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Telephone: 01-422 34SS 


FINANCIAL TIMES 


No. 27.569 


Friday May 26 1978 


& 


JAMES &TATTON 

for 

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cowtinemtal saiiNG mgi Austria Sch.iSi Belgium Fr^s; Denmark KtJJ: France Fr.3.B; Germany dh2.0j Italy l.soo; Netherlands fi.z.q; Norway (Cr.a.S: Portugal b^m: Spain poi.«; Sweden ki-.s.is; Switzerland. Fr.2.0; eibe I5p 


II XKWS SUMMARY 


ENERAL 


BUSINESS 


Further 

Zaire 

attacks 

feared 


Hplomats in Zaire fear that ?' 
fatangese rebels may launch 11 
nother attack in Shaba « 
rovince. following the French is 
' nnoun cement that 600 m 
egjotutaices are to be piled out o| 
rtthin 36 hours. G 

Between 150 and 300 rebels n 
ire feared to be waiting to move _ 
iack into the copper town of * 
inlwezi when the legionnaires ®- 
eave. France says 100 Moroccan it 
■oldiers have arrived to reinforce a) 

• he garrison there. 

, ...The French Embassy has not 
' rommented on the decision to 
■eniove the troops but military 
;ources believe that it is because 
he soldier have not proved very 
effective in finding the remaining 
rebels. Back Page 

..South Africa 
code advice 

British companies with interests 
7 in South Africa should be seen 
to maintain best employment 
practices, says the White Paper 
. setting out a code of conduct 
for such companies. 

The code urges companies to 
. improve minimum wages, allow 
..trade union rights, alleviate the 
effects of -the migrant labour w 
System, give equal pay for equal a> 
work, abolish segregation and aj 
'ensure equal working conditions, 
and interest themselves in em- • 
plnvees* living conditions. U L 
also asks companies not to act m 
contrary lo South African law. 
Back and Page 4 d< 

Turkish talks ^ 

Turkey and the EEC arc to seek a i 
a rapprochement by holding lc 
regular talks on political and e 
economic questions. Mr. Bulent c - 
EcpviI has stressed that bis C( 
country does not wish to impede 
necoii.ifions on Greece's applica- • 
tinn for EEt- membership. th 

Page 2 ir 

w 

Nimrod complaint a 

British Aerospace held a Press ni 
conference in The Hague verier- p 
day to atiaek “incorrect and 
misleading " details released by f 
the Dutch Government about sr 
Nimrod aircraft prices, perform- -i 
a nee anti delivery dates. Jn Li 
London. British Airways told an 
international conference that K < 
potentially lethal household a \ 
items were escaping -security 
chocks and threatening passenger • 
safety. c* 

B’ 

Maoris evicted in 

• • • Cl 

New Zealand police arrested 21 S r, 
Maoris after a three-hour opera- 
tion to remove them front • 
ancestral land designated for rc 
housing development. Troops pi 
laler demolished shanty homes on se 

the site. Page 3 ,n 

re 

Settlement block « 

Israeli Defence Ministry was P f 
ordrred yesterday by the “ 
supereme court to suspend 
development of a Jewish settle- 
ment on the West Bank. Arab • 
villagers had fuld the Tel Aviv ap 
ctuiri ilut their land had been rr 
expropriaied. bc 


Equities 
up 3.5; 
Gilts 
subdued 


• EQUITIES edged forward, 
helped by interest in Courtaulds 
and ICT. The FT • ordinary 
index closed 3.5 u pat 477.5. 


• GILTS were subdued by the 
lack of hoped-for financial 
measures in Mr. Healey's letter 
of intent to the IMF, and the 
Government Securities index 
rose only 0.05 to 70.47. 

• STERLING rose 10 points to 
$1.8135. Its trade-weighted 
index eased to 61.5 from 61.6 
and the dollar's depredation 


FORWARD STSiLING 

3nrt Prtrisq-feaBi 
apitflliHfe 


I JriiAuj j A.uoKDjrit am! 

1977 1978 | 

widened to 4.95 per cent (4.74), 
as the U.S. unit lost ground 
against most currencies. 

• GOLD lost 51| to $178| in 
London. 

• WALL STREET was 3.29 
down at 834.63 just before the 
close. 

• GKN is likely to fail in fla 
attempt to secure the contract 
to build a £l90ra car factory ‘^n 
East Germany. Citrfieo is 
expected to be awarded; thev 

winiriW Pspii 6 ' 


contract. Page 6 ' 

• WHITE COLLAR members of 
the engineering union are hold- 
ing out for separate identity 
within the four sections of the 
AUEW. a decision which may 
complicate AUEW attempts to 
merge with the Electrical and 
Plumbing Trades Union. Page 10 

• LORRY DRIVERS’ shop 
stewards, representing nearly 
2.000 haulage companies ‘ in 
London and the south east are 

10 stage a series of one-day 
strikes' in a dispute over meal 
allowances. Page 10 

• UK OUTPUT of gas. coal and 

011 is increasing, strengthening 
Britain's energy reserves, accord- 
ing to the Government's latest 
energy statistics- Page 9; Energy 
Review Page 7. 

• MULTINATIONAL companies 
regard Britain as the most 
popular country in Europe for 
setting up regional offices, accord- 
ing to a Trade and Industry 
report Back Page 

• DELAYS in building nuclear 
power stations are adding £350m 
a year to the nation's electricity 
bill, the CEGB estimates. 


Liberal withdrawal 
from pact brings 
election closer 

BY RICHARD EVANS, LOBBY EDITOR 

The Liberals have given formal notice to the Government that they will with- 
draw from the Lib-Lab pact at the end of the Parliamentary session, and will 
not enter into a third phase to ensure that Mr. James Callaghan’s minority 
administration can continue safely into next year. 

The announcement, made Mr. Callaghan will have to the referendum will be held, 
jointly yesterday by the Prime make a judgment, between July Mr. Steel decided to announce 
Minister and Mr. David Steel, and the early autumn, on withdrawal from the pact, which 
the Liberal leader, brings sig- whether to go for an October has propped up Mr. Callaghan's 
niScantly closer the prospect of election or to follow his personal Government f or more than 14 
an autumn general election, inclination* and try to hold out months, to meet the wishes of 
Favoured dates are October 5'or until next spring. His only the majority of Lbe 13 Liberal 
October 12, but a formal declara- chance of doing so would be to MPs and most of his party's 
tion is unlikely before mid- secure an agreement with the rank-and-file. 

September. Ulster Unionists. The Liberal Party will seek 

The decision remove s any re- But as well as the Parliamen- to re-establish its independence 
maining possibility of a summer tary Arithmetic (the Government and its own identity before a 
election, despite continuing is in an effective minority of General Election, after a long 
rumours, as the announcement ten. with the possibility of re- series of poor by-election results, 
cleanly guarantees Liberal sup- taining three by-election seats') Mr. Steel would personally 
port for the Government in any crucial economic factors, in- have liked to try ot re-neeotiate 
motion 0/ no confidence launched eluding inflation trends later in the pact, but the Prime Minister 
I by the Conservatives this session, the year ‘and money supply, also showed no sign of being able to 
The present session will con- seem to be impelling him to- meet his minimum requirements, 
tinue to the end of July, or to wards the autumn. and there was no meaningful 

October if there is any need for Because of continuing Liberal neogtlation. The Liberals will 
a ** spillover ” to complete Gov- support until July, he will be Play n ° P ar * in consultations on 
ernment business. able- to ensure that the Govern- the next Queen’s Speech. 

The declaration of Liberal in- ment's devolution measures for The Liberal leader still hopes 
dependence, which followed a Scotland and Wales are steered ter another hung Parliament 
meeting between Mr. Callaghan safely on to the Statute Book after the election, so that the 
and Mr. Steel earlier this week, this session. Liberals could drive a bard bar- 

came as no surprise to the The loss of the Scotland Bill Sain, particularly on electoral 
Premier. for the second successive year reform, before deciding which 

He could have had little ex- would have dealt Labour's elec- Party to . baclt - .. . , 

pectation of extending the pact toral prospects in Scotland a The signs are that Mr. Steel 
to cover the Queen's Speech and heavy blow. ' would have farm more chance of 

another Parliamentary session. On October election would reaching an agreement with 
as he is in no position to deliver mean postponing a referendum Labour leaders than with the 
the minimum package Mr. Steel on the devolution proposals, but Conservatives, 
would demand, a national Ministers do not believe this will Tory leaders were scathing last 
referendum on proportional be too damaging. They say that Q1 3bt abont he Liberal tacic of 
representation and a form of PR the vital factor is to pais the Connnned on Back Page 
for the Scottish Assembly. legislation and guarantee that . Politics Today Page 21 

IMF and Egypt in talks 
on $750m credit * 


Healey 

seeks 

standby 


Bank alters 
formula for 


extension lending rate 


BY ROGER MATTHEWS 

DETAILS OF a vital three-year 
International Monetary Fund 
standby credit for Egypt are 
now being hammered out in a 
series of meetings between 
Government Ministers and a 
Fund team visiting Cairo. 

A successful end to the talks, 
understood to involve the pro- 
vision of the equivalent of 
S750m in Special Drawing 
Rights, would pave the way for 
a further injection of balance 
of payments support funds from 
Saudi Arabia. Kuwait, Qatar and 
the United Arab Emirates. 

Dr. Hamid El Sayeh, Minister 
of. the Economy, is to visit each 
of the four countries next week 
in an effort to coordinate 
policy before the important 
meeting of Egypt’s principal 
creditor nations, scheduled for 
Paris in the middle of June. 

Egypt's external payments 
position has improved signifi- 
cantly during the past 12 
months, mainly because of oil 
exports and a steadily ins 
creasing flow of workers' 
remittances from abroad. But 


its deficits over the next three 
years are likely to total in 
excess of $2bn. 

Apart from the Fund support, 
it must therefore be looking 
for at least a further 
glRbn. 

Negotiation over the letter of 
intent, to be signed with the 
Fund, centres on measures to 
halt the rising inflationary trend, 
further to reduce the balance of 
payments shortfall, and to limit 
the Budget deficit 

They also involve broader 
policy issues related to Egypt's 
attempt to reform its economic 
•system in line with the pro- 
gramme to attract increasing 
foreign investment. 

It is expected that the fund 
will insist on a comprehensive 
statement of intent for the first 
year 1 of the standby credit and 
only slightly less precise terms 
for the succeeding two years. 

After the food price riots of 
January last year, when the 
Government abruptly attempted 
to remove subsidies from certain 


CAIRO, May 25. 

essential commodities. President 
Sadat and his Ministers have be- 
come extremely wary of the 
public's reaction -to economic 
reform measures. 

Mr. Sadat’s present crackdown 
on his more vigorous political 
opponents may be in part due to 
the realisation that further un- 
comfortable doses of economic 
medicine will have to ' be 
swallowed later this year. 

Awareness is growing among 
some Egyption officials that con- 
tinuing support from the 
General Organisation for the 
Development of Egypt, the four 
main Arab creditor nations, is 
oow almost conditional on a 
satisfactory conclusion to the 
Fund talks. 

Although political considera- 
tions ensure that Saudi Arabia 
will not abandon President 
Sadat, the Saudis have let it be 
known that they wish to see a 
much stricter programme of 
economic control in Egypt and 
assurances that greater efforts 
will be made to achieve stated 
objectives. •- 


BY DAVID FREUD 

THE UK bas asked the Inter- 
national Monetary Fund to 
extend for seven months its 
nghL to draw on the $4.Ibn 
standby credit originally nego- 
tiated 16 months ago. 

Mr. Denis Healey, Chancellor, 
told the Commons that he had 
written to the Fund reaffirming 
targets laid down in the Budget. 
These were for a public sector 
borrowing requirement of £S.5bn. 
in 1978-79 and domestic credit 
expansion of £6bn. 

The Budget forecasts have 
been converted into ceilings. In 
answer to a Parliamentary ‘ques- 
tion, Mr. Healey S3id: “ 1 have 
reasserted my determination to 
observe these limits.” 

He added that he would watch 
the growth of the borrowing 
requirement closely throughout 
the year. “If at any time it 
should prove necessary to take 
corrective action to maintain 
the £8-5bn limits, as a result 
of the Opposition's amendment 

Capital spending by manu- 
facturing industry slipped 
back in the first three months 
of the year after the 
encouraging rise in the 
second half of 1977. 

Back Page 

to the Finance Bill, or for any 
other reason. I shall not hesitate 
to do so.” 

Mr. Healey’s new letter of 
intent to the Fund, published 
yesterday, expressed the limits 
in more vague terms. 

It said: “These amounts are 
adequate to achieve the desired 
economic recovery and to meet 
the prospective financial require- 
ments of industry for investment 
and expansion.” 

Mr. Healey's announcement 
follows consultations with an 
IMF team in London last week. 
The new letter — which consists 
of a single paragraph— must be 
approved by the Fund’s Board 
before the extension to January 
2 can be granted. 

However, since the Chan- 
cellor’s proposals remain in line 
with the guidelines of the origi- 
nal letter sent at the end of 
1976 and the subsequent one sent 
in December, extension is likely 
to prove a formality. 

Mr. Healey also told the 
Commons that the Government 
remained determined to keep 
sterling M3 growth in the year 
to mid April 1979 within the 
8 to 12 per cent target range 
announced in the Budget. 

Text of letter Page 10 

£ in New York 


| BY MICHAEL BLANDEN 

1 . THE Bank of England yesterday this type of security, 
j abandoned its market-related for- The gilt-edged market was 
)mu»a for determining the official encouraged by the news yester- 
Minimum Lending Bate and day, though prices slipped later 
pagged the rale at its present 3fter details of the Letter of 
9 per cent. Intent <0 the International 

The level of MLR will no Monetary Fund were released, 
longer be fixed by the formula Short stocks ended with 
linking it with the rate on marginal gains, with -the Ftoan- 
Treasury hills at the Friday cial Times Government securities 
tender, which has been used Tor index up by 0.05 at 70.47. 
the last 5i years. The Government's decision to 

Instead, it will be determined change the arrangements for 
by administrative decision, and deciding MLR clearly reflected 
any changes will normally be the difficulties experienced with 
announced at 12.30 on a the formula in the past few 
Thursday. years. 

The Bank has often been 
* v • forced to intervene in the market 

ACDieV6 to ensure that official intentions 

were observed. 

The change reasserts the Intervention has included 
Government’s direct control over operations in the money market 
the key money market rate, and and ,{, orc ctirect methods, such 
represent a partial reversion to as suspending or overriding the 
the old Bank rate sysem super- formula 

ceded by the formula in October The ^easm? stated tf, atf ^nce 
The Bank said Ihe rate would ** authorities already in prac- 
remain at 9 per cent until fur- " 


ther notice. “It was clear that. News Analysis Page 8 
while the rate could be changed Editorial comment and Men 
next week, the authorities hoped and Matters Page 20 
to hold the level of interest Le X p age 

rats down for some time and * 

achieve a period of stability ” " “ ‘ ~ . " 

after recent uncertainties. tice bore the main responsibility 

If successful, this policy for the level of MLR “the 
will help building societies Chancellor has concluded that 
resist pressures for a re- the proper course would he to 
newed increase in mortgage recognise Ibis explicitly.” 
rates, a politically sensitive The Chancellor had therefore 
issue for the Government approved the Bank’s proposal to 
MLR has already risen by change tile system. The market- 
21 per cent since last month’s F elaled MLR system introduced 
Budget and in the past two by tbe Conservatives had 
weeks, there have been con- generally worked reasonably 
tinuing suggestions in money weil - 
markets that it could rise 

The announcement yesterday No intention 

SAErKJI A 

apparent intention of keeping .u,. » ynrv close and auto- 

hrnkM^tn ^activate ^he^ffieial hill discount rate can. on occa- 
«hnrfriat»ri tan^nok sion - lead t0 undesirable erratic 

S' d d ttp sloek ' issued last movements in interest rates and 
weeK - to confusion as to the views of 

the authorities." 

n -j - The Treasury and the Bank 

Kenewal stressed, however, that there was 

no intention of returning to the 

The authorities sold a signi- JlHl 1 " ,£ fi* “'J ”i! 

price 1 con, “ e 

£^ d uc^ut Ule iSSUe pri “ ° f Th?™e onUnue to be 


No intention 

But experience, particularly 


Renewal 


dated tap stock earlier in the 


market developments. 

In the discount market most 


$r»* 1 sLBtmizt I s1.nss.s105 

I month : 0.51-0.47 riis 0J33-0.47 His 
3 month* 1 1-50-1.45 ■ I is > 1.45-1.36 ilia 
12 month*: 6-96-5.85 rt is ! 0.9&6.75 rtis 


Eft “a? ijsssS 

effort to achieve substantial change in the system, the news 
funding of the Governments was generally received favour- 
borrowing requirement ably. 

At the same time, official it was felt that the change 
supplies were finally exhausted would remove most of the uncer- 
of the Government's variable tainties which have affected the 
rate stock. A total £400m of this market, and would free Treasury 
19S2 stock was issued last July, bill rates to return to a more 
the second experimental issue normal historical relationship 
to test the market’s appetite for with other market rales. 


Briefly - - ■ 

A thousand tonnes of beef from 
the EEC “meat mountain'’ is 
tn ho sold at half price to host- 
tals and residential homes. 
Sanjav Gandhi was ordered to 
face trial for refusing to give 
evidence to the Shah Commis- 
sion's inquiry into constitutional 
abuses during the Indian 

emergency. 

The Prime Minister has sent the 
Scottish World Cup team a tele- 
,-r.tni wishing them good luck m 
Argentina. "The whole of Bntaiu 
will be cheering for you, he 
said. 

Si-curilv barriers sealing off the 
centre ‘ of Londonderry were 
opened for the first time in se\en 
years. 

The wreck of the Eleni V is M ujj 
towed to Dunwich Bank to be 
pumped dry. 

Pub opening hours should I Je 
more flexible, the National knion 
or Licensed Victuallers decided 
at its Brighton conference. 


• TRUST HOUSES FORTE’S 
application for a 12 per cent in- 
crease in hotel room prices is to 
be investigated by the Price Com- 
mission. Page 8 

COMPANIES 

• ICL pre-tax profits rose by 
£2.Sin to £15.Sm on sales of 
£232.1in (£187.Sm) for the naif 
rear to March 31, and the out- 
look for the rest of the year is 
encouraging, says the chairman. 
Page 23 

• BASS CHARR1NGTON pre- 
tax profits for the 2S weeks to 
April S were £L4m. ahead at 
£36.9ni. Page 22 

• HEPWORTH CERAMIC’S 
£30m. bid for H. & R. Johnson- 
Richards Tiles is to be referred 
to the Monopolies Commission — 
a decision which came onl y a 
few hours before the offer 
closed. The offer now lapses. 
Back Page 

• ENGLISH PROPERTY COR- 
PORATION is bolding discus- 
sions which may result in a take- 
over of the second largest 

property group in the UK by an 
unnamed Continental bidder. 
Back Page 


ICI and Courtaulds profits fall 





BY KEVIN DONE, CHEMICALS CORRESPONDENT 


IMPERIAL Chemical Industries 
and Courtaulds both reported 
substantia] falls in pre-tax profits 
yesterday. But the signs are 
emerging that the worst of the 
chemicals recession is past and 
that the industry is beginning a 
slow recovery. 

ICTs pre-tax profits fell by 
some 20 per cent in the first three 
months, of the year compared 
with the same period in 1977, 
while Courtaulds reported a £27m 
profits fall for the year to toe 
end of March. 

The ICI results, however, were 
a substantial improvement over 
the final quarter of 1977 and 
i proved a pleasant surprise for 
toe City. The ICI share price 
| moved up lOp on the day, clos- 


ing at 3S8p. Courtaulds. which 
opened at 123p, ended the day 
at 126p. 

But much of ICTs recovery Is 
explained by the movement in 
the value of sterling, which 

Results Page 23 and 24 
Lex Back Page 

accounted for more than half of 
the improvement in group profits 
up to £112m compared with 
£69m in the last quarter of 1977 
(£141m in the first quarter). The 
rest was due to a modest im- 
provement in trading perform- 
ance in the UK and continental 
Western Europe. 

Judged against toe bleak re- 


sults of the second half of 1977. 
yesterday's results from ICI 
show that toe recession has 
bottomed out 

Courtaulds has also suffered 
over a full year from a severe 
fall in ‘export competitiveness 
owing to the rsing value in sterl- 
ing. Exports from the UK 
dropped from £404.8m in- the year 
to toe end of March. 1977, to 
£3S8m in the last 12 months. For 
the first time last year it made a 
loss in acrylic fibres and it suf- 
fered a sharp downturn in its 
cellophane packaging business. 

Meanwhile Beecham yesterday 
reported a 20 pen cent increase 
in group sales for the year to the 
end of March and a 12.6 per cent 
rise in pre-tax profits. 


CONTENTS OF TO-DAY f S ISSUE 


CHIEF PRICE CHARGES YESTERDAY 

HEX IBS ::::::::: | ± | 

indicated) ^onzinc Riounto 243 . 17 

oiiih-s MetaK Exploration ... 3i + « 

T» Var. Vf m t i + . 

K.iss Charrmgion ... + 6 p an coniinenta! + { 

Carpets intnl. + 8 Whim Creek 76 + 10 


.2-3 
. 5 

Technical page 

Management page m.... 

.... 16 
.... 17 

lull, companies 27- 

Euromarkets • 

. 4 


.... 19 

Wall Street 

6 
. 8-9 

Leader page 

.... 20 

Foreign Exchanges 

. 10 

UK Companies 

22-26 

Farming, raw materials ... 

. 10 

Mining 

.... 26 

UK stock market 


RISES 

Treas. Var. 19 S 2 ...■■■ 
ft.iih Chorringion ... 
Frown tJ.) —■•••."■ 
Cap. Cnty. Laundries 

Carpets Intnl. 

Contain (R ) * 

English ITop 

Freemans 

GKN 

Ml'niy* • 

llfiv-hali |V-> — ••••*• 
H 011 worth Ceramic 
Hirk-nn and Melcn... 

iri 

I. in food ; 

I. .union **nck 
Marks and hpenv^r ... 
ynrwfsl Holst ....•••«• 
FnlaRex iGBi 


Sweden: How a model 
economy became muddled 20 
Politics Today: Steering 
with the electoral tide ... 21 
Around Britain: Hopes 
riding on a steel tandem 18 
Energy Review: The EEC 


FEATURES 

and the North Sea 7 

Greek-Turldsh relations ... 2 
Investment In S. Africa: UK 
details company code of 

conduct 5 

SL Lucia: Queue for 
independence 4 


U.S- agricultural policy 35 

BSCs “social conscience* 

<ra trial 17 

ft surveys 

Isle or Man 31-33 

Wolverhampton s^... 12-13 


FALLS 

Awed. Engineering ... us 

Avon Rubber J™ 

Caravans IntnL 

Furness Wilhy -ii 

Gomme llldgs. If 

Heath (C. E.j 

g 

Miner Hldgs. 

NatWcst fit 

Sumner (F.l — 


g ApjMtntineUS — 

” Appointments Advts. 

”, Bank Retnnt 

“ 6} Cmntsrd 

“ 6 EntersinrDCBl Golds 

— St £urn. Options Ex. 

— 10 Pood Prices 

— J.7 FT-Adnarins isdtcss 

— 29 Letters 

_ it* Lex - 

a Lombard 


i 

Men md Matter* 

3D 

INTERIM STATEMENTS 


22 

s 

Money Market 

34 

Bass Cbarrinptoa 

27 

ConrusJdE 

2 S 



14-15 

Hants Mosq-sp 

3 

First Castle Secx. 

25 



18 

irapprial Chemical 


Intercity invest- 

?4 




I mb. 

ti 

Themas Marshall ... 


35 

Shares Info no idea 

38-39 

Phoenix Awranca « 

AHNUAL STATEMENTS 

H and J Quick ..... 





Baaafsrd Crasp ... 

25 


24 

Tfc 


ZB 


27 

SonUsM Sovfett 

J 

a 

Unit Trusts 

37 

Carnets I «i. 

19 

Tixwlh Mines 

2b 

a 

Weather - .. 

4» 

Carriers Soperfeeds 

29 

VDclnsi Resources _. 

71 

» 

Base Lending Rates 

9 

CIBTord Dairies 

a 

Bwpe Wlmpay 

25 


Police Mutual Assurance Society 
Post Office Insurance Society 
Teachers Assurance Company Limited 

coaIt 

MODERN PROPERTY 
INVESTMENTS 
THROUGHOUT THE UK. 

£250,000 - £l£00>000 

Sobstantxal Banskm. Rmd Clients seek 
CTmilar propositions hiif, in addition 
single iiKJdempit^jediesi^to-’ 

£5000,000 


MAC 80 VK, FBXCS. 

KeithCardale, 
Groves&Ca 

Chartaed Surveyors 

43Nrath Audley Street,Gros\pnor Square, L<xid(m.WIY2AQ 

01-629 6604 






- -financial Times Friday 



EUROPEAN NEWS 



GREEK-TURKISH RELATIONS 


BULGARIA 


The thaw proves short lived 


GREECE 


rrunKEV. 




SAUHflCA 


BY DAVID TONGE 


THE MONTREUX Meeting 
between tbe Greek and Turkish 
Prime Ministers seemed to augur 
a thaw in relations between the 
two quarrelsome neighbours. 
Two months later, as Mr. 
Constantine Karamanlis and Mr. 
Buicnt Eeevit prepare to meet 
again at the Nato summit in 
Washington next week, it seems 
that little survives of the 
Montreux spirit, and that NATO 
has scant cause to cheer. 

Tbe only glimmer of hope 
comes from the latest suggestions 
in New York by the Turkish 
Cypriot leader. Mr. Rauf 
Denktash, that his side may be 
more flexible than its initial pro- 
posals indicated. It remains to 
be seen whether these provide as 
much ground for optimism as the 
17.5. State Department is 
claiming. 

Meanwhile, the misunderstand- 
ings over the Aegean are as 
intense as ever. For tbe moment, 
Ankara is frustrated, Athens is 
gloomy and the West is 
disturbed. 


British suggestions that after 
the probable accession of Greece 
to the SEC Turkey should be 
involved in tbe Community’s 
mechanism of political consulta- 
tion serve to underline bow tbe 
Greek -Turkish quarrel has long 
affected Europe in general. 

A century ago the Western 
powers were pressing the 
Ottoman state to settle its 
problems with Greece. Today, in 
its modern form, the Eastern 
Question lives on. For NATO it 
is crucial. Despite the various 


commando regiments belonging negotiations with the NATO tech- Aegean. Now Mr. Jsfk says that 
to Turkey’s Aegean army and nical group have been progress- there must be a return to the 
Turkey’s 80 landing craft in the ing very smoothly." Other Greek overall balance of rights and 
gulF of Izmir the prospect of war officials say that they would like responsibilities which e xi sted 
between the two countries seems to see the Greek command before the two countries joined 
remote. But the whole of the operational early this summer. tj, e alliance The Greeks say 
alliance’s south-eastern flank is They complain of Turkish * Ob- j^gj- for a darifi Ca- 

in flue need by their quarrels. rtruetiomsm." in particular in tion of tJils point has not been 

Turkey's present rulers may ft J se l,5"25nit£« all ff al S| answered, 
have no intention of leaving NATO responsibilities in the 'E 

byibe US ConrrSs’s'refS^ Here 'the roots of the problem that changes in the Aegean will 
lift tL U74 S embareo on two-fold. On the one hand, lead to their islands there first 
Turkey make Tnkara in ere as- after centuries of quarrels and being surrounded by a zone of 
in“lv truculent Even tKew 100 ***** during which exclusive Turkish strategic and 
NATO and US bases that still raodern Greek state was- hacked economic influence and then 
function in Turkey mar be p ' 1PCe h * P iece fr0m ** body withering, before dropping into 
closed, the Turks sav Chanaes Ottoman, the Greeks and Turks Turkish hands. Such fears lie 
to NATO's Safd “ ”»«■ U-fmjelvM within the behind their concern at Turkey's 

are due shortlv Orieinallv san,e alllance - „ claims, to parts of the Aegean 

Greek and Turkish forces were 0n the other * 30 y ears of. continental shelf and air traffic 
linked to the NATO command in s*®*" 5 *7“° i® the Aegean is now control area which Greece con- 
Naples thmueh an Ame?icM bebl S brought into question by sJders its by right 

general based in Izmir. From tb hi^ rk f nr1 k he }^ 7 r °r their part the Turks worry 

Julv 1 next the Izmir head- ™ blcb . took . tbe , ^ T de ? anes f aat at some future date some 
quarters will be under a Turkish ls l aod s from a defeated Italy and reckless Greek government 
general and will control only the gave , tbe “ t0 Gr « e ®f. t U ! r ? d seek to use the “ rights " 

Turkish forces. *f hoIe balance establishedby the created -by ownership of the 

Now the Greeks are discussing Treaty of Lausanne in 1923,- At islands to interfere with the sea 
with NATO a parallel arrange- the - Turks did not links between Istanbul and Izmir, 

ment, with a command under a ? bjc .^ - tod J7 „ tbelr or, more generally. Turkey’s 

Greek general to be based in Ministei ; of Defence. Mr. Hasan access from its western coast to 
Larissa or Salonika and to be Esal Isik - while stressing that the open seas. That could hap- 
directly linked to Naples NATO 1116 T®^ have no territorial pen if Greece extended its 
experts say that 41 points are ambitions, says that the allies, territorial limit from six miles, 
being dealt with, including the frightened of a possible success as it is today, to a uniform 12 
question of the reopening of the of Greek left in the civil war miles thou& the Greeks 
seven NADGE (NATO air de- situation of the time, wanted to recognise the need to keep the 
fence radar) stations in Greece, be| P tb e Greek government of Aegean open, 
ensurinc proper communications tbe day. For the present tbe airspace 

on NATO’s land link through Mr. Isik does challenge the between the two countries 
Greece to Turkey and Greek subsequent division of respoosi- remains closed: Turkey has 
participation in . NATO bilities in the Aegean. Originally rejected Greek suggestions of an 
manoeuvres. The Greek Minis- NATO had made Turkey respon- independent review of this and 
ter of Defence, Mr. Evangelos sible for the Black Sea and of the division of the continental 
Averof-Tossitsa, says “ Our Greece largely responsible for the shelf. 


• 

SrrzinraxlN* ■ 4 


U.S. wants more 
Cyprus talks 


nil 1 - 


UNITED NATIONS, May 23 


'* AEGEAN 


LSSs 'y TURKEY 
sf 


'ATHENS 


sea 


> 

ffafiflS- atTne s 
^ L C 

'a % 


““’•'a* 


MR. CYRUS VANCE, the U.S. represented a. nwlflcam shift 
Secretan- of State, was urging from proposals he tabled^ S 
the Cvprior President Spyrus 13 and which the Greek 
Kvnrbnou today to agree to a side rejected, the s«uo r jjT 
resumption of imer-conjiuunal official said. 

talks with Turkish Cypriots. UN He cited three areas. " 
officials said. significant was Mr. DenJci^ 

Thev said Mr. Vance would 30 * 000 to 

convex clarifications on Turkish ««« 

Cvnriot intentions obtained, from back mm \ arosna— the new part 
the Turkish Cypriot leader Rauf lbe P® n Famagog^ 

Denktash yesterday. Mr. Vance n° w under Turkish contra 
vras convinVcd that a rare oppor- during n^otutions. 
tun it v existed for resuming pro- ««' «*»« lMr - DCtuttasb s 0w 
ductiVe inter- communal ulks, would be prepared to have 
the officials added. >.«?;!« »*rn«it reopen&iua^ 


United Nations auspices for 
The new diplomatic d..%L n.. . .. hnr w rnmnumliidi. 


The new mp.o.nam- anw hv hfUh Cypriot communities, 
the Carter Administration i> Kinalh- Mr npnkt-uh 
bimort « Cnsras a. much, as if J “ “mS? S 

at the Cyprus dispote. Officials Ju , w0|f j d i, 0 fj^xihle on all teS 
are convinced that movement — nnr on j v the territorial 


SE4 OF CBETE. A*-’"’’ hui mn!ataHi " » 


feditmaneaB Sea 



Milts tool 


The Aegean problem now* has 
the greater potential for trouble 
but the Cyprus dispute too is far 
from resolved. One senior Greek 
official says of the Turkish 
Cypriots' initial proposals that “if 
you changed tbe .country to 
Rhodesia, the proposals would 
mean the whites having 
permanent veto power. None 
would accept this.” But the 
Turks, too. feel aggrieved. They 
argue that the proposals 
presented at Vienna were only a 


beginning. They criticise the UN 
Secretary General. Dr. Kurt 
Waldheim, both for failing 
immediately to convene the 
Cvprioi inter-communal talks and 
for allegedly releasing material 
given him in confidence. 

But in particular Turkey’s 
leaders resent the way in which 
Mr. Karamanlis has pressed for 
the U.S. Congress to maintain its 
embargo on Turkey. This, they 
say, is a betrayal of a tacit agree- 
ment they believed was reached! 
at Montreux. j 


This is now a major Admmistra- 

Don goal. j, or rcn t of the island although 

Greece and Greek Cypriots Turkish Cypriots constitute 
oppose repeal, and U.S. sources roughly nne-fiflh Df the po pula- 
say they fear Mr. Kyprianou may tion. 

prefer to stall talks than do Mr. Drnktash’s April 13 pro- 
annhinc that would ease repeal, posals effectively would redan 
Earlier this week, the State Turkish control to only atom 38 
Department warmly welcomed a per cent, but his recent state- 
conciliatory statement by Mr. ment spoke of significant terri- 
Denktash and distributed copies tonal adjustments. Tbe Ui 
of it to reporters. The Cypriot official said this cicariy to earn a 
Government formally protested, substantial return of territory. 
Mr. Denktash’s statement Reuter 


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Because, with a new route to 


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any other airline. 


And because, unlike most other 
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If we didn't run a better business, 

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Eeevit and Jenkins meet 
over Greek application 


BRUSSELS, May 25. 


MR. BULENT ECEYTT, the Turk- 
ish Prime Minister, was holding 
talks today with EEC Commis- 
sion President Roy Jenkins, the 
first high-level contact between 
Turkey and the Commission for 

20 months. 


Though no concrete results arc 
expected from their meeting, the 
European Community is eager to 
keep relations with Ankara on a 
friendly basis in view of prob- 
lems facing Turkey as a result of 
Greece's application to join the 
EEC. 

There is no question of Turkey 
applying to join the Community, 
but tbe Turks are concerned 
about the effect en their 
country's economy and of its 
future links with tbe EEC of 
Greek membership. 

Turkey’s long-standing dispute 
with Greece, and the resulting 
effects on Turkey's position in 


NATO, arc likely to influence 
Mr. Ecevifs meeting today with 
Genera) Alexander Haig NATO’s 
supreme commander in Europe. 

Turkey's reaction to the 
American embargo on arms 
deliveries could, unless action is 
taken, weaken the alliance's 
southern flank. 

Part of Mr. Ecevit’s purpose in 
visiting Brussels on tbe eve of 
the NATO summit in Washington 
is to present his point of view 
and assess the reaction here to 
his Government’s position on the 
Cyprus dispute and Turkey's 
position within the ollipice 
before the summit, gets 'under 
way. 

After meeting Dr. Joseph Luna 
the NATO Secretary-General yes- 
terday. Mr. Eeevit said that Dr. 
Luns had shown great ' under- 
standing for Turkey’s recent 
problems in the alliance. 

Reuter 


Call for Turks 5 removal 


BY OUR OWN CORRESPONDENT NICOSIA, May 

DR FAZIL KUCHUK, a former the wake of the 1974 Turkish 
Turkish Cyriot Vice-President of invasion had come With good 
Cyprus, has * called for the intentions, to help the Turkish 
Immediate . expulsion " of Cypriots develop their- economy, 
thousands of 'Turkish mainland But included amongst them 
settlers, saying they had turned were “thugs, parasites, casta- 
the northern. part of the island ways, drug smugglers and 
into “ real hell” rapists " who. he said, strangled 

lii bold attack on the Turkish 

settlers. Dr. Kuchuk wrote in his Si the ShncSrf 

daily newspaper Hal kin Sesl that JL* »J “ abashed 

“S-iS leader, 

TurkSh^Cvoriots ^5! • find who was Vice-President from the 
iHJJJjtv” time of the island’s independence 

tranquility. in 1960 until 1964. wrote: “We 

He said some of those main- have been asking the authorities 
land Turks who moved to the for years to do something about 
northern part of the island in this matter. Nobody heard us.” 


Rain halts Rhine shipping 


MANNHEIM, May 25. 


ALL SHIPPING on the Rhine 
from Switzerland to Mannheim 
in West Germany was halted 
to-day as the river rose to near 
danger level after two days of 
torrential rain. 

A spokesman at a special 
emergency centre set np at 
Karlsruhe said early this 
morning that the Rhine had 
reached a level of 8.44 metres, 
only six centimetres below the 
critical level. 

In Mannheim, where authori- 
ties imposed the shipping ban 


from late last night, special 
security measures were in 
force and sandbags were piled 
up to protect several buildings. 
The rains, the worst in West 
Germany in 10 years, lashed 
the southwest on Tuesday and 
Wednesday, causing wide- 

spread flooding, disruption and 
cuts In electricity supplies- 
Hnndrcds of people have 
been evacuated from their 
homes— and the Karisrnhe- 

Basle, Switzerland, motorway 
has been closed for two dkys. 
Renter 


OECD urges Swiss to 


cut surplus by reflation 


BY DAVID WHITE 


SWITZERLAND is urged to 
reflate its economy to reduce its 
large, current account surplus in 
a report published by the 
Organisation for Economic Co- 
operation and Development 

The OECD recommends 
measures to stimulate domestic 
demand, which it says would be 
likely to trim the surplus, it 
expects this year’s current 
account surplus to be 
SwFr 8.5-9bn. as compared with 
last year’s estimated SwFr 8J5bn 
(about £2-37bn). 

This was equivalent to 5.5 per 
cent of the country's Gross 
National Product, the highest 
percentage among the OECD's 
24 members.. 

Although the Swiss economy 
is. not among the world's biggest. 
“ its current surplus represents 
an important element of the 
international payments disequili- 
brium,” the OECD says. If 
Switzerland and other countries 
do not help create a better 
■balance, it warns, some OECD 
members will reach their limits 
of indebtedness and protectionist 
measures will increase. 

A reduction in the Swiss 
surplus would help control sham 
fluctuations in exchange rates 
The Swiss Franc has appreciated 
more than any other OECD 
currency over the past few years. 

Fiscal measures, in particular, 
could be used to help boost 
domestic demand and Invest- 
ment, according to the OECD. It 
predicts slower growth of about 
1.5 per cent in the Swiss GNP 
this year, compared with 
official Swiss estimate of 
cent in 1977. 

Improved business profits and 
lower borrowing costs should 
have a favourable effect 


PARIS, May. 25.. 


investment it says. But capacity 
use is still low. and export 
industry has to cope with the 
ever-appreciating Swiss franc. 

But there- are two aspects in 
which the exchange rate move- 
ment is likely to have a positive 
effect. One is in forcing- com- 
panies to replace obsolete equip- 
ment and become more efficient. 

The other Is in keeping down 
Switzerland's remarkable infla- 
tion rate — 1.3 per cent last year 
and forecast at around 1-5 P® r 
cent this year. 



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■tnthzi. v .:\ \\. .'.w c.. , r ' 


*<ertsvr 



-i 






,Vi *nts 


O*. v 

VMl 


minimum wa 


Yuri Orlov 
appeals 
against his 


system changes sentence 

£7 By Roger Bojres 


BY BAV1D CURRY DARTQ War 

PARIS. Mai _5. DR. YURI ORLOV, the Soviet 

nrn?ni^iTnn EP !S? t> wnployw*’ reasons— that is because their ? JssW * nt sentenced last week 

nrRrfniMtion. the Patronat, has company can no longer keeD to scven > ears 10 a labonr 

proposed to the country's unions them— are entitled to receive 90 and fi ' e Y , ® ars . * n 

L ang u es in th <? way per cent of gross salary for their has . against his 

wjccs and length oE work arc first year out of a job. sentence, it was announced in 

Ci, Thi a im;„-. i This means that some workers. it““ d ® n ll 5 ' est ® rd ? y ' „ The api J ea f 

The pippoaals are contained in dninr enmp raenal' “ hiaeb ” waa wa* delivered in Moscow last 


nrnnoitriTn'fh!? 0 Pa . lro . nat ' has company can no longer keep] 
• [.Kni..!i D ,!h e « C0lln rys unions them— are entitled to receive 90 
Ln? an .^5‘ s i n lbe way per cent of gross salary for their 


wages and length oE work arc first year out of a job. sentence, it was announced in 

Ci, Thi a im' . This means that some workers. Lo “ d ® n l *«*«*«*■ „ The a PP“f 

1( T h , e c WW- 1 * are contained in doing some casual - blaek " work *** delivered in Moscow last 
REi »Eh / ,*?' Francois on the side, can make more than Tnesdaj a,. ^ ^ Mr John 

, e 5 d of thc p atronat their previous pay and they have W a ‘d°nald QC. the British 
to the five leading unions. Thev little incentive to accept' job ,aH, - ver vho drafted the docu- 
m ark the beginning of the pay offers which are not well above mem 00 behalf of Dr - Orlov. 
ii«r^?. in,ns seasQn after the pre- their unemployment earnings. The sentencing of Dr. 
ji mm ary contacts which have ■ Workers not benefiting from Orlov, a physieist and a 
taken place since tbe general the system, which is often nego- founder member of the dlssi- 
vhL 0 ”' , . tiated between company and dent Helsinki group which 

i ne essence of the proposal on Government as cases arrive, monitors alleged abase of 
«ascs-H*iucb must conform to receive considerably less. The human rights in the Soviet 
tne , governments insistence that Patronat would like to equalise Union, has aroused widespread 


real increases should be confined unemployment pay at around protest in the eWst. 
to the lowest paid — is to get 70 per cent, of previous salary Y«ci P «iav •» a 
away from the system of basins for everyone. f . * y ** * 


away trom the system of basing for everyone. r-ASS lh “„h 

par on a nationally fixed It also argues that tbe Govern- 

mirnmum wage. . ment should pay a greater pro- 1 

Instead, the employers are pro- oortion of unemployment bene- oJ vi s ’ t 

posmg that , each sector P of fits . since pronely the JS^wS? JSff’ S! 


industry should negotiate a mini- burden has been transferred to Vn taferSflnftTi n the" 

mum total inrnma cnmn 3 ni» SHtUted M interference I D the 


mum total income taking into companies, 
account basic salary’, bonuses, Th e question of the working 
paid holidays, and perks like the >' ear afld of unemployment 1 
13th or 14th month wages. benefit will be negotiated at 

This minimum annual income national level and the Patronat 

would be guaranteed bv all com- hopes that the unions will soon 

, panfes in the sector, but the level agree to set up a working party 

nr the income would vary from to produce a basic document for 

V 1 ; ; *:i h. sector to sector depending on its discussion. Wage discussions 

*' l|jr general health.. will be held at sectorial level. 

' The existing minimum wage The employers hope that the 
- ' ; ' i fie Wou * d remain as a residue mar- talks will be concluded by the 

»"• Uc*| ft ker for industries not belonging summer holidays. 

■ to any recognised sector. It 

would always be lower tbaD the tnL ant ****** fnlLc 
sectorial minimum. Wheat pact- talks 

On hours, the Patronat wants MANILA, May 24. 

• to introduce the notion of fixing MR. ARTURO TANCO, president 


affairs of tbe USSR and were 
based on “ an incorrect under- 
standing of tbe situation." Mr. 
Edmund Del], Secretary of 
State for Trade, said there was 
no such misunderstanding but 
that Britain had to trade with 
states even if It disagreed with 
their policies. 

Tbe EEC yesterday issned a 
statement which condemned 
the sentence as incompatible 
“ not only with the Final Act 
(of thc Helsinki declaration) 
but also with detente." Other 
protests have come from the 
U.S. and. significantly, from 


the length of a working year, of the World Food Council, has i West European Communists 


rather than to continue to focus accused tbe EEC of blocking the 
on the length of paid holidays establishment of an Intema- 
and of the working week. The tional wheat buffer stock to ob- 
target working year is 1,900 tain concessons from the U.S. 
hours. Workers could still do on feedgrain imports, 
more hut would be compensated Mr. Tanco. who is also the 
by additional lime off. Philippines’ Secretary of Agri- 

Ficaily. tbe Patronat wants to culture, was speaking in an 
revise the present system of un- interview published here ahead 
employment benefits. At the of next week's Food Council 
moment workers who are made meeting aimed at revising 
redundant for ‘'economic" a strategy for food security. 


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IL. 



CONTINUED 

PROGRESS 

The following salient points are 
from the statement to shareholders 
by Mr. J. A. Franks, the Chairman 

Pre-tax profit for 1977 of £813,878 
(£621,336) ; dividend again increased by 
maximum amount permitted. 

31% rise in profit. 

Effect of massive upheaval over the last 
three years has been to give the Group a 
future. 

Domestic laundry now accounts for less 
than 30% of turnover. Linen hire operation 
soundly based; office cleaning and indust- 
rial garment hire divisions growing steadily. 

Board hopes for continued progress 
against background of difficult trading. 

Annual General Meeting will be held 
at 1 2 noon on June 1 6 attbe 
Royal Lancaster Hotel, London W^. 


including the British, French, 
Italian and Spanish parties. 

The appeal against Dr. 
Orlov’s sentence claims the 
preliminary investigation and 
the judicial hearing were u one- 
sided and incomplete " and 
that there were “substantial 
violations of the Soviet 
Criminal Code.” Dissidents 
have claimed that Dr. Orlov 
was continually interrupted 
during the trial and that he 
was barred from calling 
defence witnesses. 

The appeal is expected to be 
beard In the next few weeks, 
possibly after the trial in the 
first half of June of two other 
Helsinki group dissidents, Mr. 
Alexander Ginzburg and Mr. 
Anatoly Scbaransky. The two 
dissidents will probably, like 
Dr. Orlov, face charges of 
“anti-Soviet slander.” 

Mr. Macdonald said the trials 
of all three dissidents could 
substantially affect East-West 
relations. Some Western com- 
mentators believe the trials 
conid influence Senate 
approval of a strategic arms 
accord between the U.S. and 
the Soviet Union. 

• In Moscow, it was reported 
yesterday that Mrs. Orlov had 
been refused contact with her 
husband. She (old Western cor- 
respondents that this was a 
violation or a Soviet law which 
allows close relatives of con- 
victed prisoners to meet them 
after sentencing. 

Barcelona 

lockout 

move 

attacked 

By David Gardner 

BARCELONA, May 23. 
THE DECISION to impose a 
24-hour lockout for each day 
Most through industrial action 
in the Province of .Barc elona 
taken this week by SEFES. the 
i Federation which represents 
employers from the Bata Llob- 
regat, Catalonia's most im- 
portant industrial area, has 
been widely attacked- by not 
only trade unions, but also by 
other employers’ organisations. 

The lock-out move, which is 
without parallel elsewhere in 
Spain, follows mass strikes 
and demonstrations in Barce- 
lona Province after negotia- 
tions had reached deadlock In 
the metal, textile and construc- 
tion sectors, accounting for 
nearly three-quarters of the 
industrial activity In Spain’s 
most developed, region. 

Local anions have scrupu- 
lously observed Government 
wage guidelines, and has staged 
their recent shows of strength- 
— In the largest labour mobili- 
sation in Catalonia in 15 
years — in support of full union 
rights in the workplaee and a 
"labour amnesty” for workers 
sacked for trade union 
activities. 

The Fomento del Trabajo 
Nacionat, Catalonia’s most pre- 
Ugious employers’ organisa- 
tion, has criticised SEFES for 
"slamming (he door on all 
possibility of dialogue.” 

Local employers are divi- 
ded into what tbe Catalan 
President of (he Spanish CBf, 
Sr. Carlos Ferrer Salat, has 
described as “hawks” and 
u doves,” with four different 
organisations lining up separa- 
tely on each issue. SEFES is 
the more radical and the most 
vehemently opposed to the 
Government’s Bill to formalise 
trade onion rights 
Confrontations are predieted 
if SEFES posture is main- 
tained, as tbe unions decide to 
go ahead with the 48-hour 
strike In the metal sector 
planned for next week. Strikes 
In this sector, which covers the 
engineering industry, have 
been attracting support beyond 
the confines of those 
factories directly affected by 
the yearly wage negotiations. 


FIVU.-CU1. Times. poblWted cucm Sun- 

days and boHdan. U.S. oobacriBUon S2fiO.DC 
fair might) &360 on W mil) per annual- 
Second iH pease paid at Stow- Yafc, N.l. 


Commission proposes tight budget for 1979 


BY GUY DE JONQU1ERES, COMMON MARKET CORRESPONDENT 


THE EUROPEAN COMMISSION 
today proposed what it called a 
” tight and selective ” EEC bud- 
get for 1979. which allots the 
biggest increases in spending to 
Community actions in the fields 
of energy, industrial reorgani- 
sation and fighting unemploy- 
ment. 

The total budgetary commit- 
ments propeved for next year 
are 14.7bn units of account 
(£9.Sbn 1 , 15.5 per cent more 
than tbe current budget. Appro- 
priations for payment, or money 
actually disbursed during the 
year, are 12.1 per cent above 
this year’s level at 13.9bn ua. 

According to Mr. Christopher 
Tugendhat, tbe budget Commis- 
sioner, these are the smallest 
increases recommended for any 
year since 1975. He said that 
the overall rise would have been 
even less if EEC Agriculture 


Ministers had exercised greater 
restraint in .(he recent farm 
price negotiation. 

As it Is, spending on agricul- 
tural price guarantees, which 
accounts for the bulk of the EEC 
farm fund, is expected to rise 
by 10.5 pw cent next year to 
9.6bn ua and represents about 
67 per cent of the total budget. 
But significant increases are 
also provided for spending on 
structural programmes in agri- 
culture and fisheries. 

Mr. Tugendhat said that in 
drawing up its proposals, tbe 
Commission had recognised the 
severe restraints imposed on 
national government expenditure 
policies at present “ It would 
be out of keeping with economic 
requirements to give the impres- 
sion that we can pursue a more 
expansive spending policy at 
Community level than at the 


national level.” he said. 

As a proportion of total EEC 
gross national product the draft 
budget remains minute, at less 
than 0-9 per cent. But the Com- 


The EEC and U.S. are In 
high-level talks to review 
bilateral relations and the 
state of their economies seven 
weeks before the Bonn econo- 
mic summit, reports Reuter 
from Brussels. An EEC spokes- 


mission hopes that the admission 
of new EEC members and. per 
baps, progress towards monetary 
union, will make it possible to 
present a budget big enough to 
have some redistributive effect 
by 1980 or 19S1. 


Proposals for spending in n 
number of categories are based 
on the assumption (hat the 
Council of Ministers will approve 
programmes already proposed by 


man said foreign affairs Com- 
missioner Wilhelm HafcrKamp 
and U.S. Under-Secretary or 
State for Economic Affairs 
Richard Cooper would also 
discuss energy policies and thc 
multilateral trade negotiations 
In Geneva. 


the Commission lmi on which no 
action has so far been taken. 
Thus much of thc spending on 
energy, for which a 28 per cent 
increase in commitment appro- 
priations to 225.5m U.A. is re- 
quested. is intended for actions 


BRUSSELS, May 25. 

in encourage energy conserva- 
tion. and develop non-oil sources 
of energy, which are to- he dis- 
cussed liy mi ms ip rs next week. 

About A5m I'A.- *$5 per cent 
more than last-, year, is ear- 
marked fur industrial policy. 
Most oT it is intended for intercut 
subsidies and investment pre- 
miums for crisis-struck indus- 
tries like shipbuilding, paper and 

synthetic fibres, though it is 

hoped that some of it ean he 
channelled in m EEC. projects in 
growth sectors like aerospace 
and data processing 

The Commission. LolaO* hopes in 
step -up iu efforts. to combat 
unemployment and has asked for 
an increase nf almost SO per 
cent in social affairs spending 
lo 290in UA. Jffoce Ihah -IOOm 
UA of this is earmarked for a 
propusyl to increase employment 
aid to young people 


Italy’s Cabinet to discuss deficit today 


BY PAUL BETTS 

SPECIFIC MEASURES to reduce 
the enlarged 1978 public sector 
deficit to a level acceptable to the 
International Monetary Fund 
fIMF» will be presented by 
Italy's economic ministers at a 
Cabinet meeting to-raorrow: But 
as the new measures depend on 
political decisions doubts remain 
whether tbe Cabinet will take 
immediate action to reduce the 
deficit from a projected 
L30.000bn (about £10bn). 

The measures form part of a 
formula agreed in principle br 
the country's main political 
parties at the end of last year 
and reinforced by guidance from 
the IMF . it is designed to 
reduce the deficit, which takes 
in tbe health services and the 
state power undertaking, to 
around L20,000bn. 

A further L4.000bn would sub- 
sequently be added back to tackle 
the running deficits of the major 
state companies aDd for im- 
mediate job-creating invest- 
ments. especially in the 
depressed south. This would 
leave Itaiy with an enlarged 


public sector deficit of between 
L24.000bn and L25,000bn. 

Tbe formula agreed by tbe 
main parties, including tbe Com- 
munists, is to produce a 
LS.OOObn cut in 1978 spending 
plans, postpone a similar amount 
to 1979 and raise the additional 
L3.000bn from a combination of 
fiscal drag — together with im- 
provements in the tax gathering 
system — and a number of so-far 
undisclosed tax and public utility* 
increases. 

Among the proposals to be con- 
sidered by the Cabinet tomorrow 
are the new tax and public utility 
increases including, it is under- 
stood, increases in electricity and 
rail tariffs. 

Both the Left-wing parties sup- 
porting Sig. Giulia Andreotti's 
minority Christian Democrat 
Government and the trade union 
leadership claim that so far they 
have not been adequately con- 
sulted on the details of the nex 
tax and' public utility increases. 
They have asked to meet the 
Government before ti introduces 
the new measures. 


The hardening of the Left-wing 
parties is in part due to the loi-al 
election results earlier this month 
which represented a major set- 
back for the Communists and 


Italy's sleel ontpnt (bis year 
will show little Improvement 
over the previous year as thc 
current expansion of the 
domestic economy seems 
Insufficient to spur steel 
demand significantly, Sig. 
Alberto Capanna, president of 
Assider, the Italian steel- 


significant advances for the 
Socialists and the ruling Chris- 
tian Democrats. 

The Communists today held a 
meeting here of regional secre- 
taries to review the election 
results and are now showing their 
teeth in the face of tbe clearly 
negative repercussions for their 


electoral position of the recent 
five-party a ere cm cm. . 

Tbe Socialist*, whose central 
committee was meeting today and 
which has now found a greater 


makers, lold the group's annual 
assembly, AF-DJ reports 
from Milan. He also said 
Italy's steel output in 1977 
amounted to 23.33m metric 
Ions, a 0.5 per cent decrease 
from thc previous year. This 
compared to production drops 
of 4.6 per cent in Japan,' and 
2.7 per cent in the U.S. 


degree of internal unity since the 
1976 general election disaster, 
want to emhpasise their “inde- 
pendence'' in respect of both the 
Communists and the Christian 
Democrats. 

But the economic ministers arc 
now pressing for the urgent 
adoption of the new measures. 


R'iME. May 23. 

especially in vn- M - pf the 
imminent \i«ii next month nr an 
IMF team to review the terms 
of Halt's Letter of Intent signed 
last year at the nine of a fur- 
ther drawing from ihe Fund of 
thc- equivalent uf S53Qm. 

At the same tune the Italian 
Government is hopinw in neenti 
ate a now loan with the IMF 
thought in amnnnt 1,-,-ahmil Slim 
together with a new $1.14lm loan 
frum 1 ho EEC. 

The new eenurmii,- proposals 
to he examined tomormw by ihe 
Government are expected to "form 
the basis for the fnrlhenming 
negotiations with the IMF and 
the GEC. 

Thc Government js now finalis- 
ing fiwg-awaited measures 10 
help thc recovery of financially 
troubled companies. Also on thi-- 
fronl. however, there arc still 
considerable political difficulties 
over thc nature and extent of the 
intervention, which in larce 
measure involves the setting-up 
nf banking consortia In promote 
the industrial recovery pro- 
gramme. 


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Financial Tiines Friday JTav 26 197S 


OVERSEAS NEWS 



TTV I TIT /~\ • 1* WTA a INVESTMENT IN SOUTH AFRICA 

UK banks | PLO in new policy move to 

awarded ease tension in Lebanon | ^ elabora es 01 

C1X7QT1 nC0 BEIRUT, any 2a. -at THE moment we are in the to hear on those found tn he 

* bOC THE Palestine Liberation announced a five-point plan only to draw a reply from other ; position of depending on South wanting. e epa fha{ 5l 

Rv rhariK Smith Organisation fPLO) has promising to facilitate . the mis- groups demanding' the formation Africa far more than is health* Trade . , - _ omp | elp 

By ChariwSmrth announced a new .policy in Son of UN troops in the south of a new leadership for the : »f we are to pursue consistent p anned to PjWuJ^. 

-rvvn T 3 tj i._l n Lebanon geared towards easing and help the Lebanese authori- guerrilla movement which will. and viahle foreign and genomic pi J!.. bu-is 

40^2 tension in the south and helpiul ties themselves to all parts of take decisions collectively. policies.' sa.d Dr. Dwd Owen, once on an - m l b-jjj. 

Lebanese Government the southern areas. . The demand was made this JSSLff SnL because «i 


INVESTMENT IN SOUTH AFRICA 


UK elaborates on code of conduct 




!»?. • ja*’ - . ■ 

if J ^ 

' . -Ill 1 

>’* ,■ -* r i 

•1 j * »t * 

■ f *lH *’ 
f- 


BEIRUT, aiay 25. 


BY MARTIN DICKSON 

AT THE moment we are in the to hear on those found I to 
nsitinn of deoendine on South wanting. The Department 


cent in the amount of foreign j ai - r aut i,m-in- 
currency htey can bring Into! «“ SMt ,ts aulhont y- 


David Owen, ancc on an annual basis, 
gn Secretary. This in itself would he 
• Du, £tn«a u-n cinnifirnnT change. bCCUUSl* 


i!S?«£ T the Wa Sn ^average | S Etal' 
fncrease in the <S£L BS M"» -Roister, Dr. Selim al need be tc 
swap quota announced on Wed- . “«* and a PIX) delegation “‘SjEftKf 


all It was included in a joint note day 
be to the Faiah leadership, and com- . to 


sed Mr. Arafat is head of Fatah as ; September. Although the « has pmVhivees of British companies 
cial well as chairman or ibe PLO. By been a general international A 7 ri * ru The Cove .ti- 
the virtue of its size Fatah, which movement towards the adoption in &oui A,r,LJ *• -*- 


nesdav works out at 20 oer cent! headed by Yassir Arafat. The PLO was further reported (DFLP) of Mr. Nayef Hawaimeh. 

Th^haoS are Barclav^ whose To supervise the implementa- have proposed that all it was locludcd in a joint now 
swao Quota if uo from* aim to I tion of the new commitments a ftuernllas in Lebanon he totbeFatahleadecship.andcom- 
S 47 m an ScreasJof « D^rcenL.three-raan committee is to be reorganised .in one •'Palestinian plained that Fatah has beer 
and Ltovds Bank International formed of representatives of army" which the Government adopting political decisions 
wT froin sS to Mlm an the Lebanese authorities. the here will treat like an allied unilaterally on behalf of all the 
increase” of 48 per cent The mainly Syrian Arab peace- ww- The purpose Js to bring ail resistance movement, 
increases aoMrentiv reflect the keepire force and the guerrilla commandos under a centralised Mr. Arafat is head of Fatah as 
faetthat boS bantef “ raniSy I movement. “ notary command with an official well as chairman of the PLO. By 

increased the yen-denomfnated Analysts said the new policy status In relauon to the virtue of its size Fatah., which 
portion af their total lending in Us based on a desire by the PLO {!? h V.f t ', h th . mo t re . l . han *M!VJ 

recent months, whereas some: to keep a low military profile “* ct Fata h- -the main cent of the total guerrilla 

other banks f including one other in this country and to project iSl P nSPin Jh “wfn" ^ dominant 

British bank) have concentrated instead the political and informa- “is f° rraula to other factions, power .in the PLO. 

more heavily on dollar financing, tion aspects of its struggle. 

The Bank of Japan is believed Mr. Arafat was quoted today f »i 1 J T l 

to aim at a stable ratio between in the Beirut weekly magazine. I .liTVJl iPTInQ .1 Of O 51 JT1. m /flllTI 

the dollar swap quota and the.'Al Hawadess. as saying that the *^**-”j ** Iw/UUo U0U kp / vJllI 

domestic bill discount market as; guerrillas are ready to withdraw DV , *■»«««*. ,, . 

sources of the yen funds lent by j from Beirut and other Lebanese RAMI G - KHOURI AMMAN. May -o. 

foreign banks. During the past jetties and that ail they wanted THE ANTICIPATED Libyan aid economic co-operation are mi- 

year the ratio has become dis- 1 is for Lebanon to allow them to that was expected after the trip portent for Jordan, .given the 


The PLO was further reported (DFLP) of Mr. N'ayef Hawatmeh. the British Government jester- nnnea ir 

-.1! I. _ S . cava hirth In lit Ann J rihltlltin dOCUlllent 


save birth to its contribution 
change — a White Paper 


Th-' original British code, a 
pioneer in the field, was intrn- 


guerriita group, had proposed strength, has been the dominant ■particularly in the emphasis ^it 
this formula to other factions, power .in the PLO. .gives to industrial relations, ant. 


movement to warns me auopuuu *>■ hJi , h 

accounts for more than’ 75 per 'of such codes. an^uaffv details P «r African wage 

cent nt- the to.^ sucrJlb ra lf ...d 

gives to industrial relations and cr.st of living estm ate>. 
the oolential role that can be wilb some _ detail* 1151 P l0 > 


the potential role that can be 
played by black trade unions. 
The White Paper gives 


ment enndtrions- 
The result wa* far from a 


Libya lends Jordan $70m S BB&siruUi£ 


BY RAMI G. KHOURI 


AMMAN’. May 25. 


long way towards meeting cnii- 
«sms about the adequacy of 
information requested from ‘com* 
panics and it appears to have 
»nc*»rpoMied many «f CCSA’S 
recommendations. 

1 -o:n Panic* will be asked 
state their policy un cnlleciive 
_ bar gaining with organl.s^uons 

including trade unions, and pro.* 
VI made in this. They will also 

flT lvf> 1,1 ‘•nbtiiti details of' 

. ' •- j n-dicy on migrant labour, on 

i-iiiul ;»ay .uid iHpi-il job tinpor. 
rumties for blacks and on the 
tx'jM desegfeautinn u[ working f&ctli- 
ties Training schemes fnr black 
advancement, fringe benefits and" 
company policy on the recruit- 
’L t r - r ~ ment of whites fmm outside 

iy South Africa should aNn be- 

.. Furthermore, more details nf 

■ j«L g^m black wage rates and policy rm 

AraBk '-mmm tins are required than in the old 
. m . British code 

Dr. Dnvid Owen, the British The guidelines to companies 
r nn detailed mi piemen! al ion of 

Foreign Serrdary. ^ EEC coJl . ;i|m , „, nUllI Mme 

significant suggestions. They 
•iitghly critical poun out that the cmle does not 
;hc start of tins ask companies tu “ prunmte, set 
ib mi nod a memor- up nr do the job uf trade' 
ovemment on how unions.'' hut that companies 



Apart iron, wanting to adjust t h e interview, said the guerrillas ‘end Jordan SiOni for the 
the balance between the foreign are prepared to abandon all country's two biggest industrial 
banks' two main sources of yen operations against Israel from projects. 


matching the code and — a major 


be judged 


represent 


funding the Bank of Japan mayjLebanon. m,. Mohammad Dabbas. the • Atru * "l*”!® ,*«•» Jei aw. 

also have been anxious to pro-i Hitherto the guerrillas Jordanian Finance Minister, said Three judges of Israel s supreme 
vide an incentive Tor foreign 'abstained from cross-border i as t n i a ht on his return from a courl lssued a temporary order 
banks in Tokyo to stress yen j activity, but the commando which W eek-Ume trio to Libya that toda >' 10 st °P laad preparation 
financing rather than dollar fin- j carried out the raid on the Haifa- Libya will take a 5 per cent Ior a . Jewish settlemenj on land 
ancing in future. I Tel Aviv coastline in March and pm iitv share In th* caniial of the claimed by an Arab village in 

Id contrast with Barclays and I killed 37 Israelis came from a A Q,»,a chemical fertiliser niaht the ^' ast Israel radio 

Lloyds, National Westminster I fishing village on the Lebanese fndthe^ D mJ Sm Mtash JnrieS ^Ported. 

was awarded a relatively modest | coast. The raid prompted the It also ° lend $som for^the ,Rle ruIin S was a victory for 
swap quota increase, reflecting Israeli invasion - of southern nota!S h whem* and S20m for the the wpst Bank Palestinians in 
the fact that it has stressed Lebanon later that month. fertiliser oroieci their first court challenge of 

foreign currency financing in its After their meeting with Dr. v J land expropriation in the 

Tokyo opertaions. Hoss. guerrilla leaders These breakthroughs in territory. 


contribution 


nmem t - corporate reporting requirements can »c ni.-ij.cu. »ui.<i 

111 Ma«nana equity share In the capital of the vl * ,a ^ , i ‘‘ ucain this is voluntary >. But a It*** ^is historjiv Inch led ^ tolcrance oI p;irllul ur lilklJll! that employees will not 

with Barclays and killed 3* Israelis came frnm a Aqaba chemical fertiliser plant Israel radio ;l . quesl i on remains the extent uT-ndefnlv non-dwUwire of information by he victimised on account of trade 

.onal Westminster I fishing village on the Lebanese and the Dead Sea notash nrnieet ^Ported. . which the Government will Africa, which lias been deeptj V *mher -hi n ur fnr par tici- 

a relatively modest | coast. The raid prompted the It will ju. lend P S30m for^the ' nie ruIin S v™ 5 a 'victory for mon jt nr companies' performance involved in momtonn? British compan. .. in | in j on airairs 

increase. refiecUng , Israeli iwMfon ‘ of southern scSemi and^Sflm for the ^ e . wpst Bank Palestinians in JJJJJ " wha f pressure will bring corporate policy m bouth Arnca, The new White P.iper ..nts a M»i ^ 

it hoc cfraccDA T nhnnnn Jatf*r tnof trmnth - . tnflir nref nnirpr 1 Til . r 


fertiliser project. 

