base valne* " Crosk dlv h Assumed dividend af<cr 
100 ekCeor NYSE . AD Common - B0 VT 'P aT,li ', 0T . r «? ,s * Vier local 

'•[■■lit 1 1 1 10 t« 10*4 I 7 5 a 7 i t 7*9 7*3 414.412 I lri l,i 3 , 13.1 NowYork.'O.SO 0 . 4 &\p<n 1 . 47 - 1.37 r.|-in 

llimrin>witl»..l 10 : e 11 >« I lit c,fe 75 a-? 7 a 4 ^ - 4 } 1 ,« Xrh 3 .-, Monireel ' 0 .S 0 -O. 4 Oc.|im J 1 .S 5 X. 45 v.|.in 

-mi 11 M. 11 U 1 -....I llig 117ft | a-6 1 a UU-fals I 45 4 5 I 1 3aa-a3 ( Am-t’ilmn 2lj 1>2 ' -|'iu ;7U bla »■ |-*n 

'"“ r “ ’— «• I isiujgi S.tBhf 846-858 [ 5 l a 638 I ZAtZA 1 34 , 37 i Uru,.rt-...;iO- 20 . .pm 85 75 rut 

“ - -- -- - - - lWnhcR. 5 - 9 iKf ilh 7 > 4 -S >4 nrv ilia 

Tn"; . I Euro-French deposit rates: twwlay 7 M per com: sevon-dar 7 *-S per cent: Fnnkiuri - 27 a 17 g pt » m |i put 

airier imn D ySniP ^ one n,on,h wr “ m; asreMnoQl11 S'tik^Uu, per cent: six-month 97 ,|.ftii, a per Uslnm 83-185 i-.dU 100-500 c-dta 

?S 2 L “S? ifTsSJEEJ ftELiS™!" vrm: 105-101 per omt Madrid...., 35 - 1 15 . 11 . 140-220 c. dl. 

unless ottierwiiu* irated 4 Yen 60 dennnt ‘ v 

unless otherwise stated j Price ar i<m<- — — 

ol suspension a Hon ns bSchillmus 



W , Uemu 


[iui liter. 



41 * - 41 ; 


4 i*-eij 

2 - 2 U 

Sni A 

41 * - 41 - 

lri l A 

4 AJA 

1 .x 

3 .-, 3 ft 

4 ft, 5 


3 ft*-aft* 

5 la taftfi 

Sris 2 ri 

33 , 37 g 


1 " <W m>mtli 

Three tuonllin 

Lons-lerm Eurodollar depusils, rwo years l 1 ia> per cent; three years Milan .... ..;B 5 lire dls 

SUndards add Poors -40 and Toronm la,M "*%*•»_ In* n Francs- mcludme ( S ,, i«-S !J i* per com: (our years Si-Si per coni; Qve years S 4-9 per cent. 

300-1 .onfl. the last named based an 1975 
t Excluding bonds t 4 M Industrial: 

l' 7 ai. (l/d/ 52 ) j u[v (jil 1 1^.08 - 64.00 , -4 85 1 56.46 I * ]* ■“!«“ Copenhagen lr B ^ f rt * &t^dlfvWnd 

■d based an I 973 i ,,n,l3C d, T- pAiom- 0 Share split 1 Drv 
*496 "industrials JIKl TteW exclude special saymeni. 1 Indi 
« PUnunTm ca,ed dlv x Unofficial trading c lilnonis 
n«T holders only, u Merger pending « \<Utcd 
'Bid 4 Traded. 1 Seller .'Assumed 

Oslo 54 - 23 « urn dis 

Paris - 2-1 •-. [mi 

85 75 •-. nm 
714 -914 hit ihi 
73 * - 64 * |-f put 
100-500 c.dte 
140-220 c. dli 
9-13 4 m ill* 
D 4-394 media 
; 4 l?- 3 ig r. pm 

The rnilowing nominal rales were quoted for London dollar curtlBcates of deposU.- ht’ckbolm l*iunum-*ivr*i[l» 4 it ai" ora pm 
one-mom h 7 . 55 - 7 .C 5 per cent: three month 7 . 30 - 7.90 per cent: six-tuonth A 19-920 Vicuna 15-3 am uui i 3 li -22 unt nm 
per cent; one-year S. 3 ftS .40 per cent .. . . ~ " I— L_ 

fad. dir. yield 1 

InJ. P.-g Ratio 

f#«r • tinrt. Rond ylekl 

May 17 | 

May 10 

May 3 

Tear ago ,approx.i 













(22 61 ! tlO/lt SK Utm. (tt) Paris Bourse 

ml 409 . 66 ; 406.71 j * tu.l I ; 364 . 0 « «*» Oummeratar* Dec.. 1 *B 1 IS » Muster lna 4 ased . 

r r Assumed Short-term rams are call Tor siertlng. OJS. dollars and Canadian dollars: two 
ridend. sc Ex days' notice for guilders and Swiss francs, 
a Interim since 

Zurich 3-2 i‘. |uii i 8 iS- 7 Te c. pm 

“ Slx-'tnontb forward' dollar * 83 -- 75 c pm. 
12 month SJW-s.TOc pm. 

j 1 If 19 /«)! 14 /lj 
Singapore ' 314.16 314.02 : 315^5 ! 262 .U 

ilft/ 5 i ‘ ill® 

dam. Industrial 1978 . (ID Hang Sena | 

Bank 31 / 7 / 84 . (||U> Milan S/ 1/73 <a\ Tokm r cDu«uv * 
New SE 4 ri /88 ib) Straits Time* ism 1 “tRMANI w 
fc» Closed. td) Madrid SB 38 / 19/77 
te V Stockholm Industrial 1 / 1/56 if) Swtsy 
Rank Corp fu> Unsrallahle. 




Akw : ao. 4 -o.Bj - - 

Aiilanz Verrlcb...: 4 S 3 ^-1 < 18 • 2.0 

BMW* ; 226 .B 4 -O.B 128 A 8 6 J 

l-utht Glaae 

Hi. in... 




s l*+h i 

2 *' 


Al>bi>u lab* .. .. j 

31 Ja 



21 ig 

227 B 

A - 1 n» Life A l"a«f. 

40 i 3 

40 (j 

A tr I’r-fclU'.-ifc | 

2 «i 9 

28 i s 

An.'- ! 


5 u 


- 8-1 

29 i* 


447 * 

45 ij 

fc,U-f*. l.n-l um.. ! 

181 * 

18 i* 

\ .i*giirnv l’.-wi-i! 

r; .* 

171 . 

\Iim-I ( lii.'tni' at.. 

40 tj 

4 lJa 

1 :) i*fc| M.-n-«.. .. 


241 * 

A i,ii t linl niei-r.. 


3 Hi 

\M V\ 


35 i* 

Ai,»-ia.ln Hint ... 

32 U 

32 ia 

Ililt-r. A ■) llllfc-fc...- 

lli s 


An'+i. Uran l*.... 

491 ? 

49 T* j 

Am+r. Kr«fii|m*l: 

49 J* 

50 ij | 

Ann-r. 1 . an j 

4 U l« 

401 * | 

\uier.t 1 ffnanii.l 

230 * 

2 &J) 

\lll-l. I'.iB 

21 -ft 

217 * 

Ai-.Wr. 1 ,\|il <•»*.. 

377 * 

301 * 

A n;er. 


295 * 

A wirii. llifcli-*,.. 

24 bp 

25 ij 

A M.-l.-r.,.., 

51 . 

55 ft 

A rn— 1 . AM. 


41 J * 

A hit. fciui'lanl. 

46*1 , 


All 7 »l. M-.-V- ... 

331 . , 

32 :* | 

Ann-r. lei. \ T.-l 

60 '-, 1 

60 (ft | 


33 .', 

34 i* | 

Loroing Uia».... 567 a 
l.T’U Int'n'tii'nni' 48 U 

L'rsnc 29 ia 

C'rncker .Nst ^ 6)4 

L'Pikii Zeiiertoch 337* 

567 b 58 

48 '4 501 ft 

2919 I 307 ft 

L i mi in ui' Engine: 39 )g 
fun l.» IV right... | la 

l)»ii» 27 >a 

I ’art In-tiiMne*.,' 42 U 

I'rere 29 ij 

I'ri M.-nte 29 ig 

1 Ml. um 12 la 

Heniiplv Inter... lBSa 
LVii.m Kdimn^. lhba 
IMani-in.lSlianirk 26 ~b 

|t)L-la| 4 i»n.-_ J 15 >« 

Ihuiln Krjni|i.,....j 475 fl 

l>tuiln 1 1 1 . ..... I 47 &B 

Winner iWalt|.„. 403 b 

John* Mauri lie...' 3 Uj 
John'in Johtuun 76 la 
■li'hBe-.m Lunut-i., 32 '-( 
i.»> Maouiai-tur'g; 33 >a 
H. Mart 25 lg 

KaitcrA iidiIui'iu; 33 14 
Kauwr I n-l.isLtii-v' 2 

KaiaerMcrl 22U 

hay 12)4 

kciinwiitt ; 24 1 4 

Kw Mrtiw....^.! 47 '; 
hi.Mc Waiter.... 5 16 ft 
Kimlierl.i flora .. 47'4 

h»|.|>.-rs.> 22 7 a 

limit 47 ig 

m .. ger Co _.| 32>2 

Lt».-« way Tmua..; 333 c 


1 Key rankle Metal* 
iteyuwi.ti It. J.... 
Kich'enn Herretl 
Ifnckoel! Jmer & Hnaa 

I«v. ft Fran. S 2 .M w ( 111 )%) SSSr“ i S»l 8 SfitS '!3 iii l„: 

Effective rale ( 0125 ) 47i% ( 47 |%) lumw. — i 139 .O 1 - 0.2 1 6.7 .hi x w »i p n m 538 . ;+ 3 

| llgyer. Hypo.. — 279 t, j 28. 12 5.1 ruji I'ti.Uo 571 ! + 3 

Uayet.V erem -hi.. 289-1 Jfll— 2.9 ■ 18 3.2 .Iitju-Hi 245 +6 

fib*!ni.Nr>l.wri\ 165 — i - H<m.U Motor* 57 B > + B 

tJtunnteRlvnk • 215 . 0 '— 2-5 1 17 1 7.9 

CouUiiiinmi .• 72 . 5 + 0 . 8 ! — | - 

I'Kimler Hem ! 293 . 5 - 1 . 5 , 29-12 4.8 

Unsut-n 244 m +1 j 17 3.8 

I tenia* 14 B - 2.5 14 4.7 

Ihtvet r«qui 42 

IH<« ■ b«mlial....l 297 ft 

- j 28 ig 

I'twaer 42 la 

Liibt.y Ow.Knt»l...| 


1 T # 

221 * 


12 J* 


24 >* 

237 * 

47 i S 

48 )* 

a IS* 

32 lg 

47 '* 

40 '. 

227 * 


47 lg 

47 J* 


32 ; a 

33 Je 

341 * 

35 a* 

36 >a 

267 3 


Koyal Hutch. J 55 

IJi, Pnnt 1145 ft 

hytn» frhlimrwa; 3 Hi 

muie I'lulii'r. | 211 j 

Kmt Airline* I 9 'c 

ha*l man KMM..J 541 * 
KMiei..._ ! 39 


K. tt. A (1 

E 5 S» 1 26 )* 

Ltuget Uioii^ ) o 2 u I 324 ft 

Lilly tklii 1 447 g I 45 <4 

IJit-in Ituliirt....] 187 a ! 19 Aft 

LnrkliepdAin-r’tt- 225 ft • 23 U 
Lune Star lnili...j 197 a ! 2 i.Sft 
Line Uian.t tud.l 18 s * ! 185 4 
LHihinim Lmi)..| 237 ft • 24)2 

Lubri*^ ..,,,.....1 3 b I* , 397 ft 
Un-In Mine.... | lBflft 1 151 : 

l.'lr Y'uiipl , *ir 71 ft 


Ituai- Uui 

Kv-ter system. ... 
laleway .Slum... 
.St. Jih- Miner* I*. 
■■Jt. Ueuis P«|«r_. 

"•aula Pe llliia. 

Saul Invest... 

SaxiHi tihta 1 

Sfhlii.’ KrewiDftr.J 
’vfaniml«r«er — [ 

tcai : — 

aa -4 .Scott Paper... 

45L f "ktra-ii Hjr* 

19 1 « I tine Duutler. . . _. ..I 

Wool worth 

1 Wvlv 

Xenix..... 98 Ig 

/jipnta^ 1550 

Zenith Ihulio 16 i| 

U.-.TrfM 4 ^ 14 W T 94 * 
US.Trou 4 *i 75 86 tBOv* 
0 . 5.90 Da v hill,. 6.50 

'•it*, hi 245 +6 

rt-m.L Motor* 57 B 1 + 8 

-l.-n*e F-io-t 1,120 1+20 

-Itoh 227 ,+ l 

■»li. :.. 1.330 -10 

fibaln!.Ne.l.wn-; 165 — 1 - 

CommentaJik • 215.0'— 2.5 ' 17 1 7.9 

CouUiiiinmi 72.5+0.8! — | - 

LMimler Hem * 293.5-1.5,29.12 4.8 

UeKua-e 244m + I | 17 3.8 

hemaft; 14B —2.5 14 4.7 2.65U —20 

henl^uhe bank... 281.7 «l— 2.2 28.12 5.0 nanwu Kle. I. Pn 1.150 +30 

hrt»dner brnik....; 230.5a— 3.0 28.17 6.1 li.-nmlaii I 336 j-4 

L’yckerho/l' Zeoil.t 143 9.3B 3.2,...> 278 

«Sutehi.n , Biing....J 190.0-1.5! tu 3.2 ■*}.o,uCmme... l 3.60J U J3i 

Hapaa: Lk.y-I ' 116.8 12 5.« .UlfciiriitlM lii.r... 739 ii-6 

3.8 )» I 655 

4.7 I.A.L. 2.650 

14 2.1 

*« H 4 CMILi 26 cent) 

1 “-I Aerotr Aiurrraii* 

2 o 2.9 AUmrt .M ng. Tot*. Iivt- Si 

1-1 Amp " 1 Expiontlioo 

J® I *•? Anipoi Petmletnn...:— ... 

IB I 16 Xlmeral*...^ — 

36 I lie A"**- **a | )- Pkp«rSI 

12 j 2.6 '' w,c - f* 1 ®-»triw 

3 o 1 11 Aurt * Fouiulamm Inrear... 

13 I 1.0 AS I 

_ _ Audi men 

lo 4 3 Auct. ul: k lias... 

ia I 97 Blue Heuil Iud._ 

t 2.18 1 + 0.01 
tl .88 1 

tO.B 2 1 - 0.01 
11-25 | 

tUB (+ 0 . 01 . , 
11.63 1 - 0.02 ' 

Sotwt Crux OP. 

11.63 1 - 0.02 

ta .96 

11.48 - 0.04 

tJ -40 

10.53 4 - 5.01 

A 93 

A 95 

9.70 1+0 
_ W 8 _[. 

VoL Cr. 170 3 m. Shares 70 . 8 m. 
Source: Rio de Janeiro SE. 

. 0 , 12 ) 11.94 
17 S 7.79 
...16 ILN 
S .12 5.71 
U. 2 C 6.08 
U. Ill 3.41 

.10 3.41 
I®. 41 
.23 7.80 

U .20 :£. 0 fl 
|i). 13 10.99 

t-» ' Hi ^rtftgaiimlfe C.tpper ....... J 

“ S’/ Bu-ken Hlh Pn.iu-ietary --4 


Afaltil.) I'hpei 12 , 

Al|OMi Eagle. 4 .E 

McauAlunitnlum 32 

Aigitmadleei 20 

Asheaiu*— 138 

Hank ui Uontreai 20 
Hank Niwa S.- 0 U* 21 

Basie Itanin-n.. 6 
BeliTetepUnoe.... 57 

El IToft. Nat. «a*j 1 ’llg ■ 17)0 M 1 h.-MI.wii j 115 s 

) Ml' 


An.,, \ . 

An .-I.. -i H-fc-ktn.. 
A'lll..||~.-| llllM-ll. 


A.**. \ 

A-ti.,i-ni t'ii 

A ^r ■»• 

A-iiian .1 nil 

All. Kb-lilIrM.. ..- 
Aid-. L'am I'M.... 

A 1 1 ; 


A>"n l*p«luita... 
Kau tta* Kln-«.... 
Baril. Amerim.... 
Ihukfn Tr. X.Y.- 
Hfcrt-r Mil 

Etiicrnm Elect ri>-| 35 Je 
, tnu-rvAiriVtulii! 45 /+ 

h'liilinn ■ 35 la 

I K.M .1 1 2 »i 

Knm-lluird ! 24 1 v 

20 i-i [ K*niark * 391 ; 

12 . A Klliyl ; 21 i H 

Kxti.n.._ 47 U 

I ikiri-iiiM fa mi-rat 34 A« 
| Pi-d. l)c[d. Mn.e*! 38 -j 
I Puestime Tire....; 14 ia 
fnl S I K ‘ l - ‘ s * 1 - 29 l a 

.» 2 , { Klexl Van ' 2 Ui 

rr?" Flint Ante j 257 a 

Wtft lru.n. 1 . Power .... 1 30 

33 .'g i Mary It. H 

35 Ji [ Min,. Hanneoi ... 

45 >j I Alj|fci. 

37 f* 1 Mamihmi «hli.... 

27 « I Mann.- Mi.iu<iui. 
26 l£ j M.-in-lmll rieU .... 

2 ^sa 
39 :e 
191 = 

it!? 'w 
41 U 1 a,B,IB 

Flmw. : 37 

UaWei rrarrotU..! 42 

Bra'.ri e K.—l 24 J» , 24 T 0 

IV -I-.nlli fccn 5 .in 38>4 i 39 

lt-'aH..nei: 1 l 9 -'« : 197 a 

H.-.i nt 39 ln ! 40 

U- iifciKl I'-iD' "U" i . 314 

l flu fhrni .tier 1 . 24 Iff • 247 ft 

l»,*-fc X Ihfc-ker .. 191 * • 19 

h-H-nij 4714 473 ? 

1 — i«w «.a* 29 1 Z 9 L 

H-u u-ii 281 - ! £ 8 )ft 

i*- -is Warner — ■ 30 U . 31 

Hrainii Ini ! lot; : 15 *t 

"A' - 145 ft ' 15 

Bnil.-i Hren — - 35 Js I 3 bU 
Uni. I»«. AUK...; 16 T a 15 i B 
UnvkwHt (iiafcfc.. 335 ft 1 33 'j 

l*mn wi k 16 '., 1 15 )ft 

H.u-iru- Erie IBAj 1 18 ig 

D'fclil 33:3 33 >ft 

H. ii>>ra W*i,-h .... 6 BL» 

Unrlmgtnn Mhi 39 14 . 40 
llnnvuftjlii ' 71 T 0 ‘ 71 ^i 

SPiip... 547 | ; 361 ft Pai-ilu-! 171 . . 171 ft 

t. niiai ltan>li>l(Hi..- lisa 11*4 

i.'arfut+m 28 L ' 20 if 

farr-er Atimemi lZlj I 2 i; 
latter llawipv.. 191 ; 2030 

laterniiisrTriin- 56 fj 57 

54 • 54 iii 

IVlanpa* L«n«l - 40 42 Li 

fa-ntral X S.W. . : 153 ft laTg 

l rrtaiutPe .1 24 ■< ' 241 " 

fejfcfta .Vui-Tun.. 31 15 311 ; 

1 11 SH- MmnhfUlin 3 1 13 - 32 
L '. 1 e 111 Hk.NY 41 -41 

U»-CB“h r.Uld. 25 Ji [ 26 
t heuieSvfciem... 331 s i 33 >s 
f hi.tftip. Hrtdce.. : 541 * ; 549 * 

I'linnuaiUMT 19 lj • 197 * 

l.lirj-fcter .* llle , llL 

liwniRia ..'....... 1 4 te j 4 l» 

Cm:. Miiaixun.. . 28 7 r j 29 

CiiMffji. : 23 ?b • 24 i 0 

Citwa derra-e..... 5 zig • h 4 U 
l’:ty Inrw-nnc.- .' 13 Sb I 1533 

tVnfrta 1 431 ; \ 44 1 a 

Ougate Haim : Slug 28 

Cnilm* Aiktran..; Hit | 18 >a 
Cnliimtda Ira*..,,.. 263 fi ; 27 Ih 
O dninDU rim.... I 19 >9 1 19 in 
C.itn-lnsCo^ifAm 1 18 U ! 183 a 
C-.mhu«tkui Eiuc- 39 . 4 fc.ig 

I'.u 3 : 6 usr»ii 2 Ku.. | 16 a* - 171 ft 
fmVih Eit+m 273 a . 27 sfl 
C.unV’tli Oil Rel' 21 ; . 21 ? 

(.i.mni.uielliir.^ 411 * . 42 lg 
L limpet rrSrlmicr 11 'n XX'i 
l-'nu, Uie ln*m. 36 . 56 .'a 

V'dira*. 23*4 , 237 g 

fon. Ibliron N.Y. 221 * • 22 !^ 

1 .<n+.| F.»fci» • 23 ij : 23 :,i 

I. TnMNM.Iim... 39 L 39 >i 

i Vmxurier Puwpr 22 la • - 2 : s 
Vfc-atftnmini tlrv. 30 30 U 

f.-nrinttiiniOll... 89 v 30 U 
* fcinUneniat T*tr. 16 161 * 

!>«ifc*ru Data.. .. 31 X ! Hi, 

P. 31 . 1 '. 1 231 ft 

I ftttl Muior j 49 4 

PtHdlHM Urif.-J 20 

, Pnaloen ! M’l 

Kransiln Hint.... 8 <y 
Pr»*|»irl Mineral) 22is 
Pruebaiil... ...... 31*4 

Kabila liuL I 111-2 

ULi I US* 

) May Hejil. fc>l.'ff--| 84 J* 

Uf.\ I 49 i; 

UelVniaut ' 29 1; 

McUi.innell Dmipc 311 « 

H+iranHHl J 3 l( 

Vlc-m.-n-K ' 461 * 

Merck 681 * 

Merrill Lynch ..... 1 19 lg 
Me«a I'ctriileum..' 371 ft 

MfiM 34 

Mum MinjjA Mtfti! 53 

M. Jill fnrji. 64 1 * 

Mun-Mtn. 52 &b 

M.ftman J.P. 49 

tlifttipiuu 46 l« 

I .Uur]Jiv (Ml ....... ! 401 a 

I X*l>l-*9i. 493* 

| AalL-i.fheinLsI... 29 U 
I NbLiiuhi Can 171 , 

Xsalfcirriaioen.^.l 32 

■Jean rum g 5>3 

■fcmrie'.ij, Li. >.......( 13Tg 

■tea 1 Bi«N*-k.....; 243 a 

-KULU • 37 

olieilUrl «..! 33 lg 

’lie i 1 Tran-|.nri ...' 40 

I xil'iih 43 W 

| ->i|>n»le f-nrp. — ' 34 S* 
j X||||.IU- 1 I> Pal....' 13 Sj 

, ameer...; 823 * 

j M 111 N 1 K line 67 ift 

Solitn-il lift 

. 9 nnihii.iw-n 32 .Th 

• Staitheru t 4 i. t .1 ft 4 l; 
■kanheru Cn..»...' 15 ia 
j Stbn. Sal. lie-....l 351-4 
1 >111160111 Pacifi. 32 ij 
I Soul hern ilai I way | 493 ft 

ii 23 * 1 aass„ 1 14 T a 

I 161 * 

Brtu«i j * 6.00 

Ca>K«rv IVmrer....- a 7 S« 
Camflnur .Mi tie*.... 141 a 

Canada Cenieiu.. | lv 3 « 
Ut nib la MV [an.. IH; 
■.jin Ini 1 1 Unkfi.n. 29 
fanada ln.iu> 4 ....' r 191 ft 

Can lV-ifiL- 19 1 a 

fail. l*i.-iiic lor.. 211 * 
Uin.»ti|wrij(-... . bBSft 
fai-lln# U’Koetc. 4.30 

L^iiwir AIhkIia... 

125 a 

12 )* 

4 .B 5 



328 ft 

20 U 

20 ia 



208 b 

201 * 

317 * 

228 * 



57 J« 

571 * 

283 * 

281 * 

14 t 3 

148 ft 

161 * 

168 * 

■ 6.00 

* r U. 

• 6.0 . 

...^ 116.8 _• 12 

Har|«tier.... - 282 —4 9 

Hneeh-l 137 . 2 — 0.5 16 

HoeK-h.i 45 . 7 - 0 .B I 4 

Hvntn-...„..... 121 . 5 — 1 . 5 ; lu 

kail und 3 «lx 141.0 > 0.5 9 297.5 — 0.5 20 

5 .« •Ulfcii'lnla lii.r... 739 

3.2 .I 11 - 111 . 11 I 11 I'arjfc.J 279 
6.8 ililMil>t»iit Heni 134 

4.3 Mil- ill. tali 1 i.ftirfft.. 420 

4.1 .1 ix— in .V 328 

3.2 tliUiihiRhi 548 

4.0 vipf-.u 1.370 

Kauih.if 2 U 7 . 5 — 1.3 18.72 5.8 j jd.iuj^. 