These breakthroughs 


their first court challenge off 
land expropriation in the , 
in territory. I 


Hard-line Controls on blacks to be eased 


Cabinet. 


Peking-Hanoi China, Japan treaty talks to resume I move on »* peel 

rift widpnc i a. * legislation for ui 

1111 ™ UCIW BY DOUGLAS RAMSEY TOKYO, Mav 25. ! rFFlftFlfl components of tsc Sou 

By Colina MecDougall ! Alvluim Government's plans 

,tvt avc MR TAKEO FUKUDA, the Slop- Japanese disagreement over Government should reaffirm its f • _ __ black grievances has 

" j n . S BETWEEN ..China prime Minister, should -be -in a -ownership - of the Senkaku claim- to them.. But the Foreign! lished in Parliament, 

and Vietnam seem likely to position next week to instruct islands. Ministry insisted today that no ILr U.i-SAAAV'KJkJ c j ear indication of hit 

dIi • r . aS , a re . sul i Japan’s ambassador in Peking to with LDP foreicn police “ conditions " have been attached . if 1 Jl liberalisation propose 

WednS? » ™m ra PH,,r. |„ t h f ,r »« Par., emmiuefs hOCK6a Cal.ii.rt. 

it b negotiations wdth Fukuda, the LDP’s eaornttve ■PPmal of the.- «erlorr to , UJUtlVCU The plans show jot 

Hanoi ° lcrscas l '“ ,nese W China a peace and finendshtp c0UIlc i] chaired b y the Prime Ch‘"a The spokesman added that Kmn.dorlf Mr. John Vorsler. t 

„ . . treaty, a Foreign Ministry spokes- Minister himself will no doubt "either side will make an issue ; By Arnoia Aransaom Minister, is prepared 

More than iO.OOO have been man confirmed today. rubber-stamp Mr. Fukuda's pro- of ^e Senkaku islands " tn the ; VIENNA. May 25. changing his tactics 

expelled from Vietnam over the In crucial meetings held by the posal at a meeting on Friday. ta ^ s i IN A surprise move. Canada c jmneing his basic sir: 

mlin ® Liber ^ Dera ^ aUc ,,Th e Prirae Minister is then In talks with Mr. Zbingiew land Switzerland have joined the hin s nublished 

Orerreai ChlnVS \lfiiZ P P1 W ? e w k - “ r - Fukllda lik ely to propose to the Chinese Brrczinski.. the national security { United Kingdom, the United r le 

?aid Mori. C thTn Si om Sre°5n5 has e “”* ed ^ a , cl ® ar n ? a I° r ‘ Government next week to resume adviser, in Tokyo on Tuesday, i States, France and West £J™5 , f Q aualified uri 
b?c d b between eS-'S^Aorff Md of h r U part ^ 3 l f^ ders ,S. p ne 8 otiations . n spokesman Mr. Fukuda is understood to j Germany in voting against a ^^^oitsfde ^ tri 

mid-Mav y P d favour of resuming the talks. On said. have conveyed his plan to j hard-line resolution calling for Jfack idJi 

mta.ua>. Wednesday the LDPs foreign The territorial question raised resume talks with Pekine. At I international business interests laM f' 1 5*_ 


move on 
Pretoria 
business 
blocked 

By Arnold Kransdorff 


JOHANNESBURG. May 25. 


LEGISLATION for three major that the single greatest achieve- short of hLick demands [orfuM 
nf f<n Smith Afrtp.m mom nf his narfv — which won a freehold property rtpnis. because 


clear indication of htc Mml't'a ,S ^■‘u, c:,rr, ,7m il« P«..cy of 

liberalisation proposed by .Uie independent black states; and to J hl “ “J 1 ,'!!!!,.! 


make it possible for them to be- for blacks i" bcnueaih their 
NintP inrlnn^ndnnf. 10 their chllurOlli tQIS Will. 


. mm* inrion^ndent 10 tneir cmiuren. iaia win 

The plans show just how far conic inui.ninc,eni. possible for cittzens of 

.. Tnhn Vnrcioi' ihn Prime M B»ic:illy. whatever word t> !_ 


by the Prime inespoKesman^aaaeauiat By Arnold Kranjdorff Mr. John Vorsler. the Prime -Das.crmy. wnaievr. ^ ^dependent homelands, whose 

will no doubt neither side will make an issue . * n _ Minister, is prepared to go in ««d, the policy of ,h ^ children will not qualify for 

Fukuda's pro- of Un Senkaku islands" in the; VIENNA. May 25. chanffing his tactics, without Party h;is hc ^ n «?*«•*« leasehold rights. If all home- 

ng on Friday. talks ; IN A surprise move. Canada changing his basic stratesj'. development, he said. j at1 ds become independent, home 

lister is then In talks with Mr. Zbingiew! and Switzerland have joined the t^ biUs DU blished vesterday ownership will once again ; 

to the Chinese Brrczinski.. the national security | United Kingdom, the United f ga.vear leases to be F artl rc f! ,a . m . lT1 disappear, 

week to resume adviser, in Tokyo on Tuesday. I States, France and West ESS to r q« 9 ffl SEAS JHL* ,l Sticks 10 itS baSk * The reform of the pass laws is 


policy.’ 


‘remain in power as WlU ^ *“““ 

sticks to its basic ‘ The reform of lhc pass laws is 
. „„„„ even more limited. The new 


.vj ^ ^ .u ucguLwuuua, uie apun.enuidu nar. ruRuoa is nnaerstooa 10 - uermany in vuuiig . mitcirfp rho rrihal home. ^ ' even more 1 united Tile new 

favour of resuming the talks. On said. have conveyed his plan to j hard-line resolution calling for fSf bfack idemiU The leasehold reform us seen , d £J uini! „ ts conU'm all 

Wednesday the LDPs foreign The territorial question raised resume talks with Peking. At I international business interests “tJSL notoriou* pass boote as the most important introduced Se fame details as the existing 

nolmv research council and i-nmumin. tiia Cani-nt,, ikoi- rnmmit ur..ki.n rhmv cutivitioc in ments— ine notorious pass ihjoiu> . .. i',..arnmi>ni this o»t«inn 0 . . . ... 


l 14 

Bairanquilla _ _ _ 
Cartagena # - / 4,Cfira 
MedeMin , ^»*yy F V. 

Caii-e® 1 Dogota 

Quitcu®!'/ 

Guayaquil!0i 


Good Bye 
London. 

Hello 

Bogota, Lima, Quito, 




for Transnational Corporations woro ,edsla?ron t0 ^lack urban ^Tt fur not casing 

at their annual conference tn * hvino conditions— and the t b e j r identity document, pm- 

Vienna, was carried by a vote nf Publication of the precise de- Association of building Societies, V j d ed it is within a distance of 
25 to 6 with 5 abstentions. tail of the proposals coincides describes it as a “most signi- 5 . k - m But the maxium penalty 
Canada's decision to vote with the 30th anmversafr of can i step" towards raeaningrul f or a ' n offence is increased from 

against— they abstained in a National Party rule in South home ownership, which would one mon th to three, 

similar resolution last year— is Africa— and an unequivocal state- “entrench free enterprise values" A! read v tun homeland aovern- 
-een as a ge'Ture of support for ment by Mr. Vorsler that parly among blacks, and generally n ients— Kwazulu. the largest, and 
the joint U.S.-UK strategy en- policy remains unchanged. “achieve greater stability in bur Qua-Qwa. the smallest — have • 

enuragipg change in southern i n an interview with local urban areas." refused to implement the new 

Africa. The Canadian delegate newspapers, Mr. Vorster declared But the proposed law Tails far proposal, 
said that the resolution was a 


matter for the UN Security 
Council and not within the UN 
Commission’s scope. 

The other interesting aspect nf 
the voting pattern was that 
Switzerland, normally a neutraL 
also decided to vote against. 


Rhodesia warns Tanzania frees Shipanga 
on violence • sy our own correspondent 


also decided to vote against. "SALISBURY, May 25. - THE TANZANIAN Government powers provide for the release 

Although not part of the UN, RHODESLA'S white eo-Miuister yesterday freed Mr. Andreas of political detainees held by 
Switzerland is a member of the for Justice. Hilary Squires, has Shipanga and 18 other members South Africa and SWAPO dissi- 
Commission nn Transnationals, declared that pulice would usej 0 f the South West African dents held in Black Africa. 


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I t cuiiR-ries wnicn 3ubiameu were tie saiu iiui ^ me iNamioian nuuonail^l /liscidonr« hr»lri in Rl-.rfc irnri 

! Tapan. Holland. Spain, Sweden could produce a c ampdown on organisation. Par Sir mmiJSv had 

h"* , soma black political actlvitywnd. Diplnmatic Muml said thcy ""‘nilii h"«™ iSiiac h! 

I Thn resolution was considered if it occurred in the county at fl nul of r> ar es salaam vas first detained in Zambia 
by the Western indostriaUsed large, could « ns,de rabiy delay on an aircrjfl bou ^ r for Co J e n. ^ w^ Ee apnUcd for'' 

t nations to. be particularly un- promised one-man. one-vote hagen Mr shipanga was then , wnt of habLs oot-pu^ ho was ' 

i gale" described it as 6 outrageous; So°ro» 

dlp^l o in a tic” relations . br G " 108 ° by She National Observer a black ^ “^“graotid ‘Syhlm f in Tfie rc,GaSe nf Mr ' Shipanga is 
The resolution called on all newspaper, as bis new black co* Sweden . - likely to cause consternation 

••S'o"a.!oVb y P tti!rS a £! SSS'fi »» «JS3 .»■ |»'p^sa .. b. ^ SWAPO. s.nce Mr. Nuiom. 

nthpr eornnr- lawver BiTon Hove. wirh Bmwli travel documents had apparently been trying to 

iation" with minority regimes in Mr. Z ingod a, 51, belongs to J" d j/ 11 .*l e . frCF . retiini to ensure that his former colleague 
‘southern Africa. It also calls on Bishop Abel M uzo re wa's United J^amiota ir . he "i*>hes or else would not return to Namibia 
them to refrain from extending African National Council, whose ir ^ el elsewf,cr e. before a seitlement there, on the 

loans, investments and technical supporters were involved in the The proposals fnr a Namibian grounds that his presence might 
assistance and to deny tariff and weekend figbting in Salisbury t settlement put forujrd by the be politically counter-productive 
other preferences to exports. Reuter five Western UN Security Council for SWAPO.' 

Sudan to maintain development pace 

BY JAMES BUXTON KHARTOUM. May 25 

PRESIDENT Jaafar Mohammed combined deficit on current and is now refusing tn pay project of development become avail- 
Nun air l last night asserted that capital accounts of more than aid instalments until Sudan able. 

Sudan would not abandon Its 8300m when the current flnan- makes good arrears in servicing 

ambitious economic development Cial year ends nexr month. The other loans Saudi AraUi.i said in ■ 

path in spite of the fact that this trade deficit i s expected fn he Tim mw uf the nrnhlom h:,Vl * l), - pn prepared t» make 
had. as he admitted, “ exhausted nearly S400m. on export* of sud-n'J ^‘iccelented^ dm-cloDinent avr,,,ab,e '«» STOOm in nrfi 
our national economy and dis- nearly 8800m and imports or effort whichheean fnurvei^ luans l " hl 'lp Sudan meet us 
turbeu. our foreign accounts." more than $1.1 im. acr. wuh ihViniMainn lift vununimients. provided « 

! .In a speech celebrating the The debt service ratio U put ,h,. !!£• T mawr £.1 accepted the IMF condition.-, 

'ninth anniversary pf his_ real me's at more than :J0 per cent, on wh.il il !. i. That npiinn nmv .ippe.irs to !* 

! arrival in power in a bloodies; total borrowings of about SlKhn LE ir ji lonuicn,. , d 
j tfoup. President Mmairi «n,j Sudan i/ believed ' i 0 hiS f ? 1 J d ? veln t ,n ' enl T1 

J announced that the Government payments now due of between ! m r ‘ ’ -u ‘ 7 ' ' u ' ' B. T !i CP ^ ‘r n " 

intended tu concentrate on $600in and S 7 QQm consistin' 1 nr Jl f 'f . foreign aid. which has Saudi Arabia and Sudan s other 
removing key economic buttle- commitments full'ine 'due rmu- !!° ur, ' d m ' has J ! lM . ,,, 1 l,ncns *‘ An,b «vdutir s jit prepared m 
necks, to cur extravagant over- and a constantly acctmnihfin- ,>r f L ‘ ssurt ‘ ,,n « 1 r<,s ‘J ! - v inadequate enter into open-ended balance uf . 

spending, in impose greater backlog of unpaid or narilv n-iid ,nrr:,s,rucIu . r, '- i leaninv to huitU- |*:iymeni> suppori cumniitmcnt-. 
financial discipline and to fight interest and principal payments ,,cckrf :,ntl ,n,,3,,0,, • Tlu* coun try's crwltb»r> arc . 

inflation, now running at about on loans. " It has also rmtsi-d gremor wr,, n‘U , i! that Silt km'; prubk*m> 

25 per cent. Already the pavmunu situation lm l' 0,Ms « r essential suppli.-s ll, **- v |wriiculjri> diflicult to 

He also made if clear that is so bad that Sudan is flndina su< ' h as 0|J *n d 3 need for more Sulv « because Nicy stem in *K«rr . 
reports that Sudan has dis. it hard to import essential ileuM * uca * counterpart finance in ^ rni, ‘ the largo. lueRictout and 
covered oil in vast quantities which it needs just lo produce mall * h funds which tho »*»»tniciive bureaucracy which 

j were grossly premature. its main regular foreign t'bwrnmeni can onlv meet tjv -^huws little sign uf responding to 

To meet the demands nf exchange earning crops cotton P rinlin " money. * President Ni main's calls for 

'workers who last month staged and groundnuts. ' Earlier this manih the im„i- >-' ri -*aier dynamism, and would.. 

a n n ou n cetf * °tha i .. he J 1 * saiU 1° ^.y j!lsl natiomT SSJSS "IS * rove hurd 10 cul in SI «- 

1 and Rilare reRinuiumt^Lh^ a . part nf 'V puseU ,n the Sudanese Govern- if Sudan does, as President ‘ 


tne Sudanese President credit ' X \‘ n \ 3 | '' I,U .T: “ -’“““‘"’"'n m imports at all. Mr. Nlmairi may 

gave no indication of how he Fuel is short because s,.a-n sn7w ; Lr !!*i 18 h . laXl?s - tvwer he calculating that the worse 
.proposed to solve the country's is in arrearf inpayTnnfnrorod?. % 2 "edu stmeeze. the situnl.nn, the greater the 

; puyuients problem, supplies from Iraq to the Pon .h^r lf,ld rh ° IMF Pressure nn Saudi Arabia «*' 

which is becoming ?<, pressing Sudan refinerv kw^il *hai r«r political reasons it could come to his rescue will be. ond 


wh!Cb is becoming so pressing Sudan refiner v Kuwait ,hal -' r,,r 1 Political reasons u could come to his rescue will be. ond 

that observers, believe nothing supplies some nptrole no1 U1,p ' on . ,0f l r ‘I 16 austPn, - v P«»- «'at lhc terms of such a rescue 
shorr nf an internaiional rescue ducts, has imprmmrntu- " l r;jm,n ‘ , ,‘ ,l fc ' cls th:if if cannot wilt be more favourable tn him 

n^ratiop can solve it. supplies .and t ™k2'f„ f' nw ,, V wn **ewlopracnf and than if.nse «,f the IMF if rite 

Sudan is expected to have a lor Arab Economic D^ve opmem S "uT , th ° ,,n ?' Snud,s W ,n 

" L ^vempment of Uvim; before the hrei rcujrd.j power. 




:-?r4 






He Giscard suggests H elsinki 
states disarmament talks 


BY OUR OWN CORRESPONDENT 


^ cm 


PRESIDENT Valery Giscard 
d'Estning of France to-day pro- 
posed in the United Nations 
i io neral Assembly the convening 
of disarmament talks among all 
the states which participated in 
the Helsinki Conference on 
Security and Co-operation in 
Europe. 

M. Gisgard. the first French 
head of slate ever to address the 
UN. put a number of other pro- 
posals to the assembly, which 
since Tuesday has been holding 
Its special session on disarma- 
ment. The West German Chan- 
cellor. Herr Helmut Schmidt, is 
to address the 149-nation body 
to-morrow, and Mr. James 
Callaghan, the British Prime 
Minister, will speak next Friday. 

The French President did not 
spell out in detail his plan for 
the 35-nation all-Europe negotia- 
tions. but said he would submit 
to-morrow — apparently as a 
memorandum — ■- the goals, field 
of application and procedures for 
such a conference. 

“The threat overshadowing 
Europe does not come from the 
accumulation and sophistication 
of nuclear weapons alone.” he 
said. “ It also stems from the 
presence on our continent of 
enormous arsenals of conven- 
tional weapons and the disparity 
between them." 

The visible inequality in con- 
ventional weapons constituted a 
block to nuclear arms reduction. 

Reviewing the long course of 
disarmament negotiations, be 
said the effort had been a failure 
so far. with the balance sheet for 
30 years of proposals, initiatives 
and discussions falling tragically 
short. 

“The world is in a state of 
orcrannament,” M. Giscard said. 
A new study of the disarmament 
problem was needed, but pro- 


gress could net be made towards 
disarmament unless progress 
was also made towards Improv- 
ing international relations. 

The policy of detente between 
East and West, improvement in 
the security of African states. 


warns on 
it taiKS shortage 

UNITED NATIONS. May 25. of capital 


steel chief Carter travels to win back support 


BY JUREK MARTIN, US. EDITOR 



President Giscard 

implementation of a just Middle 
East settlement, and considera- 
tion of China's situation — all 
were necessary for any progress 
on disarmament. 

M. Giscard stressed what he 
called “three fundamental ideas” 
— the legitimate right of every 
state to security; that dis- 
armament is not exclusive to a 
few countries, but is the concern 
of all; and that the approach to 
disarmament must take account 
of regional situations'. 

Noting that the Geneva dis- 
armament talks failed to reflect 
“the rule of universality .” he 
said the time bad come Jo replace 
that conference, which is not 
directly related to the UN, with 
another body having more con- 
crete ties with the organisation, 
open membership and equal 


standing for all participants. 

Neither France nor China has 
taken part In the Geneva talks, 
but M. Giscard said France 
would participate in the new 
body he proposed. 

He also suggested the estab- 
lishment of a world institute for 
disarmament, and promised a 
specific plan to that end. 

Turning to the question of 
supervision of a disarmament 
accord, be said the US. and 
Soviet Union alone had the 
requisite equipment now. but 
France and other countries 
would acquire it within the next 
five years, though it would still 
remain in the bands of a tiny 
minority. He proposed, there- 
fore. studies on the creation of 
a satellite monitoring agency. 

In yet another proposal, he 
called for the creation of a 
special development fund related 
to disarmament, and said detail.* 
would be submitted to the 
Assembly for discussion. He re- 
called the suggestion made here 
on_ Tuesday by Dr. Kurt Wald- 
heim, the UN Secretary General, 
that a one-thousandth part of 
the world-wide armament bill be 
diverted to the promotion of dis- 
armament — an estimated 8400m 
a year. 

Speaking for the EEC mem- 
bers, Mrs. Lise Ostergaard. 
Danish Minister without Port- 
folio. endorsed M. Giscard’s pro- 
posal of a satellite system of 
international verification of 
disarmament agreements. 

She said there also seemed to 
be an emerging view in favour of 
having both a limited negotiating 
body operating by consensus and 
a deliberative body open to the 
entire UN membership. 

“At al] events, the Nine feel 
that the role of the United 
Nations should be strengthened 
in the disarmament field,” she 
said. 


Confusion on SALT prospects 


BY DAVID BELL 

CONFLICTING SIGNALS about 
the likelihood of a new strategic 
arms agreement with the USSR 
in the near future are con- 
tinuing to emerge in Washing- 
ton. and Vice-Prisident Walter 
Mond ale's speech yesterday at 
lhc UN has not done much to 
reduce the confusion. 

Mr. Mondale look the Soviet 
Union lo task for “a con- 
tinuing build - up of un- 
precedented proportions in 
Europe.” attacked the deploy- 
ment of the medium range 
SS-20 missile on the continent 
and criticised Russian activities 
in Africa. The deployment of 
the SS-20. he said, “ runs totally 
contrary to all that this special 
session (on disarmament at the 
l'N > seeks to achieve.” 

However. Mr. Mondale also 
said that a new strategic anus 
agreement is “ rapidly taking 
shape” and that the U.S. and 
the Soviet Union hoped soon to 
begin talks on a further agree- 
ment which might eventually 
load to the deep cuts proposed 


ST. LUCIA 


WASHINGTON, May 25. 

at the start of bis term of office Officials say that Mr. Mondale's 
by President Carter. remarks about the SS-20 may 

The Vice-President did not have been designed to pre-empt 
refer to the Orlov triaL which an expected onslaught on the 
has caused consternation here, neutron bomb from the Soviet 
nor did he_ spend much time Union tomorrow, when Mr. 
on human rirfhts. Andrei Gromyko speaks. Accord- 

The result of all this was a wg to one senior State Depart- 
speech which accurately mirrored ment official the U.S. now 
the dilemma facing the Admini- believes that there is no prospect 
stration. Mr. Carter could not of the Soviet Union giving up the 
have approved too conciliatory a SS-20 in response to the U.S. 
speech on the eve of the .NATO decision not immediately to 
summit meeting in Washington deploy the neutron bomb, 
next week; nor could he allow Of course both the SS-20 and 
too “soft” a speech in the face the satellites are strictly speak- 
of rapidly mounting hostility in ing outside the focus of the 
the U.S. both to Soviet activities i existing SALT, talks, and so it 
in Africa and to Russian treat- 1 maybe that both sides are happy 
ment of dissidents. . . to trade accusations about them 

On the other hand, the agd the neutron bomb— rwhile 
Administration still wants a continuing to make progress on 
SALT agreement, apparently on intercontinental missiles ' and 
the grounds that a limited accord other strategic weapons. But the 
is better than none at all. Yet Senate, and American public 
there must be very serious doubts opinion, are uot drawing such 
that any agreement worth the arbitrary distinctions, and so far 
name could get through the the Administration has succeeded 
Senate in anything like its in confusing both about its true 
present mood. 'attitude 


Queue for independence 

BY DAVID RENWICK, RECENTLY IN ST. LUCIA 


MR. JOHN COMPTON. Premier 
uf the British Associated Stales 
of St. Lucia (23S square miles. 
101.000 people), is an angry man. 

He accuses the British Govern- 
ment of unnecessarily delaying 
the full independence of his 
island, which impartial observers 
agree is the most economically 
advanced among the smaller 
slates in the CAR1COM region. 

In his last encounter with 
British Government representa- 
tives in London, Mr. Compton 
luld Mr. Ted Rowlands, Minister 
uf State in the Foreign and 
Commonwealth Office, that he 
round «t M humiliating and 
intolerable ” to have to “ travel 
;it great expense of time and 
money to the U.K. and then to 
trudge up and down the stair- 
cases like a mendicant seeking 
favours from a master.” 

Mr. Rowlands replied that Mr. 
Compton should publish a draft 
cnnsiilution for public comment 
and then return to London at a 
lalcr dale (probably before the 
.-nd of July) for a final constitu- 
tional conference. Last year, on 
British insistence. Mr. Compton 
had agreed to circulate a green 
paper (consultative document) 
setting out the advantages of 
independence and the c ^ a "B es . *!! 
the governmental structure that 
would accompany il- 

The independence Issue has 
dragged on for two years now-. 
The main reason is 
i lie opposition SI. Lucia 
rum's hostility to granting of 
full autonomy withouta ™[orem 
du in as provided for b> the 
West Indies Act. 186' ■ But tne 
provision, as Mr. c t °®P“® d h *J 
pointed out. was not applied in 
the case nf Grenada (133 square 
mties 94.000 people)., which 
achieved independence in 1974 

SUSS? relevant to present 

circumstances. 

The indications are that Mr 
Compton will 

ambition before ' rile end of 1978. 

'r.ihablv bv December IS, tne 

S-HoEi bid SOI several seats 
Jnd that Britain will use 
S c in i" » of the West Indies 
Act 1 which *aUows ir to take the 

fewtuM 


Associated States leiders also in 
the queue for independence. St. 
Kitts-Nevis. for example (120 
square miles, 52,000 people) has 
been discussing independence 
with the British Government on 
and off since 1876 but has 
got no nearer its objective now 
than it was then. 

The stumbling block is the 11- 
year-old question of Anguilla (35 


✓ AK6UTUJ 

5T.MAARTEN * BARBUDA 

51 PUTTS. 

Mins* ^ANTIGUA 
aOKlSHBUT, itfitMDCLOUPE 


tBHHNCA ' 

\ MARTINIQUE 


SLLttBAf 

Ca ri|| 

ff j‘JszMnn 


GRENADA/ 


Aobaoj 

f TRINIDAD 


square miles. 6.000 people), 
which was legally part of the 
military state of S £ - hjtrs-Nevis- 
Angutila whihe was given associ- 
ated statehood, a constitutional 
form just one step below full 
independence, was devised in 
1966. In the following year, the 
inhabitants of Anguilla broke 
uwav from the central Govern- 
ment in SL Kitts and ehose to 
revert to their former colonial 
status of being run directly from 
Whitehall. The arrangement jm 
formalised by Act of the British 
Parliament in 1971. 

Mr. Robert Bradshaw, the 
Premier of St. Kitts-Nevis, has 
never acknowledged the legal tty 
of the secession, and insists on 
referring to his terntory as SL 
Kitts-Nevis-Anguilla. LfatU he 
accepts that Anguilla will not 

become a de facto part of ^J 

unitary state again, it is unuKeiy 
that he and Britain will ever see 
eye-to-cye on the matter. 

The people of Nevis 

tion 15%). who returned the 

srs., 

sounds and went f £f sg-ue imt 

}£!. a it resulted in a »Hd ! vote 
£ favour of separation from SL 


Kitts. The British Government 
is unlikely to take that too 
seriously and Nevis can probably 
be pacified once the Anguilla 
issue is disposed of. Mr. Brad- 
shaw is seriously ill in St Kitts 
at the moment and the subject 
of independence is in abeyance 
for the time being. 

Dominica (305 square miles, 

71.000 people) has no secessionist 
problems to worry about, but 
the opposition has been taking 
as firm a line against independ- 
ence without referendum as its 
counterpart in SL Lucia. Mr. 
Patrick John, the Prime Minister, 
has held several discussions with 
Britain, the most recent being 
in April, when he cautiously 
described ibe outcome as 
“reasonably successful.” 

Mr. John has asked for inde- 
pendence under Section 10 (2), 
which means that, like Mr. 
Compton, he has no intention of 
attempting to hold a referendum. 
It is probable that Britain will 
go along witb this in tbe end. 
though how long Mr. John will 
have to wait is not clear. He 
has already had to cancel the 
date be originally set for 
independence — November 2 last 
year — because his negotiations 
with Britain were not concluded. 

The latest entrant in the 
independence stakes is St. Vin- 
cent (150 square miles, S7.000 
people), whose Premier, Mr. 
Milton Cato, has informed 
Britain that he wants independ- 
ence before the present Parlia- 
mentary term expires next year. 
Mr. Cato was in London too last 
month and held exploratory 
talks with the Foreign and 
Commonwealth Office. What 
procedure the latter will insist 
upon before substantive talks 
can take place, remains to be 
seen. 

Once SL Lucia, SL Kitts-Nevis, 
Dominica and St. Vincent 
achieve independence, only 
Antigua (176 square miles, 

65.000 people) will be left as an 
Associate State. The previous 
administration of that island, 
headed by Mr. George Walter, 
had indicated a preference for 
complete autonomy hot tbe 
present Prime Minister, Mr. Vere 
Bird, who regained power in 
February 1876, had partly 
campaigned on an a mti-in depend- 
ence platform. 

Mr. Bird has not publicly 
changed bis mind, but it will be 
interesting to see haw long he 
can hold out in a semi-independ- 
ent state when those around him 
begin to exercise ail the rights 
of full independence. 


NEW YORK. Hay. 25. 

THE U.S. steel industry's low 
profit performance has placed 
It in serious financial trouble 
so that it cannot generate 
enough capital fully to sustain 
itself, said Mr. Thomas 
Graham, president or Jones and 
Laughlin Steel Corporation. 

Addressing the general meet- 
ing of the American Iron and 
Steel Institute here, Mr. 
Graham also said (he industry 
has a productivity problem. 
He said from 1964 lo 1976, 
the Japanese had shown a 
greater rate of productivity 
improvement than the U-S. but 
Japan can no longer expect 
the dramatic gains that their 
large capital investment in 
modern equipment and deep- 
water sites hare achieved for 
them. 

LLS. steel producers cannot 
look to large capital Invest- 
ment because (hey lark (he 
financial resources lhat are 
necessary, he said. As a result 
productivity increases in steel 
are beginning to fiatlen out 
in both Japan and the U.S. 
Renter 

Price rise limit. Page 27 


Productivity 
rate decline 

WASHINGTON, May 25. 
THE DECLINE In U5. pro- 
ductivity for the first quarter 
was revised to a seasonally 
adjusted annual rate of !L9 per 
cent from the originally 
reported 3.6 per cent, the 
Labour Department said. 

The main factor, for the 
revision was a revised 0-3 per 
cent decline in output, com- 
pared with the originally 
reported 1 per cent 

Manufacturing activity is 
now estimated to have declined 
at 3.5 per cent compared with 
3.3 per cent at the first 
estimate dne to a slightly’ 
larger drop in ontpnL 


PRESIDENT CARTER takes off 
today on a two-state tour which 
has been overtly designed to 
improve his sagging political 
fortunes. 

He does so against a back- 
ground of public opinion polls 

which have shown the nation 
disenchanted with his leader- 
ship. A couple of them have 
found that Democrats would, by 
a large margin, prefer Senator 
Edward Kennedy of Massachu- 
setts to be tbe party's presiden- 
tial candidate in 1980. while that 
produced by ABC-TV and the 
T-niiig Harris Organisation yester- 
day suggested that both the 
former President. Mr. Gerald 
Ford, and the former governor 
of California. Mr. Ronald Reagan, 
would beat him in an election 
held now. 

Polls at this stage have little 
significance as regards predicting 
the outcome of an election 24 
rears away. But there is a lesson 
In them, which Mr. Carter’s 
advisers have been impressing on 
him with ^rearer farce recently, 
to the effect that there is no 
substitute for a good national 
image, and that this is bard to 
project in the enmolex. hot-house 
atmosphere of Washington today. 

Another message is that it 
helps in many ways to enfay 
good standing in party eyes- Mr. 

Loan losses by 
banks decline 

WASHINGTON. May 25. 
THE U.S. COMPTROLLER of the 
Currency, Mr. John Heimann. 
said that net loan losses at 
national banks in the U.S. 
declined last year to 0.42 per 
cent of average loans from the 
0.6 per cent rate of the previous 
years. 

He told the Senate Banking 
Committee the loan losses while 
still high by historical standards 
are declining. 

Mr. Heimann said national 
banks' assets increased 13.1 per 
cent last year to $796.6bn. equal 
tq 59.5 per cent of total assets 
of tbe UB. banking system. 
AP-DJ 


Carter captured tbe Democratic 
nomination in 1976 by first 
running againsL and then co-opt- 
ing. the party establishmenL Bui 
he has subsequently not tended 
his political back garden in the 
traditional manner and this has 
angered many conventional 
Democrats. 

His current trip to Illinois and 
West Virginia is designed to 
repair tbis defect. In Chicago, 
he will give a news conference, 
address the Cook County Demo- 
cratic Party fund-raising dinner, 
talk in Springfield, talk to the 
Illinois legislature, and do some 
standard barnstorming in West 
Virginia for the incumbent 
Democratic Senator Jennings 
Randolph, who faces a tough 
re-election battle. 

The Cook County dinner is the 
perfect illustration of the change 
in tactics. Cook County was the 
fiefdom of the late Mayor Ricb 
and Daley of Chicago — wben be 
beckoned, politicians came 
running. But last year, after the 
major died. Mr. Carter said that 
be would not attend the function 
this year. 

Cook County officials turned 
instead to tbe' Democrat who is 
sometimes perceived as the 
biggest electoral threat to the 
president — Governor Jerry- 
Brown of California. How- 


ever. all ibe recent -polls 
show Mr. Carter Keating Mr. 
Brown by a wide margin). Not 
uniypically, Mr. Brown declined 
the invitation, so Vice President 
Walter Mondale, nothing if not 
a conventional politician, was 
approached, and he subsequently 
persuaded ibe President that an 
appearance would be valuable. 

This will be Mr. Carter’s first 
visit to Illinois since the 1976 
campaign. He will be going to 
a major industrial slate where 
the Democrats need help and 
where a potential Republican 
presidential candidate is emerg- 
ing in tbe large shape of 
Governor Jim Thompson. 

The president’s advisers are 
taking other steps to improve his 
image. In July, Mr. Gerald 
Rafshoon. the advertising genius 
from Georgia who made Mr. 
Carter's television commercials 
in the 1976 campaign, is id join 
the White House staff in a senior 
capacity with the specific brief 
oi performing a similar miracle. 

Mx. Jody Powell, the White 
House Press secretary, is also 
relieving himself of some of the 
daily chores of the regular brier- 
ing. in order to concentrate on 
columnists and other media 
luminaries who help shape 
public opinion. 


Canada charge withdrawn! 


BY VICTOR MACK IE 
MR. SINCLAIR STEVENS, the 
Conservative Party’s spokesman 
on finance, admitted to the 
Canadian House of Commons 
yesterday that he was wrong to 
suggest that Liberals bad been 
engaging in speculation on the 
declining dollar. He withdrew 
his allegations and apologised for 
any embarrassment be may have 
caused. 

However, the MP pointed to 
three specific instances where 
Mr. Pierre Trudeau, tbe Prime 
Minister, and Mr. Jack Homer, 
the Industry Minister, had con- 
tended that Conservatives were 
trying to profit through specula- 
tion on the movements of the 
Canadian dollar. 


OTTAWA. May 25. 

Mr. Stevens has found himself 
in political hot water since last 
weekend when he was quoted in 
a Canadian Press story as saying 
that- he had “learned through the 
banks that nine Liberal MPs 
played tbe Canadian dollar as il 
was going down.” He hinted that 
the nine included three Cabinet 
Ministers. 

Both inside the House and out- 
side following bis withdrawal 
Mr. Stevens said he did not feel 
that he bad concrete evidence to 
advance “at this time.” He placed ■ 
heavy emphasis on the words “at 
this time.” 

• CANADA, is phasing out all 
aid to Cuba in disapproval' of its 
mercenary role in Africa. Mr. 
Trudeau has told the Commons. 


WASHINGTON, May .25. . 

The thrust of the cxerci>c is 
to counter the impression that 
tbe president is not in control 
or events. In fact. Mr. Carter is 
in the process of enjoying a 
number of hurd-won legislative 
successes after a long barren 
spell, but they are not being por- 
trayed as such in Washington, 
nor in the country at large. 

It is thought that Mr. Carter 
can counter this by doing what 
he did so successfully in the elec- 
tion campaign — getting out and 
abouL meeting people, and em- 
ploying his considerable 'arts of 
persuasion in informal settings. 
That won him tbe presidency, 
the argument goes, whereas sit- 
ting in Washington, embroiled 
in domestic unit foreign crises 
and doing battle with an 
obdurate and balkanised Con- 
gress, will not. at this stage, help 
him retain it. 

It may not he easy for Mr. 
Carter io accept that the charm 
and. smile which served him so 
well two years ago are assets as 
imporium as the managerial and 
intellectual competence which 
he values so highly. But. as one 
of his aides was quoted in a 
newspaper here today as saying. 
'■ I told him the other day that 
he was elected to lead the 
country, not manage the bureau- 
cracy.” 


Peru poll may 
be postponed 

By Hugh 0*Shaughnessy 
ELECTIONS for a constituent 
assembly, which would be the 
first step to a return to civilan 
rule' in Peru, may be postponed 
for a second time, according to 
Reulcr reports from Lima 
The elections, first scheduled 
for May 4. were postponed last 
week to May IS in the wake of 
rioting and disorders provoked 
by the government's austerity 
plans. 

U.S. COMPANY NEWS 

Esslete extends deadline on 
new bid for Dimo; Kennecott 
wins board proxy fight: Sears 
tops profit target — Page 27 






m 


JSSiL 

' v3. ' ir; : Js 



tch. 




ill 


Is to taste it, not knowing which brand 
it is, mixed 50fc-5O-with water. 

And then compare it with some others, 
similarly unidentified. - 

Recently eight experienced' whisky 
drinkers were invited by Decanter Magazine* 
to a "blind tasting" of six weH regarded 
blended whiskies and six highly priced 
deluxeblends. " 


five of the 




. + i '• a/ . : 

• x-:, • ••. • 

Jix. A, 


■ yzgSMsA 














pri^Bormf expensive malt 
whiskies indudingThe 
Glendronach' to give it its 
distinctive smooth taste. 

So its not surprising that 
Teachers is Britain's favourite 
scotch? 

, As one enthusiast 

m remarked, there's more 

to be said for a bottle of 

Teachers than a case of 

* 

’ ^ordinary scotch" 


p 


Bdifirfe.Inadassof its own. 






“Decanter Magazine February 1978. tNOP Jan.3978L 


Sr 





3 


■' L : 


Financial Times Friday May. 2fr -1878 


WORLD TRADE' NEWS 



Investment 
optimism 
for Britain 


By Margaret Hughes 

BASLE, May 25. 

EIGHT FOREIGN companies 
expressed strong interest in 
investing in the UK after two 
days of British participation at 
the Inter Index industrial de- 
velopment exhibition at Basle, 
Mr. Alan Williams, Minister of 
State for Industry, disclosed 
when he opened a British semi- 
nar in conjunction with the ex- 
hibition. where Britain has the 
largest stand. 

The companies are understood 
to include French, Belgian, U.S., 
German and Italian interests in- 
volved in computer technology. 

medical equipment, electrical 
and electronic equipment, tex- 
tiles and lighting. Some of the 
12 regional authorities participat- 
ing at the exhibition with the 
Department of Industry also 
reported much interest in down- 
stream oil and petrochemical 
activities. 


GKN likely to lose in bid| Be ] gh "“ 


for £190mE. Germanplant 


BY LESLIE COUTT 


east BERLIN, May 25. 


No Swiss companies are in- 
cluded but continuing Swiss 
interest in Britain has been con- 
firmed by the announcement 
here that a high-level mission 
led by Dr. L. von Planta. chair- 
man of Ciba-Geigy and head of 
the Swiss Industries Association, 
will visit the UK in November 
at the invitation of the Invest in 
Britain Bureau of the Depart- 
ment of Industry. The mission 
will include leading Swiss indus- 
trialists and bankers. 

Swiss companies are well estab- 
lished and are expanding invest- 
ment in Britain. They include 
Ciba-Geigy, Roche Products. 
Brown Bbvcri. Georg Fischer and 
Landis Gyr. Hoffman Le Roche 
is understood to be expanding 
widely in Europe outside Switzer- 
land and Britain is among sites 
it is considering. 

The Basle seminar is the fifth 
organised by the Invest in 
Britain Bureau this year. The 
latest was last week in the U.S. 
It forms part of a campaign for 
foreign investment in Britain. 

With the prospect of North 
Sea oil earnings. Mr. Williams 
told the Financial Times. 
Britain .is a potential growth 
economy and offers the foreign 
investor low labour costs and 
good financial incentives. 


NEGOTIATIONS HAVE been the contract after agreeing, along The French note that trade 
completed between East Ger- with Citroen, to be paid largely between France and East 
many and two Western com- in compensation and after the Germany dlDned last year by 30 
panies. Guest, Keen and Nettie- UK said it would insure the ‘ a J y . 

fold IGNK) and Citroen, which credit in sterling. p * r " nt , 10 ” r 13bn ' and 

have each made a bid to con- The transmission plant is to be ““s deal would provide a badly 
struct a factory in East Germany built at Zwickau, the site of a needed impetus to trade between 
worth £l90m and it is now likely factory where Comecon's most the two countries, 
that the French company will reasonably-priced car. the two- Prench -_ v another 

win. cylinder Trabant, is produced. It re utS Emi SLS. ZS 

The plant, to produce trans- is expected to produce well over couId gQ . ^R^ault during 
missions for a new East German 600,000 drive-shafts annually with This 

car. will be one of the largest half the amount going to the be fo? TH^ca^BlneZ 

industrial projects ever con- Western company as compensa- ^ a D DrorimSiv 
eluded by East Germany with a tioa 

Western company. The rest would be used for “If,, ! 

The French Embassy here new East German cars to replace Tt ? r in°th« 

expects the contract to be the Trabant and the more expen- ca h . f 

awarded to Citroen during a sive two-cylinder Wariburg which 
visit from June 5 to 8 to Paris sells for 18,000 marks here, as 

by the East German Communist well as for export to Czecho- rar 15 Dum 111 “ e 1980s ’ 

Party's leading economics official, Slovakia to be used in new Skoda East Germany is also said to 
Herr Gunter Mitthag. "We would models. be negotiating with Creusot Loire 

be very disappointed if the con- Both of the ageing East of France as well as with a 

tract was not signed," a French German cars are unable to meet number of other Western corn- 

commercial official said. East European pollution Stan- panies on the construction of a 

GKN was thought to have been dards because of their oil-petroi fertiliser plant in the Rostock 

in a favourable position to win fuel mix. area estimated to cost DM 300m. 


may 
order UK 
hovercraft 


Textile industry warned by 


Davignon on MFA protection 


BY RHYS DAYID, TEXTILES CORRESPONDENT 


I know that there is concern 
he U.S. about European moT 


ton 1 oppo «' PT? Multi Fibre come from within the industry that the Ameruan Adrainisti* 
of world £3 but he pointed, to a Com- tion gives to success in the 

in 2 ! conditions. Vicomle muni* role in co-ordinating and in view of the emphasa the. 


1 Dari "non the EEC Com mis- stimulating these efforts. place on com petition m so ma n , 

Soner foV Industry, warned in The industry had tailed to fields in which they are morn 

yesterday exploit its market of 250m people confident as to their competitive- 

fromi in a speech clearly designed to but if it «-*&$ prepared to take nc«. I hope that they *;}{ 

in a jh 5 ™ ' *■ /....m.initi. Tccicinnrp fn iRinmiT this and indeed 


China’s steel growth begins 


BY JOHN HOFFMANN 


PENANG. May 25. 


AN AGREEMENT this week to rising at a rate which encourages for the countries which have 
build Chios’s newest steelworks Chinese economic leaders. Even equipment and knowhow for sale. 

to be installed at Shanghai by so the output in 1976 was a mere It is also a promising prospect 

Japan's Nippon Steel Corpora- 21m. tonnes, the poorest perform- for producers of finished steel 
tion— signals an early practical ance since 1971. who will be competing for con- 

step in China’s ambitious indus- The people's Daily published tracts to supply the materials 
trial expansion. an editorial this week calling on China needs its own indus- 

The agreement and an accom- slee i wor fc ers to accomplish the ^ gathers momentum. 

6 ? m ' t00 " e to £ get by attackinfi Britain has already sampled 
operation were finalised in three main tasks. the potential. The British Steel 


PcL-in- between the China me nriusn ««« 

Mqtinnai WnJ rJ. First, said the editorial, each Corporation announced last week 


National Technical Imnnrt Cor- aalu eunoiw, ettKii aiiiwunccii wsi wevn 

JSSS"" 1 Tecimical import cor steeI enterprise should this year new orders from China worth 
deSatmn achieve its highest technical and £3m., bringing BSC’s total sales 

The rhineoe Vice Premier economic performance. Second, to China since Iasi October to 
K3 T „ h 6 Sh“ E “ e haned ,h P e r $ I* *• <«J« should be pro- £13m. 

ments as the first step in im- duc F. g ln terms of quantity, The announcement coincided 
piemen ting the S20bn long-term with ‘he visit to Britain of Mr. 

trade agreement signed earlier ‘ ro ° Tang Ke ’ the ChineSe Minister 

this vear hy China and Japan. ba * lc agricultural mechanisatian for the Metallurgical Industry. 

They also launch China on its 3£? r / 0 H d tl£°?® d ,?„ 25?* At 1116 same time anotiier h ‘Sh 
programme to achieve an annual T 1 ”” 1 * . by “3 level Chinese delegation, led by 

steel output of 60m tonnes by s “ r J? ss J/l 8 if . Vice Premier Kn Mu and senior 

1985. a goal which will require SEt “ e !nd “stry and development 

the building of ten new iron and b0m- ttmne tar S et & y 18B0 - officials, has been on an extensive 
steel plants in that time. China's “great leap forward" tour of Western Europe's Indus- 

Steel production has been in steel production is good news trial nations. 


port Authority is considering | EUROPE’S T^'^^on “in- wo^mf^rowth" 11 " in the U.S. about European 'SJ 

buying at least two £l5m Super, "J must use the M. Davignon insisted that the petition in textiles. But ln vie, 
IV hovercraft from the British 1 opportunity an prnrided M by_.the main thru st for change must over-riding {mpnrUace 

Hovercraft Corporation, Lynton! 

McLain writes. Oother sales ", 

10 to 20 craft by 1985 could bring : market conditions, 
the BHC orders worth £350m to ; Davignon. 

£3 60m. 

•SiSsSaJs gKlilSS SP 

last week for talks on Possible ^ t ^ U ° nS |as C t 0U f o r the duration age innovation and technological Mr. Dell claimed that if , he 
hovercraft sales. This was made; ,1" erisk and wre in. research and the preparation of European community was to 

clear yesterday after 
augural 
British Rail 

Princess An — . - - . . 

Ostend. Belgium. : liars v ’“ arVresiilr of the continued liberal. “ I hJpr therefore they 

The stretched version of the!- In order t0 slay profitable in recession. Hardly any industries will change iheir politics and 
SRN is due to enter service ' The lon „ er term t 'h C Community were expanding fast and a large live up to their pretentions,’' he 
next month. The choice of; industrv wou |d have to make a number were growing only said. . 

Ostend. rather than Calais or , ma jor effort to specialise and slowly or even shrinking, lead- Mr. Pell al<n defended the 
Boulogne, where the craft will 1 i nn0V ate in both manufacturing ing to serious over-capacity. right of developed trading blocs 

land when the service starts, was j tec hniques and product lines Earlier the conference had such as the EEC ro take action 

based on the high expectation of : M Davignon who was speaking heard Mr. Edmund Dell, the to protect industries such ;is 

sales to the Belgians. j at an international conference Secretary for Trade, criticise the textiles against low enst cam- 

organised by the British Textile UA for failing to come forward petition, and he warned that 

Confederation warned the with a reasonable offer or textile there rould he no guarantee that 

developing countries too of the tariff reductions for the forth- textiles would remain a special 

! dangers of relying on textiles for coming GATT multi-lateral trade case if comparable rirriimstances 

industrial development and he negotiation, the Tokyo round- arose in other industries. 



UK £25m Java plan 


The Indonesia Ministry of Mines 
and Energy has awarded a £25m 
contract to Balfour Beany Power 
Construction, part of British 
Insulated Callenders Cables, to 
supply, supervise and build a 
70 kV. 150 kV. and EHV Trans- 
mission System in the Jakarta 
and West Java area, a Financial 
Times Reporter writes. 


Gulf $1.35bn project 


Nagasaki plan for Concorde 


BY CHARLES SMITH 


NAGASAKI. May 25. 


NAGASAKI AIRPORT in south Prefecture which is at present would cancel out most of the 

west Japan is ideally suited to heavily dependent on shipbuild- benefit nf taking Concorde from 

.become the gateway for Con- Ing fover half the factories in the Hong Kong (assuming that one’s 

The Abu Dhabi Government j eon j e services to Japan from Prefecture arc shipyards). final destination was Tokyo 

and three foreign oil companies j South-east Asia and possibly also He also makes a convincing which is true or 60 per cent of 

are about to sign a $l-35bn pro- 1 Europe, the governor of Naga- case for the airport’s claim to international passengers arriv- 

ject to collect, process and jsaki, Mr. Kanichi Kubo, believes, serve as an entry point to south ing in Japan 1. 

export gas gathered from thej lQ aQ intervlew wilh ^ western Japan. Passengers in Time saving would he valuable 

emirates onshore oilfields.- Financial Times Mr Kubo said an d out of the region arc From Singapore, however, or for 

Reuter reports from Abu Dhabi. expected in exceed 20m per year passengers Hying Concorde hy 

The Fnreum partners are Royal id rihS by the mid-1980s which will be the southern route fi.e. crossing 


caise des Petroles (CFP) 
Partex. 

will be called Gasco. 


and 


Dutch/Shell. Corapagnje F ran- [ ^““f’ree '“of '“t^’noTse ^ more than could be handled India and" South-east AslaT from 

‘r. * : . * .. . he *»vi«;rtn«T flc.ikn inter- 


nn, „ d problems that bedev f othlr by ^ existins 0saka intEr - Europe. 

The proposed company j ai^orS Ae also national airport and the "semi- Passengers 


Tanker order changed 




THE SE1YU STORES, LTD. 

Tokyo 


SEIYU 


DM 100,000,000 

Convertible Bonds due 1986 


l3 4 0/ 


WESTDEUTSCHE LAN DES BANK 
GIROZENTRALE 


NOMURA EUROPE N.V. 


BANQUE DE PARIS ET DES PAYS-6AS 


CREDIT LYONNAIS 


D AH CHI KANGYO BANK 
(Schweiz) AG 


ORION BANK LIMITED 


UNION BANK OF SWITZERLAND 
(Securities) Limited 


S. G. WARBURG A CO. LTD. 


Algemena Bank Nederland N.V. 

A. E. Amea A Co. 

Limited 


Richard Daue C Co. 
Banklsrs 


Samuel Montagu A Co. 

Limited 


Ameterdam-Rotterdem Bank N.V. 

ASiAC - Asian International 
Acceptances A Capital Limited 

Associated Japanese Bank (International) 
Limited 

Bachs Halsey Stuart Shields 
Incorporated 

Bancs Commercials Italians 
Banco del Gottardo 
Banco Nadonole del Levoro 
Banco di Roma 

Bonk ol America International 
Limited 

Bank Jullua Baer International 
Limited 


Den D Brake Bank 
af1B7l Aklieselskab 
Den norske Credltbank 


Morgan Qnmtell A Co. 
Limited 


Deutocho Bank 
Akliengesell.chaft 


Morgan Stanley International 
Limited 


MTBC A Schroder Bank SJL 


Deutsche Girozentrole 
- Deutsche Kommunalbank — 


New Japan Securities Europe 
Limited 


The Development Bank of Singapore 

Limited 


DG Bank 

Deutsche Genessenschaftsbank 


The Nlkko Securities Ca„ (Europe) Ltd. 
Nippon European Bank S JV. 


Bankers Trust International 
Limited 


DlUon, Read Overseas Corporation 

Drosdner Bank 
Aktiengesellschaft 

Drexel Burnham Lambert 
Incorporated 

Effect enbank-Wartnirg 

Aktiengesellschaft 


The Nippon Kangyo Kakumaru 
Securities Co^ Ltd. 


Nomura Europe GmbH 


Nomura International (Hong Kong) 
Limited 


Norddeutsche Lsndeabank 
Glrazentrale 


Bank fur Gemelnwlrtschaff 
Aktic nge se 1 1 schatt 

Bank Meet A Hope NV 

The Bank of Tokyo (Holland) N.V. 

Banque Bruxelles Lambert SJL. 

Banque Francalse du Commerce Extirtaar 

Banque General* du Luxembourg 

Societe Anonyms 

Banque de flndochlne et de Suez 

Banque Internationale b Luxembourg SJL 

Banque Nationals de Paris 

-Banque de Neuflize, SeMumbergw; Mallet 

Banque Populaire Suisse SJL. Luxembourg 

Banque Rothschild 

Banque de I’ Union Europeenne 


European Banking Company 
Limited 


First Boston (Europe) 
Limited 


Robert Fleming A Co. Limited 


Fuji International Hnanc 
Limned 


Sal. Oppenhelm Jr. A Cle. 
Osakaya Securities Co^ Ltd. 
Pferaon, Haldrlng A Pierson N.V. 
PKbanken 

Privatbanken Aktleaelskab 
Rothschild Bank AG 


Glrozentrale und Bank 

der Asteneichtschen Sparitasaeti 

Akilengesellachatt 

Goldman Sachs Intomatlonal Corp. 


N. M. Rothschild A Sons 

Limited 


Salomon Brothers International 
Limited 


Sanyo Securities Co* Ltd. 


Group* merit des Banquiers 
PrivSa Geneva la 


J. Henry Schroder Wagg A Co. 
Limited 


Hambros Bank 

Limited 


Singapore Nomura Merchant Banking 

Limited 


Hessisehe Landesbanlc 

- Glrozentrale - 


Baring Brothers A Co., 
Limited 


Hill Samuel A Co. 
Limited 


Bayeriaeha Hypatheken- und 
Wechsef-Bank 


E. F. Hutton A Co. N.V. 


Beyerischa Landesbank Glrozentrale 
Bayerisehe Verelnsbank 
Bergen Bank 

Berliner Handels- 
und Frankfurter Bank 


Induetriebank von Japan (Deutschland) 

Aktiengesellschaft . 


Jardine Fleming A Company 
Llmilod 


KJobenhavna Handelebank 


Skandinovlska Ensklfda Sanken 

Smith Barney, Harris Upbam & Co. 

Incorporated 

'Societe GenArata 

Sodete Gene rale de Banque SJL 

Sparbankemas Bank 

Strauss, Turnbull a Co. 

Sumitomo Finance International 
Sven ska Handelsbanken 


Klefaiwort, Benson 
Limited 


Swiss Bank Corporation (Overseas) 
Limited 


Bfyth Eastman Dillon & Co. 
International Limited 


Catssa das Depots at Consignations 

Chau Manhattan 

Limited 

Christiania Bank og KredKki 
Citicorp International Group 

Commerzbank 
Aktiengesellschaft 


KradisibankN.V. 

Kredletbank SJL Luxembourgeol» 
Kuhn Leob Lehman Brothers Asia 


Taiyo Kobe Finance Hong Kong 
Limited 


Trident international Finance 
Limited 


Xyowe Finance (Hong Kong) 

Limited 


"Irinka ua A Burkhardt 


Lazard Brothers A Co. 
Limited 


UBAN - Arab Japanese Finance 

Limited 


Lazard Frbres et Cie 


Union de Banquas Arabea et Francalses 
- U.BJLF. 


County Bank 
Llmilod 


Lloyds Bank International 
Limited 


Credltanotatt -Bankvereln 
Credit Commercial de France 
Credit Industrial at Commercial 
Credlto Itallano 
Credit Suisse White Weld 
Limited 

Dahva Europe N.V. 


Manufacturer* Hanover 
Limited 


McLeod, Young, Wair 
International Limited 


Merrill Lynch International A Co. 
MltsuMsbi Bank (Europe) SJL 
Mitsui Fhtanee Europe 


Vetelna- und Westbank 
Akliengeaellscnatt 

J. Vontobel A Co. 

M. M. WartHirg-Brfnckmann, Wktz a Co, 
West LB International SJL 
Wood Gundy Limited 


Yamaldil International (Europe) 
Limited 9 


Limited 


Yamotane Securities Co, Ltd. 



A Polish shipyard has agreed to 
convert a Norwegian shipowner’s 
order for a 75,000cm liquefied 
petroleum gas (LPG) tanker, 
hpcause nf th** continuing poor 
market for LPG tonnage. Fay 
Gjester writes from Oslo. 


. , switching fmni 

claims that Nagasaki airnorL Inten,at i° na , 1 , . airport of Concorde to a domestic flight at 

which opened two years a^. is £ uku . oka < handling flights to Nagasaki would enjoy the 'wind- 

ideally suited to become a third fall advantage of arriving in 

Japanese international airport, in over* To . ky *ii ll I ? ;inpda airport which is 

taking some of the strain off the before th*. Government can o\er- only 45 minutes hy car from the 

overworked alrports of Tokyo SISZTi cil \ ccnlTC <* »l the 

and Osaka building of a new Osaka much more distant nou- intA*. 


, c more distant new inter- 

airport and that serious space narional airport at Narita. 

Mr. Kubo. who launched the problems exist at Fukuoka, Mr Kuho claims that the 

Nagasaki airport project eight Nagasaki airport which is sited Government is "extremely 
years ago when he became on its own man-made island at interested” in his Concorde cam- 


TnvtVfld thoVolri Ji hniM ^vi Governor, is the moving force present lias a single 3.000 metre P ai Rn not least bemuse or the 
Instead. the vard wiU build two| behind an - intemational air ™ n wav liust lone enough for S12?- .ZLIFS i 


roll-on. roll-off car carriers for 
the owner, Leif Hoegh. 


Goyan Arab bid likely 


Goven Shipbuilders is to tender 
for several container ships 
expected to be ordered shortly 
by the United Arab Shipping 
Company, a Financial Times 
Reporter writes. The yard 
launched the last of 19 23,000- 
tonne cargo vessels for the com- 
pany yesterday. 


£8m rail wagon sale 


Hawker Siddeley Canada has been 
awarded three railway freight- 
car contracts totalling about 
£8m, a Financial Times reporter 
writes. The largest, worth £4.35m, 
is from the Canadian Inter- 
national Development Agency 
for 205 freight cars and main- 
tenance spares for export to 
Tanzania. 


Oman oil contract 


Kellogg Continental has won a 
contract for engineering and 
construction management of the 
Amal/Marmul development pro- 
ject, two oil fields being brought 
into production in Dhofar, in 
southern Oman, which are 
expected to add significantly to 
the country's supply of crude oil 
in the next two to three years, 
a Financial Times reporter 
writes. Estimated cost of the 
total project has been put about 

$300 m. 


Ttaly building deals 


Two Italian companies have won 
large contracts in. the Gulf area, 
AP-DJ reports from Rome. The 
first, by Societa Si eel Italy. Is 
for prefabricated metal struc- 
tures in Saudi Arabia, and 
worth L65bn. The second, by 
Societa Costruzioni Meccaniche 
Industrial! (CMI). is for desalin- 
ation units and cranes at the 
Bandar Abbas steel plant, and 
is valued at L23bn. 


, „ . runway (just long enough for likely impact of a Concorde pur- 

transport study group consist- Concorde) but plans exist to C hase on Japan’s uneasv trade 

ing of top businessmen which extend this to 4,000 metres. relationship with Europe' 

held its first meeting in Tokyo a further expansion which He acknowledges, hnwcvnr. that 
last week to consider the pros- cou id be carried out over the for the time being his lohbving 

pects for introducing Concorde, next seven to eight years at efforts are confined to winning 

He plans to flv to Paris next roughly double what it cost to over opinion in the business 
month to explain his ideas tD build the original airport would world and that formal approachus 
Aerospatiale and Air France provide a second 4,000 metre to central government officials 
(Japan being “ French territory " runway parallel with the first and will come later, 
so far as the Concorde sales increase passenger handling faci- in the meantime ao one who 
effort is concerned). Mr. Kuho lilies to the point required for meets either the Governor him- 
will then fly by Concorde from handling international flights. seif or auy member *f his staff 
Paris to Rio de Janeiro where Transfer flights from Nagasaki is being allowed to get away 
celebrations are under way to would take 30 minutes to other without a dose nf airport pro- 

commemorate the 70th annlver- cities in the main southern paganda. An aerial view of MV. 

sary of Japanese emigration to island of Kyushu, one hour and'Kubo’s pet project appears on 

Brazil. 20 minutes to Osaka and one the back of his business card and 

Mr. Kubo evidently sees bLs hour and 45 minutes to Tokyo, will soon appear on the business 
new airport as one of the keys to Mr. Kubo admits that the cards oF all members nf Naga- 
the economic future of Nagasaki transfer time on Tokyo flights saki Prefectural Government 


Albras financing nearly settled 


BY DIANA SMITH 


RIO DE JANEIRO, May 25. 


FINANCING FOR the S960m report discloses that in this (255,000 tonnes a yearl because 
Albras aluminium project, a decade, Japanese interests have of difficulties in the world pulp 
faint vpntur,. hetwppn Rmrii’s committed themselves to a total market. 
t , . . , of S2.6bn investment in CVRD's The Flonibra reforestation 

state-run mining conglomerate, iron Qret wood> pulpi a i un , inillin destined for the north of Espirito 
Lompanhia Vale Do Rio Doce and alumina projects. Santo state and south of Bahia 

(CVRD) and Japan’s National The Albras project is coupled state, calls for a S800m invest- 
Aluminium Company (Nalco) is to tjje Alunorte alumina project, raent. of which S56ra have . been 
closer to completion. 5. ®* 10 m enterprise in which apnlied so far. • \ 

rvtm *-iii with *oqn m Nalco also has a share. CVRD- Finally, the Bibrasco pell*. 

11 e ^. te ^ Ja P a n«e associations include ised iron project in which CVKD 

Sartner? WD {Srouffh* 8, 'Lralfnaw deve,0 R men t °. f Capanema holds 51 per cent Nippon Stdel 
partners, through Japanese haematite and itabarite mines in 25.39 per cent and other JaD»- 

S^« dI ara tob sou e nSS m ^ ^VRO ese companies the remiSfc 


ssJL^^rS 


as * wstAfuA 

In a private report to the Gov- Japanese companies. 


Computers for USSR 


Ferranti has received an order 
valued at nearly £1.5m for 10 
Areus computer systems for the 
USSR. a Financial Times 
reporter writes. The order has 
been placed by Simon Carves as 
the main plant contractor, on 
behalf of Techmasbimport 


New India airline 


The Indian Government plans a 
third public-sector airline to 
cater for remote areas not 
covered by the domestic Indian 
Airlines or the international Air 
India, K. K. Sharma writes from 
New Delhi. The new airline is 
to start functioning within six 
months, with services to about 
60 cities where terrain makes 
surface transport difficult. 


Fluor in Thailand 


Fluor Ocean Services has 
received a letter of intent from 
the Natural Gas Organisation of 
Thailand authorising the com- 
pany to proceed with the initial 
phase of a S400m-$500m > natural 
gas development project a 
Financial Times reporter writes. 
The value of the Job to Fuor was 
not disclosed. 


Venezuela power 


Hitachi's subsidiary. Hitachi 
Plant Engineering and Construc- 
tion, has won a- Y15.2bn Vene- 
zuelan order to Install ID 
hydroelectric power plants, 
Reuter reports from Tokyo. 






Chemical 
imports rise 


RIO DE JANEIRO. May 25. 
THE QUARTERLY review 
foreU® trading results of Brazil’s 
200 largest companies, produced 


of 


Michelin plant approved 
after controversy 


BY OUR OWN CORRESPONDENT RIO DE JANEIRO, UayM 


ma , e he bS. 0 s f howf i , 1 ^, f S?P MICHELlrf'S ' CONTROVERSIAL .ought. Instead it will r«ia* 


bureau, shows that mult wkikuvehsial sought. Instead it wi 

national chemical and pharma- ? ro ? osa ! for . a t * lm P lan .t in Rio special export benefits, 
ceutical comnania. arP*™.?? de Janeiro state, producing L400 


ceuucaJ companies are still rteel-thread radial tvTes a dav K^orth adds frma 

impornng^much more than they f„ r hSS lirriof" ASST Helsinki: The TVW pap^ 


Zp rt ',h Clr f TOd ffl bV 0 SetJ“G!S ^ »™P- one' oC\5* 

d0 ^ tb e opposite. Brazil's pTesident * world 's leading manufactures^ 

In the first quarter of 1978, the . paper machines, is to open-jt 

state-owned oil conglomerate. Michel in's proposals have been factory in Brazil. TVW > w w 
Petrohras, and mining conglo- criticised by local competitors, formed by Tampella, Valmet .aw 
merate, Companhia vale do RJo including Firestone, Goodyear, Wartsila, Finnish specialists’ 
Uoce, headed the list of Brazilian Goodrich and Pirelli, who say the machines and equipment 
exporters, with S42.2m for the Brazilian tyre market has been paper and pulp making. ...VjJ 

^ Q »e latter. JP--F?£ cn !..^ a rs -_ and hy . Under the agreement signed T& 


SSx.'SSShSS,.** 7 *" and w.i^S^^S2S!SS!f *w-»M nSm& fm 


Th . - -- s demands unacceptable. Br0U p and investment compa«C 

rpin , lar sest gaps were by Ciba- After opposition from Brazil’s Brasilinvest, a Finnlsh-Braziliv 

Council of .Industrial Develop- factory manufacturing pulp:aiA 
5156,000). Bayer of ment. Michelin . dropped a plan paper machines is to be built 
SmJLta!? l, ^ rt * or ? « ni * w 2? rt ? l .° im P° rt 300.000 tyres free of Sao Paulo, to start up in abOW 
g22 000), Monsanto (imports of duties or tax to test the market, two ycara.The enultv-of the-jol^ 
Si5.3m, exports of 575,000) an.d and agreed to reduce its tech- venture is SSm. The Brazilian 
D r «9j m P 0rta of $12 ’ 2n1 ' ex P° rls nology transfer period to five partners own 52 per cent of tHC 
of S2.4m). years from the 10 years it bad shares. S- 


ECGD claims rise by 41% in a year 


FINANCIAL TIMES REPORTER 


yesterday* "sh n w ^that^d u ri ri e 3 1 h p 3 41 per Short ' term hnsiness-up to W 

year ending W fih si \hl ^ , lhe P revious mon & s credit-accounted For 

ESnSSa.iSSu.'ws s i sas, c,alms paw i£298ra 

SiSl , Tf re £rii;„T r “2 ^ c!aim! in ,„ r , he y Mr «« 

previous c^L'ki “ 9 ’ m pa,d ‘ ,ut in •»s i «K-a» S” 1 ™ 
^5? | a ffi =? ”1 “ " “'-rv/nT'ani S&D^^SE SS 


^ ^ fluctuated 


Claims paid t^expurters^by JiSSK* <£301 “ “ *h. previous betwlep su'd S' "per «ul over 

* J '* the previous decade, 


J 



?’!){* I 






-..Vigl-rt 









'H'd : 

,r °H 


Financial T imes Friday May 26 19’78 

ENERGY REVIEW: THE EEC AND THE NORTH SEA 


BY RAY DAFTER 


APPOINTMENTS 



to a united front 


i * y 

^7511 




TWO REPORTS published on 
\\ ednesday clearly illustrate 
the degree of uncertainty and 
confusion that surrounds the 
picture of world energy supply 
and demand over the next two 
decades nr so, The World 
Bank, relying on recent studies 
hy the U.S. Geological Survey 
and on other unpublished 
estimates, takes a cautiously 
optimistic view, for instance. 
Its report concludes that 
developing countries could help 
to meet a substantial share of 
the world's future oil and gas 
needs and, as a result, there is 
unlikely to be any shortage of 
oil in the next 20 years. 

On the other hand, the UK 
Department of Energy appears 
to be less optimistic. In a new 
report on international energy 
questions, prepared for the 
Energy Commission, the depart- 
ment states that its long-term 
analysis suggests that in the 
mid-1980s energy supplies may 
become a constraint on desir- 
able rates of economic develop- 
ment unless effective action is 
taken to increase fuel output 
in The intervening years. The 
report accepts that the analysis 
l is “ subject to considerable 
■J/, margin of error" and stresses 
— significantly — that the World 
Bank will have an important 
role to fulfil, both in surveyiog 
the range of problems and m 
acting as a catalyst for financing 
the development of various 
'energy forms. 

The trouble is that there 
seems to be no common 
definition of the term " energy 
shortage." No one is seriously 
predicting that lights will go 
nut in the 1980s tat least, not 
unless there is some world- 
wide economic or political 
catastrophe): rather, we expect 
lo face a period of tightening 
fuel supplies and rising prices. 
It is the uncertainties about the 
degree of energy supply con- 
straints and the level of price 
rises that will largely affect 
investment decisions and 
economic growth. And yet. 
conversely. the level of 
economic growth over the next 
decade, together with invest- 
ment in energy conservation, 
will determine to an important 
extent fuel demand and, thus, 
tightness of supplies. 

It is against this complex 
background that Common Mar- 
ket energy Ministers will meet 
privately for dinner on Monday, 
and more formally at a council 
meeting on Tuesday, in another 
attempt to thrash out a state- 
ment on Community energy ob- 


J. Hambro elected 
Phoenix chairman 


;!b Hu; 




. \i* 

i 

/* * 


jectives. What is contained in 
that statement if one material- 
ises, will be influenced by pro- 
gress made with other issues on 
the agenda: the development of 
coking coal production and 
imra-Community trade in pow er 
station coal; schemes to aid 
hydrocarbon exploration pro- 
jects: energy saving measures 
and demonstration projects in 
alternative energies: a bid to 
obtain a consensus on the use 
of nuclear power; and ao 
attempt to resolve the problem 
of over-capacity in the oil re- 
finery Industry. 

But the EEC Ministers have 
already found that energy pros- 
pects and problems appear in 
different lights when seen from 
the viewpoint of a country about 
to become energy self-sufficient 
(Britain) and countries heavily 
dependent on imports (most of 
the other Nine). 

Hence the European Com- 
mission's apparently abortive 
attempt' to gain universal 
acceptance for a package of 
measures to restrict refinery 
capacity and expansion plans. 
Mr. Anthony Wedgwood Bonn, 
the Energy Secretary, with the 
backing of British trade unions, 
has consistently opposed 
measures that would hinder the 
expansion and modernisation of 
the domestic refinery industry- 
He is likely to follow this line 
at next week's meeting. He 
argues that the U.K. must be 
free id gain the maximum 
benefit from its limited offshore 
oil reserves. Mr. Benn is also 
aware that more than flbn is 
being invested in modifying and 
enlarging Britain's refinery' 
base. 

A new refinery designed to 
handle North Sea crude oil is 
proposed by Cromarty 

Petroleum in Scotland: 

Occidental has a partly built 
refiner>' on Canvey Island and 
Phillips and Imperial Chemical 
Industries have been consider- 
ing a major refinery project on 
Teesside. All this is happening 
at a time when European 
refiners are plagued by serious 
over-capacity and, what is more, 
when they fail to see the need 
for any expansion in basic dis- 
tillation capacity for years to 
come. 

It is estimated that about 35 
per cent of Europe's primary 
distillation capacity was surplus 
to requirements last year. The 
position would have been much 
worse had the oil companies 
not voluntarily closed (either 
temporarily or for good) more 
lhan 80 m.-tons-a-year of capa-; 
city in 1977. As a result of the 
EEC deliberations oil 'ewn-i 


panics are ' likely to be 
encouraged to continue putting 
their house in order. The 
European Commission’s pro- 
posed enforced closures and 
restrictions on throughput are 
almost certain to be dropped in 
view of air. Bern's opposition, 
and the resistance of U.S. oil 
groups worried about anti-trust 
legislation. 

But that does not mean That 
ail the recommendations will be 
quashed. The Commission may 
receive ministerial backing for 
some limiting of Community 
and. possibly. State aid to new 
refinery- projects. And there 


frame its own policies relating 
to the exploitation and develop- 
ment of North Sea reserves un- 
fettered by Brussels. The 
management of " our oil " has 
become something of a crusade 
for Mr. Benn. 

But there are signs that UK 
North Sea policies are now 
being scrutinised more closely 
by the European Commission, 
particularly with the growth of 
State controls and the influence 
of the British National . Oil 
Corporation. The Government is 
already in discussion with EEC 
officials about possible modifica- 
tions to the Offshore Supplies 


BNCC’s EQUITY INTERESTS IN OILFIELDS 
UNDER DEVELOPMENT 


Estimated Estimated 
recoverable year of 


Estimated 

BNOC 


Field 

Operator 

reserves* 
(m barles) 

first 

production! 

equity 

% 

Thistle 

BNOC 

550 

1978 

16^ 

Ninian 

Chevron 

1.215 

1978 

21 

Dunlin 

Shell 

585 

1978 

12 . 

Statfjord]; 

Mobil (Norway) 

305 

1979/80 

3133 

Murchisonf 

Conoco 

315 

1980 

3333 


* Corporation figures for total recoverable reserves, based on operator's 
estimates. 

In multiple platform developments the reference is to the year in which 
oii is to be produced from die first platform. 

X Statfjord and Murchison fields lie partly in the Norwegian sector of the 
Nn-th Sea. Reserves and BNOC equity are based on the US sectors 
only. 

Source; BNOC T977 annual report 


seems to be general acceptance 
both among governments and 
in industry, that Brussels should 
be encouraged lo undertake a 
.serious study of future imports 
of refined products from 
Eastern Europe and members 
of the Organisation of Petro- 
leum Exporting Countries. 

As Mr. Bill Scott, manufac- 
turing co-ordinator of Shell 
Internationale Petroleum Maat- 
:chappij, told the European 
Petroleum and Gas Conference 
in Amsterdam this week: “ If 
refiners do what they can 
help themselves, and if the EEC 
looks more closely at the rules 
of the game for products 
imports, 1 believe the combined 
impact of these measures could 
make a significant contribution 
toward reducing the scale of the 
problem over the next few 
years." 

If this is indeed the outcome 
of next week's ministerial meet- 
ings then Mr. Benn will have 
every reason to feel satisfied. 
Once again he would have 
demonstrated that the British 
Government is determined to 


Interest Relief Grants scheme. 
These grants are made under 
the Industry Act in order to 
reduce the cost of credit to 
finance the supply of UK goods 
and services to companies 
developing oil and gas resources 
in British waters. 

The Energy Department has 
now been made aware that the 
Commission is paying particular 
attention to the way offshore 
policies relate to several Treaty 
of Rome articles. At the top of 
the. list is the Government's 
insistence that all UK North 
Sea crude oil must be landed in 
Britain unless a special waiver 
is given by the Energy Secre- 
tary. This provision was 
included in the North Sea 
operating rules in order to pro- 
vide the UK with security of 
supplies and to encourage the 
domestic refining of the oil. 

Two years ago the issue was 
raised in the European Parlia- 
ment by a Dutch Socialist repre- 
sentative, Mr. Arie van. der Hek. 
He questioned whether the laws 
of the Community were being 
contravened because (a) non- 


UK oil .companies were facing 
higher .-transport costs than 
would be^necessary if they were 
allowed' to send oil where they 
wished, and (b) certain ports in 
EEC member countries near the 
North Sea could be put at a 
disadvantage. 

Mr. van - der Hek was con- 
cerned 'about the landing issue 
contravening Article 34 which 
forbids quantitative restrictions 
on exports which might hinder 
deliveries of goods to other 
Member states. 

The British Government was 
asked to examine its policies in 
the tight of Community law. 
Since then nothing has hap- 
pened, partly because no-one has 
made an official complaint and 
partly because the Government 
has been able to show that the 
long-standing landing require- 
ment does not restrict exports. 

However, the issue has re- 
emerged, for two main reasons. 
First the.. German Deminex 
Group was. unhappy about the 
restrictions on the transport of 
its crude oil from the Thistle 
Field which came on stream 
earlier 1 this year. After a good 
deal of wrangling. Deminex 
agreed to land 50 per cent -of 
its share of oil in the UK; the 
tankers are .alternating between 
British and German ports. 
Deminex wanted the rules to 
be relaxed further but the con- 
flict now seems to have largely 
evaporated, thanks to a deal 
involving BNOC and some of 
Deminex’s. - parent companies. 
The State corporation is to sell 
to German refineries “as a 
normal commercial transaction" 
some of its own crude dll won 
from Thistle and other North 
Sea crudes. 

The second reason has been 
less well publicised. For some 
time now the French Govern- 
ment has been discusing with 
the European Commission pos- 
sible changes in its own man- 
aged oil : market. A number of 
modifications to the French oil 
refining' and distribution licens- 
ing system now seem likely but 
France is asking that the British 
landing, requirements should be 
reviewed. 

Howevet, there ..are .'other, 
issues wfcriying the Commission 
which has noticed the recent 
public criticism by some oil 
companies, of UK .North Sea 
policies "and the growing role 
of BNOC^ (This rising tide of 
criticism.' is also being treated 
seriously by Mr. Benn and Lord 
Kearton* chairman of the State 
oil grou& as shown by tbeir 
recent discussions with oil in- 
dustry leaders.) 


The question arises whether; ■ 

BNOC’S activities are contra-; Mr. Jocelyn Hambro has been 
vening the Treaty, in particular! 

Article S6 which relates to Lo L’Se. whS 

abuse bv one or more under- has retired from the Board in 
takings of a dominant position." accordance with his intention 
and Article 90 which covers the announced in March. Mr. Hambro 
activities of public undertakings. ^ as been a director! jf Phoenix 

Assurance since !Ua2 and was 

BNOC is playing a much elected a deputy chairman earlier 
more active part in North Sea this year. Sir Seymour Egerloo 
exploration and development It bas k* en re ' e l ecl *d deputy chuir- 
has been given Its own batch ‘ * 

of licences and it has gained a ! Sir Arthur Norman has resigned 
51 per cent, participation stake; from the London Board of the 
in most North Sea groups with j BANK OF NEW ZEALAND. He 
commercial fields. Bv 1980 the h . ad ■**» a member of that Board 
Corporation, .nmdta* to stork- |SSf ur i* La Roe 

brokers \\ ood. Mackenzie, will ,and was president of the CBt from 
have gained access to Ira bar- 138S-70. 
rels a day nf crude fmuch * 

more than the Royal Dutch/ Dr. L. Turner has been 
Shell group's current crude oil ! appointed executive secretary of 
sales). Increasingly the Cor- 1 CHEMICAL 

p oration is influencing the way TOxVoJLOG Y CENTRE froS 
oil companies undertake work! August I. He will bc based in 
in the North Sea, as an equiry > Belgium, 
partner, as a state participation ' * 

member of operating groups, j Two appointments have been 
and as a government adviser, made »o the Board or 

Furthermore, the Corporation ; beard iHOLD- 

has been given the right of first I J?£ta P i i J5 ey Mr ' 

„ , . * . I Cunningham, managin': director 

refusal in any licence changes. 1 0 f the company’s underwriting 

The industry's concern about I member Rose Thomson Young, 

““ ? nd conflicting ! director" ’S™ t^* 1 SES 

roles of BNOC is real, however | «ubsi diary. Folhvell Insurance 
much they are repudiated by j Holdings. 

Lord Kearton. Conflicts must ! ★ 

inevitably arise. As a case in [ Mr. Michael Dnwdlng. consulting 
point, BNOC is acting as a ! engineer, has suceeded Professor 
government adviser on the de- {SSJtai c f, «r&ra-r?- reside,lt of 11,6 
velopment of Mesa Petroleum's ME™-' 8 SOCJETV 
.Beatrice Field. But at the same „ 

HT !* H Tfi** appointed manag^di^to^of 

stake in the field as part of the THERM AUTE. a subsidiary of 
proposed licence change in- ( John Laing and Son. 
voicing Kerr McGee and . ★ 

Creslenn. Furthermore. I un-j Mr. Mat Facey is to become 
derstancl that BNOC has been i managing director of METRIC 
anxious to secure sole evplora- 1 FASTENERS and of SNW from 
tion rights in a promising retirement of Mr. 

block very close to (he Beatrice I + 

di5CCA er) . , Mr. Robert Malpas. at present 

All this is being noted in J an executive director of 
Brussels although the Depart- ] ff-ffffRhYL CHEMICAL INDUS- 

rmL«s ,ersi F=r pp r r i t « b a «■»"" itoirSd a s 

undismayed. For a start it member of the Board of HALCON 
points out that BNOC’s equity INTERNATIONAL INC. He will 
stake in North Sea oil reserves be leaving 1CI at the end of 
is far from dominant and less j Aucust to take up his new 
than that of some of the private at the besinnins ° r 

groups. (The State's share D f P - * 

licensed interests is said to be Mr . nimm Kessler and Mr. 

about ;I0 per cent) John Drysdale have resigned from 

More fundamentally, however. ^5- ? 

/'-....a ,-. e . _ AND CO. Mr. Kessler -leaves to 

the Government in framing its become director and general 

offshore legislation has been manager of a Zurich-based invest- 
partieularly careful to make sure ment advisory company associated 
that no EEC rules are broken, with Robert Fleming Holdings and 

In spite of suspicions in Brus- Co ' 

sels and of protests from more Sf Ro^£rt fteS 

vocal members of the oil m- investment Management in Lon- 
dustiy, no formal complaint has don. Two other directors of 
been^ made- against Britain’s i“ rdine Fleming. Mr. Robert 
North Rea nnlieipa to the Rnrn. Thomas and Mr- Christopher 
rnimSillin Yl* Grubb - Piously in Tokyo and 

pean Commission. Ana this. Singapore, have returned to Hong 

after all, must be the acid test Kong. Mfa. Iain Saunders has be- 


come manager of the Tokyo office 
and Mr. Adam Fleming, manager 
of Jardine Fleming (Singapore) 
Pie. 

★ 

The Lord Chancellor has 
appointed Mr. IL L Neve as 
president of the IMMIGRATION 
APPEAL TRIBUNAL from June t 
in succession to Sir Derek Hiliun. 
who is retiring. 

★ 

Mr. J. A. Tallent retires ns 
senior partner of W. X MIDDLE- 
TON AND CO., stockbrokers, on 
June M, but will remain associated 
with the firm. Mr. M. N. Kemp- 
Gee is io be senior partner, and 
Mr. G. IL Ashley. Mr. R. U M. 
M airhead and >lr. J. A. Davis wifi 
become partners on that date. 

★ 

Mr. Shlumo Ziv and Mr. Richard 
Arnionn have been appointed 
senior deputy managing directors 
of BANK HAPOALIM BM. Mr. 
Ziv, previously comptroller of the 
bank, wit be rcsponiible ex officio 
for all matters relating lo liabili- 
ties. and Mr. Armonn, who was 
deputy managing director and in 
charge of credits, will now be 
cx officio responsible for all assets 
of the bank. 

Mr. Len Barons has been 
appnmied to the Hoard of CMS 
COMPUTING. He Is a director of 
wire-makers Johnson and Nephew 
(Non-Ferrous). 

* 

Mr. David Martin, formerly 
assistant managing director and 
financial controller of Cossor 
Electronics, has been appointed 
financial director of the holding 
company A.C. COSSOR. 

* 

Mr. Edward J. Turner has been 
appomled to the main Board of 
SECOMETR1C. Mr. A. M. Edward* 
joins the Board or Sccomelric 
(North). 

★ 

Mr. Roger Bowl's, previously 
media director and a Board 
member at McCann Erickson 
Advertising, has been appointed 
advert isenienl soles director, 
MIRROR GROUP NEWSPAPERS, 
from July l. 

* 

Mr. II. L. K. Browne, chairman 
of London and Manchester 
Assurance Company, has been 
elected chairman or its subsidiary. 
WELFARE INSURANCE COM- 
PANY. He succeeds Mr. Lewis f>. 
Whyte, who has retired from the 
Board. Mr. D. A. L. Jubb, chief 
executive of London and Man- 
chester. will also become chief 
executive of Welfare on July I. 
Mr. U. H. Baker, a director of 
London, and Manchester - and of 
Welfare, will relinquish his posi- 
tion as general manager of 
Welfare on June 30 and become 
general manager (investments), 
responsible for the asset holdings 
of Ihe group. Mr. K. H. McBrieo, 
a director of London and Man- 
chester and general manager 
(marketing), has joined the Eoard 
of Welfare with responsibility for 
marketing within* the .group. 

Welfare lnsuraocfe:.;movc.s its 
head office front . -Folkestone to 
Exeier next month. 


Are you giving this man an eight hour 

pay packet for a six hour day? 



Consider for a moment how much that effectiveness 
depends on you. 

Put him in the wrong truck and chances are his real 
productivity will plummet. 

His truck will break down, gulp fuel and maybe spend 

four hours on what should be a three hour journey. 

Any of which will meanyou’re not getting your money’s 
worth. 

Put him in a Mercedes-Benz truck on the other hand 
and you’ll find he’s driving a truck that’s reliable, economical 
and durable. A truck that can be really hammered and 
hammered hard. 

A truck that will spend less time off the road and more 
time making deliveries. 

You may well find that as a result of investing in a 
Mercedes-Benz fleet you’ll end up paying your drivers more. 
That’s no bad thing. 

Because your driver’s pay packet can be a direct 
reflection of your profitability. 

Speak to your transport manager now. Check out your 
operating costs for yourself? 

Ana in the meantime, ask your 

ad to your letterhead pl ppB 


When you take on a driver you’re not buying his time. You’re you’rein a position to realise ***$&& 

having the knowledge that your truck and its load is insafe hands. the viability of Mercedes-Benz T'\ 

You’re buving what’s hopefully going to be part of an efficient trucks all the relevant information wilTbeon your desk. ( JL ] 

distribution service. In short you’re buying this man’s effectiveness in ■ Mffl^-BenZ. The Way evety truck shouldbe builtfOv 

delivering your goods. » Mercedes-Benz (UK) Ltd., P.O.Box 753, London SE1 5JZ. 





8 


Financial Times Friday May 26 1978 


HOME NEWS 



Engineering 

industry 


its slow 
recovery 

By Kenneth Gooding, 

Industrial Correspondent 
THE ENGINEERING industry 

cnntiaued its laborious recovery 

in the three months to the end 
of February, according to 
Department of Industry statistics 
published today. 

Order books improved by 1 per 
cent, mainly because home 
market a rde re-on -hand streng- 
thened. 

The figures are in line with 
the recent Engineering Em- 
ployers' Federation forecast, 
that the outlook for the rest of 
this year is for continued slow 
recovery. 

The inflow of new orders from 
the home market was 3 per cent 
above the previous quarter, 
according to the statistics pub- 
lished in Trade and Industry 
magazine. 

Overseas 

This improvement, attrlbnt- 
able mainly to some mechanical 
engineering sectors, resumes the 
recovery which occurred through- 
out 1976 but was interrupted in 
the first half of last year. 

Home order books rose by li 
per cent between the end of 
November and February. 

The increase in new home 
orders was reinforced by a 
strong rise in orders from over- 
seas. resulting in a 4} per cent 
increase in the trend for the 
combined markets. 

The Denartment of Industry 
suggests the high February in- 
take of export orders was 
largely due to a few individual 
contracts — in metal-processing 
machinery, generating equip- 
ment and electronic capital 
goods. But this level was un- 
likely to he maintained. 

Export orders-on-hand have 
on average remained un- 
changed for several months, 
with some fluctuations in the 
level. 


Make Enterprise Board 
more accountable— MPs 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

PROCEDURES for making the Sir Leslie Murphy, the Board’s its general role is believed to be 
National Enterprise Board more chairman, has objected strongly under .study by the Commons 
accountable to Parliament are to to the Auditor-General being Select Committee on Procedure, 
be proposed by the House of given such access, but be appears • Margaret Reid writes: Mr. du 
Commons Public Accounts Com- to have few sympathisers among rann as chairman of rite com- 
mittee In about two. months. the MPs on the committee. mittee, has asked the Auditor- 

^ *85* a .„ w ^ e £ The role of the Auditor- General to look into certain 

examination by the committee of General ts therefore likely to be aspects of the Board's £5ra. 

Lo? L atI0na . d * 3 . * central feature of the com- investment in the former tanning 
gtate^ed concerns re ate to mittee ' s report and co U i d stattt a interests of Barrow Hepburn 
Farhame t and may also be row a j a w tjen future Group. 

expanded to take in the position 0 f the Board after the next A ° equally-owned new com- 

of the British National Oil Cor- G enera i Election is a key poll- P a ny- British Tanners Products, 
poration. tical was set up last year bv the Board 

The committee, under the conservative Partv would and Barrow Hepburn to take over 

chairmanship of Mr. Edward du to aSTSe B mnd? entS ^ese loss-making interests. 

Cann. the Conservative HP. has JSJ®. ^ £ Mr. Michael Grylls. Conserve 

discussed the issues involved £ reunai roie and limit it to t j Vfi jjp f Qr c urrev nw. has 
with the Board, and with the com P an y for written to Mr. du Cann. suggest- 

Departments of Industry and ,n S companies. j ng that ^ Board has misled 

Energy. the committee. 

In particular, the committee Strategy Mr. du rang said yesterday: 

Sh!*?..,'™!' p r?P° M ' ‘‘ On the other hand, the Labour “ I ‘■“re asked the Comptroller 

Douslas Henley. t1 the 1 Comptrolfer 'i T? tata’rl m 

— . -a_ The board is carrying out a 

very care'ul re-examination of 
its own statements and of Mr. 
Grylls* letter, a copy of which 
has been sent to It. 

Last night, the board com- 
mented. “Any suggestion that 
the NEB would deliberately mis 


made last autumn tnat fair 7- r.r- 

General who is res- a^ntrV^eature ^oTa^future inquiry into the facts presented 
pousible fo/ carrying out ’S Lah ? “r Governmeufa tad 
investi cat ions, should have direct e 

access to the Board’s books. The role of the Auditor-General 
At present, the Auditor- in assisting MPs to scrutinise the 
General can only examine docu- operations of Government Depart- 
ments sent by the Board to tbe meats and State-run concerns is 
Committee, and does not have a also likely -to become more con- 
free-ranging brief to examine all troversial in nhe coming months. 


Trust 
Houses 
seeks 12% 
dearer 
rooms 

By David Churchill 


A 12 PER 
crease in 


Airline chief urges 
stricter security 
checks on baggage 


BY SUE CAMERON 


THE SAFETY of 
in. sengers is being 


airline pas- lines. The latter do not always 

rvvr in « sengers is jeopardised have the authority to make the 

wF'rnnm nriiSs! because thousands of potentially kind of baggage checks they j 

2J3S hvTrost HousS^ Forte £■ lethal household items escape would like. . . 

sought by Trust Houses rone is a e security checks, a My own unit is Investigating < 

to be investigated by the Pnce| o _&._ L AJ „.,„. C executive told an average of 20 Incidents perl 


It is 20 too 


the Board's files. 


In addition to the Board issue, lead the committee is nonsense.’ 


Rolls wins 

generator 

contract 


By John Lloyd 

ROLLS-ROYCE has won a £10m 
contract from the Centt-al Elec- 
'tncity Generating Board to 
supply the main generating plant 
• for a gas turbine power station 
-at Cowes. 

■ Rolls has sub-contracted the 
design and supply of two genera- 
tors to C. A. Parsons, worth 
around £2ra. 

The new power station, which 
will lie the only one on the Isle 
of V.'ieht. will be commissioned 
■ a 19S2. Tt will generate 140.000 
kilowatts, and safeguard the 
band's supplies, at presently 
wholly dependent on high vott- 
■aio cables from the mainland. 

Thn installation will be made 
up of two Rolls-Rnvce sets, carh 
lowered by Tour Roils Olympus 
engines drivine a Parsons manu- 
f.TMured electrical generator. 

The sets are among the most 
- nowerful cos turbine units ever 
built. Pe*>n. manufacture and 
testing will he carried out by the 
company's industrial and marine 
division at Anstey, near 
'.’oven try. employing 2,000 wor- 
kers. 

Work is still going on at 
Anstey on the four cas turbine 
ordered from Rolls hy the 
^mrd in 1975 for the station at 
"•ills Fridge, in Middlesex. The 
fir't delivery of the machinery is 
scheduled for later this year. 


Grays rescue go-ahead 

BY DAVID CHURCHILL 

A HIGH COURT judge gave the The judge said that the rescue movement, 
go-abead yesterday to the 7m. proposals did fall within the sec- Under the rescue operation, 
rescue operation for investors in tion and there were no reasons the Woolwich Equitable Building 
the Grays Building Society, why he should strive officiously Society is to take over the Grays. 
Essex, where serious irregulari- to limit its scope and frustrate Ail depositors will have their 
ties in the accounts were dis- what had to be done to safeguard savings guaranteed with interest 
covered earlier this year. investors. The next move is for the Grays 

Mr. Justice Templeman ruled “The Grays Building Society to call an annual general meet- 
that Section 43 of the Building became the victim of excep- ing to effect the transfer to the 
Societies Act 1962 could be used tional villainy, ingenuity and Woolwich, 
as the basis for the building misfortune. The chances of a • The Falkirk Building Society, 
societies movement launching a similar calamity happening one of the oldest in Scotland, is 
rescue operation to ensure that again are remote.” to merge with the Northern Rock 

no Gray's investors lost any The discrepancies of almost Building Society, 
money. £7ra in the Grays accounts came The merger, approved by the 

Section 43, which has never to light after the suicide of Mr. Registrar of Friendly Societies, 
been used so far. enables Harold Jaggard, jhe society's was agreed at a recent special 
societies to make funds available chairman, on March 17. The general meeting of the Falkirk 
to a society in trouble. Tbe losses represented the biggest- Building Society. Falkirk's assets 
leading building societies were ever collapse for a building of £3.7ra will be added to the 
anxious to clarify the legal posi- society and came as a big sur- Northern Rock’s to provide com- 
tion of such aid. prise to the building societies bined assets of more than £450m. 

Ellerman in liquid gas project 

BY RAY D AFTER, ENERGY CORRESPONDENT 

ELLERMAN City Liners has Ellerman City Liners said that feasibility study of the concept 
joined forces with a U.S. lique- if the concept is shown to be 
Bed natural gas technology com- technically and commercially 


Mr. David Lloyd, chairman and 
chief executive of Ellerman City 


Ellerman Lines-nsaid that by the 
mid 1980s about 7bn to 9bn cubic 
feet a day of natural gas might 


pany. Ocean Pboemx Transport, feasible, the project could, lead Liners— the shipping division of 
to investigate the feasibility of to orders in Britain for ships 
liquefying some North Sea gas and capital equipment worth 
reserves. about £100m. by I960 or 1981. 

The idea, being considered by The group said that asrnany as b e produced in association with 
the Department cr Energy and short-haul shuttle services for N 0rt h Sea crude oil. If the UK 
the offshore oil and gas industry, liquefied natural gas might be Government’s stated policy of 

developed by the end of the avoiding flarin g and conserving 
, the gas was to be met. then opera- 

The joint venture, to be known tors would have to find ways of 
as Ocean Phoenix Ellerman. is to collecting and transporting the 
carry out a two-stage 12-month fuel. 


is that gas reserves too small to 
be transported ashore econoraic- 
aly by pipeline should be con- 
verted ’Into liquid fuel and 
shipped to tbe UK in tankers. 


rnmmiuinn 'British AirWtfS . . , — 

Commission take the Internationa! .Association of week or this type 

fhrS mnnrhs and rhe DroDosed i Airport and Seaport Police con- many. It is fnuhtcnins. 
rise in ?Som tariffssbSnot I ference in London yesterday. -At 40.onn feet there are no 
affect the tourist trade this Toys, book matches, aerosol emergency services avail wouMr^ 
summer. I products, souvenir barometers, even if there wero. it woulrtn t j 

Tbe company said last nishtj petrol lighters and jars of nail matter. Th e ' ? rl g Ll; 1 inn5^nt P that i 
that it was considering an appeal varnish remover could bring substances m 

under provisions which allowed down a jet and stringent restric- would he needed to deal with an 
an interim price rise pending tions governed their carriage in safety emergencies could not 
full investigation. | aircraft. . possibly be accommodated on an 

These safeguard provisions | Mr. Donald Dines. British Air- aircraft. 
allow price rises to be imple-j ways' manager for restricted Mr. Dines warned the comer- 
raented if the company can show j articles said they were beink ence of the dangers m sa lo- 
th at profit levels would be taken into planes — often in hand hand " transportation of chemi- 
adverselv affected by tbe delav. luggage— every day. because air- cal samples by air. when indi- 
Trust ’ Houses Forte notified | port police were more intent on vidual members or a company 
the Price Commission last month ] checking for terrorist arms. carry samples in their personal 
that it sought charges increased; Three explosions happened at lucgace. 

by an overall weighted average ! Heathrow in the last year. All A Boeing 737 had suffered a 
of 5.28 per cenL It said it in- 'were caused by in-bound fierce bageago hold fire and was 
tended to put tbe whole increase i passengers carrying packets of engulfed in smoke because of 
on to room tariffs rather than I Polish-made toy pistol caps in leakage from a suitcase contain- 
increase charges for meals. J their briefcases. On each occa- ing four bottles of methyl-ethyl- j 
drinks and other services. jslon. people had been seriously ketone peroxide, a restricted 

This means a 12 per cent, rise j hurt. chemical, 

on average for room tariff'*. 1 Delegates who had bought The incident happened at 
though in certain areas, includ-; barometers in London should Christchurch. New Zealand, and 
ing London. Edinburgh, and! ship them home overseas. A the fire had started when the 
Cambridge, the increases sought 
are much larger. 

‘Rise in costs 9 

The company said last night 

that tariffs for its rooms in ^ 

London were about 40 per cent j destroyed within an hour, 
lower than for hotels offering ■ Aerosols, unless carried 
comparable standards of service. 


Outside London it estimates its 
room charges are some 30 per 
cent, below th<* going rate. 

Room tariffs were last in- 
creased in March last vear. The 
proposed rises came after a sub- 
stantial rise in costs over tbe 
pa«t year, the company said. 

Trust Houses Forte has almost 
23.000 rooms in 230 hotels. Trad- 
ing profit before tax in the 
financial year to October 31. 1977. 
was £38ra, about 60 oer cent, 
more than in the previous year. 

Demand for hotel accommoda- 
tion in the main tourist centres 
is said to be as high as the 
record levels last year. Jubilee 
year. 

The Price Commission investi- 
gation ip under Section 4 nf the 
Price Commission Act 1977. 


Brewery 
cost 

£29m up 

By Kenneth Gooding 
COURAGE, THE 

Group's brewing subsidiary, dis- 'based and more economically 
closed yesterday that the revised ! viahle than the Laker Skytrain 
cost of its brewery at Reading | plan. 


pinhead-sized drop of mercury plane was preparing for take-off. 
escaping from a barometer" The main reason why sub- 
could start corroding the alu- stances which were safe on the 
minium ailoy frame of an air- ground hecame dangerous on a 
borne plane within three plane was the difference in air 
minutes. Once this happened, pressure. This could vary hy as 
the frame would be effectively much as S lbs per square inch 

even in a pressurised passenger 
In jet. 

accordance with the regulations. There was also a dancer of 
could also set off explosions toxic fluids or gases escaping 
capable of tearing a hole in the from their containers and affect- 
skin of an aircraft and causing ine both nassencers and crow, 
rapid decompression. Bulk air freight should he 

“There must be closer liaison correctly packaged, labelled, 
between airport police and air- identified and certificated. 

British Caledonian 
appeals to Dell 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

BRITISH CALEDONIAN Air- but also the prospect of yet 
ways has submitted to Mr. another round of Anglo-U.S. 
Edmund Dell, Secretary for negotiations because of a sudden 
Trade, its appeal against the change in U.S, polio for the 

AutSoritym award ^the alrS , tatter rtn ftomtte 

.o Los Angeles to Laker Airways- 

Details of the appeal are not week suggesting a major change 
disclosed, but it is believed that ln the Anglo-U.S. Bermuda Two 
the airline feels that the CAA gjj. agreement that would in- 
did not give sufficient weight to crease" from U to three the 
the fact that British Caledonian numb er of U.S. cities that could 


Brakes 
check 
call for 
150,000 
Fords 


By Terry Dodsworth. 

Motor Industry Correspondent 

FORD UK is recalling about 
150.RM cars and vans in the 
Capri. Granada, Cortina and 
Transit ranges tic cause . of 
problems on their dual circuit 
brake systems. 

The cars concerned were all 
made between November 1976 
and last Marrh. Only specific 
versions of these vehicles are 
affected, and Ford says that 
owners will he contacted by 
dealers for Inspections and 
replacements. 

Affected cars could have 
deficient rear brakes. Ford 
said that in some cases 
hydraulic fluid had begun to 
leak from the connector link- 
ing the rear brake system to 
the master cylinder, reducing 
the efficiency of the rear wheel 
brakes. 

The function of the front 
brakes remains unaffected. 
Ford is carrying ont the 
inspection and replacement, 
expected to Iasi about an hour, 
free of charge. 


already holds the Los Angeles 
route licence, that it is the 
official “ second-force ” airline, 
and that its proposed fares 
Imperial j policy for the route is broader- 


Sports Council 
cash i«p £2^m 

MORE THAN £2«m extra cash 
for the Sports Council was 
announced today by Mr. Denis 
Howell, the Minister for Sport. 

He said in a Commons written 
reply that the new grant would 
be £l4.2m — ahout 25 per cent 
more than last year's figure. 


Family research 

THE LEVERHULME TRUST 
has given £30.000 to start an 
independent study commission on 
.ho family, after moves by the 
Institute of Family and Environ- 
mental Research. 


Computer aid 

AN ICL computer has been 
installed at the London offices of 
the Local Authorities Manage- 
ment Services and Computer 
Committee to assist statistical 
and analytical work. 


OBITUARY 

Sir Harald 
Peake 

SIR HARALD PEAKE, chairman 
of the Royal Air Force 
Benevolent Fund since May 1967, 
has died aged 79. 

Sir Harald. knighted In 1973 
for his services to tbe Fund, had 
also been chairman of the Steel 
Company of Wales, chairman of 
Lloyds Bank, a director of Rolls 
Royce. and a Prime Warden of 
the Goldsmiths' Company. 

During World War Two. Sir 
Harald was assistant to the Air 
Member for Personnel, Director 
of ’*-ihlie Relations, and Director 
of Royal Air Force Welfare. 

Three years before the war 
started, he raised and com- 
manded a snaadron nf the Rnval 
Auxiliary Air Force in the West 

Riding. . . . . . . 

Sir Harald Is survived bv his 
Dome Felicitv Hanbury. 
whom- he m*rrled in 1952, and 
one son* 


Plea for more council houses 

BY DAVID CHURCHILL 

LOCAL AUTHORITIES were capital expenditure on top of was introduced a year ago, when 
urged by the Government yester- that already planned for 1978/ councils were asked to put 
day to spend more on building 1979. But the amount each local J orwar d Housing Strategies and 
new council houses. authority receives depends on In ’f stm ent Programmes. 

The request came in a circular the Environment Department's ^uthSSSL'are 

asking the authorities for hous- acceptance of their programmes. .if? 

ing programmes for the next 

financial year to be prepared than SO per cent of its present 
over the next two months. allocation. 

An extra £50m is to be made The Department’s monitoring are writing to local authorities, 
available for local authority of local authority housing plans outiining possible measures. 


m- * , .. .. „„„ . spending less than they are able 

N_0 ty p wi|l set less t0 on housing. 

To avoid this underspending, 
tbe Department’s regional offices 


Is £65m, compared with the 1975 
estimate of £36m and the adjusted 
price of 50ra two years ago. 

Mr. Martin Bunting. Courage’s 
managing director, said that this 
in no way meant spending on the 
new brewery was out of control. 
“It is within budget and on time.” 

The new brewery will be of 
moderate size by to-day's stand- 
ards, with a capacity of up to 
1.5m bulk barrels — 432m pints — 
a year. 

Its cost provides a pointer to 
the outlay faced by Whitbread, 
which is building a brewery at 
Gwent, and Scottish and New- 
castle Breweries and Carlsberg 
UK, both of which have brewery 
projects in mind. 

Courage has brought forward 
by 18 months completion of 
various phases of the project 
otherwise inflation might well 
have pushed the final cost 
towards £S0m. 


Mr. Dell will have to consider 
the appeal against a background 
of increasing concern in air 
transport over not only the 
effects of too many cheap fares 
on the North Atlantic air route, 


be served .by two airlines from 
each country. 

Mr. Carter has told Mr. 
Callaghan that the U.S. intends 
soon to designate Boston as well 
as New York and Los Angeles. 

In the air lines this has 
caused alarm. The Department 
of Trade view is not disclosed, 
but is believed to be that a 
major review of North Atlantic 
routes and fares is aqreed with 
the U.S. for the autumn, and 
should stand. 


Meeting will discuss 
flight charge changes 

BY OUR AEROSPACE CORRESPONDENT 


BIG CHANGES in the way the 
worlds' scheduled airlines fix 
their fares, and set tbe stan- 
dards for tn-flJght meals and 
other cabin services, are to be 
discussed at a meeting of the 
International Air . Transport 
Association in Montreal on June 
30 and July Z. 

They stem from an in-depth 


review from the small task-force 
of “five wise men," set up at 
the association's annual meeting 
in Madrid last Novemher, to 
consider ways of improving the 
conduct of the association's 
affairs, in light of increasing 
public criticism and govern- 
mental interference. 


Sea oil 
repairs 
‘£280m 
market’ 

By Our Aberdeen Correspondent 

THE NORTH SEA oil repair and 
maintenance market will he 
worth £2S0m a year by the end 
of the 1980s, Mr. Bill Adams, 
manager for Ihe Scottish Council 
(Development and Industry 1, 
said in Aberdeen yesterday. 

To maintain peak production 
levels, companies would have tn 
invest about £2.80m a year, repre- 
senting abnui 2 per cent of the 
estimated peak production gross 
value of £10hn-£I2hn per year. 

Giving figures from a six- 
month study undertaken by the 
council, he said that the assess- 
ment was the first realistic 
survey of the inspection, main- 
tenance and repair market. 

In the 1980s an estimated 
Cumulative capital investment of 
£12.5hn on nil and gas produc- 
tion and allied facilities could 
rise to £17bn by the end of the 
decode. 

"These installations will re- 
quire continuous insnectinn. 
maintenance and n»r*.iir through- 
out their working I» r cfim®." 

Mr. Adams was sneak-mg at a 
presentation hy lntornationnl 
Factors, which v*as pnhlidv an- 
nouncing its commitment tn the 
Nnrth Sea. 

Maintenance, inspection sur- 
vev testins. general upkeep, 
modification*. repairs and 
fPOni to £2Sffin hy the end of the 
19S0s. he added. 


Come to Wales 

A £1M! publicity campaign is to 
be launched by the Wales 
Tourist Board to attract visitors 
to Wales. The campaign will 
include special publicity to pro- 
mote the South Wales valleys. 


Rate switch puts 
back the onus 
where it belongs 


BY MICHAEL B LAN DEN 

THE DECISION to drop the 
market-related formula for de- 
termining the Bank of England's 
minimum lending rate is an 
open recognition of the difficul- 
ties which have been ex- 
perienced in applying this sys- 
tem in the past few years. 

It acknowledges that the level 

of interest rates is a central 
part of Government policy, for 


NEWS ANALYSIS 

MLR 


which the main responsibility 
has to be borne by the authori- 
ties. And it is likely to be 
welcome to the City markets, 
which have become increasingly 
worried about the uncertainties 
and volatility associated with 
tbe previous system. 

The move comes as no great 
surprise. It has been obvious 
for some time that the Bank of 
England was finding it neces- 
sary to use every means at its 
command — ranging from what 
has become known as " sig- 
nalology" in the discount mar- 
ket, open messages to the mar- 
ket and direct intervention — 
in order io achieve the official 
aims. 

Discussions between the Bank 
and the Treasury took place 
early this year, and the City has 
been speculating about possible 
changes for at least IS months. 

The change restores overt 


responsibility for deciding the 
rate to the authorities. The 
minimum lending rate, which 
replaced Bank rale in OctoLar 
1972. continues to fulfil tbe same 
function. It is tbe lowest rate at 
which the Bank will act as lender 
of last resort to the discount 
houses— the only members of 
the London banking community 
which enjoy this privilege — and 
is therefore a key rate in determ- 
ining the whole structure of 
rales in the short term money 
markets and in tbe banks and a 
major instrument of official 
monetary policy. 

This role was openly recog- 
nised in tbe old Bank rate 
system. The regular Thursday 
official announcement of Bank 
rate was a major event in the 
City: it was moved only In- 
frequently, and when tt was put 
up to a crisis level of 7 per cent 
the stockbrokers rushed to the 
market to cover their positions. 
But Bank rate had another 
important function which no 
longer exists. 

This was that the big clearing 
banks linked their own lending 
and deposit rates directly to the 
level of Bank rate. 

When tbe Government decided 
to move Bank rate, therefore, the 
effects were felt immediately 
throughout the economy. The 
significance of Bank rate, how- 
ever. was sharply reduced in the 
autumn of 1971 by the introduc- 
tion of Competition and Credit 
Control which had major tech- 
nical implications for the 
financial markets. 

The big banks were freed from 



Tanker control plan 
proposed by France 


the credit controls which had 
previously inhibited their lend- 
ing. In return, they abandoned 
their old cartel agreements on 
interest rates. ' Lending and 
deposit rates ceased to be 

directly linked to Bank rate, and 
the banks individually set their 
own base rates for lending which, 
though they have normally been 
In line with each other, have on 
occasions shown significant 
differences 

During ihe following year. 
Bank rate lost further import- 
ance as it became increasingly 
out or line with the market. For 
a period, the official rate was so 
far behind the level in the 
market that it had ceased to act 
in Its traditional function as a 
penal rate to the discount market 

The MLR formula replaced 
Bank rate, which had existed in 
one form or another for some 270 
years The change was designed 
to achieve a number of objec- 
tives. It ensured, by linking the 
official rate directly to market 
rates, that It would always be in 
line with the market. The mini- 
mum lending rate was to be 
determined by a formula which 
took the average rate on Treasury 
bill® at the weekly Friday tender, 
added } per cent and rounded the 
result up to the nearest- J. The 
Immediate result in 1972 was to 


produce an MLR of 7} per cent, 
compared with the previously 
ruling 6 per cent Bank rate. 

The change was also aimed to 
provide the authorities with a 
more flexible instrument for 
exercising their influence over 
the markets. And it was intended 
to remove from the decision on 
tne official rate the strong poli- 
tical overtones and th e drama 
which had previously been asso- 
ciated with the weekly Bank rate 
announcement. 

Even at that time, however, 
the Government reserved its 
right to suspend the formula and 
to announce a minimum lending 
rate independently — normally on 
a Thursday. This power has been 
used on a number of occasions, 
for example when MLR was 
lifted by 2 per cent, to 15 per 
cent in the crisis of October 
1976. Most recently, the rate was 
increased in last month’s Budget 
from 8i to 7i per cent 

The Bank has also needed to 
use a variety of instruments to 
affect the movements of Treasury 
bill rates and thus the level of 
MLR. It has operated to 
influence the _ money markets, 
including forcing the discount 
houses to borrow at -the penal 
MLR when it wanted to dis- 
courage a decline in rates. 

It has, on occasion, simply 


announced, to the market or 
openly in the City, what it 
wanted to happen. And in March 
last year, it took further powers 
to over-ride the normal formula 
after the bill tender on Fridays 
if it did not like the result. 

Perhaps tbe most difficult 
period was m the early months 
of last year, when the authorities 
were trying to stem market pres- 
sure towards a sharp and sus- 
tained fall in interest rates. 
During the period the Bank had 
to use every means available to 
influence the market including 
suspending the formula and 
over-riding the rate on a Friday. 

It became dear that the 
pretence that the rate was 
market-determined could not be 
maintained, and that the opera- 
tion of the formula was creating 
difficulties not only for the 
authorities but also for the 
markets themselves because of 
the weekly uncertainties over the 
Outcome of the bill tender. 

Yesterday's announcement 
came at a time when the market 
had again been tentatively try- 
ing to push rates upwards when 
the authorities really want a 
period of stability. While not a 
complete return to 'the old Bank 
ritio system, the decision means 
that tbe rate will in future be 
openly administered. 



BY PAUL TAYLOR, INDUSTRIAL STAFF 


THE FRENCH Government is 
likely to win international sup- 
port to-day for a set of proposals, 
including larger pollution com- 
pensation funds, after the Amoco 
Cadiz disaster. 

A series of four mala proposals 
were put forward by the French 
delegates to the Inter-Govern- 
mental Maritime Consultative 
Organisation council meeting in 
London yesterday and are under: 
stood to have received consider- 
able support. The organisation 
is the maritime arm of the UN. 

The French proposals flow 
from a document presented to 
the organisation’s Maritime 
Safety committee last month and 
if passed by the council and its 
committees, could eventually 
have a wide impact on inter- 
national tanker safety laws. 

Although the French Govern- 
ment has yet to release details 
nf the cost of the damage caused 
wben the Amoco Cadiz ran 
aground off Brittany they have 
already Indicated that existing 
international and industrial com- 
pensation schemes are not likely 
to meet the full cost. 

It has therefore asked the 
council to refer existing compen- 
sation arrangements to its legal 
committee which meets next 
week, for possible revision. 

At present, the only conven- 
tion covering compensation is the 
1969 Civil Liability convention 
although the 1971 fund conven- 
tion is due to come into opera- 
tion shortly. Under the two 
schemes the maximum compensa- 
tion available a year will be 
S30m f£16.5m) or Slfim <£S.Sm) 
for each accident. 

The French Government also 
wants the legal committee to con- 
sider requiring tanker captains 
to notify nations immedlaely of 


any casualty, even ln inter- 
national waters, which is likely 
to present a pollution threat. 

France alio wants considera- 
tion of the need to update the 
1910 Brussels convention which 
governs salvage and which 
France considers anachronistic. 
The convention should again be 
referred to the legal committee, 
say the French. 

Finally, French delegates want 
an authority working party set up 
to examine the relationship 
between the vessel's master, 
owners and country of registra- 
tion. This question has arisen 
because of concern that captains 
may be encouraged to forgo 
safety requirements to meet com- 
mercial pressures. 

The aulhority's council yester- 
day decided on a package Of 
measures designed to speed the 
implementation of protocols and 
conventions, focusing on llie 
appointment of five consultants 
who will seek to explain decisions 
to member states and urge their 
quick acceptance.. 

The council has also decided 
on a series of technical seminars, 
the first in Oetnher. to provide 
a forum for exchange of views 
on the protocols. 

Meanwhile, Mr. Gerald Cooper, 
Liberia's Maritime Affairs Com- 
missioner, yesterday sought to 
defend his country's fljg of con- 
venience policy and to answer 
what he described as “extreme” 
and •‘irksome’’ criticisms from 
“certain parlies.” 

The problems of tanker acci- 
dents were universal. Liberia, 
which had the largest merchant 
fleet in the world including one 
third of the world tanker 
tonnage, "insists on the observ- 
ance of strict safely, rules." nnd 
had. succeeded in reducing tb» 
□umber of Liberian casualties- 












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Financial Times Friday May 26 1978 


home news 


COMPANY NOTICES 


APPOINTMENTS 


fvL 

'■‘H'cli 

lot 

if,, 




Output of gas, 
coal and oil 
shows big rise 

BY RAY DAFTER, ENERGY CORRESPONDENT 


New law 
urged 
to restore 
meat 
standards 


BRITAIN’S energy strength Is this coming from the Norwegian -- 

improving with rising oil and sector of the Frigg Field. eTQIlifloPnC 

gas production and a significant . Productivity in the coal oldilU dLl U.3 
increase in coal mining produc- ,n lhe first „ f ? Ur month * . ™ . 

tivity accorriinn to «,» year w3s 3.1 P*r cent By Christopher Parkes 

" „ *J ccord,n 8 t0 Govern- higher than in the same months „ 

uiunt s latest energy statistics. of last year, although total PRACTICE of adding water 
The North Sea provided 46 inland coal consumption during 10 Processed meat and extra fat 
per cent of UK crude oil sun- February-Anril quarter I? minced meat is widespread in 

Plies in the first three months of dr °PP ed 4.5 per ceaL B ™ a »}r a *«»7 

this year. Howeve* reduced P Tlle Department ot Energy's .Jading standards i officers . are 
energy demand led to a drop in ^ erey ****** report also shows if* 11 "* for new legislation either 
oil refinery output of O.S percent three months ofl*"™"* JS«*E? d !£!7hJt ™ 


below last year’s level. 


the year, the electricity industry I dards are restored, or that con- 

j < . " . " I cum Arc aro InM h!a<i»1v nn fnnrl 


tu. f . . . supplied 1 1 npr cent m.-.rp suniers are told clearly on food 

a sra^s ars.?^ “ -- pfri “ d h 5f h re ss , iSs s si. 

iAiX™*.* . nSe 0Ut P u t of This increase was confined tn ° r Public Analysts and the Insli- 
~ P and^avlaUoQ 33 turbine ™ ^ WMSTS vrt- 

Total nalaml ... •«~hW ^ this years St* 1 ™ 


Total natural gas supplied colder weather total enerev eon a new name because they are 
during the period Februarv to ff . £ £?*?*. c ? n ’ so unlike the traditionally ac-l 


cent higher than in the com par- vAV« There are no 


cent nigner than in the ccunpar- year’s level There are no statutory stau- 

abie months of last year. Ener«v 'rnnciimnHnn in th. dards for ham-makers to follow, 

About S per cent of this total first * three ' ^montSs “wa! thl bul mo , re than 80 per cent - of 
comprised imponed 5 as. most of equivalent of 98m .onoes of «£? rrM“&J!F«SBiS 
— _ “ excess " water. 

Energy department sS a£lsS£ 
research ‘growing’ Swsyrsna — 

O* w “ of extraneous water to ham of 

a cnncT»Nm»T . . _ between 5 and 25 per cent, the 

aunai aj\ UAL rise m the The Department's spending most common addition being 
Department of Energy's research accounts for only 10. per cent around 15 per cent” 
and development budget — now of total energy research and Consumers were being charged 
running at about £2Sm a year — development expenditure in the about 15p a pound for this water, 
is forecast by Sir Hermann UK. No evidence was found that sav- 

Bondi, the department’s chief Total public sector spending, ings in the cost of meat in the 
scientist in a Government report, landing work carried out by processed ham were passed on 
writes Ray Dafter. energy industries, research to shoppers. 

tv. - 4,p councils, universities and British _ 

next five years, benefiting °\n ^omi aSBntn °the SStmjr Desi S nation 

projects* 1 r re^ewable teCh ?nerlv 11 is eatimated thxt * n addition “ One clear conclusion is that 
SJfi?* rJSZZliSS rr.fr.JJE at Ieas t £50m a year is spent the nature of ham in the 

and* coal u H ff^rfnn ho ve Tn by P rivate industry on research traditional sense is changing 

a reonrt to h! and development Into the pro- towards a more watery product 

IffSff 1 r“ b ! ductlon. distribution and use of “ This Is clearly a different nro- 


Diamond manufacturers 
call for surcharge lift 


BY PAUL CHEE5ERIGHT 


Energy Commission on June e! “ — use of 

In the last year, the Depart- Energy Research and Develop- and really requires a new 
raent has spent £27-Sm on merit. Energy Commission Paper designation." 
research and development. No. 12: available. Department ol Exee« water was Foiind in nre- 

sliehtly less than in 1976/77 but Energy. Thornes Haase South . packed and sheet? cooked be eT 
£5m more than in 1975/76. tlillbank. London. SW1. “Again it appeare ttat the 

public are being sold what are 

in essence two different products, 

Tpv • -a p , the traditional and the watered. 

Diamond manufacturers MuSTSfffc 
caU for surcharge lift ® 

BY PAUL CHEESERIGHT gdfS'^dibic-"" 8 '' ‘° ^ C ° n ' 

DIAMOND manufacturers ves- The next sale starts on June Water was added by blending 
terday pleaded for the with- 6 and whether Mr. Dahieli's plea it with fat and consumers were 
drawal of the surcharge imposed will be answered wiU be i being charged “ normal" prices 
on rough diamond prices by the apparent next week, when for these products. 

Dc Beers Central Selling Organisation tells client^ of its! v There appears to be no 
Organisation. pricing policy for the saJer j - evidence thati sausages made in 

“li was justified, but there Many stones purchased i this manner Bre- sold at signifi- 
i?nT any justification for it to speculatively have been stock- \ cahtly less than the more tradi- 
eontmue. The market v’jII piled in Israel, anti Mr. Daniel i’s tional product,” says the report, 
stabilise only if the CSO g£*« comments come when the vrhich was presented to Humber- 
rid nf the surcharge," said Mr. boarded diamonds are gradually side Council this week. 

Hajini Danieli. the managing being released. • ! 

dlrcvlor of the Israeli Diamond Certainly, the high premiums i FrOSCCUtlOllS 

Manufacturers’ Association. , paid for the stones in February' 

The Orcamsation. whicn and March no longer obtain. : Analysts noticed a break over 
dominates lhe world market in Some varieties have recently the past IS months with lrudi- 
rou“h stones, imposed a 40 per been selling on the open market 1 tional ways of making mine, 
renf surcharge over its list price at a value of 10 to 15 per centlMany butchers sol mince with 
for a sale in April, and reduced less than the organisation’s list [more than 25 per cent fat .con- 
ii tn '*5 per cent fur the sale price plus the 25 per cent sur- tent, and recent prosecutions 
earlier” this month. charge. have aroused the anger of the 

There arc 10 sales held in At the same time. Israeli Meat Trade’s Federation.’ 

London each year for about 300 imports of rough diamonds “One would have epected a 
selected clients. bought on the open market have reputable trading organisation 

The surcharge was levied to dried up. One reason is the t 0 be more interested in pre- 
t *ii rh speculative trading which, pressure which banks have been venting unfair competition from 
earlier this year, had resulted putting on Israeli clients to a minority of its members, 
in rough stones changing hands reduce their overdrafts. rather than complaining when 

at premiums of up to 100 per Much or the speculative buy- routine monitoring reveals a new 
cent above Organisation's list ing had been financed by bank undesirable trade , practice ,** the 
price. credit. report says. 


TRONOH MINES MALAYSIA BERHAD Jp 

( Incorporated In 

NOTICE OF MEETING 

NOTICE 'IS HEREBY GIVEN dut die second Armuil General Meeting of members 
of Tronoh Minos Malaysia Berta ad will be b*Id “** Compak* Room. Hotel I 
Equatorial. Jalan Sultan Ismail, Kuala Lumpur, itdijin. on Monday. 19di junc. 

1 978 u 12 noon (or the following purpo«e«: 

To cansidj,- and. If thought fit. pass the following ordinary resolutions: , 

1. " That die profit and loss account for die yew eoded 3Lt December 1977 
and the balance sheet of the company at that date and the consolidated 
profit and loss account for the year ended 31st December, 1977 and the \ | 
consolidated balance sheet at that date, together with the annexed report i 

of the directors, be and arc hereby approved and adopted. ' 

2. “ Thar Mr. A. J. W. Owuon who retires from dw board by rotation be i 

and is hereby re-olecced a director of die company- , 

3. ■' That Tan Sri Tan Chin Tuan who retires from the board by rotation 

be and u hereby re-elected a -director of the company. ; 

4. "That Encik Junu* Sudin who was appointed t» the board aincc die last 

.Annual General Meeting be and It hereby ro-ewcied a director of the i 
company." j 

5. " That Mr. Lee Slew Choong who was appolwed to the board lince the i 

laic Annual General Meeting be and is hereby re-elected a director of | 

the company." ' , 

6. " That Messrs. Peat, Marwick. Mitchell and CO. »* and are hereby appointed , 

the company's auditors for the period until the conclusion or the next j 

Annual General Meeting and that die remuneration to be paid to them | 

bo fixed by the board." . , 

By way of special business to consider and. if thought fit. pass the following ; 
resolution which wilt be proposed as an ordinary resolution: , 

7. “ That die remuneration to be paid to the company's directors under j 

article B5 of the ankles or association be rate of S9.J7S per 

annum for rhs Chairman and at a rate P* *7,500 per annum for each 
director fodier than the Chairman) which *•’»” deemed to accrue 

dr die in diem with effect Horn 1st January. 1978 until further notice." 

A member entitled to attend and vote u the meeting i* entitled to appoint 
one or morv proxies to attend and vote in his stoad. A proxy need not be 
a member of the company. 

By order of the Board 

CHAN HON KEONG I 

joint Secreory ] 

'Oth M. 1 *. Federal Highway ! 

Sungei Way. Selangor 1 

Malaysia ■ 

2Jlh May. 1918 ; 

HOTES: . j 

1. The form of proxy to be <raiid mast reach the tUgiscrirs offics at 10th j 

MUe. Federaf Highway. Sungei Way. ScNdi*or< Malaysia not less than 

4B hours before the meeting. Postal address: P.Q. Box 2125. Kuala 
Lumpur Of-02. Malaysia. | 

2. There are no directors' service contracts required bjr_ The Stock Exchange, i 

London to be made available for inspection at the meeting. j j 


Notice to Bondholders 
PROVINCE OF NEWFOUNDLAND 
20,000,000 Canadian Dollars 9£% 
1975/1983 Bonds 

Pursuant to tbe provisions of the Purchase Fund, notice 
is hereby given to Bondholders that no Bonds have been 
purchased for the Purchase Fund during the twelve- 
month period from May 15, 1977 to May 14, 1978. 

Amount outstanding: $CAN 19,750,000.- 
May 26, 1978. 

THE PROVINCE OF NEWFOUNDLAND 
(Canada I 


GOLD FIELDS GROUP 

DEELKRAAL GOLD MINING COMPANY LIMITED 

( Incorporated fn the Republic of South Africa) 

OFFER OF SHARES TO MEMBERS TO RAISE R47^02,000 

The directors announce that acceptances have been recieved in respect of 90.7 
per cent of the ofFr which was made to members hi order to raise R47.502.000. 
Head Office: London Office: 

Gold Fields Building. 49, Moorgace, 


Project Director Overseas 

• this is an unusually demanding top level appointment with 
a major British engineering group, responsible for master- 
minding construction of a multi-niillion ponnii chemical 
complex. 

• a project director is being appointed to coordinate on 
site all the prime contractors within tight monetary atul 
time schedules. 

• an engineering qualification is essential, backed by a 
record of leading at least one major turnkey project to 
successful completion overseas. A diplomatic but iirm touch 
with Ministers, officials, and incoming plant management, 
is a key requirement. 

• age is no barrier, within the bounds of physical fitness to 
undertake 2-3 years arduous assignment. Terms would, be 
very attractive. 

Write in complete confidence 
to J. E. B. Drake as adviser to the group. 

TYZACK & PARTNERS LTD 


MANAGEMENT CONSULTANTS 


Head Office: 

Gold Fields building. 
75. Fox Street, 
lahaniMiburg. 

2001. 

26 May. f978. 


TRAFALGAR FUND SA. 

soclete anofivme 

Registered Office: LUXEMBOURG. 

14, rue Aldrtngen 

Commercial Resister Section 
B No. aiQ2. 

NOTICE OF ANNUAL 
GENERAL MEETING OF 
SHAREHOLDERS 

The Annual General Meetlnn ol ! 
Shaieool fieri ol iRAt-ALGAR I- UNO j 
S.A. Will be hem at lb leslsieied ! 
omte ai Luxemboui a. 14. rue \ 
Aloringcn. on June lain. 1U78. a>. 
15,00 hours tor ine purpose ol con- t 
sioering and voting upon the follow- 
ing matters' • 

1. To hear and accent the reports ol: 
a. the directors 

O. the statutory auditor. 

2. To appioie the oalancc sheet and J 
pi out ana loss account as at i 

. February ZBth. 1978. . , 

3 To discharge sue directors and the | 
audiLor with respect to their ocr- I 
forma nee ol duties during the year 
Grace taeonjary 28th. 1978. 


London. 
EQR 6BQ. 


BANK HANDLOWY I 
W. WARSZAWEE S.A. I 
SlIS 30 million 
Floating Rate 1978/1988 ! 

The rate of interest applic- 
able Tor the six months 
period beginning on 25th j ' 
May 197S and set by the ■ 
reference agent is 9)"*% , 
annually- ! 


ART GALLERIES 


IO HALL AM STREET ■ , LONDON WIN 6DJ 
12 CHARLOTTE SQUARE • EDINBURGH EH 1 4DN 


Joh. Berenberg, Gossler & Co. 

Berenberg Bank 
Founded in 1590 

We wish to appoint an experienced banker to develop our 
international investment business. This important senior 
and responsible position requires professional qualification 
in marketing investments internationally and good connec- 
tions to investment circles. 

Applications to be sent to Berenberg Bank, 

20, Neuer Jungfernstieg, 2000 Hamburg 36, 
att.: Geschaftsleitung. 


pudlLor with rcipoct u> their ocr- i BROWSE ffi DARBY. 19. Cork St.. W.1 
fprma nee ol duties during the year F ORAIN Moni-Fti. 10 00-5.30. Sat. 

eraeo t-eoruarv 2Bth. 19/8. | 10.00-12 M. 

4. To elect the director* to seme until I ' 

a ' n "* 1 T1, ” Una ■ COLNAGHI. 14. Old Bond Street. W.1. 

snarenoiocrs. , BR(T|SH ANO FRENCH PRINTS 19th 

5. To elect ine auditor to serve until i and 20th Century and L S. LOWRY 

the next annual general meeting ol - I DRAWINGS. 10Hi-30ih May. Wkdys. 

Shareholders. ! 9.30-6. SatS. 10-T. Tel. 01-491 7408. 


EDUCATIONAL 


Counts leading to 
profrssional qualificauoo for 

translators and in ter proto rs 

Eninr u luircmcnis: 

A love's ir> Geiman and one 
Olh?i loreign language 
l prepwaiory courses available) 

Se.T.csjers cla-t In March and 
October 

Dotrr.cVjchei icnuia 2uiich, 
Schc-uchcorstiasse 63 
. CH-830‘3 ZOnrh , 


6. To resolve on an increase ol the 1 

lee Mid by rne Fund to lhe mresi- ■ ^ 
ment aoviser. : 

7. Any other Business | LEGAL NOTICES 

In oreer to take oart at the 5 Lam- 
lor* meeting ot June 13th. 1978. 
me owners ol bearer shares will have . 