12 | 4.5 

13 - . 1.3 

14 I 2.1 
2u 1.8 

KliaUinerUH ioc]J 
KJbfU ] 

Kin 1 .n l 

91 . 0 - 2 . 2 ! - - tl-ftoMnmp ...J 

172.2 — 2.0 ■ I 8 . 7 B 5.4 i*i, wr 1.770 

Krnpp 94.5 1 — . — -m>«- Kiei -1 rn- 248 

Un>le j 238 . 9 m ft- 0.4 ! lo j 3.6 -eki-m I'refaK 883 

L/iwenbrvu 100 .... ( i. 4 a 0 « 1— 25 25 ! 0.0 -m-eidu 1 , 06 J 

Luitban-a I 112 ■— 2 t 6 1 2.4 — »• ’« *»«•■» 

AlAS ; 178 1-1 . ' 3.3 

Uanue mann_....l 153.3 — 2.3 17.18 5.6 
Hctaiigp- 206 '— 2.9 1 - 2.4 


.Uanue p«n n_.— .. 

Munclieuer Knck.. 320 

-•in 1.790 +30 

ai-li.. Marine..... 239 +3 

J kprlft ChpDIICif. 355 * 5 

f»K 1 . 98 J +10 

+ 730 33 0.6 

+ tI in , n Carlton I'cnted Brewery... 

To I I'l C. -I • ffc.lp* 

i < T'S CSli tSIt - 

f? • ,, Ci-n*. GuldfieWt* Aurt 

2u ta -1 

15 0.5 Couanc Mlotiuto 

12 o!d Curtain Auatralia 

16 10 OunkHi Hubl<er 181 ) 

48 1.4 WfOH - 

12 2.4 Llliltr -.Smith 

30 l !7 K.Z. lniiuDtrieo 

2 u 09 feu. Pmperty Trust 

4 J ill Hanwwiny 

11 EJ rUiuker 

lfi 91 If I Auatralia 


fi .30 +a.aa 
16.72 +0418 


ri.ea +o.oi 


12.92 + 0.02 

.02 OSLO 


■ Hit 24 

1 Prim* j -f- or 1 
Kroner — j 

Bergen Uana..— . 
ducrejpuuit ..— . 

93 9 

61 . 00 ! - - 

L 08 . 0 , + 0.5 11 

Komo- 247.5 ul 20 

tZ .48 |+ 0.03 1 Kreditkarfcan 

12 0.9 
16 1.0 
48 1.4 
12 2.4 

.*«ir-l Hi'.lmkrjh.'] 

105 .O! I 11 

185 ) + 2 ' 12 

16 2.1 
5 ,.- 0 8 

Aack+nrwnu ( 120 — 2 — ‘ — 

Praufc.Ha DM tOcci 112 . 5 + 3.3 : — - 

KUeinAVe^JiMriJ 184.9 - 0 . 1 . 25 0.8 

-fccheriojt .! 253 . 5 — 1.5 88 . 12 - 3.9 

277.0 — 0.8 lo ■ 2.8 

in. 1 Ztuiker ; 242.5 + 0.5 26.56 3.5 

riiy«-en.\.G . 118 . 0 a) — 0.9 17.15 4.6 

'aria loB.O + 0.5 1 14 4.2 

» MIA : 104.7 — 1 . 1 - 12 , 6.7 

I ervinsA W&i ULI 285 a)' ‘ 16 I 3.2 

I'.Jk-nmiften^ ! 199.5 + 0 . 2 : 25 j 6.3 


■ H,ut Marine 

1*4 [-1 
491 +1 

□ A I nier-Copjier — 

H q (ennlngt* fnduairlea^ f 

•fcio K.cel l*nar'r|l,C 6 J j I U 

J*V« •■niw. | all +8 j 12 

utvofch' l«uini...l 148 1+3 1 . 

1.1 Jones (Oai-idl. J 

3.6 Leuium 

1.9 Ueuia.fcxfiionillQn. I 

j .4 Ml. VI Hi .id men.... ............ I 

,+ 0 Jll MiHet.nm.t [ 87 . 5 x 8 !+ 3 . 6 ! 9 I 0 i 3 

t J -95 — 04)3 “ • • 


}i:il May 34 Rand +ot - 

t 0.(6 I 

( 2.30 1 + 0.04 
TU .13 j 

j Uarruoor ....._ s.ij -045 

> 1.54 1 — 0.01 KtifOM — 0 00 -»M 

IU.e 7 '+ 0 . 1 Moot - +.W -«.|l) 

•«*V 144 ; 

•mile M.-mr ( 960 ! + 8 

Source Nlkkn Securities. Tokyo 


I amiioiand < 

a'w’t Doov barer .J 271 ft : 27 >g 

si*rry Hutch 185 * 

Sparry 2 «u >1 | 42 

3 quiL>. M 28 

Standard Brand..' 263 ft 
xM.UilCaiilornia. 43 
tUl.Oil In. liana..: 50 

91 , 1 . U 11 Oh».^..l 631 * ! 64 

Cliiettam • 177 a 

Ctfc in Imxi ............ 1 28 

Cuna Bathurst.-.! 28 
fiuiwnuer lin... ' I 75 e 
Cuaeka Koaih-ps &)« 

l* eta In Ifleh 133 b 

Llacn Uesimt ! 87 * 

Denison Mine*...! 69 U 

Don. Aline* J 8414 

pome Betroieumi 60 s* 
Dominion Brtdg+I 25 >a 

Domur 18 U 

Duj/au • 13 13 



+ nr j Pr-.!<i.t 

- I f 

Arbed 2.310 

Uq. Brs. Lamb 1,550 

ubS Uwa«it!“ liloo Jt.-^jioo \ i'a “inittg t&O centcij 

Abnbd (FL 20 I . 
Akzo 1 TI 4 D)... 

j .4 MIH Ui.ldmuo I 

3.5 Al.Ver Km(fttrium • 

1.1 Aen 1 *. ; 

AiL-li.ibn- Int+malinnal 

A.irtli Bmken H'.Hnitt. iW- 

UakOridtie. [ 

*)il ; 

__ Litter [tx| 

— P+Hiee, Cniii-rete 1 

.. , Iteckm A fi.lnuin ! 

* Sc-uthliui.i Mining 

“ Tooth (Si ! 

10.26 - ».i -2 RU'i'> i nburg Platinum 

) 2 . 2 i +0 04 1 * f - Helena 

.. ., ! suuth Vaal 

12.35 i ‘ Go111 F|e Ws SA ... 

t 0.86 !-lD 2 Dillon Corporaiian . 
tl .16 +»,1 D, ‘ -Heers Deferred 

11.67 !+ ..ul Blroooniltztdir ... 

10.13 • Law Rand Ply. ... 

10.28 ! Fr.;e State Cctluld 

7 l.a 6 . |™" President Brand ... 
( 2.65 l+ii'Dj Prcstdeni Stvyn .... 
5 i)’ 7 ? SuBoulpIo 

10.23 WC 1 KOCD 

tO .30 I ... West Driefoutein 

WeRtrrn KoUlnga 

n H - roice !— iiloi Western Deep 

• l.A.P ^..1 

'iannelt. — ..j 

'l»n. Amer. lnl._ 

28 )ft ' ti.A.T.A ! 

41 |ti«n. fable j 171 ft 

15 *t ; lipn. Dynamic* | 67 In 

15 Uftn.Khvtnw , 52 k* 

33 ift |(>eiK-rai Fi*i<la....j 30 s* 
16 i a lienprai Millie... 301 * 

as s 

® 'if 

Uftn.Khvtnw , 52 k* 535 * 

I'eiK-rai—j 30 i* , 29 12 
■ ienprai Milti—.J 301 * 1 307 g 
ilenerai Mnima.,.. 69 ta ! 59 ra 

Hen. I'lib. I’tll....’ 1 B>i ! IBIj 

(Ipn. Signal..— •■! 28 )i 1 29 1 ; 
«ien. Tvl. Kle,:!..., 261 = j 28 i= 

Hen. Tyre ! 26 ip 267 * 

ri+nt-M-.... 6 ’ft 6 ift 

tlpiwgta Pkcitk-...i 257 * I 264 * 

XbI. Dmllim... , 227 * 

Sal . S.-rvi.-e (n.i.j 161 s 

.Nat hhwi -at eel dll* 

N a in Hum 424 * 

sell. 53 ** 

>e| Imp. ..... Zfll 3 

hear KiL*ilaml til— 2 II 2 
Ae* KnjiiiHii -1 Tel' 337 * 
.Vlasnra Mnhaak’ 14 
Mauar* Sh-trc. .. 10 is 

.N, L. lii.i.ifciim, 187 * 

227 * . 227 * 
161 s I 164 * 
611 * ■ 314 , 

-fctauB Clremica'.; 43 

Merlin* Drug..,. Ifil* 

Mifcifflaiker ; fill, 

sun Co. 42 ij 

wio-t-ini nil • 44 

nu-t . aai* 

I'eviimeoipr.... , 105 a 

rekittmix ........ 4 Us np 991 , 

*>"■' — : 6 7 s 

43 ■ 44 

161 * 1 15 ** 

611 ft 634 * 

42 ij 43 t* 

44 r 45 

28 1 * 1 28 ift 
105 * ' l)l« 

Palcou'ee Nkiie .1 
Pord Mono- Can..] 

Akzo \r\XJi 1 

AiRf+h Bnk(FH 0 q 

AMBV(PI.LO) I 85 . 21 — 0.9 1 As 44 12.9 

AmmtMnk (Fi^O)j 76 . 51 — 0.4 23.5 3.9 

Uijcnkun....- ' 89 . 5 — 1.5 | 26 SJ 

Boki-Wezt’ni(PI 0 )j lu 4 +1 1 6.5 

UurhnuTerfterude 71 . 21 — 0.5 26 7.3 

Bl«efcier VtPi.Sl).! 279 . 8 WI- 2.2 | H 7 J> 2.0 
hiiulaS.V.uoarprl 143 . 3 ^ — Z. 6 ' 37 J) a .2 
BuivC-nuiTU PI. 1 C 65 . 0 x 8 — 0.6 • 94 . ol S.ft 

UM BfUfadeMPlO; 36 . 4 ] ! 23 ) 6.0 

HelnekeoiPl^b). 102 . 0 ) | 14 ] a .4 

diju^uien- (KiJtO)! 36 ^ — 0 . 6 : — I — 

Hunter D.lFi.lOOil Ua.uj— .4 12 ! 4.6 

| " - | 1 4 88 

354 fa I *24 J 6 6 2 . 3 15 . 

nUA SWimI ECSS'ss b -522 

76 . 51 - 0.4 23 . 5 ] 3.9 

Uurh riu Terrerude 

Teiww,. — ; 315 * 

XuriKiLAWe* tern' 26 U 

NnirUll i 164 U ! 1671 * 

H I iu»ii* 281 * 1 281 ft 

(l.fciilri.-fa R. F ] 221 ft 1 Z 2 

(i.wiyear Tire 17 Ir 17 i, 

ti.Hiki ■ 261 * 295 * 

linu-eW. K. 25 :* 27 ss 

v t«l. Atlnu IV'Tiii! 77 * ; Bi* 
I Oil. .\nnh Imn..- 23 >ft 23 

■iK}iH.«.nri 137 * : 141 * 

■ i.ull * WpM+m.., 137 * • 14 i a 

jtiuimh ; 34 237 * 

j Halibiirtett ! 61 5 * 637 * 

I Hanna Mining.... 36 U 36 

| UHmlnJile=(<r. | IStft 16 

HapriM ffc»pn ' 6314 64 '4 

I Hein/ H. J. 371 * ' 375 * 

| H+ulUem - 20 . 29 w, 

>>H-tli Nat. 

I Nthn elite* fV>. 
] .Mliurmi Airline* 

1 NliiHpfci Hzu-iir, 

I .\>«tim Sinhin. .. 
.1 t-i>ieura< IVLn.v 

I I >uitvv Mather . 

I Min.. Ktiifcam 

I *.»itn 

; t , ver*ca» eh -^ 71 , 
j >i«piifc Cuniuift-.. 3 lJp 
!«i«eu> III 211 * 

j t'ai.-ii. Hah 231 ; 

1 Pkeilw l.ifclUiiiK., 19 

1 !*• . I’wi. \ LI... 201 * 

• PanAniM'. .rill Air 6 lg 

retort! Petroienm! 117 B 

= | resamk 2 Ail 

in if I I'i-xaftRUii , 2 1 1 * 

f” 3 * IV.xa* Inm jti , 797 * 

2 hL. ! r***' “n L Cm..i 31*4 
I re «- fitiitiiea...: i 9 i, 

247 . ) finie Inc. 42 J* 

Ml. I runw Mirror 293 a 

St , 4 i TrajiMiierica. * 16 In 

| 1 ranr L niuii ; 391 , 

ic - 4 Tran-aav lutr*i» 26 
15, S I lian-, World An . 1 19 Lg 
I I’m rel Im ‘ 353 g 

xn .1 J I’nCnc in+niai n. ; 194 * 

LieiiiHar .............1 271 ft 

Uiaui YeTnkmtel tl 2 le 
Dull Oil UtOMllM .1 2 & 5 , 
Hawker SUl.Can.l 7 

dumuser 1 [33 

HumeOU-A' 391 s 

rimisoa Bay Unit 16 

d miaon Hny .. 19 1 * 

•iuil+B Oil A Dan 48 


I mourn 35*4 

Imperial Oil 19 >a- 

Inc. .1 20 ia 

Hunter D.lFi.lOOil -Oo.uj— .4 ! 12 J 4.6 -"T newque-l.BlO —10 

K.L.M. (F 1 .J 1 X 0 ...: 183 . 0 ;- 8 .a - 1 - '' ,ha * —. 4.020 -45 

I nt. Muller mm.. 44 : 3 m • 26 ; 8.2 *“ vay~—... ( 2.535 +5 

NaanJen (Fi.lOj...; 35.51 + 1 1 lo.o 1 3.5 . ^ k ’ n . 12.750 -5 

Nat.Nal In-.CPll^ 112.7 + 0.2 I 46 ' 4.3 848 

Xe-lCredHkiKJ^B 53 . 1 «l_aj I 2 J 1 ;,9 J-;" Mtu. 1 J.Hjy 1 762 -18 

NedUIJHktFliv: 190 . 71 + 0.3 | 22 | sjB 1 1 61 lle M ljnt »lfiwJl.B 5 0 -20 
Jce |Pl. Mi 1 150 ad 1 1 56 . 4.8 I 

tastt s:! *jssza : - B _- 9 i • 

I'bllipa (FI. 10 ) .! 25 . 5 l 4 -O. 4 i 17 1 6 6 ! — 7 — 

KjnSrh VprtFl . 100 85 . 0 )_ 2.3 ■ - ‘ _ Mai M K + W 

as'Sisd jsaasi*« — - ! — 

ti SS5fcr=iSSS*i!!. 

18 i* i 185 * 

f.K.VV • 381 a 

iOUi Lem hit Fu* 30 it 
L>. .A. I ; 2718 

] I'AlitrO t 2478 

tndai AUs 11 *« 

iDionil Mat, (in.. 10 &a lU 6 g 
int'|w»l'l|ieUne. 143 , L 41 * 

tialter Keaoureea. 146 a 147 * 

Ui itri Pin Cnrp,... 81 b 9 ia 
Lnhuiw Lknn.-B'.. 4.45 4 . 3 B 

ML-'mill’ii bi. mil. 19 1 9 j 19 Jg 

llaMftry Pern uk 127 * > 13 

tl>.-liityxe_ 25 I 247 a 

Moon- LWvtl 36>2 ' 366 ij Mmpfc... ^ 77 * I 277 * 
Huneii Ifciierio...! lai* I lajj 
Atlm. Imecvui... 291 , ! 30 1 „ 
XiniUle till A lin-- 35 ift , am 4 
-MkiMMi Pell 'in 3.80 ; 3.85 

NaanJen (Ft. 10 )...; 36.51 + 1 1 
Nat.Nolin-.lPlK); 112.7 + 0.2 1 
\ * lCrOl UklKJ^tt 53. 1 ul— 9 ^ 
heiiUlJUktFliv; 190 . 71 + 0.3 

Jce |P 1 . Mi 1 150 ad' 

Iran Ommnren.... 136 . 0 — 0.8 

raidme .1 (Pi. 20 ). 43 .a'- 0.2 

l*blllpa (FI. 1 ^...., 25.51 + 0.4 

UinS^hVariRl IiYll uni 

w.M.aa. vv+uwih... |AWU f .+*■ IP , 

Jcvkerd 428 !— 8 — j - 

UU£s 2 . 3 15 ms + 1 3 a 1 77 ! 7.6 

Worn *# 1 6 . 270^—70 kifci j n .9 PARIS 

Fabnqne Nat 2.565 +45 17 u 1 o .7 •- _ 

i.U. Innn-Bin . 1 . 97 J + 2 J 13 J | 7.6 

Jesaerc. 1 . 308 U +2 bs e.a H 

niriNiken 2 . 1 BQ !— 20 1 7 ,. 7.8 

liner inn............. 1 , 7.0 1 — 30 142 I 8 1 l! e ,l, e *i 

Wm^wiirtha , 

tl .37 I ...... 

tl .66 I 



Anslo-Amer. Industrial 
Bartow Rand 

oha hrrestoientx tun 

tirsliHlaink .. 6.61 J 

U Ki.iale HpIcp. . 5.670 

2 | Ota i o.a W 

20 l 7 ,. 7.8 

30 *142 I 8. 1 litM'ie «i 

I — 140,^63 i 3.7 '"‘M“+‘J'vl.l , l’ . 
(+ 5 J | 3 .Jta 5.4 

— •ft.v..w.w<w ITUJ JOd a.if - . ■ 

I'nii bi'i'iinx. 'ii. 56 *J L A '* 

■prr-.Biui 3.880 J’-fio" i 74*1 j 'S j ! 1 c 

Mamjii- . 2.945 +45 i R Q 

>«■ Ghh Beliriquel .910 
‘fc'hna .....]i. 02 fl 

*' - 12.635 

racllon Biect.... .'. 2.750 

* racl Ion B.evi 12.750 

'>'8 948 

.-n Miu. il, 10 j....J 762 
' itllie MuntairneJ 1.550 

+45 >dD 4 ] 6.9 
— 10 jl 4 U j i .4 
-45 L-lo 7.1 
+ 5 iAd 10 ( 8.3 
-5 |17u I 6 z 


-p-r— — - Cumc Finance ; 0.07 

+ IssL ’! 1 * ' Dp Beera IndumiaS 

~ ' tY *. t Edgars Consolidated mr.._ 1.90 

q |— i— I Edgars Stores 23.75 

«a U taSlofU f Ever Ready SA m 

308 9 +iuriVk s'l ^ ed '‘ rj,e ' VonutaelmmiMa : ijj 
S ' 3 Greaiermans Stores .. . 15 *0 

472 0+45 I'm S“??? ,so fSA) fl .83 

Hrc.u+ 4 ta,t 5 . 8 ii 3 ..' HuletU 1.95 

a -9 LTA i _ 8 fl 

— 18 ; 50 6.1 
-20 i - - 

fie ban e»l re 

6 f iul. Meilitei 

relit Com Fr'w 

f.ciLfcot Loire 


Fr. Peuetea 

<ien. O.vlriMiMip 

323 . 0 ! + 20 . 2 i 12 j 3.7 Pretoria Cement , 
J+ l » | 1 Ua 2.7 Prorea UoUlogs 

1 oS ,a lti *2 18 ®* 8 5 “®? M1,ws P«i»rtiei» ~r 

tubeui iFi hi}]. 

+ or I Div.i Yu. | Dnetal j 

I l(ta.i(iKa Uorol i 

! Lanuge 


•ia renuiru ; 247 . 2 *-.+ i.i 

2.3 Leg rand ' 1.778 +13 1 58.751 2.1 

•> a Mn.fc.riih uwririi. os . - . ri.i X 1 . 

_?? I ® — — Rombrandi Croup 

813 1 + 16 7.5 [ 0.9 Re ten 

f 27 - 31 + 0.7 14 . lOjll .1 SaBc Holdings 

1 BB. 0 , + I.b 8 . 2 B 1 4.3 SAPPl 

58 . 81 + 0.3 5 . 7 : 9.7 ^ SoBM - “ 

121 1+1 —. 1 — SA • Breweries 

184.9 + 3.9 18 .nl 9.1 0a,£ and Nfl t- MUte. 

753 +51 15 . 97 ! Uniscc 

127.5 + 0 . 7 | 14 . 10 |IL 1 
lBB.0j+1.6| 8.2B| 4.3 
58.81 +0.3 I 8.7: 9.7 
121 1+1 — I - 

deiio Grj.iKi vq,! iao |_ 6 ' 

r.-ky.-PMe, Ri.Js.s! 106 m'. ' 3 j 

.ul lever iH. L’J,„ 113 . 5 U + 'o"i' 42 .t 

■tkllieKw.lMSI., 40 .S-... ' 20 

lej>llan , .iii.Bank 401 . 9 u + i.i 33 

19 , /.8 Jil«tUel«r(p r .iO.V 1 . 13 BfcP — 16 
27 i, +.6 fV'. Part. Cert .. 1 865 <tr— 6 

3 J 0.7 J Ihfc Ken ' 613 xr —6 

2 .t /.5 fimlti Siiir+e | 2,130 —20 

20 ' I.i Kivcti.iWMti ' 1.660 -15 

1.9 Mleht-lln ” 11 " ,1,424 i + 33 32.55' 2^3 ' 

4.6 U«ei Hcnnewy...} 493 +25 12.8 2. o ! 

Securities Rand $ir.S. 0 .Tl|. 
(Discount of 37 JI?S) 

3.6 MuiiHnex Ita 9 . 5 * 9.2 j jg 

*1 - I I 6 l.u;+ 4 .a 13 . 951^4 SPAIN ¥ 

5 « y^'" nr i l 1 ‘-SSS ~ 15 lw | 3.0 tWhmey -.! BS .3 +U .4 7 . 5 : O.B 

4 . 0 ; r i rile. ■(.e.+ TC)> | 655 J ! 5 . a .9 'Vrnid-Ktennl 262 i+lO! 7 . 512.9 

rtu-illulnimerU I lieii l!eO I ri-irmHi. Pifert- J 77.au0i-lv00i sac j 0.7 j! 366.0 + 9 17.26- Si? RMkl'ri Hi 

... - I - ■»""""- l 7 .«o ,-ao 1 »:u. 7 |> 1 l»» !♦• IS 5 SJS&-nai; = 

.■ni-lBi-feinileumi 36 

j Parat-r Hannitin. 85 ls 

*T“ Util “”™"J 

Upa lril Piwkxnl . 1 79 >* 

Hnti.iay Inn* j 171 * 

| Hume- take 1 061 * 

Hittwyweil 555 ® 

Hwier 1 12i* 

H»i |^Otip..UiiH-.- jli* 

tiini«l.>fi 26)ft 

I Huniil'h.A'flini, Usg 

64 r l*tnt«fciv Ini 25 

371 ft : Pen. l’w. A U....' 21 i B 

29 ft* I Penny J. C ' 37 

7Q ' 29 

, o . IV*i'lt* UiuK 10 h 

i?r* I'eejjfta Cat ■ 34 S* 

1 Pep-lw. 1 2978 | 3038 

LUI*._ - 2 Lift 

innever...- | 367 a 

onlipvec N l 50 »a 

Unnfti Ksnri rp 14 *a 

tiiiiun CnrliiiH....; 40 
; unC«i CoanucR» | 77 * 
| luuo Ul- Oaiil.j 491 ft 
| uuion Pam ft e.... . 483 * 

263 e . 27 In 
19(9 1 19 >« 

a* , „ --- . I “'I ( ***e 

121 * I Htiltun il-.-t.i , 165 *. 17 lg 

oil. I ML tibtUfclripfc - as*, f 05 Tg 

1 l-f- ImlUfctriPfc...; aaftft ‘ 257 a 

>A •; 4 i »4 ! 414 

IngurtoiJliand....' 61 Sg . 634 

tuian.i Steel 39 i» I 404 

f'lalleu i 15 1 IS*! 

Perkin Eimer...,.i 


| Prt*w 

, I1iW[* Dv.ige...-J 

! Ptailwielphia Hie. 

21 Tg ; 2ii B 

32 fte ! 311 * 

rn>»p»-"T" 1 ' . 

Philll|dl'utrttrtn. 53 ig 1 

unin^xl.. 7 Jft 

L nil *,1 bramlfc.... 83 ft 

La UmkiijP ! Staift 

wfi * iniirn. ; a 6 

l a s hie-. 27 ftft 

-a aiee ' 29 ft& 

w. lerhuoiogtn. ! 43 1 ( 

3 ta!ft I 53 ft. 

26 : 25 s a 

27 ft, 1 281 . 
293 g ‘ 29 i s 

. 'll ri. Linn, f’pi 'in ! 3215 ' 32 i. 

IS!* . 151 , 

Hcupips Urpi.a.... 4.16 ' 4 . 0 ta 
t'Ure Uaji X till.., 1.02 1 l.uO nu- a 4 : e ' 331 . 
I'naci Din.ini'n 16 D ■ 15 « 

, 14 j M 

■JueteL- tarurtpon, 1.20 I 1.20 

.(anger Uti J 55 *« . 533 a 

■(ecdtaUn iui g lL . 