SLftehlL uSS'mSmm STaS'mSE' \ ,n ^ H,GH ,:oi;FlT ov -'^stick 

Wa'ffMW Cm«*M Cam. In 

Alnrinocn. Luxemboura. or with one Hie Mall'.rs ol 


Aloringcn. Luxembourg, or witn one 
ol the following banks: 

— Sanque Gendrale du Luxembourg, 
S-A.. 14, rue Aldrlngen. Luxem- 
bourg 

— J. Henry Schrader Wagg & Co. 
Limited. 48. SL Martin's Lane. 
London WC2N 4EJ. 

THE BOARD OF DIRECTORS. 


No. Mlu4T of 1878 
EAUNBORX LIMITED 
NO. 001337 Of 197h 
WORJCLANE LIMITED 
NO. 00155S Of 197V 
EUR0UTE LIMITED 
No. 001559 Of 1P7S 
E.-D. GOWNS LIMITED 
No. 0015C of 19m 


no ooiifii u r in.'s 

in the high court uk .lrsnr.E 

ClunciTp Division Cnuipatuvr Conn. In 
lhe Matter of AH'BAX LIMITED and, 
m lhe .VLativ-r ol lhe Companies Am ! 
2946 

NOTICE IS HEflEbV GIVEN that a 
PeiltfoD lor the winding up. of lhe abote- 
named Company by lhe High Coon of 
was on Lhe Sih day or May isrs 
preseniL-d io iho said Coun by NVLON1C 
ENGINEERING CU. LIMITED) wba» 
n-etsteiYd office it, sliaaie at Woodcock ; 


$ premium Use of micro-computers 

trial ‘need not cost jobs’ 

BY MAX WILKINSON f 

man GIGS THE THEEAT of micro- UK catching up. or eveo keeping, 

computers causing unemployment pace with lhe world leaders in i 
Financial Times Reporter c;in 5g St j,e countered by a labour productivity. 

TTRFn TAVLOR aged whole-hearted acceptance oF the “We are already a long way 
nm. ALFRED lAYLRJtt. OB- raunintinn. mechanl- behind the EEC. JaDan and the 


■ WILLIAMS DUNN LIMITED resiStciYd office is situate at Woodcock 

easel arm it ace. a sows uuiTTD and in the Matter of The Companies H'U- Rldanansumrih. Hens. 

6EW limited Acl lm And that the said Pviliton is directed 

notice IS HEREBY GIVEN that the NOTICE IS HEREBY GIVEN that lo be heard before lhe Court sltuac at 
pansier registers lor S D „ Firat Cumula- Petitions for lhe Winding-Up of the above- lhe Renal Courts of JubiIly. Strand 
•iw preleren ce S hares and 10i 3 9a Second named Companies by ih* Hlsh Court or London WCJU 2LL. on the 12tb day or 
^u!i a Vn»n «» i?!? tn ihPintl i.™ Justice httb. on the 13th day of May June 197s. and any creditor or i-oninl 
1978? bot? daws locru“ve. e 3Dth J " 19^. presenied to the said Coon by huiotr of Lhe said Company desirous lo 

Bv Order of the Board. TBE COMMISSIONERS OF CUSTOMS support or oppose the making Of on 

. D. J. THORNTON. Secretary. AND EXCISE of Klmt's Beam House. Ord -r on the said Petiuop mar appear 
wfk'rtiHd 011 ’ 39-41, Mark Lane. London EC3R IRE. » 'he time of hearunj in person or by | 

wist Yortuhlic WF3 3BP. tbai U» sold Petitions are directed hut Counsel for that purpose: and a copy i 

T.rrn run amp watiowai SiTTg !o ^ nc,ard M we lhe Conn SIUIOB at the Peutlon mil be Inrnlshed by the 
TIGER OAreAND NATIONAL MILLING u, c Roj a i Coaris ol Justice. S triad. Ju nc 297^. and any creditor ot romnbn- 

{ Incorporated in ’the Republic of London WC3A SLL, on lhe 19th day Of hul ° ry “f UK said Company reqairmg 
South Arrica} Juno ISTS* and any creditor or conuibu- suo* copy on payment of lhe regulated 

Z^rrr__ „ iory of any of lhe Mid Companies lor the same. 


CHIEF ACCOUNTANT/ 
DEPUTY FINANCIAL 
CONTROLLER 

U.K. subsidiary of a substantial European group m the capital 
goods industry. require a Chief Accountant/ Deputy Financial 
Controller. Formal qualification and familiarity with E.D.P. is 
essential. 

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 wirh the appointment. 

Please apply quoting reference PNH: to 

POLYSIUS LIMITED 

The Brackens, London Road, Ascot, Berks. 


FINANCIAL, ACCOUNTANT 

COWnPANY The U.K. Subsidiary of a large Interna 


(Incorporated In tbe Republic or 
South A;riu> 


The U.K Subsidiary of a large International 
Group with diverse activities in many 
industries. 


LOCATION In a pleasant part of the East Midlands 
with easy access to lhe Motorway. 

APPLICANTS Should be qualified accountants with 
experience of controlling a busy Accounts 
Department and with the ability to provide a service to other 
members of the Management Team. Experience in both 
a manufacturing and distributive environment would be an 
advantage. 

BENEFITS Attractive salary, bonus scheme, excellent 
company pension scheme, assistance given 
with relocation expenses. 

Please submit run Curriculum Vlian. in ronMi-nw. to the Financial Director. 
Boa A. 6363. Financial Tmn-x. in. Camiun Street. EC4P 4BY. 


NOTICE TO PREFERENCE 
SHAREHOLDERS 
5': PER CENT. CUMULATIVE 
PREFERENCE SHARES 


dtilrous to suppon or oppose the makine 
or an Order on any of lhe said Pet li loos 
mar appear » tbe time of heart or in 


■»»- inn cfitinn Professor Christopher Freeman electronics, then we would fall n« been declared payable to holders oi said Companies requiring such copy on — — - — ... 

Waterloo siauon. m« r CumoW. or the right back.” 5 ,'= p * r r .ni'Stft ; .ii e r um Vi il "L. t 5 re,e , ne «e paymunr of the regulated charge for -LPPcar 0,1 t^c hearing of the said 

Mr. Taylor a bml^r of Science ' Policy Research Unit The relative performance of “g*™* oi e b«.^ OB «»» f. cloak. .o“ab™ SZ5. “tiS ta , tnun 8 , *S 

Inverness Terrace, hensingt , g usgex University, said that the UK economy would then The J driidend ’ is declared in the King's Beam House. hLs mwauoii so 10 do. The nouw must 

was on his way home on indicated a serious possi- become even weaker, the growth 2^, ulh ^ ,r fSf' 3Wi. Mark Lane. “££ ,s ! “i u 5u WP50n ; ' 

• , „■ blllty of 4 m O _ ,P . . rn ■ . .... nHnHl ■, ^ _ n t . Africa and In tim United Kingdom, on SoWUor^or ^Uic^:"ti ti oners. ^ ! 

hospital. becoming unemployed in the UK would probably increase because S^Spot the sre^AuS^ iwf^ uote.-abji person' ^ho^^wis »*** or ano. or h ia or iu«r miicitor 

But the trial against the other bv 1095 of poor competitiveness in world ilf 0 ,7„„*!j c -.,i!lL t S? a appear ° n iwarins of any of me ^ ^ l d ' 

defendants, including Mr. .To bn They were giving a joint paper markets. ..... uml?3 :v kl^Bto?. r ''i?l l l £, ” «& M th?n££ ^ d po^ U lo < ^ nl XvfSiSl e d ^, oSacT 1 m ‘“reach the ab^v^Sned n^hnSr ii£ 

Marlin Wales, 42, a suspended on ^ Cornpu ter Revolution- On the other hand, there could of bis teSS3» “ ri “o n!2 aJiomoon of 

Bank of England official, went 7 n( j us try and People at the Insti- be no certainty that if the UK 26t ” July ’ 19rB - oolJCC *“ le 1110 naffl * *** address *5-™Li£ Ja P_ e 197 ?- 

nn -ificr a short adjournment h .ti QO a t Mechanical Engineers, caught up with the world leaders me tranctrT books’ and registers «t lif , li>c .R 0, ^ tl :r firm, tbe name iiS. , « D01 iS,SL 

yesterday. The summing-up by ^Vhe options were to accept in industrial productivity, there £**££* ^ t 5u& n w3! n b££ “ B aed b, tbe pc^n^'a^ ^ & oS? “ 

.Tudce Buzzard will take place tha t micro-computers would would be more jobs. ■ lry *^'ri' w ibeir soudior (u w i, and mua be iho Manor of tara furniture i 

normally. create unemployment through This was because the power of tioTSf .WS?cA “51 S?.rSi-^ £SE: ^ c<1 ln or ^ }? ,^- ,u?r of H 

Mr. Taylor, who had admitted automation in certain sectors of the . micro-computer would *%£*££ vr'eSuio?^ abovt oamad not imcr in an° ro™ o'clock notice is qerebt given u»ai a ], 


BIDDLE .« CO.. 

1. Gresham St red. [ 

London ECV rBir. I 

A cow s Tor Messrs. Crtpps and Shono.l 

TIio Old House. West StrtcL 
Marlow. Bucks. , 

Sotloiiors for iho Pd it toner 1 

NOTE.— Any Person «Ho Intends to 
appear on ibe bearutg of the said 
Pdlnon must serve on or se-nd by post 
to the above-named, notice In writinp of 
hLs j mention so 10 do. Tbe notice must 
stale lhe name and address of ibe person, 
or. if a firm, ibe name and address of 
the nro. and must be signed by Lhe 


in evidence that he was a Scot- industry, or to try to ensure that become so pervasive that many Rambi* o» ^wg- 
and Yard informant, had suffered their use in the UK would be jobs would be automated out of h. yudelowitz. s« 

mim* heart trouble for many slower than elsewhere existence even in expanding in- HflaSSW* 

months. “This technical .change may durfnes. _ L1 - m- ^ 


in Lbc aficnww of ibe i6ih day of June Petition for the Winding-up or the above- 1 
ISIS. named Company by tin; Uigh Court of j 

’ No nnnsi nr io-b Justice was on the 23rd day of May 19W. 

In flic HIGH COURT OF JUSTICE J2 of' STATE FOR TRADE^f 

1 "« ,n w- I iFs who tike the other proceed SQ^towlVin ihe UK and However, on balance, more ^ Office a. ik. Tremier | W^bSBS^gSootrS - 

H-.f^ndYnts d^es conspiracy to its potential labour displacing jobs would result if productivity umiM. 'SS« S Sn”* Ma,,cr ° f Tnc ^ ^ ^ London Stockbrokine Rrm 

defendants, nentes c p . b damped down was increased as rapidly as pos- eiS’nSF hoSw. N?.TfcE « hereby fivFv of justice, sirand. London. «cu: London Moatbroking 

5*' 1 , iSmn c S MllUBce. thul In fact sible. Hifiher productivity could affirtS* tnz. .to. *“*» » « •»!“ .""XrT SS‘, requires ASSISTANT for 

tJZ l TSa S»e iSrt that he never there is no acccleraUon (of un- result in improved exports and asm , m„. 1978 named cwno^y by t>« m* coun of SSwSTSUSUSTi SSiV^I ! expanding Money Department 

5?* \, r rp vlor during the lime employment). ^ ave a Stabilising effect on the the ing. pp.^med 10 ih» said* Court P b>- p“,- n,,klB * ^ an C l pfl 2L ? n ^ Experience prcfaryblt bat noe twentiil 

T, IffVncesarealegcd 10 “ If this is the case then there economy .which could tnen manufacturers limited d^urne limited “it, qu. SaitaS STaSSn^ h V5JS Salary nceoti.bie. pr» P .«. 

hive Scc^ctitnmitUd. (would be Tittle prospect of the absorb add! tional labour. notice to^oldlrsof bearer g W^tffSSa lSSor wT US V? STAS A | »'P»" « m. s. e-.h. 

OJ‘C nun *- u,n — - junTirr ic ufrfrv nvcm >~ .._ w .w .... ^ . . ul1, 7 1- a ? H bt- lumitdii-d hr iho undL'MaiiiMHl la anr . • iime i-siiu-i.iu*ur 


A leading international company in the field of 

OFFICE DESIGN 
AND SPACE PLANNING 

is creating a new position. This responsible post 
will challenge your talents for promotion, 
marketing and communications. 

If you have experience in public relations, journalism. 
• marketing and promotion, between the ages of 30/45, and 
would like to meet with us to discuss this challenging 
repo risibility. 

Please send resumes, in duplicate, to the Chairman, 
SJLS LIMITED, 

23/25 Eastcaslle Street, London WIN 8EU 


UNIVERSITY OF GLASGOW 

SENIOR LECTURESHIP 
IN ACCOUNTANCY 


Taxman returns to retirement 


BY DAVID FREUD 

BRITAIN'S longest-scn lns 
man retires lotojr — at the 
venerable age of 92. 

Hr. William Curtis has been 
involved In taxation for the 
past 70 Years. He Joined the 
Inland Rcicwue In 1!H)7, a* Hie 
acc of it. and spent much or 
•1., .,cxf 44 ■ years as an 
inspector In chorpv of *£"*'*£ 

Retirement at 65 .»« 19 *i 
failed to keep a gO«l t » ma ° 
down. From gamekeeper he 
in rued poacher and has spent 
tS*. past 27 years dealing with 
taxation from the other side of 
the fence— as a consultant, 


For most or that time he has 
been the senior adiiser lo toe 
Loudon-based Income Tax 
Payers’ Society. 

Apart from answering 
members* queries, one or ms 
tasks has been to wTite letters 
10 the Chancellor with tax sug- 
gestions Tor his budget. After- 
wards he would write another 
letter ’explaining why toe 
budget proposals would not 
work. 

He does claim one or two 
successes. Before the J®** 
budget he had urged easing o £ 


“ iwiHiniiij «.»I 'MANiricTU RERSUMinu I97S. prerflUrt to |fa» said Conn by a.- n, “ R,n * 01 an ,ra " . sa *° Experience prcfaryblt bst noe tuenuti 

conomy. which could tnen manufacturers limited di ^URNE LIMITED liquidation, S'TlSl^ for^"' Salary nepuiabl*. Good P r«P« B . 

bsorb additional labour. NOTICE ro^HOLDMSOF bearer ^rX: «Trcow- o? ECTetirloo ^ll| RepWe* » M. S. E«mt 

H iSI’S , 1 s HEREBY GIVEN lo the ^Uu- Krecltd io b! ^ *“ rn, *ed »«» WldCKuawd lo any, LAtNG & CRUIOCSHANK 

holder* Ol tile Comwn,s Ordinanr Stock L“tLi before ibe rHup, .Ei creditor or comrthutory ol Uk- said; THP r TnrB .wruiurF 

Warrants to Bearer ihai, following a reso- ^ ~° un UU*W , at J 0|C Comoany rconiniu; sueh copy on paini«;,i| • THE 5 T °Lk EXCHANGE 

_ lotion oassed at lhe Annual General Koyal Courts of Jo&licu. Sirand. London. ehareJT rnrih* LONDON EQ 

A • - ,, Meoiiiw cl Ihe comaany hew on SSita 1VP2A JLL m dw 12ift day or June ]97f. ° r , ™' ? S rrrnt » L ondon tea 

iTl 1*ABM A MT May. 197® > Final Dividend ol 8.4523 1 and anr creditor or coairtbuiarr ol tbe TREASUR'k Sl'LICITUK, 

• I II HlIlPiRI aer cent on the Ordinary Slock ol the rnnUMby *5™ w bS.S ~r Mailhew Parker Sireul. . 

iljl C Hl ylll. comnanvlor the year ended 31st Decern- 1 5™™,“ ®. ° r London. SV-'l. 

^ 1377 M Ml0 UMn prpsenuiion oppose lhe makliw of an Order on ibe snhniinr tnr th* P..iiiimH.r 

O' Coupons NO .34. sail! Petition may appear ar tiie lime of votfU^ah^ wkm S imwid* FIRST-CLASS OPPORTUNITIES 

Warrant holders who are employees ol huarmc- *" Person or by bis connicl for •'OTE — <Utir pertson Mho imends lo 
Cbmoany or an*, of . Us . ww idjare iar purpose; and a copy ol STpeui on ap ^' ar 00 ^ hL ' aring D i M,d »««I*bH w qualified itudenti and 

So So S-S-S » Sr- K ^porionced acenunune pertonnel 

the investment income sur- SSwmjiSSE Sn ?«m"S r®^"« «£ C ° mBCt M 0, ^ B llfl 

and the Chancellor introduced e-g. Ujokjj. Wwr jr stockbroker, on N \TIIAK AND firD1 mA m “> he siened by ibe person Mmm 

such measures in both these « SWmSX 11 ^ S ^ 

“Tn ,1 .,,..., b- 5 s b ,, t»”s , 7 ,i 45 «".«■",*! “tS 3 "- ■mnirsiJT;! JM JR ^ountm 3 

After his lailg expenence on to Bhri| ■ c-wip iw aow w L.m iicd, Bearer; «wiienora'H>p ii» PMiiiniur roacl1 die abovi-Damed not laier iban t 

both sides of toe fence, Mr. x^-^p& P W ne Si,, ndB ^ aftenwon * 23rd | l 


Experience prefareble bat not euenuai Applications ar<- tnvlinl from persons 
Salary negotiable. Good prospect*. I niih j mrord of scholarship, w nunc 
in m c r.ini and research fur a Senior Lreiureshlo 

iaint x. miiirrcHANK in Aucouniancy. Flaccmcm will be at 

LAtNG & CRUIOCSHANK aH jpgropripic pnlni. accordinn 10 

THE STOCK EXCHANGE okc and vkni-ncncc. on the Senior 

LONDON EC2 1 Lecturers' salary scale of £Tfl74 £S7J0 

- - J i Pvr annum. Normal supcraunualion 

i arraQKemunls will apply. 

1 “■ " | Tbe Department ol Accountant? fn 

i^n-ricr I ,hl ' L'-nivcrsitr ol Clasww. one or the 

FIRST-CLASS OPPORTUNITIES . sirooKL-tr ,n the L : K, provides courses 


»HU me ‘“^wuuvvu c-9 . Soncior or Stockbroker, on n 7tU AN AND VAXn w ‘ fiml be si P nKl ** die person I 

such measures in both these w ^^S“»Tspe?,af 'Resolution ™- "J 115 mT '\ 

areas. * ,f>(? 5lmD mcoting. tbe name ol the I Loudon. ECJR ran . ana mny . “ wtot. or. if posivd. mast! 

... . j, Comoany _is to be cBangcd on lit June! iSB/fiMT In* wni by nos: In suffin-m timo la •; 

After his long experience on to Bhri| ■ C|Wip In eunn w L.m ncd. Bearer; Colicuora iop ii» PMinniur roacl1 die aboTc-named not laier ihan 

both sides Of the fence, Mr. w ^ fully waim »s r .ShkS until I NOTE — -'Vny person who uiirnds »rt : 5”L r 0 f ' d f'* aflernoon 01 dw 3rd 

Curtis paid a handsome tribute Cristina suck* are exhausted when the new | apoi'or on lhe hcartnc Of Iho Bald Petition 0 ^ ua{ ‘ 

to bis original employers the SSeminw ^^h^yc'^bci'^eeri^ ‘re I ^ «■ ^ 

Inland Revenue. the Chanoe Ol name will be issued “ aftme'itaniw W# n wnunE of his |»| line 

* n r” iT- ... — - «« warraai homers iw attacumont to warrants Viuaition *0 Ul do. The notice must state ULU Dv 

Dismissing recent attacks .on on the butt of one for odi warrant m rhe and address of the person, or. BBaaMnMwi^H^HBBi 

tbe “grasping taxman," he JSS^a? T^^wiiMl^wIrt^to^uhnSU Ir a Hrn . 1 S?. B y a ^_ ana nf iho eve. ib 9. Regont st. 734 oss7. a ia 

said: “ rm sure they honestly ^ coupon* are ***** 5 SSeUUt'tTEFt 

try to be fair. There S too By Order 01 the Br*rd. and mux be served, or, tf posted, win 9* Hawkwwmtii O Friend*. 

much made of toe occasional _ .. . u . n. w. R. HAM, Secretary, he sen: h? MR in lufflcjont tune to rwicft gargoyle, bs. Dean street- London, w.1. 

ap in my large orgimisaUoa” gSV-TiW l£*«Z. - — JSTeSJS'SISmr .’,i& 


amiable to qualified itudcim and 
experienced attountine penonnel 

Contact Ale c Moore on Of -S2S 2691 


DRAKE 

accountng 


tbe “grasping taxman," he JSSSn? 1 
said: “I'm sure they honestly a lewj aavs 
try to be fair. There's too by 

much made or the occasional H o«e. 

mistake, which is bound to crop sua p 


EVE. 1B9, Regont St. 734 0SS7. A la 
Carte or All-m Menu. Three Spectacular 


PUBLIC NOTICES 


HERTFORDSHIRE COUNTY COUNCIL _ 
Un. Bills issued 24.5.78, due 23.B.78 
■t 8 53-64*0... AppIKariom totalled £8m. 


rnr ibe special isi degree of Bachelor 
of Acrouniancy tBAcci. at honours 
and at ordinary levels and for a post- 
; graduate Diploma in Acvouniancy for 
craduaics in oihvr discipline. The 
\ Depart mpni also comrtbuies to 
dcKn'i’s in law. in social sciences ini 
m cnElmxTlng. and 10 Die posi- 
, uraduaie work of ibe Scouish Business 
Si-bool. Supcnialon and losirucunn 
i ol candldaivs for bibber dewvrs In 
I a-.TOuniancy lPhD and MArei w 
I undi-riaken. Areas «f WachiUR and 
I resparch include., areauatme ihrarr. 
J financial accnonilm:. managerial 
BLCoumliut business llnauee. fin ana al 
manueoiep! and audit theory. 

Fnrlhur particulars mas- be had 
Tram ibe Secretary of 'he Linirereiij- 
Court iPDom isi, Umrersny of Clas- 
sow. Classow G 12 »pj. with whom 
applications should be Indeed on or 
bt-rore 30ih June. 19TX. 

In reply please quote Ref. Ko. 
414SAS. 


financial limes Friday Maj 26 1978 


PARLIAMENT AND POLITICS 


claims IMF 



confidence 


New names 
error may 
be sabotage, 


LABOUR NEWS 


TASS members will fight 
to keep separate identity 


BY JOHN HUNT ^ shaker. Mr- George 

TV THF VACF nf onen «centism full* consistent with his recent But Mr. Healey did not agree if the corsets were introduced it Thomas, into allegation* that 
from ronservatives Mr. budget speech and with con- with his thesis. He pointed out would have a retrospective effect « prob ab!c sabotage” by the 

n„ifv fhanfeilor of the tinning the stand-by credit. The that West Germany still had a so that the banks who bad taken parijamcniarv printers has led 

SJheauer vesterdav reaffirmed budget' had set limits on SS.5bn. low rale of inflation despite this course would derive no t0 the names of Tory MPs being 

w- SUiSninationt^eonla'in the for the PSBR in 1978-79 and exceeding its monetary targets, benefit from it whatever. wrong! v linked with Lahour- 

SSJS^TSSS! supply and to *bn. for domestic credit There had been five specialfac- Sir Geoffrey Howe, shadow * pon f D?ed moUoaS critical u £ the 

' n cLfnr burrow- expansion. tors in tbe recent growth of M3. Chancellor, was particularly un- 2o narchv . 


MP claims ar ALAN PIKE. LABOUR CORRESPONDENT 

By Ivor Owen. Parliamentary Staff WHITE-COLLAR^ ^ memhe rs^^f Ifn^udSp^aa^vVra 1 ^ 

V rv-ntTTRY has been ordered KifSS ne J n 45" ht m ' oreserve preventing any further use of in^jjenitup, he ■*?*?; 


AX INQUIRY has been 


declared a fight to preserve preventing 


“rewS of monev supply and to S6bn. for domestic credit There had been five special fa c- Sir Geoffrey Howe, shadow sponsD p e[j motions critical uf the 

C the public" sector borrow- expansion. tors in the recent growth of M3. Chancellor, was particularly un- m H onarch v. 

ins P requirement down 10 the ;• 1 have reasserted my deter- l.-Excessive inflows of ex- JjPPy The sabotage chrage was made 

figure of £S-5bn given in his minalion to observe these limits ternal currency which had been ^nce to the WeM in the Commons vesterdav bv 

Budccr and the IMF team expressed con- reversed in recent months. experience. He pointed o“ l then vFeH fC Yarmouth! 

B Defending himself against fidence in our policies.” he _ 2. r The brlng.ng _forward^ of when he ramphdned that, for 


trical and Plumbing 1 rants ,j, c Left- wins the need t« end the ***£ 

Umcn. that if merger talks JnMneifrin-. bi ‘ l *«’» manual and white^S 

Delegates to the conference of -rcss between the infill term,. vorkers . ^* ar 

TASS, the white-collar section section and J"e Mr. Gill muI that the alierna. 

of the Amalgamated Union of successful. 1 ^.^ShirS *»'■«* U» continuing 10 fb&llm 

West' ' German The sabotage ch rage was made Engineering \\orkers. in Has»i- changes «iil,hl ^ agreed %hich (htf 0 x 1st ing amnl K amaiion 

n nninted out the Commons yesterday by ings. reaffirmed their belief «« wouUl Thnuioii the cxisttni of principles were for TASS either 

.. _f„ n |v targets Mr. An thony Fell fC.. Yarmouth! the need to merge the ALEU* tho separate sl chon.. ^ m get out i«r surrender its iden- 

been overshot bv when he complained that, for four sections into a fully mu.- ^ r . Ken Gill, TASS general my completely. He rejected 


coSu'r Op"p'Xn iSSS SSSHd." mi, CSTS** « togm****™*" by ^U e ndTnf T°«b e= da« raeju'on. 

.rtnJlE '&1SSSL!l*U2Ji 2»^.2r.«} b L* m JS2 oSSJO*" Per “° USC ,h -‘" “ SS Sftndta.' Of V Tir * Tbry »vc 


secretary, fold delegates that both of these, 
a conditional up- there had been “something of a 


ben incorrectly asso- provaf for a ballot uf members n orr jd gasp” when be explained Committed 
th “anti-monarchy” on detailed proposals for aclucv- members nf the engineering 


letter which h e had written to had Aeipea » roil dock iwwuon increase in public spending in £3 ^s twi ce aTf ast « in ended motions. inn this. section executive that he was With the AUEW engineering 

Mr. Wilteveen. managing direc- and to open the prospect of the comuio months- . . . f f nd ' __ .. The AUEWs hip engineering demanding an entrenched rule section now firmly under Right- 

tor of the International Monetary further reductions in unetnpLoy- 3—The higher than expected had been reversed then why bad 0 5 c reea, ^ t L l ^ al section has been unable to per- preventing further constitutional wins control, some of its leader* 

Fund, obtaining an extension of went. liquidity of the institutions. "“j* "r L uStS!*.? .' t ol? r-.tr ?. erta,n amount of levity in the ,. cy . making national diaocos except by the new —particularly ir the EPTU talks 

the IMF stand-by credit of !j n T> jf se institutions, said the Chan- Qf 24 ’ * lh past House on Tuesday when it was commitie*» P to put the proposals union's own rules revision body, prove successful— would shed 

W-lbn (£2-3bn». . . _ ceMor recalled that in the 12 cellor. were sitting out the mar- p Lent Qver lhe pjst pointed out that an apparent cOfm.ttee 0 P 3C ‘ con lish ft* tears if T ASS left , ls rank. 


the 1MI 
months. 


. . # . , — — asked Mr Healev ! J, » i"“ M > ,u uc amal-’amaiion principles— which puouc statomenis oy roeniocr?, , nf . mfiustry. only a 90 per 

n the past :two months, he interest rates since the overshoot Reflectin" Torv mis"ivincs taxed 1,ke 0ther c,llzens - ■ ai'atv for the continued identity of the engineering section tvn t vote of the A LEW national 
there had been rises in j n the money supply had about the PSBR Mr Ian Gow fC. Mr. Fell suggested that the oi t he four section*— must be cx- executive demanding the conference could end the araal- 
t rates, particularly short occurred. The effect of these Eastbourne; said it was becoming House might take a different pressed in firm rules. abolition of staff differentials had gamut! on. hi* added. 

.lies, which had not yet decisions had yet to be felt. increasimdv i-lear that ih? fizuve view,- now that a second motion. — 


The continuation or the stand-by But in the past two months, he interest rates since the overshoot ReflecUn" Tore mis-ivincs taxed like other citizens ' 
credit is the best proof, of that.” added, there had been rises in j n the money supply had about the PSBR Mr Ian now fc Mr. Fell suggested that the 

By the end I of question lime, interest rates, parUcularly short occurred. The effect of these Eastbourne; said it was becoming House might take a different 

however. Mr. Healey s arguments term rales, which had not yet decisions had yet to be felt. increasinglv clear that the figure view now that a second motion 

had entirely failed to a lay the influenced ite Published figures s_ There had been some ofTsSin* %£ hffih! on this ocasion a Hacking “ who’l:- 

fears of the Opposition that the These increases reflected tne window dressing by the clearing It would lead to an accelerating unwarranted anual increases” ;r. 

recent higher growth of money Government s determination to banks who feared the introduc- rise in interest rates and would Queen's Civil List, had also 
sopplj would lead to an keep MJ .row th in the i*®*" t,on of th e corset. But the Gov- pre-empt resources from the appeared with the names of Tory 

increased rate of inflation by the mid-April 19iB within the 8 to 11 en mient had made it clear that wealth and job creatine sector MPs, including his own. attached 

becinmng of next year. per cert targeL range “ to it when it was well-known that 

The Chancellor did concede Turning to the borrowing , hpv v ._..i H hp ,., r „ r i,. nnnr ,_ nrf 

that some of tbe factors which requirements, he told MPs “I MR. HEALEY’S LETTER to its contents. - pp ' 

contributed to the recent up- shall be watching PSBR closely 

surge in money supply had not throughout, the year. Mr. Healey's letter to Mr. In my letter to you of Decern- "H is not posihle — at least k 

been foreseen. As a result, he “ If. at any time, it should Witteveen. managing director of her 14, 1977, I stated my inten- is not credible — for anybody to 


Lorry drivers plan 
meal-pay strikes 


BY NICK GARNETT, LABOUR STAFF 


said, the Government is now in prive necessary to Lake correc- the IMF. says: 
contact with the Bank of live action to maintain the £S.5bn Hear Mr. Witt 
England to see what increased limits— as a result of the Opposi- In my letter 
surveillance could be exercised Lion amendments to the Finance her IS, 1976. 
“so that we are not caught on Bill nr for any other reason — expected dome 
the hop again.” 1 shall not hesitate to do so." sion to be kep 


lion to review policies further {JJ-* 1 ®' ve *J* al SSiJ SHOP STEWARDS representing the strikes will be mounted, hut : 


Postmen 
may seek 
shorter 
hours 


1 J " a, ‘ ‘V'‘ , ‘Jr , L L “ LC lu ^.“ u au ‘ a,uu lu uc lu iOUt ' 111 tI,e 1£ rau tnese amounts are adequate “ c **v SUiU - ft .. PP niM | -jiinwanrp^ The dis- ±ltK — hhu.ii ; oiivr is uiuul- iui a icuuvuuu iu 

* W su,d iha L hls Mr - " yn , R ^ ber . 1 S iC ' Cf,nw ' a . yJ ra 5* nt ? s en r din s April 18. 1979. In to achieve the desired economic The Speaker said he took ” a n h T orevented the ' settle- covers P ai-ts of Kent - ***** and , to Post Office engineers, 

to Mr. Witteveen reaffinned the maintained that the recent rise addition. I expected the public recovery, and to meet the pros- verv sonous view” of wtaai had 7,t a Phosc Three nnv- deal Hertfordshire as well as London iTho vngmeers have been taking 

policies for the . public sector m money supply was bound to sector borrowing requirement for pective financial requirements oF occurred, and a verv full Invest!- The metranolitan area of the ~ i& now thou C h t 10 h «■ , thc last i industrial action on their 35-hour 
borrowing requirement and lead to an increase in inflation. 19iS-ifl not to exceed the figure industry for investment and gation had been o'rdered. He Rn ad Assoeiaiinn hos of the association's regions still week demand for more than six 

domestic credit expansion which He maintained that the inflation of fS.6bn and since presenting expansion. acknowledged that the Parlia- H 5S to settle under the present wage ‘ months. 


had been laid down on December figures for the past three months my Budget I have committed 
15. 1976. indicated an annual rale of ini myself to a public sector borrow- 

These policies, he said, were crease of 1 1.2 per ceut. ing requirement of £8.aba. 

SNP approves policy 
of open government 


REPORTS 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 

THE Scottish National Party Assembly to sit in working industrialisation of Scotland, 
yesterday approved a policy hours and end the farce of im- •• we must show that thin 


merit of a Phase Three nav deal Hertfordshire as well as London l The engineers have been taking 
The metronol if S ~ is now lhou ^ ht 10 hL ' {hc last ; industrial action on their 35-hour 

Road Hat/tncp 0 Assoe aUon has of the association's regions still j week demand for more than six 

n. acknowledged that the Parlia- been told by Transport and 10 se ^ c unde r ihe present wage months. 

mentaiy printers had to work General Workers' Union stewards nmhti- Talks with the engineers will 

lours sincerely under great pressure and Out that the stoppages will begin on The dispute is over a 25 P daily j W ^£jl n 

Denis Healey human error could occur. June 5 and continue on following meal allowance originally 'n-iJSrJuiI ,1 

Mondays. eluded in the association's pay , f 0 / C ons?deraiiaS The 

They have not yet decided how offer for the area. J ^ndistrUl action which ha.s JJS 

— . affecting 670 telephone 

__ ■ u 1 1 ' exchanges, cuuid be called off 

Print rebels wsrned i conference. 11 at Lh< * cnainecre 

' Mr. Tom Jackson, general 
BY PAULINE CLARK, LABOUR STAFF j secretary of the Union of Posr 

LONDON officials of the the basi« on which they work j Office Workers, said yesterday 

V-.ti.wnl Graphical \ssociaUoit for the Observer and Reveille, that if an offer for the reduction 

The . Ohscner. which last 1 of Ihe working week for Pint 

were last night seeking assnr \ 0 | d union leaders it i Office engineers has been made. 


Complaint of ‘prying 
taxmen 9 rejected 


over-zealous January, 1977, he bad received 


LONDON officials of the 
National Graphical Association 


the basi« on which they work 


attitudes by tax inspectors were about 50 representations, main tv I were last night seeking assur- 

“ rrmdv PYUODnratoil *■ Mr Inal nm Knk.if ..c i. tt. I . . . .. . 


“grossly exaggerated," Mr. Joel on behalf of individuals. He was 
xstrialisation of Scotland Barnett. Chief Secretary of the satisfied with the Revenue's 

We must show that there is sald m “>* Comm ° ns , 

T onp aitprnaHvp tn . _ _ . . Mr. Blaker had claimed 


ances from rebel raaehioc min- 
ders, who have disrupted pro- 
duction of the bserver and 
the .Mirror Group's Reveille 


document committing itself to portant decisions being taken in only one alternative strategy to y ™ ^ fcW Mr - Blaiter had claimed ^e Mirror Group's RevcUle 

introduce open democratic the middle of the nighL ensure that the resources of /r^SP 13 ? 08 J®* I, - Peter ®*? k " ^ere was concern among the over the past few weeks, that 

government with maximum pub- The conference approved a Scotland— people land and BIac kpool S.) who complained self-employed and their tax thev would resume normal 

lie accountability. demand for land purchases by energy— are not’ exploited and ab ? ut » unreasonab . 1 . e advisers at methods adopted in working lu accordance with 

On the first day of the party's foreigners and institutions to be then dtecanled to Mg bntaS | ature J f , soma q u u “ tlons N Mr ‘ wwr approach. union Instructions, 

annual conference in Edinburgh, banned, pending the introduction or nationalised toduitries con- ? arne ? decIared: . E** 0 wh . er e He complained about the Thp 21 nnoffic i aI strikers 
Prof. Neil MacCormick said that of a land register for Scotland. ^£4 XoSdotL she ? ere ,*! a susplcl0n ° f evasion, “unreasonable prying nature" if did 

the policy was particularly Mr. John Fergusson said that dSlSed SQe I would not accept that there is of some questions and the set- *1 JE 

relevant as Scotland entered the three estates had been bought intolerable attitude on the ting of a gross profit margin n0 ? 0111 °E 

coundown period for the Scot- by Dutchmen within the last two Co °£ e f? t was - ex ? p f ssed t ll e Part of inspectors of taxes.” which could not be challenged. ™“ <m would > take 


would shut if they could not 
guarantee uninterrupted pro- 
duction. said yesterday: “The 
NGA has promised to replace 
the strikers and wv are waiting 
for this to take place.” 


! hi$ union would seek “ iinmeUiale 
and similar treat uient.” 

Mr. Jackson told delegates at 
the union's annual conference in 
Blackpool that he was certain 
that the next 12 months would 


Ofer the past four months I be the year of the shorter work 


Reveille has last almost 2m 
copies because of strike action. 


ing week- Pressure Trum the com- 
bined strength of the union 


This week it lost its entire movement could be brought to 


nsh Assembly. weeks, and the pace was increas- °wh?sk n? He hoped the Opposition would Mr. Barnett said that most 

The SNP. he argued, would ing. These new owners were not f®? 1 ' S- not su P port the - “exaggerated reports had been “grossly 

blaze a trail in ending the interested in working the Jonn Hulbert said that 49 of the and inaccurate comments exaggerated.” The number of in- 

protiigacy and patronage of the property or in preserving the 130 . d^^Hery companies were bandied about in the Press vestigations of all times since 
present system of Government, livelihood of the families who riSS? «r S n°i2SS' recenti 3 r -’* January. 1977. had h«>n about 

There would be democratic con- lived and worked on it. They ^® odo ° - a S r °?5' Mr. Barnett said that most of 70.000 out of 1-Sm self-emploved 

trol of the bureaucracy and were concerned only with making important parts of Uie industry d, e self-employed were hard peonle. P ' 

more power for backbenchers a quick profit. were being absorbed into huge working, decent people who Mr. Ronald Atkins fl ah 

through standing committees Mrs. Ma^go MacDonald, SNP multinational groups. would not want their image Preston \) <aid that tax evasion 


1 I UIV.T VUIUU VV 

f r _°/ s - ! casual work in Fleet Street— 


zine if replacements are not 
found quickly. 


working, decent people wno M r. Ronald Atkins fL-ab. 
would not want their image Preston N> said that tax evasion 


not call off theii action the production and extra dlfficul- bear on the Government and 

union would take disciplinary ties could arise in producing should be able to produce a 
measures. It Is understood that next holiday weekend’s maga- shorter working week, 
thev could be deprived of zine if replacements are not 1 .Union leaders will begin negn- 
casual work in Fleet Street— found quickly. Stations next week for a volun- 

ttary productivity deal for Post 

‘Office workers based on areas 

Court breaks guideline ! 

BY OUR BELFAST CORRESPONDENT ! 'Hie conference was told that 

iV »\-T»rrrTT>l»r ,4 (>• Tllefar inriitcrrinl xmipt nnrinr 1 QTR ' UTliOO negotiators WOUld bi^ 


Court breaks guideline 


BY OUR BELFAST CORRESPONDENT 


shadowing the work of each candidate In next .Wednesday's The Scottish Development tarnished by the small number was a maior industry in this AN INDUSTRIAL court in Ulster to the industrial court under 1976 } “ .. rrtlinrt nF ta | t _ 

Department of State. by-election at Hamilton. Agency should be required to who were evading tax. country It was unfair to those has ordered Counaulds to give legislation which entitled them to *.. & p “ nf _ “ 

Mr. George Reid. MP for demanded that the party should repurchase those whisky Interests Since the Inland Revenue had who had neither Derks nnr the 270 maintenance craftsmen a pay seek parity with colleagues “ „„ ., vdn n ».,«. i«n,i 


Clackmannan and East Stirline- demonstrate an 
shire, called for the Scottish strategy to combat 

COMMONS BROADCASTING 


irty should repurchase those whisky- Interests Since the Inland Revenue had W h 0 ij 3 ' d neither perks nor the 270 maintenance craftsmen a pay seek parity with colleagues m \a» v on .. voluntary local nroduc 
alternative that had already gone outside the adopted a new approach to the opportunities to ^ avoid £x that rise which, exceeds the 10 per similar plants. scheme 

the de- country. examination of accounts in this should continue. cent guideline. The court ruled Uiat rates of! The conrerence also decided to 

The management of the Cour- pay at courtaulds were “less ; investigate profit-sharing schemes 
_ _ tauids plant at Camckfergus in f fl n n t,r a hie than the eeneral level 1 rn~ tniimhrtn»w nr 


examination 


accounts in this should continue. 


vummuno bnu auuao i my St 313(1 by 

A smart ploy in Parliament force 

may only baffle the listener 

support in principle in the 

BY RUPERT CORNWELL Commons yesterday for British 

participation in a stand-by force 

THE SPRING Parliamentary benchers raising points of order many senior Tories as well. That will be reviewing the arrange- t0 intervene at short notice 
recess is almost with us. and about some foul, real or just might have something to do ments at the end of this session, t0 Protect the lives of African- 


rr^ntrimSias StSSv Sucked favourable * th J an the general level for telephonists because of the 
ViJSSSiS! oE teTTns 01,11 ro^ 11100115 ,n lhe i disappointing benefits of their 
the judgment and is considering man _ made fibres producing I productivity agreement- 
an appeaL , industry.” 

The employees ., concerned .. . . — 

returned to work after a five- It said I “accordingly, we a vrard ot titi 1 • 

week strike late last year and that as from February 15, I97h.| A QT p'p m 

accepted a £8 a week “final the basic hourly rate far main-. fTOL/L/l IUMU1 
offer” from the company. The tenance craftsmen and anciUan 1 ! W J|I L p .a. 

court's decision means a £7 workers in the company s main-- vr ill UC pUl 

increase tenance department shall be; . .1 > 

The craftsmen took their case increased from £1.20 to £1.37 A.” . |Q triDUIlSil 


BY RUPERT CORNWELL S^U.TiTril.S&riSS ‘ ^ O Lf h T Oil oil ’ BR , lTISH 

THE SPRING Parliamentary benchers raising points of order many senior Tories as well. That will be reviewing the arrange- able to intervene at short notice \ / l I w IaJL CmJVHIJI vA U 2»ll f unic, " s 

recess is almost with us. and about some foul, real or just might have something to do ments at the end of this session, j® p ™^ ct 0,6 Uve * of v _ f , nnnl r r n ; on nf SMmpn throughout the offshore caterio” Eff im E 

with it a chance tn take stock imagined, that the reTeree with the fact that their leader not least because of the wave- based Europeans who are at risk THE National Lmon of Seamen tnrou„nout tne oasn re caieriG 0 1 daim from ASLEF. the train 

of the first two months of regular missed. has not been doing too well out length changes due in November, because of armed conflict. and the transport workers ind if s,r3 hph .. pnn .hr vIh^i '“ivihmi!? tSI 


By Our Labour Staff 
BRITISH RAIL and the three 
rail unions agreed yesterday to 
put a special productivity pay 


broadcasting from the House of 
Commons. The least that can be 
said is that so far it has hardly 
proved a success to be trumpeted 


_«■ i;l„ hmnip’isic nf Prime Minister wouid visit regain the question time driving mr. i-aiiagnan toia mrs. vve 

Parliament mv rliVs nf ten ve-i/ Tarporley. On case you didn’t seat. Thp distortion has been height- must be very about this 

rUrfc know, it is a modest town about Tuesday also banded out the cned ,he ,n setting up because the Afnran countnesl — 

■ nrd*’r a ^rrfnr • 10 miles cast of Chester.) Mr. i esson that even radio mav he broadcasting of Select Com- a ro concerned are clearly). MC\JU tudcat Xfi TMP ucaitu 

^ Callaghan, not unreasonably, said too inflexible am Si um for ihe mitlees. which are much more ,0 . l _ h0 !. e _ £W THREAT TO THE HEALTH SERVICE 


The distortion has been height- must he very careful about this minimum wages and conditions meeting of catering companies, hearing before tbe deadline, 
cned by the delay !n setting up because the African countries — — . 


iDg them to become MPs?' 


lallaghan. not unreasonably, said t00 inflexible a medium for the raitl ees. which are much more ^ er y sensitive to these mat 
No." Undeterred. Mr. Goodlad Cnmmo^ whcn liSrJ UrJ likely to portray MPs as they It would have to h e done in 
n«i«rpH rha t it hp rtiri. hp woiilrt commons wnen listeners were U „ I(M tn h : — f pa pipss lunction with them.” 


But. in contrast to the in ' sisletl u, at , f hD did. he would oT exchi would like to be seen— fearless junction with them.” 

enthusiasm aroused by Ihe find .v, 0 ] 0Ca i ponutace scared °‘. exchanges — follow- scouraB _„ 0 f the Executive bent There was support from both 

original sound broadcasting 5ti(r abouC evcn ,s iS Kolwczi and i"£ on Coring the ancient powers ^des of the House for Mr. John 

experiment three years ago, even worri ed that the Defence Secre- p 5 e /E"h«t h h d Of ParliamenL Davies shadow Foreign Secre- 

procressive MPs are in many tary was not up to his job. Parliament at its best. tary. when he emphasised that It 

cases uneasy that radio trans- The subject was the Govern- was not simply a problem of 

missions. In their present for- t mom's legislative plans on in- TTf>QT*1pCG safeguarding the lives of Euro- 

mat. may be doing more harm LdUgllur dustrial democracy, surely a peans. 

than good. . , topic worthy of national atten- . , The fact was, that the presence 

The heart of the problem is Mr. Callaghan refused to tion. And not only Mr- Perhaps the only memorable of Europeans throughout Africa 

Prime Minister's question time, answer, on the ground that Shaba Callaghan's utterly assured grip committee occasion yet trans- was essential for the continued 

that twice-weekly 15-minule Province had nothing to do With of a complicated brief but also mitted was hack in April, when prosperity of the African, 

jousr between Mr. Callaghan Cheshire, and Men brought the the standard of the questioning Mr. Brian Sedgemore, the radical continent, he said. f would 

and Mrs. Thatcher et al. It is the h uu« e down by listing all the from MPs were highly impres- Left-winger, delivered a spec- Mr. Frank Judd. Foreign Officp ca *v° ] 


The subject was the Govern- 
ment's legislative plans on in- 
dustrial democracy, surely a 
topic worthy of national atten- 
to tion. And not only Mr- 


Fearless 


Davies shadow Foreign Secre- 
tary, when he emphasised that It 
was not simply a problem of 
safeguarding the lives of Euro- 
peans. 


Unrest on the wards 


BY PAULINE CLARK, LABOUR STAFF 

REBEL nurses and other staff at Anderson hospital in London are of nursing. 


At a time when 


administrative work-ins and sit-ins over planned vocational approach of nurses to 


^0 -^v ^e, ,w w who are already unhappy enough .if*' hy the exercise. But who should 

The outcome, though, has not th e general reputation of f have expected otherwise? Those 

ocen too splendid. Ihn me parliament, fee! that this kind of who were always political] v 

Mimsicr s questions wtth their exchange is the last thing needed ^'everJ uvrid aware, will have listened. People 

strange jmound rule*, were a to re gain the respect of the SEJ* 1 * ? “S. r.SJS. Jli ^ 5>tUe involvement are not 
subject oi controversy long be- public. It is said that Mr. Robert Z? f e Ji lh ai ^ like, J' » have been won over 
fore the first BBC cable ever Mellish, the former Labour Chief hated the idea of broadcasting in 3 * * ' 

appeared in the place. But live whip, has already put out drs 5 p ace> and novi raore poutiLians, or at hast 


; *!f ,1, ^ s "” uia Arbitration Service in the Medical Association and .■workers’ council, points to staff 

'wise. Those dispute between staff and certain Department of Health officials tu concern about lack of consult# - 

i politically ^pxxr nrnPfiHlirP administrators whom the council discuss improvements in the hos- tion in the past between nurses 

enetL People axtYT jplULCUUiw has described as " autocratic." pitals’ dispute machinery. and administrators on decisions 

lent are not The formation of the nurses’ Despite the friction that has such as ward closures, 

won over. UU LUlTUpLIOU workers’ council last week has emerged as they vie for recruits The union, whose membership 
or at hast MR. MERLYN REES, Home made lhe Surrey ^authority the ih.the hospitals, the unions are j n hospitals is claimed to have 


radio undoubtedly has made dts- informal feelers on whether than ev '° n r ,. want 8° bac *j. 10 Mme of them, may well he dis- Secretary, last night announced -!L" r, - e * 0f Ur inJi.SU-S ■ from /ewur cha « ' i0 - 000 tn 

satisfaction greater, if only prime Minister's questions might s0 / ne 18th ,. ccnt .“ r - v paradlse - appointed. But anv realist wouid a strengthened and formalised ^?h P i^J; a ° f Tbf U w^miLjnori tJ hncn?tC? h !« mS ' ln teo years, is con- 

because the stakes arc assumed be dropped as j live item. JJ ,h ® n eT f n ^ tin "press wus acccpt t j 1at ^ r' ommorK tn j_ v procedure for reporting to the ^ er hi ^^ p ^ “ r . vinced th3t tradc unionism has 

in be higher. A senior Cabinet Minister ba i7 H ed fr ° m Westminster. — anart fr.-.m tha - tod y police allegations of corruption ° r Britam s health 1S Th? ii he,n ! cd 10 nurses qui-st ion ing orders 

It is not so much that questions summed it up perfectly the other J.he ?.4 ier , cam P fltgues that _.^ p _ ._ 111 tile special cireum- uj public life; , Ui . , i. a ? n .°l e ^ s A p ^ihe p r o bl cm « jfi a way that was never done 


in be higher. A senior Cabinet Minister barred from Westminster. _ 1 « 1 ^ J commons today 

It is not so much that questions summed it up perfectly the other T.h e otiier camp argues that p 111 the special ctreum- 
have become longer. For day. when asked if he had roaio merely compounds the 5tances created by a minority 
succinctness bas never been a originally wanted tn go the whole mystery of the Parliamentary Government — is as powerless as 
virtue of MPs. But hnwl ing down, hog and lei the TV cameras in Process. Only television, for all ever in its lone history Let 
particularly of Mrs. Thatcher, by as well. “[ was." lu* replied, tne changes it would wreak ir Parliament reassert th.. 

Labour MPs adept in the practice. "But now . . ”, and lie let his the habits of me place can both „ tlhH _ **1? the 

has increased sharply, and with voice trail away with every sign transmit and explain. If n is any puDllc ttl ll follow. In the mean- 


Labour Mrs aaept in me practice, um now . . . , anu ue ici ms «>•.* n-o»u> ui uie piacc can both . . . e ~,~ : : ’ ' — Life Provide that anyone who KT.. il*. u' ." , L ^ ■-“»>™eriuivn oi neaim ance or industrial relations he 

has increased sharply, and with voice trail away with every sign transmit and explain. If it is anv f. ub c * wishes to make an allegation of uhMh?E n ? C V CIItred Service Employees nurses have has found among ilu> hierarchy 

n the number oT peace-keeping or hcwilderment at whether such consolation to them, the BBC umc - ,be BBG and ib:v rai »bt corruotioo will be able ta do so „fv. d ®? t0 , rS and "“I 808 bec ? me Jncreasingly a Ware of He blame'? the Brnokwond dispute 

interventions by th». Speaker, an appalling innovation could be itself is not much clearer about consider trying to get their l0 a «*»oiDr nolle" officer 1SSUC orders c . ond tt‘Ons of work and the effec- largely on ihe failure of the old- 

Tnvaria'dy. ion. Mr. Callaghan is contemplated. where it goes now. microphones into the Cabinet nominated for ever/ rpeirmal ™ .. llv ^ np! »'s Of collective action. schuul :ul nil nistrators to respond 

now followed by a host nf back- Live broadcasting lus upset The Corporation. ;n any case, room. * fora?''* ° r ^ ^ “ nJ™L, d !hS‘? , ,! I .£iS r£~.; . “"J?": 5 . 1 ! d .“ ' ™' lo ihe irowtl. o"Se ™iSni...n 

nurses at mo Llizabetb Garrett that the vocation has gone mn at the grass roois. 


*>*' 

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The Financial Times 


-tilt; 


n:;i ’ H‘ej; 

* ILF 


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. i 1 \ 






4. What symbol should 
appear in the blank space 
on the cube in the fourth 
diagram? 




L You have a box containing 
six checked socks, six 
striped socks, and six plain 
socks. How many socks 
must you remove to be sure 
of having a matching pair? 







3. There are three jugs 
containing five, seven and 
nine pints of water n 
respectively. How can you ' 
end up with six pints of 
water in the seven-pint jug? 



2. You have a 
four minute timer 
and a seven 
minutetimer. 

Measure nine minutes. 


5. A 401b weight has 
been broken into four / :/ 
pieces. Luckily the 
pieces can still be used f i 
to weigh any amount / J 
in whole pounds, / m 
from lib to 401b. f t 

How much do j'-t 
each of the f CZ 

pieces weigh? / 



mm 




6. There are twelve footballers. Eleven of 
them weigh the same, Peter is either 
lighter or heavier. You are equipped with a 
see-saw With only three weighing 
operations, find out which footballer is 
Peter, and whether he is lighter or heavier. 


“\bu have 4 hours to finish this advertisement.”M.Collier Bradley. 


<r 


% 


m 


“V r 

c r h t * 

si . i ? 

< e. £. V 


M Collier Bradley 
is chairman ofMensa 
and an administrator at 
the Inter-Action centre in 
London. The puzzles 
above have been designed 
by him to be not so much 
games, as a method of 
t raining the min d to think 
in a certain way 

Abstract thought, 
po, lateral thinking they all mean the sameXhe ability to 
invent new approaches to a problem and find a solution. 

It is inventiveness that has proved so invaluable 
to man in the past. 

Bayer has been involved with innovation since 
Friedrich Bayer gave us the first modem dyestuffs more 
than a hundred years ago. 

Bayer made the first synthetic rubber discovered 
aspirin and polyurethanes, and developed the first 
engineering plastics. 

These plastics give a new freedom to automotive 
engineers and stylists, just as our dyestufis, pigments and 
man-made fibres have brought new dimensions of colour 
comfort and convenience to the quality of life. 

Working with industry, Bayer is involved in 
developing the technology essential to the successful use 
of these new materials. 

Our agricultural products have saved many crops 
from destruction by both disease and insects. 

Man, too, benefits from Bayer’s pharmaceuticals, 
which help fight illness and disease all over the world. 

We shall spend a long time solving other problems. 

IfMichae! Collier Bradley is correct, you now have 
3 hours and 58 minutes to solve yours. 

Bayer^i 

Bayer think of tomorrow- today. v ^ 

By spending over £200 million on research 
every year By making over 6,000 products. Employing 
overl7Q,000 people world-wide and selling to almost 
every country in the world, contributing to their 
economic well-being. 

If you’d like the solutions to the puzzles, 
together with a free booklet about Bayer and the work 
we do^ please write to the address below. 


BAYER UX UMTTED. BAYER HOUSE. RICHMOND. SURREY TW9 1SJ. 

DIVISIONS AGRQCHEM CROP PROTECTION 4 VETEft«Afiv DvE ST UfTS. EWER N0RGANICS. ORGANICS. 
PHARMACEUTICAL PHARMACEUTICALS. DENTAL 4 CONSUMER PRODUCTS. PLASTICS 4 StfffACE COATINGS. 
POMKTHAIt RUBBER 


fi 









Financial Times Friday May 26 1978 


A';', 


Friday May 26 1978 






m 





The decline in the manufacturing sector over the past 15 years has left 
Wolverhampton with serious unemployment. The city is very critical of the Government’s 
regional policy which it feels hampers its efforts to attract new industry. 


A 


city 

in 

decline 


By Arthur Smith 

. Midlands Correspondent 


WOLVERHAMPTON IS now 
struggling to come to terms 
with its changed circumstances: 
industrial jobs have dwindled 
over the past decade, people 
have been moving out of the 
borough at the rate of around 
2.000 a year, and the town is 
showing all the signs of 
disadvantage suffered by the 
declining inner city areas. 
Threat of closure of British 
Steel Corporation's works at 
Bilston has put another 2,300 
jobs directly at risk and raised 
the prospect of the unemploy- 
ment rate moving into double 
figures. 

But the impending crisis has 
left the phlegmatic Black 
Country people somewhat 
unmoved. They are conscious 
of what Wolverhampton has 
been and are anxious to assert 
what it can be. There is a 
reluctance to accept that a town 
which prospered and gTew in 
the laissez faire spirit of the 
industrial revolution and could 
boast more than 150 trades can 
^ave fallen upon such 
difficulties. 

With the modtrn Mander 
shnoping centre and a retail 


complex able to attract people 
from a wide area, Wolverhamp- 
ton has all the trappings of 
prosperity associated with the 
successful post-war Midlands 
motor industry. But the 
Borough Council, in evidence 
submitted recently to the House 
of Commons Expenditure Com- 
mittee. argued that the decline 
of its manufacturing industry 
provided an example of a 
broader national problem. 

Numbers employed in the 
manufacturing sector have 
declined at an accelerating rate 
over the past 15 years. Despite 
the growth of service sector 
employment, the number of 
men in work over the ten years 
to 1976 dropped by 15,700. 
Another statistic which clearly 
underlines the trend is the 
decline in industrial floorspace 
in Wolverhampton from just 
over 29m sq ft in 1968 to only 
23.25m sq ft six years later. 

The Council draws attention 
to the fact that Wolverhamp- 
ton's industry tends to be con- 
centrated in metal working, 
mechanical engineering and 
vehicles — all areas where 
Britain has fared badly and 
invested less than competitors. 


Criticism 


There is considerable criti- 
cism that the Government's 
regional policy, and particularly 
the application of Industrial 
Development Certificates, has 
starved the town of high tech- 
nology growth industries. 

The case advanced by Wol- 
verhampton has been taken up 
by the top tier local authority, 
the West Midlands County 
Council, which has lobbied per- 
sistently over recent years for 
the region to be treated on a 
more equal basis with the 
assisted areas. 


Of more immediate concern 
to Wolverhampton is the com- 
petition which it faces for jobs 
from the nearby new town of 
Telford and the neighbouring 
county of Stafford. Telford, 
established at the time the Bir* 
mingham conurbation was 
suffering from problems of 
acute labour shortages and. 
overheating, was supposed to 
act as a safety valve. Now, the 
town, with the aid of heavy 
public investment in schools, 
housing and infrastructure, is 
able to offer modem factory 
facilities to tempt companies 
which might otherwise go to 
Wolverhampton. 

Asa reflection of the changed 
emphasis in Government policy 
away from the new towns to- 
wards the problems of the inner 
city areas, the target popula- 
tion for Telford has been re- 
duced. There is also increasing 
recognition by Government de- 
partments of the need to deal 
with the problems of Wolver- 
hampton and Telford on a joint 
basis rather than in isolation. 

Certainly, Wolverhampton, 
with its problems of social de- 
privation and growing unem- 
ployment. has a claim for 
priority in attracting new jobs. 
The lack of building land 
within the borough boundaries 
could offer Telford a role in 
meeting the housing require- 
ments of the local population. 

However, the issues will never 
be as dear cut and simple as 
that and there will be a need to 
generate new jobs at both Tel- 
ford and Wolverhampton in 
order to ensure a regional bal- 
ance. One restraint which does 
tend to put Telford in direct 
conflict with Wolverhampton is 
the fact that the new town is 
required to recruit new indus- 
try in the main from the conur- 
bation. The issue is scheduled 


to be raised at the next meeting 
of the West Midlands Economic 
Planning Council and it seems 
likely that Telford will be given 
the freedom to seek jobs on a 
much wider basis. 

In the order of .priority for 
the award of Industrial Develop- 
ment Certificates London and 
Birmingham, because of their 
inner city problems, have 
recently been ranked above the 
□ew towns. Wolverhampton has 
not been accorded such stand- 
ing but would undoubtedly get 
sympathetic, treatment in the 
case of any application for new 
factory development 


Scorn 


Such arguments that Wolver- 
hampton would not be discrim- 
inated against are treated with 
scorn by the local, politicians 
who point out that if £DC con- 
trols will not be invoked then 
they should be scrapped alto- 
gether. The very existence of 
the control is seen as an inhibit- 
ting factor upon new industrial 
development. 

The Borough Council made it 
dear to the House of Commons 
Expenditure Committee that the 
position of Wolverhampton de- 
served special recognition. "The 
incidence of social disadvantage, 
high levels of unemployment, a 
seemingly unending pattern of 
closures and rundowns, declin- 
ing productive industrial floor* 
space; and a low ratio of vacan- 
des to people seeking employ- 
ment, all make selective action 
imperative.” 

The Council' also warned: 
“ The further decline advances, 
the more difficult the process of 
recovery.” Wolverhampton has 
already been identified by the 
Government as one of the 15 
towns to receive aid under the 
inner urban areas programme. 
But the Borough -is pressing for 


the same financial incentives to 
be made available as are en- 
joyed by the assisted areas and 
the new towns. 

Work is already well advanced 
in drawing up an inner area 
programme for which between 
£lm. and £ 1 . 2 5 m. has been allo- 
cated for the financial year 
starting next April. Up to 
£l-75m. will be available the 
following year and up to £L25m. 
in 1981. 

“We hope to have a prelimi- 
nary report ready by mid-June 
which will identify the prob- 
lems and possible solutions,” 
says Mr. Tim Cox. the assistant 
planning director. The report 
will provide an overall strategy 
pulling together the council's 
other spending programmes. 
The scale of investment under 
way can be appreciated when it 
is realised that the housebuild- 
ing and home improvement 
budget for the current year is 
£27m. 

Mr. Cox insists that, in the 
face of setbacks caused by a 
whole series of redundancy an- 
nouncements by local industry, 
the local authority has an im- 
portant role to play in steady- 
ing investment confidence. “If 
people are going to invest in the 
town, they want to see things 
happening and we must remove 
the uncertainties." He cites the 
fixing of the line of the final 
link of the inner ring road as a 
decision which has lifted plan- 
ning blight from an important 
area of the town. 

The inner area programme, 
plus the Government decision 
to make 100 per cent grants 
available for derelict land re- 
clamation. would give a further 
boost to tiie town. 

Mr; John Bird, leader of the 
Labour group on the Conncil 
which has held power for the 
past six years, is conscious that 
the next 12 months, will be 


difficult— not least because of 
the potential difficulty of imple- 
menting party policy. The local 
elections this month produced a 
strange result with both Labour 
and Conservative equal with 29 
seats and two Independent Rate- 
payers candidates holding the 
balance of power. 

Thanks to the abstention of 
the two Ratepayers, Labour was 
able to ding to power by using 
the vote of the outgoing Labour 
mayor to take the mayoralty 
again. The somewhat bizarre 
situation gained further colour 
from the fact that one Labour 
councillor had to be transported 
by wheelchair from his hospital 
bed in order to vote. 


Though Labour has taken all 
tile chairmanships and will have 
a narrow overall majnrity on 
many committees, it will risk 
defeat every time in full council 
meetings. The Ratepayers have 
made it dear that they will not 
hesitate to use their veto as and 
when they consider it necessary. 

One oF the areas where the 
council is aware attention must 
be concentrated is upon 
promoting good race relations. 
The town is conscious that since 
Mr. Enoch Powell, who was then 
a local Member of Parliament, 
first aroused controversy over 
the race issue, public attention 
has tended to focus upon 
Wolverhampton. With the 


higher unemployment !errel% 
particularly among coloured 
youths, tension has undoubtedly 
mounted, and Incidents have 
already hit the national head, 
lines this year. 

The hope is that by taking n 
constructive approach to the 
fundamental problems of ran 
employment and social depriva- 
tion racial harmony can be 
maintained. Wolverhampton has 
alerted the Government that the 
real need is to create new jobs 
and promote investment in a 
town that has suffered dispro- 
portionately in recent yean 
from the decline of its 
traditional industries. 


Severe problems 


for industry 


“WE HAVE been losing our 
major companies in large 
chunks,” is the dramatic way 
that Mr. Kenneth Williams, the 
Wolverhampton Town Clerk 
describes the present unemploy- 
ment problems. “We used to 
claim, we had diversification 
across industry to cushion tis 
against any downturn of the 
economy. This is no longer 
true.” 

And indeed the Borough 
Council can run ; off a list of 15 
companies which have shutdown 
in recent years, with the loss 
of more than 7,000 jobs. Cut- 
backs in activity by another 10 
companies account for nearly 
5,000 jobs. ■ . * • 


Guest Keen and Nettlefolds the decision was taken to shut 
has featured in recent the plant 

announcements, and tiie pattern : At Dar i asl0Ili gKN Nuts and 
of redundancies illustrates the _ , . ... „ 4 . 

problems facing the town’s 110115 lS shedding 70 toolroom 
traditional engineering and workers following a reorganisa- 
metal bashing industries. GKN tion of the depressed fastener 
Sankey Plastics Division is industry. Underlining the prob- 
expected to have completed jgjQ 0 f weak demand. Garring- 
closure of its Manor Works at tons> a foundry serving the 


V '{ ^ 

V'-li! 

* * 


Bilston with the loss of around tra ^or and commercial vehicles 
650 jobs, by late summer The industryi has announC ed that 


plant, manufacturing plastic one o£ the looo-strong 

components for the motor m. 


industry, had not been profitable worKtorce must 


'G ft; if 


\ l S 

-• * ■* - 


for several years. Faced with One bright spot is the award 


a prolonged downturn in to the GKN Sankey plant at 
demand, largely because of over- Cable Street, Wolverhampton, 
dependence on the UK industry, of a Ministry of Defence con- 
CONTINUED ON NEXT PAGE 





■tgm ■- 


" : b 


I • *: ">T ~-lZ 


or a flee 



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you can depend on Goodyear Tyre Technology. 

For cars that means choosing the G800+S. 
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And extra high mileage. 

For high-speed heavy haulage you need the 
ultimate in truck tyres. The GoodyearG191. 



Its all steel radial construction with wide multi- 
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And its broader flatter shape puts more tread 
on the road. Which all adds up to more miles for 
your money. 


The Choice of Champions 


G800+S. SUPERSTEEL 


i 


-l*-* 







13 


*» 


Financial Times Friday May 26 1978 

WOLVERHAMPTON H 


The property market 


w OLVERHAMPTON 


enjoved a fair?„ ^ u P er cent of the total housing 

enjoyed a fa*Iy settled housing stock, a higher proportion than 

is to be found in most towns 
and a reflection of a continuity 
of policies. At the same time 
the number of council houses 
will grow, though not by many 
more than 1,000, for building 


Policy and this is due in no 
small part to political stability. 

It has avoided the tugs-of-war 
that have bedevilled some other 
local authorities. And while 
the Labour Party has been in 
the driving seat for most nf *-* 

ihe time, the Tories in the^ack S ° on be 

seat have generallv hepn etr^n Tbi s leaves the council with the 
enough numerically mu? votaUv poss ? blUt y of acquiring houses 
to keep the drive/ well on the * S raaIn P° s » bmt y of help- 
road. on “f mg the fi,000 families on the 

a*. - - Council’s waiting list. 

At the municipal elections S 

eariier thj s month the Tories DpniQnil 
to repeat their success of 0*3X1 Cl 

margins ** La hour ° f Tbe a,nou nt of building land 

tive^nishe 1 ? with 29 sSts^h fiY, ailaW ?' ® part from some in ‘ 
with two Independent Rate- 1S d< ”? , to A feW hun- 

payers holding the balance l ** d for “““l 

ce ‘ house building is expected to 

While the two Independent f^n out in 1931-82. This throws 
Ratepayers representatives have mt° more than usual pro- 



and the 


enterprise 
authority. 

1 4? ey WJlJ not ml “ eoce the importance of over- well established policy of buy- behind assisted 
wtn if tl J -iV 1 * 11 power o£ spill arrangements with neigh- ins houses which the old or nriorities but al 
veto if they feel it necessary, bounna authorities, for 


also 


local ham, it has not been granted 
special privileges. In Binning- 
has a ham the special areas come 

areas in 

houses which the old or priorities but ahead of new 
pro- infirm vacate in favour of a towns. Wolverhampton has no 
wp U whm be Ino^ demand up to the mid council home, and is also acquir- greater pull than, for instance, 

Some £27m b ?. Mv f *!: bas P ut at around ing properties on the periphery Telford, though arguably more 

to l " allocated 18,000 homes. There is land of action areas when circa m- need if industry is to be 

to Wolverhampton s housing only for some 7,500, leaving stances permit. attracted hack. 

more than 10,000 to be found That the housing authority is a 

from somewhere. prepared to go to the extra in- Rpfjljndsncte*'* 

Overspill arrangements have convenience and cost often . . . _ T v VlJ _ 

been in operation with various entailed in modernisation re- Industrial Development Certi- 


its 


budget for this year, and 
policy is widely regarded as 
among the more progressive in 
the country, with 1,300 council 

Another £55m to authorities £or 20 years, some fleets a certain sensitivity and ^ ***}* needed for 

rnS? of wbich - 1Lke those with Wed- sophistication just as the two “H*™* above 15 ’°™ 

of course far ton pjrL I s ’ nesfield, were transferred to the Independent Ratepayers on the whde they may not be withheld, 

“n'dlS h«w hoX'poficta 1 ~ “ ; 966 ■ the^Siw and S2 ^TerCs'noS^ier 

may be influenced by the £“*“ ' wblI . e rf tho>e ! m T ?? n ' actJV, . u ® s ^ Stol «3E? B? £?5 

hall and Seisdon have been associations, of which there are t “ 

taken over by the new South some 20 in the borough. StoKfS \S up eShere“ 

Staffordshire District Council. While the new shopping w«,.M S ho ?*"- 
A number of other areas have centre has given a new life and area or would he be 

?r„ S ^ d ^° V ^ Pi ! ll t e * U r Se , t0 the 2 ? T"* " ^come ?o Wolver- 

Cannock, but it is felt to be still contains within the nng hampton? Officials are in no 

too far away for commuters to road a lot of worn out proper- doubt that it is going t0 be just 

make it widely attractive. The ties from many of which M hard as ever to induce new 

last major area in winch Wol- managements, staffs and labour blood int0 the central areas, and 

verhampton bas an interest is forces have long since fled, extremely difficult to maintain 

u _ at the former Perton airfield Wolverhampton shares, with and protect jobs. In common 

homes. There are within the South Staffordshire many other towns in the Mid- with other metal manufacturing 

42,000 council houses in Wol- District Council. This is being lands industrial conurbation, 

verham pton. representing 45 jointly developed by private blighted central areas. 

Wolverhampton 


election, it is possible that 
council houses may be sold. 
When the Tories held the reins 
in 1967-71 some 1,000 council 
houses were sold to sitting 
tenants: since then Labour has 
been buying them back as 
opportunity offered. 

Certainly there seems to be 
big scope for the sale of 


Holding die heart 
of industry 
in our hands. 



In Wolverhampton we are at the heart of the industrial 
Midlands, and our bearings are at the heart ol many 
industries. 

From aerospace to agriculture, machine tool to 
automotive. Combines to conveyors. Fans to food ■ 
processing, textiles to tanning plants. Printing to pumps, 
valves and compressors. People in all industries depend 
on Fafnir Bearings. Our technology can get to the very 
heart of your problems too. 


FAFNIR 


TEXTRON 


Fafnir Bearing Division of Textron Limiied, 

Upper YHliera Street, Wolverhampton WV2 4NT, Telephone (CB02) 26101. 




MALLEABLE IRON 
FOUNDERS 


WEIGHT RANGE — 6 grams to 12 KILOgrams 


AND LOW VOLUME IN 
^RLITIC, FERRITIC AND 
■LDABLE MATERIAL. 




GREEN & RUSSELL LTD. 

Malleable iroitfounders 
Registered Offices 
Neachells Lane, Wiflenhali. 

West Midlands, WV13 3RR. 

Telephone Will en hall 69985 (4 lines) 
Telegrams Advance Wolverhampton 


3EUjtf)bp p®ra£& 

i-iraMrtJrars'iS 

ings, exporting to over 30 Countries throng out 
the World. 

ROTMLET BRASS LTD, 

ridale Street W^rhw»P»" 0RB 

Tel: 0902 27532 Telex: 338490 


has been 
designated a partnership area 
in an effort to revive its once 
flourishing manufactories and 
offices. But it Is a .cause for 
grievance that, unlike Binning- 


Industry 


areas Wolverhampton has been 
shedding a substantial number 
of jobs that has pushed the 
unemployment figure beyond 
the average and looks like lead- 
ing to even higher unemploy- 
ment If all the Indicated 
rationalisation and redund- 


CONT1NUED FROM PREVIOUS PAGE 


tract for design of a new tracked argument seems to be that Bit 
military vehicle. The order has ston cannot be examined in 
meant an immeRi^te increase of isolation: to concentrate steel 
nearly 50 jobs, biit the employ- making in the Sheffield area 
ment benefits will be consider- would ensure a higher volume 
able if GKN wins a subsequent of throughput and yield better 
production contract. financial returns. 

Goodyear, one of Wolver- The Corporation is likely to 
hampton’s biggest employers, take the view that it has been 
with a workforce of 5,500, charged by the Government 
intends to shake out between with the responsibility of profit 
300 and 400 jobs. The company maximisation and that ministers 
said the problem was caused not must intervene directly and be 
entirely by a lack of sales but accountable for the cost if wider 
by an acceleration of costs, social objectives are to be taken 
Labour savings, necessary be- into consideration. Such an>| 
cause of overmanning, are being intervention seems unlikely as 
achieved through voluntary Mr. Eric Varley, the Industry 
redundancy and natural wastage, Secretary, has made it dear 
Goodyear maintained. that the unions and the Corpora- 

Lucas Aerospace Fordhouses tion must negotiate any run- 
plant, with 1,550 workers, has down of steelmaking capacity, 
escaped the cuts proposed in The Borough Council L 
other parts of the division. - The already making representations 
volume of orders is said to be to Government about the alarm 
sound and prospects for the jug consequences for Bilston 
future good. should the plant be allowed to 

Rubery Owen, the motor com- close. In a special report on 

ponents supplier, at Darlastan. the issue, the Council maintains 

bas enjoyed a period of peace- that Bilston 41 seems unlikely to 

ful labour relations since the attract the scale of investment 

damaging strike at the end of necessary to lift the area out of 

1976 which put at risk some its spiral of decline.” The 

2,000 jobs. Motor industry orders natural advantages of the area 

remain depressed and Mr. John with its traditional skills and 

Owens, the managing director, links between dependent firms, 

points out' that the West Mid- were constantly being eroded. 

lands may have to learn to live A - 

with the present higher levels A , large Proportion of any un- 

of unemninvmpnt employment from the steel- 

or unemployment. works dosure woald ^ ^ 

k ° f °£ e sma C0 * I J' groups which already dominate 
?i 0Wn , gnw * the jobless figures. More than 
2i2 g - th £?M CU rPCent ooe o £ the workforce are 

J2“ “ Ro F thI ® y Brass ’ B £ anu - unskilled or semi-skilled: there 
io"t U *h S ° f brassware - Sroce are Bom e 700 general labourers, 
1971 the company has moved a ^5^ wb l re 2 . 0 00 workers 
tjwce to bigger premisees and m a f read registered u un ® 

gr ° Wn m em P lo y ed - Attention is drawn 
only four to 60. t0 lhe fact ^ near]y half ^ 

But the issue which dominates men at the plant are over 45, 
discussion about the prospects which would suggest severe 
for Wolverhampton Industry is difficulties for retraining and 
tte possible closure of British alternative employment 

Steel Corporations Bilston tt,. =, 

plant, a small integrated steel- fnrth ^ P CO u^u hf J^ TDS n f of . k a 
works employing 2.340 workers. r«°i, “S 

Shop stewards in the plant, led > “ t |P e . er ' 0 ual |0ed and 

by Mr. Dennis Turner, chair- £i"!? .'“f'ST “Tl® ° Ut 
man of the Joint Union Action a ■ , 

Committee and a Wolverhamp- ; h |.. a J e an<1 SM ! al SUTic- 
ton Councillor, are ■ mobilising ■ucreaamsly un 

widespread support within the D “ ancea - 
union movement for their cam- . P response to the impending 
paign to keep the works open. th e Council is urging the 
They point to a study of the Government to relax industrial 
Bilston works, undertaken development certificate controls 
jointly by the unions and senior special area status to 

management, which concluded Bilston and inner Wolverhamp- 
that the plant could have a ton - Ministerial support is also 
profitable future. The report sou fiht for the! immediate identi- 
recommended investment • of on tbe 240-acre 

just oyer £l3m for the installa- Bilston site that might be used 
tion of modem steel-making industrial purposes, 
equipment and additional roil- The Council is looking to the 
ing mill facilities. The stewards European Coal- and Steel Com- 
maintain that the £22.1m profits munity for grant aid in under- 
earned by Bilston over tbe past taking a feasibility study of the 
five jears were sufficient to land with a view to develop- 
finance the modernisation. Tbe m ent of a big new indostnal 
joint study did recommend a estate. Wolverhampton realises 
phased reduction of the labour that , its problems are growin° 
force to around 1.400. but the The pressure is on to create the 
stewards insist that would be sort of environment that will 
preferable to closure: not only encourage the growth 

■British Steel Corporation does 0 f local industry but also 
not appear to question the find- stt ract . new. companies from 
ings of the working party report outside, 
that Bilston could be retained . , _ . 

as a profitable operation. The Arthur jllllth 


ancies in the steel, motor and 
other industries occur. 

On the surface it looks as 
though Wolverhampton is fairly 
rich in industrial and com- 
mercial land, but a closer 
inspection in relation to the 
demands, much of wbicb is for 
small manufacturing, process 
engineering and warehousing 
facilities near the motorways, 
reveals that the shortage of 
suitable accommodation is 
almost as bad as in housing. 
Statistically there is 1.4m sq ft 
of Industrial space available, 
but 840.000 sq ft is old. usually 
pre-war building of a type used 
by some discount stores, or 
suitable only for warehousing. 
Another 400,000 sq ft mostly 
modern, and mostly in private 
hands, is on offer in various 
quarters, and 160.000 sq ft is in 
course of construction. 

One of the biggest develop- 
ments outside the centre is at 
Strawberry Lane. Wednesfield, 
and is being undertaken by 
London Life. Some 200,000 
square feet of offices have been 
let, and 300,000 square feet 
remain. This is considered 
reasonable progress in the three 
years or so since completion, 
especially in view of the uncer- 
tainties- created by the con- 
tinuing run down in 
employment at large scale 
employers like the Bilston steel- 
works. It is expected that 2,400 
jobs will’ disappear over the 
next few years. 

Property developers are try- 
ing to stimulate the market with 
package deals, of a type' increas- 
ingly being offered by quantity 
surveyors, architects and agents, 
but less so by developers. A 
local example of this is by 
Bullock Developments, of 
Aldridge, just north of Birming- 
ham, which over the past seven 
or eight years has become well 
known for its development of 
industrial estates in the West' 
Midlands. The company's first 
package deal concerns a 30.000 
square feet factory at Willen- 
ball on a three-acre site. This 
will be. finished in July, only 
some seven months from after! 
the site was selected, and meets | 
the requirements of companies 
wishing to expand quickly into 
purpose-built premises. The 
speed with which these kinds 
of offer are being taken up is in 
contrast to the way in which 
much older, though still service- 
able property is standing ei\My- 


Peter Cartwright 



Do you realise that the 
Duport Group is as much a part 
of daiHHfe as these other great 
British achievements ? 


It’s an impressive statement and one that Duport lives up to. 

As one of the country's top industrial groups evidence of Duport tech- 
nology can be found in daily use throughout the world. Almost every car; 
agricultural and commercial vehicle produced in the U.K. today and many 
overseas, can boast some Duport expertise which includes steering gears, oil 
pumps, interior trim, seating and a wide range of other engine and chassis 
components. 

Duport 's contribution in the home includes Mbno furniture, Grovewood 
kitchens, Swish curtain systems, Slumberiand and Vi-Spring beds and 
Portways fibre for filling quilts, mattresses and clothing. 

\Xfe are one of the largest producers of quality steel in the private sector 
and make a major contribution to a large and varied range of products. 

The company is committed to the demands of a world which attaches 
ever-increasing importance to technology and 
excellence. 

Remember the Duport Group, it stands for a 
lot more than you probably realise. Duport Limited, 

Duport House, Hagley Road, 

Birmingham B16 8JU. 



a great British company 













The Property Market 


BY JOHN BRENNAN 


Rent race for St. Mary’s Court 


ST. MARY'S COURT, which, at 
So .000 sq ft, was one of the 
largest remaining vacant office 
blocks in the City of London. has 
now been let to the Central 
Trustee Savings Bank. 

The bank, which acts as the 
central bank for the Trustee Sav- 
ing movement, is understood to 
have outbid another prospective 

tenant— the Property Services 

Agency — for the building. And 
the bank's successful tender for 
the space means that it will pay 


an annual rent of £1^2m., £14.35 
a sq Ft. 

That is a full £220.000 a year 
more than the initial asking rent 

This letting by tender, which 
is becoming -increasingly common 
in the City, reflects the acute 
shortage of sizeable modern 
office buildings on the market. 
Now that St Mary's Court has 
been let there are only five office 
buildings in the whole of the 
Square Mile with 50,000 sq ft or 
more to let. And there is only 
the 110,000 sq ft former Sun .Life 







SB 


asssmm 







Lcumnl Burl 

SL Mary's Court, let for £2-59 a sq ft above the initial 
asking rent. 


Assurance -headquarters building 
on Cheapside available . in the 
over 100,000 sq ft class, unless 
the Church Commissioners can 
successfully alter planning re- 
strictions on 66,000 sq f-t of their 
110,800 sq ft Condor House block 
by SL Paul's Cathedral: 

The St. Mary's Court develop- 
ment. at St. Mary-at-Hill. ECS. 
was started in 1973 by Town 
and Commercial Properties on 
the site of the former Coal 
Exchange. When T and C 
collapsed its financing partner. 
Legal and General Assurance, 
took over the scheme and also 
took over the property group's 
freehold of one 36.000 sq ft 
section of the building. 

The freehold of the rest of 
the development is held by the 
City Corporation. But the Post 
Office Staff Superannuation Fund 
bolds a lease on tthat section of 
the site running until 2074. The 
PO agreed 1 to the joint develop- 
ment of the -land by T and C 
and, subsequently, by the insur- 
ance group. 

Tbe scheme was completed last 
year. And at the turn of the 
year letting agents Richard Ellis 
had the competing bids for the 
space from the savings bank 
and from the PSA acting on be- 
half of the PO Telecommunica- 
tions division. As the PO's 
pension fund had an interest in 
the- scheme the tenants com- 
peted in a closed tender for 
the space. 

The bank, advised by Deben- 
ham Tewson and Chinnocks, has 
taken a 25-year lease on tbe 
offices with five yearly reviews. 
As it has to sel-up a mass of 







& 







The £I3m Neasden freight 
centre and superstore develop- 
ment has now been put on 
show to the public, and meet- 
ings have been arranged over 
the next few’ weeks between 
the. developers, local trades- 
men and residents, -f no 
serious objections axe raised 

computer equipment in the 
block it wiJJ be moving into the 
building in stages. It seems 
probable that in tbe scramble 
for the space the bank would 
have to do without the rent free 
fitting-out period commonly 
granted in lettings over tbe past 
four years. 

IN BRIEF 

THE LONDON LIFE ASSOCL\- 
TION has now let another 100.000 
sq ft of its Euro link Industrial 
Estate at Sittingboume, Kent for 
between £1.25 and £1.50 a sq ft. 
Everest Double Glazing has taken 
45,000 sq ft of industrial space 
and 5,000 sq ft of offices, and the 
rest of the space has been taken 
by Eurocoiis and Jarman Boat 
Construction through the estate's 
joint letting agents. Fuller 
Horsey Sons and Cassell, and 
McDaniel and Daw. London Life 
is funding partner on the 100 acre 


the scheme should be 
considered by the London 
Borough of Brent's planning 
committee early In July. And 
a full council decision should 
be reached by tbe middle of 
that month. 

The development — which is 
funded by Legal and General 

Blue Circle Group's site, five 
miles off the M2 between London 
and Dover, and the new lettings 
fill 200,000 of the 240,000 sq ft 
first phase of the development. 
The partners -plan over lm sq ft 
of industrial building when the 
whole scheme is completed, 
another 130.000 sq ft of which are 
already under construction. 

• 

NORWICH UNION Insurance 
Group is the latest fund to back 
a speculative office scheme at 
Milton Keynes. The insurer is 
to finance the- Development Cor- 
poration's £6m. 156,700 square 
feet office project in the heart 
of the New Town. The develop- 
ment, in two office blocks, will 
stand next to the Corporation's 
Civic Centre — which is now- 
under construction — and close to 
its lm square feet covered shop- 
ping centre. Drivers Jonas, let- 
ting agents for the scheme have 


Assurance (Pensions Manage- 
ment) on British Rail's 49- 
acre site— likely lo pass 
all the public and council 
tests. The scheme— designed 
by local developers Kyle 
Stewart under the develop- 
ment direction or English 
Property Corporation's Nick 

already signed up »ne of the 
clearing banks to take space for 
a branch office in a section of 
building which will be completed 
by the end of 1979. 

• 

ENGLISH PROPERTY Corpora- 
tion has sold its Sheridan 
Shopping Centre at Stafford to 
the Royal London Mutual Jnsiir- 
unce Society for £1.14m. EPC 
developed the 18 shop and super- 
market scheme in 1974. and it 
subsequently increased its hold- 
ing bv buving out the freehold 
from Stafford Corporation. Rojal 
London, advised here b> Mayfair 
a cents Clive Lewis and Partners, 
has bought to show an initial 
vield of just over 7 jut cent. 

• 

GREAT PORTLAND ESTATES 
has sold the freehold of its 15.300 
sq fr Petra House offices at 79 to 
S3 Colemon? Row. Birmingham to 
the Provincial Building Society. 


Financial Times Friday May 26 1978 

link road which Is designed 
to keep freight traffic from 
residential areas In Brent, and 
which would also have the 
effect of filtering Wembley 
Stadium traffic away 1 from the 
town centre. 

BrrnC Council l«t working 
through the Community Land 
Ael procedures to acquire the 
site following the Issue of an 
intention to acquire the land 
earlier this year. But the 

. chairman of Brent's planning 

1 committee. Councillor James 
Hughes, explains that the 
committee sees this as a 
** backstop " Jura in case there 
S are unforeseen prohlems on 
the development or the land, 
which was last used fay British 

Irvine — tits exactly into the Rail in 

Greater London Council's The freight yards hntld- 
stralecic plans Tor an into- ings which are expected to 

-■ rated road-rail transport cost £10.5m. will cover 31 

system . ill the capital. And acres of the land and create 

iocal residents should approve 550.600 sq It of inilu*dnal and 

of the l.»0(i new jobs the warehouse space. The pre- 

freight depot will provide, as posed IM.OIHI sq ft superstore 

well as a new North Circular is to be built hy Tosco. 

The socictv already occupies twn the market rein nf 1973-74. 
Hours of the Victorian building Service charges tend to account 
and the Cb-Opeiafivr Bank ind Tor a sizeable slice uf the acrom- 
Percy Lane urcup occupy the modation costs on leases 
remaining space, which has been normally drawn on a tnree-jear 
let at rents up lo £2 a sq fi- term with an element of auto- 
Chesshire Gibson and Co. acted malic rental increase— usually 10 
for the socieiv. which paid over Pt*r cent — each year. 

£300,000 for LhV Mnck. of * c leas ? ^tractive infill 

THERE arc nnw between 1.20O Queen* A m 

and 1.400 consulting rooms in the Streel vi. has been sold by The 
Harley Street and \V impale 0 f Education Com- 

Streel area. And as the National miueej . tu t i u . British Diabetic 
Health Service turns ns hack on ^ ssnc i a tion fur just over 
private medical facilities. £500n00 _ T h P RDA. advised hr 
demand for rooms m this tradi- § lrull anc j porker, gets a 999 year 
tional centre for private medi- , eMe on f hP 6 .ino square feet 
cine is forcing rents to new ftf ofliccs p i Us two vacant selF 
heights. Elliott son and Boyton. contained Hats and four tenanted 
who have specialised in consult- rtaU Healey and Baker acted for 
ing room lettings for more than lh Educators, 
a century, report that a single . 

consulting room with a seen.- 

tary*s office can now cost up tn Property Deals appear on 
£3.000 a year, more than twice Page lo 


ffS” 


- - j ^ 
, jrj 




h. viT'*- 


iff 

Ry ;-*.V 

ii:s 

t.#:' Jivf. 

s 


NDUSTRIAL AND BUSINESS PROPERTY 


...-er.«S£ 



Planetary Industrial Estate 


Remaining units 
6,000-100,000 sq. ft. 
READY NOW 


.A superb situation between Wolverhampton (3 miles) and M6 Junction 
1 0 (3 miles) and in the heart of the industrial West Midlands. 

Joint Letting Agents : 

sftissi"*™ s?.!r c tew HB 

Bancroft House. Paternoster Square, 

London EC4P 4ET . ‘ j ' tra ,: n PT 58 Chapel Ash. Wolverhampton 

Tel: 01-236 1520 ,, 0 , 0 ,/ Tel : IVolverhamolon 2576E 


5" Bow Lane. 
London EC4M 9ET 
Tel: 01-248 7354 


58 Chapel Ash. Wolverhampton 
Tel : Wolverhampton 25768 



— IIIP ^ •ll| ill 

iiiiiiiiiiiiMiniiiiiimiii 

gs ii'iimffimw 
” 





T 


Modern factories, warehouses and sites at 

CWMBRAN 


FACTORIES 

500 sq ft 
1,250 sqft 
2,500 sqft 
5,000 sqft 
10,000 sq ft 


WAREHOUSES 

10,000 

to 

20,000 

sqft 


SERVICED 

SITES 

Immediately 

available 


overnmeh t' ('■ ra rus ■ * 

* 2 : .years, mil may ;ipp]y 

Excel Tent' commt’mi cations- 


N-.-.v I n i :<r. .vir.,? a yn I ) •* ; air • ;. 

M •; ! -xj n 1 urn <co-o p, t * ra ti on /-as> i s.f ; a p o e b \ 

C vti 1 b r a 1 1 B «- v : e ! o rm 1 f.-i !. Corner; ii.it.Mi 


'AM'Ciiqui-ries-.to Alan Smith. C'hi.ci : Estati*-; 0 ffux- r ''CwTn'hrsVrt' ; D<‘v^ « < j v;»u>n t- 
. Centro.' Cwmbran. (Event. N’P4._3X J.^.VV); Jes. : T-cii Cwmbmn (57.777' " .’Ci. . 

^ Business comes to life in Cwmbran Garden City of Wales 


| Welcome to^ 

i 

1 

m 

fO 

ejjji 


New warehouse/industrial units 
5,000 sq.ft, to 150,000 sq.ft 
Adjacent to M27 Motorway 
High specification 
Available June 


J.v.7 

pvS 

•Vj 


Phoenix Beard 


[[VAIL 


"lb H.lf-.C'.-" b*' -- * f. lo Hlvlll Strifl. F.iiL-fMIII, 

Lo- 11 !- -• 1 v*. 1 R f* : 1 U H. 1: 1 ipsl ai • ■ PO 1 1 > 7 AF 

oi -i'< J.-ir: r .11. ii.ins lOLc-jj rsiKWJ 

A Bryant-Samuel/Standard Life Development. 


Barking 

17,650 sqft 

Modern self contained office 
building adjoining the station 
and with ample car parking 

To belet 


Debenham Tewson 
& Chinnocks 

Chartered Surveyors." . 

4&..B >cpk Street .London VV.1V 1 Y8 ~'i'- • 

01-40S 1>Gt Tefei -2 21 05 '• • . k 

Brussels "Haintm^g &ahroiri' Dubai 'J'--:. 
Torb'nttt New York Sydney' ’. 


li 


RESIDENTIAL 
DEVELOPMENT LAND 

CRAWCROOK 

NEWCASTLE-UPON-TYNE 

Phase II of a major Residential Development Site 
having an area of 7.9 acres or thereabouts with 
Detailed Planning Consent for the erection of 107 
houses. 

FREEHOLD FOR SALE BY TENDER 

on Tuesday 20th June 1978 at 12.00 noon. 
Sole Agents: — 

J. M. CLARK & PARTNERS 
Chartered Surveyors 
5, Hencotes, Hexham. Northumberland 
Tel. 0434-2301 ■ 


A 


BRECKLAND 
DISTRICT COUNCIL 


SITE TO LET BY TENDER 

Prime development site in residential area of Thetford, 
Norfolk for Public House, Shops and associated car parking. 

Full details and forms of Tender from: 

The Secretary to the Council, 

Breckjand District Council, 

Council Officers, Attleborough, Norfolk NR17 2EP 
Telephone: Attleborough (0953 ) 452884 Extn. 23 



Client's urgent warehouse 
requirement 

South West London 20,000-40,000 sq.ft. 

Factories & Warehouses to let 

London S.E.1 3, 800-28, 000 sq.ft. 

Aston, Birmingham 17,700 sq.ft. 

Aberdeen, Bridge of Don 7,350 sq.ft. 

Bedford 5,000-20,000 sq.ft. 

Milton Keynes 4,750-27,850 sq.ft. 

Norwich : 4,000-20,000 sq.ft. 

Great Yarmouth units from 3,700 sq.ft 

Lowestoft units from 3,250 sq.ft. 

Droitwich, Worcs ...units from 2,000 sq.ft. 
Nantwich, Cheshire 7,300 sq.ft. 



Industrial 

Property 


at the touch of a button. 


Bournemouth, Dorset 
Warehouse Development Units To Let 

4.000- 60,000 sq.ft 

Orpington. Kent 

Industrial/ Warehouse Units To Let 

5.000- 150,000 sq.ft 

Close to Heathrow Airport 
2 Warehouse Developments. Units To Let 
5-40,000 sq. ft. 7-30,000 sq.ft 


Industrial Property Department, 

33 King Street, London EC2V8EE. 

Tel. Ol -606 4060. Telex: 885557. 

Industrial Property 

One of the ILW Computon Services 


Close to Gatwick Airport 
Warehouse Units To Let 10-20,000 so. fL 
To be BuiltlO -145,000 sq. ft 

Ayiesford,Kent 

Factory/Warehouse Buildings For Sale. 
16,800 sq. ft. +29.000 sq.ft 

North Circular Road. 

New Factories To Let 
H.500/17, 600/18.000 sq.ft. 





Chartered Surveyors 



BRUCE 


& PARTNERS 


ST. JAMES’S STREET 

LONDON, S-W.7. 

2290 sq.ft. TO LET 

IN ONE OF THE MOST PRESTIGIOUS 
OFWCE BUILDINGS IN ST. JAMES’S 


:> BTr. J ames house, 13 .Kensington square, 
.-LaNpON^yv^ iX-Tvt'.V.:. : ' 01 : 9379B47/33TOE04 


ESTABLISHED 

PRIVATE COMPANY 

requires shop/showroom premises with window 
frontage in exclusive West End area. 

AH replies treated in strictest confidence: 

Box T.4895. Financial Times, 

10, Cannon Street, EC4P 4BY. 










Financial Times Friday May 26 1978 


15 



PROPERTY DEALS 


Golfing in 
Spain 


GOLFING FANATICS with 
several millions to spare, or more 
probably corporate leisure centre 
fanciers, have a unique oppor- 
tunity to acquire one of Spain's 
largest aud most lavishly 
equipped golf courses this week. 
Debenfaam- Tewson and Chin- 
nocks, acting for Spain's equiva- 
lent of the official receiver, are 
marketing the 1. lOO-acre La 
Manga Compo de Golf on the 
Costa Blanca. 

La Manga, home of the Spanish 
Open Golf Championship for five 
years, has two 18-hole courses, a 
100.000 -square- foot air -condi- 
tioned club bouse. 30 acres of 
sports facilities and 500 acres of 
land zoned for 3.700 residential 
units. 

More than USS20m (£11. lm) 
has been poured into the scheme 
to date. But only 150 of the 
bungalows and apartments have 
been completed, and .there js still 
scope within the develonmenl 
scheme for a yacht club and 
marina on the coast near Cabo 
de Paios. 

If Spain doesn't appeal, the 
agents have two eolf courses 
nearer home, the 154-acre Eden- 
hridge course in Kent and the 
130-acre Frintfin Golf Course 
near Bristol. The Bristol land, 
which is being sold jointly with 
J. P. Sturge and Sons, is to be 


said subject u» a £750-a-year ( 
tenancy held by the local golf 1 
club. But potential development i 
land on the fringes of the course f 
could dxa. w in speculative buyers.! 
The Edehbridgc course is free-j 
hold, and the agents expect offers < 
around £140,000. j 

For' jusi under the price of! 
thal course the Scottish Homes! 
division . of Bovis is offering 
** Embassy Suites " in a £?m. 
extension to British Transport's 

Cleneagles Hotel by the Queen's 
Golf Course in Perthshire. The . 
first of the new bail dings will be ! 
opened early in .Tune, and Bovis 
is lockins for Government, com- 1 
pany. or simply rich private i 
buyers for five-bedroom suite?; 
rosting around £130.000 and . 
smaller units under the £100.000 
mark, 


M- T>. W. PROPERTIES, part of ’■ 
the . Melville. Dundas and i 
Whitsun croup, has been 
actively feeding the institutional 
market with Scottish develop-; 
meets in recent weeks. After! 
its £350.000 sale of renovated 
Coates Crescent offices in Edin-| 
burgh to Ahhev Life. M. D. W. 
has now sold its 35.000-square - 1 
foor A1 Trading Estate at Edin-i 
hurqh to Thp Lncal Authority l 
Mutual Investment Trust for) 
around £530.000. Conrad Ritblat J 
advised the fund, which has ; 
bought on an Initial yield of | 
just under- 9 ner cent. Mercer 
Maclntvre and Partners acted 1 
for MDW. 





Victoria 

Vauxhalt 

Elephant 

& Castle 

! W> f*;; > 

Contact Roger Dean 


X* •a’l \ 



Heathrow Airport 


Too many sites in too many places and 
too little time to assess them properly. 

Start again. This time using the 
Industria l Guide Nationwide , a free 
publication from Healey & Baker. 

Produced regularly, It contains concise 
up-to-date Information 1 on numerous 
Industrial sites throughout the country. 


Write or telephone for your copy NOW! 

Ebiealey & Baker 

l ~ mBU SM6 h fted « 2t H nl«idort 

29 St George Street, Hanover Square, 
London W1A3BG 01-629 9292 

iwoioBw^srnurtiONeiowtciiuiAH 
AsaocwcnEDwrcts bru&kls austhcmi b. jerky 




The first tenants for Trafalgar 
House's architectural show- 
piece, 80, Cannon Street, EC4, 
turn out to he money brokers 
Astley and Pearce, who, as 
reported here in February, 
have, taken three of the 
block’s 4,689 sq ft Doors at 
rather less than the £14.50 
asking rent. The brokers, 


Tcttm Kirk 

advised by SL Quin tin Son 
and Stanley, are to. he joined 
soon by an overseas bank, 
which has signed np with 
joint letting agents, Hampton 
and .'Sons, and Debenham, 
Tewson and Ch innocks, for 
another floor in the 41,000 
sq ft block. 

■' t JB 



New warehouses close to M4 & Airport. 
Units 8-67000 sq ft inc 9,000 sq ft offices 

Ready to be let y 




A development by Mckay Securities Group " i ; 




, f43 ST: JAMES'S PLACE, 
<ST. JAMESrS STREET/; 


SHARDING I v 

' " - - ^ v telex 243*9 




HIGH YIELDING mIc and leaseback 
Investments to public company. Good 
secondary positions In Warwick and 
Rugby- Offers In tfte region o* £40.000 
cacti. Ref.: Leavers. 36. Bruton 

St.. London. W.l. Tel. G1-S29 4261 


10 King Street, Ccvent Garden, London ,WC2E 8HQ 

01-8369654 

Birmingham 021-236 8236 Brussels 02-512 16 12' 


The Investment D.-parm-m of 

SINCLAIR GOLDSMITH 

Is now uffcnnn a personal srrvire 
in provide Investors wishtnn :o pl».-i> 
fnm £50.080 In commercial properties. 
Please vomact 

Peter D. Morgan 

20 ~ Qifrcn Street. Jiaylalr. 
London WtX SAB. 

Teleohone 01-171 3303 


North Camp Station 
Aldershot 

Jndustria l/Wa rehouse 
Buildings with Open 
Storage Land 

Floor Area 22082 sq.ft 
Site Area 1-98 acres 

Battle Farm 
Industrial Estate 
Reading 

Warehouse & Offices 
Good Car Parking and 
Loading Facilities 
Floor Area 5985 sq. ft 

Eldon Why 
Paddock Wood 
Kent 

Single Storey 
Warehouse & Offices 
Concrete Yard and 
Parking Facilities 

Airborne Close 
Southend, Essex 

Warehouse & Offices 

18 ft 6 in. Eaves Height 
Concrete Yard 

Floor Area 7402 sq.ft 



Approx. 6,000 sq. ft. 
Period building 
Convenient central 
location 


By Order- of the Joint Liquidators 

FOR SALE 

THE MOSTYN HOTEL 

EASTBOURNE EAST SUSSEX 

In premier position close to sea front and theatres. 

98 Bedrooms. 26 Bathrooms. Two Flats. 
Lounges. . Dining Room and Auxiliary Rooms. 

For Fui/ Details ■ . 

Apply Joint Sole Agents 


18, Gil dredge Road, 
Eastbourne 
Eastbourne 36244 


IJ.TREVOR 


58. Grosvenor Street, 
London W1X ODD 
01-62? 8151 



NORTH WEST BRISTOL 

(OFF M4/M5 INTERCHANGE) 

FREEHOLD MODERN FACTORY 
approx. 10,000 sq.ft. 

Planning consent tor 1,000 sq. ft. extension. 

£95,000 o.n.o. 


PARKMANS OF BRISTOL 

5 7 ; SOUTH WEA.D ROAD, BRISTOL BS1 0 5 N>J 

TELEPHONE 0272 696531 


Single Storey 
Factory & Offices 

Southend-on-Sea 

29,580 Sq. ft. approf EX 

TO LET 

HEATING * CLOSE TOWN CENTRE 

* IMMEDIATE POSSESSION 

* CLOSE PUBLIC TRANSPORT 

Rent Under £1 per sq. ft. . || 
Chamberlain 

&Willows 

Estate Agcntt ■SiirviryDis-'fluuers 

01-8824633 

HileHoii«eGrceiilJu«»LoniioiiN135TGTrlex:299161 


SHOPS AND 
OFFICES 


FOR SALE BY TENDER 
7di JULY, ml 

391 HARROW ROAD, 

W.9 

In busy trading portion 
ValiMpI? Freehold Shep Property 
Shop Fioor mret iboui 1.300 *g. tc. 
flucmriu Storage about 490 Sq. It, 
Spacious Uppsr P»rt 
Particular*, comfit /on* of talc an4 
farm of tender front vendor'* agent: 
FRANK SWAIN 
. 26 NOTTING HILL GATE 
LONDON Wll 3HT - 01-727 4433 


SHOP AND OmCE 

Ac comm odation (or Hats) FOR SALE 
Total Poor area 2.960 sq !l Shoo 
800 m n. Bess passible central Doonl» 
position, in Immacalaic condition. 
Complete new Plumbing and nl perries, 
central -heatlna >olD. aluminium shoo 
front, Pprt mortgage arranged, low 
interest. Vacant possession. Offers 
roar £52.000 considered. PloaSe reply: 
34 Victoria- Street Douglas. 

Isle'ol Man. 

Tel. Douglas 3924 <0624 3924) 

1ST. JAMES’S. London. S.W.l. ..Head 
lease on entire prestige otoce building. 
Vacant possession of 1.772 so. ft. 
Automatic lift, lull central heating- For 
full details tel. Mr. -Wright or Mr. 
Blackwood on tDI) 493 6141. 


FACTORIES AND WAREHOUSES 


36,000 SQ. FT. 
SINGLE STOREY 
MODERN FACTORY 
on a site of 1.5 acres 
Fully Fitted with: 

* Heating * Lighting 
Offices * Sprinkler System 
' Good parking and loading 
* AH Staff Facilities 

Long ground 'ii 

FOR SALE 


Sttes Horton Ledger 


Eastbourne (B323) 36244 , 
18, GiMridtt Road. Eastbourne 
and it Brighton. Crawley, 
Worthing and Hove 


E.16 

MODERN SINGLE 
STOREY WAREHOUSE 

21,000 sq. ft. 
TO LET 

With Reverse Premium 

HENRY fiERNEY ROWLAND 

87 Regent Su London, W.l 
- 01-734 3522 


INTERNATIONAL 

PROPERTY 


NSCE 

COTE D’AZUR 

One of the bolt locations 
in winter as well u in summer 

IMPORTANT BRASSERIE 

LimiirO company. ' Would suit two 
families. Turnover: Fr&.d.DOO.OOO. 
htS". soil drlnki— luxury class. 

SPLENDID 5-ROQM FLAT 

Frf.JS.COO tssh plus- credit fa^ii-tin. 
Write to: HAVAS, 13 place Massena. 
06011 NICE CEDEX - Ref. 0967. 


OFFICE PARTITIONING 
AND CEILINGS 


i PARTITIONS' PERMANENT DEMOUNT- 
ABLE. o. Peterson Ltd.. Sboofttreis. 
51, Stamford Kill. London. N.16. 
Ol-BOZ BZBZ. 


: FOR INVEST IWtwT 

- INDUSTRIAL PREMISES. Well Iql to 
suaocantial tenants. 9 miles London. 
Off M.4. Substantial raversions in 
19B2‘B4. Present Income £34.000 

, M. E.R.V. £53.000 p a- by 1564. 
Price £400.000 freehold. Principals 
only- Write Bov T.4893. Financial 
Times. 10. Cannon Street. ECfiP 4BV. 

I MODERN SUPERMARKET. Let to Inter- 
national stores. Current rent £6.4 73 > 

aVu. ua *wa t&! 

,D - 

£35^00. Part freehold, part i»seiield 
Investment secured upon industrial i 
buiidlns m London, e. 14. Let to a I 
suteWlary of a Public Company pro. : 
ducinp a net , rental o> £5.540 PCI 
• ■•mum encUlMw. Further deta'ft from . 
Gilbert Lucl- i Partners, 2a. Portman I 
oVsKS5 l, *7l C G h O tCf " 5trort ' London. W.l. 


BIRMINGHAM 

MINWORTH 

Fine modem tingle storey warehouse 
ind olfi«* on wall known trading 
esuce- Good aeopM and car parking. 
14.400 J g- I t. Lane for ulr. Joint 
agents Ctioihiro ' Gifa»on 4 Co,. S3, 
Tumble Rbw.-Blm Ingham B2 SLY. icl. 
021-643 9351s. and Edwards Big wood 

8 Rl>w * b*™«e- 

ham 63 2HG. Q21-236 8477. 


INTERNATIONAL 

PROPERTY 


INV ESTISMMC NT, tnt int«resMnt a 
tJlS S i™ bB "s B A Ce J trc « Europecn oar 

iSi'mboumt' *• Ann >* p * s ^ ur - 


YOUR OFFICE 
IN FRANCE 

Fully serviced, business address, tele, 
phone answering, tnulti-langoage sec, 
rata rut. Telex. traniFations, inter- 
preters. 

BUHOTEL ■ 

28, ptaee de U Gar» 

59000 - Lille ■ Franca 
Tel f 20 1 51.82.38- 
Telex 120137 NORTX 


U 5^— MICHIGAN 
LAKE FRONT PROPERTY 

17.3 acres of prime East Coast land. 
Bordered by the Au, Sable River. Lake 
Huron, U.S.23 highway. AU high land 
with excellent white sand beach. 
Zoned marina commercial. Ideal parcel 
for resort recreational development. 
£389,000 

C W. MeGILL, Owner, 
3117 Wood ilea. Royal Oak, 
MICHIGAN 48873 


AFINANCIALTOVCES SURVEY, 



Sl- 


JULY 3, 1978 

The Financial Times is plaiming to publish 
a Survey or! Property. The main headings 
of the provisional editorial synopsis are set 
outbelow: 

INTRODUCTION The property market 
entered 1978 on the crest of rising property 
values and a rise in property share prices. 
Early enthusiasm has ebbed as doubts about 
the long-term strength of the country's 
economic recovery and the effects of higher 
interest rates are absorbed. But the 
industry’s- recovery from the 1973-74 crash 
is now too well founded to be upset by a 
temporary loss of nerve. 

DIARY OF A HECTIC YEAR 
■ INVESTTiIENT 
GOVERNMENT POLICY 
LOCAL AUTHORITIES 
DEVELOPMENTS 
TIffi LETTING MARKETS 
SHOPS 

INDUSTRIALS 
NEW TOWNS 
RELOCATION 

THE PROPERTY SERVICES AGENCY 
THE ENGLISH ESTATES CORPORATION 
REFURBISHMENTS 

For further information and details of 
advertising rates please contact 

Terry Druce 
Financial Times 
Bracken House 
10 Camion Street 
London EC4P 4BY 
Tel: 01-248 8000 Ext. 7196 


EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys iii the 
Financial Times are subject to change at the discretion 
of the Editor. 


1 








Financial Times Friday May 26 1978 




EDITED BY ARTHUR BENNETT AMD TED SCHOETERS 


9 MATERIALS 



9 RESEARCH 


Handling a flood of data 


• COMPONENTS 

For smooth 
control 


• HANDLING 

Containers 
filled faster 




KGEL LTD 

Kennedy Tower. 

St. Chads Oueansway, 
Birmingham B4 BEL 


a TWO ?rew disc-based laboratory console. . simulated disliUaiion calcula- VviIIa vi aiuvu a AUCL LIU 

It- automation systems, which can No special knowledge of com- tions. Other features include the OFFERED by HB Switchgear -pHE "MAI X feature of an auto- Kennedy Tbwer. 

^031 Her!* feLdV live interface with up to 45 analytical puters or programming is re- ability to integrate *t«g£ jcomactori) of Cardiff is the ma y c machine introduced by g» Chads Ouean&wav 

Wvllv Jd. KJf M.M. Instruments allows for as many qui red of laboratory personnel to analyses with new parameters HB/Si „ in;i traction controller Neumo Quarry Road; Newhaven, . °7 

_ 4* a s 30 or these interfaces to be operate the systems since users and plotting of analyses on Hi's wb j cb iyn be fitted to any electric Eeast- Sussex, is speedier filling Birmingham B4 6EL 

Afl I TOT analogue-to-digital converters, are prompted automatically in graphics terminal vehicle equipped with a scries. 0 f various sized containers. For - _ ■ — -» 

YfjlTgl BfBlF f|Y— fill IyiI Concurrently, the systems can terms familiar to the chromato- Concurrent with data acquji- WOund DC mo tor. including fork ^ wl th f 0am inB and non-foam- - - 

** Sj'ua. -*-**- 1 , collect and evaluate real-time grapher. non from analytical instru men its, trucks, mining locomotives j n g chemicals, pharmaceutical These consist of connected. 

_ , tn «i, .l- I,. data from gas and liquid chromo* l^ith the turnkey chromato- the new- systems enable as man . *».„ telecine vehicles. n»wi fnnd fluid products the printed conductive circles which 

PATENTS are pending in several 1 grapk } 5 aad c0Qtro1 ^ liquid graphy software provided users as 15 users to developandedit J printed card is machine is the latent in a modu- are grounded! At the centre of 

industrialised countries on a ln =•“ “ow«rs- samplers. can determine data-reduction data reduction methods or as . f al l b atterv voltages ior desien ranEe developed bv each circle and insulated from 

coating for ovens which has ^ redients of ^ Havina identical hardware the parameters report formats and many as j 10 users may develop ^ d J a £4 and SO covered by the he cSipSnv after SSdymS -its “ is a sharp-pointed etectnS 

built-in self-cleaning properties Sngune.eoxidTand znlluJnl g*j“ ? hSu 2? “ a SS5W«r^n«S ^ll&ZSSd "^Street range, simplifying the spares customer" needs. , recessed below the surface and 

and on a method of applying silicate . while the binding Sh hiqSequipment softi'areMn contro^HPaX Lane, Winner*/ Wokingham. ^ m canJ Mntrnls the whoJe SS of Tout 2000* 

such enamels to alummised steel material is a glass made up from rac ir while the other the HP mutic liouid samnlerc «tnre raw Berks RSll 5AJ? Wokingham ! n L' canl . coni ™ I 1 : r compact, sin^lc-tracK continuous potential nl aoout -owivoits. 

surfaces. the oxides of silicon; boron and gSfc is offered ^‘aSJy^mdvr^^SSM^dxZm TOOT4. l,n,t r b - v vary,ng ?*? ESlJfiS fuoni&g unit, capable of accept- As components are brought on 

Th* i-)>-iiv«t which breaks lithium. a l ° a aesK ^ l>ie ana P roreS!,e a <*ata ana penorm and frequency of the current fed ing at anytime. up to four filling to the work surface, over the 

down oils and lots and the glassy Of the process to coat aiunii- L° »J C " beads cac , h f ed b >’ a 5 h “ e _ , cap - ™ isin S “ an >' „ ««« 


ing chemicals, pharmaceutical These consist of connected, 
and food fluid products, the printed conductive circles which 
machine Is the latest in a modu- are grounded. At the centre of 


The catalyst which breaks lithium. 

mat er ia / * in a ki n ” * S u p" 1 he % n aln el nised sh^et^rh^^compaoy ■ — fired and quenched in such a acity quick-strip positive displace- charge “on them is neutralised 

are fired on to The base metal at says it is a world first. It means ft COMPUTING ". a - v as » «“"« 5*12? S pump ^ , l uated by a recipr0 ‘ and a J*, y charg ^ ^utid-up during 

temperatures between 500 and that plate only 0.4mm thick can . ' . „ 3lv . 3 ^ ?‘ ves llie desired P ower bating air motor assembly workjs prevented. 

600 decrees C against around S00 he used as th e inner box of a Jk yP purpose-built 7 090 sq ft factory be seen essentially as a semi- ana speed More on 0.9 12 4301. Jlorc on 04S62 W646. 

degrees compared with conven- conking appliance, the aluminls- |yl0rCll3Ilt «n Fam borough, Hampshire. It conductor manufacturer. AcceieraUon is claimed to be 

tionul catalvUc surfaces. ing giving the plate superior 1 VUWlli ' w 'lJ seU micro-based products For its part DEC be Ueves teat extreme y smooth and then f m 17 1 irr'TBnM Vf>C a 111 TUF nmrr 

One result is that the new self- thermal performance compared L and wtJl als ° .build systems to its traditional OEof outlets wdi virtually no heat loss a JJJ- • ELECTRONICS 9 IN THE OFFICE 

cleaning surface can be applied with plain sheet steel. D 3 HK 11 I 2 - customer- requirements, mainly not be greatly affected by the “S 1 ' 1 j V j 

to relafively thin sheet without Further details from National A*«A****A*fc 5 in ddReult application areas or new policy and may even benefit Four modeis we a va liable wtth QrCTA l/Anf fnn 

problems so lhat it is suitable Panasonic (UK). 107 Whitby for hostile environments. from the resulting competitive size ranine from i 2i0 x , liO x HCUl 

forincorporaUon into electrically Road. Slough. Berks SL1 3DR..ngFWOrK • Drawmg on group resources effect . In due course the com- 130 mm to 490 x 198 1 x 1 « imm. ■ ® Mr ST 

heated appliances rather than Slough 34522. IIVlfTVia where necessary, the company pan y believes that some of them More from HB on 022_ 49436/, ^L!^ 

i LAZARD Brothers is to instal also undertakes consultancy and might undertake a true disrrihu- or the London area supplier, (ITT (j ill PS TT1 51 f* fl I P f* 

four Burroughs B80 minicom- ■advises on all aspects of imple- me role and they might Then be Noble Fork Truck Services on Mr 

J smoke, dust, dirt and moisture outers and over 30 visual display menting systems based on small taken on as such by DEC. 0256 22190. INTRODUCED into the UK by 

time OOard -; et ^ disp 4 y a sinooUl and Sait* connected in a distributed computere. Most of the work is Clearly, however, the main pj PVIClftM Molnar Machinery is a grounded. 

A decorative surface. .. processing network to their digital but analogue solutions reason for the DEC move is tne <9 TELEVISION ionising work station for elec- for . cxeculAc olhccs. depart- 

• iL j. ^ J— This two-coat material.can be R 3700 main machine This net- ar e also recommended where need to get its LSI product to a -- «■ tronic assembly work made by use, or for the smaller 

Wll PSCinOS applied without prior shot blast- ^ork W ?1 1 replace the merohant tbese have advantages. proliferating number of small CpOIIP Slatic Inc in lhe u s - “ * JF?, pr ‘^nl^ C r n h m ^n 

vT l&.Moa.tliT'Lakj ing and C3J1 he used for protec- bank - s Burroughs visible record Facilities include a factory users— well over half of its sales IvJil/l C jLUUC The.. equipment gets over the Plait* pjptrcupier called the BD- 

b tion and maintenance of all accounting systems and equip- area ,aid out f0r batch P roduc ' are between len and 20 items and P -m inconvenience generally created ®° t l 1ru “ l 10 ® n }^- available rrora 

IpOfIT ferrous metal surfaces meat. tlon and able to nroduce up to the company admits that it is nut TTkT* f'fliAlir by grounded stations— conductive International Officer Copiers. 

More on 08045 4097. The new units will be installed 50 Eurocards ® r their equivalent geare d w this kind of selling. l.\Al LUlvlU aprons, seat covers, floor mats Copying size is from A5 to B4 

FLAME-PROOFED fibre board. and the system implemented each week, assembly and inspee- For Rapid Recall the move can \o(DER use of colour television and wri . s t straps— by making use (14S x 210 to 257 x 364 uituj with 

claimed to resist fire better than B v*o«lrlYirr over the next two years and will tlon , are ,?.* 3111 ?? tbenna^ leveling on j y en hance its already con- - in n . pdi( ,, ne advertisinE and in- M a ^ r ioo> sa fj° n system. automatic paper feed from 

any comparable product now on llGSllIlS provide Lizards with on-line A taboratorj’ is pro- si derable success: from a £jm. JS«S! ^is opened TS ^ with eaS. The 171 by 23 J inch work cassettes. The company sa y s 

world markets, and moreover. banking management informa- I Idad ^ m T pi ? e i nt 'T^^ h,rnov er in its inaugural year neit . ‘introduction of equipment ,s copper clad, nickel there is an exceptionally low 

not giving off poisonous fumes q tion and inquiry facilities. It t 1 975). sales in 1978 are expected a jmpd ar these applications P. laled laminate (as m printed requirement for maintenance, the 

when subjected to heat has been CL iTOLljl will integrate with Lazard's on- to be four times this at £3 m. rather than broadcast work and circuit boards) which is sur- machine being designed to pro- 

developed by the Kelet plant of -, in Tn RF a line investment securities - Sy -^ the latest "0 be offered in ihe rounded on l!,rec sides by a duce JO.OOfl copies between 

Kiboutz Afnkim. Israel. SA ID T 0 BE a complete manageni ent system which was UK is the FAC71 made bv Gn«f> chain t,f ioniwrs also P riiued on scheduled checks. 

Patents have been taken out £gjg» Jfmfniu^ trealSents d^eilped by the bank and has Hants - 0252 dia ind supplied by J O. G™1 l ° the board. Further on 01^)7 74S1. 

in the U.S. and in Europe for the ^"the pasL in thaTa 'SSTSb been «*«■« successfuHy- for FaCKSgCS a "d Ta^lor of Potters Bar. 

process, which WUS developed can be don i j over two years. This system, T\Wpg^ 4-/\ ainA ® Delivering a high quality P.AL ^ COMMUNICATIONS 

over □ period nf five years The app u carioni „ a roof treatment considered to be the mpsr |J TQ ]|Sp ™ encoded composite video signal • CUWSWIUWI^A fi lUNd . 

impregnation adds abou 20 per nieihod from Keros Manufactur- adva "ced of its type in the City HOW 1 2 UIlCll HI to CCIR 625 lino standards, the ^ • 

cent, to the cost of the fibre j ng# 10 Dalestorth Road, Sutton- London, is currently beine J ■ 5 kg camera is about shoe-box Tj VriliO n(Ta &HQC tllQnV ISII^C 

board - in-Ashfield. Notts.' (Mansfield .TV ” 1<P Pf |, u J ,der « s ,*?. e r«?? e °r (ilSii T1 |T11 1 OTS J size and can he used either on a'-l— /ALIA aII&V JUitfXo llldfii Y AlllWo) 

Krlet-Aflkim has a turnover of 53143, “Secure" by CMC (City of UlJUIWUU/liJ |-gr|||Qnf| irinod nr iviih a shoulder har- rvrvr., u J 

SI5m or which S2.5m are exports. Called the Nucote One-Coat London) for use on its bureau TAKING WHAT It describes as ^UlldllU neSTftfr mobile operation. Pro- ^ ,? e s,w °. f . a COn ; n%v n^r^rari oct^n a n j C Dnli' 

However, fibre board hitherto Solar ReflecUng Aluminium Roof computers. j a “ major step ** in its marketing COMPEDA, the British company vision is also made for adapt- vmUonal exchange with equal PTJ ^ 

accounted for only a small Treatment, it is suggested as Secure mav be purchased to po n C y t Digital Equipment Cor- that specialises in the world-wide a tion to video-microscopy, used capacity, a 100-iine intercom unM^onlm S* Ca 

fraction of its expnris. and it is ideal for use in hot-climate coun- ™n as an “in-house system by pora ti 0 n has decided to use dis- marketing of high technology with endoscopes and similar exchange by Comacta offers pag- T h i Lu- Sv it rnmn?uihin 

^ Wl11 open zzaku TTstis s ssws S2SS, •sutss^ss. -a?sr« , sr— sSSSSS 

Versatile “ , , d b T ^ -spsl » ««.: fs v asp; y&p sferu^s £ ^ aaa; jsa-iji?. as 

j • hi f loaded ^ . ^ointeTStoTuK aid is Rap^d wk D^g^Man^me^^yste^^ at^a c^lou^ is°°a Pr ^^Lreof Snkl^conltaSK Systems'^’ Pope Ro^BromYcv" 

POatlVI^ containing g-~rftf VI<F Recall, a subsidiary of Walmore (PDMS) which is in advance or switch that accounts for colour sealing the intereom SSSUSk Kent 01-164 7" 14 “ 

mineral fibres, mica and top A T Vrv-E'O^JLI-I^ Electronics. DEC is also looking anything currently available any- temperature (daylight or tunc- 

FFOM SPRAYTEX (Industrial , ' n m A. J for similar outlets in the US. and where in the world, its sten> and the other a control! : — — — 

Surface Protection) of Brixham. SSLif 0 1] flSTSk elsewhere in Europe. developers assert. that is adjusted in conjunction - 

Devon, come two surface material nnd Sfi ’m on rilw 1TT.M.LIV The choice 0 f Rapid Recall is Holland is a major centre for with a variable white line seen «»■■<»*» o 

treatments, called SEP and SMP. D ro t0 ii3f t P 1 /hlfs 4. ^ J ^ to some extent due to the fact petro-chemical plant design in the camera’s monochrome SB0CDTC3I WIF© OCCdOlO • 

The first product, a one-coat rnntrolnf room iO fiFflPr that Walmore has had an Intel which i s becoming more complex, viewflnder-tbe line Is “tuned" wvhv^vmmiu • | 

ralventlcn epoxy coating is said f P mn»r*nire« UVi franchise since 1970, shortly There is a major increase in the to minimum width for optimum bha minimum 


INTRODUCED into the UK by , .. , 

Molnar Machinery is a grounded, SAID TO be an ideal machine 
ionising work station for elec- for executive p^ecs. deport- 
tronic assemble work made by men t a * use * ° r * or the smaller 
Static Inc in the U.S. user - ^ a low . P^ced compact 

The., equipment gets over the Plain Pfipwcupier called the BD- 
incunveoiencc generally created avs, ” a “• rrara 

by grounded stations— conductive international Officer Copiers, 
aprons, scat covers, floor mats Copying size is from A5 to R4 


Treating 


Hunu iuitri\eia. dim mvicv>«, _ 

not giving off poisonous fumes q i*/)AT 
when subjected to heat, bas been A ( t/Ui 


umiiuug uiduitgcuicui iuiuruid- T ._„. — <u new introauction ot equipment 10 . '■ u i h *- 1 , ...» 

tion and inquiry facilities. It rJi?*™ (1975). sales in 1978 are expected a j mP d at these applications P. laled laminate (as in prm 

will integrate with Lazard's on- “ SvS S ^odSn 30 im t0 be four **“ ** at ^ than iSSSc^SS^A boards ‘ «.* 

line investment securities D„H aU B^.hnrni.eh the latest to be offered in the rounded on three sides by 

m am or*m f»nt cvctom whrnh wac vincible Road. Farnborough. l... chain of ionisers also nrinied 


When subjected to heat has been 4X £ UUl will integrate with Lazard's on- T i; 1 

developed by the Kelet plant of Tn RF a (inn , n1 . line investment securities R ^H ^hn?miPh' 

Kiboutz Afnkim. Israel. SAID T 0 a co ™P* e [e management system which was noffi 5i494t F b ® h ’ 

Patents have been taken out from Uie usually developed by the bank aad has Hants. 0-5- 514941. 

in the U.S. and in Europe for the p f P tbe S paS L I “thaTa wS Sb been workin « successfully for 

process, which was developed begone with one simile over two >' eaTS - T 1 * 18 system, A. * 

over a period nf five years. The a D olicarion is a roof treatment considered to 1 be the most J J W ■ Tf| | |Cp 
impregnation adds about 20 per irethSd Sm Keros M^ufS ad ’§"« d « **• i" the Cit>- liKs IU U3C 

cent to the cost of the fibre ingt 10 . Da iestorth Road. Sutton- of London, is currently being x •L„i.^-« 

board - in- Vb field Notts ' l Mansfield m-”-kered under ♦he name of nlCTl*] DTIlTOT^k 

Kclct-Afikim has a turnover of 53143, “Secure" by CMC (City of U-*-S££ ££r U.IU1 3 

Siam of which S2.5m are exports. Called the Nucote One-Coat London) for use on Its bureau TAKING WHAT it describes as 

However, fibre board hitherto Solar Reflecting Aluminium Roof computers. a « major step " in its marketing 


ud new markets. 


Packages 
launch in 
Holland 


Further on 01-537 74S1. 


t cidauic The material is described as a 

• high quality heavy loaded 

/^j r >Q'|rin{TC rubberised bitumen containing 

L'£Jfd%K,A£Jwv3 mineral fibres, mica and top 

FFOH SPRAYTEX (Industrial 


Processing 


hss. proteciion't 01 Brishan. ^“u , 10 sTgsjR , ^:. i, h e units made 

.ol»ntlcn rn P l^' 'Sitfn ™™d SlSSSh.™" COntr °' ° f r °° m ^ OrdCF 


electrical wire&cable? 


Clliav coining IS SillU temperatures iiauvuiac XOIU, 9 IIUUI* »uut u uiajui 111 me IU 1 UIII 1 U 1 UIU WIUIU 1UI u^jnuiLUii 

to be chemically resistant and «rj, e nnM;o ' at aluminium roof- NEWLY FORMED Systems after the micro company was workload of the design office at balance. 

can be applied tn floors or verti- j n e treatment should protect Production will Specialise in started in the U.S. a time when skilled designers A choice from jwo Schneider 

cal surfaces without fear of f rom beal ultraviolet li-’hi building mini and micro com- Rapid Recall sees its micrupro- are in short supply. PDMS is able motorised fl.S zoom lenses is 

shrinkage. moisture and atmosphere pollu- puier-based products. The com- cessor business now falling into to handle the administrative and provided, and by a combination 

A special purpose two-coat tion and. applied to any type of pany is associated with Systems two main camps: the DEC pro- draughting requirements and of automatic iris control and 

metal protection cos tine des- r oof surfac» — concrete, asphalt Designers, the shares of both duct will meet demand at the Compeda can provide training, the target voltage on the 3 inch LONDON 01-501 8118 AB8HDocN[lS2.4)3Z3S5/2 

cribes the product SMP. which asbestos, corrugated iron, zinc, companies being wholly owned higher performance -end of the implementation, on-going sup- vidicons, light control over a manC'ufgtizb nxi aro aam 

contains no solvent It is said felt, slates or tiles— promises to by the holding organisation, market while the Intel devices port, maintenance and develop- 6000:1 range is automatic, mak- c „ 

to combat rust, corrosion, acid prolong the life of any roofing Systems Designers International, will primarily satisfy fbe “ low - ment ing the unit easy to use under 

and chemical attack, decay by structure. Systems Production has a new end, the company continuing to Compeda on .0438 56123. . changing light conditions. 


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Jip® 

fllp^ 


To flourish profitably, industry needs the right industrial 
climate. Room to breathe, space to develop, incentive to grow. 

In Scotland, the Scottish Development Agency provides 
that environment With a budget of up to £300 million, we can 
offer financial aid to industry where natural growth exists, jgi 
The SDA has 3 million square feet of factory 
space ready to house expanding companies. 

And we're just as excited about small 

businesses with big ideas as we are about ^ 

large industrial complexes. . ' 

Many internationally known 
companies have already established ' 
roots in Scotland. Names like General 

Motors, Polaroid, IBM, Ciba Geigy, jk 

Michelin, Nestles, Rolls Royce, Philips and IQ. 

And we’d like to add your company to the list 18111 B 
James Gone, our Director of Information, 
would be pleased to tell you more about the 
industrial opportunities Scotland can offer. 

Get in touch — we’d be happy to cultivate /^jr 

an interest in your company’s future growth. / jjftgilill 















THE 









EDITED BYXHRISTOPHER^QteN^?^ 


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Paddy Naylor— he aims to provide a tailor-made package 






Welcome new look 
at design policy 

i 

i ADVOCATES iif teller One of hi* .-u-iccstiosis :s lor 
design in British industry take companies receiving Govern* 

• heart! Not only is the Design ment support for product 
: Couneil launching several new development u> he given mem- 
j initiatives, but the Government bersliip of the Council's design 

also appears to be building up advisory service. 