Ai e . m J 3lJ g | 3l M 

Kitysi Bh.nt um.; 311 , 305 a 

tbiyai Truai ; lg 107 “ 


IntwftaalB.fc. 3.850 , + 2 S do ! 2.5 Wwim Technlquej 445 + 10 . 5 ) 27 | 6.1 RaMo Central n,nM m 

•Jeliuoli <Ft. 10 > 3 l .j 1.410 1-5 > 21 1 1.5 ««!•«•*’ S 95 l+ 3 l 1 27 4.6 ISSS - S? 

>t 9 >HeiPr. 10 Q) ... 13 . 400 «!+ 30 iff fcS.a 2.3 'Hwue Pourne ... 91 . 7 . + 2.6 9 I 9.0 ™ 

..U 4 - «.U.dM.n... r .-l W® J +5 KSSSSs-niiS S 

i Price 7 T«] Dlv.'iTM. •Hsr.ifc'UiB.fP.'iol.d^SO 

IniT-n-iuji Kneney 1 7 is 

I MM ..._ 262.5 

fill*. Fiaruius...., 23 &s 
lull. Harvpfcier...- 33'8 
lull. Min A Clim, 3 B Iff 

40 i. ■ PHalmry - 

151 s i Pfwy Mnwea.. 

.I 1 * ! Plraaev U.i AlJlf 

lull, Alultllmlfc... B 4 

Uwpar lauua*,!.., S 23 a 

, iiu-ii lBia 

jlnii. ITaiw : 421 ^ 

llti C 3 ftr 

I Int, ltruiirtcr 135 a 

! Int. Te). A Tel.... 4 lift 

I lutem • *>» 

I l.m-a HmU 36 > 

1 11 ‘ InlemMInML ll*i 
4 im Waiter ........ 1 3 Us 

33 v a 1 I’olarul-i.... ! 37 

40 I I'uiiuimi: tiler..... 14 
24 >fl 1 ''P*' IlHlurirics-..' 29 
18 ’ft 1 Pn-elcr UaniWc..: fcS 

431 ft | I'uli *W»r t.l«l 1 22 

34 Pullman 30 

143 * ’ I'lirex • 1 1 

4 l>« . .'ilnkei liar. , 64 

H H Ua| 4 ,i linenear, 11 

36. '1 ! 43 

117 * | ■« ' HB 

317 * KaiiuhUt: Bieel....i 26 lg 


23 tg 

22 r 8 ; 


1 1 13 , 

171 * 

37 la ! 


148 * , 

I 4 i* 

29 i z : 

308 a 



22 U • 

22 a* 


. 3 Qij 


175 ? 

Sr 4 »* 

247 * 


107 * 

43 ■. 

4 . 7 , 

fcBi. • 

373 * | uV ImiiKtries.... 
23 r a 1 vitRlnin Bi«-i.„. 
23 .‘filrwic 1 

j iluyni lruai , ig 

wepIrvlTBiniRmi 81 * 

I -vagran I 2812 

j ilien UaiuKta. 14 

. fthemn 1 »_M iDftfcfc ) S.B 7 

mi viia 11 . u : 37 ij 

ISift [ *llil|Baillv. 

. ,v *rner- Uinueri . 

, A i-u-MiiTiiw-m- 
' 4 1 . is- Pa ran. .. . 

‘••el mi llnn ,.T|, 3 579 

e-lcm N. Alim, 
! l 'e«i<rn I mun .. 

! *' -»• hiifilre K+V; 

4\-1 etluuniapi 


Whiictkm. Imi. 

steel iN faiiarU...i 25 s* 
■letyi K,»-k liui .! 2.9 j 
r««fci i.«naila.. I 38 i? 
I'-jfHiui j 19*4 
IranaCaiiPipe U.j 16 lg 
I'tltn* Mr, mil l.i| • j 9 Lj. 
'rian: • I 2 l e 

1 U'litMi liu* 1 * J, 

Uftf. 'iiff-'vMIll*^! 77 a 
'V-i'-url Hiram... j 33 
Weal i.msi l'rafc I hi* 
IV«i.ft> Ucn, tftj. 

; JS^ 

14 - 14 

1.20 I 1.20 

^ 5a a 1 533 e 
to 'a lLi* 

I 31 

^Hs 325 a 
to i is 7 * 

81 , 81 8 

2812 28 S, 

14 141 * 

5.87 5.75 

27 1 ? 28 U 

tafe ou 
256 * 2 & 3 ( 

2 - 9 i 2.89 

381 ? 1 30 U 

,mU-lfcinnkeii ISSiat j U 

umi'fcer 430 ! 15 

ain-ke Bank ! 122 i 4 |™!"^f 13 

i-t ti Uo 164 ift t, + 1 * 12 

nan Inn ken ; 12 Blg + lg I 13 

it. bVBacner..,.: 350 12 

ir. l*ainr....« — 735 ft — 1 * b 

Plrwh SI P [P.IOl' 272 

datbliu (Kr. 2 b 0 )..i 3 . 8 O 0 a‘ + 75 
Do. Paris Coni. I 473 alJ — 8 
■» blniih-rCiaPlOol 286 —5 

8.1 l>o. rarui Ut-nn 473 x 1—8 
3.5 > hlibih-rClaPlOO 286 —5 
9.8 Suiter Ctt i P.KW) 347 ad j — 3 
7.3 .MricaatnKr. jtaOi 814 x 1—1 

I' 'll msfz Jg |t|.jW|] Kgs?-- i 

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^n9ncial Times Thursday May 25 1978 


Cane sugar nations seek 
9% rise from EEC 


DEVELOPING countries which 
supply the ComrnoD Market with 
l.3m. tonnes of cane sugar a 
yoar yesterday asked the EEC 
Commission in Brussels for a 9 
P^r cent price increase. But 
Mr. Finn Gundalach. the Com- 
munity's Agriculture Commie- 
sioner. offered only 2 per cent. 

He told negotiators for the 16 
African, Caribbean and Pacific 
cane exporters that this year's 
increase bad to be kept in line 
with th c 2 per cent granted to 
European sugar beet growers at 
the recent annual farm price 

The Commissioner said he had 
no room for manoeuvre with the 
27S units of account a tonne on 

The ACP*s leading negotiator, 
Ratu Sir Kamisese Mara, Prime 
Minister of Fiji, had asked for 
297.1 units of account. He said 
this was needed to cover rising 
production costs and Vosses 
caused by inflation. 

He pointed out that the price 
guaranteed to ACP suppliers had 
risen only fi.7 per cent in the 
past three years while the Com- 
mon Market’s guaranteed price 
for beet sugar had gone up 11.8 
per cent. 

A Commission study of sugar 
prices shows that last year the 
price guaranteed for ACP 
imports was 57 per cent higher 
than the average rate prevailing 
on the * free" world market. 

rn a publicity campaign which 
started some weeks ago, the 
cane sugar producers have been 
complaining that although their 
price is supposed to be fixed 
within the range of rates apply- 
ing in the EEC. in practice they 
have not succeeded in obtaining 
anything above the lowest 
Common Market rate. 

They also complain of having 
been deprived of their “ right " 
to negotiate prices, and having 
been offered only a take-it-or- 
leave-it price at talks with the 

This appears to be exactly the 
stance taken by the Commission 
this time. 

But the Ratu Insisted that the 
cane price should take account 
of the basic EEC support price, 
the difference between storage 
charges levied on community 
and ACP sugar, and a regional 
premium paid in Britain where 
90 per cent of cane imports are 

Tate and Lyle, which handles 
almost all the cane sugar, said 
that rather than demand higher 
prices, the ACP exporters should 

be considering the level at which 
cane sugar could compete best 
with EEC produce. 

The Fijian premier also de- 
manded that the new agreement 
shonld be backdated to the start 
of this year instead of starting 
on July 1. 

Under the sugar protocol of 
its Lom£ Trade and Aid Conven- 
tion with 53 ACP states, the EEC 
guarantees to import 1.3m tonnes 
of sugar a year for seven years 
at a orice to be negotiated 
annually within the range of 
price? given to Common Market 

9 The Commission's sugar man- 
agement -committee yesterdav 
approved the export of 50.785 
tonnes of white sugar to non- 
community countries . with a 
maximum export subsidy of 
25.191 units of account per 100 

This was 10.000 tonnes more 
than the Quantity cleared ait last 
week’s tender. 

On the London world sugar 
market the daily price for raws 
was fixed £1 a tonne lower at 
£ 100 . 

Chocolate price rise warning 


FURTHER RISES in chocolate 
prices in the U.K. could not be 
avoided, Mr. D. M. Anderson, 
president of the Cocoa, Chocolate 
and Confectionery Alliance, 
warned yesterday. 

In a cautious statement, Mr. 
Anderson said that the failure of 
cocoa prices to decline further, 
plus rising costs of other ingre- 
dients and general inflation, 
meant that it would not be 
possible to prevent chocolate 
prices going up. 

However, the first three months 
of this year had seen a surpris- 
ing increase of more than 4 per 
cent in sales of chocolate pro- 
ducts in the UJC. 

Mr. Anderson conld not explain 
what had prompted the recovery 
in demand, but emphasised the 
confectionery trade was very 
resilient. Other explanations 
offered were that' demand had 
been boosted by the cold, wet 
spring, the early Easter holiday. 

Food makers’ costs fall 


AVERAGE PRICES Df inputs in 
ihe fond manufacturing industry 
are now 4 per cent, lower than 
they were a year ago. Mr. Robert 
Maclennan. Parliamentary 

Dnrier-Sccretary for Prices and 
Consumer Protection, told the 
National Federation of Whole- 
sale Grocers in London yester- 

“ The benefits of this are 
likely to continue,” he added. 
“ We have in prospect the 
beginnings of not a vicious, but 
a vi riu mis circle.” 

Stability in commodity prices 
and restraint in wage claims 
promised a real prospect that 

food prices could be successfully 
held down In the shops, 

In April, the rise in food 
prices was down to 63 per cent 
—more than 13 per cent below 
the overall increase in the retail 
price index and the lowest figure 
since 1970, Mr. Madennan 

This improvement in the food 
price index was neither a freak 
figure nor some statistical aber- 
ration. It represented a real 
improvement with every indica- 
tion that it was not simply a 
temporary phenomenon, be 
added. : 

and the very competitive con- 
ditions in the chocolate market 
at present. 

It was also pointed out that 
the increase in demand might 
well not be maintained, especi- 
ally as a further rise in retail 
prices is likely. 

Mr. Anderson said that the 
price of cocoa continued to be 
of great concern to chocolate 
manufacturers. The cost of 
cocoa cake and powder had been 
particularly badly affected, 
rising In price last year from 
about £500 to £4300 a tonne. 
It was more difficult to substi- 
tute flavour than the butter 

The Alliance's annual report 
shows that chocolate consump- 
tion in the U.K. fell to 339.000 
tonnes last year from 345.000 
tonnes in 1976. This is still above 
the low 1975 figure, but well 
down on 1974. 

Expenditure last year on 
chocolate products jumped by 
£161 ra. to £783m.— equivalent to 
£14.02 per head, against £11.19 

UK sales of sugar confec- 
tionery jumped from 317,000 to 

331.000 tonnes last year, and 
expenditure by £80m. to £486m., 
equivalent to £8.69 a bead. 

roast goes 

By Our Commodities Staff 
SHOP PRICES of home-killed 
Iamb have gone up sharply 
again this week. Best cuts of 
beef are also dearer, although 
prices for other meats are gen- 
erally more stable. 

Leg of lamb is 4p a pound 
dearer on average- selling at 
£L26 a pound compared wtih 
£132 a week ago and only £L14 
in the first week of the month, 
according to the Meat .and 
Livestock Commission's weekly 
shop survey. 

The average price of bone- 
less sirloin has gone np an- 
other 2 p a pound during thc 
week to £1.56p. Rump steak 
now averages £1.83 a pound 
and ranges up to £2.08. Average 
price at the start of the month 
was £1.77. 

Mr. Colin CuJlimore, manag- 
ing director of Dewhnrst. the 
High Street botchers' chain, 
claimed yesterday that reports 
of a shortage of meat supplies 
were not true. ** The housewife, 
after the recent price in- 
creases, should now enjoy a 
period of price stability,” 

“Beef and pork prices are 
likely to remain constant until 
the autumn.” 

The Meat Trades Federation, 
which represents independent 
butchers, is planning to appeal 
to the Ministry of Agriculture 
for the release of beef from 
the EEC’s 350,000-tonnes sur- 
plus stock and controls on the 
export of beef calves. 

9 The Ministry Is expected to 
announce the release today of 

1,000 tonnes of cold store beef 
for sale at specially reduced 
prices to ** social institutions.” 

Sharp rise 
in coffee 

By Our Commodities Staff 
weather prospects continued to 
dominate the world coffee market 
yesterday. In London futures 
prices rose sharply and the July 
quotation ended the day £62 
higher at £1.638 a tonne. 

Reports of a light frost in 
Southern Brazil on Monday night 
had been played down by local 
trade sources, who said the 
affected area was not part of the 
coffee-growing region. A similar 
scare earlier this month had been 
sbrugged-off for the same reason. 

Most London coffee traders 
agree that it is still far too early 
for tiie Brazilian crop to be hit 
by a serious frost, but these two 
early scares appear to have put a 
large section of the market into 
a “ wintery " mood. 

Many speculators made cover- 
ing purchases against earlier 
“short" sales yesterday rather 
than risk running their “posi- 
tions” over the coming long 

price up 


THE ZAIRE metals marketing 
organisation. Sozacom, con- 
firmed yesterday it is raising the 
price it charges for cobalt by 
nearly 30 per cent with 
immediate effect. 

The UK price goes up from 
£8350 to £10.650 a tonne and 
the world U.S. quotation from 
$635 to $8.50 a pound. This is 
in line with the increases 
announced by Zambian and 
Finnish producers earlier this 

Meanwhile in the free market 
cobalt is being quoted at £22-28 
a pound, although little business 
is reported since consumers are 
apparently bolding off buying 
until the production situation in 
Zaire becomes dearer. 

The general view of dealers 
that prices are likely to rise 
worse in the months ahead if 
conditions at the Zaire mines are 
as had as feared. They claim that 
the new producer price of £830 
is largely nominal since it is 
only available to consumers 
receiving contracted supplies, 
which are already strictly 

Anyone wishing to make up a 
shortfall in cobalt requirements 
will have to pay the free market 

It is also claimed that in many 
uses cobalt is not substitutable 
by other metals such as nickel, 
which can be used as a replace- 
ment only in some area. 

It was confirmed that the 
Soviet Union was a prominent 
buyer of cobalt earlier this year. 
One London dealer sold a sub- 
stantial quantity in February. He 
pointed out that Communist bloc 
buying tended to be highlighted 
by the fact that it was all 
channelled through one state 
buying organisation rather than 
the fragmented buying by 
Western world consumers. 

He said the turning point in 
the cobalt market had come when 
the U.S. stockpile authorities 
decided to increase the stockpile 
target instead of disposing of 
surplus sales. 

The U.S. has virtually no 
domestic production of cohalt 
which is found almost exclusively 
in Africa. It is therefore reluc- 
tant to run down strategic stocks. 

Copper rise ‘set 
to continue’ 


COPPER PRICES will continue 
to rise, Mr. Robert Perlman, 
managing director of Com- 
modities Research Unit predicted 

Speaking at the London con- 
ference of the Bureau Inter- 
national de la Recuperation, Mr. 
Pelman said that the conflict in 
Zaire's Shaba province had cut 
world copper supplies by more 
than 300.000 tonoes immediately, 
while production would be dis- 
rupted for some time to come. 

Output was likely to be 
reduced to an annual rate of little 
above 100.000 tonnes compared 
with nominal capacity of 575.000 

He said it was wrong to think 
that the high level of refined 
copper stocks, still overhanging 
the market, made the interrup- 
tion of Zaire supplies un- 

The market for concentrates 
and unrefined blister copper was 
“tight" and woyld have con- 
tinued to he so. even without the 
fighting in Zaire. There would 

certainly be some falls in stocks, 
and probably reduced through- 
put in European and Japanese 
custom treatment plants in the 
months ahead. 

On thc London Metal Exchange 
yesterday, copper prices rose on 
forecasts of a cut m Zaire 
deliveries. There were some 
profit-taking sales at the higher 
levels, however, which restrained 
the rise. 

Meanwhile. U S. copper pro- 
ducers have claimed that a 
reduction in copper imports next 
year to 198.000 short tons is 
essential tn relieve the depressed 
situation in the U.S. copper 
industry. Reuter reports from 
Turson. Arizona. 

Thc proposed quota would be 
190.000 short tons holme actual 
1977 impnrts of 390,000 short 

At a hearing before rhe U.S. 
International Trade Commission, 
Mr. Douglas J. Bourne, president 
of Duval Corp- speaking for all 
12 major American cooper com- 
panies. recommended that 
quotas be Imposed until 1983. 


Irrigation eases harvest fears 


tion is estimated at a record 
125m tonnes in the food year 
July 1977 to June 1978, and the 
Agriculture Ministry is making 
preparations for a minimum 
production of 126m tonnes in 

This should be possible, even 
if the monsoon is below average 
this year, because of the coun- 
try's rapidly increasing irrigation 
potential and the rise in con- 
sumption of inputs like ferti- 
lisers. If the monsoon is good, 
production could reach 130m 

Officials admit that malnutri- 
tion is still a problem, although 
they do not confirm reports that 
about 30 per cent of the popula- 
tion is affected. This is a prob- 
lem, however, that can be tackled 
only through higher purchasing 
power,, which means economic 
growth. This apart, it can now 
be said that India is over the 
hump so far as producing 
enough food for its people is 

The Government has set a 
target Df 12m tonnes of food- 
grain as a buffer stock to be 
used when natural calamities 
affect food production. The 
buffer stock is at present just 
over 10m tonnes, although there 
are another 4.5m tonnes avail- 

able as what officials call “ opera- 
tional stocks.” 

After the present procure- 
ment campaign is over by July, 
stocks are expected to total about 
20m tonnes, which is more than 
adequate to cope with any crisis. 

India has bad a run of good 
monsoon years 3nd it is possible 
that this year will not be as kind. 
The Government is preparing for 
what it calls an “average " mon- 
soon. If 126m tonnes can be 
produced even when weather 
conditions are not good, it will 
mean that a high potential of 
minimum production has been 

Consumer demands will vary 
according to purchasing power, 
but it is estimated that it will 
be roughly 125m tonnes this 
year— which means that India is 
now producing just enough, to 
feed Us population of more than 
620m. If plans to Increase pro- 
duction succeed, the annual rise 
In papulation of 2 per cent will 
be more than offset by a mini- 
mum increase in production of 
4-5ra tonnes. 

The main method of increas- 
ing production is to bring 
another 17ra hectares under 
irrigation of all kinds, ranging 
from big dams to small wells, 
in the next five years. If suc- 
cessful. this will increase pro- 
duction potential by a minimum 

of 5m tonnes a year and to 
that extent protect India against 
the vagaries of the monsoon. 

At present, just 26 per cent 
of the arable land is irrigated 
(about 140m hectares) to which 
about 30m can be added because 
of multi or double cropping. 

Fertiliser consumption has 
been increasing sharply. In 
1975-76. consumption of nutrients 
was 2.S9m tonnes. This has 
risen progressively so that in 
1977-78 the figure was 4.1m (the 
actual quantity of nitrogenous 
and phosphatic fertilisers 
would be up to three times these 
figures). Plans are to increase 
consumption of nutrients by 

800,000 tonnes in 1978-79. 
although actual use will depend 
on availability of water. 

The food situation has now 
■“ stabilised” because of both 
the comfortable stocks position 
and the planned increase in 
irrigation and fertiliser consump- 
tion to make further annual 
increase in production possible. 
Stocks are such that India can 
cope with a major calamity like 
drought and floods without the 
need for imports for at least one 
year— a dramatic change from 
the position just five years ago. 

India has actually begun 
exports in a small way, although 
these are at present limited to 
“loans" to Vietnam (370,000 

tonnes) and Afghanistan (Sn.000 
tonnes) and a gift of 1,000 tonnes 
to Laos. In addition 1.4m tonnes 
of the 2m tonne wheat loan 
taken from Russia in 1973 has 
been repaid. 

Two .key projects arc now 
being implemented. The first is 
the “ food-for-work ” project, 
under which 200.000 tonnes were 
used to pay labourers on irriga- 
tion and other schemes last year. 
Thc experiment is proving a 
success and is helping to 
improve nutrition. The target is 
to increase the amount of *' food 
for work” this year to lm tonnes. 

It is important to Increase 
setorage facilities quickly, 
especially since considerable 
damage " has been caused to 
existing stocks. This is being 
attempted both through projects 
aided by the World Bank (adding 
3.5m tonnes of storage space) 
and schemes for Governmental 
financial assistance to be given 
to private agencies. 

' In the estimated 125m tonnes 
of grain produced in 1977-73, 
there is a record rice production 
of 52m tonnes, a record wheat 
output of 31.1m tonnes and a 
record sorghum production of 
12m tonnes. 

Total output of “coarse” 
grains is 11.5m tonnes, including 
sorghum, millet pulses. ;. 



COPPER— H(uher Main. After or-' nine 
sinr at f754 owlnc to a disappointing 
ornlrhi Conn's forward metal moved 
cad n-fli'ctinR rumours of a possible 
itro farev majenre coupled "'lib good 
nilnrttlaT demand which too* thc price 
to IIM. This level at trailed profit- 
king. bduernr. and the price dipped 

cofpkk; t ,^. j+r 

I*- 1 "- 



1 £ £ 



Wire bora 1 

Ck-fa 747.5-8 +7 


+ 4 

5mimK,i #67-.5 H-6.7B. 7G4--5 

+ 3.6 

Sett-'iH'iu. 74E j + ” 


Cathodes-! „ S _ __ 

O n- 7JB-9 ‘-4-5.25 


+ 5 

fi >ii. 750-9 1+6.25 

767-. 5 


Seii-'m'in 739 j+5.6 


U.XAliil.. - i 

to £765 on the morning kerb. Id Uie 
afternoon a lower than expected Comer 
opening raw values ease afresh with 
forward material coming Off to £761-5 
before recovering on fresh buying to dose 
at £766.5. Turnover, 20.225 tonnes. 

Amalgamated Metal Trading reported 
that In the morning cash wl rebars traded 
at I74S. 47 j. 45. three months £765. 67. (MU. 
66. 66.5. 67; 67 j. Cathodes, three mouths 
£758.5. Kerb: Wtrvbars. cash £746. three 
mouths £767, MJ5, 86, 65-5. 65. 65.5. 66. 

65.5. 86. Afieraooo: Wlrebar*. three 
montha £767.5. 62. 61.5. 62. K.5. 63. 64, 
WJ. Cathodes, three months £757. Kelt): 
Wire bars, three months £765, 65.5. 66. 

66.5. 67. 66.5 

TIN— Rallied. After opening lower at 
IB .388 following the downturn in the 
Penang price forward standard xneiaj 
recovered to £6.360 reflecting continental 
Inning and covering against overnight 
U.S. physical demand. Profit-taking and 
hedge eclUhs pared the price to £8,310 
on the morning kerb, however, in the 

afternoon v aloes moved within narrow 
limits with forward metal finally quoted 
at I6.3&0 on the late kerb. Turnover, 
M80 tonnes. 


£27.47 for the respective shipment periods. 
Yarn and doth Arm. 


;h Grade »' 



+ nr 

Unnffi -in 







+ B 







+ 66 


□345 50 

+ 40 

— M 



Index Limited 01-351 3406. September Coffee 1534-1551 
,amont Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2 _ xbc commodity futures market for the smaller investor 

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Full details of our range of services can be 
obtained by contacting Mr. L. J. Clarke on 
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please send me your free handbook. 

3 month*, o 5 50-60 
wRiem'l . 6500 


Uaah 6425 30 

a month* . OB4S-50 
aflUiem'l. 6430 
dirsit K. .#lt>35 
Sow Y. irh - 

Homing: Standard, cash £6,430. three 
months £6.325. 36. 50. 45. 50. Sigh Grade. 
c»»h £6.470. Kerb: Standard, three months 
£>,350 . 45. Afternoon: Standard, three 
months 18, W0. 05. 10. 20 , 23. 30. 40. 50. 
Kerb: Standard, three months 66.345, 50, 
*0. 70. 

LEAD— Lower In quiet trading. For- 
ward metal rose to £314.5 In the morning 
rings reflecting the firmness of copper. 
Profit-ukJng then pared values with 
forward metal dipping to £303 tn the 
party afternoon prior to recovering to 
£312 on the late kerb. Turnover. 5,425 

ROBUST AS continued their recent up- 
trend. as anxieties over the availability 
of nearby coffee increased. DrexrJ Burn- 
ham reported. Heavy dealer buying in 
May and July waa well complemented by 
chartist interest, as values rose. New 
York limii-up. discouraging Jobber profit - 
taking bo that the marker closed lust off 
the " high." The spot May position was 
£160 up and others £56- £70 higher on 


EASIER opening on the London physical 
market- Fair Interest at lower levels, 
closing quietly steady. Lewis and Peat 
reported that the Malaysian market was 
21P (22(H) cents a kilo 'buyer, June). 