, for a burst of encouraging Expansion of this service, 
j activity. which helps companies with 

J The latest evidence that some- design problems, is one of the 
I thing is brewing in Whitehall council's current priorities. Over 
I emerged late last week. Within o(H) companies are now sub- 
|. hours or revealing that it was script ion members or the scr- 
j conducting an internal review vice. and the Council ha? just 
: of its policy on design, "" to see recruited several more officers 
whether we are doing enough.” f or lt> bringing the number to 
! the Department of Industry 20. Mr. Gram “says staff levels 
j issued a statement from its f or the service will continue 

• Secretary' of State. Mr. Eric eradually lo increase. 

Variey, that “Britain's design ...... 

expertise must be co-ordinated V* divotMc.l par ' 

with the industrial strategy if Ll . ; “ - Jt . ia ^ ,la ’ 

we are to improve the country's J™ wf vnsinet*r.n= V'"- 

industrial co m petit ivencss." J uct dcs, 'T n : 7 I hou- = :h Uu? Lou,w ‘ l 

has officially c neon i pjs *cd 

»■ T * ensinemug design since 1972. 

U p-market \ l 1S onl > rL ' la,1 vcly recently that 

* it lias begun in In*** i is repul;i* 

More resources must be put (j on j„ hiduMrv for licum pro- 
linto knowledge-intensive indus- occupied wnli era ft- based coii- 


druinjhc 


TIL. • 

s?svr.i'cs»:= I llG 111311 in 

He is chief executive of BSC -U.JL 

tlndusiry). a small offshoot of 
the steel giant, and he 'has to V 

tr> to heaj some of the gaping _r~>. n ^ JP 

eftarge ot 

He has an extraordinary 
a«gree of flexibility in just how 

nc attracts industry into these Yfc • f • 

SaS-iSD BSC s social 

get per job” created, there is 
little he cannot do to seduce 

and assist companies to come • 0 

conscience’ 

around the plants temporarily 
reprieved by the government- . 

inspired Lord Beswick inquiry wtl ° are genuinely seeking to tiating position,” he says with 
which reported in early 1976 expand or start new projects a smile. 

Naylor calls it BSC's “ social' r . athe f: th “ ?' as likes 10 “The BSC (Industry) budget 
conscience.” He adds that it describe them: ‘“The punters is quite substantial” says Naylor, 

started with a pretty impossible °n heat. To try and -but 1 am accountable Dn each 

brief as it lacked any real f oin ' 3at Gns, company project, and I have to (lemon- 
ing campaign to attract menT ^^agains^^^rm 01 )©!) Paddy Naylor— he aims to provide a tailor-made package industrial SS”."''" *•« dcs £": Thounhtiwcouniil 

Rppfpd nn potential -punters" l«st month, 

UCClCll"UU However, a company which is There is no set Eorm or Jinan- 1,nkc d incentives as long as it interested in lame ducks or operation for anyone setting up UD“in3rkCl !t 15 onlv relamelv recently ihat 

In Hip mtimni cons,derin S relocating or ex- cial assistance. It could well P 3 ? 5 off in terjns ° r jobs inventors either. “We're not m one of his areas. As he likes ^ it has begun in ln*« us reiHitii- 

the oirmniinJ ’ ■ »r. wnth pandmg will find that Naylur be help wilh buildings or land created." here to lake high risks. It to point out, " everybody ” More resources must be put tj nn j„ indiiMrv for liciim pro- 

renduui ^ 1S nwt ? n, S v . ery he,pfu . 1 hut of which BSC has plenty. A Alternatively BSC Undustiy) would be an absolute disaster is in favour of the scheme into knowledge-intensive indus- occupied u nli era ft- based con- 

reichpii nn enpAri i-o Bn ‘ *u S extreme k’ flexible as well. He company might buy land from might help by insuring a com- to have a unit fail. . . ." succeeding. .tries which manufacture pro- sunicr products, 

closures u-hifh had , a,p,s _ lD put together a package the corporation at a reduced pany leasing expensive equip- BSC (Industry) also con- Another step which BSC dycts °/ higher added value. « imincdiat. lv drain»iic 

Dnncrt hv ih P r p « P .° S " which is tailor-made to suit the rate and Naylor would make ment — it wouldn’t guarantee— aiders joint-venture projects. (Industry) is considering is the Mr - Parley said. “We must move .. .i,,* lT ,. a i.,..! .. N '„.„ 

1 - k mienen- company. U p y, e difference between that or it might purchase research One example in Ebbw Vale is provision of small flexible fac- up-market and provide high plans fur the roniiaiioii nos-iblv 

T . First he will hold a company's and the commercial rate out of and development effort from the Grundy Auto Products, which tory units in existing buildings !ff uall ty goods of superior design - nn “ a L .| u |, basi^ ” of a -roun of 

7u tne l u Sk °* creal ' hand and S uid e it through the his budget, by paying the cor- Corporation on the company’s was set up about two years ago where people can set up m i and specification.” consumer •■und*; cnmirime> unh 

J u Was * >ein S rapidly welter of benefits, investment poration. Alternatively the com- behalf, or possiblj' assist wilh to make stainless steel business on their own — possibly! Mr. \arley. who also - a h av .. ■»vera..e” dc-i'n nal-cie*. 

overtaken by events, as works grants, EEC aid and tax allow- pany might be able to make use management consultant fees, silencers, using BSC products, ex-steel workers using their addressed the Design Council's in ,7 i.i'h,, tn‘«ivn 

closed or were being wound in which it has a 49 per cent, redundancy money. Navlor isl anmial dinner la*t week, is . .1 , - h . , , ,r 

down. So in December Naylor slake. It has created 68 jobs also considering providing some understood to be showing par- ‘ro^ni , i h r m'i m..n .!!, o f 

was recruited to head a beefed- . and is growing, says Naylor. secretarial or central mana- lll ' u,ar personal enthusiasm for \ .^n.. ... ,.-,,1™ 

nL industry) which was Tfl<Snn PH <211 rPI¥>rt« Ofl til A ohipf AVAAllHvA Af $1 A 1111 earUer this year a new serial help to these small units. th f e «**“*» «««■ ***** £,,““5^ toi P Vtmul.iv- I> ^ -n 

S‘.4Sfry;SU" J ““ > “ t-W reports on the chief executive of a -J SfS£ ~£ -*"=» “ S^'iSr" '&£ 

BraSSaaK** BSC subsidiary, whose task is to attract new SSUtASUT’ "KTitSiH???: SSJftlSSlKS! 
ihe F r“ r are°“r "wo many'rom's Companies to Britain’s depressed steel towns. orTlm,™'"*".' bsc Lt". r.S i™i c | pr ”" ,l '“' 

“ ssis l an f. e already (Industry) operates can pro- . . | ment Council, whi this expected Imnont 

and that BSC— of all things— vide workers with a wide range riaiminff ValtK Ito report in the next few JURlpdCl 

should not have been en- of skill as well as brawn, there ViflllUlUg |“ n ^ on m " eXl u " r 

couraged to join the many insti- ances for which it may be of some existing BSC buildings There are certain broad is still a major ehicken-and-egg it is not easy to measure the ! The director of the Design Tll,f «'iteria for a company’s 

tutions anxious to press eligible and ail but the largest which needed adapting; there criteria with which a company problem when it comes to train- success of BSC (Industry) to Council Mr Keith Grant who inclus,on in this select bjnd — 

taxpayers’ money into other will fail to fully understand. BSC (Industry) might assist must comply in order to get ing workers. What might tip date and Naylor says that it is on the Corfield Committee of pro!jal,, . v 1<*« than 100 firms- 

people's hands, Naylor has an And as his organisation has with the conversion work. assistance from BSC- (Industry!- ,he balance for a company would be invidious to go around and who has dose contact with — mislu be l,i at half its output 

answer. regular dealings with these it He also points out that, of Naylor says that he is looking intending lo set up in the area claiming scalps for jobs created, the Department is in no doubt should l>e ° r design index stan- 

If BSC had been able to may well be able to Oil the course, there is a strong pool for companies which would could easily be the availability He prefers to say it is part of -that “the institutional arrange- dard - Mr * Gram suggests, 

attract other industries to steel wheels for a company applying of labour and he will assist tend to employ male labour: of specialist skills. A company a team which is helping with men ts for design in this couutry Critics may argue that these 

towns in the past, the present or negotiating aid or- a loan, financially in any retraining ideally employing “butch steel might need skilled lathe opera- the creation of jobs but he does need stren^thenm* ” various moves bv the Council 

de-manning problems would The second form of. assistance needed. And if a company wish- types.” or at least half men tors; but it is almost impossible admit: “ In relation lo the prob- When a company applies for "'ll! not make enough impact nn 

never have grown to their is the financial aid provided by ing to set up in one of his areas and half women. to persuade people to train for lem we now face, our record lo public funds at present all sorts >ht* increasingly urgent problem- 

current magnitude, he explains. BSt*t Industry) itself, and which already trades with BSC— either The sort of companies which **** ^ i ! ,s in advance of the date would not suggest that we of yardsticks are applied, in- of promoting 'better design in- 

Accnrding to its last annual is in' addition to any other aid as a buyer or a supplier-then would benefit from assistance * , ®* r, 8 treated, explains can make a major impact.” [eluding its financial track British industry. They should 

report. BSC spent £65m. nn provided by the - regional BSC (Industry) can .provide a are most likely to be in the , a y* or - xel * ack r " available But Naylor, is one of those ! record, he says. But “not enough remember that the Council's 

keeping the Beswick plants authorities. ’ further incentive for the com- engineering field, for the simple skills could deler 8 company, enviably optimistic people. He j attention is paid to the design resources an? still severely 

open, preserving jobs. In “We're happy to provide pany to move. reasonthat they would probably Not only does Naylor offer continuously describes his job J of the product.” He wants the limited. In 1977-7S it received a 

na l i«inal terms, the latest efforts assistance as long as it pays off As Naylor explains, “if you take up the highest proportion an advisory and financial as one of “ self-destruct." and I Design Couneil to be more i*1.9Sm gram from ilie Dol. with . 

of BSC (Industry) could be seen in terms of jobs created,” says set up a plant in one of the of the displaced labour. As package, he is also, quick to is talking about a time-span of I involved in this process; not, year’s set at .self* 

mure as shutting the door long Naylor. But he will not reveal classified areas using BSC pro- Naylor puts it: “If somebody point out that he can offer around three years. If he can! he claims, as an extra bureau- generated revenue was £ 1.79m 

a Her the horse disappeared into very much about his limits, ducts, then the corporation will wants to set up to make tuarsh- locations in Wales, Scotland, create even half as many jobs era tic impediment, but on an last . v «r and expected to he 

the sunset. “We have our financial criteria give you their keenest price . . . mallows there i s not a lot we and the North of England. Per- as the BSC sloughs off* in that ! advisory basis to both Govern- -fl-95ni in 1978-79. 

One of Naylor's major prob- which I am not going to tell But. BSC (Industry) using its can do to help.” And iie adds haps more important though, is period, he will deserve a lot [ment and the companies con- 
Jems is in finding companies you: it would destroy our nego- own resources, can provide reassuringly that he is net that he can promise union co- mc-«s than a medal. [cerned. Christopher Lorenz 


Jason Crisp- reports on the chief executive of a 
BSC subsidiary, whose task is to attract new 
Companies to Britain’s depressed steel towns. 


in which it has a 49 per cent, redundancy money. Naylor isl ann “ al dinner Ia*t week, is tlwitP it 

slake. It has created 68 jobs also considering providing sonic understood to be showing par- *j m ^: i|h , heir |U . omollon of 
and is growing, says Naylor. secretarial or central mana- 1 f tu!ar persona! enthusiasm for nioriucK ..-.noei-llv it tr ido 
And earlier this year a new serial help to these small units. the deM *" tause - the news [\ , p . L “ , ’J ‘ 

factory was -set up in Irving The advantage of this sort of conremn,^ « 


of the country where BSC any comm.tment to a long 1^^- ] National^ 


policy review should not he “•*«« mu 

written off as just another series l,ldl ' ldl,a ' , prod ,,, 't>. uhcri-j-s 
of Whitehall committee meet- mi,n > trade buyers are ni*>re 
ings, especially as it flanks the iniwre^led in .1 company's range 
Corfield Comiitec'.s work for the oi Products. 


(Industry) operates can pro- 
■ vide workers with a wide range 
of skill as well as brawn, there 
broad is still a major ehicken-and-egg 


I • ■ j I ment Council, which is expected 

Claiming scalps j to o «p° rt in next c«w 

It is not easy to measure the ! The director of the Design 


Impact 


The criteria for a company's 


German company sets up U£ 
training course operation 


TRAINING MANAGERS around 
Britain's companies are soon lo 
be tuld of the benefits of Ger- 
man instruction. For a sub- 
sidiary of the music company 
Polygram — itself jointly owned 
by Philips and Siemens — has 
set up an operation in the UK 
which hopes in capture a share 
of that ever-growing industry, 
management education. 

Based in Germany and already 
well -established in Europe, 
rui.vmedia has produced its 
first course for the English- 
speaking market - It is what 


they like to call a "multi- 
media” training course, which 
means it uses audio-video 
cassettes, overhead projection 
transparencies and even the 
written word. 

The first course available in 
this country is tu train the 
trainers. Called "The keys to 
communication in training,” the 
cost to license it is £3.750 for 
use in the UK and Ireland 
only: if a company wants to use 
it round the world the licence 
cost is £6.250. 

For that Polymedia offers 


GENEVA 


for better business 
and perfect pleasure 

9 commercial, financial, industrial contacts 
9 successful meetings— exceptional exhibitions 

the added plus: 

9 all the all factions of a metoropolis 

with all the advantages of a small town 

9 all the facilities for holiday fun 
on the lake and nearby mountains 

with the right price 

0 spccia 1 3. -1 or 7-dav packages from 
S.Frs. 106 — in first class hotels 
0 you will gel full value for vour money 

information: Geneva Tourist Office. 2 rue des.MouUns 
Information. ^ ^ Cenova _ Te , 01wl ^j 28 72 33 


** extensive participant work- 
books." detailed trainers manual, 
ninety minutes of video-tape 
and overhead projector trans- 
parencies. 

Once a company has a licence 
it can buy as many cassettes 
or books as it wants, at material 
cost. This means that such a 
training course would only begin 
to look economic to a sizeable 
compaay training a number of 
people in different locations. 

• The courses produced by 
Polymedia are “ subscribed ” lo 
by a number of companies, 
usually in one field like banking 
or insurance. The basic con- 
tent is developed by the training 
experts from the subscribing 
companies, which get the licence 
to the finished product at a sub- 
stantial discount to those which 
have not participated. 

Surprisingly, the audio-visual 
content is a very small part of 
the course, occupying only three 
to five minutes in a lecture last- 
ing about an hour. Polymedia's 
managing director Nils Jorgen- 
sbn says that this is as long as 
you can watch and remain aware 
of what you are looking at. 
“After five minutes you have 
trouble in remembering the first 
sequence." And participation is 
a key part of the course: Jorgen- 
son says that participants must 
be doing something for 75 per 
cent of the time. 

There is a rich irony though, 
in the brochure Polymedia 
handed out at its launch party. 
This brochure, it should' be 
remembered, was introducing a 
course on communication in 
training. 

The first paragraph runs as 
follows: “ Polymedia training 
programmes are developed by 
combining the theoretical and 
practical knowledge and experi- 
ence, of different disciplines nr 
subjects together with the actual 
experience sained from con- 
tinually measuring the results 
of the programmes against the 
objectives that wen? set" Slake 
of that what you wilL 


Please route this order by 
Veuillez acheminer cette commande via 
Bitte senden sie diesen Auftrag mit 
Perfavori manda questo commanda per 

routinc 

ORDER 






Jason Crisp 


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Financial Times Friday May 26 197S 


IS 

LOMBARD 


The year 
taxes 


of 



EYJUREK MARTIN 

TWO YEARS aso. .Timmy Carter, flourished Funny things hap 
tn search of a presidency, pened in Oregon and Ohio, where 
tramped round the country pni- school s.'Stenis were closed down 
claiming, inter nlui. that the because the local electorate 
American tax system was "a dis- refused to sanction _ bond issues 
prace to the human race." this And. inevitably, out in California, 
was. with embellishments, preity the most provocative challen 
standard rhetoric in an election was framed and presented. 

year: in any country it is sen- Q n June 6, the state's voters 
erally politic to promise voters w m consider proposition 
to lower taxes and/or make them thirteen. This says, quite simply 
fairer rather than increase them. lPat state may .not levy a 
and Mr. Carter's Republican pra pertv tax of more than one 
opposition was dutifully peddling per cent nr the 1975-76 appraised 
a similar theme. market value: it would have the 

But neither candidate Carter e ff ect 0 f cutting the stale’s tax 
nor President Ford could possibly revetlU es. it is said, by S7bn a 
have predicted the veritable orgy vear Although some local poli- 
of tax cutting and reform pro- ' t j c j ans . sensing a profitable band- 
posaJs now being paraded in wagon . are supporting Ihe 
front or the public at federal. !lieasur e. others. including 
slate and local levels in the r ltlV ernor Brown, are not. 
current mid-tern, election year a federal level, -there is the 
It 1 a all very odd s*nce it appears a(M . >|Ufd steiger-Ha risen Bill, 
m run contrary to the ne v sO- P | E i:<? proposition thirteen, 

according t« the White House appears ,j, e essence of simplicity: 
and the federal rus.r p »hi h vt . l}l ,| d eliminate all increases 
preaches a moderate dose of itl 

austerity and budget tichtening 


so as to cure 
inflation. 


the ravages of 


Perspective 


in capital gains taxes enacted in 
the last nine years: it would 
place a ceiling of 25 per cent on 
the capital gains tax rate (in 
practical terms half that at pre- 
sent). The Administration is up 
in arms about it on the grounds 
In order to get the current that it will cost well over S’ibn 
frenzv into perspective, it is a year in revenues and would 
north recalling what happened benefit only the rich. But Senator 
on the tax front in the first year Hansen has lined up 60 sponsors 
of the (’.arler presidency. It is for his motion in the Senate and 
true that the tax hite nn indivi- jr lias emerged at the very least 
duals rose, partially because of as a major stumbling block to 
inflation anil partially because congressional passage of the 
of the increase in social security President's pared down tax 
levies— though the full impact of package, 
ihc Act of Congress passed last 

vear will not be felt until next ^ a _j| 

January. One hoped-for bonus. COHIpcflSaieU 
the SSObn lax rebate, went out 

uf the window last spring when It is. not surprisingly, a 
it was determined economic ctr- Republican measure: so is 
rumstanres did net justi'y such another one, known as hemp- 
a stimulus. But Mr. Carter is R«h. which would cut income 
a man who values his campaign taxes for individuals by about 
commitment. one third from present levels 

Up wa* rthlisod last vear in over the next three years. In 
conclude that the sort of fully March. congressman Kemp, a 
lodged tax reform he wanted fanner professional football 
was not politically feasible. PjW. only narrowly lost when 
Nevertheless his January pack- 1,,s P 1 * 10 w;,s put forward as an 
a 20 contained both cuts and a amendment to the Humphrey- 
few cosmetic and controversial Hawkins Bill, with over 50 Demo- 
reforms designed to make it crats supporting his cause, 
unattractive for businessmen to Proponents or both measures 
drink so much at lunchtime, fly ar 3 u «? (hat whatever the Treasury 
first-class to foreign climes and m revenues — and Mr. 

!.ivi«h!v entertain client > at Kemp calculates this would be 
foot hall games. Rut the size of *36bn net by 1980 — would be 
the actual reductions, even the more than compensated for by 
administration agreed, only just increased economic outmit. 
about offset the higher lax lake It is impossible to say what, 
brought on by inflation and in the end. the year of the taxes 
larger social security taxes, will produce. But it is a safe 
Subsequently, for economic rea- bet that if the state of California 
sons. Mr. Carter accepted a approves proposition thirteen in 
^miller tax cut: hy also saw two weeks’ time then the tax- 
Oinnress carving his reform payers revolt will be deemed to 
prnpe-.vk into little pieces. have arrived with a vengeance 
Against this background of a and if so. Congress could well 
lot of talk but much les* action, display inordinate fiscal 
v.-'nat has been descrihed as the generosity as it grubs for back- 
revolt of the middle classes ing in the ballot boxes. 


Hopes riding on a steel tandem 


BY ROBIN REEVES 


PUBLIC ATTENTION in Wales But in the early 1970s the occupied on the HS125 and Sir Caries V ill i«s. the chair- 
has been focused in the past region seemed to be moving wings for the European Airbus, ^an of British i 3 t 

cew “ «*■ — rr b r„ re r^„r ards ■ AWiisrs: 

unemployment problems arising m a ncea e ««wiiiy. bgen particularly hard felt in tonnes a year were being taken 

from the closure of the British The Wrexham area, thanks to j uca j ec onomy. Between i*ff Lord Berwick's “ eventual 
Steel Corporation’s East Moors, Te,ative PrexiAity to the If , 72 and 197B ' the county* closure " list, at least unUl the 
Cardiff works and the end of En 2 llsh motorway network, was texti]e indust rv shed over 2.000 next review “ sometime 

steelmaking at Ebbw Vale. prov,n ? notably successful in jobs . since Ihen a further 1.500 1982." 

These shutdowns are adding a ttracUn S n * w investment by j uJ)S have been i 0SI as a result Even s0 there is a feeling 

around 5,000 men directly to f° me the better known names of uj e c ) 0SU re of Courtaulds. lIiat w hile Shotton may have 

in British industry to com pen- castle Works at Flint wun a n important battle, it has 

sate for the run-down uf the Mercifully, the story in steel yet to win the war. There still 

is a little different — so far at Is a feeling of insecurity 
least Clwyd's chief involvement because the plant makes steel 


the numbers of unemployed in 
South Wales and will signi- 
ficantly increase the unemploy- 
ment rate in Wales which at 
present is around 7.1 per cent. 
But as it happens unemploy-' 
ment is at its highest in the 
Principality not in South Wales 
buT in the far north, in the 
county of Clwyd. With an un- 
employment rate of nearly 10.5 
per cent. Clwyd shares the 
unenviable record -with neigh- 
bouring Merseyside of the 


North Wales coalfield. 

CLWYD 



after 



with steel is at British Steel’s i n ageing open hearth furnaces 

Shotton works. Guest. Keen and rather than the basic oxygen tinues as a successful medium- because the Government argues 

Nettlefolds' plant at Bryrahn and electric arc furnaces being size integrated works. Jobs will that high seasonal unemploy- 

also falls within the county, but brought in elsewhere. Clwyd’s st jn disappear as a result of ment is to be expected in 

it is the sprawling BSC plant in answer has been to launch a reduced manning levels. Some holiday resorts. But even at the 

the Dee estuary, providing campaign for an up-to-date type 2,000 have gone already and a height of the summer tourist 

nearly 11,000 jobs' which domi- of open hearth technology new £46m steel coatings com- season, unemployment in Rhyl 

nates a large part of the Clwyd known as tandem furnaces. p { ex d ue to come into operation has Jiflf been falling below 12 

economy. Had Shotton not been Staff from the works have t j,j s sum iher will employ a per cent and last winter it rose 

spared British Steel’s recent toured the world to look at this fraction of the previous labour to 15 per cent. In Colwyn Bay. 

continuation of it has remained at 9 per cent 

Shotton will throughout the past year, 
contribution Following local represent- 

jrinern ireiana. sienificantlv below the Welsh “*« nearly a.uw jwo »*«“* «““«* Towards underpinning the t j on s. the Government is con- 

Clwyd is an amalgamation of avera g e " unemployment in- would have disappeared. Ln- ment of f-am in three 180-tonne economy of Clwyd. sidering extending the avail- 

the old counties of Flintshire creased rapidly to today's high employment in Deeside would tandem furnaces Shotton could Assuming Shotton gets its ability of “Section Four" 

and Denbighshire with a j eve j ' be soaring to 22 per cent, :n make steel efficiently. They say tandem furnaces — and it is tourism financial aid to the area, 

boundary which takes in rtwr-d attributes the dramatic Wrexijam lo 16 per cent * * nd this compares very favourably obviousl a bi „ assumption— But perhaps more promising is 

industrial Deeside. Wrexham. a „ ,!I5j7nSS “ labour lh « ri PP ,e * would be spreading with the cost of keeping the ciwyd's problems will be by no the news that Hotpoint, the 

and an arc of rural North f p 7 qfil and throughout the rest of the present open hearth furnaces m means solved. There will still be domestic appliance manufac* 

J 4 “ i97i ' the population uf the ' county and _ into . . already prime condition. . a need for considerable improve- turer, already long established 


Wales round to the coast at 


Colwyn Bay. Unlike some parts county * mainly result of crtiubled Merseyside and j s no t merely an Idea ment in road communications at Llandudno junction down Ihe 

of Wales, it is not an area j n ward migration, grew by 12.1 Cheshire - among the work force. The whole (though this is promised), for coast, is exploring the possibility 

where unemployment or de- per ^* nd t0 dependence It was only thanks to a sus- weight of Clwyd Council has more industry to soak up un- of building a major new plant 
population have been serious pn two basic industries, textiles tained local campaign, that been thrown behind the effort employment in the Wrexham near Rhyl which will create 

for decades. The running down and s teel- The county is also Shotton steel production facili- to secure the tandem invest- area, and for a strengthening around 600 new jobs. After the 

of the North Wales coalfield in fortunate that its stake in the ties have not suffered the same ment. The hope is that when of the economic base of the economic buffeting of the past 

the 1960s and the post-war aircraft industry continues to fate as East Moors and Ebbw British Steel recovers its coastal towns. At present, four years, this is the kind of 

decline of the agricultural prosper. British Aerospace’s Vale. The eventual result of balance it will see the wisdom parts of coastal Clwyd only break which Clwyd feels it 

labour force created difficulties. Broughton plant remains fully the campaign was a pledge by of ensuring that Shotton con- enjoy intermediate area status, deserves. 


Try My Best is confirmed 
as non-runner for Derby 

AS EXPECTED by leading book- victor, partnering Hawaiian has several promising-iookin 
makers and many ante-post Sound on June 7. mounts, including Singador, the 

backers who had their fingers Trainer Barry Hills maintains likely winner of the Newton 
burned in the 2,000 Guineas Try that this Hawaii colt compares Stakes and Prince Titian, a 
My Best has been officially con- favourably with Sexton Blake at recent Carlisle winner who 
firmed a • non-runner for the home. goes for the Willows tSakes. 

Derby m 10 days. Turning lo to-day's racing. The best bet from this pa 


RACING 

BY DOMINIC WIGAN 


Maid. Green Girl and Touch or when outpacing Joleg 
Spring, could continue bis run Chester last time out. 
at Kcmpton this evening. 

Here, Captain Ryan Price’s 
former National Hunt stable 
jockey saddles Touch of Spring 
in the Ambition Stakes, in which 


lerday, announcing that the she carries only 7 st 7 lb. 
Northern Dancer bay had not yet Touch of Spring sprang a sur- 
recovered from a blood infec- prise when accounting for some 
lion, thought tn have accounted useful fillies including \ujota 
for his showing at Newmarket at Warwick last time out and 
where he trailed io 18th of 19 and this evening’s task appears 
behind Roland Gardens. to be no more testing. ’ 

My hunch is that we could see Lester Piggott travels to 
Piggott. an eight times Derby aydock this afternoon whore he 


HAYDOCK 

2.15 — Argentina Bound*” 

3.15— Joleg** 

3.45— Sunlight Wonder 

4.15 — Prince Titian 

KE31PTON 
5.50 — Stephano 
6.20 — Popular Girl* 

6.45— Relevance 

7.10 — Morning Grey 

7.40 — Touch of Spring 

8.10— Nous 

8.40— Delphorrie 



i Indicates programme in 
black anil white. 

BBC 1 

•un mil Upon fniv or-iiy |(».45 
You ij iul .Me. 11.0.1 Fur Schools, 
i.'iMle-ae* 1 1.55 Golf and Cricket: 
The Co I cale lt!.\ Champion.-hip 
.ii:«l tlu* Prudcni nil Tropin: 
FitulKriil Pakistan. IS. 45 pin 

News | .nil I’cldilo Mill. 1.45 How 
po You Dn" S.05 For Sehmils. 
i uUc-ee... .Tim Gulf and Crickei. 
3.33 I>-:l iim.il News for England 
lewepi Loudon I. 3.55 Plav School 
• as 15BC 2 II lid .LSI) Si.-oobv 


Dno. 4.40 Playhouse. 5.05 Horses 
Galore. 5.35 Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South Ea-.l only). 

6.20 Nationwide in Europe. 

6.55 The Toni and Jerry Show. 


Wales — 1.45-2.00 pm Bys a Bawd. Help! 1-30 Beryl's Lot.' 2.0(. 
5:55-6.20 Wales Today. 6.55 Money-Go-Round. 2.25 Frida j 
Heddiw. 7.20 Cadwaladr (cartoon). Matinee: "Miss Sadie Thompson.’ 
7.25-8.00 Glas Y Dorian. 10.15 4.15 Four Idle Hands. 4.45 Mag 
Kane on Friday. 10.45-10.46 News pic. 5.15 Emmerdale Farm. 


for Wales. 
Scotland — 5.55 


pm Reporting 


7.10 The Wonderful World of ScoUand. 6J0-6.20 Conference 78. 


Disney. 

X.Ofl it’s a Knockout. 

9.00 News. 

9.25 Petrocclli. 

10.15 Tonight (London 
South Ea.l only). 
10.45 Regional News. 


10.15 The Beechgrove Ga rden. 
10.45-10.46 News for ScoUand. 

Northern Ireland — 10.23-10.42 
am For Schools (Ulster in Focus!, 
and 3.53-3.55 pm Northern Ireland 
News. 5.35-6.20 Scene Around Six. 
1Jn , .... IW6 Alam Kuh. 10.45-10.46 News 

10.46 World Professional Modern Tor Northern Ireland. 

Dancing Championship. England —5 .55-6.20 pm Look 
tl 1^3 The Late Film: “Lady East (Norwich): Look North 
God iva Rides Again." star- (Leeds. Manchester. Newcastle): 
ring Dennis Price and Midlands Today (Birmingham): 


5.45 News. 

6.00 Thames at 6. 

6255 Crossroads. 

7.00 Winner Takes All. 

7.35 “The Incredible Hulk.” 

9.00 People Like Us. 

10.00 News. 

10.30 Police 5. 

10.40 Russell Harty. 

IL40 How to Stay Alive. 

12.10 am George Hamilton IV. 


UJS David Mivns World. 11.05 Tbu 
Laic Film: Bus Slop.” 

HTV CYMRU WALES — As 

Gcncr.il Scmcv except: 13Q-U5 
Pcnawdan Nnwddion y Drdd. 9.1 
Tainau Cantanii], Y 1 

10J5-U.es Outlook. 


lines. 6.15-6.30 Keporl West. 

SCOTTISH 


read 


w,. “ The Thiel Who Caine to Dinner." 
Teatnne Talcs. 


Siotland Today 


5J9 Crossroads. 


FT CROSSWORD PllZZLE NO. 3,677 



ACROSS 

I Confident birds tn the m.iin 
-■i* on river (S) 

5 Bill on leave is free nf 
responsibility 161 

9 Xante moment when school 

hnhdays end (4. 4* 

II) Biii ns advertising .icent (6) 


6 Angry words expected from 
comedy team t5, 4) 

7 Last iiionib one friend entered 
final (S) 

8 Aren’t Ihe changes meant to 
menace? (Si 

11 Fall Tor doctor before operj- 
lion (4) 


J2 Banker lakes in expert tur- 15 Contest against the clock in 
■ roundings t9i vaults in .Derby (5. 4) 

13 Siiu:h African doctor has a 17 Ceremonial costume the brave 

d.tnec f 5 * may have to face (3. 5l 

14 AvjuJ military call fur alien- 18 Unequalled and yet quite 

non t4» common iS) 

16 Let pari he amended h,v 20 Silly to leave Danish leader 

childish chat t7» ' behind ... *4> 

19 Affirmed that hacking 21 . . . in confivlcnce of soldier 

Virginia w-ji wrong (7) " (7) 

21 Spear fi>h ( 4 1 22 Do wrong leaving before 

24 Poiish leader has strung finish (6) 


desire tn clear out t5) 

25 False start plsl too had (9) 

27 Chjp makin” lots of lolly ($i 

28 Blonde on point of joining 
Equity (S) 

29 Experienced thanks more 
than once to Edward (6) 

31 ) .Apologist is back at Highbury' 
(8* 

DOWN 

1 Isolated copper joins swell 
(3.3) 

2 Concerned tn make account- 
ant call tfi» 

; Sunburn from Smith Africa 
t-an be the very devil (5 1 

4 Racket nver one willing lu 
flower (') 


23 Shutter fitting better (6) 

26 Treasure sound of gang (S) 
Solution td Puzzle No. 3.676 


sshbhu. aaHaaarak 


EHH3SB EB0HQHE3H 



beth Jennings, 

Joan Scott. 

Ail IBA regions as London w.jb ' Vj » and Means, nos IPs 

and I'm Stuv Jones. 12J5 a.m 
Call. 12.20 Love Amcrtewi Sryle. 

South West (Plymouth). 1 ' 10.15- ANGLIA 

1Q.45 East (Norwich) New-scue pm AooUa New*. 2-25 Fruiar Film . _ 

Special: Midlands (Birmingham) E “ 

In The Pink; North (Leeds) Life- Probe. u.n Mystery -Mov'l.-r Colombo. t3 - 2 * 
lines; North East (Newcastle) lias am Your Music ai Xu hi. 

HNS Newcastle; North West 


Diana Dor-c Points West (Bristol): South except at the following times: 

All regions as BBC. 1 except at Today (Southampton); Spotlight 
Ihc following limes: — ■ 


SOUTHERN 

pm Sou (bom .Yews. 1.30 
Thoairv Shaw. 2JOO Wooion 
Friday Mailneo: " Pm 


(Manchester) Sense of Place; 


A TV 


SS and 60 •. 0.00 Scene South 


Location: .South West (Plymouth) -gj •• J,sg tt, 0 Sutuvans. S.IS Breakaway unbmiltd. 1U0 An Audience wirt J 

Peninsula; West (Bristol) Ascen- 60S ATV Today. l»J0 The Oliver Reed njl souihcm News H 

sion. .• Sur Movie: "The Ladr in Uie Car with T7tc La,,? - Law Show. 

daaae. and a " TYNE TEES 

dUKDEK 'JS am The Good word, follows 

tlZ3 pnt Border News Matiuce: North East News Headlines. 1J28 

■' Crooks and Coroocu:." 5J5 The North East News and Look around. 
„ . . „ . . Panridge Family. fr.00 Lookanrand Out of Town. ZJS Friday Film Mai 

Cricket: The Prudential Friday. lUt Spnruj Sport. lUO Late •• Caprice.*' 5Z5 Mr. and Mrs. 
Trophy: England V Pakis- FUm: "nie Lon* Ride Home" tizoo am Northern Lire. lOJO The Fndar 
j an _ Border News Summary. Film. •* Couniess _ Draco la '* 12^ 

pm Golf and Cricket: Col- CHANNEL Epilocuo. 

83l f r. P 9 A J Charnpi-Jnship pnl channel Lonehcmc Hews and ULSTER 

and England v Pakistan. jvhars On where. 2J5 The Friday ijo pm Lunchtime. Z25 F 

7.00 News on 2 Headlines. Marine*: McMillan and Wife. UO Report Matinee. •* Cap: a In Nemo and 

r«t ti.«iv Th« H r ,.- Thn ifnnay at Six UJt Channel Lair News. 2DJ5 Underwaicr Cliy."' * n Ulster 

Quincy. 11-35 . George ilamDton IV. Hcsdllnee SJS The Filniaroncs 


BBC 2 

6.40 am Ooen University. 
11.00 Play School. 

11 . 


Goes. 

7.30 Newsday. 

8.15 The Money Programme: 

Are Diamonds Forever? 

9.00 Ripping Yarns. 

9.30 Inside Story. 

*®*?8 P 1 ® ^f„ V . ,l i S ^ r o UD ' Time, in jo Reflections, followed by read *.28 am West 

11. 1® 2 -. , _ . repon. 18JS Pulnls North. UJS FltahiR 1Z26 pm Cus Bo 

HAS Cricket: Prudential Trophy or Fancy. 12JS pm Grampian Laie Night Westward News 
(highlights). Headlines. Friday Matinee: 

12.05 am Clo.sedown: Mervyn GRANADA '" wcZVA fiT. 


GRAMPIAN 

(2J am First Thing- Lh pm Grampian 
News Headlines. t2-2S Friday Matinee ■ 
” Lydia." -5.00 Grampian Today. 7.00 The 
Entertainers: AJan Price. 7 JO Cartoon 
Time. 10 JO Reflections, followed by read 


ai 10 30. 10.40 Sport fleast. 1L10 F 
Film: "The Morning Afrer." 12J 
Bedrlmc. 

WESTWARD 

Country Job FI 
ey ban's Birthdays 
Headlines. 2J5 


Levy talks about 
Demoiselles d'Avij 
Pablo Picasso. 

LONDON 


“ Les 


Mstlncc: “Seven Thunders." SJ0 What's .. 

New. 5.13 Crossroads, too Cranada YORKSHIRF 

Repons, t-30 The Rolf Harris Show. 10J0 i.jo pm Calendar News 1J0 H 
Reports Extra. tU-QO Great Films of the M ny. 2_H Friday F,h,t Mtor 
9.30 am Schools Programmes, t-entum AJ Jolson in -• Wondsr-Bar." DoU v House " 5.15 Out of Tonnl 

12.00 A Handful of Songs. 12.10 "HTV Calendar fEmley Moor and Bel 

pm Rainbow. 12 JO Andy's Party. 1.20 _ m n rP ort West n.-adiiiu,c ix «.n l ^ ns, ii 2 3D . Tlh ' Mary T > ,fr M 

LOO News plus FT index. 1.20 Ropon TTata T&dtaS. uo^A^Rca^ * BhVd ^^ r .^ po ‘ mrnoDt J 


RADIO 1 

(SI Store phonic broadcast 


5J0 Enquire 
v nc Drocrjmnie nr 
Ploc 


tMedium Wave only enquire Within. 

»-55 am Weather. 7.0a News. 7.05 "™ rrj mme news. LOO ? 

500 am As Radio i 7.02 Dave I^e nurture 1 S 1 SOO News. 805 Morainic , 7 - ro 705 The .... 

Travis. 0.00 Simon Bates. 11.31 Paul Coac-en .S. POO News. 005 This Weeks j p "* of lhr -' Week iSi. HJfl V 

Burnell including 12J0 pm Xewsboat. CompjMor: Elgar. 9^0 Young -trims’ J 1 * 11 ' Virv '’- a 30 Any questions? 
2.D0 Tony Black burn 4.31 Kid Jensen Recital iSi. 10.40 Music Making from frorn -■'rtcrlCJ 0J0 KaleldM 

7.30 \at Whir- Rirmincham ,S>. 11.40 Haydn rrclial >S.. Weart.-r 10.00 The Wor 


5 55 


m. -Judins 5.30 XifHbrat. i.m iar »»nii- rurmincnam <5". 11.40 llavdn rr-dial >S. “earner, iv.uii 

orrh and ihe New Million Airs «S, 12.05 pm Cardiff Midday Prnm. turi ]’ 19J0 w ”" k Endmi: 


Peel (Si. iSi LOO News. 1.05 Playbill c’.s, i x ^li’-’ht 11.00 A P.nok al Eedfmic. 11JS 
Cardin Midday Prom, pan ' ,*S, p jo T* 1 ' - Unanrial World mm=ht. 11-30 Today 
— - - — — ‘ ' m Par In mem. 12.00 News. 


6*. 3^0 The lii.nlli 


joins Radio ?i. 10.02 John 
12.D0-2.02 am: .Vs Radio 2. 

VHF Radlas I and 2—5.00 am Kith 
Radio ?. initmlirK 
in* 10.00 With Radio 
Wlita Radio £. 

. Recreation. 7 Jo BBC 

RADIO 2 l-Wm and VHF arid £SS 

5.09 am New* Summ-irr sjn o... c.7 5» Brooke. 8J0 BBC 


1J5 pm C.Yod Listen. ►« | w , tles of 1315 <?, 445 The BBC RadiO London 

adio 1. lioo-2.02 am: ,S ' »■« »-U Home- hi < 

tiard Round «conUtiued>. »J0 Lifelines 208m and 94.! 

leisure and Recreation nn,- SM am *s F.idlo 2. 6 JO Rush 


:no 



Run. 
od Fis 
7 JO I 


V ■ antf am 7 JO pm and -ttSaSs 

■el— T1 k Prudential Trophy: England L'nlvcrsltv. 

iLlOiinnn' ll-_ n. «*■* 


Fftoncase. 4.03 Home 
London Sports Desk. 4J5 G 
TJ>0 Look. Stop. Listen. 

M Track Record. 1 
London. 12. BO-Close: As 

Broadcasting 


reviews. 10.00 Brian Hayes Show. 


v. Pakisran. 17 15 U'jicsoDpn' U'^rt i? u 

ErSE?£Z£-£ SMS 

Sumsrss « - »» 

waggohers' U'aTfc ajs i; , ■ Lo lo the tiour r.no News, tjh I'jr,'"'— ■"* “'“l* *■ 

John Dnnn ,Si inclitfin^ R % ^ Today 7J5 Tip to the Hour ■ continued >. , 

Desk- and 6 02 r»»PhM ^.45 Sports S .00 News. 9.10 Today. 9J5 Yesterday Cnnitnl R a rfi a 
informal, on. N'-w*. 0 05 Local ^P 1131 K aflIO 


Extra. 


ffi* 1 n p rTh . " n<1 V* Aim 

nfS 1 7 JO Spun, 

KR|~ K,|, "r 1 A,dn 'I 1 ’ cendnctM the The World 
“Hi. Had id Orchestra — 

’■will H Music Noth: 
fl. sti I0i»2 Free So. 


In 10 05 Check mini. 10J0 n»ilv Scrvire. 6.00 am Graham 
‘fri^ilM 7 J0 Sports 10.45 Morning Siorr. U.00 New*. U.05 Show >S>. 4.00 Tim K 

Of Herhert Farieen. 12 00 Cash iSi. 3.00 pm R< 


Dene's 



ENTERTAINMENT 

GUIDE 

CC — These • theatres accent certain credit 
cards bv telephone or ae the box office. 

OPERA & BALLET 

COLISEUM. Credit cards. 01-240 3258. 
Reservations 01 -E36 SI 6 1 
ENGLISH NATIONAL OPERA 
Ton't 7. SO The Two Foscarl (final pert.). 
Tomor 7.30 Count Ore illnal oerf.). 104 
balcony seals always avail a Me day 0 * 
oerformaiice. Monday nent to June 10 
THE STUTTGART BALLET. 


_ COVENT GARDEN. CC- 240 1066. 

s iGardencharge credit cards 836 6903) 

n THE ROYAL OPERA 

Tonight: 7.30 Peter Grimes. Tomorrow: 
e 7.30 Rmoletto. Mon. 3 Thur. next: 62)0 

H Tristan urd Isolde Tue. ne« 7.30 

a Madama Butterfly. 63 Amphi seats 
t available lor all peris, from 10 a.m. 
on dav of Peri. 

_ GLYNDEBOURNE FESTIVAL OPERA. May 
28 to Aug. 7 with London Philharmonic 
Orchestra. May 28. 30. June 1 and 3 at 

5 50 Die ZauberflSte. June 2 and 4 at 
S.30- Don Govanm. Possible returns 
only. Box Offrce Glvndcbourne. Lewes. E. 
Sussex . 10273 B 1 2 411 J 

SADLER’S WELLS THEATRE. RoS«*ery 
Are.. EC I 837 1 672. Last Pert. 

KATHAKALI 

Dancers from Kerata. India. Eves, at 
7.30. Tonight The Mahabharata. Tomor- 
row: The Sons of Pandu. " Enormously 
theatrical, and fun very solemlld onter- 
uinment." Guardian. Ma » “ *« j*" 1 ?. 2 
BALLET INTERNACIONAL DE CARACA5 

THEATRES 

A DELPHI THEATRE- CC. DI-B36 7611. 
Evgs. 7.30. Man. Thur*. 3.0. Sata— 4.0. 

IRENE • ... 

■ THE BEST MUSICAL 

ol 1976. 1977 and 1978 

n IRENE 

e “ LONDON'S BEST NIGHT OUT.'* 

k ALREADY S SEEN 'by"‘o^R ONE 

15 MILLION HAPPY THEATREGOERS. 

«. CREDIT CARD BOOKINGS B3E 7611. 

u ALBERT. 836 3878. Party Raw. Credit 
card bknes. 836 1971-72 from 8.30 a.m. - 
V 8 . 3D p.m. Mon.. Tues.. Wed. and Frl. 

* 7.45 p.m. Thurs. A Sat. *£0 »n 0 >,00. 

2 "A THOUSAND TIMES WELCOME" IS 

B LIONEL BART'S 

■ MIRACULOUS MUSICAL. Fin. Times. 
OLIVER 

with ROY HUGO and JOAN TURNER 
■e ' CONSIDER YOURSELF LUCKY TO BE 
t. ABLE TO SEE IT AGAIN.” Daily Mirror. 

ALDWYCH. 836 6404. Info. 136 S332. 
ROYAL SHAKESPEARE COMPANY in 
repertoire. TQnlgh: 7-30 HENRY VI 

® ^ne’eaifwily ^nareel." D. Mail. Tomor. 

last perts. HENRY VI trilogy- HENRY JO 
_5 part 1 til 0.30 an»>. Part 2 (3.00 pmi. 

- Part 3 18 .OO pm). Sold Bat^WIth: From 
• Wed. red. price previews CORIOLANU5. 

RSC also at THE WAREHOUSE (see under 
f W» and at P,cca«fllly ThcaUe in p rter 

L . Nichols' PRIVATES ON PARADE. 

ALMOST FREE. «5 0229. 

ENCOUNTERS by *ria" W. AWS«. TuW.. 
$at. 1.15 o.m. Suns. 3.00 and 5.00 p.m. 
No Show Mondays. 

. AMBASSADORS. V1X 

3 Nighriy ««0. M 

;• PATRICK CARGILL andTONY ANHOLT 

In SLUfTH 

p The World-famous Thriller 

B by ANTHONY SHAFFER 

Z "Seeing the olay aBJi" ■? 
a utter and total lor." Punch. Seat Prices, 
r £2 OD to £4.40. Dinner and Top Price 
Seat £7.50. 

APOLLO. 01-437 2665. Evenings B OO. 
Mats. Thurs. 3-DO. SaL 5.00 and S.OOr 
DONALD SINOEN _ 

Actor ot the Year. Ev. Standard 
"IS SUPERB." N.O.W. 

SHUT YOUR EYES AND 
.. THINK OF ENGLAND . 
"WICKEDLY FUNNY." Times. 

ARTS THEATRE. _ . 01-836 2132- 

TOM STOPPARDS 

DIRTY LINEN 

“ Hilarious . . . see it." Sundav Times. 
Monday to Thursday B.30. Friday and 
Saturday at 7.0 and 9.15. 

ASTORIA THEATRE, Charing X Rd. (with 
fully licensed Restaurant). 01-734 4291. 
Nearest tube Tottenham Ct. Rd. Mon.- 
Thurs. 8 00 p.m. Frl. and Sat. 6.00 
and BAS. Instant credit card booking. 
ELVIS 

"Irrtectioos. appealing, foot-stomping and 
heart thumping." Observer. 

_ ELVIS 

Seat prices £1 -5D-L5.50. D inner- ton- 

prlce seat £8.50. Half-hour before show 
any available top-orice tickets £2.50. 
Mon.-Thurs and Frl. 6.00 p.m. peri, only 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. B36 60S6. Mon. to Thurs. 
8.00. Friday. Saturday S.45 and B-30. 
IPI TOMB! 

Exciting Black African Musical 
" The girls are beautiful, bare and 
bouuclno.’* S. Mirror. 

_ THIRD GREAT YEAR 

Dinner and top-price seat £8.75 incl. 

CHI LH ESTER. 0243 81312. 

Tonight. May 27. 29 4 31 at 7.00 

THE INCONSTANT COUPLE 

May 27 at 2 . 00 . Mav 30 at 7.00 

A WOMAN OF NO IMPORTANCE. 

COMEDY. 01-930 2578. 

E*9S. 8 . 00 . Thur. 3.00. SaL S.30. 8.30. 

MOIRA LISTER. TONY BRITTON. 
Margaret COURTENAY. Dcrmot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
" Blackmail, armed robbery, douote blue 
and murder." Times. "A good deal ot 
run." Evening Nows. 

CRITERION. Credit Cards. 930 3216. 
Evenings B.O. SaL 5.30. B.30. Thur. 3.0. 
NOW IN rTS SECOND YEARI 

LESLIE PHILLIPS 
in SIX OF ONE 
- VERT FUNNY." Sun. Tel. 

SECOND HILARIOUS VEAR. 

DRURY LANE. 01-836 BIOS. Every 

night 8 . 00 . Matinee Wed. and Sat. 3.00. 

A CHORUS LINE 

"A rare, devastating. Joyous astonishing 
stunner." Sunday TufteS. 

DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. Frl.. Sat. 6.15 and 9.00. 
OH! CALCUTTA! 

~ The Nudity Is stunning." Dally Tel. 

8 th Sensational Year. 

DUKE OF YORK'S. 01-836 SI 22. 

Eves. 8 . Mar. Wed.. Sat. at 3.00. 

JOHN GIELGUD - 

In Julian Mitchell's ’ 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty ... no One should 
miss It.” Harold Hobson (Drama). Instant 
credit cart reseravtions. Dinner and 

top-price seat £7.00. 

FORTUNE. 836 2238. Eves. 8.00. Thur. J. 

Sat. 5.00 and 8.00 - 

Murlal Pavhh* as MISS M APPLE In R 

AGATHA CHRISTIE'S 

MURDER AT THE VICARAGE 

Third Great Year 

GARRICK THEATRE- 01-836 4601. - 

Evgs. a 0 . Mat. Wed. 3.0. Sax. 5.30. a so R 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 

In HAROLD PINTER’S 
.. NOME COMING 

“ BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED production!" D. Tei 
“*« '.N^OfAUSTIBLY RICH WOR'." 

Gdn not TO BE MISSED." Times. | 


THEATRES 

GREENWICH THEATRE. _ 858 7755. 

Evenings 7 0. Mats. Sats. 2-30. 

THE ACHURCH LETTERS 

A play bv Don Tavior. 

** Sura Kcatclnun is superb as Achurch 
. . . Julian Curry is a splendid Shaw." FT 

THEATRES 

SAVOY THEATRE. D1-B36 8888. 

Opening June 13 TOM CONTI In 
WHOSE LIFE IS IT ANYWAY* 
with JANE ASHER 

“A MOMENTOUS PLAY 1 URGE You 
TO SEE IT." Gdn. 

Evgs. at 8.00. Frl. A Sats. SAS «. 6.43. 

HALF MOON THEATRE. 460 6465-486 
4196. 

WE CANT PAY' WE WON'T PAY! " 

bv Dario Fo 

British Premiere Mon. 22 May at 7 P.m. 
23 Mav- 17 June at 8 p.m. 

SHAFTESBURY. CC 836 6596. 

Shaftesbury Ave WC2 .High Hoi born end) 
Evgs. at 8.00. Mats. Thurs.. Sat, 3.00. 
JOHN REARDON and JOAN DIENKR (n 
KISMET 

M A SMASH HIT THIS MUSICAL HAS 
EVERYTHING " S. Mirror. . 
CREDIT CARO BOOKING B36 6597. 

HAYMARKET. 01-330 9832. Eves. 3-00. 
Mats. Wed. 2 30. Sat. 4.30 and a.OO. 
INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE CUKA 

in 

WATERS OF THE MOON 

*' Cengratbiaiioni on complete capacity 
and record- making show.. Must unfor- 
tunately hn>sh on July 1st owing to 
commitments of Mtss Bergman and Oamc 
Wendv Hiller. 

SHAW THEATRE. 01-388 1394. 

Evgs. 7.30. Mat. Tun. im Thurs. 240 
ROOTS 

Arnold Wesker'S Classic 
"Still stlre the heart." D. TM. * 
Low prices. Easy narking. List 2 weeks. 

STRAND. 01-836 2660. Ewyilnei 8.0B. 
Mat. Thurs. 3.00. Saturdays 5.30 & 8.30- 
NO SEX PLEASE — 

WE'RE BRITISH 

THE WORLD'S GREATEST 
LAUGHTER MAKER 

GOOD SEATS £4 .00-E1 50. 

HER MAJESTY'S. CC. 01-930 6606. 

Evening* B.oo Mats. Wed. A Sat. 3.00. 
BRUCE FORSYTH > 

In LESLIE BRICUSSE and k 
ANTHONY NEWLEY'S 
TRAVELLING MUSIC SHOW 
with Derek Griffiths 
_ Directed bv BURT SHEVELOVE 

It is packed to bursting point with 
the personality and sheer energy Ol Bruce 
Forsyth." Sun. Express. " The audience 
cheorcd." Sunday Telegraph. 

STRATFORD-UPON-AVON. Royal Shake- 
speare Theatre (07B9 2271). Tfrtril 
immediately available Tor R5C Dn THE 
TAMING OF THE SHREW June 1 UMtJ. 
14. 15 unat.i. THE TEMPEST May 25 
(mat.). June B tmat.L 12. 13. 1^ 
Recorded booking inlo. <D7B9 69191 >• 

KING'S ROAD THEATRE. 352 7438. 

Men. to Thurs. 94) Frl.. SaL 7.30. 9.30. 
THE ROCKY HORROR SHOW 

rocking year 

THE GREAT ROCK 'N' ROLL MUSICAL 

ST. MARTIN'S. CC 836 T443. Evgs. ,3.00. 
Mat- Tues. 2.45. Sacs. 3 and- 8- ■ 

AGATHA CHRISCTIE'S 

TH EMOUSERAP , 

WORLD'S LONGEST-EVER RUN 

26th YEAR 

LONDON PALLADIUM. CC 01-437 7373. 

NOW UNTIL AUGUST 19 ONLY 

Mon.. Tues.. Thurs. and Fri. at 8. Weds, 
and sats. at 6.10 and 8.50. 

THE TWO RONNIES 

Mi a spectacular 

. COMEDY STAG REVUE 

Special Banking Hotline 01-437 2055. 

TALK OF TH BTOWN. CC. 734 5051. 
8.00 omlng. Dancing 9.30 Suoer Revue 

IB Bfl5 fi&ES* 

, frankle stiwi* _ ’ 

THEATRE UPSTAIRS. ' 730 2SS*. 

1978 YOUNG"' WRITEIS IT, FEST|VAL 

LYRIC THEATRE. CC 01-437 3686. 
Ev. 8.0. Mat Thurs. 2.0. Sat. 5.0 6 8.30 
JOAN PLOWRIGHT 

COLIN BLAKELY 
and PATRICIA HAYES hi 
F1LUMENA 
by EDUARDO FILIPPO 

Directed by FRANCO ZEFFIRELLI 

1 TOTAL TRIUMPH." 0. Mirror. 
-MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sundav Times. 

VAUDEVILLE. 836 9988. CC. E«JS. 8.00. 
Mat. Tues. 2.45. Sat. 5 and 6- 
Eknah SHERIDAN. Oulc.c CRAY 
EleanAr SUMMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 

THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
“ Re-enter Agatha with another who- 
dunnit hit. Agatha Christie <s sulking the 
West End vet again with another of her 
fiendishly Ingenious murder mysteries. 
Felix Barker. Evening News. 

MAY FAIR. CC. 629 3036. 1 

Mon. to Frl. 8.00. Sat. 5.30 and 8 45. 
GORDON CHATER " Brilliant 1 E.N. In 


THE ELOCUTION OF 
•ENJAMIN FRANKLIN 
By Steve J. Spears 

"A comp as too nate tunny Itercetv eloquent 
play." Gdn. -Hilarious." E.Std. "Wickedly 
amusing. 9. News. ■ Spellbinding." Ob*. 


MERMAID.. 248 7656. Restaurant 248 
2835. Wed. to Sat. 8.30. Mats. Wed.. 
Frt. and Sat- at S.45. 

TOM CONTI. JANE ASHER 
WHOSE LIFE IS IT ANYWAY T 
Every Mon. and Tues. at 3.15 p.m. 
Alec MtCowen's 
ST. MARK'S GOSPEL 
05uns. at 7.30 p.m. all seats soldi 
Prey. June 13. Opens June 14. 

Subs. 7.3Q and 9.1 S. 

EVERY GOO BOY DESERVES FAVOUR 
A Piece (or Actors and Orchestra 
by TOM STOPPARD and ANDRE PREVIN 
Seats £4. £3. £2. 


NATIONAL THEATRE. ?28 2252. 

OLIVIER (open wage): Tomor. & Mon. 
7 .30 t red. pr. prevs.} MACBETH. 

L V 1 1 ELTON (proscenium stager Ton't 
7 45. Tomor. i & 7.40 ircd. pt. prevs.) 
PLUNDER by Ben Travers. 

COTTE5LOE l small auditorium)-. Ton't A 
Tomor. 8 LOST WORLDS far W ,/son John 
Halrc. 

Many excellent cheap seats alt 3 theatres 
day of peri. Car park. Restaurant 928 
2033. Credit card bkav 928 3052. 


OLD VIC. 928 7616. 

Mav 22-27. Direct from the Theatre 
Antoine. Paris. Jean Cocteau’s 
LES PARENTS TERRIBLES 
with Jean Marais and Lila Kedrova 
Simultaneous translation. Today at 7.30. | 


VICTORIA PALACE. 

Book now 828 4735-6. 834 ISI 7. 

STRATFORD JOHNS 
SHEILA HANCOCK 

ANNIE _ ... 

Evas- 7 JO. Mats . Wed, and Sat. 2.45. 

Cor wit 


WAREHOUSE. Donmar Theatre. 

Garden 836 6808. ROV«l 
Company. Ton't tomor. 3 2 

Paul Thompson s THE LORENXACCI© 
STORY (seats Sat, onlyi. 


"“'"'NSKtcnod to 

by MUGG6RIOGE and THORNHILL 
-TRENCHANT HUMOUR.' CL Tel. 
—SHARPLY TOPICAL " F. Times. 
"TREMENDOUS IMPACT , N.o.W. 

Evas 7.45. Mat. Wcdv 3.0. S aiv 4.30. 


WHITEHALL. 01-930 5692-776S. 

Evas. 8.30. Frl. and Sat 6.45 and 19 OO. 
Paul Raymond presents the Censationai 
Se» Revue of the Century 
OEEP THROAT 

Due to overwhelming public demand 
Season extended. 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Niantly 8 00 end 10.00. 
Opens Sundays 6.00 and 8.00. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA , 

" Takes to unprecedented limits what is 
permissible on our stage." Evg. News. 
You may drink and smoke in the 

Auditorium. 


Sat. 2.30 and 7.50. 


A MIDSUMMER NIGHT'S DREAM. Red. 
Price Prevs. from Mon. Evas. 7.4S. Mats. 
Wed.. Ttiur. and SaL 2.30 with 
RULA LENSKA. IAN TALBOT. ELIZA- 
BETH ENSTENSEN. OAVID WESTON. 
HELEN WEIR. ANTHONY SHARP. 

5v t ETAOI U U DOD DO DOR 


Friday and Saturday 6.00 and 8 40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh." D. Mall In 
THE UNVARNISHED TRUTH 
The Hit Comedy by ROYCE RYTON. 

" LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sun. Times. " SHEER 
DELIGHT." E. Standard " GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY. 437 4 506.. Credit card bkgs. 
036 1971-3 from 8.30 a.m. -8.30 p.m. 
Evas. 8. Sat. 4.4S and 8.15. Wed. mat. 3 
Roval Shakespeare Company In 
AN OUTRAGEOUS ADULT COMEDY 
by Peter Nichalls 
PRIVATES ON PARADE 
” Riproarlnp triumph. " 5. E*ereS9. 

_ BEST COMEDY OF THE YEAR 
Ev. Scd, Award and S.W.E.T. Award. 
RSC also at the Aldwycn and Warehouse 
Theatres. 


. ..E EDWARD. CC. 01-437 6877. 
Red. price prevs. June 12. 13 A 20 at 
8.00. June 17 S.30 A 8.30. Opens June 

EVITA 


OF WALES. CC. 07-930 8E81. 
Monday to Friday at 8. pan. Saturdays 
at 5.30 and B.4S. 

LONDON AND BROADWAYS 
COMEDY ML*5ICAL HITl 
I LOVE MY WIFE 
starring ROBIN A5KWITM 
" AkL JUST GOOD CLEAN FUN." 
_____ _ Dally Express. 

CREDIT CARD BOO.INGS 930 0846 
"no TheHitPC',Ja YwH 


WYNDHAM’S. 01-856 3028. Credit Card 
Bkas. 856 1071-2 from 8.3D a.m to 
8.30 p.m Mon.-Thurs. 8. Frl. and S»t. 
5-15. 8.30. 

" ENORMOUSLY RICH 
VERY FUNNY." Evening News. 
Mary O'Malley's smash-hit Comedy 
ONCE A CATHOLIC 
“ Supreme comedy on se» and religion. 
Daily Telegraph. 

"MAKES YOU SHAKE WITH 
LAUGHTER " Guardian. 


CINEMAS 

ABC 1 & 2. SHAFTESBURY AVE. 838 
8861 . Sep. Peris. ALL SEATS BKBLE. 

1. GRAY LADY DOWN (AI. Wk. and 
Sun. 2 00. 5-20. 8.20. Late show Sat. 
f 1 .20. 

2. THE GOODBYE GIRL iAI. Wk. and 
Sun. 2.00. 5.10. 8.10. Late show Sal- 
11. 10. 


CAMDEN PLAZA loop. Camden Town 
Tube). 445 2443. Brigitte Fossev In LES 
ENFANT5 DU PLACARD lAAI. 5-°°- 
7.00. 9.00. 


CLASSIC 1. 2. 3, 4, Oxford SI JOtJP- 
Tottenham Court Rd. luocl. 836 0310- 

l: Bertolucci'S 1900 Part 1 iX). Prog*. 
2.1 S. S.IS. 8.15. II. IS. 

2: Charlton HoMon GRAY LADY DtriYN 
i A). Progs. 1 10. 3 35. 6.05. 8.30. 

Late show 1 1 pm. 

3: Walt Olsiwv'S JUNGLE BOOK ill'. 

W AH OO BOBCAT til,. Progs. 1.30. 3.4S. 
6.00. 8^0. Late mow 1 1 p.m. Fass- 
binder's FEAR EATS THE SOUL >AA>. 
SCORPIO RISING (X>. German Dialogue 
— English Subtitles. 

4: Bertolucci's 1900 Part 2 (XI. PrOO*. 
2.30. 5.20. B.15. 11.10. 


— 1-5 THEATRE. CC. 01-734 1166. 
Ev». 0,00. Wed. 3 00. Sat. S.O & a.SO 
ANTHONY QUAYLE 
FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMP SON 
In ALAN BENNETT'S 
THE OLD COUNTRY 
_. BES1 PLAY Of THE YEAR 
Plays and Players London Critics Award- 
Directed By CLIF FORD WILL IAMS 


PAUL RAYMOND presents ’ 

THE FESTIVAL OF 
_ EROTICA 

Fully A Ir-Cond It toned. You may drink 
and smoke In the auditorium. 


Mon.-Thurs. 8.30. 


Frt. 6.00% T*i 
Elegant, WN4jPH WN ^{n|iQinB.' Gan. 

. - * nrw musical. 

Caustic and Comic." Times. 

•" soiws." D. Tet. 

“ gggjjjg TOjw FcLuK^e.N?”' 


ROVAL COURT. _ 73D 17 . s 

Evenings 8.00. Saturdays at 8.3oT 
. , THE glad HAND 
^ J 5 ??? Wi'Hnv. World Premiere. 

Brilliant comic writing." Tima! 


IE THEATRE. 01-43? 1592 

Evgs. B IS. Wed. 3.0. Sat. 6 0 a 40* 
PAUL EDDINGTON. JULIA McKENZIE 
A1 . RENjAMiN WHITROW m C ' 
ALAN AYCKBOURN'S New Comedy 
.. TK TEN TIMES TABLE 

• bn must be the lupgiot lauohier- 
,?i***r 1 n London." d. Tel. "An irresist- 
ibly enjoyable evening." Sunday Times. 


■JT;, Credit Cards. Oi-aos aona 
•y.Thurtflay cwnmos 8 OQ. Friday 
s _ Satmdavs 3 OO a a.OO 
London criNr- vote 
BILLY DANIELS In 
BUBBLING BROWN 5»G AR 
Best Musical ol 1977. 

^g* accepted. Major credit cards. 

macinacc Id r a 


CURZON. Ctiraon Sireer. W.l. 499,3737. 
PARDON MON AFFAIRE <VJ- finfllisn 
ub-ttilci. ProQs. 1 SO lex. Sun.). 

6.10 jnd a.30 Ult Weeks. __ 


LEICESTER SQUARE THEATRE. i93D 
S2S21. Shlrlev Mac Larne. Anne BanCTOR. 
Mikrul in j Herbal 

film TH* Turning Point iA 1 Wk. 1.05 
4.50, 810. USt Day. Tramtsrs to PI3IJ 
2 & Ocoon KpntmDlon from swnOjrO^ 

OBCON HAYMARKCT. - 1930 '2738^27711 
Jane Fonda Vanessa Redgrave in a Fteo 
Zinncman him Julia >AI. SCO. "r«*- 
Dly. 2 30. S.4S. 8.4$. Feature Dlv 2 45. 
6 00 9 DO Laio show Sal. Pb Comm. 
11.45 n.m. Feature 12.00. All 
bkble at Theatre. __ 


OOEON LEICESTER SQUARE i930 61 1 '> 
Close Encounters ol Ihe Third Kind >A • 
Sop. pgs- Dly. Doors open 1 .05. 4. 1 a. 
7-4S. Late Show Frl. & Sat. Door* BMfl 
11. IS p.m. All seats may be booked 


ODCON MARBLE ARCH 1723 201 1-21- 
The Baby (X). Sep. pgs. Mon -Sat. 130. 
4.45. B.15. Sun 3.30. 7.30. Late ship* 
Frt. & Sat. H.45 p.m. All seats b“8ie. 
except 1.30 peer. Mon.-Sat. 


PRINCE CHARLES LelC. Sn. 437 B1»\- 
Mel Brook} HIGH ANXIETY »*>" 
Spd. Pwlv Dly. iknc. Sun.) 12-15. 
b.15. 9.00 Uc. Show Nightly 
Seats. Bkole. Lie'd Bar. _ 


SCENE 1. lcic- 5g. (Wardour «.). 
4 3V 4470 Woody Allen's EVERY* 
THINS YOU ALWAY5 WANTED TO 
KNOW ABOUT SEX IX) 2.50. 6 00 
9 15. -BANANAS <AA1 1 IS „ 4.2S- 
7.40. Lie. Show Frl. A Sat- I0.5S 


limited Period only. 


EVOS. 8.00. 


SAVOY. 01.838 hSRg 

Litunb, S 30. I 3D, 

... . 5*i-PH Richardson 

UtlWI IAYSTON 
Gary BOND Jwnni yre GYSEGHEM 
G*ollr-v KEEN in 

"* JOLLY GOOD EVENING OUT." F.T 


STUDIO 2. 3 A 4. Ovlcrrt ClrCUS. 4ST 
3300. 2. THE GOODBYE GIRL (Aj- 

Progs 12 45 2.45. S.25. 10$. * 
■ PHIGENIA 'A). 12.45. 3-20. SJi5 

8 30. 4. Wt'oosv Allen Diane Kearae 

Double Bill. SLEEPER lA.V 2-25- f *“■ 

9 OS. LOVE AND DEATH iA> 1-0°" 

4. IS 7.30. 


STUDIO 3. Oxford Circus. 437 3300. 
! PHIGENIA iAJ. 12.45. 3^0. S.55. 
8.30. Late Show Sat. ll.O. 










- ■' 


T^, 

% 


X : 


Financial Times Friday May 26 1978 

Oxford Playhouse 


19 


All’s Well 


by B. A. YOUNG 


(Jjricsi BfcSt ha’ve done a ih™ Wha f, *’* „ se e ls 1? morE s ™'* of micropbom-s. Best of, 

W'WM Shakespeare e!id 0 Bieet; S C “ £' f. n ^ Brown, took- ! Home (X) 

srjf a r f SSJ « - K lherc I 

duetto? ?ni° f a f ouri ?« After a while I began to 
behind 1 * jt filleted: th e repealed falls 

! S,ll a d £ ub,e r °w of tain, lovely though 

parade their private* ives°whe?e for r Fraf ipf« BU,es The dressing-room gossip is I Theatre 

Helena (Belinda La noTft Trvf^ S5T e ° f 1,1,es - f f FJ °rence. uninteresting stuff, even for 
lo make Bertram (Ralph L™ th?«iS£n appropnate 1D 113056 wh ° fiad magic in back- 

ford) in oumotc 1 a pn i_aH ‘ tbe mtddle. . stage talk. This side of the 


Cinema 


Home Sweet Home 


bv GEOFF BROWN 


a high state of frustration, lying to Hitchcock his aim is far more which plummets 1.450 feet below also claims it as "the first 
at on his bed. wheeling himself erratic. The film's central situa- the surface after a Norwegian feature-length gt 



ford) in earnest. 
Things would 


i oinns WO uid po h. H =r t Be,inda P, uls Helena’s curtain needs some solid attgp- 

tliere were'more in the reaf nrl fhp 8 lh°u er 6tron ® ly I aod - P' a / S Jion; its content is mostly quite 

version that corrlsZrtM wfi the Shakespeare nicely loo. Mr. irrelevant to the play in ftont, 

rhe events of the nlav'Th,.^* 1 K^ W L ord is a decent ® ertrani - besides being trivial in itself, 

halves arl bareJv he doeRD 1 M P 6 50 weH w ‘*h Shakespeare is decidedly the 

are Dare 'y integrated at the music, although the stage is hero of the evening. 

Theatre Royal, Stratford E-15 

The Charlie Chaplin Show 

by MICHAEL COVENEY 



a 

much floi-iilori s' 1”' * ? u ».- *ue iw» « « lias ioe props oepanmem. me resit, b _ wa _ Jlcdtwn Cool, probins the con- 

into a two and a-half hour show renortin" 11 riphi*t h * S all maudlin twaddle, backed 'with a few adjustments it’s traditions between the trivialis- 

as you possiMv can Sno no S JdS-Kt 2nil rV ,th snatches of George i M. I. easy t0 imag me coming Home ine media and the' impact of 

Hme for r» 9 tina ^ Is L_* . ? n A, P5 P5 “S. f ranteen. c log danc- Cohan and music hall favourites. , 

of the isse^h S ^ h ‘ 8 ° Ut in S w Ab “The Uncasbire Lads.” “The moon shines down on 

0 This IS L • recruitment to Fred Karno's Charlie Chaplin ” chant the 

graphy by JanathuT rmu’fnri th S c 3 r,y tw ?' ree J er da - vs company after our hero’s allega- 

aod J" “«* Sennetts .Keystone tion that greed and a lack of 


Leicester nat on his bed. wheeling himself erratic. The film's central situa- the surface after a Norwegian feature-length gangster picture 

along with sticks and causing a Non (the murky happenings at vessel rips open its stem. “My ever made.” The print has iTs 

' ' “ L ““ ' ' 

Will! 

_ . __ . eon 

High, hi® temper simmers homages. Brooks laboriously now. and all the calamities light and shadow, perfectly 
• — remarkably and he soon has the works the plot round to include happen exactly on cue as they do suited to the story of the gang- 

It’s in the nature of Establish- horrors of Vietnam in perfect a burlesque of the shower j n ever)' other film about a stcr (RockcIiiTe Feltowesi who 
ments whether cinematic Dr liberal perspective. murder from Psycho and a damaged submarine. Water forsakes crime for the delights 

political, to assimilate all kind Perhaps the saddest aspect of childish variation ion the menai- gushes throuph the hatches, of a Bowery mission and its 
of prirkly movements and mani- the film Is the way the director 1Q S birds from The Biros. But drowning a decent proportion of beautiful head girl ( Anna Q. 
festations. So Hollywood in its puts no critical distance between his parodies of the thriller style the crew; nasty tremors send Nilsson i. 
time has devoured and repro- himself and his material, blithely ,tse " are mutb more successful, rocks and debris cascading on to Walsh made the jump tn 

dured bland versions of sur- accepting, all its complacencies and varied directorial tTirks (not the submarine ronr. making the features after a year or so direct- 

realism, skinflick pornography, and dubious emotions. After 
flower power and student protest Ashby’s woody Guthrie film 
Currently rhe monster— 10 years Bound Jot Ghny (also pboto- 
behind - the event— is digesting graphed by Haskell Wexler > this 
the Vietnam war, along with the m >8 ht ? 3V ® been anticipated,. yet 
accompanying emotional and one still hoped that something 
political ructions of the 1 ate would remain of Ashby the 
1960s. Coming Home, directed satirist who could mock the pre- 
by Hal Ashby, shows the distress- tensions of the rich and phony 
log end result: a slickly acrom- in The Landlord and Shampoo, 
plished film where the characters The latter now seems the pivoial 
and their predicaments have h3d film in his career, where the 
their jagged edges removed and satirist’s fangs began to soften, 
are only seen in cosy soft focus to develop an appetite for the 
— a film little different from glossy surroundings his heroes 
syrupy items like Three Com- inhabit-. Now the gloss' domi- 
rodes of 1938 and other past nates. The cameraman Haskell 
treatments of lovers traumatised WexJer once made a film. 


abvss°^ and tlLmil S Studios, loneliness in the midst humanity have ruined the world, 
down It *!“ of .American adulation, the But the story has, unfortunately, 

set "alnLsirfe 51 fit 0 y to s *’ itl i b for reaI money to Mutual, hinged on presenting Chaplin 
theatriefd 8 hnriv elfish re ^ nt the insistence on making silent as a money-grabbing, woman- 
on BustJr b KMt S no tL o h rf P f f ,0ns “°W “S the industry goes destroying opportunist with 
St s ad£«i D»! liL 1 [also at " ,aU ? e -’ the over The hardly a kind word for anyone. 

The action is topped and Frrat iS'T^ia “^speech^and 5 ? r ' Robertso ° is a w,er mim * 
tailed by Chaplin's rough ride disappointment with P “a hat^ * han actor and Sue Dunderdale's 
at the U.S. immigration desk as Ailed America." lightweight production is other- 

he returns to England. For a The show works only when wise graced by the eye-catching 
re-entry permit, he replies to a Ken Robertson acts out bits of versatility of Alfred Molina. 




jane Fonda and Jon Voight’s in * Coming Home ’ 


Ken Robertson 


Leonard Bvti 


Royal Academy 


Double bill 


by MAX LOPPERT 


Spring at the Royal Academy there red and blue balloons, playing. One performance stood 
of Music brings an unusual and helium-filled, burst by Thertse out for charm— the Husband of 
on I he whole verv successful in the first scene and released Kevin Hughes, a baritone with 
double bill— the * farce of to the flies by the whole company a personable stage presence and 
Poulenc's MameHcs de TirteUis in tbe end): wives are gently an easy high baritone, trim and 
preceded bv the tragedy of reminded of their natural firm-edged. Though she cannot 
Vaughan Williams’ Riders to the creative functions. Perhaps this boast the beautiful big eyes and 
Sin* is a too po-faced description of manner that Poulenc so loved 

i li'i , 1 1 1 wonder would the 3 work whose high spirits never about his 1947 discover)- Denise 
composers taw felt aboil the flag. Yet to write about it with- Duval, the Academy's Th^se, 
conjunction?) While the use of out consideration of. those pas- Elizabeth Grice, sang freshly 
itii. excellent new Jack Lyons sages when the music inexplle- and moved with a certain angular | 

th. aiK fs Id cJur,e no guarao- ably touches tbe emotions-the fbarm. The uncredited ti^nsla-;, „ __ 

toe of hi"h s-lamlards. there was finale affords a good example— tion had been updated fo include j^j r . Lubbock’s beat was less 
hi in f WednesdayV performances is to do less than full justice lo sudi con tempo rap? ^ concepts as r c0n fide nt in tbe slower music. 
I M.Tuml evening in a run of Toulenc's (as he fairly recog-. male chauvinism: Its version ofj s0rae 0 f which was interprera- 
funri an unassuming accomplish- nised It) complex vusicai the moral. Make love ana , ^j V ely neuter. His strings were 
naMnnniiiv ?n < 1 tn his lender, multmlv’’ tames rather too * T- .u-i- t r>r 


actually being made fn 1938. reality, but be now seems to have 
One can see the poster oo the caved in to confected prettiness : 
hoardings. Featuring the leading he takes an annoying pleasure, 
trio in lurid tints: the crippled Tor instance, io capturing tbe 
lover, the tense wife, the soldier rainbow play of lights in the bar 
husband facing them with where Sally and her bosom pal 
bayonet, and above them the Vi try to have a night on the 
advertising slogan — "Those town. Fonda herself receives 
whom ‘God hath joined together, loving attention from the 
let 'Nam put asunder” {for camera: there are many 
Vietnam is thus abbreviated at “cute" reaction shots, glimpses 
one point in the film). Theoretic^ of her catching a Frisbee. mixing 
ally, the cast of Coming Home cocktails, tending her hair. She 
should be racked by complex arts well (certainly better than 
persona] problems: tbe emotion- Bruce Dem. playing her 
ally and physically damaged husband, who seems trapped like 

inmates of the Veterans’ hospital; Anthony Perkins before taira in „ . • 

the wives and loved ones hanging mentally disturbed parts), but especially Hitchcock s presene) rescue attempt and the film lake mg snorts with titles like The 
on, fearing every telegram; the reverential treatment con- R et 1116 comeuppance they have lhat much longer: morale Miisterii of the Hindu Image and 
the confused soldiers in battle siderably reduces our involve- Igus deserved; take the dolly quivers. 3 few more die Tin 1 Dcoth nice. And the plot 
who find that sheer brutality is ment. In Hollywood terms shot which crashes through a heroically: at the end the sur- line of Rcpent-mtinu is firmly 
more imoortant than manly Coming Home is "a major film, glass door in its slow journey vivors clamber blinking into the muted in the kind of .sentimental 
courage. But too often the ron- and a major disappointment. towards the characters, eating sunlight, shortly followed by hokum one automatically asso- 
flicLs evaporate in easy solutions * ' at table. According to Brooks, survivors of tbe audience. cutes with tirinith. though il 

or melodramatic twists which tell In a week that brings Ihe- Hitchcock collapsed with mirth Master of the sul> is Charlton derives ultimately from the vast 

us more about the scriptwriters. gilded cliches of Coming Home, at this joke during a special Heston, who wears more hair in heaps of melodrama and pulp 

(Waldo Salt and Robert C. it’s a particular pleasure to screening, but it’s doubtful this film than he has carried for fiction which were everyone's 
Jones) than they do about the come across Mel Brooks, who has whether he collapsed again when some time; perhaps to compcn- daily bread. What is immedi- 
characters. For instance. Jon built bis screen career out of the joke reappeared at the end. sate he acts a good dc-al less ately distinctive, however, is 
Voight's Luke Martin begins in lampooning Hollywood formulae For * Brooks still has the though the script doesn’t give Walsh's feeling for the seedy 

and now offers us a laughing fit maniacal urge to cram every him. or anyone else (the cast environment depicted by his 
of High Anxiety, dedicated to crevice of his films with fun. includes Stacy Kejch and David camera (often on location ■ — the 
Hitchcock. The best sequence, whether the wheezes are good. Carradine). any support. faces of the Bowery bums who 

however, has nothing to do with bad or merely redundant. But + crowd the beer hall and the 

the master of suspense and at least in High .-truriefy he had Still, there is always the docksides or lurk in ihe mission 
everything to do with Frank the good sense, or the good luck, cinema's past for consolation, rorridors. the mixed hordes on 
Sinatra, marvellously parodied to use Madeline Kahn again, and the National Film Theatre the riwrboat which spectacu- 
by Brooks tsiar as well as missing from Silent Mnrie ; this is regularly providing opportune larlv catches fire. Many people 
director and co-writer). Brooks delicious performer lakes' care ties to discover some of its rarer in the laTge cast were obviously 
suddenly sines the title song of the Grace Kellv/Eva Marie nooks and crannies in the- Friday plucked straight from the street: 
with the aid of ingratiating Saint roles in the schema, and night selection of films from the Roekrliffe Fellows was plucked 
pauses between syllables, a is a delight to behold. National Film Archive. Cur- straight from the stage, though 

lengthy microphone lead and a ★ renlly tbe films come from he still cuts an attractively 

great deal of smiling: it is quite Gray Lady Dawn brings us foreign archives, tying in with simmering, sullen figure in the 

irresistible, and I doubt whether crashing hack to the kind of the annual conference of the film s first half [and looks re- 

Sinatra will ever be the same cinema which is its own parody Archive Federation (FIAF) held markablv like Marlon Brando), 

again. — the disaster movie The par- in Brighton. The item tonight. For nianv reasons Regeneration 

Despite that and other ficular disaster in this dismal Regeneration, hails from New is something to calch. before 
moments. High Anxiety warrants film flatly directed by the York’s Museum of Modern Art the film flies back across the 
two cheers rather than three, usually lively. David Greene, con- and is Raoul Walsh's first Atlantic to its home In the 
for when Brooks does get around .cerns a nuclear submarine feature, made in 1915; Walsh vaults. 


St. John's, 

Smith Square 

Mozart 

by DAVID MURRAY 


Wednesday’s concert by the 
Orchestra of SL John’s under 
John Lubbock consisted of 
familiar Morart, early and late. 
It involved two surprises, too: 
one was that it began seventy- 
two ' minutes after tbe time 
originally advertised, and the 
other was that the late work — 
the Requiem— was awash with 
trombones. The score was of 
course “ completed " after 
Mozart’s death by his pupil 
SQssmayr. but there is a clear 
difference between the passages 
where the trombone trio is 
grandly and tellingly used, and 
the sections where 19th-century 
editions invited them to. hoot 
along with the chorus roll* parti. 
It is not believed that even 
Sussmayr, let alone Mozart.' 
could have Intended that, and 
the effect it made on Wednesday 
was grotesque enough to settle 
the issue. 

Otherwise the performance 
was creditable, and it was good 
tu hear bassett horns (when the 
trombones permitted). The 
North East London Polytechnic 
Chorus boasted an assured 
attack, especially in the fugal 
pieces: in pianissimo their 
ladies’ tone sounded un- 
supported — a breathless effect 
too literally sought, perhaps. 


„>rnt (hat complemented The personality, and to bis tender, multiply - carries rather 

theatre and its resources to a subtle, endearing art. biblical a tone, 

niectv. Ten years ago. John Copley • Vaughan Williams’ one-acter. 

mulenc preferred the short produced at the Academy the a bleak and unvaried setting of 

iwo-yc, np.ru bouffc above all London premi&re of tbe opera. Synges' tale of the Forza del 


* DO inot in their best form. Of the 
solo singers- the soprano and 
the bass shouldered their 
burdens impressively — Alison 

Hargan etched an intensely 


his nihcr works. In it. he said. The present staging, which the destine on the Aran Islands, is dramatic line, and John Tomlin- 


-si I’on vent se faire une idee English National Opera North is wised to eloquence when tragedy 
ric in a crHiipiexe personnalite to absorb into its repertory^in strikes, by the composer's acute , 
niii>ic<iK'. on me trouvera 1 ■“ 

•VHirment inui in->mc. 


. _ trCfi November, shows all Mr. Cop- unemphatic sense of the words. 
Tn his ley’s wonted deftness of invert- The different " speeds " at which 


'filial' 'scene.'Vo make of~the text with the French situation and atmosphere as the 
'*1“ explicit l0 ., war-weary Riviera Poulenc prescribes in winding in and out of the com- 
h ’ nubile the message the stage directions; also a 1 note DO ser’s characteristic modal 
- U.liK-/ 0 Krunqais. la leqon of what might be railed Holly- harmonies, and his long, keening 
. . ' 1 -’ll or re ct fuiies des wood French’’— tbe kind of voca j me lisinas. Produced by 
. f ” |.-„ r j similar reason, palatable surrealism in the decor Christopher Rensbaw, the cast 
;,. nv ,,.,,.. 1 ] Poulenc's atien that served Gene Kelly in tus caught and sustained the mood 
linn in ' 1944 when he set It. American in Paris dance witli impressive exactitude. The 

1 . -■■ami'll 'on Wednesday that, sequences. Instilling in students lifting and falling of ropes at 
• h!. inHsi.' had grown, in the proper urbanity, the cooL beginning and end is a rather 
jo. si lb 1 . r arL . e . and unflappable timing., the facial obvious symbolic gesture— more 

it.s b.iianrc or jij - • nie ian- expressions drained of all sur- so because the ropes creak. Both 
■’ uollspHn^ id • we j[ prise, is never an easy task; and, operas are conducted, with 

.•linly. ever n'ore £ ...iisterlv presumably, the ENO North.com- wonderful ear for their different 
.is delightful. 1 * « r ‘‘ri-rt pany will wear their tuxedos textures, styles and timbres, with 

ti-i craft, su the an! j pi c t ure hats with slightly absolute command of the idiom 

and the pace of each by Simon 
nothing uo- Rattle, a born opera conductor 
in any of the if ever there was one. 


son made a rich mahogany 
sound. 

Earlier we heard Andre 

«-\ idcmcnt in ur in ■-•in v. *" — - ------ *»«« uwsicw apmuo «• ■»«**».«. Watts in the El-flat Piano Con- 

,n„ 3 IV .for which he coined lion, hi* light, careful comic the three women— mother andfeerto. K. 271: a highly self- 
.i, !...". rd «urrcalisin). Apolli- touch. The attractive scenery by y,er daughters — each contrast; conscious performance, bristling 
l.iter added a Robin Don mixes the Z anzib ar their grief arc as expressive of* with lively ideas. Mr. Watts 

explored each of the many little 
cadenzas lovingly, and found 
high drama in the fine Andan- 
tino. He raced away with the 
Prestp; in a hall with a thinner 
acoustic his wilful fleetness 
might have dazzled — certainly 
there was wit enough in what he 
did — but here St. John's resonant 
halo blended everything to- 
gether. and his brightly mis- 
cbevious Intentions ' were just 
perceptible through the haze. 
Still, the Concerto deserves a 
performance so resolutely 
characterised, for tt contains 
much more than impersonal 
galanterie; ibis lively sketch 
‘was welcome. 



Elizabeth Hall 


Martin Musical Fund by NICHOLAS KENYON 


play their party pieces fifth or Villa-Lobos' BochUmas bination of individual vibratos 



KM l/ j :ic ^ K ; 1 - vn Qt J' e U r e s cl! ^r SU ?oS fi?re’a^roiiple P of P fnanities. one mising young talent Wind dominated, wilh an icy, biting. 


I\i»s>!i»r. and 

miiiHTtms 10 


mention. 


of which was to subject us to players were accommodated in a mad scene; the supporting east 
the string parts of the Bach- curious little eanzona by seemed ill-at-ease. Anthony 


IIUIIII -l _ w „„_ .11 Rtrmc narlS □( I U 6 WUIIWUO HIM* ui ^UUJUUV 

iruninon- 1 One: the> bxnjiu four-kevboynJ concerto Matthels Weckman; four- more Kldley tackled the impossible 

; ,t >nnu? lime in tbe ,r proies- . muddv - pianos violinists shone in Vivaldi’s Op task of conducting the proceed- 

>mn;ii careers, been aided . » aw in th e back- 3 No 1 (in which one of the ings. while Richard Reason, one 

from the Marlin musical ^ much-heralded concert's few unfamiliar names, of tbe composers whom the Fund 

Sdiulii^hif) Fund. Twn: Tne> premiere of a Mozart piano MJng-Feng Hsin, stood out), and has helped, provided a manic 


were among the 60 or so such world P urned out to be no the Fund’s work in helping rcsi- circus act in the foyer by way 

r.-cpients who turned out 10 t hm one of the lad’s mom- dent string quartets, was rep- of Interval entertainmenL Never 

ivleliraie The 10th an m versa r> more tnan o w hlch he -resented by the Lindsay’s a dull momenL For once, in a 

.he fund on Wednesday in an in« ” . fcow to wr ite out Schubert Quartet movement m concert where performers were 

Kh-ahcth Hall concert which demonsira ea n ted arp eggios C minor, done with their frankly more important than 

SS IWU hours and 35 viBUfK .JKSf to E. , ^ idiosyncratic beauty and music, it was .frustrating to be 

We moauidui^ * worked passion. 


lel-up in Uie nioam-u.^j -'j - - eces worbe , a pass j 0 n. given no details of the artists’ 

nnthinc in the whole At 10 o'clock, after the massed varied. Martin-aided careers in 
T»n-« was n» ordinary Ijm- well^ana betlej - thfl n the strings had brought a rare com- the programme. - ■ 


wi tillin' oven 
inicrval- 


Improvm 



Mr Roger Wake, Chairman of Carpets International Limited^ 
made the following comments on the Company's outlook for 1 978 at the 
Annual General Meeting in London yesterday : 


TVe now have the benefit of knowing the trading results 
for the first four months — from January to April — which 
show that consolidated pre-tax profit is at almost tbe same 
level as in the previous year. Allowing for the Joss to date 
in Australia, including substantial non-recurring re- 
organisation costs, this level of performance begins to 
confirm a more encouraging outlook for the future, which 
must be tbe first essential step in resuming higher 
profitability and so allow a resumption of dividends. 

FORECAST 

It has not been our normal practice to make definitive 
forecasts but because we understand tbe anxiety caused to 
shareholders by last year’s results, the Board has agreed 
that I should give you our estimate of half-year per- 
formance. We have of course the actual experience of three 
weeks in May to date, leaving only about five weeks to run 
to June 30. The indications are that pre-tax profit for the 
period will exceed f 1m compared with £570,000 in the 
corresponding six months of 1977. . 

DIVIDEND 

. On that basis, we would expect to declare an interim 
dividend in September of at least the same amount as last 
year — that is 1.65 pence per share— and, further, we would 
intend this year to bring forward the date of payment of 
the interim dividend to early December. Clearly, this must 
be subject to confirmation at the time of announcement 
of half-year results in September. 

PERFORMANCE 

Now I should iike to review briefly our world-wide 
trading conditions in the first four months of this year. 
X shall leave Australia and New Zealand until the end, 
so that 1 may deal in some depth with the present situation 
and immediate outlook in those countries. 

In the U.K.. we are doing better than last year and 
unless the situation should change substantially, there is 
every prospect of a good performance. Indeed, it should 
be emphasised that the bulk of our business is stiU in the 
UX, which is also tbe base for our major export business 
in Europe, to which we 'are giving increasing attention. 
In July, we are transferring our warehouse from Hamburg 
to Dusseldorf to improve our' European sales operation 
and this will enable us to respond more quickly to 
immediate market demands. 

Our manufacturing operations outside the TJ.K. 
continue to make progress, especially in Georgia U.S. A. 
and in Thailand. Our Canadian manufacturing associate is 
doing; better than last year and Malaysia is encouraging. 

Sales operations outside the U.K. are making slower 
progress. Carinrusa is increasing turnover steadily but has 
not yet moved into profit. CMC-Gilt Edge Canada is doing 
well considering the difficult market conditions in Eastern 
Canada and the Far East shows continuing promise. 

AUSTRALIA 

Now I come to Australia, where out performance in 
recent years, and last year in particular, has been of the 
greatest concern to all of us. You may understandably have 
the impression that perhaps too little was done too late by 
way of rationalisation and cutting back our operations. 
Tn fact, I believe it can be claimed that paradoxically the 
farsighted decision to invest in expensive carpet priming 
processes in 1974, when sales of Axminstcr were still 


buoyant, had the effect of making PCI more vulnerable 
than its competitors in ihe dismal trading conditions which 
persisted through 1976 and 1977. 

Until these processes had been installed, and the new 
production techniques mastered, it was not practicable to 
cease production of Axminster. In turn, until all Axminstcr 
production had been terminated, space could not be freed 
at the Melbourne factory to accommodate all the tufted 
and printed operations from Sydney. The decision to cease 
Axminster production was taken in April 1977 and it took 
. until the end of the year to achieve this. In November it 
was agreed to consolidate all operations, apart from 
spinning, in Melbourne, a move which was completed in 
April this year. This enabled us ro sell the Sydney factory', 
for which we received over A 63m, and thus improve the 
financial -position of the company. 

I should also mention that the Australian Company’s 
labour force was reduced progressively from 1164 people 
at the end of J975 to 3S0 today. 

I have already referred to substantial non-recurring 
reorganisation costs. In 1977 and to date in 1978, these 
have amounted to well over ASIm. 1 am pleased to report 
that most of the reorganisation costs are behind us although 
further expenditure will be incurred in completing the 
programme at Melbourne. The Company is now in better 
shape to resume profitable operations and if the Australian 
Government Committee reports favourably on import 
restrictions in August we shall have a much improved 
outlook. 

In New Zealand, our associate company, Feltex 
Carpets fNZj Ltd., has. like its competitors, been facing 
more difficult conditions in the domestic market than ac 
any time since the end of the War. At the same time the 
industry, which traditionally has exported a significant 
proportion of its production to Australia, has been 
adversely affected by the continuing problems in that 
country. Management in. Feltex Carpets is strong and 
whilst it is impossible to view the immediate future with 
optimism there is a feeling that the worst may be over. 
Strenuous efforts are being made to increase exports to 
countries other than Australia. 

OUTLOOK 

To conclude my report today, I should like to emphasise 
a few key points: 

1. In Australia, we have arrested the worst trends; we 
are experiencing a higher volume of orders; and the new 
carpet plant at Melbourne is now building up volume 
output to meet this higher demand. Much now depends on 
Australian Government policy and our own ability to 
dominate indigenous manufacture with our superiority 
in screen printing. These are real issues to which the 
answers are still uncertain. 

2. All other things being equal, we would expect to pay 
an interim dividend not less than last year’s — and to pay 
it earlier. 

3. Despite the international character of your company, 
we must recognise that our major strength still lies in our 
U.K. based operations, for which the outlook is steadily 
improving. 

4. Our thanks are due in no small measure to the 
loyalty of shareholders over the last two difficult years. 
Given the prospect of modest but reasonable returns inl97S 
I think we can look forward to a Teal improvement in the 
Group's prospects in 1979. 



Gxfftr Ia 




international 


Chairman 

Carpets International Limited 
Kidderminster, Worcestershire 


The Annual General Meeting ves held on 25 May 1978 in London; Copies of the 1577 Report and Accounts are 
available on rcqnat irom the Lampany Secretary, 




■ i ■ 


financial times Sweden: how a model 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY ^ 

Telegrams*. Ftoantimo, London PS4. Teler. 886341/2, 883897 WW% 1 '%7 r d\ AA \T 

mu— — IlllXcIt tCUlitPillj 

Friday May 26 1978 

became 

badly muddled up 

' BY WILLIAM DULLFORCE, Nordic Correspondent, in Stockholm 


A sceptical 


Financial Times Fri'dav Slay 26 1978 


LABOUR COSTS: 

RFfll WARES AND PRODUCTIVITY 1970 -100 1 


PRODUCTIVITY GROWTH 

FASTER *•“ SLOWER than real wage growth 

Sweden — ► 


market 


IT IS not surprising, with a 
general election in the offing 
and the opinion polls showing 
a greater swing towards the 
Government than the economic 
outlook alone would seem to 
justify, that the markets tended 
yesterday to see political im- 
plications in the financial news. 
The reversion from Minimum 
Lending Rate to Bank Rate at 
an unchanged level of 9 per 
cent raised expectations which 
the Chancellor failed to satisfy 
with his letter to the Inter- 
national Monetary Fund and his 
answer in the Commons to ques- 
tions about the growth of the 
money supply and the public 
sector borrowing requirement. 
Even before the . Liberals 
announced that their pact with 
Labour was approaching its end, 
the markets were full of specu- 
lation about the. date of the 
election. 

The reversion from MLR to 
Bank Rate raises two separate 
questions, about its purpose 
and about its timing. Its pur- 
pose is relatively straight- 
forward. The original aim of 
MLR was to create a stronger 
link between short-term market 
interest rates and the mini- 
mum rate at which the Bank 
would help out when necessary 
as lender of last Tosort. But 
there have been a number of 
occasions — at the time of the 
Budget, for example — when 
the authorities have found it 
expedient to ignore the formula. 
There have been many more, 
especially in the recent past, 
when they have been obliged to 
reverse its working, acting on 
the level of market rates to 
achieve the level of MLR which 
they wanted. 

Odd timing 

Indirect prompting of this 
sort can easily be misunder- 
stood. If the authorities feel 
obliged, in any case, to aim 
at a certain level uf MLR. it 
is obviously much simpler to 
state their objective openly, 
and simpler still to sever the 
rigid link between market rates 
and MLR by abolishing the 
latter in favour of Bank Rate. 
How far this step is compatible 
with the principles of Competi- 
tion and Credit Control, which 
implied greater emphasis on 
controlling the supply of money 
and relatively large fluctuations 
in interest rales, remains to 
he seen in practice. It i«, 
unfortunate, perhaps, that it 


has been taken at a time when 
there is widespread doubt about 
the Government’s readiness or 
ability to control the money 
supply. It is the timing rather 
than the purpose of the change 
which has roused market 
suspicion. 

When the news came that 
Bank Rate would come back 
at a level of 9 per cent, interest 
in gilt-edged perked up. The 
Government Broker had pre- 
pared the ground for this 
revival of buying interest on 
Tuesday by lowering the price 
of the long-dated tap. and 
yesterday he succeeded for a 
time in selling the new short- 
dated tap as well. The assump- 
tion in the market was first. 
That the authorities were ready 
to pursue more flexible selling 
tactics and second, that they 
regarded the present level of 
short-term rates as about right. 
There was a further implicit 
assumption. If the authorities 
wished to maintain the present 
level of rates at a time when 
potential buyers of giit-edged 
were holding off in fear of 
another rise, they would surely 
be ready with measures to allay 
these fears. 

Market fear 

That is why interest in buy- 
ing gilts died down again as 
soon as the text of the Chan- 
cellor's letter to the D.!F 
became known. The new 
measures which the attempt to 
peg interest rates had led the 
market to expect were con- 
spicuously absent: there was no 
more than the turning of exist- 
ing targets for the PSBR and 
for domestic credit expansion 
into firm commitments. In his 
answer to Parliamentary ques- 
tions on the same subject, 
moreover. Mr. Healey did no 
more than hope that the rise 
in short-term rates which has 
already taken place would soon 
work through to the growth of 
sterling M3 and promise to off- 
set the effect on the PSBR of 
tax-cutting amendments to his 
Budget when and if this seemed 
to be necessary. The markets 
were worried at the time of the 
Budget about the difficulty of 
reconciling the projected PSBR 
with the money supply target 
and events since then have only- 
helped to increase their anxiety. 
It will take more than a shift 
from MLR to Bank Rale, 
especially in an electioneering 
climate, to remove it. 


Balancing the 
EEC budget 


S OMETHING SERIOUS is 
obviously happening to 
Swedish industry when 40 
per cent of Volvo, the country's 
biggest privately owned busi- 
ness, is being sold to Norway 
and when auditors decline to 
approve the accounts of 
Kockums, the last privately 
owned big Swedish shipbuilder. 
These are only the latest in a 
series of events which over the 
past two years have cracked 
Sweden's image as one of the 
world's most efficient industrial 
and welfare machines. 

They have also confounded 
the first non-socialist Govern- 
ment to rule Sweden in 44 years 
and set Swedish pundits to 
querying whether the mixed- 
economy. as practised (in very 
different forms) in Scandinavia 
and Britain can survive. Sweden 
must either find ways to re- 
stimulate private initiative or 
resort to some kind of “collec- 
tive capitalism." Mr. Erik 
Dahmen, Professor of Econ- 
omics at Stockholm University's 
Business School, said in March. 

Not a few Swedish companies 
are still vigorous and confident 
Electrolux has expanded 
voraciously abroad, is challeng- 
ing Hoover for world leadership 
in the vacuum-cleaner business 
and accumulates profits. The 
recession has brought no 
check to the cemented carbide 
products of Sandvik. which has 
a strongly market-orientated 
management Ericsson has just 
won a big telecommunications 
order in Saudi Arabia. In the 
case of Volvo the unhappy take- 
over of DAF cars has been a 
contributory factor to the com- 
pany's problems. But with a 
broad brush it is only too easy 
to paint the picture of art 
industry in crisis. 

For four years industrial pro- 
duction has stagnated or fallen. 
It is currently some 7 per cent 
less in volume than in 1974. 
In spite of the Kr26bn (£3bn) 
which the Government has 
made available in loans, credit 
guarantees and new equity 
capital for the state-owned com- 
panies, employment within 
industry has declined. Company 
profits have plunged, their 
equity has been eaten away, 
and investments have taken a 
dive. Industrial investment is 
expected to drop by 12 per cent 
in volume this year after a_ 17 
per cent fall in 1977. ’ 

In less than two years in 
office the non-sociali.st partins 
have been forced to bring into 
public ownership a far larger 
part of Swedish' industry than 
the Social Democrats ever did 
in a comparable time. They 
have presided over mergers in 
the steel industry, taken over 
all the major shipyards apart 
from Kockums, bought a half 


share in the merged computer 
company, and acquired control 
of the two largest textile and 
clothing concerns. It is an 
ironical record for a coalition 
committed to turning the tide 
of socialism. 

What has gone wrong? In 
the recent past Swedish industry 
which, with a small home 
population, is so . dependent 
on exporting, in a world where 
the business climate is poor 
anyway, has got out of kilter 
with its foreign markets. This 
is due in large measure to the 
counter-cyclical policy, started 
by the Social Democrats but 
carried on by the non-socialists, 
of producing for stock, in order 
to maintain full employment 
and living standards. Io a brief 
recession it mjght have been a 
winner. In the event it strained 
companies' finances, increased 
their debts, and curbed 


lost markets. But the plight of 
some other branches is more 
ominous and underlines the 
much deeper clash between 
commercial needs and' welfare 
ambitions. The crisis branches 
which have been leaning most 
heavily on state subsidies are 
shipbuilding, steel, mining and 
textiles. The shipyards, which 
once produced a tonnage second 
only to that of the Japanese, 
are already undergoing a 30 per 
cent reduction of capacity, but 
it is obvious that further 
closures will come. 

Restructuring — an euphemism 
for contraction — is the watch- 
word. Yet most of these 
industries were until very re- 
cently regarded as Swedish 
specialities. One of the big- 
gest shocks to Swedish pride 
was the disclosure, through 
government-sponsored investiga- 
tion. of the extremely low 





Mr. Falldin, Prliuc Minister: 

more takeovers than under 
socialists. - 

productivity. Over the past 
year it has forced them to 
operate at a very low capacity 
utilisation, in order to run down 
accumulated stocks, which in 
many instances are being 
offered at prices below produc- 
tion costs. This applies in 
particular to the pulp and paper 
mills. 

The deterioration of Swedish 
exporting industry’s relative 
costs is well documented. It 
was set off by an exceedingly 
generous national wage settle- 
ment in 1975, the inflationary 
effect of which on export priees 
resulted in the loss of substan- 
tial market shares in 1976 and 
1977. The devaluation of the 
krona last year produced a 
recovery of export income but 
did not fully restore Swedish 
industry's cost position. 

The pulp and paper mills are 
no less efficient than the North 
American and need only a 
re-adjustment of the dollar- 
krona parity to start recovering 



I including Volvo's). He has 
the advantage of being able to 
reprint in his book articles 
dating lack to The 1960s. in 
which" ho forecast the current 
sicknesses of the Swedish 

economy. 

The thread running through 
hij book is the debilitating 
effect of the swelling social 
service spending, the tax 
system, and the job security 
laws. A high rate of growth 
was maintained through the 
1950s and 1960s. creating suffi- 
cient surplus to pay for the 
extension of welfare and a 
levelling up of incomes. It Is 
the systems developed during 
this process that are the target 
of Professor af Trolle’s 
criticism. 

Some quotations from the 
Professor help to illustrate the 
industrial climate in Sweden. In 




Norway 


Denmark 


Holland 


Britain 


France 


W. Germany- 


LI. 5. 


•Japan 



Mr. Wexthen. chairman of 

Electrolux: voracious expan- 
sion abroad. 

profitability of the stainless and 
high alloy steel plants. 

Sweden’s problems are not 
unique in western Europe. Com- 
petitors elsewhere with larger 
domestic markets or with lower 
manufacturing costs have 
proved to be more than a match 
for the Europeans, producing in 
larger series and gradually 
closing the techonoiogieal gap. 
Moreover, many Swedish ex- 
porters. who succeeded in main- 
taining their technical advance, 
found that they had passed ihe 
economic limit for improved 
quality. 

■* It is nonsense to put a 
cylinder with a guaranteed life 
of ten years into a product 
whose life cycle is no more than 
two to three years " — So says 
Professor Ulf af Trolie in a 
newly published book. Strategy 
for New Welfare. Known as 
Sweden's Company Doctor, he 
is a rationalisation expert and 
sits on several company boards 


Mr. Gyllehammar. manag- 
ing director of Volvo: an 
unhappy Dutch link. 

Sweden “ engineering com- 
panies have to plan for an 
a erage absenteeism of around 
15 per cent," whereas "the 
American car industry thought 
it had a major planning prob- 
lem when its absenteeism 
reached 6 per cent" An eco- 
nomic system based on freedom 
of choice "cannot be made to 
function when workers in 
general pay marginal taxes of 
60-70 per cent and when only 
leisure is really cheap.” 

Product development "costs 
more in Sweden today than in 
any country competing with 
us." Assuming that a good pro- 
duct developer would need an 
income after tax of Kr 60,000 
(£7.000) a year, the Professor 
calculates that he would cost a 
Swedish company about 
Kr 225,000, against Kr 150,000 
in America. 

As a company doctor. Profes- 
sor af Trolie felt that up to 
1974 he could save any toppling 


_ _ Wrigtiwd 

Europe «n*oi 


concern by swift action which 
did not need to harm employees 
except that they had to change 
jobs." Today the job security 
laws make that difficult or im- 
possible. 

“I see time and again com- 
panies which could be simply 
and quickly rationalised into 
sound re-expanding enterprises 
if there were a mechanism to 
reduce staff by 10-20 per- 
cent . . Instead the company's 
finances are allowed to de- 
teriorate to the point where it 
collapses and everybody be- 
comes redundant — unless the 
state steps in with subsidies." 

Apart from the changes in 
national economic and social 
thinking which he considers to 
be necessary-. Professor af 
Trolie believes that Swedish 
industry for the next few 
years must live on the products 
it is already making, including 
cars. He puts more emphasis 
on product development than on 
the innovations called for by 
some industrialists. r 

Professor af Trolle’s analysis 
of the conditions under which 
Swedish industry functions to- 
day is widely accepted within 
industry. A majority of the 
non-socialist cabinet would also 
probably sympathise with his 
views, but the Government has 
so far been able to do little to 
change conditions. 

If Professor af Trolle's condi- 
tions for renewed industrial 
growth are to be met, there must 
be an understanding between 
Government and industry on a 
more aggressive policy. This is 
lacking at -present. The devalu- 
ation of the krona appears to 
have bad a good effect on 
exports. The Government has 
given companies greater finan- 
cial leeway by abolishing the 
payroll tax, but with the budget 
deficit approaching Kr40bn 
further corporate relief will be 
hard come by. 

In reply to complaints that 
Government funds should help 
to develop , companies with 
growth prospects rather than 
keep non-viable concerns afloat, 
the Minister of Industry, Mr. 
Nils Aasling, stresses that the 
restructuring of industry must 
be "socially acceptable." This 


is a fair point for a politician 
to make, but it leaves company 
managers uncertain about the 
lone-term conditions under 
which they will be operating. 

It is tempting to attribute 
the hesitancy about the future 
within Swedish industry to the 
decline of the Wallenberg in- 
flue nee. The personal relation- 
ship between Mr. Marcus Wal- 
lenberg, the industrialist, and 
Social Democratic finance 
ministers in the past ensured 
that industry's needs were 
understood. At 79. Mr. Wallen- 
berg is still very active hut he 
has recently experienced two 
setbacks. The plan to merge 
the KemaNord chemical com- 
pany with Swedish Match and 
the great automobile fusion be- 
tween Volvo and Saab-Scania 
were thwarted. 

Mr. Wallenberg's fruitful re- 
lationship with the Social 
Democrats coincided with a 
period of strong economic 
growth. Times are different 
and those industrialists who be- 
lieve that matters could be 
better ordered by a return In 
the Wallenberg style, may be 
indulging in unrealistic nos- 
talgia. 

Moreover, the Social Demo- 
cratic party has moved its 
ground. It has accepted, albeit 
half-hearedly. the trade union 
proposal for the establishment 
of share-owning funds on the 
workers’ behaif, to be financed 
from a fixed annual portion of 
corporate profits and to be 
governed by the unions. They 
would gradually acquire 
majority control of the larger 
companies. 

Thtse funds are expected to 
be ooe of the major issues uf 
the 11)79 general election. An- 
other will be whether to press- 
ahead with nuclear power. Both 
are of vital concern to industry 
and the political uncertainty 
surrounding them only compli- 
cates its long-term planning 
problems. Will the Swedes 
come up with a successful 
new formula or have they 
played out their role ? The 
questions raised by Professor 
af Trolie about the symbiosis 
between industry and welfare 
are not being answered. 


IF THERE is one thing which 
|j* certain about the draft Euro- 
pean Community budget for 
1979. tabled by the Commission 
in Brussels yesterday, it is that 
it will not survive in its original 
form after the Finance Minsters 
have been at it, and that once 
again the Commission will get 
lc>s than it wants. 

The annual budeet tussle is 
not just a conflict between 
bureaucratic extravagance and 
Ministerial economy. It is also 
a conflict between those who 
wish io enlarge the Community's 
influence and its range of 
activities, and those who see the 
growth of the Com unity’s spend- 
ing power as an encroachment 
on the role of national govern- 
ments. 


Reflexes 


This year, it would he helpful 
if both sides were to reconsider 
their traditional reflexes, and 
put the Comunity budget in the 
broader context of the discus- 
sions which are now gutting 
under way on the problem of 
closer economic integration in 
the Community. No one can be 
sure that these discussions will 
lead to any firm conclusions be- 
fore the budgetary procedure 
should normally be expected to 
he over: the best that can he 
hoped for it that the Nine heads 
of government will make some 
progress at their nexr summit 
in July, with the prospect of 
further progress in the second 
half of the year. 

But the important thing Is 
that the governments are talk- 
ing seriously, if with varying 
degrees of enthusiasm, about 
different ways of linking their 
economies more closely 
together, and it would be help- 
ful if the Finance Ministers 
could bring themselves to take 
a broader view of the budgetary 
issue than they normally do. 

In the past, the Commission 
has occasionally appeared to 
consider that any increase in 
the budget would he desirable 
per se, and the bigger the 
increase the better. Cost- 
cutting by the Council of 
Ministers Has on every occasion 
fcad one inevitable and 


pernicious consequence: new 
spending . programmes, which 
are not mandatory under the 
Rome Treaty or existing Com- 
munity policies, have always 
taken the biggest cuts, with the 
result thar the Community con- 
tinues to spend the vast 
majority of Us resources on 
agriculture. 

A correction of this imbalance 
is long overdue. The best way 
would be to reduce the budge- 
tary cost of the farm policy, 
by a steady erosion over time 
of price support levels, par- 
tially offset hv income support 
for marginal farmers or fanners 
in marginal areas. This could 
only be, however, a long-term 
programme, and one which lies 
outside the immediate com- 
petence . of the Finance 
Ministers. But if the Finance 
Ministers arc concerned with 
cutting costs, they could do a 
lot worse than to add their 
voices to those who believe that 
the agriculture policy in its 
present form is a far -worse 
extravagence than any of the 
Commission's proposals for 
expanding the Community's 
regional, social or industrial 
policies. 

Transfer 

Indeed, it is policies of the 
latter sort which will have to 
be expanded if there is to be 
any progress towards closer 
economic integration, since it is 
abundantly clear that integra- 
tion will require a transfer of 
resources from high-growth .to 
low-growth areas of the Com- 
munity. Ii may well be that this 
transfer can be achieved in 
belter ways than by the precise 
spending programmes which 
tiic Commission has put for- 
ward: the weakness of the Com- 
mission's position hitherto is 
that It has lacked a govern- 
mental consensus on the general 
thrust of economic integration, 
and its budgets have been 
hacked about piecemeal, it 
would be helpful if, this year, 
the Finance Ministers could 
confer on the budgetary debate 
a more general, and a more 
Community-minded approach. 


MEN AND MATTERS 


Mixed trip 
for Magyars 

There were sad faces all round 
yesterday as a team of Hun- 
garian central bankers gathered 
in London for the signing of a 
.S30flm. Eurodollar loan, their 
country's biggest international 
credit to date. They had all 
been at Wembley the previous 
evening — to watch another 
Hungarian team lose 4 — 1. 
When an' Englishman at the 
signing ceremony suggested 
that some of the loan could be 
used to buy a new team for the 
World Cup, the National Bank's 
deputy president, Janos Fekete, 
just gave a wry smile. “Per- 
haps - not a good investment.*' 
said one or his aides. 

But the Hungarians can cele- 
brate a more esoteric victory. 
The loan includes an Interest 
rate spread of only i per cent 
over London Eurodollar inter- 
bank rates for part of its life: 
it is the lowest charge that 
any Coinecon nation has 
achieved in the Euromarkets 
during the present cycle. If 
only there had been a 6—0 win, 
the trip from Budapest would 
have been one long Hungarian 
rhapsody. 


Tommy’s task 

The news that the Bank of 
England is changing the way it 
fixes the Minimum Lending 
Rate will give pleasure to tradi- 
tionalists. The links with the 
pre-1972 style of announcing 
the Bank Rate are being partly 
restored. Once again the Govern- 
ment broker will go to the 
Stock Exchange on a Thursday 
to proclaim a change in the 
rate. This has long been the 
role of the senior partner at 
Mullens and Co., ihe brokers 
who trace their special rela- 
tionship with the Bank of 
England back to 1 786. The last 
to perform this task was Sir 
Peter Daniel 1. who would go 
into the old Stock Exchange at 


cover contingencies. Bui you 
have to see this in the context 
of Cheltenham, not Lewisham." 

The protest is by the ABC 
Campaign, which agitates on 
behalf of three men who began 
the row which ended up with 
the naming of Colonel B. 

Crispin Aubrey, John Berry 
and Duncan Campbell are 
accused of endangering national 
security by talking in private 
about the operations of the army 
organisation, SIGINT. The head- 
quarters of this radio monitor- 
ing network are in Cheltenham 
and on Wednesday night I sat 
in a pub near the British 
Museum and heard activists 
planning the rather unlikely 
march — and picnic— in Chelten- 
ham with which they hope to 
raise support for A, B and C. 

One of the organisers told me 
the police in Cheltenham had 
been so pleasant that he thought 
he would be invited in for 
sherry. An estimated 800 people 
will converge on Cheltenham 
from such normally placid 
centres as Bournemouth. Chief 
Constable Weigh says he expects 
no trouble but wants to make 
sure there will be no inter- 
ference with the Saturday 
traffic. The local Conservative 
Party said they would not he 
counter-demonstrating: "We are 
nor the demonstrating type.” 

Weigh asked me whether I 
would be attending. When I 
said no, he replied "What a 
shame. The weather is nice." 


S Export drive ends 

Brazil's jalopy drain is over, 
decrees the Bank of Brazil’s 
export bureau. It has right of 
veto over all exports and has 
decided that the nation's old 
car heritage must be protected. 

In recent months, the bureau 
has received a mystifying 
avalanche of requests to export 
old vehicles (pre-1940 manufac- 
ture). It asked itself why and 
“ Seems a bit odd to anno once did some speedy research. This 
a divorce when they’ve been revealed that shrewd U-S. 


11.45 am precisely, stand upon 
a jobber’s chair and give out 
the message the City was await- 
ing. 

Sir Peter has now retired 
and the job of Government 
broker has passed to Tommy 
Gore Browne. He will still wear 
a top hat when he enters the 
Stock Exchange on a Thursday 
— at the slightly later time of 
12.30. But there is one signifi- 
cant alteration. Instead of 
climbing on to a chair, Gore 
Browne will press a button and 
speak into the intercom system. 


Spa wars 

A protest march in Chelten- 
ham? It might seem hardly the 
place and certainly the resi- 
dents are serenely indifferent. 
The august Cheltenham Ladies’ 
College (founded 1853) told me 
that they, for one, had not 
heard of it, then added; "You 
might indeed say we are lucky. 
The girls will be away for their 
half term.’* But the police at 
least are well briefed on the 
demonstrators' plans for to- 
morrow. As Chief Constable B. 
Weigh assured me: "I am a 
prudent and cautious man and 
I have made arrangements to 





in the interior, buying up old 
bangers for about $500 each 
and selling them back home for 
up to $20,000. 

Now that it's saved the 
jalopies, the export bureau may 
soon give a thought to Brazilian 
butterflies, whose multicoloured 
cadavers are turned into 
ornaments, by the millions for 
sale in souvenir shops. 


Class harmony 

The unusual spectacle of 
workers putting |n extra hours 
to improve their boss's pay 
packet has resulted from a 
decision of the Irish Govern- 
ment to cut the salary of the 
chief executive of the Agri- 
cultural Credit Corporation. His 
salary was found to be above 
the guidelines for the heads 
of state corporations, so the 
cut was ordered by the Minister 
for Finance. 

Now members of the Amal-; 
§ a mated Transport and General] 
Workers Union, employed by 1 
the ACC, have agreed to do 
three hours overtime when 
requested by their union 
officers. The money earned will 
be given straight to the board 
of directors, for payment to the 
chief executive. 

Surprise at this example of 
self-sacrifice may be tempered 
by the knowledge that the limit 
at the top also affects the wage 
prospects of those further down 
the ladder. 


Basic skills 

It has been a chequered career 
so far for 37-year-old Colonel 
Abdolqadir, the strong man in 
Afghanistan's Revolutionary 
Council. Once commander of the 
air force, he was demoted to 
be director of military slaughter 
houses for several years. Per- 
haps is gave him stomach for 
tlie mayhem that attended the 
recent coup. 


Portfolio 



t 

anac 


unds 


living In sin 1 H 


tourists were scavenging states 


Observer 


The Tyndall Group of 
Bristol manage investment 
, portfolios of {'50,000 or 
more for private individuals 
and charities. Supervision 
and consultation with 
owners or trustees is ac 
director level. 

Tyndall arc one of Britain's 
major investment Groups 
nnd arc responsible for the 
management of funds of 
over fzco million. 

I'or preliminary enquiries 
please get in touch with 
Mr Michael Stevens fca in 
Bristol or Mr Fraser Elgin ca 
in lid inborn h at the 
addresses below. 

Tyndall 
Managers Ltd 

18 Canynge Road, 
Bristol Bzpp 7UA 
Telephone 0272 32241 

24 Castle Street, 
Edinburgh EH2 5HT 
Telephone 031 226 2678 


! ’H 

L“ 



4 




Financial Times Friday May 26 1978 


21 


POLITICS TO-DAY 


Labour: steering with the 




THERE IS a good deal of talk 
in and around Downing Street 
these days about “ the mood of 
the country" and whether Mr. 
•James Callaghan, the Prime 
Minister, has got it right The 
supposition— it is no stronger 
than that — is that over the last 
few months the mood has 
changed. It has become 
cautious. There is a reluctance 
to take risks or to face anv kind 
or confrontation that could be 
avoided. There is also an aware- 
ness that circumstances are 
difficult: people may not be 
entirely happy with their lot, 
but at the same time they admit 
that the situation could be con- 
siderably worse. The mood, in 
short, is rather similar to the 
natural mood of Mr. Callaghan 
himself. 

If that supposition is correct, 
and provided that the mood 
holds, it follows that the Labour 
Party has quite a strong chance 
or winning the general election. 
Moreover, if the mood were -to 
hold even after the election, the 
Parts' could be firmly in power 
for some time to come. Mr. 
Callaghan would in due course 
give way to his most likelv 
successor. Mr. Denis Healey, and 
Mr. Healey would simply follow 
the same path of doing nothing 
extreme and nothing that would 
tend to alienate the majority of 
the country, it would not be 
leadership in the dynamic sense 
of the word, but nor exactly 
would there be an absence of 
leadership. It would be a case 
of judging the mood of the 
country, and then giving a push 
in the right direction. 

None of that is meant as a 
firm prediction, but it does re- 
flect current Downing Street 
thinking and it goes a Tong way 
to explain Mr. Callaghan's re- 


cent speeches and policy state- 
ments. There is also some 
evidence that the Downing 

Street reading of the change in 
the mood In the country has 
something to be said for it 

To take the opinion polls first: 
of course they go up and down. 
There is no reason to believe 
that the NOP findings published 
in the Daily Mirror this week 
and giving Labour a lead of 
nearly five per cent provide a 
more authoritative forecast of 
the election result than previous 
polls. The polls, by their 
nature, ignore the election 
timing and the effects of the 
campaign. But still the general 
trend has been, towards a 
Labour recovery. 

There is rather more tangible 
evidence of a Labour recovery 
in Scotland. In the end the Party 
won the by-election in Glasgow 
Garscadden by a majority it had 
never even hoped for. It is now 
confident of holding. Hamilton 
next Wednesday, although only 
a few weeks ago it was almost 
ready to concede defeat The 
results of the Scottish regional 
and English local elections are 
harder to judge, but at least 
they seem to confirm a Labour 
revival which is at its strongest 
in Scotland and the North of 
England. 



difficult for anyone to be Enterprise Bnard is a perfect 
against industrial democracy in half-way house. The Left may 
principle, and the White Paper believe that it should do' more, 
itself is sufficiently vague to and the Tories ^ it sllouId 


give few hostages to critics. 


do less. But Mr. Callaghan can 


Mr. Callaghan on a visit to a Colchester lathe factory : ** there is a certain amount of 
confidence about the next phase of incomes policy." 


‘The N-S gap’ 

This “North-South gap" is 
perhaps indicative of the change 
of mood and can be read along- 
side other evidence that the 
Government is coming back into 
favour. The Budget, for 
example, seems to have been 
remarkably popular. According 
to the MORI researches con- 
ducted for Lhe Sunday Times, 


nearly 70 per cent of those 
polled thought that Mr. Healey's 
proposals were botb good for 
them personally and good for 
the country. Mr. Healey himself 
has emerged with a popularity 
and recognition rating almost as 
good as that of Mr. Callaghan. 

There is also some evidence 
that Government policies are 
now more dearly understood in 
the country than say a year ago. 
Phase HI of the incomes policy, 
for instance, has proved both 
more successful and more 
popular than most people were 
ready to predict _The presence 
of the National Enterprise 
Board has been . felt by many 
who might now otherwise be 
without a job. Or again there 
is the case of child benefits: it 
may be quite untrue that in the 


past working class wives sever 
saw their husband's pay-slips, 
but today the child benefit has 
become a noticeable part of the 
family income. The husband 
who asks his wife to hand it 
over, even on the reasonable 
grounds that it merely replaces 
the old child tax allowance, is 
unlikely to get very far. The 
benefit, in fact, has reinforced 
a measure of independence for 
working-dass women, the very 
group which Labour thought 
that it was in danger of losing. 

One would expect the 
political consequences of all 
that to emerge first in the 
North, if only because the 
North is generally poorer and 
more depressed. It therefore 
appreciates more what the 
Govemihent is doing. Yet Mr. 


Callaghan now seems to be 
going further: having won back 
a sizeable part of traditional 
Labour support, he is anxious 
to establish a wider consensus 
based on the pursuit of the non- 
controversial. 

There is no other way to 
explain his recent emphasis on 
the family or the campaign- to 
“ Buy British." No one can 
possibly be against it. yet there 
might be some mileage to be 
gained in stressing it And 
there ard other areas where it 
is plain that the Prime Minister 
is going for the approach that 
is most difficult for the 
Opposition to attack. The White 
Paper on Industrial Democracy 
this week is a perfect example. 
Of course it depends on what 
one means by it, but it is very 


" The object of participation." it . . . ... 

says, “is understanding and co- ho! . d « up as a pragmatic msti- 
operation and it is obvious that feeling its way along and 

the chances ot success are doing the best that it can- 
improved where employers and £. c J! ta, !l y W0 ,V d . ^ e . veiy 
employees agree together on ,u a [ ,at ‘J c . ,n a 

the procedures for involvement fS^SStn ft had'TctUtS 
which suit their wishes and Mved jobs 0ne wou|d e^cr 
circumstances. ■ Who could that> too> l0 play a , arge parr 
possibly quarrel with that? in the Labour mamlesto. and 
Not only does such an ap- in the election campaign, 
proach disarm the Opposition; There is a way jn which 

i* a .\ so disarms the Left- Th fi disarming the Left doubly dts- 
Wlme Paper may be. jn the arn)S ‘ |he Xories> For u Mr 

words of Mr. Eric Heffer, only Callaghan can succeed in pro- 
a pale shadow of the proposals duting a mo der a u-lookmy 
made by the Labour Party, or manifesto, not only can he lay 
even the Bullock Report. But cJahn l0 the middJe ground: he 
!t is just as difficult for the Left could also undermine the Tory 
to attack industrial democracy (-barge that the La hour Party 
in principle as it is for the Tory j S really run by wild men and 
Party. II there is a general elec- Marxists. Indeed there might 
lion in the autumn, one sus- eV en be more substance lo the 
pects that the Callaghan version c.umercharge that the real 
will take up a considerable part wreckers arc Mrs. Thatcher and 
of the Labour manifesto. Alter- sir Keith Joseph, who waut lo 
natively, if the Prime Minister change the system just as it is 
decides to go on until the spring, beginning to work. Not surpris- 
he now has a major item of ingiy. Labour is watching very 
legislation for the next Parlia- closely to see whether it will be 
mentary session. And iF by any Mrs. Thatcher or her more 
chance the Government were liberal colleagues who will have 
brought down in the middle of most influence on the Conserva- 
that, it could plead that it had tire campaign. 

j£L ,C,ta * 015 5id ' ° f U ’ C Tories and olher inure objec- 
an 0 eis. tive observers may regard all 

or much of the above as 
_ moonshine, and of course it is 

|\[ If K rhflnap still possible that things could 

vliaugc g0 badly wrong for the 

Something very similar has Government All one can say 
been happening with the NEB. to that, however, is that there 
In effect, it has killed the does seem to be a growing 
nationalisation debate. Given confidence in and around 
the existence of the NEB, there Downing Street that Labour 
is no need for any further can pull it off after all. It is 
nationalisation, for the based on the belief that Mr. 


Callaghan and Mr. Healey in 
particular have properly read 
the mood of the country. Mr. 
Michael Foot, who nowadays 
rarely gets any credit in public, 
is also praised for the way that 
he has brought much of the 
Parliamentary' Party into line. 

Choppy water 

There is a belief, tun. that 
even if there is another 
economic upset in the summer, 
it could be weathered. The 
economic team — enn listing of 
the Prime Minister. the 
Chancellor and Sir Douglas 
Wass at the Treasury. Mr. 
Gordon Richardson at the Bank 
of England. Mr. llamld Lever 
and unc or two others — is held 
to be working more smoothly 
than ever before. Failure »»f 
the Bonn Ecoummc Summit 
meeting m July would probably 
lead to sonic increase in 
protectionism or. as it would be 
more likely in be called, 
“orderly free marketing" But 
there would be no great 
doctrinal disagreement*, and 
the measures would be assumed 
to be popular. Equally there is 
a certain amount of confidence 
about the next phase of incomes 
policy. It may not he po-sib'e 
to briny down ihe rate of 
inflation much further, but it 
is argued that the country at 
large has understood the 
relationship between prices and 
earnings. There will be no 
wages explosion, or at least not 
yet. 

It may he moonshine, hut it 
does seem to me that a 
campaign based on “ Don't rock 
ihe boat when the water's 
choppy enough " could he 
exceedingly difficult to heat. 

Malcolm Rutherford 


Letters to the Editor 


The housing 
debate 

f ruin Mr. M. Scheiner. 


flatten or to put it bluntly further staff on holiday or on the sick, company of Pratt Whitney and 
robbery of the people by a Here again, because permanent Herbert no longer exists, 
fraudulent government 1 . employment is not on offer- there We have done considerable 

*l a ■ , J note Daniel Webster . . are no volunteers. trade with the Arab countries 

Of all the contrivances created As these various small-time and are continuing to do so. We 

cheating the labouring potential employers are already, are hopeful in the near future 

Sir.— -In bis letter (Mav 23 1 Mr £ aSses of ra 2P • none has through raxes, paying un era ploy- that even the obscure connec- 

McIntosh the director of b t5 n », "J D , re J effe £ t,ve V?2 n that merit benefits would it not be lion and partial boycott will be 

"Sbc.» wriws ,WU «*“ «“> <•*»“ “J 5 !?“!* a?-* 

1 1 ■ n « r \ S fu rn I k h e d ' te n ants In' VoS'STSs* 

15*74. the percentage of homeless Tr^nthamPark 
families coming from the private s/ofte-on-Trem ’ 
rented sector fell from 2S per &,oewm 1 reiU ‘ 
com nf ihe total to IS per cent 


in nnc year. 

This may well be because the 
total number of homeless in 
1P75 included people who. in 
lilt* absence of the 1974 legisla- 
tion. would have rented accom- 
modation in ihe open market. 


Prudent note 


issue 

From Mr. A. 