+ or 



£ per tonne 

1630-1640 +61.5 
1340- 1 645 +6 X.O 
1452-1455 +46-6 
1385- 1406 +57.0 








September _ 
JiaiMiy-— - 


Mny — — 





Jnn-Mt J 
Out- Uer’ 

Yeet'rday's} Previous 


57. fifi-67.16l 

58. LD-bB.B6f 
-.9 40-68.4S 
GO 2>M Bflj 
bl 5 >-61 49 
t2 4J-02.W 




afi.SS >S.20i 
-S.66 59.70 
66.60 60.66, 





i«.‘ IH8.1S 
bfl.75 60.00 
61 40-61.55 
1-2 B0 

65 90-65.40 
64.76- B4 -50 


B.ITL 1 


+ or 




■Josh.. _| 









i months..] 







U.S. Spur J 



1 — 

Morning: Cash £3043. B3J, Three 
months £314. 14.5, 14.25. 14. 13. Kerb: 
Three months £313. 12. UJS. Afternoon: 
Three months £310. £309. 9 J, £3111, 10.5. 10, 
10.25. Kerb: Three months Old. 1U. 12. 

ZINC — Lost a round in subdued trading. 
IniUaUr forward metal held steady 
around £333 owing to the general firm- 
ness of other base-metals. The price 
then drifted to a day's low of £324 but 
later rallied to dose at £327 on the 
late Kerb. Turnover, 6 .see tonnes. 

Sales: 4.09S 1 3.9681 lots Of 5 tonnes. 
ICO Indicator prices for May 23: (U.S. 
cents per pound): Colombian Mild 
Arab leas 191.50 (same). unwashed 
Arabicas 155.25 (samel: other mild 
Arabicas 163.50 (samel: Robustas 135.00 
(133 JO). Daily average 151.75 (15LOO). 

ARABICAS advanced by 1.88-4.30. as 
moderate dealer interest returned Drexel 
Burnham reported. 

Prices (In order buyer, s elle r, chance, 
business': June JM-00-ISL50, + 437, 195.00- 
190.25; August (82.59- 152.00. +3M. 1SL00; 
OcL 172.56-175.60, -1-3.00. untraded; Dec. 
165.00-165.75. +1-88. 163.50-1 62 JIB; Peb. 

•157.00-158.00. +4j 0. 153.50; April 146.00- 
155.00. +4.00. unrraded: June 145.00-149.00. 
+3.25, rmtradcd. Sales: 21 iBi lots of 
17,250 ks. 

Sales: 21 (6) lots of 5 tonnes and 227 
(609 ■ Ms of 15 umoes. 

Physical closing prices (buyers) were 
Spot 56p (same); July 55p fSSJSi; 
August 56p. 


The market opened sop np, hut gradu- 
ally drifted lower m Hun conditions tinder 
light selling. In the late afternoon, how- 
ever. prices rented after a firmer Chicago 
opening- Al dm close prices showed 
gains of SOp. 8NW Commodities re- 
po ned- 





+ «* 










— 5.5 

1 moothiu. 










• — 




opened "lfip higher and raw a thin but 
steady trade in the morning session. Slops 
were hit in ibe afternoon, which caused a 
sharp rise, bot commercial selling eased 
prices 3Sp to dose' 79-95 up on the day, 
Adi reported. Barley began 10p higher 
and saw thin trading, but good buying 
Interest m the afternoon closed the market 
45-70 Ueber on lack or selling. Interest. 



+ or 




AuguFS — — 
Decemher ... 
Fe>>ruw — — 

Ai+ii — 


HUfl-JI J — 0.05,162.10 SI. 09 
lJ'.BO 80.6 +0.7&1S1.DI)-U.0a 
127.4+27.6 + 0.86 - 
1Z7.80-ZB.2 +0.60 1Z9.8fl-Zfl.0G 
128 AO- 53.2 +O.BS — 

UBJ1&-60.6 +O-&0 1 — 


Horning: Cash £322.5. three mouths £332. 
82.3. S3, 32.5. 32, 3L5. 31. 30.5, 3L 31-5. 3L 
Kerb; Three months £331, 3LS. Si, 36-5. 
Afternoon: Three months £236, 2SJ. 29, 
28J, 28. Kerb: Three months £3275. 27, 
265. 2S5. 25. 245. 25. 255. 26. 265. 27. 


Silver wag fixed 0.7p an ounce lower 
fpr spot delivery In the London bullion 
market yesterday at 283.6D. U.S. cent 
.equivalents Of the fixing levels were; 
spot 518.1c. down 1.00 three-month 528.3c, 
down 15c; six-month 5395c. down i.6c: 
and 12-monrb 556.9c, dawn Uc. The 
metal opened at 3S6.8-287.8p (326-5210 and 
closed at 287.1-333.1 p (SUH-SKc) 






+ «■ 

Feeienlay V 

♦ or 


N err. 





+ 0J5 
+ 0.76 





+ 0.46 
+ 0.70 
+ 030 

Business done— Wheat: Scot- 86^0-89.75. 
Nov. 8&Sfl«;B0. Jao. 900-9030. March 
9330-83 00. Sales: 202 lots. Barley: Sept. 

LONDON DAILY price (raw sugar) 
£300.00 1001.00) a tonne df tor May-June 
shipment. White sugar dally price won 
fixed at £106.000 (£107.00). 







| ' Close 1 





March .| 
May .— 


Oci ..... 

£ per tonne 
1CB.BO+ 6. 10)1116.0 J-OB.10108-25-04.5B 
111.35-12.- 0 1 12.U0 10.4b 

1LB.6D-1iB. 35 
1'9.. 0-18.56 
12b.8B-26.SB 128.1 b-ifi.6ff12B.D0 

P Or 

my to. 

bn > 'Ion 





H- « 

M>-7 fi8?.lp 
.7! 294. lop 

'+ 1.6 


5pat,._.._ £85.6p 

i mouths.. 292.8p ... 

bk siting. 300 p ' — °.9j — 

•horniibr. 317.2Sp MI.7fiJ 
~LME— Turnover 107 (l47i"loa"of lo!ooo 
am. Morning: Threo months 293.5. 3.4, 
2.5. 25, 2.8, 2-9. Kerbs: Three m o nOm 
292.9, 2.8. Afternoon: Three months 28X2. 
K, 12, 35, 94. 4.L Kerbs: Three months 
294.1. 4.2. 4.3. 

_ 129.06- S3. 75 !Zj.7S-2B. r b 

Sales: 3.193 (X.1SJ1 lots Of 50 tonnes. 

Tate ana ex-refinery price for 

granulaicd baas white sugar was £243.40 
wnw ■ ‘““e for home trade and 
8160.00 1 161 .00) (or export. 

Interned w*al sugar Agreement:- Prices 
for May 33, U.S. cents per pound fob and 
stowed Caribbean port: DaJ1 y price 7.31 
(7.34i. 15-day average T50 »7.S2>. 


LONDON— Unchanged to a shade better 
In a iDoaorale Benton, Bachs reported. 

(Pence per Mot 


Prices remained within » very narrow 
range In dull condit i o n s, dosing slightly 
steadier on balance. Cm and Xttfltas 

[ScfiienUr's] + or 
UOOOA Clow’ 


May- :i84fl.0-4fl.B 

Inly 11784.9 68.0 * 





* 19 . 5 ) 179 D.U-n.B i + 1747.6-MJ 
1700.1-04.0 [ + 0.3 1691 

Uaich 11676.6-77 J j-O.TEl 

lUv 1652.+ M.B 1 + 1.0 ! 60JO . 

July.... ;U61. <1-605 >— Z-B |lM6.fl-565 

8055-80.00. Nov. 82.SD8250, Jan. BX20- 
83.05. March 875087-00. Sales: 64 lots. 

IMPORTED— Wheat: CWRS No. 1. 

Hi per cent. May £97.50, Tilbury. U.S. 

Dark Northern Spring No. 2, 14 per 
cenL May £89.50. June and July £88.75. 
transhipment East CoasL UJS. Sard 
Wimcr Ordinary, Australian, Argentine, 

Soviet and EEC goods unquoted. 

Mala: U.SyFrench May M0&5O, June 
£106.00. July ££06.25 transhipment East 
Coast S. African White J an e-JUIy IM.25 
Glasgow. S. African Yellow Junc-July £80 
Glasgow. Kenya -Grade Three unquoted. 

Barley. 5aruhnn>, Oats: AD unquoted. 

HGCA— Ex-farm spot prices For May 24. 

Peed wheal; Hertford (9+80; Feed barley; 

Hertford J82J0. 

UK monetary co-effldettt for week from 
Hoy 29 is expected to be unchanged. - 
EEC import levies am) premiums 
fcBectivc May 25 in order current levy plus 
June. July and August premiums, with 
previous in parentheses, all In units of 
account per tonne. Common wheat— 80.10, 

D.87. BJJ7. 1AB 183.06, 0.67. 0.67. 1.341; 

Durum wheat— 125J9. nil. nfi, 8.63 (127.24. 
nSL nil 1.00); Rye— 78.3?. nD. nfl. nil 
rni.Si. nfl. nQ. nill; Barley— 71.52. ml. 
pQ, nil tTUB. nlL ML util; Oms— 76-32. 
nil. ML nfl (77.(5. nfl. uL nil); Maize 

(other than hybrid tor seedhn>-«7J8. ^°? EY hl Ji7™ r - aoalJs e' ** 24 
8 51. BJ51. IJS5 (68.96. 0.33. 8.33, S.lBi; fin bu,er - seller, buslnm, salesi: 
Millet— 8846. Dll. nil mi (same); Grain Micron Contract,- 339 5. 340 8. 340 5- 
5WSHUR1— 79.B1, nfl, nil. Oil. (79.64. nil 339.5, 8: Oct. 31 4 J. 34U, 321.6-344.8, ft 
ml all)- Dec. 348.1. M9-5., 6; March 

Also for flours: Wheat nr mhutf wheat 3550, 355.5. 3S5-5-3S5.D, 25; May 33R.0. 
and rw— 124-34 (128.36): Rye— m A3 S3S.9. 359.MMA 3; July 381.8, 3818. 
'•S 3 - 52 '- 361, 5J61.S. 2: OCL 363.0. 335.5, 395.0. 

363.5. 8. Total sales: 44 lots. 

G reasy Wool 



+ Ot 

Burin era 


JtUy._.— — 
Ocrcrier — . 
March — 







!47.0-fiq 0 



Lamb: English small new season 66.0 
to 76.0. medium 66.6 to T4.0. Imported 
frozen: NZ PL 51.0 to 5L0. PM 494 to 

Pork: English, under 100 lbs 36.0 to 45.0. 
100-120 lbs 38.0 to 44.0. 120-160 lbs 36.0 10 

Rabbits 1 skinned): English tame 64.0 
ra 65.0, Chinese 41.0 to 43.0, Australian 
8P.0 to 40.8. 

MEAT commission— A verage ftiunock 
prices at representative markets. May 21 
OB cattle 71. Hu per kg.I.w. 1+0.71 1; 
UK sbren 160.9p per 1-Mi: 
CB pigs 6L9p per kgJ.w. (-0.BI. England 
and Wales— Cattle numbers down 14 per 
rent, average price 7L55p t+0.76>: Sheep 
down 7.9 per rent, average 168.2p (—8.9); 
Pigs down 14.7 per cent, average 0.9p 
(-0 9i. Scmfamf— Carrie up ~.0 par cant. 
average 70.15p f+0.73i; Sheep down 
28.4 per cent, average 15S.Tp (—3.1': 
Pics down 40.9 per cent, average 67.8p 


MLC forecast rates of UK monetary 
compensatory amounts Tor week from 
May 29 (previous week's figures in 
br»ekeis>— Fresh or chilled beef carcases: 
S4.10P per kn. f 14.301; ureen bacon aides: 
£244.M per romte (344.06). 

CO VENT GARDEN (sterling per pack- 
age unless stated ■— Imported produce*: 
Orange*— Cypriot: Valencia Lotes 20 kilos 
3-46-3.80. lfi Wins 3.00-3.80; Jaffa: Valencia 
Latea s.95-1.40: Egyptian: Valencia Latpg 
2.00-2.30: Texas: 2.80: Moroccan: 2 80- 
3.30: California o: 3.60-4.00: S. African: 
Navels 3.00-4.00. Ortanlmie*— Jamaicans: 

5.50- 6 50 Lemons— Italian: 100/130S new 

crop 4-50-5.00; Snanla: small trays 25/508 
1-50-1.88: S. African* SS/193 5.00-SJ50. 

Grapefruit— Cypriot: K kilos 3 06-1.00; 30 
kilos 3-20-4.00; S. African: 38/SG 3.90-3.40; 
Jaffa: 36 kilos 3.00-3.95. Apple*— French; 
Golden Delicious JO Tb 84s 3.20. 72s 3 58. 
lam boxes 6.30-7 SB: Tasmanian: Cox's 
Orange Pippins 8.30-S.70. Jonathans 7.80- 
8.00: Italian: Rome Beauty, per pound 
O.M. Golden DeM clous iM4-0j! 8: S. African: 
Granny Szntifc 8.00-8.20. While Winter 
Pea nn a in 6.80-7.30. Starting Delirious 
7.8D-8.2II: Chilean: Granny Smith 7.00-7.30: 
New Zealand: Stunner Pippin* 163 7.50. 
ITS 7 50. Cox's Orange PHmlns ira/TW 

7.50- 8 JM; Danish: per pound. Spartans 
0.13OJ5. Perns— 5. African: cartons, 
Pacfcham's Trknnph 0.06-3 50. Beurre Bose 

8.50- 8.70. Winter Neills 8.80: Belgian; Con- 
ference 0.13-0.15. Peaches — Spanish: Es 

1.70- L80. Da 2.20, Cs 2.88. Grapes— S. 

African: AJmeria 0.50. Barttnka BM-7.B0. 
Golden HLU 630: OiUcaa: 5 kilos. Ahnerta 
8 JO- Apricots— Spanish: 5 kilos 2.00-2.50. 
Bana na s— I amalaro: per pound 0.15. 
Avocados— Kenya: Fuerte M*«4s 3JM.20: 
S. African: PUerte 3. SC-4 .20. S tra wberries 
—Californian: 1.60; Italian: 630: Spanish: 
0.35-0.40: Belgian: 0.35. Onions— Chilean: 
coses .400-4.50: Canary: 4.30-4.50: Dutch; 
3 60-3.00; Israeli: 4.30-4.40: Texas: 4 40: 
EcyphaO: (J0. — Span i«* ■ 

per pound 0-20; Canary: 020. Potatoes- 
Canary: 4 J0: Egyptian: 3JB-4.70: Cypriot: 

4.70- 4 -SO; Jersey: 2! lb 0.24: Valencia: 
4.764J0: Majorca: 5 -BO-5 A0. Tomatoes 
Dutch: 3 50-3.80: Guernsey: 3.80-1.90: 
Jersey: 3.60-3.80: French: 050. Carrots 
—Cypriot: 1.60-150; French: 22-lb nets 
0.80. Nantes 284b boxes 250. Asparagus— 
CaUfonnan: per pound 0.00-1.00. Broad 
bean®— French: per pound O.lM.flO. 

English produce: Potatoes per 58 lb. 
Whuc/Red 2503.50. Lettuce*— per 12 
150. Cm 2504L40. Bee tr o ot s ■ -per 28 lb 
350. Carrot*— per bag 0.WMA9. Parsnip* 
—per 28 lb L80.1.10. Onioas per 58 lb 
250350. Rhubarb— per pound, outdoor 
0.05. Cucumbers— per tray 12/24s 250- 
2.60. Mushroomo— per pound 0.30-0.50. 
Apples— per pound Bromley's O.ll-fl.20. 
Tomatoes — per 12 Hj EhiRlish 3.40-3.70. 
Grcoas— per crate. Kent 0.83. CaalCTowrra 
—per 12 UncoJn 1.30. Kent 1J0-2.20. 
Celery— per K/lfl 3. BO-4-51. Asparasnu— 
per bundle approx. 2 lb U0-L60. 


Prices per tonne unless otherwise 



Free market (de) 
Copper cash W ja raj 
5 months rto. do. 
Cub Cathode. ....... 

# months do. do. 

Gntri Trny uz, 

Lend Cash 1 

J months 


Free Marks (df ib 

May 84 








; 180.1261 — 1-0 1*180.576 
“ 75I£5P8.5 






PtaUnum trev w 
Free Market^..— 
yuioKsi'ver (781b.) 
Silver irov n..,,. 

a rvmthr. 

Tin Cwh 

months . 


Zinc ca«h 

i months 



Coconut (Phil) 

□round nnL 

Laraeol Crude(V)..' 
Palm Malayan—.. 


Copra Philip— ._. 
Soyabean (tLSj 

Barley BBC. 


1 123- 













Borne Fnbuca^ 
Maize .... 

Fr nch No. j Ami 

No. 1 Red Spring! 
Ko2 Hani winter! 
Ungiuh Hiilioc. 
Uoorw Shipment.^. 
Future July.. 

Coffee Future... 


Cotton ‘A* Ind 
du^ar (Kaw>,_.__. 
Wool to pa 66a klU>_. 





|£ 1,868 

71. le 

— 0.7 

+ 66.0 
— 1.0 


SI. 93 

|£li6 R 

g 73.6,. 

£3 -.9,75 


+ 4.B 







+ 2.06 

+ 2.0 







+ 10.6 

+ 62-01 



£ 1.665-5 
I— 1.0 j£ 102 

* 'Nominal. 3 Dixmoted. p May -June. 
JMay-Aug. u June. i> April- June, ir July 
u May-Jubr. a Jnne-Juiy. x Per mn. 



COTTON. LIverpoM— Spot and sHpmcm 
rales amounted tn 178 tonnes, bringing 
the total for the week so far to 408 loanee. 

Ihere were scattered dealings in various 
amounts and types. Minor encouragement 
was evident in Latin American and 
African growths, F. w. Tartarean 



May 83j"llA( SSIHunrb a».nj Venn 

>l?46.Soj *38 73 | 27Q~ 


1 ear ann 

ies - " 

(Ban: July 1, 1 *52=100) 


Mav 04J Mav Z3[«onrh agrt Tearajjo 



1*88 .0 1 14 6 6.9 | 1458.5 ~| 1 B61.7_ 
(Bara; September u. 1931=100) 


Dow | 





ajrp | 



dpot . M J 













Slav Mnotb 
82 u-r 



jpie Commit 


®21.d 805.0 


Gold price 

NEW YORK. May S3. 
GOLD held very steads on local buying 
In and d par! on of a constructive price on 
the U.S. gold auction today. Silver closed 
higher In sympathy with gold. Copper 
finished barely higher as speculative 
profit- taking weighed on the market. Cocoa 
cased on light arbitrage and commissi on 
bouse selling. 

Cocoa— July 135*3 (130.50). Sept. 131.95 
(133.40), Dec. 127.90. March 125.S5. May 
123-25. July 121.25. sept, unquoted. Sales: 
soo iota. 

Coffee— " C Contract May 179.00 
073.151. July ! 6320-163 25 (16I.S51. Sept 
153.75. Dec. 146.0(1. March 137 50-139.00, 
May 193.00- 136. 00. July 131.00. Sept. 127.00- 
129.00: Sales: 570 lots. 

Copper— May 61 JO 18I.SO1. June 62.00 

(61.90) . July 62.60. Sept. 63.70. Dec. 6SJ0. 
Jan. (C.oe. March OT.SO, May 07.80. July 
68. SO, SepL 69.80. Dec. 71.30. Jan. 7LS0, 
March 72 A0. Sales: 7.600 lota 

Cotton— No. 2 July 61.00-fiUS (61.411, 
OCL S2.M-ffl.695 ( 63.351. Dec. W.15<4.M, 
March 65.85. May 65.75-65.60. July 60.25- 
66.40. Oct. 65.75-66.00. Sales: 465, DOT hales. 
•Cold— May 1S1.30 il79.Wi, June 1S1.S0 

(179.90) , July 7S3.00. Aug. IM.40, Oct. 
187 JO. Dec. ISO A0. Feb. 132.50. April 
195.30. Jane 198.10. Aug. 200.90. Oct. 2OT.70, 
Dec. 206.60. Feb. 209.50. Sales: 7.300 tots. 

tLan) — Chicago loose not available. 
New Yurie prune steam 24 12 (24.M nora.1. 

tMaBe— May 2631-2621 >257), SepL 262f- 
262 1 2551). Dec. 2M-26SI. March 272J-2J2L 
May 3751-279, July 278. 

§Pf 01 taunt— July 2511.50-15220 (246 50). 
Oct. 251 JO-252. DO (247.501. Jan. 252 CO. 

This edition was printed before 
last night’s American commodity 
prices were available. 


Sales: 2,738 (1.073) lota of 3 l«(U»3- 
lataraativu*) Cocoa Drpantatlan OJ.S. 
cents per pound)— Dally erica May 23: 
135-76 (137,58). indicator prices May 24: 
t5-day average WSJ 32-ttur 

US jn CULM). 

DUNDEE JUTE— QutcL Prices c and t 
UK lor May -June shipment BWC £230, 
BWD £282. Tosra: BTB C502. BTC rev, 
BTD 1284- Catautt* snds fimw. Quota- 
tions c and f UK for May shipment; 
HMtt, 40-tneh £9.84. 7i-o* fft.lK per 100 
yards; June B.n. IT.n: Jolp-Sepr £975. 
£7 AS. “B". Twills £2700. QTOfl nd 


PALM OIL. London— May 300 0000 JW. 
June 200 .08-30 .09. July 300.90^8.00. August 
300.00-38.00. SeiK. 290.0MM.W. OcL SM.00- 
J20.09. Nov. 2M.B0-815.N. Dec. 288.00- 
318.06, Jan. unquoted. Sales oil (sash:). 

SM[THFieLD (p«K» per p«a)di— * 

BaaF: Scottish killed aides 53 J) to 57.0: 

E relish hind unart era 7L0 to 74.0, fora- HIDES- -Lne d ra. Weak. 31-95} kU« 
quarters W-O 10 48-8. withdrawn *3p per kilo. 26-30} kilra 48 Jp. 

Vast: BngJlaJi fata 72.0 - ro 15.0, jjntcfl 22-25 kSos wtAdrawn 34. ip. Light cows 
jiftwia and and* 9M to lfloJL withdrawn 4S-ta> per kilo. No eadf offered. 

GRIMSBY FISK— Supply 9 P «t, demand 
IWr. Prkras per none at ship’s side, 
unprocessed; Shelf cod O.S0-E4.00, codlings 
H.4JM3JO; large haddock X4.00-M-M. 
medium £340>E4.00, small £2.00-13.08: large 
plaJra £uo, medium XSJO-m.w. best small 
£3.C;i-£3.&): large skinned dogfish £8-60. 
medlwB £6.00; large lemon soles £4.00, 
medium £4. SO: rockflsh G-50-£3.ffiJ; reds 
SLS8-IS.48; aaMko fl-to-tuo. 

April 233.00, July 254.70-254 JO. Oct. 256.70- 
258.90. Jan. 258.70-25S.90. Sales: 1.878 Iota. 

ffSffver— May 519 80 (514.401. June 5M.S8 
1517.401, July 524.30. Sept. 531^0. Dec. 

542.70, Jan. 546.70. March 5S4.S0. May 
563.00. July 571 JO. Sept. 5.40.10. Dec. 
593 30, Jan. 597.80. March 607.00. Sales: 

16.000 tala. 

S«yabeaiu— July 717-7151 (7061). Aug. 
706-TBS (63511. Sept. 873-873 i. Nov. 644- 
R41, Jan. Mfl-649. March 653ffl4i. May 
657}. July G06*. 

|[5oyuboan Meal — July 160.50-100,20 
179.201. Ang. ISO. 10 (179.00). Sepl. 178 NL 
178.20. Oct. 1700, Dec. 1 71.60-172.00. Jan. 

172.70. March 173.50. May 174.50. 
Soyabean Oil — July 27.10-37.20 <20.57). 

AOS. 26.38-26 48 ( 23.95 1. Sepl. 25.50. Oct. 
24 90-24. SO. Dec. 24.20-24.15. Jan. 23.73- 
28.60. March ZL6Q-X3.6S, May 23.45-23.50, 
July 33 IP ’t.a, 

Swuar — «.d M: July 7.27-7.33 ( 7.29), 
SwH. 7.56-7 59 (7,57). Ott 7.70-7.72, Jan. 
S 003.20. March 8.46-8 48. May 8.683 61. 
JtUy 5.80-S.S1. Sept. 9 00, OcL 9.18-919. 
Sales: 4.680 low. 

TJ|»— 527 .08-525.00 asked 1 534. 00-543, 00 


**Wheat-J«ly 33«34 (K3i). Sepl. 333- 
334} (326). Dec. 341-341!. March 341-343, 
May W8-342, 

WINNIPEG. Mur 23. ttRyc— May 107.18 
Wd (106.60). July 107.40 bid <104.00 asked). 
OcL 109.40-105 GO bid. Nov. IOS.OO bid. 
Dee. 1Q7.SJ bid. 

ttOsls— May 87.50 (same). July 52.50 
asked (S1.70 asked). Oct. 80.00 bid. Dec. 

78.00 bid. March ra.4fl. 

ttBartty— May 82.00 bid (SO.fiO), July 
92.10 (80^0). Oct SI .00 bid. Dee. 79.90 
bid. March bid. 

SSFlwcwt— Ms- 756.50 hid (254.80 bid). 
July sse.n asked (Mtitci. Oat. ZSS.30. 
Nov 255. GO, Dec. . 255 80. 

1flWhc»-KCWRS 13 5 per cent, protein 
content df Sr. Lawrence 166 to iio 42> 

All rents per pound ex- warehouse 
union otherwise stated per troy 

ounces— -100 ounce lots 1 Chicago 1 m^ 
9s per 1DD Ihs— Dept, of 4 k prices pre- 
vious day. Prime s»eam (oh NY bulk 
rank rare, l Cents per 5C !h bushel ex- 
wn rehouse. S.000 hunhej iota ; sa per 
troy ounce for 50 or units of 99.9 per 
rent nnty delivered NY. 9 Gems per 
troy ounce ex-warehouse. i| New “ B ” 
pootrad in Ss a short ton for bulk lots 
of 100 short tons delivered To-b. core. 
China eo. Toledo. St. Louie and Alton. 
•• Cents - per (9 Ib bushel In store, 
t+renti per *4 tb btnheL rr cents per 
48 lb bushel ex-warehouse. *5 Cents per 
SO Ib btnhcf ex-warehouse. 1.000 tmc*i 
lots. 1TCSC per tflnna. 


Financial Times Thursday May 25 1878 




•• - 4 •. • .v '■ 

; v.- 

Equities rebound late ahead of IMF 

Share index 3.4 up at 474.0, after 466.8-Gilts untested 

boost on reports mat me iener m 0st 0 mer powoons, tne uctooer reaction to the firS- 

of intent setting out details of ant j January 120 senes showed a friendless market of late, setback and dosed un 

the new agreement enabling , the ^-nificant gains. Widespread Marks ^ spencer revived with the overnight level of'56p.' iifJJi® SIZST ind^- Shippings attracted a late nurry 

Uh. to keep the rl S b * to *f t improvements were also registered a rise of 4 ^ i^gn following the Of the few Ann spots in Foods, ol interest, possibly on yield con- 

national Monetary Fund standby ^ j^d Secs. chairman's bullish annual state- J. Lyons closed 2 harder at flSp **1^ improved similarly to 306p. sideral j ons an d closed firmly. 

tnHav earlier than originally i ^ ^ n *u_ inwtmrnt menT^whfchhe SdedttS aid Hishsate and Job3up at 59p. ' ^^"SraSSSsL^Tif Furness Withy featured with a 

today earlier than onpnany narrow ] y m the investment year up 2 a per After having eased to I82p. *®“ “SES** 45 d jump of 13 to 279p in a market 

thought. currency market and after a ^ including a better -than- Ladbroke rallied on the optimistic 8 became none too well supplied with stock. 

also improved marginally, out reasona f,j e two-way trade, closed esD eeted 10 ner cent ' * * “ u “ ! -*-• -* Manchester Garages became 

slightly disappointing , j ower on balance at lilt per p p 

frn rfnr 3 . ,, ■ 

only after a _ . , 

and lack-lustre day. cent.'*” Yesterday’s conversion 

Dull trading conditions In in- tor ^ s unchanged at 0.6782. 
dustnals during; the morning 

were relieved only by flxst-nme R ■. __ fl prwi n 

dealings in Eurotherra Inter- OEI1KS Up again 

national. Following the heavy major clearing banks took 

oversubscription, the shares were ^ parlous day’s rally a stage 
expected to command a good pre- further as recent fears of 
mJum but the opening quote or imminent corset controls on bank 
146p, a premium of 46p on the ] en ding continued to recede. 
Issue price, astounded the throng u 0 yds added 10 at 2S5p and 
of potential operators surround- closed 9 higher at S75p. 

few dealing pitches. Nat West, which increased Its 

Hectic trading ensued for 30 personal and other loan interest 

minutes or so but the evenly- rates by 1 per cent yesterday, put 

balanced nature of business on 2 more t0 278p. Foreign issues 
allowed only moderate price moved in a similar direction with 
fluctuations, between 150p and Hon _ Kong and Shanghai up 7 at 
142p. before a close of 148p. 272p and Bank of New Sooth 

This apart the tone reflected wales 8 dearer at 540p. Reflecting 
continuing economic and financial Q, e sbarp return to profitability 
worries. In the absence of any resumption of dividend pay- 
real pressure to sell, however, men ^ Keyset- UUmann hardened 
leading Issues began to find 2 to 43 p in Merchant Banks where 
isolated support and the subse- Ham bros also gained 2, to lS7p. 
quent recovery received help - — — -■ — » — 1 — J — J 

Better -man- i*anoniRe raiuea on tne opmniauc 

increase an tenor of the ctaimun's slatcmcet e^ed onchar.ced at „ .. . 

36p. York Trailer, however, lost laOlQS easier 
a penny more to 63p on further 4 disappointing performance by 
consideration of the interim the bullion price, which was finally 
report. . ... si easier at SIS0.125 per ounce, 

Further investment demand leit Sout h African Gold shares lose 
United Newspapers 6 higher at ^und in quiet trading yesterday. 
362p, while Portsmouth and There was no Follow-through of 
Sunderland Newspapers re- y ues day evening's late U.S. 
sponded favourably to the annual }llterest and prices drifted 
results to close 2 better at 6lp. throughout the day although one 
In Paper/Printings, DRG firmed or two iaj e enquiries were re- 
2 to 118p encouraged by the port ed. 

chairman’s statement, while Bran- Gold Minimi index gave up 

ntag; a couple of pence to the JJS more t0 153 ^. Losses in the 
good directly after the announce- heavyweights ranged to } in Harte- 
ment of annual results, eased beest, ^12?, and Vaal Reefs. £121, 
later to close unaltered at 70p whUe Fne State Geduld fell 1 to 
McCorquodale, 270p, continued and Western Holdings eased 

firmly ahead of interim figures j t0 citj. 

due early next month, but Trans- South African Financials 
parent Paper eased slightly to mirrored Golds with prices losing 
65$p in response to the annual ground during the day and then 
results. recovering a shade in the late 

Trade continued to improve in trade. 


up Dm Sane 
<B 1 30 

;<tK JSXu SR ontho Dtherhaod, 7 » JS S,TKSfc 

JSf imEd TT.t,* ESStiUSSTESlii M _ 

fo’^iSnt , a’n°sraal^’^^rowmente IMwinf H-WtaJ' ft™™ l^^oSnfthc Lcb.ct'stra ^ » . • 

to diminish. Corporations re- balance at 166p on indications Unsettled on Tuesday by the Wharf put on 3 to 144 jj and ICL S. Hoffnung revived w th a MlnC s JT « 37 

corded a few mixed changes, that Albright will reject the offer, chairman’s disclosure that the gamed 4 to-293p. Buymg ahead 5 8 £P- . t Recent issue* 

»Wo E.i« Wot” 7 per let. initially a eowlo ol p«.oe KroU p io cunios: projertedcopital of tte prttmtaory reogfc doo op in A m»''3bcI»^S « as, 

preference 19S3 made an unin- easier at 371p, revived in late spending by around £10m because June 6, took De La Rne UP 7 to^m^sympathy^wiTh^^au^^^^. 


* r " 

'm»Ti si* • 


froT er a merit Sea ■■■■■•■ 
Fiand Interat 
TndoetrUI Ordliwcy— ' 


Ord. Dir. Yield.- 

Eamlagi. Y’idSJ 
PiK Ratio tiwlini...- 

Unallnga marls eO — 

Equity tnroo*er — j 

Equity tar g Un* w» 

*■* ! ~ . 

70.42j 70.50 


71.93' 71.07' 







0.56. 840 














13.314 _14.Q85. 

70.4 Bj 


» I 

70-97) 71.1 ^ 
73.34 73.3ft 

M> am 11 >'«»♦« •» 

3 on» £«■ 

Latest ImIck fft-Zw »» 

• on B per cent corporation m< 

Basis liw C.rwt. Secs. ljttO'W. Flscd InL W38. 
Minuca 12.3 *5. SE Aciirity Juh-Dcc. 1W2. 

highs and lows| 4S0.SJ 
lei.ol xso-oj 
s.soj S.fltj 

16.08; 16.75 
8.04 8.00} 
4.7mI 0.707} 
89. 3o! 88.2® 73.99; 
a.Q 54' ia .B4sl te.asr 
1 pm 469.3. 





ago _ 











r NH-7.T*. -■ 

IrKL Ord. ITrUB. OSt 



fSInre Ciinipilallon 

Ui h >h 

Qort.8».. .J 78.38 

) t.Vll 

Fuad XnL... 

Ind. OnL— 
Gold Mine*. 








Blgti | 


70.19 ! 127.4 I 49.18 

71.74 ! ISO .4 j 60.53 

isSiat ^2d>ll4ii, vSil-ifi 

433.4 I 649.2 j 49.4 

lC,5l ; tl4;d lift (2Sib4C*i 

130.3 | 442.3 ■ 43. S 

(6,5 1 | t2L ,, 3j7M,i2r.IO-il? 

“» w 

\ -Daily 
! Ollt-K.lprd...; 

| IntliiBlr>r«....t 

i T.oala ' 

1 C-davAr'rsgrl I 

‘ - ' 150.7 I 188.8 

189.8 189J5 
35.1 384 

Tidal* I 113.1 i 119.9 

39 J , 
106.0 i 





Indul trial*... | 



Stock tion 

Boots 25P 

Euroth erm Inti ... 10p 


BP £1 

Ladbroke I0p 

Shell Transport ... 25p 
Allbrighl & Wilson 25p 

Burmah Oil •£! 

Dobson Park Inds. 10p 

GUS A 2ap 

Marks & Spencer 25p 

RT2 25P 

Ultramar 25p 

Barclays Bank ... £1 
Beech am 25p 







marks price (p) 

on day 





+ 1 






. 150 




4- 5 





- 6 





- 1 





- 2 










- 2 





+ T 





+ 2 





+ 4 





+ 5 





+ 3 










+ 1 




DEALING DATES Electrical, 

Daily Mall “A." 
Vnr Hanson Trust. Euro therm, K 
JlSL Shoes, Gussies "A." FI tell 
ment l^vell. Pacific Copper, Inter. 
... m european Property. Heron Motor, 
qlr ii Racal Electronics, Of rex, English 
Sen 28 Property and Slcbens Oil (UK), 
p ‘ . Puts were taken out in Anderson 
For rote indications see end of Strathclyde, Crosby House, 
Shore In/ormation Service Vernon Fashion and Eurotbenn, 
Monev was given for the call while doubles were arranged in 
in Ladbroke and Warrants, Lois, Dixon’s Photographic^ 
Dunlop. Letraset, Savoy Hotel Eurotherm. Intereuropcan Pro. 
“A," Avana. Ultramar, Thorn perty and Burmah OH. 

First Last 
Deal- Deal- 
ings tags 
May 23 Jun. 6 
Jnn. 7 Jun. 20 
Jun. 20 July 4 

Aug. 17 
Aug. 31 
Sep. 14 


The lollawino tecuritln Quoted In tha 
Share Information Service vntorday 
attained new Highs and Lows for 1978. 

NEW mGHS (107) 


BEERS 111 






SHOE5 111 

OILS ft) 

MINES (191 


Trnl, 10i;DC 1978 


GHnd,1 ' rt CHEMICALS (11 
Alglnata <^ C|NEZR|MC a) 

Jones Gnn-p foo **3*~ 
England <J. E.l Stocks fjojesho 

c Cnv. 

Dentsnhr 9 k 


Transparent Paw „ 



OILS <1> 



Edited by Denys Sutton 


Published monthly price £2.00 Annual Subscription £25.00 (inhnd) 

Overseas subscription £28.00 USA ft Canada Air Assisted S56 

Apollo Magazine, Bracken House. 10, Cannon Street, London, EC4P 4BY. Tel: 01-248 8000 



Telex: Editorial 886341/2, 883897 Advertisements: 885033 Telegrams: Fbumthno, London PM 

Telephone: 01-248 8000 . . _ 

For Share Index and Business News Summary In London, Birm ingh a m , 

Liverpool and Manchester, Tel: 248 8026. 



Amsterdam: P.O. Box 1294, Amsterdam-G 
Telex 12171 Tel: 240 553 
Birmingham: George House. George Rond. 

Telex 338650 Tel: 021-454 0922 
Bonn: Press ha us 11/104 1 Unis sa lie* 2-10. 

Telex 8869542 TeL- 210039 
Brussels: 39 Rue DucaJe. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 FhzwfUfani Sqnam 
Telex 5414 Tel: 7S5321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-226 41Z0 
Frankfurt: lm Sachsen lager 13, 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 83S-754S 
Lisbon: Praca da Alegria 58- ID, LMkm 2. 

Telex 12533 Tel: 362 508 
Madrid: Esprondceda 32, Madrid 3. 

Tel: 441 6772 

Kamshester: Queens Home, Queen Street, 
Telex 660813 Tel: 061-834 9381 
Moscow: Sadovo-Samotechnayn 12-24, Apt ZB, 
Telex 7900 Teh 294 3748 
New York: 75 Rockefeller Plain. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4623 
Paris: 36 Rue do Sentier, 75002. 

Telex 220044 Tel: 236-57 43 
Bis de Janeiro: Avenlda Prea. Vargas 418-10, 
Tel: 253 4848 

Rome: Via della Merced e 53. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svens ka DagMadet Raalamfcs- 
vagen 7. Telex 17603 Tek 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon KeixaJ Shhnbtm 
Building. 1-9-5 Otemachi, Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street, 

N.W~ Washington D.C 20004 
Telex 440225 Tel: (202) 347 8676 

Birmingham: Georg® House, George Hoed. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: Im Sachsenlager 13. 

Telex 16263 Tel: SM667 ^ 

Leeds: Permanent House, The Head row. 
Tel: 0532 454969 

Manchester: Queens House, Queens Street, 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rue du Sentler, 75002. 

Telex 220044 Tel: 236.86.01 
Tokyo: Kasahara Building. 1-6-1 0 UcbllnuHla, 
Chiyoda-ku. Telex J 27104 Tel: 295 4050 

S^ibSSSSle from newsagmtiR bookfagi «■ on regiflag subscription 

from Subscription Department. Financial Times, London. 





















_ . 

68 Ip 






■— j 





























Odbl Union 









































M fl» 








■ ■ 

Courts nld* 










*• 220 


























Gtand Met. 









Grand Met. 









Grand Met. 


- 41, 


































Lend Sece. 









Lend Sea. 








Land Secs— 








Marta * Sp. 









Marta t dp, 









Marta ft Spj 

































m ^ m 






Th* fsl lowing table sbvwi U*C percentage «*M9«T wbkb haw taken place «!««* December 30. 1W7, 
aquHy mSeiu of the FT Actuaries Shore InUlow. »t al*« ewualns the Cold Minot lndc«. 

In the principal 

Cold Mines FT - 

Tobaccos ....... ••••• 

Overseas Traders 

Odlcp Eeulpmrnt 

Minins Finance 

Newspapers and PubUshlng - 

Engineering Conlracwrs 


Mechanical Eogln«*ri«g -... 

MM ore and DHirlbo(ors 

Toys and Game* 

Oils - 


Insurance Brokers 

Mela* and MrU« Forming 


Carnal •*.•**:* Croud 

o:txr Gr>utt. 

Wines and Spirits - 

^*N*har< Ind x - •• 

All-vhare ln<l.*r. _ 

Conoim. r • Putable • Croup 

Iaduiirtal Croup — • 

+ 1357 
+ 11.10 
+ 4JS 
+ Ldt 
+ 6.43 
+ 4.27 
+ 5.44 
+ 5.7S 
+ 4.70 
+ 437 
+ 3.43 
+ 334 
+ 134 
+ ITS 
+ U* 
+ 1.06 
+ 0.74 
+ 0.34 
- 0.12 
- OJO 
“ IL24 

Minot Index. 

Coolractlng and Construct! on “ 

Insurance (LUc) - — J-TT 

Pharmaceutical Products - — 

Building Materials “ LM 

ConMinKT Good* tNoo-dorahKl Group — L» 

Banks - 131 

Investment Trims — — 

Entertainment and Catering - — 7-62 

Packaging and Paper - - 2*3 

Electronics. Radio and TV — — 33* 

Merchant Banks - - — J.M 

Electricals ... — 3.6S 

Household Goods - - — 3JW 

Financial Group - - — 123 

Food Manutocutrlog .... — 4.9J 

Property . - 6.04 

Food Retailing - - — 8JB 

Shipping - — - 8J3 

Stores — g.45 

Insurance (Composltol .... 

Otscount Houses — ill.iu 

Hire Purchase .... — tl an 

t Pcrccnlaoe cbatuica baaed oc Tucwiaj. May 23. 1971. indices. 










|3 Q 

la & 


l. e m 

s °s 







pH 5 




t- = 





















ft £97.56 £10 


£100 | 








High I Low 


■3? H" VT 

D — 

20 ffi 










ETi 1= 
10 pi 






la pm 


lads. 10^* 2nd- Prf. 

Amor. Hxprau I at Pin. Variable 82 

&rmltnge (Q.) K<ta% 2nd Cam. Frel- .... 

Brittain- tfjfe Cnnr. Cum. Ke>t. 2nd Pref. ... 

Esacix Water T% Red. Prcf. 1M3 

■ja>ieh .Unlay, itfj, U*t. liiin. :.Vr 

Greenwich (Lm, flunj, of) 11?^ Red. 1388 

Menzieo (J.J 9J Cum. Pref ............ 

Pittard 64 % Cum. Prf 

Tobbit 161 Cnv. Ons. Lo.l8S3 

Tyne 1 Wfjir 12» Red. 1986 

wwie IVitterlw 10? Pref. 

, 97(11—13 

JS993<! _.... 

- lOBf, 

. 104p 

- 10 U' 

• 27 1 

•J 47 j-i* 
..104l f ..... 
.'971 ar J 

••'zpm I 

■■ B’a— ‘a 
JlOl ( 





c -- 

























Data J 

• I Ht fi h ! 


— j — -61 





Closin^U- <j 
Prlt-e j — 

7/7,IG2pni 159pm. Brent CbetnltaJa 

SI'S* 138 112 JUnlUmgh 

— iblpm iJpm Vnnmlion imperial Bnk 

— 37pm Mpm'Cenlrol Ms an race urine. 

23/6| *0|im- ffipmlHurmin Mhiuml. 

23/6. Kr.wutrw MouklnUKh.. 

9/h. o3 j 42St riiipm 

JJfJI 1B6 I 183 'Turner 4. Wwoli.. 

17/7, ?A[ini! 34(ini -lVellr.. 

“SB 1 


6X|*ni +E 


28|tmj ..... 


62 ;+i 

.j 100 

1 Stun { + >a 

Renunciation dale usually last da; for dealing free « stamp duty, b Figures 
nosed on prospectus ctfimjiD. g Assumed dlrldrod and yield, u Forecast dividend: 
cover based on previous year's eamuga. r Dividend and yield based on prospect a* 
or other official estimates for 1979. 0 Gross, r Figures assumed. : Cover illovis 
5 , L5 onror * lon ° r sliares no* bow ranking (or dividend or ranking only for restricted 
dividends. A Pljcina price to public, pt Pence unless otherwise indicated, f Issued 
by tender. |; Offered to holders of Ordinary shares as a " rights." iMuti 

by way of capitalisation, n Mintmttm tender price. §A Reintroduced. Issued 

m connection with reorganisation merger or (ahe-over, l|i| introduction. Q Issued 
to (inner Preference holders- ■ AHorment letters (dr fully-paid). 0 Provisloaal 
or portly -pa id allotment letters, ir with warrants. 



These indices are the joint compilation rf the financial Hines, the Institute of Actuaries 

and the Faculty of Actuaries 


Wed., May 24, 1378 

. Tuna. 













Figure* Is pazentbeaea ahow number of 
■tocka per wetian 














at 34%) 
















Building Material* (28) 1 

Contracting, Construction (38) 
Electricals (15) 

Engineering Contractors (143 — 
Mechanical Engineering (71) — 
Metals and Hetal Fanning U.7). 
(DURABLE) (55). 

LL Electronics, Radio TV 05). 
Hoosebold Goods 02) - 

Motors and Distributors (25) i 

Breweries 04) - — 

Wines and Spirits (6). 

Entertamment, Catering 07) . 
Food Manufacturing C22). 
Food Retailing (15V 

Newspapers, Publishing (13) . 
Packaging and Paper (15) 

Stores (39)...... — . . . - 

Textiles C5) 

Tobaccos (3) 

Toys and Games (6) — 
Chemicals t IS). 

Pharmaceutical Products (7). 

Office Equipment (6) 

Shipping ilO)- 





Bankst 6) 

Discon nt Houses (20)- 


Insurance (Life) (10). 

Insurance (Composite) (7). 

Insurance Brokers (101 

Merchant Banks (14) 

Property (31) 

Miscellaneous (71 

In vestment Trusts (50) . 

Mining Financed 

Overseas Traders (Iff- 



















































+ 0.6 









+ 0.1 

+ 2.0 

+ 1.1 











- 0.6 

- 0.6 

+ 0.1 





- 0.1 


+ 0.8 

- 0.6 





Indoor - 
No. - 




20 A0 





























































































































204 06 
















127 Jl 

an 57 






















































































































m % ■ 




























7113 4 






British Government 







xd adj. 

xd ndj. 

to dale 


Under 5 years 









Over IB years 











All stocte 







Br. Govt Av. Grom Red. 



5 years.. 

15 jrcarc»_„ 
25 years 

Medium S years...™., 

Coupons' 15 years 

25 yean. 

High 5 yWL„, 

Coupons 15 year&.„ 

25 years,-. 



































32JC ' 


Wed.. May E4 



















Mon -toy 







V icW 




20-yr. Red. Deb ft- Loans (15) 


1 12.93 








6 6JS0 


Investment Trust Prefs. (15) 

SI. 75 



Si. 62 



52.17' 52.17 




Coml. and Indl. prefs. (20) 











t R edempttgn yield. Highs and Inn record, base data* and value* and cmiiiMumi change* ore paMHhad In ‘ 

. ■ l!,t °f the censtliaenu I* available from the Publlriwn, (he Financial Times. Bradren Heosa. Canaan Sww 

Leaden, ECdP sby, prio u P , by mm 22p. 




Financial Times Thursd ay May 25 1978 

insurance, property, 



£S B 2 L IJto A “ U "W‘CC Co. Ltd. 

ri ’“n:Kyxnt EC4. oi-» 

Tqully n.Bd„.gs 7 »« 

■Kqullr A«. T S l ■■■■ - 

S^HylU lM*i7 ill. — 

rmpnrfy A« „ I "S t iK | — 

.SrfectjteFbnd. ."ft75 W? ' ' “ 

( nnvrrtlhla Fucd . 1299 jS* " " ~ 

-VMnnev Funvl IMa lna ~ 

» 22 S-fi 2 r e| . ,wr CB nz ■" “ 

Irns- Bit vStS “ — 

T*»' JJ»na« 4 il „ 17 C 5 lfi? ' — 

•r?V.. r W¥-v ■- i 358 j : ” 

* £?- ! ' rr4 - ■ ins H 

JMiui. liJ.Vr.4 . Ill* l3*si ' 
•Kquit^Krt Scr.4. 3J« 'US " “ 

\<j. Her 4 _I1I« 111 9 ' “ 

*Vmm Ki.S«r.4.. m.D 114 B . ~ 

rr.rrsai .May 33. Yajualion normally Tuesday. 
Albany IJfr Assurance Co. 1R|, 

31 . Old nurilndun Si.wi u . ^r- snw 

W Acc_.. 1178 0 «l 5BK 

01-24BSU1 K^rthoin^° rl f? Ii ir I"* - NPf Pensions NaMgnRfiit Ui 

??«.. ..« - IVmMu. bJIS ^ lU , h ,“ ClW . 8 ' WX31B7I 48, Gracrrhurcb Sl_ EC3P JHH niriS 

Abbey Unit Tst„ Mgrs. Ltd. lai Gartnore Fund Managers V ujtgl 

7S-no.Gaiebouro Rrt . 4jtobury KMW1 2. St. Mary Axe. ECTA flhp. ni-nQX 

Abbey Capua) .. 023 J«*'-01| *.0fi (j 1 A«eiini' T ‘‘. -|!H. 3131 -UJ o 

Abtaylnromv - - U8 9 Aid -Oil 5*1 fefitu*T«-lAcr ■ K8 58R -0.M 3. 

Abbey In* Tu Kd pfl.7 »« -O.ll 426 commodity Starr h593 171-2 •» 2d 3 

Abbe}' Goo. T« _ 

•■ ~ rottloiia Fund I mu T l' ■— *. •jracrrnurca lA-iC JHH ni«r:uaO 

— FntiSiScifStekj « J ■: r imi 15221 i — 

•■■■ — r- ■ , ^ 1 - «iee* May 3. Next dealing June 1. 

. - Gresham life Ass. Sac. Ltd. 

— Prince ol Wales Rd.. B'mouUi USOT 7ff7fiN5 New Zealand Ins. Co. (1-K.I lid¥ 

Fund. ...Nil 1012) *0J| __ Maitland Hoiiac. Vju'hmd SSI 2JS nrtcaxGS 

.. _ i rW‘-9' 1 'i lnd 3JM-0 7 _ Kiai Key Inv Plan 1375 ML* - - 

— !J| Hs&otf- JWi US« -0 N ._ Small Co* Fd lflU 106 3 - 

— ill* {gLFjpd --h&6 l27U*«a __ TechnnloRf Fd ..WS UOM-07 — 

'■•L Pply.FuDd — 1960 10111*01] _ EtiralnrFd 190 0 1033 c-l.i — 

• ^ Growth ft Sec. Ufe Ass. Soc. Lid.* rSiSSS-S - '.. im.i ilifl-o* — 

— «-ir Bank. PmT-on Thame*. Bcrti* ns» MSB* Gill IM*ed Pd. ... 103 0 1M*| -0J — 

— KlexIMo Finance I 0.053 I. i __ '.on. Depoul Fd . . *i3 30L2} , .. — 

IjtndbankSerj .. I 54.71 .“I _ 

— «ndhan k Rc*..V:c.}lM.0 117« ... .1 _ Norwicb Cnion Insurance Group 

Tuesday, o. 6 V Super Fd. .1 0.070 | | _ Nor ^ fll jcri 3 >«. wua azoo 

I Ad. Guardian Royal Eldwige M»n*|(dhimi ... ussi » zit| -(Jj — 

UI43T5BB2 *2‘" , K«han S e.E.C3. 01.007107 " Rffl j f§? 3 -1 1 Z 

- | - Prrpen.v Ronds — 1174.4 ULM . I _ 15t2 .. - 

109.8 -0 
USA -I) 
1275 -0 
1B1 4-0 

Abbey Inceau- 138 9 41*j-0: 

Abbey In*. Tu Kd 04.7 36 3 -0. 

Abbey Gen. Tst _.|4S.O 4791-0.1 

Allied Uaaibro GroupV (a) (g) 

!B V laHgi Prrpriul Unit Trust Mngmt.¥ fa) 
ni-2BXQl 48 Han su H«ilr»nn Thome* twmtwwn 
3131-933 019 PpenuPtpiUh )4O0 43 0| . | 3 51 


14L* . . — 

10641 - 

110 8 -0J — 

1053 -l.i - 
116N-2D — 
11171-0 6 — 
load -<u — 

1DLZI . .. — 

Hamhro Htr Hansn. Rimnsonl, Esct 
01^80 285i or Brenlwood lOZTTi 211420 

Babwed Fend* 

j Allied 1st (54 0 5931 -0.11 

BnL Inis. Fund. ..520 66Jd -0 1 

■Jnh-ilnc ffli 3S.R -D.Z 

EIM 6 liyl Dev ms 35 In . . 
Allied Capital. .{70 7 . 75 2 *0 J 

125.91 -04 

0,11 3.94 ttjFfcr&atTruaL. 312 

k i aa n SJ m ii 

set Gibbs (Antony I L . Bi t Tlt . Mgs. Ltd. Aceultr. F eed , 511 JM Mattrl ,: W nun,:,«. r n m<h Ynon* 

MiAG. ljl0g gl— lg? ®37^-.4 52 Amertran Fund .. .|»8 3741-04] 170 1 5 LH 1 

5S SLtliSSg^ B® til ::::] }§S PracUcal Invest. Co. LULO lyno ^" k f ^ rU ; a Inlemational 
5 09 Oe-Uns -Tues. MWcd. 44. Bloomsbury Sq.WCI A 2R.S 014C3IKKI 'i, ^r^ll'S I 

37 Govett ll«bm¥ Practical May =4. |UJO 15421 -1 II 4 31 W r4 ce. Jt MiT l8 P \ro M .,.h 18 rUv Slav 

77. London W»M. £02 Oljmwa) Aceum.Ln.ta .. |»7 9 220? -3 t) 4 21 „ T /I ‘ \ \ . - l . 

527 s-uidr W«* 145 « ....1 180 Provincial Lite Inv. Co. of & v Arornc *,^! 

666 Da.AcCTd aLa it- .Jl556 174j| | MO — rc> m xu-stsxt ' I'lrnia hL. EOt. nl *0 

Neat deaiiac rtav June 22. ’ E £fe "i'?'?? AbwoeKnil _ l-OOhl 

250 Grrevcsan Management Co. Ltd. HicoVnewne '1&5 7 as noi »«me ji* 24. 

140 3i3 3( Frudl. Portfolio Magrs. Ltd.f (a.KbHci Banqne Bruxelles Lambert 

lAecuif Umta .. . 220A ooS -5? 437 KolbomBar*. ECLN2NH 01-4038222 = ”e la ReC«u-o R :o«l Brussels 

4.70 B‘lenJLVdJtJU'18. 1772 USM .Ti 734 Pmdenlial 0240 13L5«d -051 4.42 Htnia Fund l.y . . ;JJM7 1.9041 -1| 

524 lACCUBtUolW...-. m? ZU.a .._.J 72« u > .J u K.N.IWC 1 Ininnpn irt. (el 

| Allied 1st 154 8 

BnLlmls. Fund. ..620 

■Jnh-ilnc 556 

EJM 6 Iml Dev OS 
Allied Capua!. - 70 7. 

H umbra rand 104 6 

HambroAcc Fd .. 117 A 
luw Fud( 

High Yield Fd fU.7 

Hieblneoau? 1681 

AH.Eq.lnc ..[385 

'Mr- =' sSSS: 

■M-S&i„v;fe«:gH ^ :::.. “ SjS^SSa^; 

*5KJ"H a 5 ,I JIP tf — us -3 142-51 . . 

1 %S- ; 

AJtKV Slfid-Ptn-'B' 97 6 IttB 

Fleslplsn [Wj lMjJ !' 

Arrow Life Assurance ' 

30. Uxbridge ilcud. w i- nj. 

Sel.Mk.Fd.Cp UnL.1005 05« V - ”" 

Sel.Mk F.l BUl.-.nL jKo lfi? '' 1 Z 

pen.Mcd.Fd.&...}u0i iSs;:' 
Pea.Mgd.Fd -F.I._(ll5.6 . 120JI " | _ 

Barclays Life Aasur. Co. Lid. 

2B Romford Hd.E.7. 01, 

Prapen.v Bonds 1174.4 1SL6I . . [ _ 

Hamhro Life Assurance Limited ¥ 

7UW Park ljuie, London. W1 UI-W9D031 

Fixed Ini. Dep. —1124.7 13 L31 .. — 

— 1746 185.9 . ... — 

Properly... 1H)9 159.4 _ 

Manaeud Cap.. ...i 1396 J47.I .. .. — 

Managed Aec 1712 im l ... _ 

Cher**** 1199 1263 . _ 

Gill Edged 1219 129.4 ... — 

American Ace. 100 9 1063 _ 

£en.F.t.Dep.C»p— 127J 1».1 _ 

Pen WJJc & Acc.~ 147J 1556 _ 

Pen. Prop. ftip 2C2-1 2124 ... — 

Pcn.Prop.Acc. 2592 272.9 .... — 

Pen. Men. Cap. 2062 07.1 — 

Per- Man. Ace.. 264.4 Z714 _ 

Pen. nUlEdg. Cap., m.0 127.4 . .. — 

Pen. Gill Edg.Aee.. 127.0 133.7 _.... _ 

Pcn.B6.Capi 123.4 1296 .. .. — 

Peit.B6.Acc. 1396 MU _ 

Pen. D.A.F. Cap 101.2 .... — 

Pen. RAF. Aec 1022 

Hearts of Oak Benefit Society 

mauni-a rimo ... . v — ImernaUnnal 1354 

Raggaiui - 

ftSSa^d l 155.2 .. z WM-Eu. 

Deposit Fund . . . 1052 110 7 -*0 1 — SpeetaUB Fasd* 

Nor. ton May 15. _ 205 5 ... - Smaller Co 's Fd ... 34 0 

SudSndr.Co'apd . 42.4 

— Phoenix Assurance Co. Ltd. IS I 

4-5. King William Sl. EC4P4HB 0 MOT 9878 OvenrtiS EajSasit 58 0 

if :::1 

272 -0 21 
583d -O.U 
4L7| rO.i 

501 -0.3 362 Artuthnot Securities IC.I.) Limited 

275 Piceadlll, L nitT. Mgr^. Ltd.¥ mMbl rc , n,l,,r i, r „. M34tri77 

-0 1 IS ?“?■!* "f* ^ l *Z! m V * a " E i” « “ 2* 1 «■ as Th. I Ji-pc* .. [115 0 1 19 M I *2* 

si I ns ■. is , „ 

3401 -414J 138 prK me Fund 37.2 39 9 -o.i 3.«9 Australian bclrctinn Fund NV 

St. MgS. Ltd. Aceu^tr Fund 511 556 IM Jlut+.rl Cmpon um!i r*. r n ln*f> Vmd( 4l 

K *iaui is i _ 

07^... 4 »S amerirsn Fund .. . 25 8 2741-0*1 170 > S' -L53 1 

1374 ... 1 8 20 

«20 J 4.00 

24 51 4 0 30 

Practical Invest. Co. LUL¥ l vice) 

King & ShRxson Mgn. 

1 Charing Crass. Rl. Ilrller. Jersey ■flS3fiTS741 
Valley H*e, St PrtCr Port, Urns*-. attlHI 
1 ThoiHB* Strop! . Dnuclar. LU-M. iDCMi JRm 
Gill FumliJrraoi.. [924 423! _....[ UM 

CiHTruotil.oMj... 1037 105 < 

_.... UOft 

.. . 12X0 

-5.CL 12.00 

•;»n Kad. Gucm*e> lt.9.70 4 711-5X1! 12.1 

lull. GerL Seel. TsL 

KIM SlCTltiu: [10 24 10371 .. . I — 

Fmllall.- jlB3.50 1M20| ] — 

Rank of America international S..-V. Kleinwort Benson Limited 

» B-Ulrvard Ho. »|. LivrMbMirB UP *’• K,-n, '^ u 7 h -'- 1 ^, „ 01 ■pfS 1 'cvcuu m* ttl I 5 45 tunn»c*l LuslF. 1041 -51 3J* 

44. Bloomsbury Ss. «C1 A 2AS 0l«3 msn “ Sf** 2 * W 5 45 KmomU LuL F. 1641 

Sfl SrS 5 a£“.-“SS 

T i nr i h Lndn. & N. America Ltd. ktj Far r f -< f.I sc 

in 4aHfi.VueentiPlnn8.SL.E04. 0143023 

nir'VT- AlaaanaerKiMiU IM«r:: - 1-DOhJ — 
T S3 -ie Nel UMl lalur Um 34. 

_ KeMthA-i 1111.5 117 4) -0 1 _ 

_ EbT.Ph. A*s_ 7A5 | .. . — 

_ EOT. PhEq.E. 175.1 70 « - 

2122| -5 
230.0 -5. 

,1 H3 SfiSS^T. P?5 §? z:j 1% QnUler Management Co. LtfL¥ MV« L-nicorn inL iCH. Is.) Ud. ^SS 

^ *ur'a4~ roi 0 -bi 52 S2£a«Seo«S^.Bu iSo| I! .’! 7H LiiSjCrTVnr.'' lu^jg ji|-rjod 4^ Llnyds International Mgmnt SA 

rs Ltd. LAceum-UnHai-.ZlSib 75.7] -0J 469 Reliance Unit Mgrs. Lld-V n *subjct™lo'lee jnd*uiihiioltlir4:‘!axr»' 7 .’’“h ^ R r ^ kfumj ,79 in Ge 'j" ? ^ 

caaai Guardian Royal Ex. Unit Mgrs- Ltd. ReUanceH*^ tubndisMhia. Barclays Unicorn lot. II. O. Man* Lid. uSidslSuin'SSe.^Sto SSI "-" I 

Hearts of Oak Benefit Society Abbey Nat. FMid_ 

01-749 im Si35SS5 Bk "-a? Bllll !“ Dl -» 7 * KD n.4KsSiF U «id-.. 

. _ Hearts or Oak J36J 3R4[ I — Investment Pd.L4j. 

.. .I — Rill Samuel 1 11. A«rar TidU Eqnrty Fufid-. . .._ 

Prop. Equity & life Au. Co.¥ 

119. Cnwlord Street. W1 H 2AS. 0I4E80S7 

R. Silk Pron, Bd. I 1788 I .... I — 

lio. Equity Bd. 72 8 I ._. .1 — 

FlexMoney Bd | 1403 I .-..| - 

Property Growth Assnr. Co. Lt«L¥ 
Leon House. CrOvdoo, CRB 1LU 01-8800606 

Property Fund . _ 178 1 .... — 

Property Fluid iA> . 1767 ... — 

Agricultural F^ind. 746.9 — 

Afirlc Fund iAi 7411 — 

Abbey Nat. Fluid 1 523 — 

Hearts of Oak J363 30L4[ | 

Hill Samnel Life Asemr. Ltd.¥ 
NLATwr. AddiscombeRdUCroy. 01-61 

•Property UnHs _ .11516 15861 I 

Property Sen** A _(lOftJ0 1K3 . . 
Managed Knit* _.._hM6 17331 . ... 

m5r=- Sl^I 

glbAgrt 109 5 iisjVo^ Z Money l alt* {U9l 

JTopeiT.. 1102.6 108 o] -0J — 

Managed...., IBS 9 113.7 Id 2 — 

Money 98.2 103 4 _ 

Nan Pena Accom. _ 956 100 9 _ 

Do Imual,. 93 8 98J 

Gill EdaPeu. Ace... 94.1 99 1 ! . — 

no.lrlual 91 8 967 

Money Pans. Acc._ IJ.7 ■ 1853 — 

Do. Initial (972 102.4 _ 

•Current unit ralue May 24. 

Beehive Life Assur. Ok Ltd.¥ - 
71. Lombard Su EC3. 01 623 ■*« 

81k. Horse May S,_[ lann j j _ 

Canada Life Assurance Co. 

Money Series a M6.9 

Flacd InL Ser. A. ,.1923 
Pits. Managed Cap. 1 1385 
Pns. Manas ed Aec..U«3 

Pn*. GTeed. Cap tll>49 

Pas. G'teed. Acc.. -11102 

Pens. EqaiCCap [95 0 

Pen*. Equit}' Acc .._|9S6 
Pns.Fxiioi.Cap 956 

Equity Fund fA* 

4356 Money Fund _. . — - 

Money- Fund rAi 

Actuarial Fund 

ntlUedged Fund „ 

_ Gill-Edged Fd IAJ- 

ORetire Annuity . .. 

dimmed. Annly. — 

Prop. Growth TtadaM & AnnulUe* lad. 
All Briber Ac. Itu.nz73 133 BJ J 

z sasfi&ja 

-01 — SpecUlUS Funds lAecum- Unitsi .. .2201 Z30 0 -5.6 437 KolbomRxr*. ECIN2NH 01 -4i 

.... - Smaller Co 's Fd 34 ■ 37 i-0.2| 4.70 BT enJH-V.aKAS 18 . 177.2 1055 .. 764 Pnjdenlial 11246 1313** -05i 

2nd Smlr. Co's Fd 954 ... 534 iAccublUoIw...-. 2D7 213.4 .._., 76« - w ..Jo 

KectnmySIU. 942 901s -03 5 99 Endear. M jv 23. . 177 7 1657 170 Qnuter Management Uo. Ltd.¥ 

StetMln. AC-dJy 39 9 427* -0 3 5 35 <AcOSW. Units'- . _ 184 0 1W3 170 The Slk. Evchunge. EC3% II£P 0I*» 

01-826 9678 Overseas Earnlncs 50 0 52.1 -0.1 4 51 Gmclistr. May IB. .98.0 102.7 2.72 Quadrant Gen. Fd. 1104.8 10811 I 

-Oil - ficptSmlTcSr^lzilJ 222 4} .1 539 -4>1 4« SSSlSSSr-Bu SSI Zj 

.!!..] — Anderson Unit Tmst Managers Ltd. lAccumUDlisi- Z| t2!6 75.71 -oj 46J Reliance Unit Mgn. LttL¥ 

ssa FcochurchSt. mm 8AA 823 9231 Guardian Royal Ex. Unit Mgrs. Ltd. R«lianceH«e,Tu»bndseiVeiu.Ki. oms 

An,lBI *® nUT H»» S-ltf ...J 4.43 noyu) Esetance. RC3P30N. 61«8B0U 23 ‘ ' l 

i _ ‘ Asshacher Unit Mgmt. Co. Ltd. lagiCuwdiuliTrt.. |ma 9i6| 4.«i scWord^?! fci 43 ij 

.... i — i Noble SUBC5V7JA. 01-6236376. Heiwlers*** AdminlstraLve <ai (cl (g> ¥ RiApe^eirf Manaeernent Ltd 

1 - in * ' •“ S^io^SrSSs iita* 

. Ltd.¥ Arbnthnot Securities Ltd. (aitei om xae assi 

„U», sgS !;.":S; S3 m 1S.£5SS3SS:K ®a :: j 

•JJ 9.1* laeomeAArams |3L9 34B[ 5jo Rothschild Asset Management i 

44 5 loi 2ia FBB *feeu **,-» r 731601 Gatehouse Ret. Aylesbury. CCS 

2? ••• ga 847 i3S:g| 

uo* .... 5^ OU*NatR« (259 a^-dil 1.96 55 -ij 

53-5= 1039 . 09 4* 40 S? 282 N.L .Smile Coys F«Em. 8 IfclJl -o5] 

if 3 ,2? iniertisOopai _Si* -oi] 1A2 Rothschild & Lowndes Mgmt. U 

£.l-oi 1* World W Q Wymbsj 80JI..Z1 AST S5Simhu.sLaoe.Ldr.EC4 OI-8T 

341 -01 2.98 Overseas ruagm New Cft. Exempt. -10220 3290) | 

4?f .. . 2.97 S3 Price on May IS Next dralinc -'niw 

mi. l mm 7 European— .. ...137 Z 396m -Ola 531 

• 253 149 Far dan — W.4 743 -i3 364 Rowan Unit Trust MngL Lld.Vi; 

£l ::::. lS c«vG.,«.R»u.Ftiubu n so..Sc= 0J Z 

,.'. Guornse; Inc Ul 57 jl ... 417 

rw Accum. . 7B Z 0.0 4.17 

Ltd. KT! Far Fan Fil Sl'PlflM 132 

OM-r-i, KJilnll. Fund Sl'SUkb L45 

r, KP.lan.wi Kluid. ... Sl;V39 25 0 85 

*1 “ KBl'SMFd. SLSU.43d 079 

Sicnet Ucrmottn 5L b4.91 -065 163 

•Unilond* < PM- ._ . 17.90 10 90| -0 10 9 08 

! -KB ael a» London paling agenu only. 

1904) -II 70S IJoyds Bk. ic.1.1 L’/T Mgrs. 

. ... , , J P.O. Bov lf>9. Sl. Heller. Jersey. 0S343756I 

<C!l ' liou* tpi u^«« .1555 50 ^ .. .1 220 

Neil dealing data June 15. 

Uoyds International Mgmnt S.A. 

7 Rue H-j Rhone. P.O. Bov 17P. 171 1 Gene i a 11 

5 57 1 1 Tburos; SL. Pniis'ai. l.o.M. 

. F .“%0 

nc — p6 6 

g£. w _4.<.u% wu . po pox 419.3040. Kemedibi.Mancliener 
0« 236 asst 

47 9 — 0.*| IS .MdS^Sdl^mnrllfhB 1®9 ' ”'J I 
M o! ..Z] 530 Rothschild Asset Management (gi 
.. , . t a TtrtO. Gatehouse Rri. Aylesbury. (CM! 
59 M -0 j IS 1T4M-04} 7 

i nicornAusLfcu. 



Do. Aurt Mjn 



lk». ilrtr. 1’arilic 

61 1 


Do Inti. lncomv_ 



l>». I ef Man Trt ... 



Do. Manx Mutual- 



J J9 . ■09.4*40.51 

fi-3° Rothschild Asset Management Ifil 
... 7S6a Gatehouse Ret. Aylesbmy. 0C965B 
a 47 N. C. Equity Fond- [15* 4 1T4« -0 4) 2< 
" ' NC EtwJte*T«il3SJ 1224 -03 2^ 

N C. lBCome Fund - UA5 9 155 2c -02 hi 

f g N C. 1ml. Fd. flotlfco 979 -12 11 

NC Inti Kd. IAcc.492.0 97 9 -12 13 

2C N.L Smllr Coy* FdJlS10 1513) -oJ| 41 

U2 Rothschild & Lowndes Mgmt. lai 

®88 Bishopsgate Commodity Ser. Lid. 

““ira 1 M & G Granp 

1 70 Thier Qoj>k Timer Hill EC3B BBQ. 01438 4588 

— 0 1 — Atlantic May 33 im.75 IM .... — 

+(U IM AuA.Es. May 74 SIT218 14W-0JF — 

050 Gold Ex. Mar 34 E'S*« »mS*.0« — 

-*0.1 140 Island 123 7 3J1 m -1.7 4336 

. vjj i.lcrum L nll*> 174 9 305.ll -2.5 *336 

Box c Ikitclat. I p V 

06S4-339M Samuel Montaga Ldn. Agts. 
I — 1 H.l >ld Pmfld St_ECi I 

Sl Swllhins Lane. Ldn . EC4. 

742 tL 
<271 -Oi 

- — New Crt. Exempt .1022 0 129 0) I 3 51 

Price on Nay 15 Neut drslinc Jumr J j 

-.TfS! §g^F{|f ^J=l =, iaasssss,. 

: 2 J iis ffiStWfczSBM 

-12 I?; Bridge Management I4d. . *TJ?f ■■ i?, 9 ?. i 

^oi 4.2 *■••• »«w Grand C>.cnii.n. Cayman I*. II ■ JnvObNay W_ 02.1* 1.701 — [ — 

rt. (ai rt p^iiSf'ii; II,,U S5f* 1 " “ Murray. Johnstone (Inv. Adviser) 

U1-63C4256 I'i'PP*-**: Fd. 31av 74 |3I CSX UOf-OINf 078 1W. nopoM . i.lnxgow, ii 

01588 84M 


. 345 



J 19 

1 077 

12 78 

— - 

Ex-stock Splil. 

Britannia Tst. Mngml. (Cl) Ltd. 
mr.alt) SI . SI. Ili-lur. J»T*.-y. 0134 73114 

VAU Weather Cap.. 

»lnv. Fd. I ts 

Pension Fd. Uls. 

Conv.PenaFd. .. . 
Car Pa*. Cap. IT. 
Man. Pena Fd _ . 
Man. Pen* Can. Ul 

Prop Pens. Pd. 

Prop .Pen kCap.Utx 

BdU. Soc. Pro. LT, . 

, BldJTSoc.Cap. Ul_| 119.6 | — J - 

1238 Provincial Ufe Assurance Co. Ltd. 

>0 127 1 



Growth Fd. Nay 19 . 1723 
PWu. Pd. May U3_ 563 

S? ^2 ! : ‘ L, r I,p —^-5 38S-B - ~ Man. Pen* Cap. Ut 1322 

Pao FMLInlAec — fe.O lWJj ..._ — prop Pena Pi 1443 

Pen* . ftTip. Cap — gS.O 1M.W ..... _ PropPens-Cap-Ut*. 132.4 

Pros. Prop. Acc. — W5.B 1000| I — BUM. Soc. Pn LI 129 9 

Imperial life Ass. Ca. of r— .— «■ BidTsoc.cap.ui_l 119.6 

< ^ 1 a D 1 '^f rTL •»« I 71238 Provincial Ufe Assur* 
Pecs. Fd. M»%__ljt63 —~J — 222. Blahopvgale. E.C 2 

unit Linked Portfolio Pror. Managed Fd.. HUB 1 

Managed Fund I94J 99.01 I _ Ptov.CaahPd 11343 

Fixed Ini. Fd. 95.4 188.3 _.. | — Gilt Fund 20_ |U4.2 

SerureCap. Fd. WS0 1MN _ 

Equity Fund 195.7 led | — Prudential Pensions LI 

Irish Life Assurance Go. Ltd. . Holbom Bars. ECta 2NH. 

ll.FlosbuxySqnarc.ECS. 01-83B2S3 EqBitfd>la« 17^.im.*7 i 

Blue Chla May 10_. [723 JJM I 440 gtd Wt-U^l7 — to*7» 2 

ManasrdKiind (219.9 23LS | 440 Prop. F . May 17 {£25.45 . 

7TopAJod-May2__tr756 1048 — „ , 

rmp.Mod.Gth. Im.i 2853 1 — Reliance Matnal 

King & S havmwi Ltd. Tunbridge Wells. KcnL 

62. Corn bill, Ed 01-035438 RtLPrpRRfc. 1 396.4 

Bond Fd. Exempt _)U638 107.731* D-01( — . * „ 

Archway Unit TsL Mgs. Ltd. If (a He) 

317. Ui B h Holborn. WC1V7VL. 01-SS1CZ33. 

Archway Ftmi J830 I92J .... 4 573 

P rices m M27 IB. Nexx eab. dn 1 May 2S. 

Prices si M27 IB. Next sab. day May 2S. 

Barclays Unicorn Ltd. iaHg)¥(c) 
Unicom Ho. 2S2 Romford Rd.ET 01.934 5944 
Unicom America _B43 36.* -031 1.09 

DoAuaLAcc [702 . 75 * -0 4 108 

, lay IS — J56J 

2-6 Kish SL Potters Bar. Herts. RBar 51128 Manaaed Fund 11 

wawatl a j . i ... :| = 

Cannon Assurance Ud.¥ 

L Olympic Wy. Wembley HA80 MR 01.00= «TTB ff 1 ™ ^ ABni M I 

Equity Units [£16 95 — -0031 — 11. Finsbury Square, EC2 

Property UnlU.-*.. 995 — _ Blue Chip May 10«. [723 

Equity Bond Cxol. C1L38 12.04 efl Oi — ManaaedFund (219 .9 

Prop. Bond ■'Exec _. £1331 13.87 .0 IJ1 — Prop. Mod. May 2__h750 

HaL BdJ Exttl Unit 0294 13.59 -0.01 — rrop.01od.Gth... Jl93.1 

SSSi~" S Z Kl„* 1 Sha,^. Lt 

property Acrum.^. 0244 — *-0 01 — ■ 63. CoroUU, ECX 

Mncd. Accutn 1371 — -3 — Bond Fd. Exempt _p0631 

2n if Equity 92 7 . 90.1 +01 — Next dealing a 

2nd Properly . 103 0 109.0 — Gort. Sec. Bd 11193! 

2nd Mummed— 96 2 1011 -0 3 — 1 j„. 1 ,™,iik 

2nd Deposit 963 1019 _ Langnam Ufe Assn 

2nd Gill 08 1 933 -0.9 _ LanghamHaHolmbrook 

2nd Eq. Pens Ace.. 94.5 100.1 -0.2 — !^nishaia'.VPlan..|i4Jt 

2ndi^r Pen* Acc. _ 105.9 112 1 *0 1 — PProp Bond rt40.9 

Sod Mgrt. Fen* Aec 90 J 1040 -i)J — Wl»p iSPi Man Fd 175.5 

222. Blahopogate. E.C2 
Pror. Managed Fid.. HUB 

Prov. CaahPd hfl43 

Gilt Food 20 ill 4.2 

Prudential Pensions Limited# 

H Ol born Bars. ECTN2NTL 01-4059222 

Do.Aua.lnc 1 

Do. Capital— — _[ 

-031 1.09 
; —o 4] 108 

£S N_AmGC*aJ4» 19 .39 9 <2^ -05) 133 

fS AcGraaMay 19. _ 124a 1300J .. \ L94 
tS CabOtAmer.Sin.Co [508 53^ -Oj] 030 

HiU Samnel Unit TsL Mgrs.t (a) 

01-828 B01| 
7 156.9nt -031 544 

4d.a — (L2 3ja 
64.7 -10 2.38 

su -a« 452 
5 95J -02 4.70 

3 232 — OJ 7.59 

556 -0J 5J8 

30.6a -0J 0J6 

304 Rowan Unit Trust MngL Lid.yia) H • s, ‘ J*vey. 

J-5 Cny Gate Ran.. Finsbury Sq- EC2 01-6n61fl«l Sferllnr ItenamlnalM Kd*. 

Anmriron May 18. 1595 73 K .. . 0 92 

SecurUle* May2= .1620 173. 3 . . *32 5?Ul!.v iw 181* *«1l 

' High Yield May IB_ 54 2 57 ad .. .. 7 43 wtT^> Fll 9 3lT 

BOil LAccum. Unitsi. .. 76 0 SO S3 703 nS-hiiiwieT ^ ■’ 19 ?acl 

Si* MerUn MayM 703 +0* *M »«»BB *n» » V. T+l | - 130) 

5^ (Accum.Unil6) (95 7 lOOlj -1.1 4J4 1.3. DalUr Dromlnatrd fd*. 

am %> . — —j *. ..j ImpI.IT* U.SSD 501 

Hf Royal TsL Can. Fd. Mgrs. Ltd. intiiighint Tsi ■ | - sisue] 

llepeM Kd I SI 432 07 I ... I — 

Murray Fund 1 5rsi0*6 , ... — 

•N.W May 7'> 

4 70 54. Jermyn'Strert, SSL 

7.59 Capital Fd MJ 

SJ£ InciMno Fd. .17*2 

May it N« 

Negit S.A. 

400 ldn Rpule>nrd Ratal, t. ivertihaurg 

NAV MovlO _..[ SL'510.10 1....I — 

£% Negit Ud. 

Rank of Rcrmiida Ride-- Hamilton, Bmda. 
_ NAV May 12 Jt«J5 — | .. .. [ — 

- InL High I m Ttf - 1 - aiauvi 1 *»» oi,™.!- . „ ..1 

«! 98252 Value lilav 2H Next Imallnc Mav 30. -Initial , , ® CD _ * al f rnat ' 0 *“l . 

offer >-lo>r< Mav 31, 1978. 

. Si. foler Port, Guernsey. 

01-2476533 Do. Exempt Tat. 1081 

Wl f Do. Extra broDe _ 77.7 

TSitf ~ Do. Financial 50.1 

lS d Z Do. 500 713 

“ B - S| 1 Do. General 30.7 

300m -0 j] 4J6 Price* at May 15. Next dealing May 31. 
tijI Iot! can *Bt8*-V l*Hg> Save & Prosper Group 

113 J —07 6J6 10. ChrUtepher Street. E.C2. 01-2477243 4. Great St. Helens. London EC3P 7EP 

Z9.9 -OJ 8.46 mri.lnv.Fnnd. — f882 9SD| ....J 630 88-73 Queen SL, Edlnbmrh RH2 4NX 

“3 S0.1 Key FTmd Managers Ltd. laHg) De*unm (« ort» as» or tni-228 7351 

l 20 Brown Shipley- Tst. Co. (Jersey) Lid. 1 met- Dollar Find.. 1235 

-OJ 604 25,MnkSLEC3V8JE. 
-02 425 Key Energy DLFd.- [77*' 
-0J 6J6 XcyEfeui&idcn.. 168.1 

*.96 #KeyExempi Fd. _U*4 9 

01-838253 EqaiL Fd. May 1 7_. I £25.87 250 

I 4« F2d.Mrt.Mwi7 047* 149 

::;;;[ Prop. r. May n — biG 242 

26.0x4 -0.1 
70.43 -oi 


l-.-l - 

2nd neti.Fens Acc.197 6 103 jj 

2nf Gilt Pen* Acc.Jwj 93.d 

L4ES.1F 673 40 ol 

L4ES.1F.2 [265 28 5J 

Current mine May 23. 

Capital Ufe AnunuctO 

100.1 -0.7 
104 0 -0J 
1033 -D.l 
93.4 -0 9 
40 0 ... 


- Rothschild Asset Management 

Gort. Sec. Bd [11932 12501] | — SL Sun thin* Lane. London, BC4. 01-02B43S6 DP.Accmn. 

Langham Life Amman ce Co. Ltd. N.C. Prop Mw^3i_.rLM3 12FM J - 

LangbamHa.HolmbrDokDr.NWL 01-20Z621I Next Snb Day June 30 BlshOpSg 

testae ph "'-|iM t t£S • - I “ Royal Insurance Granp 
tVUp^S^Kan'Pdlni 9 "Z \ — Nen- Hall Ptacts. IjverpooL 091227442" 

Legal * General (Unit Aiiar.l Ud. R®y*l 5b laid Fd — 1133.1 1*001 .... j _ g^mii 

"TSSfeH «£»!& S"* * Gnmpf M Nwrt 

Baring Brothers & Co. Lld.¥ (aMx) 

B4 Leadenball Sl, E.CJ. 01-5682830 

, 11 -r. 165 1 

■ Inc ...J8*.9 9221 J 4.97 Income HE_6 

l^t__Ks.0 113 j] J 4.97 ,, _ ^ 

Tim 52 5 57S 1 438 L.K_ PIlDd* 

IRS. ..|3*n arm .. .. I lTCKouMx- 1*23 

it Trust. Management Ltd.P iL. P — i^,, 

khange. ECZN 1HP 01-388 2800 Europe »2 

in-Fd-:^ w ::::j IS «C ==== K 

8C4 Ud. ¥laXc) 17*8 

. Edinburgh BBSI0. 031-2203811 Enercy.-jl. [69 J. 

ial* _. B92 *201 | 630 FtnanrialScea. — P26 

C«*b Initial 
Do. Ac rum. 
Equity Initial 
Do. Accom ... 

Conlston Hnaie. Chape) Ash Wtoa 090228311 SS, cff?, 1 ?-., 
Key Invert. Fd . ..I 10072 i .. 1 - 

Key Invert. Fd ...| 10072 I .. 

Paecmakerlnv.Fd. .] 104.18 | ... 

Charterhouse Magna Gp.¥ 

18. Chequers Sq. Uxbridge l"E8 1 NE 

Clirtfase Energy 130.4 48 4] ._ 

Chrttac. Money .-.*294 310 , . 

rhrtW Managed- 38 2 402 .. 

i 'btlh«” Equity ..„. 34.4 362 ... 

Mocd* Bid. Snc ™ • 124.6 
Mact>4 Managed — 1493 

“ Do A ream 

” 'Inti. Initial 
Da Accum. 

Managed luiuri- 

52181 Do. Accum. 

_ Property Initial 

_ Do. Accom. 199.0 - 10431 

_ Legal a Genoa] iLnit taataagT 
— Exempt Caib fauL_(9?3 IgA 

4. Gt.St.Hri on'*. Uidn. TOP SEP. 01-954 __ 

— Bal.lnr.Fd.. 125.4 13271-0 71 — 

+0 2 — ."ropert>-Fd.- J3C.7 1595 — 

+02 - r.llim- 117.7 123.1 -02 _ 

-01 - Deposit Fell 122.6 1291 

-8.1 — Comp PensJUl 1999 2105 -031 — 

—03 - EquiVPen».Kd 1802 1902 -0 1] — 

-03 - Prop Pena.Fd.* 2150 227.8 ... - 

— Gill Pena. Fd 913 952 . — — 

— DepofcPens-Fd-t |97.7 1029t J — 

— . Price* on Mi* 34. 

— tWeekly dealings. 

Next *ub. day *31ay 31. “June 8 
Bridge Fund ManagenTIahct 

King William SL. EG4R OAR Ol-E 

American 6 Gen 4 -1254 26 H . 

lnwor 50.0 54*s -da 

Capital Inc f. .... 35.1 37.4 -o3 

Do. Ace r 30.7 412 -0.Z 

Exemptt 136 1*3.0 -Ltf 

InternG. Inr.t 15.6 16.6 -0 jj 

Do. Acc 7 17.1 18L2J 

A'Aecom. UnllM... . W0 

-Grcnetii Fund J47 

•( Accum. Unde i . 59.7 
ttGDt and Warm nL 36 7 

lAmmteanFd 247 

if Accom Unitsi ..25.7 

yj~7 605 25,Miaat,BC2V8JE. 01-0007070. Save & Prosper Securities LtdP 

Do. Growth Aec._ *03 *35 -02 423 KroEnBgymFd..[77*' 8231-00 3*5 InSenatlenri Fttods 

Do. Inconie Tst 83.0 097^ -0J bJb Key »ml& i G cil. 48.1 72.4 -03 *04 CapitaL.. D62 38 9) -D2j S£ 

22 -DaPri.A'ni.Trt.. 135 0 MIR 496 eKeyExempi Fd. _ M* 9 1541 .... 4*8 LTJJ. Sj 26. oJ -0J^ *.C 

Prices at April 2 S. Nest auh day May 31. Xeflncome KoixL 30 J . #53 -0J 809 Unlv. Growth. fei 704rf - Oi] 20 

Do Recovery!. *15 44¥\ „ 508 KeyFtred tnL Fd._ SO.Q 63 9 ... 12.02 ■ U ^ ^ 

Do. Trustee Fund ^ 111.7 120.8-0.* 5 13 Small Cos Fd _ 920 97.1 -0J 530 l * crar 

Do. Wldwide Trust 49 4 53.9 -0.4 338 m-lsinmort Tt, n u„ ir.ilt Hi bS^ Yield (52.9 560[ -OJJ 7J 

WtsUn-FdJnc. 521 HI -04 *07 K,etBWOrt Brnson “Mt W 4 n a g ers¥ H M. Inrmnr Pood* 

Da Accum. f71C T*XH -0 j] 4 87 S0.Fencbnrcb.9t.EC3. 014338000 High Raturn— 1653 7021-01) 81 

71 Baring Brothers ft Co. Lld.¥ aSS9 .z\ M ** ' ** 91 

OB. Leadenball SL. ECU. 01-SB83830 KB.Fd.lJW.T«s. .|S2S 57 3[ .. ..| 438 „ w ... . 

UU0 17«.....J 4J5 L ft C Unit Trust Management Ltd.¥ S(5ST^ ^ ^ 

06 Do - Accnm. — 4 The Stock Echanie. EC3N 1HP 01-588 2800 Europe »2 BQ *j ,03j 34 

' ' ■ L*CIne.Fd... . MU 1404l J 79D Japan 1927 9901 *001 1.1 

Blshepsgate Progressive Mgmt. Co.¥ LOCintlJtGenFd.pCT 993] 4 to* u.s>. {762 BL9j-o.T| 0.8 

0. Bi*bop*Eat4 E.C2. U1-S8B8B0 Lawson Secs. Lid. Wage) fZHZLZuZ* nan tmal-nvl aa 

ffl v r^t " I im 63 GeoroeSl- Edinburgh EH22JG tOI-=»301 1 7*^ -0j\ 17 

^ 2S-S --I ?'K gHaw. Material* _. [392 *201 630 Financial S oti-_-Pz 6 7a« -0 ll 29 

Sl ••.:] iJ t ^ss^- ■ £? Si $$ HMab-mn r*L 

Next mb. day Hay 31. -June A. » SI:.;;;: iSSlSSST"- fel® 

M Bridee Fund ManaeerWhVd rtCDtand Warrant. J67 390 189 Select Income — -J53.0 55.fl-0.1[ 7.4 

BTJGge rWDtl ntanagersriahci 4An*ri«mFd 247 263 ° Seofliits Securities Ltd ¥ 

King William SL. EC4R BAR 01023 4961 JfAccnm CnlUi ..25.7 273 ... 030 Z_~TL ^ 

American 6 4 268) . .J 2«1 **kDgb YM|(1 173 S20 10,61 Scc4blta„ 139 0 -g-S nJ ?5 

SSBter^-B? nS :S| « 

SSSSf.— - & 7 iSi --tl ii ^ i^aii Fnnd¥ ztttXRdBi H 

imemll. Inc.t 15.6 16.6 -Oj] 3 (4 18. Canjnge Read. Brtstri. 0272323(1 Prices at May M. Next sub. day Jura 14 

po_Aror_.-_.ri2 .SUMut i.64 pm.Aprfl.12_- _ B60 U2 ...I 327 TViict w™ raw. 

pri.rnxU3.SLiiriicr.JiTM'>'. - 053*7444* Property Growth Overseas Ltd. 

Bterllnc Bond Hi. )£1O04 lOOfl I 1275 a InsbTtown. Gibraltar iGU 

Bntlerileld Management Co. Ltd. r RUniiarFund. .1 51^8589 i .. .1 

P.0 Box 1SS. Hnmjllon. Bermuda. SiertiogFund.. .. | £12405 I P 

Huitrov* {nroiBp’r ” |ln ill IT.] 738 Richmond Ufe Ass. LUL 

Prices at May 8. Next rub. day Jane 12 4R, Athol Strert, Doagl*’- LO.M- Old 


i ! n 

JO Capital International SA. 

2 S 37 me Noire Dame, LuxemhouiR. 

Copital Ini Fnnd. | il'f 16.92 | | — 

5S.H — ojsf 730 Japhel 
1. rurmoMcr Row. fc.i'4 
7021 -O.ll 825 Adiropa WOIM 

45.7] -0 M *06 '*" T . h * gsS2 

Fomtak nSDOK 

Fondis— .... HMZ1M 
95 5) —02) 409 Kmperorf'und .. US2I1 
lb*pono Ji’.mca 

4R. Athol Strert. Douglai. LO.M OlO* 3BI4 
t\ ■The Kilter Trail. (108 6 JILM-Oll — _ 
Rieamond Hand 017. 1818 392M+0 6 10 M 

Di> Platinum Bd.— 125 6 3323-01 — 

Hn Gold Pd. 1019 199 « -0.5 _ 

Do EitLOTTCRd.... 165.6 374 R +10 1102 

990I+P0I 119 Clivf Investments f Jersey) Ud. 

BL9j -Oj] 0!S4 PO R.»x 330. SI Holier Jvrwy nflM373fll. 

Clive Gilt Fd .r 1 . 1988 4 8*W *0.011 U M 

BOOl -021 4 07 '.'use Gilt F.I iJ»> ’ |9 8b 9071-0 Ol] 1LO0 

S3 Corn hill in*. iGnern<eyl lid. 
tk» -oil 299 Pl1 ^ !77 SL 1M(T IVtrt 

Intal Km; Fd .. |167S 182S| | — 

5^ -o il 7*8 Della Group 
m Pi.* Box 3011 Vnssau. Rabamax. 

4L91 I 305 Hritalm-Ma. 1R. 151.79 L00I 1 — 

536| -d2| 720 Dcutscher Investment-Trust 

6L0| . ..| 438 iSKtfarhasSj BirbcrCassc 6- 100000 Fronkfnrt. 

01 24B3PW Rothschild Asset Management (CJJ 
-n-41 XXI P r, 3ex58.SLJiiban5L'LGuero*c>'.0*8iaS331 - 
15 10 tie O.r.Eq Fr Anr 28 SL1 54.11.. 3 01 ' 

^D20 5 70 O r.Ior F.L May 1 1500 160.4c 730 

02D 5^70 or , n „p iT f-_ ,1.27 1J4 131 

2.13 ** CJ»mCnFd.\pr28. 1348 1*2J ..... 334 

.... M.U nc.t-nmnmditj* ... 13L6 3*00 -... *51 

Ud. o.f nirlVHndiy.t.. S2502 27.461 .. . — 

nSMaTSOI. ”Pnr- tin Stay is. Next dealing May 31 

-flOU 11 00 !Pncc on May 22. Next dealing Juno 7. 

-0Ol| UM Royal Trust <Cn pd. Mgt. Ltd. 

P ■>. Biuc 1IH. RtnalTil. Um?, Jcrrry. 053427441 

™wr RT. lull. Fd. -|H - S»2» 45W I 3.00 

1 — ILT lul l ,J*ylFd.|91 95ri . . f 321 

■ Prices at May 16. Next dealing June 15. 

Save ft Prosper International 

1 “ Itiralmf: l«: 

X 37 Broad SL. SL Heller. Jency 05J4-2D5D1 

Deriteg' "Tnca. t'tfed* tTbarai^Pnoro h£qi utavmMnk*’ S3 75^ ..^J SJ7 Schlesingev Trust Mngrs. Ltd (aNz) PO Box N.V712. Nasrau. Bahamas. 

aaa*.' 2S . Next rub. ri*y June 14 ilncorpor* ting Trident Trusts; NAV May Id .Bl'SllR 1521). 

720 Drntscher Investment-Trust 37 Broad sl. sl Hr Her. Jersey 

90* IkNXfaehaOUBieberrawe 8-108000 Frankfurt. I 'A DaUar-deoomlnatnl FtnnH 

ID* Concrilre IPH1BW 20Hj-OJO| — tllrFxdlni~Ha>in N33 JJ 

727 InL Renivnfomlx - DMHM 71« . . — * B, «? a V or Ci fr-l. 

14 - . _ . ‘ . ... ' . Farroxtem**-. ..|3> 22 45 

Drm-foa Inlrrcontiurntal Inv. Fd North Air erienrrf .13 75 * 

I’Jmhxr Equity 134.4 3621 | — Exempt Caib huL 

Mocna Bid. Snc • 124.5 I .... I — Do. Accom.— 

Magna Managed | 149.0 [ . ,.| — Exe mpt Eq ly.IniL 

City of Westminster Assur. Co. Ltd fecuSnaedtoS 
Klngrtead Mouse. 8 Whllehorae Road. ' „ Do. Accum. _ „ 
Croydon CROSJA. - O1-0B40084 Biempt Hngd. tail 


Equm- Fund — 2 7 

Farmland Fund-.- m 1 

8 S?R! 3 ?--.-;. BP 

Pl'iJtFpnd. .... 1730 

Prnx 61nBd.Cap.._ U33 
ren* Mngit Acc. 1173 
TVn*. Money Cap— 464 
1*01.4. Motley. Arc ... 48 0 
Pent. Equity Cap.... 52-8 
lVi' KquilyAcc .. 54 6 


1796 . . 

60.7 -OJ 


1266 . . 

661 -0.1 

load, ' Do. Accum _ 

01 084 0004 Exempt Hngd. InlL 

Do. Ace am ... 

_ Exempt Prop. lniL 

_ Do. Accum. 


SiflrJ = 

— Schroder Life Groap¥ 

— Enterprise Haase. Ports mouth. 

~ Equity May 16 ] 2272 

~ Equity! May 23 

Equity 3 May 23 
“ FUrtflntitayS 

— Fixed Ini. M 

— InL trr 

— K&SGUt . 

*■**«— I ~ K6SSc.May23 

Legal ft General Prop. Fd Mgrs. Ud Mngd Fhu sUrW 

11 .v. rnnrm. «<•»»« Managed M*f 23.. 

lSl ^02 

11. Queen \lctoriaSL.EC4X4m» O1-34BP078 

“ tw ‘jsa J £j j - IBIjeie 

Ufe i\Mnr. Co. of Pennayhrania ?5SS2^iMci5k‘'iiM3 
30-42 New Bond St_ Wl 70R4- ' 'Qt«98tt6 hsWil m£z3~ 1200 

LA COP Units 1906 1035) .\J - fti, As*. M*y 23.1 1»0 

1'env Equity Cap.... 52.8 553) -0 Zj — LACOP Units — ..1906 1035) -\,j — RSpniAx*. May 20 

lVm Equity Acc .154 6 575| -D.Xj - Uoyds Bk. Unit T«l. Mngrs. Ltd - 

Fund rurrenily closed In neb inveftnenL . _T , , ‘ MuJ^lAu. M ay 2L 

Pnrlorm I’nttn . • I 1977 | .. 71. Immbnrd St. EC2L M ^ 

?: y f' w rrr rA "“ rSocU4 1 “ ss&ssasss 

° , ^ #4 *11106 1245) 1 - ‘ 7®. Clifton SL. EC2A 4MS teWSfL. 1 # 

I*roperir l lilts .'“I543 57 o| | — Sy ia* ~ Invicasli Mav IS 

Commercial Union Group Opti ’ 8J v»l ~ &U7«£%ayi 

» Helen a. 1.1 :nder*haft.W7L OI S83 7300 Opt . Hj.1*ay 18 i»3 W.M .... ~ -Rgd. peq. May ii_ 

“.09 I: I - Solar Ufe Araurance Li 

Confederation Ufe Insurance Ca }S??e?i5^!£JS«iL 
m^ieroUne.WCTLtUiR 22 HKSSS^ B «N|I[ - I 

®&'| f ... = ■ MtS = SlsSlhL.. 

GSS* Wi.nd": 703 211* 1X9 = The London ft Maneheater Ass. Gp* 

Fixtri Ini. Pen m. 1905 ■■■■- — The Leas. Folkestone, KenL 03tO 57333 Solar Managed P 

Man^rdfVnFd.- 170 7 — Cap. Growth Fund. 2209 — Solar Prcn 

S!J i { -= iasSlw-P 

c^ui i n „™« o.. IzEtklS-™ SB- iasgS 1 /. 

32 Corn Id II. F-C-S. 0WE8541B inv.TTOat Fund_._ 1B9 ...... — _ .... _ , 

qSS _n * Financial Sec4 54.4 

ifty Inc. 4. Growth 72.7 

162 6 1M7 i‘n "i — Inti Growth — 59.0 

- JS-i +H-? “ InroaLTaLRhansa- 448 

““a,** 2 * 51 Mineral*.—- 34.9 

4S-2 - Nut High Inc. 771 

• “ New Issue M3 

North American — 290 

«f.9| — PrrfrasdonaL 502: 

Scottish Widows’ Granp s£2tf?~~ «” 

PC Bos 002. Edinburgh EH 10381* U3146560TO SUblaCtanie SOD 

Britanala Trust Management (a) (g) Leonine Administration Ud 

3 London Wall Buildings. London Wall. 2 Dub* SL. London W1M (DP. OI-48BSB61 

070527783 01^81>47B«7B Leo Dirt. [73J 76 9ri ^3) 525 

v 0 ~ Aarota 1780 7621 ... J 527 LeoAnadn 903 147] ri>3( 468 

i06 I ggJ“*AS5 5^2 VS. M Unit TSL Mngra. Ud¥ (a) 

— Commodity.! 1 752 820* +02 IS RertrtraK^Dept . Garlng-tqr-Sea. 

- Dome*tjc-I 372 40Ha *02 4.63 Wnrtbbll, Wes: susarx. 0I4C3U88 

C.-1 — Exempt 1«H 3093n -0_5 7J0 Firs: Qlalncd.1 495 532x1 454 

S3 ” Seme— 392 422 93* DoJAcraml 540 gJ AM 

v02 - Far East 19.4 . 2Q.1 *OJ 3A9 Seeand(Caj»J 5LI 510 -02 324 

j> t — Financial Secs. 54.4 *93 «.«5 DaiAwann^ M4 692 -01 32* 

„5 ~ Grid 6 General 167 9ZJ -»1J 3J2 Third Oncnmei D2 KTJhi .... 625 

^ - HSSrth 78 ? 84Ja -oj 4 jj Do. lAcramj U12 1193 -0J 525 

- Inc. 6 Growth 727 782u .... 7.04 FourtbfExInc.,. _.. 58.1 52*ul -05 8.» 

— Inti Growth. 59.0 tSSxs — QJ 2A8 Do. i Accum. I 1*62 7Uj -02] 60S 

°i ~ S^f sh ‘ re »- 522 1% LIoytfB Ufe Unit T*t. Mngrs. Ltd 

“ Nat High Inc. 771 . HJ E -0.1 025 73B0. GataiMUpe Rd. Aliestauy _ 02009*1 

itp u rpormtlng Trident Trusts i 
140. South Street. Dendag. 

284 *03 349 Second CCajiJ 

593 «.<5 Dp-lAraunj. 

923 *13 332 TbtrdOacaaei 

MOx -0J 4 JJ Do lAcctmU 

(82* 7.04 FourtbfExJne./. _.. 

IS 3xa -OJ 2A8 Do. i Accum. 1 

592 -0] 
1193 -0J 
62.4m -Ol 
713 -0J 

as* __ NAV Slay 10 .fll'SMM 153) | — sterling -dew 

aVTiTn KatSQa * Dadlcy TsLMgUrs>-.Ud SSSSSSS 
30 E -03 17* P.O.Box 13. St. Heller. Jersey. • 053420591 Cammed. Ms 

2h.9« 6*5 E3l.LC.T- [117 0 125 4|... | 300 bl_Kxd 5!*y 

»o3 ^oj 9« F. ft C. IWgmt. Ltd Inv. Advisers • pr1 “* “ 
42i -0.1 9.7* 1-2. Laurence PounlneyH 111. EC4ROBA. _ . , , 

- 32.7 -oj 971 m-033 4«B0 SchJesingi 

“J -0.5 2U CeaLFd.»U> I7.>.| SVS5J1 I I - Al.LaMoite, 

302 * -oj is Fidelity Mgmt. ft Res. (Bda.) Ud sjliU 

292 -°J — P.O. Bax 870. Hanilltivn. Bermuda. ““ 1 

nirFxdlm-Marfl) 1933 
Intcru^LCr.'t 674 

Far nortemrf— .. 37 22 
North Air cri can *7. 3.75 
Sepro'*t — , . — film#? 
Kterllnx-drooml uaied Fuad* 
Chancel L'aplIriO. [238 8 
ilhasad Ixland*0..|l463 

8J.7 -0J — P.O. Box ffftj. Hamilton. Rermuda. 

Si Jil Hn Fidelity .\m-Aa*.- STS25J8 -l-BUI - 

2i Fidelity InL Fond.. Sl S2L33 . — 

204 -OJ 2.K Fi drill t Pme. Fd..... Sl K4S 58 J — 

Ijii fS FldelliyWrldFd. . SI .NU99 -Clfl - 

Price* on -Max- — ‘'Mav 17. •'•May 18. . 
iWcvkly Dealings. 

SchJesinger International MngL Ud 
41. La Molte SL. Sl Heller. Jcraey. 0534 73fflR. 

090*3 ~rJ IS 

mu F«l .lersey [105 iifll -n 33* 

lnlnLKd.LxinblT... 0054 1UW-3.13I - . 

■Far Earn Fund fti 98] _....] 306 

•Next sub. day May 3L 

3*3 -QJ 2A8 Do. I Accum. l |UJ 713] -02) 600 U.X. Grtb. Dirt fll.7 2Ol*<-0.ll 551 

^ ^a i*7 Uo9 *' 1 “*» Unit IM- Mngrs. Ltd J. Henry Schroder Wagg ft Co. Ltd? J!" JJJt!?Sn sTSiriiw SS i ^ Schroder Ufe Granp 
83^3 -0.1 826 TMO.GatriiouacRd-AyleatBuy 0296911 i2n.Cbeaprtde.EC2. ul-2403434 11534 27501 - Emerpnse Houte. PortKnm 

Si EmlOArort’.-.lU 57 16i9)-QJ| 3 92 - l«Ari ...' T « SenroA.In.r.l £374 | [ - mierartloail Fund, 

■M *J7 M* G Gronpf tfXOlzt fll u gJS'rM a?9 -cij = HSJJf- ---fa I 

14.3 -OJ 2.51 Thrae dm**. Timer HilL ECSR 0BQ. OlflH 4588 • Accum. UnlUi b*96 279g . j 680 s' J . — Ktca 

InvJhrJlertee 1 
In-. Cash May 10 

ExLlTrtnc Mav I 

Kgd. Pta- May 1B_ 

Solar Ufe Assurance limited 

UidvEneru [325 35.0( -02] 251 I Accum I nJlal 

The British Life Office Ltd.¥ (at ./iS'cmtxC" 

RrilaaeeHae.lliobrtdieWeIlB.KI O0B22S71 C wnmo drty 

BL British life. M9.D 5JJB -031 57* v 

m S 3 -1 s2 • cSss&fSSb 

London imhannitv ft Gnl. Ins. Co. lid i a ^ By pi^ rLo „ tkloE .ci.V8 TT . oi2422«a 
1020, The Fortury. Reading 86351 L Sriar Managed S„.[XZ*.6 133J[ -02 - 

Money] Manager K.7 MOj +0J — Sol nr Property ^ — 1102 1161 .. . — 

M.JL Flexible —Kb 38.4J+0.1) — Solar Equity S_ — 160.8 168.1 -03 — 

Fixed InlcrevL PkL# 35.9). — I — Solar Kid. laLS— U3.8 1110-02 — 

The Loadon ft Manehuter Ass. Gp.f ggSSffc-i: 8 l* wn -oi - 

The Lea*. Folkestone, KenL KKOS73X3 Solar Managed P_. J1263 1350) -Q.Z — 

Cap. Growth Fund. | H0.9 | .....J — Solar Prtn 

♦Exempt FlexPd. 1312 — Solar .^u 

« Exempt Prop. Fd 09,1 I J — Solar Fxd. InL P 

BL Dividend* (*22 453] I 9.40 

•prlcoa Mar »• Next dealt nc May 31. 

*•44 See also Stoe Exchanae Deallnc. 

4.72 American. 300 54.1J -05 

253 i Accum L'niUI, 51,7 5531 -D.6 

Augttriaaian 515 55,0) *02 

lAerum I'mtnl 525 55.9) -rO.2 

•271 CcmmodiTv. 752 800] *03 

jh lAecuni Uciui- B09 8701*03 

Eli Compound Growth 1042 1120) *0.4 

• n ‘ Conversion Growth 593 54 (X +0 I 

I May 24 I 

. uidui 1; 


Europe May 10 (9 .7 

I.Areum. Unlrw *25 

-PenJtCharFdApCS 1660 
*Spev-£x tin' 10 ” 2362 
•Recovery May 10(106 

Con mi lion Gnraih 

CouvcrBon Inc 


(Accum. linita)__ 

Hi SenesAilnir.l i I 078 [.....[ — 

f-S Sxtlr* BiPaediri_.j £741 - — 

Series P -Am -W.i| 0759 1-0 1« — 

352 First Viking Commodity Trusts ■ 

| ° «. Sl George's Su DouRlaa. La M 

0824 4082 Lrta Ads Dunbar it r n . Lid 
53. Pall Mall. :<maonSW17SJH 0MB07857 
F>t Vik I'm. TvL . M3 3821 I 230 

514 f ** Vabhl Op TM . fl7 0 82 fl| -Z o] 120 

Finning Japan Fnnd S.A. 

Enterprise House. Portsmouth. 07052711 
Intern atioaal Famla 

tEqully. . JI167 124 U +03 ^ 

Brown Shipley ft Co. Ltd¥ i Accom Umui — 

Hngn: Founders CL ECS 01000800 ,Aenm l niui ” 

BS Units May 22 — R155 2263 — J 534 Extra Yield : 

D«x (Acc.lMay22. — 0U 2820) ,._.J 534 (Accum. Uoilrt-J.. 

— I Do. (Acc. 1 May 22. 

General May 24 823 B5 7-1.9 352 First vising Iflnnnoulty Trusts 

r^u» ' 797 4 xiHf ~ 2A I S R. Sl G eoree's St_ Douglaa. f.a M 

S 1 3 l5l ■ 0824 4082 Ldn Acl* Dunbar i rh. U 

SI 15 R^iUlWfc.W BLjoI 

-For tax exemp t lunda onlv Finning Japan Fnnd S.A. 

Scottish Equitable Fnd Mgrs. Ud¥ 37. Noiro-Dame. Luxembourg 

SBSL Andrew* Sq.Edlnhurxh (01-5500101 F-lms. Mav 10 ... SUS45D* | | 

laaMMi'mu H95 52.7] .. 5.10 Free World Fnnd Ltd 

Accum - U n ^f ; n J 510 Bufterfield Bldg.. Hamilton. Bermuda. 

Dealing dm Wednesday. vax- Xnnlsa I lliallM I I 

SBquilv. 3220 

CPlxedlnlerert. 1354 

SFlxed Inlerert .. 1852 
£Mannced . .. . . 1284 

5 Managed 1133 

129 3 -0 0 — 
]MB -0 7| — 
11L9 -01 — 

J35.5 *02 — 
1205 -0.4 — 

120 J. Henry Schroder Wagg ft Co. Ltd. 

120.Chejpmde.CC2. - 01 9884000 

Cheap! May 23. .. SU 5 11 72 1-OJHI 2*7 

Trafnlear April 30. SrSUAD* I -- 

“ AfianFd Mavis— Sl l 5H 91 tiW . — 3 20 

Djrlln* Fnd. 1A185 19M 530 

Japan Fd. Maj- J8... 515115 6 tfl 035 

Cheap! May 23. .. SUi 
Tralnlear April 30. SI’S 
“ Afian Fd May 15— JV5H9 

Cap. Groaih Fund,. 
•Exempt Flex: Pd. 

. Lap. GIVI 
~ • Exempt 

•Exempt Prop. Fd 

CornhUI Insurance Co. Ltd fiEBSS^ ‘ 

32.CoroWH.F-C2. 01^285410 inv.TrtMt Fund_._ IB 9 ] 4 T- 

Cap Feb. May 15 — [1220 ]•• •[ — Property Fliad I --I — 

i^ShFlftSartsTKito 177 d - M ft G GroupV 

^ i n l lnimmnw ^ T< ~ tr 2H? ““ 4888 

Credit ft Commerce Insurance Pera. Peortoo— M72 - J ..... - 

ISO. Regent Si. fmadon W1R5FF. OI-riOTWl ConvJ^pcwU* 1174 123 4)^03 — 

CltC MngdL Kd . I12S0 132.0] . ... I - 256* -S ""i ~ 

Crown Ufe Assurance Co. UdV Famifrai-ea**.". -1013 - I - 

a 14. II rilffl 1 VU‘ name 3033 r.UtBond— . • 1105.4 1190! . ... — 

t^p Feb. May 15 — [122 0 - J - [ — 

[UAD 177.0)4*5] — 

Solar map. 

Sun Affiance Fmtd Itfangmt Ltd. 

Sun AlUaace House, Honham OMO 04141 
Exp.FAInl May lO.jaOK) 15650 ... I - 
lM.Ba.Mu.v23 1 03 77 | . m 

Sun Affiance Linked Life Ins. Ltd KWthSi .Pi 
Sua Alliance House. Bonham 040304141 CamGenrHW- 

Eqnity Fund 1128 UU 4001 - SS'iSSCSf® 

FixeunterertPlL .. 1D2J 107.R ..... - n? iJS' SJjL, 

Property Fund. - 1027 113® _ Pa toe. Accra 

TMerommoBtFd.- U67 lUA-ol - Capel (Jam 

Dr port t Fund 9b.l 10L21 . ... — ^ “ 

Managed Fund- . 1066 lll^ +0.1] - lOOOId Broad 

544 (Accum. UnilM— — UX6 

Far Eastern B2J 

j** (Accum. Units) 573 

Fond ri Inv. T hs__ 59.9 

4jf. (Accum. Units) 733 

AS 'General 1668 

9J70 (Accum. Unitsi— — 254.7 

yn High Income 1023 

4M (Accum. Units! 1665 

3Jl Japan Loeonw 145.4 

3B l Accum Volts) 1467 

5 95 Magmua 1985 

nan (Acctun. Units)— 847-7 
MidUcd 1645 

Sentry Assurance International Ltd. 

P.O. Box 330. Hamilton 6 Bermuda 

_ . . u « , NAVApntsa. _ | SUS17309 | I — Sentry Assurance International Ltt 

Sebag Unit Tst. Managers Ltd¥ (a) G.T. Management Ud PO. Box 330. Hamilum 6 Beramda 

roBraS.LMdh.y.Jm.ftC*,^ 01-385000 Park Hw. is Firabury Cin-uf. London EC2 Managed Fuad .—.JBSirat IBM) ..,.4 — 
Sebas Capital RL.B6 34Jj -O lj 3.« Tot* 01-®8 Bill, TLJL B00IDO . . 

Sebag income Fd-ROJ 312| -oi] 629 London Ag«n.' for Singer ft Friedl under Ldn. Agents 

Security Selection Ud wwni, ISti' 1 _°«| -• 20. Cannon SL. EC*. 0|««I» 

29-10. Ltncrio'a Inn Fields, WC3. 01-831 0938-8 Anchor InL Fd* UTS* 11 4JS 155 ■| W ?T-trax 

Unvl Gth Tat AC« _B43 2671+03) 230 Anchor In. Js>- Trt . 

.UnxlGthTstlnc—SLO Z22a( -0.H 250 Berry PacFd. 

Stewart Unit TsL Managers Ud (a) GT*AriTFd„f.^'. 
46 Charlotte Sq_ Edinburgh. 031-2203371 GT Asia Sterling. 

.... j G.T. Bond Fund _ 

Canada Ufe Unit TsL Mngrs. UdV (Aet^m. u«n.i- _. 
Z5 High St. Pocera Bar, Herts. P.BarSll2= jJ^£^iSrui'»"“ 
Can. Gen pwt D80 40.8 J 43* WndCen..^ 

Qnmlan i T I n I th 

Aecaia. Units _ — ... 
Wiibdrawal Units 

nu* 57.i ::::] — 

IhfliiTyFd Inrm 95 0 
Eqoitv Kd Iml . . 95 g 
Property Fd Acr ..95 2 
Property Fd Inrm.. » J 
Property Kd tniL . 95 J 
IpiTrtFdAcr . 95 0 
Inv Tat. F«L inrm. .. 95 0 
Inv. Tai Fd I ait 25“ 
Fixed Ini Fd Acc 9JJ 
Fkd.lm Fd Incm . 9*! 
Inter' I Fd Ace. . 
lnier'i. Fd-lnem.. 
Mnni-vFd.W 95* 

Monej-Kd Incm . *5* 
nirt Trt Inrm •» 

*01 - 

,01 — ■net 

-1.6 - Merc 

“ 125. HI 

-2 1 — 

♦OJ _ Propei 

-01 1235 Equlg' 

54 lJ loj “ Sun Ufe of Canada fU-Rj Ud • 

-aSy 18. 2, a. 4. Coctopur St. SW1Y 5BH 01-830*400 

Maple 13. Grlb_ J 2003 1—1 - , 

,1T Maple LT. Maned -I 132.2 [ .. [ — 

I — Target life Assurance Ca Ud 

American Fd Bd.* [53 7 -o^ - 

Japan F.L Bd.-— -K.< . - 

Knew an *Ma> 2* —May 16 —May 16 

Merchant Investors Assurance 
129. High Street, Croydon 01-080011 

Property 1515 — 

RqStSprta. ....... ■■ ■■ - 

Moaoy Market J39J 

Money MkL Pen*. .. 1JJ.5 ... • — 

Deporit. 127* - — 

Deposit P«n» . -- 13»7 — 

Managed - . J®2J — - 

Bags?*— ij -■■■ ~ 

Inil. Managed — 103.8 

__ Property 

_ Property Pen* 

235 Equity . — r “ ■ J ““ "ii; imM EoaUyPpna. w.f 

MEJi*™ "SS JM0 D — Moot? Mart ri JRJ 

Inier l. Fd. lncra. . " 1M4 '' - Money MkL Pens. .. lJ»-5 

JMnnevhd in’ JJl imj 8 75 CVnoalt. 127 9 

MOaecKd laeni . 95* ?59? 02 . n DoposilPens. -- 138 7 

Dirt Trt Inrm 98 9. 1831 - D * l” ManMed- 193 fc 

rrown Brt In* -A' 155 0 - • ••• “ UaSSSPenv .-.. ' 13*6 

Cnwader Insurance Co. Ud. gjfeiSUn: wi» 

NEL^Pensions Ltd. 

K^le Star InsuriMIdUud A«- 

l.ThreadnrPdlei!!- EC2. 0I--Win« ^in Eq Accom. [1129 3 

Fugle- Mid l nit»- IB 5 53 ¥ +0 *1 5 95 Nej« Money CV-jMJ 

Equity & Uw Life Ass- Soc- UdV N^exCiblncAer .M3 

^ 0*8433377 N>iex Glh Inc Cup-!« * 

Do. Gen. Accum — M3 4931 J 436 

Do. Inc. Dlxt. .._B32 M ftd . . J 7.75 
Da Inc. Arena f*3.« *3 7j -0J[ 7.75 

Capel (James) MngL UdV 

tOOOId Broad SL.BC2N1BQ 01.5080010 

Capital (B45 90JJ J 672 

(Accom- L'nllxi 

Special lard Fnri 
Truatce .. - — >J- 
(Aecam. Unit*) 

Taggt Houra. Grie^ra^ Ayle^-^l 

2g£-:z~-:$i Si) :d « SSSSXl&Sz 

Prices on May 17. Next dealiag Jane 7. i Accum. I'nitsi 

Cariiol Unit Fd. Mgrs. Ltdf (age) 

Mllburn House. NewcaaUe-Bpoo-Tyne 21108 «*»*»^* ®“» 

Cariiol M3 71M J 440 « Gears* a Way. » 

Da Accom. Uriu^ftlO B55) . . ] 448 Growth Lnlix 1 

Charities Official Invest. Fd* ’ 

430 Standard 11332 ION J 430 

- “■ ACCUm ' L,nll DiiDnV?M rtiriL °° l(K& Par U T»L ..jSHKZJU Itl i IM TSB Unit Tr 

Jga Sun Alliance Fund MngL Ud i^SSScraTa." “So ^^ d ~ S 

-0B 1039 sun Alliance Hse.. Horsham. 040304141 lull. Bond Fund . HiStVS UJB? [ 5 70 gSSaraJraSd" 

LAS 7x . ... 707 EgxEo TW-Mav 10. »B*2 233.01 .. J 4.40 Gamware to W SMt MagL Ud. rrtea on Maj 

uau ¥ri*F*milyF3_..|9M M6^-0.l[ 358 P.O. Boa K. Douclas, IomT 0CHSVII ^ 

^ - 5.70 Target TsL Mugro. UdV (aXg) l &SSSS??*.Tu* “sal J Im Tokyo P^ifi 

t Ltd 3 1. Graaham 9L.EC2. Rambm Pacific Fund lYlpirtL Ltd - 

Uj a v. 2110. i.'onnbuiilil Centre, Ilnna lv»nc 

4LC *0.4 5 79 Far Ea« M*y 2* ... ISHEUB J]«-0J7[ — Tokyo Pacilli 

ZUJrt 5.9* Japrfn Fund . . UlS6J» 710|...| — Inlinun Manaae 

' Hambrns I Guernsey) Ltd/ NAV per i 

Ii $ y; (C - ,J u oS,.^i jffsst 

1 ajrb”si- 4 s&wa .. ogasH 

gl ii istw-A- ^ :::.. is sasnafe 

Ml Ini IdL ' B ' 91 "S|l 10 113 250 2 New SU SL Hri 

-J - Prices on May 24. Next d*alln£ M« 31. TQFSLMar ltt. 

£] 675 , Henderson Baring Fund Mgrs. Ud USSSSSt 

10. Albol CYeaceuLEdin.3. 031-2208021.^ H.o Box N47SI Naruu. Bahaaar (Aecums.hare«i. 

Tjrtwiai T arget Ame r Eanleja 0 »»|-. | 1^ Japan Fd . . pNKa 17371 .1 — Jersev Fd. Kw 1 

Ltd¥ (a» Targe t 45 id -0.1 ^5-73 fykn-.h »-n May M. Next dealing dale June L (NpnJ.Aee. Un 

HO . Head. Extra luconxi Id. ._ [59.4 U0 I 1025 ». .. c- . „ #. .«■ , T .j Gill Fund May 1 

TeL 0742 786*2 ’TmAmr ir.i»« iw tv* Hlll-Ssmuel ft Co. (Guernsey) Ud. lAecum. Shares 

*09ri +021 554 4™“*® Union unit Tst. Mana glri H UFtbiTr SI. PWer Part GucrnseT. C I Vlrtaiy Haase, 0 

793+02 554 100. Wood StreeL ECi 01-B38B011 Guernw->-TsL [1467 J56*M -0 3) 359 .... 

Sf if |5 TUL '™^ 2 !"• “ i42 HiU Samuel Overseas Fund S_^ *•«*«*»«“ 

29 7 -02 342 Tranaatlautic and Gen. Secs. Co.v 37, n U e Notre Dame, Laxemtaun; Utd IntnL W 

320-02 3*2 81-00 New LopdooKd. ChrimtfardOB«S310e>l )«<531I9 ]Uj|-DU| — 14. Mulcuter 51 

Anchor In. J*y TM. 24.7 26.7 2.95 

Berry Pac Fd. . ... SUS40.88 0.97 

Berry Par Strlg .... 239.00 250 64 120 

C.T.ArfaFd SHKBJQ J45c . ._ L78 

CT Asia Sterling. E32.55 U.46 .... L*9 
G.T. Bond Fund _ Sl -00? 5.16 

. _ iGT DnllarFd _ Sl’S707 0 71 

Ic.T.PariftcFd SUS1224 (+00*1 135 

Cartmore Invest. Ud Ldn. Agts. 

2. Sl Man Axe. London. EC3 013833531 

Garunerr Fnnd Mnjo. (Far Earti lid 

Singer ft Fried! ander Ldn. Agents 

— • .H? 20. Cannon SL, EC-L 01-3t8MH« 

DckaTimda .JM.47 S6MI-03M 658 

TotonTM.Apc.3B_l 51T535.O0 | | 1.77 

* “a Stronghold Management Limited 

L7B P.O Box 31 6 StHelirr. Jersey. 03M-7I480 

00? 516 COTUnwUl - vTnl!t -f , ®30 91-95) | — 

B0# Sorlnvest (Jersey) Ud (*) 

Qneeox Hi-e Don Bd.SL HelicT. Jsy.CBM 27340 
A K“* American Lid.Ta..|£S43 662I-0D9) — 

013833531 Copper This KJL65 1L92 -0.11 — 

Id Jap Index Tsi 111.20 lL43]-0.0l| - 

ti^6 , ^ C ^ ! ^ l ! , ^^^ 0 “ci R ‘ l 'j. IJ aSf TSB I'nit Trust Managers (C.I.) Ltd 

J >r 5 S 5 f™Ta::te 89 jn 3 SjSS ~ssr-*~: a 


i||^| T 

Man. Fund lac 
Man. Fond Axc. 
Prop. Fd. Aec. 

Prop. Fd. Urn 
Fixed Ibl Fd lac. 
Dep. Fd Acc Inc 

| Do. High YM 
Do Accum. U 

Accum Mav ]0_ — [2565 - | 

I *TJ cnxbortaed. Oalt Available to ' 

Yield [4L* 44Jjtf — J 

m. Uniu .1510 5 M 3 

Next deeuag date May 3L 

<c) »N ---I 5-70 Target TsL Mngrs. Ltd¥ iaXg) 

2110* Man n ijie M a na g em ent Ud 3i.GroghamSL.scs. Dealings- tn 

amq St- George's Way, Sterena^e. 0(3850101 Target Commodity. 

448 Growth Dnlu )52J 55JI .. ..] 36* Tar»m|Vi»arial 

Mayflower Management Co. Ud t££b5r?*u 
14(18 GmhamSL > £CSV?AU. 01-8088000 ♦DaAcc.Unl 

IheoaieMayS tlOSJ IUM j 828 Targe lGlIrFu nd. 

General May 2» 1*95 TS» J 5J8 Growth 

rored Mercury Fund Managers Ud do^rcIdv. Uriiu 

30. Gresham S5_EC2P2EB, M-0DO4SH Targrt^f— — 

« 3SJ) ] ?2 SK52i 

Atneraham Rrari. ^ t 

Proiu'rty Fif - . 

Fixed lalrWdF. n»T»ut.rd. 
Mixed Fd. 

rGib Inc Act .149.1 5161 +16 — 

(GlhIncCap.{496 £24| *2.0 — 

i>d. Fd. cep—Rj.i M-arS-l — 

!xd. Fd. Are kr2 50.7[ +03) — 

Next Sub. Day May 25 
r or New Caart VkeMrt y «+ ruder 
RothachU* Aarat Masagcmeet 

*5.0 :: .”. — Charterhouse JaphctV 

1367 . . — I.PamrnoeterRow.ECL 

H5! *0 5 “ CJ.lnteroart 

137.2 +02 — AcamLUnlia 

— • “ CJ. 7 1 1 1 i <IH 

Trsis bui tern ational Ufe Ins. Co. Ud Mmaidu