Gray 


initiated whereby any person k. W. Norman 
requiring work done, whatever po Box 30, Coventry , 
the nature of the work or the . 

time it is expected to take. » . - 

could notify the local Employ- APOPTmHiIIP 
mont Exchange and register the 
request' for help. That body knnlr 
would then allocate the work in D4UIV 
hand on a “ no job no pay " basis From 'the Senior Vice-President 
and. on completion of the work, aw i General Manager, 
invoice the person making the Crocker National Bank 
request Who knows, we might Sir.— The April 17 edition 

end up with a Dept, of Social carried an article entitled 


T!ir total certainly appears in Sir,— Mr Lee (May 25) is s * Hi* “Surplus revenue” on page 16 

li.no been high as ibis extract quite right to say that gold ® Wjjfij 1 "ft* m a section devoted to the Kmg- 


from er"'! n ** thc^Fi nanclnl should be treated as a com- Present financial burden that dom of Saudi Arabia. As part 

Times bv the research officer of modify, or more precisely, as that Dept- represents and free 0 f that article, a “Saudi Arabian 

“ Shelter" makes clear (March production— which is what it Monetary Agency approved list " 

31 1 * 177 1 - becomes in the mined and and for Defence - uf banks, presumably represent 

•• The increasing failure m pro- refined state. . . , in S ^ 08e banks acceptable to 


That paper money is a claim RomfHp Park, 


' fie C cheap) hniKing has been h«m« J»arru S^Glamaraan. 

eniendous in- on production and not produc- oarry, a. viamorgnru 


ai the root of the trci . . , . . 

crease m homelessness in recent lion itself had already been 
tears so that in 1975 almost clearly stated prior to his letter 
51. 00l» households applied lo local hut the point of the current 
authorities for help." debate does not centre around 

When Mr. McIntosh says that the tradeable value of gold, land, 
there has been no acceleration bouses or any other commodity 


Lawyers’ 


concern 

iii "the rate of decline of the or production. It is rather that From Mr G searle 

private rented sector he is being when paper currency becomes • renort of AoriJ «®SP"’ IVOMOTOU . «"**• „ 

disingenuous. What is im- debased and retail prices rise as 2 n (rUse 4 > ) vou Xte that the Creat 51 Ecs - 

P"nAl for Shelter's cl.ents ,s „ effect then holders of el. to f •gS^.K 


the SAMA for the placing of 
its deposits, was shown. We 
would simply like to advise you 
that our own institution, Crocker 
National Bank, has enjoyed 
very active and substantial rela 
tionship of this type with SAMA 
since early 1976. 

J. H, Dethero. 

Crocker National Bank, 


David. Church 

linniifivn. o\\\ wiiu tionship of choice to exist and “™j M" hill's article on a f amity doctor 

fin t n» ihns-e seeking a home nor. only a return ro prudent note riPf>i . io 2, to on in your edition of May 1L ■ 

lfdevd. m those silling tenants j^sue banking, which has a one ? wonder whether Doctor Wilks., 

\»!m w. hi Id iike in move but arc f or one linking of each note to FpoIocv Groun fuUy appreciates the consider- 

-iii<-iiini to give up u valuable eat .h real deposit (whether gold, . ■ ’Jr, ourDO se as tak- abIe inrotoe tax advantages the 

1 *- *— or whatever), can ? oes DOt see M - M - - — »*■— — ' — -« **-- 


families have a net weekly in- 3 ; Bussell Road. 
i-iune lower than the market rent tv';inb(edon, SW19. 
nf the most iiiudesl fiat available 
m ihe borough. Therefore, be 
...VS. We cannot return 10 market 
forces as Mr. Anthony Harris 
Mivcested. This misses the 
inirnt. however, which is that we 
should subsidise the lenant not 
ih t - property if we wish to maxi- From Mr. M. Greener 
mise welfare. _ . Sir. — Experience has 


Jobs that need 
to be done 


ISC -welfare Sir.— Experience has at last all possible arguments to Sea divers when the Inland 

l fe. | lhal JontrVbmion n,a de it clear that there is no the way in which the Revenue decided to treat them 


mental problems and it is f”P l0 ^ g™ 00 * 
interested in the manner in * ems collection, trade 

wluch decision-making operates, recessions and general insecurity 
This distinction is important to contend with, but it does seem 
draw, when one is concerned that the general practitioner, who 
with the manner of reaching the works almost exclusively for the 
decision" on Windscaie and- where Health Service, is getting the 
it might have been assumed by best of both worlds, 
readers that since we were You will no doubt recall the 
opposed to the project we would recent outcry from the North 


"■'If ,hp hoSS •alternative. In our capital- decis i 0 u was readied. 

.,1 ihe problem of jbe nomr . intenS j ve economy, to over- G j Searle. 

> ear. i * income manning except looser and e / 0 DCTltOT Hell and Burgin. 

" v,, r h3lf . of . expenses longer dole queues. Both options 3 Gray’s Inn Place, 


vrSi” n ™? P vel»rt are°politically unpalatable. Groy's'fnn, WC2. 
a * IOI !:„. . The answer of the prr— 


xM-nt on fund 

and iiduuni-sf ration, mis | year s ansW p r " 0 f the present 

account^ indieale hum nnpro' 0 - (j overnment ^ as been, or so Jt 
in 

T ..ml. in auctioneer sold 16 1 acant of business in a recession 

f oniion houses for less tnan {o se{ an employment 
i liiniMi iMi-h. Shelter should be 3 s cency and charge registration 

Inning these and converting the on]y (jjfference being Front Mr. W. Whitdiead. 


government nas oeeiu T . ^ 11 

-nt. The ratio ‘s-t/per cent |d t0 l3lch on to the Tprnic f arTC)U 

Y«;i last month. , one north old jdea that the only profitable 

lives! 


as employed rather than self 
employed. It was admitted at the 
time that self-employed status 
enabled some divers to earn 
between £10,000 and £15,000 a 
year without having to pay 
income lax, whereas the change 
in status resulted in a tax bill 
of some £3,000 to £4,000. The 
Government has wriggled out of 
this problem by introducing a 
change in the law in this year's 
Finance Bill. 


. ,, cnn ,. cneh ices, me viuy - finance siii. 

tlK-m to h«jw«- « undertaken « ,al tbe fees arc P? aTS S Sir,— Your report of May 19 1 think that Doctor Wilks and 

positive- action were unntr . i aX Daver rather than to ran „rnino th«» “ auirk of Miiip-onac wnnM r«i- 


iiisitivc action were ua >««« tn the taxpayer rather than to co 
in-liL-ve that Shelurnn. ild h « the j ob ^ e eker. if there is such ac 
•inch greater success in at trait- a erSon in an age when one mu w 


rig grants and mans. 
y\, Si-h.-iner. 
v. (.'i.'.-ifiidt; .ire. ^ Jfi- 


Effective 

dieating 


accounting procedures relative more noise than they have ever 
person in an age wnen »««« w sbell Group’s profits made in the past, if the Inland 

earn more on the aoie. iuc con vuices me that Lewis Revenue decided to have a go at 

Manpower Services Commission js | ong overdue for- a them. 

has .flooded the land wr tn mo- poath umous honorary ; fellow- with regard to comparable 

centres and work crea n s j,jp f rom one 0 f ibe more earnings. 1 would be pleased to 

schemes but the ena resuiu « august professional accountancy hear on what basis the indepen- 

might have been antic p - bodies. dent review body reached =ts 

apDcars to have been lo further w Wbithead. 
inflate an already overmanned ^ o eTwen£ price, 

bureaucracy. Parley Surrey. 

Might it not be feasible to look “> 

at the problem in another w *y- 


jroiK Mr. H. Irviue-fortcscue 41 llw — , j, 

Arab b05,C0tt 

Kara «4.-« 


list 


From the Managing Director, 


in T» point surely is that having 'their dole ^rastically Sa ^ and Marketing, 

^ 11 ri^should he found to reduced or completely cut off. Herbert. 

j-oin.- metb -1 t; « ^ |fae no|e yet the persons, often taxpajing C( _ tlRMNWilfvif* tV 


recent conclusions. As a member 
of the accountancy profession, I 
consider that the majority of my 
contemporaries and fellow mem 
bers will be very hard pushed to 
achieve gross earnings of £9,000 
per annum at the age of 40, 
whereas Doctor Wilks has 
achieved this figure some 12 
years earlier. 

I think that extremely long 
working hours are now common- 
place amongst many professional 
article men. including myself, but I 


discipline 10 me **«■ ■ d SO meone to wr.— Kegaromg me aracie men, including myself, but I 

i.-iiu- Bv print in? ever mcreas- pensmners. who ne expe cted (May 34) on the subject of Arab consider that in- -these days of 
In •* amounts of paper money do a particular job are boycotti ^ which the name of Ugh unemployment and work- 

'lacrnmi'iit is inflating the to paj businesses, aDd Alfred Herbert was mentioned, sharing, this aspect should be 

monev .supply— far and away event. Again nusinwj^ ^ j would t0 y 0ll t h at we played down, 

jhuve* any increases in produc- this is fri 3 J 1 “if e e d wor kers for are only on the partial Arab F. Taylor, 
mm . neriods iSually short boycott list for the products of Pandora. Marsh Lone, Taplow, 

1 There can be no alternative— parting ^ cover for Pratt Whitney and Herbert The Maidenhead, Berks, 

la this situation— to further in- anu/or h 


GENERAL 

Mr. Eric Varley. Industry Sec- 
retary, discusses appointment of 
workers t a board of British Steel 
Corporation with Sir Charles 
VUliers, BSC chairman. 

British Leyland plant at Speke, 
Merseyside, due to dose. 

Mr. Merlyn Rees. Home Secre- 
tary. addresses meeting of Neath 
Labour Party. 

United Nations special session 
on disarmament continues. 

Discussions continue in Tokyo 
between Japan. Soviet Union and 
U5. on natural gas development 
project in East Siberia. 

Second ,*nd final day of con- 


Today’s Events 


ference on World Textile Trade — 
an Internationa] Perspective, 
organised by British Textile Con- 
federation and Textile Institute, 
Heathrow- Hotel. 

London Chamber of Commerce 
trade mission to Argentina, Uru- 
guay and Paraguay reports back, 
69. Cannon Street. EC4. 

Two-day International Coin Fair 
opens. Cumberland Hotel. Wl. 

Public display of “horsres 
stamps” (Post Office issue on July 
5). Tate Gallery, SW1 (until May 
31). 


PARLIAMENTARY BUSINESS 
House' of Commons: Adjourn- 
ment debates. House then rises 
for the-spring holiday recess until 
June 6 . 

COMPANY MEETINGS 
Babcock and Wilcox. 118. Pall 
Mall. SW. 12.30. Bestobell. Shera- 
ton Skyline Hotel. .Middlesex, 11. 
William Boulton. Stoke on Trent, 
12. Breedon and Cloud Hill Lime 
Works. Leicestershire. 12. Broun 
and Jackson. Preston. 12. Cala- 
lin, Harlow. 12. Clayton and Son. 
Leeds. 2. Clifford’s Dairies. 


Maidenhead, 11.30. Eagle Star In- 
surance, Bailie Hotel. St. Mary 
.Axe. E.C., 12. Grampian. Glasgow. 
12. R. and V. Hawthorn Leslie, 
Great Eastern Hotel, EC. 12. Percy 
Lane, Birmingham. 12. MLuet. 
Abereom Rooms. EC. 12. Pearson 
Longman. Mill bank Tower. SW, 
11.30. S. Pearson. Millbank Tower. 
SW. 12. Phot ax (London). East- 
bourne. 12. Ready Mixed Con- 
crete. Dorchester Hotel. W. 11. .’Ml. 
Rountree Mackintosh, York. 11. 
Spear and Jackson, Chartered 
Accountants' Hall, Moor-gate 
Place, EC, 11. Supra. Edghaston, 
Birmingham, 12. 


15,GROSVENOR SQUARE 
MAYFAIR LONDON Wl 






The Emit r Buildin g, comprising Twenty -one Flats together z vil/i 
Ancillary Accommodation-Staff Roams, Rcstaiaum and Garaging 

FOR SALE BY TENDER 

LEASE OF APPROXIMATELY 56 YEARS UNEXPIRED 

On 27th. JUNE 1978 (Unless previously Sold) 


Sole Agents: 


SAVILLS 

20 Grosvenor Hill London WIX OHO Tel 01-499 8644 Telex. 263 796 


7 











i . 


Financial Times Friday May 26 1978. 



DIVIDENDS ANNOUNCED 


Current 


Conr- Total 
spending lor 


Better than expected £37m from Bass 


Associated Eng. 


TAXABLE PROFITS of Ba» 

Cbarrington for the 28 weeks to 

April $. 19/8, were well received 11 |fl(J| IpUTC 

by the City yesterday. The Mock HIliHj lIlH I A 

Market had been prepared for a IllWHfciMIl ■ V 

setback in Lhe region or £lm, 

but the figure reported was fl.-Sm [Cl pleased tl 

ahead at £v8 9ni. arp much, hpftpr 

Previously the directors had are mu^n oeuer 
warned that first -half profits were of la:>t year, but i 


— a c - arai 

The company’s interests include Couri 
light engineering and steel fabri- Ext el 
cation. FluWrlve 


but the figure reported was xi-im ICI pleased the market with its first-quarter figures, which 
ah p?ev?ouS tf ihe directors had are much better than those recorded for the fourth quarter 
warned that first -half profits were of last year, but currency factors may have played a big part, 
likely to be "somewhat less" than Leaving aside the CaJgon acquisition Beecham's figures show 
those for the corresponding t hat margins were maintained in the second half, leaving full- 
period. However, -helped by a year profits up an eighth. Also, Lex looks at the results from 


House of 
Fraser 


Philip HiJJ/.NV 


ICL 

International Paint 
Lamont 


advance 


re«m l mornhs m an? 11 a S »2S Courtanlds, where the company «V> that it can see some tndi- DESpiTE a first . tijne dopre ei a tion 


Minster Assets - _ 

Moreland mt- *5 

New Throgmorton Tst. ... 0.7 


pajment 

payment 

div. 

L27 


2.18 

June 3 

2.18 

.jnt 

1.S 

July 17 

1.63 


19.05 

Aug. 21 

3.27 


2.31 

July 25 

2.2S 

.int. 

2 2 

Sept. 2 



5.0S 

July 2S 

4.35 


3.61 

Jutv 28 . 

3.23 

.int. 

0JB 

Sept. 29 

08S 

.int. 

0.S9 

July 6 

0.89 

,inL 

1.S5 

July 7 

1.S 


5.4 

July 19 

4.65 


1.31 

Aug. 13 

1.31 

.int. 

2.8ft 

July IS 

2.6 


1 fit 

— 

1.68 


0.3 

Aug. 1 

0.1 

Tst. 

t.< a 

July 14 

133 


O 

July 10 

t.<5 

.int. 

3T3 

June 30 

.1 


ISSUE HEWS AND COMMENT 

Alexander Howden 
to raise £26m. 


BY ERIC SHORT 

ALEX ANDER HOWDEN GROUP, in order to expand Their buMiress- 
Insurance brokers and under- insurance operation* are bungi* 


Wiring .agents, is making a for fre>h 


recent mom ns anu a- r->..ini — r." ~ r ' „ . , DEhriTC a nrst-tune depreciation p - H _ v - C uw f 

i£1.6mj surplus on the sale id cations of an improvement in trading profits, but the actual charge for Freehold and long c^ikh inr 

, , _ ... r I ; ^ -■■lrr- pf!ll TTlcoi.thftvn RuccThorrinffl Avi'c i -i. .u nsnnnn 3 CUIIIMI 


fixed assets and investments, results are still very poor. Elsewhere. BassrCharringlon's 


l .Sfi 

136 

int. 1.1 


July 27 

Nov. t 
July 28 
July 24 


results improved. 
The directors 


figures show that its earlier predictions were unduly pessimis- 


tic. as the first half is up 4 per cent. At House of Fraser the jumped from £o 


leasehold properties Of CoO.OflO, Spencer Clark '...’.....int. DM July 
taxable profit of House of eraser ir-Q-js Sumner 0.2S — 


£26.2m* rights issue, while at the i>5 looking for a pretax profit of 
same time the dividend is being £2Sni . ?** thomliY 

raised by one quarter for the interest on the runts proceeds. 
SSt year. The rights issue This gives commas per share of 
or lS.0flS.163 new ordinary Itfp 20 P. and a prospect i\e p e of S.0 
shares at 145p on the basis oi —below the sector average. 

one-for-four. In the market 

How-den's shares dropped 13p to — , t> _ __ 

tesp on the news. U. DHUTlSill 

Net proceeds, about JE2.j4nt.wtl. t 


u ? £ m Sa lis'vm "To^ianS 5 first-quarter figures show an encouraging trend, while Phoenix 


5 S ? P SJS BHMSS - e,« P t JS± ! coming to 

er of 1978. * Equivalent after allowing for scr,p issue. t On capital IE? &vamia/of opportunities , ® 

•1_ ...« ■ j 1 .. .. -i ram. n> mn * Fnp n mp mnn h< l H M 1 1 4, iui«nui>.w «• > wtnrl'Ar 


\oIume ^suffered as a result of first quarter is much in line with the results seen fromother n^hlgher « fltS^m? and g DiSSoVJoTot intend to payTfinal. 

unofficial industrial action before composites. At ICL interim profits are higher by a fifth, hut directors savs that if the nrooerty 

Christmas and with the exception a t . oup | e 0 f points catch the eye and come in for comment, depreciation had been applied Inst 

nr wines and hotels was dciow Meanwhile the performance at Caravans International looks year, pre-tax profit would have 

shmvn*o have '"risen from + ? dull, but Extel has lived up to expectations with profits of over been reduced by £300.000. + /HI lAlIlf 

Earnings per 23p share are £2m. while Minster’s profits are up, thanks to higher invest- Trading profit for the period Xl/lX.01 101JS Xr^rlXl J (Jill l 

. . ' ment income and a strong upturn from British Midland Airways, was up from £3.a3m to «.4tm. 


of wines and hotels was below 
last year's level. 

shown to have risen from + ? 

Earnings per 23p share are 
shown to have risen from Ifi.Sp 
to 17.4p and the net interim divi- 
dend i< steeped up from l .631 -533 n 
to l.sp. Last year from record 
profits of £86.1 m a final payment 


F/ci.-rnal «a'e5 . 
Tr.idms profit 
Cost of borrow I DR 
P 1 . pro. utinn 
Earnings before lax 
r.ix 

I'amine- after lax 
Mlrbuisbh- 
iTif.-ri uiv dr- iri-.-nds 
im.-rnn Orrf. div. 


’t iv: 



I 97 C 77 

sin 

tin 


ITiT 

A'.* 

<.l 1 

S 7 

( ■» 

I? i 

II.-J 

> 6.1 

355 

19" 

If .5 

57 7 

17 0 

fl t 



ii 2 

n 2 

3.0 

4 5 


suited From tne pool 
■ Cl T 1 C|\75I TIC year which has ca 

V/ttl C* J ClIliJ overstocking in the 

_ Consequently, only motor caravan 

uznrnc sales have continuei 

warns oi ■" «»»■* *■ be* de 

reasonably stable m 
-a j f i| pean sales were li 

crmrfrail and Zealand 

VI llflii slightly downturn 

iLTIIOLGH REPORTING pre-tax ^ outh Africa, whicli 
rofits El-21300 higher at £1.087.900 ! asl > ear - has 


e up. thanks to higher invest- Trading profit for the period 

i from British Midland Airways. wa jj U P frora £3 - 53m t0 £4 41m - 

For January 28. 1978. year 

taxable profit was £36J2 th, and 
dividendse totalled 4.76694p net 

suited from the poor summer last r nr thp 


in the first quaner of 1978. ♦ Equivalent after allowing for scrip issue. t On capital sustaining a. oppormnit ics ! *7 

Turnover for the period was increased by rights and or acquisition issues. iFor nine monihs. exnansion in both lhe I K and ITiark^i 
£13ni higher at £113.14m, and j Directors do not intend to pay a final. 'Corrected. overwas Pan or the net proceeds 

directors says that if the property wj ii be used to reduce short-term Ford main dealer C. II. Bra mod 

depreciation had been applied last . indebtedness and to fhcrca.se the Ls planning to come w the market 

year, pre-tax profit would have _ caoital bases of certain next week with a placing of 

been reduced by £300.000. TTfvfll flTTlC t /lYl lAlnf subsidiaries. ordinary 25p shares. The Branuii 

Trading profit for the period JP/LAtl tUlJO Mill JUIIU The directors forecast That family, wbidh owns the company, 

was up from £3.53m to £4.41m. * " dividends for 1978 will loial not is ptnnnmg lo sell about 25 per 

For January 28. 1978. year i A | nnT . 1 * T1 f ah ir/mfllPD less than 7p net per share of cent of its stake in the company, 

taxable profit was £36ira. and FPIP nFlllLC 1 VvOLIllC which 2.5p will be as an interim, though the pricing of the issua 

dividendse totalled 4.76694p net tVlVJlElluvi thU is equivalent to I0.6p gross is not yet finalised, 

per 25p share. TURNING IN profits 20 per cent three years by way of share pre- on lhc basis of a tax credit of Barclays Merchant Bank and 


vmp Jhinh »nS5 Earnings per share for the ahead at a record £2.12m. for the raium by Exchange Telegraph up jH.'tfcths and represents an Hedderwick Stirling Grumbar are 

in thP llv'-EuronT quarter are shown at 0.34p against >e ar- ended March 31. 197S. the to a maximum of £400,000 if pro- i ncr case of 25.2 per cent on the arranging the placing. 

!.nTw n.ntnr^ o «.36p. directors of Exchange Telegraph fits of the three years to October total dividend declared last year. ^ which mada 


which made 


pc-an sales were 1 ittle changed 
and New Zealand suffered a 
slightly downturn. However. 


i*riV-ix oiv divid-nds " »: n: ALTHOUGH REPORTING pre-tax f ouin wiucn ten snarpiy Turnover 

Ltmi Ort d!? 3.0 4 7. profits El-21^00 higher at £1.087.900 . ,a f l ^ h f ™ de ■ significant vat 

m r*nmmx»nt far the six months to February 28. improvement.^ The shares fell b- 

• comment 1H7S lhc directors Of Caravans yesterday to « op giving a yield of Ini.-rvxt paid 

rt-now seems that Bass- Cbarrington i nte mational warn of a shortfall len per cenL Devna. oi 

v.j.< unduly pessimistic vvhen ii for thc fu „ year . 

They believe that profits for the A i • ‘ 


forecast that profits for the first 


: i k. i.. c » iney wuob umi iironw mr uir 

h: ,,r year wou-d be down on last Ix . mainder of thc will exceed 
tiniCS roCOrtl leicla. As It la .I. nu . n.,M r»nnrJnH hut u-ill fall 


those now reported but will fall 
well short of last year’s record 


interim pre-tax profits are^ per ^shori o 7 "KT 3 

Si Tlm'shS! 1 i^pToperty « of £2.8m. 

sale profits arc eliminated. Bass _ i*" 1 ? f? rT !wi!? S arC “ lien al 


Ayrshire 
£0.14m. off 
target 



First 

1973 

ouarii*r 

1977 

1977-74 


■TOM 

iijon 

Illffll 

Turnaxer 

113.144 

lon.l'i-i 

Sll.W 

VAT . . 

7.AW 

□ 497 

>.742 

Trading profit 

A 411 

S.329 

44.:» 

D.'pn -..'taiior .. . 

1.488 

1.193 

4 97* 

Int.Tvst paid 

1.1K7 

1.397 

5.249 

noprvn. ot props. 

350 

— 

— 

AsjWtIjiw . . . 


— . 

492 

Surpfns on sal-'s of 
props. & inverts. 



1.497 

Profit before lax ... 

1^86 

43? 

36.300 

Tax 

721 

487 

17 Ml 

Xrt profit . .. . 

fifio 

438 

163! 89 

Pr./f. dirrdi-nds . . 

8 

* 

K 

Minntitable . . 

55T 

442 

16.177 


other telecommunications equip- Loans for working costs will be dispatched lo-day to ordinary Bradford-based dealer is involved 
ment. _ . provided by both parties in pro- shareholders. in commercial vehicles, agneuk 

This is the second joint venture portion to their shareholdings and - lural equipment and contract hire 

move by Extel this year. In Exchange Telegraph will oo com- 9 Comment well as cars. 

January it announced a link-up pletion advance £303,000 on loan. r i H his issue from Houdcn’s was Turnover during the last five 
with the Financial Times in a accounts of Translei at on the cards since the authorised years, has expanded from £4.')m 


business 


---- VWLUWl 10N| flll.wn HCI vupiun — - ----- i(l lli.'iu 

information Q f £1I8J179. Profits in the 11 raonth's annual general meeting, increased 
months to that date wore £195.000 despite a rlghrs issue being made jti.j24.l8Ki. 


£277.000 


sale proms are cuniinaieu. «-•«» - 'J j — — m rnmmpnf rase oy i. per c 

saw the second quarter was much -i.3p t«.l|'j per -Op share and the * vOmmeiH Earnings per 

bp'ucr tlvm e'-nectcd with wines nt * t interim dividend is raised The q uar, er is always the h ln ^ , r 

and hotels doing better and beer from 2p to Last years total t3F2Ct quietest at House of Fraser, but ’ J 3 n 1 d u f 

sales "improving substantially." payment was 4.tt»p. O even ^ therenre some encournc- f r0 m4S4SptQ 

The group has also taken advan- JSh. mo.« hs AG.ALNST a projection of pre-tax \ n f pSSS* and 3 trad in- a oi 

tage of the relaxed pay policy < , pro tils for 19«7 in the region of * 7 - 

to overhaul its industrial rcla- sues munuim £812.000. Aynhire Metal Products ™ j i« n .r ti.. i LJon 

tions and introduce productivity Exwnies * deprec. .. =»3 too 2%.4iw reporls a decUne frora £701,000 to £?nr-J t ahout Croap :urnovcr - 

gfflSS .wa.'TXSys pa- -*- ■«* rs K . «& ass aurr “ . • 

Aunbuiahic SS ftS jRTSKS °4n?d e ,„ ve .Vte SW3“ :::::: r: 

B2S2 si 1 ES.feX'teS.^Sa . ®? it-tpe. .«?■? «?««• K > 4Z 4 "ssrzsur , 


ranging communications group and video display! for data and pe 
rose by 1> per cem to ^0i»6m. telecommunications. It will bene- *• 
Earnings per 2j>p share are fit the ass bciation by parti- 


announcement 


The first quarter is always the h n,n« « fit ffora Ihe a ssociat,on b >‘ P»«i; IrL-M AndThP ^harnT fVll t’in " rou '' of <lt ’ alcrs c J 0U,d ,>e a 

quietest at House of Fraser, but ^ n lo . *** U P. from 10.19p to c i pat i on in the manufacture of tk- i* L nK sharply rising trend— one analyst 

even «n there are some encournc- H.38p and the dividend is raised *uch equipment for both the ..T he ” >n *^l? y il u last night >uggcMrd that profits 

ins sisns. Volume is a couple J ro “ f \ “?■ AUp " llh hom ^ and export markets, with ^further c «£tal bul only” part this year from Ford dealers could 

nr higher points end trading a 01 3ffl2 P- the advantage or Extel Corpora- Jg 1 SduwJSrt-lcrm riscf by a th,rd i , 0r J th S 

margins are up from 3.77 per J97677 tion’s advanced technology and S-Sf the nrevtoua ri^htl of existing quoted dealcn Brainall 

cenl to AIS per cent. The London rrnnr> specialised productiou facilities. jjv 1 *' nbrort might come to the market with 

stores, which account Tor about Pmfh before tax ‘ ‘tli7 i,rfc3 For the last five years Exchange Ranjr Joans at the end of iy77 8 P rice which could give the 

a third of safes have fallen short T«a, W n j.ik wo Telegraph has distributed Extel amounted to less than £2m. The company a market Ci«iJitaHwti*jq 

SJT *Mm «.3 onUon teleprinters. company b«Ull [expansion nilnded ® f »™ u " d ®i™’ hmlak 


tage or toe relaxed pay poncy 

to overhaul its industrial rcla- sales 

tions and introduce productivity Expenses & doprec. 
schemes. After this analysts are n, j.° Q . nS^' " 
marking up full-year forecasts 

again. Expect ai inns ore that Aitribmahic 

profits will not be less than £100m. 
where thc prospective fully taxed • Comment 
P e at 170ji is 10. at a premium ,\f tcr the recon 
to rhe sector. iqrfi/77 Carara 


itj.ooe 4ri.w 


comment 


especially in the -JLUS: and could Robert Fleming, issuing hou* 
be strengthening its balance sheet to the highly successful E^o- 


ASSOCIATES DEALS Sr the p-SH taS BtiSJ-S ^ diarles lola " iai 

Cazenove and Co. on May 24 interim pretax profits are some tributedto wards tht 
bought 15.000 Pork Farms Ordi- j 2 per cent ahead and sales four second ha,r ^Sures. 


an This mainly thanks to earnings I wcU need broader capital 


p:itche< dotting its earnings record 2. outside eslimatec that House of Transtel CommunicaUons. an This mainly thanks to earnings 

or the past decade. Although *“£ f‘ 8r Fra” r ^ could mate Sre-tsx profits established UK subsidiary of growth of 25 per cent to £lJ5m 
interim pre-tax profits are some ffiSriS d PP o of E42m this year— an increase of ^tcl CorporaUon. in sporting and financial news ser. 


a fifth. On this basis the company Terms have been agreed for rices. Ail the increase in this divi- 


chased oO.OOO shares in Harrisons to fall well short of the corres- lower at £310.000. involvement with SUITS and cent 

Malaysian Estates at 94p for dis- ponding period’s £2.8m. Caravans’ Net final dividend is 2.1776p for Lnnrhn lends a speculative Additional amounts of c 
cretinnary investment clients. problems have apparently re- a 3.3123p f3.1776|i) total. clement. will be provided over the 


capital financial work, has recently 1. and J. Hyman announced became unconditional last Apr 1. 
e next do-ed two more small factories yesterday that it plans to acquire T°_!£ m-mfn 

and these rationalisation costs the shares it does not already own £4. H.OM^^.OfW^ From H> maw 

held back earnings in the second in Draka Foam in a cash and An e„m u caned tor Ju c 2 
six months. The recently launched shares deal worth £1.3am. and lo lo increase the authorised capital 
bond rating service has yet to raise £530.000 by a rights issue. 

make any impact while Fintel. Hyman is also increasing its divi- SVECBDAl I 

which provides information for dend nearly tenfold. . ftlWlit A/ rLIlRALL 


I. & J. Hyman rights and 
ten-fold dividend boost 



uiase any impact wiMe Fintel. Hyman is also incredsuig us u».- mjrkDC O'CPDV A 1 I 
which provides information for dend nearly tenfold. MlIKE. A/ rLAKALL 

Viewdata, made a small Joss. At Hyman, which specialises in the Suhject to ordinarv holders' 
9Sp the shares stand on ape of conversion of foam for the con- ( More o Kerrall propo -es 

SR -3 nrl t- nU 07 - c.Mtnr nenrlnPVc mniKf T V — lll 0 r . . . . « . . I 


Wm. Press 
expands to 
£9.5m 


» ■ — . — “ k ■vi y - — ■ * f u 0 ctpuruviii. tunic vruuil 

S.6 and yield 8.7 per cenL- sumer products mdwtry — the ^ increase lhe authorlse d capital 

furniture trade takes about 60 per tp flm and to create ;ind ISSUC 
TT t cenL of iLs_ production--alread> o^goOO new 10 per cent secqnd 

VViYi Proec a 3B.ao • jjer cent sbke in cumu | a tive preference £1 shares 

TT ill* 1 1 CMS Draka Foam, a leading supplier q( £1 togelhcr uilh 5 12.397 new 

of polyurethane block foam. ordinary lOp shares by way of a 
Avnnti/lo 71,6 major holder selling Draka scrip issue This wi || be on ihe 

C^X lid fitl\ III is Philips Lamp, which controls 00 bas j s 0 f one second preference 
* v per cent of the equity. share for every 16 ordinary sliates 

At present Hyman buys about and one new ordinary share for 
XV- tITI ha,r of ils roam roqulremenls cv . yry ei^ht ordinary shares. 

from Draka and as an associate An EGM will be held on June 30, 
REPORTING GROUP pre-tax Draka contributes significantly to following the annual meeting. It 
profits up from £7.39m to £9.56m the parent’s profits. In 197 1 j s expected that dealings in the 
for 1977. the directors of William Draka chipped in £338.000 to n cw shares will commence on 
Press and Son. the civil and Hyman's profits of £667,000. July 10. 

mechaiucai engineering concern. The consideration, which 
reveal that a reassessment of the includes cash of £1.15m. will be 

Joss on a subsidiary’s contract in part financed by the rights issue BARNET OFFER 
Iran has resulted in a further pro- money and the proceeds from a nVFRCI IRVIf’RIRFn 
vision of £L99nL, after taking £800.000 medium-term loan „ C V 

account of escalation adjustments, arranged with National West- _ The i . L ® nt * on Boro f Q S“. 

-2?. SSUttL'MS "Brin P/o for Drat . u ,.7. HHSslLw 

£309.000 to a loss of £460.000 by Draka also owns 995.000 Hyman terday morning comfortably oter 
the James Scott Group. This re- shares (13.12 per cent of the c-rimi.*mur 

suit reflects a loss up from £0.27m capital) and these will be placed f ****** f 

to £l.6n by James Scott (Electri- after the acquisition. f?W ,J h * t J*" ? f St!Si 

cal Transmissions) which mainly Terms of the rights issue are ^ at 

arose as a result of the Iran con- three-for-ten at 29p per share. In tlS- 

tract. the market the shares eased lp bctt . er “S* 1 ™ 1 ^ ^ rfcot 

The directors point out that the * JTp. 


July 10. 


BARNET OFFER 
OVERSUBSCRIBED 

The London Borough -of 
Barnet's offer of £5m of 12J per 
cent redeemable stock closed ye*- 


nesduy and Thursday morning 


problem contact w^s* entered Th« ' dQM will be rai^d 

into in 1974 prior to the group s from D.l9M2op per share to l.flp at s^lj 1 r®; nson 


acquisition orScotL On" 3“ for ’.he' ^nCyear Z&llS Ajgf *? n r ^£..3 ffl 
siUon the loss on this contracts ?" ex-rights prospective yield of ^ d st ^ve^ Iha^dlofments are 00 


S 6 ifBa«S!S!S B per cent. prosp cuve — « 

consider that a significant part of The directors who control about ?•>* - nJ? er Ctnt V llh 8 

the reassessed loss should be 17 ! >er «"t of the capital will be "J JJ" " 

charged to periods prior to the ^king up their rights. The is«ue Dpal‘ n o s s t**rt today, 
acquisition of Scott and accord- 15 underwritten by Hill 'Samuel, 
jngly £836.000 LM12.D00 net) has II is t announced that RR t' 07 ' 

been met by a transfer from re- Somercel, a joint company owned DDIV o 

serves. Th is represents the sur- ^- v Hyman and British Vita, in- Brown Boverlo Kent's rishts 
plus credited in the 1976 accounts tends 10 compulsorily acquire the issue has been taken up as to 
arising on the acquisition of Scott, remaining three per cent in 97.6 per cent. The balance has 
Referring to the investigation bv ! ,air, °^ urhlch remains ou tst and- been sold at a premium of 22.73p 
the Inland Revenue, the dirertru-'c ,n S following the full offer w hicli each, 
state that if ultimately there were “ 


found to be any las liabilities, 
taking a - prudent view.” the 
overall cost to the group would 
be unlikely to exceed £2tn. 


Turnover in the year was up 
from £15Sm to £196m and group 
earnings are shown to be up from 
3.13p to 3.75p. The dividend is 
effectively raised from 0.75p to 
O.S4p net. with a final of 0.44p. 


Manders in 
strong position 
for expansion 


Though he is unable to gho 
any precise forecast for trading 
results in the current year ho 
says that Marufcr Kidd fUKl. 
which achieved satisfactory ff* 
stills last lime, should maintain 

this improved performance. 


r . As reported April 27. group tax* 

THE FINANCIAL position at able earnings for JM77 were. 


Worldwide profit achieves new heights 


rToc ieai l c j ur !ie was £5m Manders (Holdings) is very s(rong marginally down al £2.37n 
UK £4.57m (£3.73m) in- and the group is well placed lo i£2.4m» on sales ahead 10 124.07m 
t iuding £3.o8m deferred by stock deal with thc hoped for future (£20.4910 1. and the net dividend 
rener and accelerated capital expansion. Mr. G. Norman, the is lifted to 2.5423p i2JJ7j9p) P*t 
allowances. chairman, tells members. 2 jj> share. 


Mr. J. P. Sowden, Chairman, reports : 

RECORD turnover level : + 21 n .j on 1976 
RECORD pre-tax profit: +55% on 1976 


Group Turnover by Continent - 1977 


Financial Summary 


UK AND EUROPE 33% 


T977 

£'000 


□ Maximum dividend currently 
permitted has already been paid ; covered 
thirteen times- 


VnONGBESOUBCES 
TRUST LIMITED 


,.i S! 


' 1 ! 
ill' 

1 * . 

. ..tllH/ 

w 


[j Capitalisation issue proposed : one 
new share tor two existing shares. 


fj "Work on hand at 3 1 March 1978 was 
£700 million ot" which three-quarters is ■ 
overseas. 




□ 197S expected to show further 
advance in turnover and profit. 


AMERICA 4% — j AUSTRALASIA 13% 


v Turnover 

-V-. Pre-tax profit 

Front after tax 
|| snd minorities ... 

Earnings 

f per share 

AFRICA t\i , 

15% -*d iv idend 

per share 


432,000 358,000 

■— 36,212 . 23,514 


POLICY 


To invest in quoted and unquoted companies involved directly or indirectly in the develnnmenf nf 
natural resources, mainly in the United Kingdomand Ms offshore afeas 


- 16,698 10.427 


Tool Assets 
Ordinary Shareholders 
Assets 


31.3.78 31.3.77 
£13. 7m ft 2.8m 


Nei Asset Value per 
Ordinary Share 
Dwdend per Ordinary Share 


31.3.78 .37.3.77 


45.0p 28. Ip 


3.4587p 3.1213p 


We also believe that the USA is Mfl^nkr o * and we continue to seek invest- 



Britain’s leading international construction group 


COSTAIN 

Copies of the Report an J Accounts may be obtained from rhe Secretarv 
Ruhurd Costa in Limited, lil\\ cstminsccr Bridge Road, LondonSEi 7UE. 



^TT TT* 


Copies of the Rtff.'ert .in* ,mh L bA* 

Ivory & Sima Lld„ Investment Managam, 
1 Charlotte Square. Edinburgh EM24DZ. 


WTERNAriQMm 

UMITED 


ensrww 

iNTtnanoivAi 

UMITU 



<4 







ir> 


M 


U i i i i 


Financial Times Friday May 26 1978 

ICL £2.8m midway 
healthy order book 


rise: Beecham expands by £16m 
to record £143m 


23 



. ' ,-iaics cjimnprf i„ e. Ihe beirinjilnu of Anri) it — . ■ ... , , . iwM fw liic purpiwc of cmsUrrlng dtvj. 

from USi.Sm to 1232 lm 0 .. In September the directors said announced a rarffrattv difronmi The b, C her level of sterling in dunds. official indications are noi ami. 

The m,.l rt oL- r W expected that earnings levels "" id d of 52?™? The second half ol 1977-78 **»* wbetber <Uv!d,*| S concent «re 

. ine outlook for the rest of over the next few years should iriLt n V Computer, the Dis- adversely affected the sterling morons or finals and the saMliiaonB 

SLrSF&tE T W* B "- JS2ST 2$S*S iSiS *£££?' ifgi foreign 6 eu* SS? rs u r “ — - - 

the chairman 5 ThI' H ^ son - ,n dfstrlbutions. subject available power ofthe larse 2900 rency earn,n 3 s of the group's UK today 

e ™ ™3£ v„ r ££ * ^W™Wt of o^ ut 


group ended the first half with 

SS P , 4r»"- <&n & 

during the period were a third p™**** nrant ..... 

higher in value than last time ^ rax 

with over half coming from over- ScTS, m 

TTie _ Company also has very Anrtbafabie* 

extensive finance facilities avail- Dividend* 
able to it which are more than Rela,,wd 


Half-year Year states. 

1977-78 1878-77 IBTB-TT 
£tn Im im 


SJ2.I 

M-B 

5.! 

1U 

7.0 
43 
9.3 
0.3 
8.8 

1.0 

SO 


lsrj 

18.7 

S.7 

U3 

1.3 

79 

J?-r 

si 

.08 


41S 7 
37 0 


comment 


Fluidrive 
falls in 
first half 


Interims: Enaion Plastics. Xartb Brtbsti 
Steel. 

=™2> t «gg, increased from pSSS. f. SK'o'^KJ.'Sfi: 

£T20.8ni to £866.1m. The profit was WdUmh Bnuaere. 

* ? ICL*s interim pre-tax profits are !5m (£3. 8m) a'nd'after* Sowing iaierin»- PUTO,fE ° ATCS A f FT ?S> ]jjjpW*DA.\CY payments 

M j 21 per cent up on the comparable for tax and minorities, the avail- t \ oot * 2L,/??* 000 .Profit of 

4.1 penod of last year but £1.6m. able balance emerges at £7flJm ^ J^drhe Engineering 

• ft down nn thA mwinuc civ mon«he iv»mnne<»ri rMfu. Record Rjagwsy .............. . J v L £104, D00 to £329.000 


... down on the previous sis months, compared with £68 9m giving mui*- 
oi Tivo points catch the eye. First earnings per 25p share or 52.22p Bright u.t - 
ls 'j there is no visible provision for against 47.Sp. Capjxr-NrUl .. 

revaluation of data processing As forecast at the time of the 30,85 

k r HimaMikl. k. I I .... . SiXUCTOS 


fell 

the 


asar ssaaraatt fears 

had a Va,™. t !.»vi t ha f t,me 1* ilSim. 1'em depressed profits by £4.1m. from 9.37r>p to 28p gross, with a 

balance wnrlH^H.k. "51 caib Soa,e significant new products The company no longer feels it Is proposed final of l5p. On the 
balance worldwide, be adds. were launched during the 


to £329.000 in 
May 31 3Iar ch 31. 1978. half year. 

June l Mr. D. L. Donne, the chairman. 
May 31 says the results reflect the change 
June s in product mix undertaken bv 
Jirnr 1a t j, e group and that this shows 
■MMi through in the redundancy pay- 
ments. 

sir necessary to show the figure but j® 15 ® 5 .°f a standard tax rale of The proposals contained in ED 19 Also there has been no improve- 
insists that it is of the same j*”P the nel final will be I0.05p. have not been adopled but it is men * m its order intake owing 

order of magnitude. The second T' l,s raise the net total estimated that their implemenla- f? t,ie continuing depression in 

surprise, is the interest charge, fr 2PJ ®-?4P t0 J S.63p. tlon would have reduced the tax Jnc capital goods market, maPinj 

which has jumped from an ‘ directors point out that the charge by £llm and increased further action necessary to ensure 

average £3.1 m. in the previous rosuits for 1977-78 include for the earnings per share lo 59.73p. *"* long-term prosperity of the 

six half-years, lo £o.lm. Continued ,! he „ T su,t ^- for 11 A net exchange loss of £*im co iH^ an ^: ‘ . 

labour problems and production - Calgon Consumer fproiil £0.6m) relating to the net ST? U P ’* seeking to con- 

build-ups are the explanations riSliS? 5 * ,u ® ines 1 f ,n ^ k'-S. and tangible assets of overseas sub- ^“date its fluid coupling ope in- 
here and at the end of the day 3 , a T , lh . e .six months' sidiarles and to non-sterling long- at ,ls 7?5 v .- Brac Hn e J s,le - 

SECOND HALF earnings at disposal totalled £0.87 tii. and is ihe company does rot expect the u p!? n ° r ' h ,°° ratories Sobio SA. term liabilities has been debited sohdation will be eoni- 

Fraucis bumner (Holdings) included in the £0.88m extra- Searing to be much different from t n f r£ ch pha, T n . a r eut,M l com- to reserves, which have also been P lef ed as soon as possible hut 

slumped from I&M.530 to £253.^3. ordinary proBr(£146^7 loss). last ylar. That said, the group if C . rea 5 ed c >; cdited wXh I3 - 2m relating to P™J|» ''l 1 ' adversely affected 

leaving pre-tax profit for 1977 Directors say the benefits or is financing less of its sales via fiSSinT rastS i ^ shore pren,,ums 011 ,oan slopte in the s iv mrt n,h 0 

£?-2L rro !5 a reeord fl 09m to the sale on the finances of the leasing arrangements and con cen- SmrKSiSn S aJI conversionB ' Turnover m the six months 

£0.i 9m. Turnover was little company will assist considerably trating on outright sale and rental p ” 1 


Sumner cut to £0.8m 
by low margins 


changed at £16 Jim against in the future development of the agreements. The latter provides a 

£I6.oom. group. - much sounder base for future 5™“^ ealM - 

At halftime when profits were Sumner is involved In textile, profits but is a greater drain on profil 

up from £0.44m to £0.54m direo engineering, plastics and offshore financial resources initially, and prom brfon'i** 


More progress 
expected at 
Viking Trust 

The directors of Viking 
Resources Trust are confident that 


? t » : i s J . • 


fit!,.- 

! • i i >1 '" ( * 


Turnover 

in-piwikflon 
lilt, rew wivabli* . 
From before tax 

Ta* . . 

Nrl pmtit 

l-'.xirjordttary profit 
Tft rnmnrlMrS .. • • 

Attnbiuabk- 

■ •rdmarr dividends 

Ri'i.-un.d 

Loss. 


tors looked forward to a success- engineering services, 
ful year, although they warned 
that some operations were suffer- 
ing from low margins. 

They now say that low margins 
continued to bedevil some operat- 
ing companies in the year, par- 
ticularly in the second half. 

But they are confident that the 
selective re-equipment pro- 
gramme now in operation will 
have a beneficial impact in the 

near future. 

While sales for the first Tour rising energy needs worldwide 
months of 1978 and the order provide good in vestment oppor- 
book for the group have been utilities for the company, and 
slightly up. internal accounts expect it to have another success- 
show a mixed profit performance, ful year, says Mr. J. G. S. Gam- 
The group as a whole shows a me-H. the chairman, in bis annual 
small decrease over last year review. 

while some of the operating com- He reports that particular 
panics have increased profit, emphasis is placed on smaller UK 
They are confident, however, of a companies where the rewards of 
surcessful year. discovery can be very large, but 

A final dividend of OJSp takes investments continue to be made 
the total from 0.7027p adjusted jn American and European com- 
for a onc-for-ten scrip issue to panies which have a special posi- 
fl.TSp net. Another one-for-ten t jon in the oU and gas industry, 
scrip issue is proposed. The directors believe that the 

Earnings ner share are shown u.S. is an attractive area for oil 
at J.SDp (3.74p adjustrd). investment and they continue to 

wrt tars seek investment opportunities 

I6.?7i 16-U7.7M there. , 

trsNi Mine As reported on April 2Vjpre* 
73SS8 13* im lax surplus reH from £253,879 to 

£277.206 for the year to March 31. 
Jbuo El Sts 1» 7 S. Earnings were l.o3p(U4p) 
™ 154 *ns.K7 per 23p share and the dividend is 
2.M7 u m« stepped up to l.lp (0.9p) net. 

1.340 3*7 783.411 a slatement of source and 
!IH3 application of funds shows 
^ l.ia. ifla 53 — - liquidity decreased by £05.228 1 

During the year the comnany iDKJS^lO). w . 

disposed of. Lloyds T*-®- ,9“ r" tefn • * 

iny Company. - The’ surplus on E.L., June lb, noon. - 

Satisfactory performance 

seen by Mowlem 

JSffl: - 32W.. 

John Mowlem and Co., overseas 
tJit-v are acceptable and Sir bagar 
Beck, the chairman, still looks 
forward to a reasonably satis- 
factory year for the group. 

In his annual statement he says 
thai the accounts show a saus- 
faclory overall position. Taxable 
profit for 1977 jumped to £6.13m iai 

t£4J3m) on turnover or fMaM !nduslr , cs dropped from 

(£ 120.23m) and the net o»>» t1c na £I2 2 000 io £55.000 In the March 

Ls raised lo 6.5p tequivaieni „j lQ78 half ypar Turnover was 

SJSlOMp) per 25p share— as re- * wUh £2.7Hm of this 

ported April 21. . directly comparable with last 

Though no year’s £2.) Sm. 

amounts are presented Sir fcagar Directors say the turnover nse 
savs that according to the Hyde Js attributable to the acquisition 
guidelines profit is reduced lo of t ^ e rtec i rolling works ai 

about £3in. Rotherham, which is hudoncahy 

IVorking rapital at year end was no t a profit earner, and to new 
clown £l.06m (K.Tltn) and bank product, low margin sales, 
overdrafts were more than Demand for Us traditional agri 
doubler! to £2.34m <1925.000). cultural and engineering steels 
ri Second Haninic investments weakened further in the period, 
hold’s 10.809 per cent of equity although a notable increase or 
ind the Government of Kuwait business in aircraft materials is 
?nves» client office holds an interest in progress. 

m C ’UI ner cent. works rationalisation tin us 

Despite difficult market condi- attendant costs ls Ertr 5° mp !®p^; 
Horn during 1977 the building directors expect some uscftil 

nriSdS ^ « - 

try m the UK pul some pressure chamjed ** 

J!{Jn inter ing" complin j^held 6 p rol i t was paid on profits of £304.000. 
al”a satisfactory level on tower 

turnover, in spite of the difficult T? ncaork calpc 

markei. the cliurniun stales. OScCO SdlCa 

The new local construction di\ i- „ 

sion consolidated its position b> ohaarf CQ tar 
executing over JCSOm worth of 

bScss^in a very competitive Group sales for the first 

m-irket while the engineering quarter of 1978 at Foseeo Minsep 

ni-oducis division made consider- were ahead of the corresponding 
' ......ss and continues to in- period last year, tuung exchange 

~ manufacturing and rates at December 31, 19 n 


could precipitate a rights issue at Ttxation 
some stage. Assuming a similar Net oraat 
son of growth in the second half. 
as in the first six months, and the DreMoncte 
group should be beading for Retained 


1877-78 
On 
866. 1 
151.0 
s 2 

X12J1 
M.7 
78.1 
I 8 
78.3 

490 


increased from £3. 72m to £4. 6m. 
and the result is subject to tax 
of £171,000 l £225,000). Earnings 
per share are shown at 2.3p 
(3.7p>. 

The interim dividend is lifted 
from 0^334p net per 20p share 
. , .to 0.98Gp. and directors intend 

An increased gross interim divi- maintaining dividend policy, 
s g dend of Z.fiftoOp per 25p share, assuming there are no unforeseen 
eo.o compared with 2.1 8909 p, has been difficulties. Last year a 2.4364p 


1976-77 

im 

m INTERIM PAYMENT 
|f BY W. N. SHARPE 


£37m. At 297p the shares’ yield The charge for taxation includes declared by the directors oTw.'n. final'^ "wasTpaid “on' 'record *proHts 
? ± per cent. overseas tax of £46^m (£34.3m.l. Sharpe for 1978 The net distribu- of £0.92m. 


THOMAS MARSHALL 

& CO. (L0XLEY) LTD. 

(Mantifaclurers of Carbon, Fireclay and 
Heat Insulating Refractories) 

The. Annual General Meeting was held on May 25 in 
Sheffield. Mr. W. T. Hale, B.Sc. (the Chairman i presiding. 
The following are extracts front his circulated statement. 

For the fifth year in succession a revurd profit has b n en 
achieved, and for Ihe first time profit has exceeded f l million 
Pre-tax profit of £1,059,338 for 19?7 tl97t> £W3.193> is 
considerably better than we expected six months ago. Group 
sales in 1977 amounted lo £15,525.7S3 an increase of 16V 
Overseas sales amounted to £S.935.S56 an increase of 36%. 

The Board announces a second interim dividend of l.SStip 
per share and recommends a final dividend of 1.4t>4p per 
share, subject to the law allowing, making the total fur the 
year 3.95p (1976 2.227p). 

Carblox Limited was very busy during 1977 mainly due 
to two export orders each of which exceeded £1,000.000. 

Hoy I and Marshall Limited: 1977 proved to be a difficult 
year. However thunlu to its sales outside the steel industry, 
particularly to overseas destinations, the year’s profit was 
only a little less than that realised in 1976. 

Hoy land Alloys & Minerals Limited was able to exploit 
certain tnerchaming opportunities and made a modest profit. 

.Marshall Refractories Limited: Widening ranee of new 
and very sophisticated products developed jielded increased 
turnover and an improved profit. 

Moler Produets Limited: 1977 was a year of further 
increases in lurnuvcr and profit which compensated Tor ihe 
shortfall in earnings of other companies in the Group. De- 
velopment of new 'products to meet the needs of modern 
processes continues. 

M.I.A. (Sheffield) . Limited: A decision was taken to 
dispose of the business and this uas completed during 1977. 

The future is. as usual, difficult to forecast. The 
strengthening of the pound in 19 • < and continuing inflation 
in the U.K. have made our exports less competitive and 
we start the year with shorter order books lhan in previous 
years. However, it is to lie hoped that the profit realised 
in 197S will be adequate, although perhaps not another record. 


ARSHALL REFRACTORIES 


STORRS BRIDGE WORKS. LUXLEV. SHEFFIELD. 



Steady but unspectacular growth 
in 1977 for RTZ 


Spencer Clark 
down to 
£55,000 

Taxable profit of Spencer Clark 


able pro, 
\enl m 
ni.irkctiiiR. 


both cases. 


1 ? 
- i 


iv 



tm 


Hunt&Moscrop 

Group 


Manufacturers of Heal Exchangers. Effluent Treatment 
Plant. Process Plant. Paper Machinery, Textile Machinery 
and Genera/ Purpose Machinery. 

In the half-year ended 31st December 1977: 

g Pre-tax PROFITS at £690,000 were 1B“i up. 

g TURNOVER increased 1 2% io £6.8 million. 
m Some companies in the Group continued to trade in 
difficult markei conditions, but others have been win- 
ning contracts at a much greater rate. 

Mr E W Hunt, Chairman, says: 

•■Sales in the current year are expected to show a consid- 
erable increase, whilst profits should establish a new but 
™e modest record for the company. Prospects for the ; next 
financial year are already looking moat encouraging. 

interim DIVIDEND declared -0.325p per share. This repre- 
2 :." a greater proportion (about 45%) of total distribution 
to be paid during the year, assuming this to be 10 ,o higher 
than the previous year. 

Hurt & Moscrop (Middleton) Ltd. PO Box 36, Apex Works, 
Middleton. Manchester MZ4 IQS. 


Results in 1977 turned out better than expected despite continuous 
low prices for the principal metals with which we are concerned 
and produced a profit for the year of £1 million up on 1976. Possibiy 
the most interesting feature is the change in the source of net 
profits, both by product and by geographical source and in some 
ways the most satisfactoiy development was the increased exports 
from and profits earned in the UK. It is also satisfactory to know 
that RTZy so identified in the minds of the puhli^wilhpverseas - 
mines, has made its contribution to the UK. Assets showed no . 
major changes but expansion programmes continued or were 
completed. 1977 has seen a steady but unspectacular growth. 

Australia-Much time and effort has been devoted hy CRA to the 
enlargement of its interests in Australia. The legislative 
restrictions of both Federal and State Governments have affected ; 
its ability to compete with Australian controlled companies in the • 
further development of mineral resources. The Austr alian 
Government is now fully aware of the problem and we are hopeful 
that the legislation will be amended. 

R&ssing Uranium - The plant modification programme is on 
schedule and within budget. The full rated capacity of the plant 
should be achieved in the fourth quarter of this year. 

Outlook - It is difficult to predict how we will fare in 1978. Results 
for the first six months will not be as good as those fer the first six 
months of 1977 and though some improvement in nietal prices has 
taken place, many mines are working at a loss. Results in Canada, 
theUS and the UK are likely to be as good as or better than last year . 

Joint Ventures - We continue to spend large sums of money on 
exploration which is necessary if we are to remain in business. 
Mi nin g is a slow and patient game. As capital costs have increased 
three or four times over the last five years, we believe we will have 
to seek partners with whom to share the burden, probably on a 
joint venture basis. - 

Competition - As a private enterprise organisation, we are firmly 
committed to the principle of competitive behaviour. IF, however, 
some degree of market regulation is inevitable, there is a great and 
growing need for leaders in industry to be encouraged to discuss 
this situation openly and dispassionately. 

Developing Countries - Today at RTZ we find a high degree of 
goodwill and cordiality on 'the part of developing countries which 
would surprise those whose views of large scale foreign investment 
are based more on dogma than on fact. We have never abandoned 
the policy of investment in developing countries when conditions 
are favourable and we believe that this can do more for relations 
between rich and poor nations than any other international 
activity. 

Investment in UK -The low level of investment is Hot due to any 
lack of enthusiasm for growth- the very reverse. But growth can 
only take place effectively if it achieves an increase in the wealth 
of lii'e community as represented by the real value added to 
bought-in materials through the interaction of labour and capital 
and the just rewards of both. 

Mark Turner 

Chairman and Chief Executive 

« 24th May 1978 


The RioTinto -Zinc Corporation Limited 


RTZ is a British-based 
international group of mining 
and industrial companies with 
worldwide interests in almost 
every major metal and fuel 
including aluminium and its 
products , borax , coal, copper, 
gold, industrial and 
agricultural chemicals , iron 
ore, lead , oil, silver, specialty 
steels, tin, uran ium and zinc.. . 

Sir Mark Tumei** speech, the annual ’’ 
report, and fact sheets, are available from: 
The Secretary, RTZ, 6 St. James's Square . 
London, S\VlY4LD. 


A hope right: Manufacture and 
distribution of chemicals in the TJK 

Opposite: L.’ist year, geological 
exploration crews investigated 
over 100 prospects in Canada 
and the US for Rio Algom. 







at Roaring Uranium in SWA/Najrahia. 

Above righi: North Sea oil from the 
Argyll field in, the UK sector. 

Opposite.' Loading iron ore for 
shipment at Hamereley's 
East Intercourse Island. 






Sterling helps ICI to 
regain some lost ground 


Homfray first 
half setback 


Financial Times Fridas Hla) 26 I9#S 

Courtaulds at £54m after 

£33m second half drop j 


r !i ; * 


FAVOURABLE MOVEMENT in per -5p share a mourned to imp or sales adjustment or £2m and ALTHOUGH EXTERNA 
the value of sterling enabled at halftime, compared with 123. Ip additional depreciation of £0.64m. were better at £20.9$m 
Imperial Chemical Industries to at October 31. lOu. offset by a JFLtiSm gearing adjust- £18.9 m, taxable profit of 

recover some ground in the first The directors say that since the raent. and Co-, the carpet nunul 

quarter of 1H7S after the slump in half-year Lhe company has con- At the year end net current group. declined from £1.2 
taxable earnings from £3 14m to eluded a currency exchange assets were up from £9.4 !m to £643.1)00 for the sis mi 
IGflm in the final three months agreement for SJm and the £l2.4m. with short term deposits April L 197?. 
of 1977. Even so first quarter sterling equivalent. " £7.03m higher al 113 5nm and A breakdown or sales 

profit for the current year fell The net interim dividend is hank balances and cash ahead tax profit shows f in 
£13m to £11 2m on lower sales oi ra j sC d to l.ip to.9pl. Last time from £I.39m to Fixed carpets— Europe £1.1.794 

£1 .DGbn against £1.1 9bn. the final was 1.6(ip paid Trom assets were £4.11 m (£2.53m). and £354 (£545), Austral 

Excluding the results m reenrd taxable revenue of £4. 03m. . Sir Rupert Speir. the chairman, t£3.QS4l and £320 ( MS 
Imperial Metal Industries in which Cross interest for the half-year says hp believes the group, with furnishing fabrics — UK 
the group sold its 65 per cent wa s £259.000 ( £54.000 1 and its broad base, can look to the (£1.3-19) and £31 loss (£2 

interest lost November, total expenses totalled £150,000 future with considerable con- respectively. 


a ‘"«MsU k .fl 

inti Knit 1 4 s) ,T 


ihc vompanv ts a suoTiU'ary wi "i:* - , - ■A-..„n j n 

Inilu-itrial and Coirimrcinl comprising £7Stm 


sales were 2 per cent down after ,£ 13 2,ooo>. ’ fi don( 

a 3 per cent fall in the overseas 

content to £634 ni offset a 4 per n i. 

cent rise in the UK to £42«m. The TT 1 - 1_ -llT 

fob value of UK exports was field 

down 11 per cent al £20, m. . ****** 

Compared w ith the closing e j L1 T, 

ssrinT tE rsw slowdown .4 
saw-s-sa. at Polymark «•>* 

increased but ill is t%us olTsel nj _ ■ *-*■ 
reductions elsewhere and ihe DESPITE A £23.000 downturn in cent- 


fidonce. The directors report trading 

The croup is fortunate to be conditions in Europe continue to 

playing a leading role, not only be difficult and immediate pros- 

in (he building and industrial pects are not eneouraeing. 4 n- | ’ /\YYirvi A plants. credit t and nunoniit. oi -i lv (Wflvlll 

field, but also in all aspects of whereas in Australia, a slight ’ VXUIIIIIIC They say. there are some indi- ULOfini). 

energy production. improvement in profitability is cations that trading conditions are Earnmc** P" ix^miE ARISING from the 

At April 2« Legal and General anticipated. REFLECTING a general lack or slowly improvin';. But trading shown at ’VXt.vLlor.dtsikes the exceptional performance of ftp 

Assurance Society held 5.97 per The net interim dividend is kept buoyancy in the retail furniture results currently continue at a l.SUp wm. ini cj|J< markLIl Un " J 

cent of shares and Prudential at 1.3125p per 25p share— ror all trade, pre-tax profit of Gomme tow level and major uncertainties f°^}., f . or ’"J * 1 ^.i in-Tt mem Tor a Holdings, a subsidiary of Ufcfrr 

Assurance Company 7.02 ner cent. 1976-77. payments tonified 3.125p Holdings, manufacturer nf G-Plan still exist in the groups markets S.&.Unp ■«»«! ue . Finance, in l!t77 ro accelerate 

while the interests of M. .1. and from £ 1.72m. .taxable profit. furniture, dropped from £1, OS 1.000 They point out however that onc-fnr-» nr J ■ thv recovery from to-* M-en in the 

R. D Hnlliday totalled 10 59 per After lax of £321.000 t£o70.000j jo £G44.000 for live six months to there was u L* 0.3m cash surplus turn Muni -I ■' w:T spivuiii half of the previous ynAr 

cent. first-half net profit was dow n from January 27. H»7S. on slightly generated in the year compared im llI( Wilh tax.ibh- proiit ahead front 

Meeting. Hotel Russel). WC, on £834.000 to £322.000. But. after improved turnover or £12.63m. w' lh a -8-- , >in «c licit previously. t j*' £ 30.501 to £|X.S9!i m lhe second 

June 16 at noon. extraordinary debits of £184.000 against £12 j$m. TilLS resulted from a sustained yjc aV snm:.r% ... j, 1 ,,’! six months, flic company finished 

(£711,001 arising mainly from Although there are now <ome programme of Ue-slovkim; of ~ Tsi ; i«a the year with a record surplus 

_ # __ changes in exchange rales, and signs that the market is iraprov- JngJwd a “J * 'wESf 0 ^-?! bSSUST "" " £-5 ' of Hfil.Stia ag.unst a deficit *r 

tTill dividends, there was deficit of in g. the slight upturn has come M l ” • - VI S’! £34.7<is. 

t fillip 11111 £65,000 (£280,000). too late to affect the company's gjjjjjf n 0 c r \SVJSSai ^ However, the cl. reel or, comment 

^ •‘iiiiii »niu> the resl of in^ >ojr. saj %ii6 m’iq Qm) incUirlm** i'i im •Wnhm-ii*- -• J ^ fsilts, the your*' porforoi.ince 

advances Kvirmaisatw :«»>: i*»- directors. Second half profit is f £7 ' 2m , of overseas tax^ the Srduwr''"di»" J* '<*< ' :t>r i fhnuld mil in* taken as a linn 

WU r,i f; the r h ef ? re “ pe 2SJ° ne S,m,Iar SiSSdtaLr K of di : - : -w a. indicator *r the future. 

A.^ rl w«v:.;:: w iJdi l 0 P th “ l .S° V hI' 5 wir lav laimi inelDdes a £3m exchange The net divid ml raised -jo 

TO thm Tas J a11 I , ? e p f ! . deficit l£L3m surplus) in respect D - l P *P' P‘ ,r J,, l> but ihe Roam 

t-V M prom .}:£ e-M able profit of —Oiim. was f eun-pn, a .-weLs uf overseas P»»mts out that il is nut intended 


downturn 
for Gomme 


which took place despite eosis ing capital- . , rt ilf 

increasing more rapidly in the IK The result is su hjvct jo tax 
than elsewhere. Industrial dlsrup- £8.04in tis>nn). ' 

non also occurred in a number of £1.15m esclungc mbit _ ■ -m 


Gilt deals 
lift Lamonf 
to £0.16m 


REFLECTING a general lack 


value of exports from the UK second-half earnings to £449.000. Meeting. Hotel Russel). WC, on 


increased by 4 per cent. pre-tax profit of Polymark Inter- June 16 at noon. 

More than hair of the improve- national grew from £0.74ni to a 
ment in profits over the previous record £0.85m in 1977. TTt11 

three months was due to move- Turnover or the laundry and OB-. Mr** 1-1*11 
merit in lhe value or sterling and garment machinery supplier jrfilHiJ JCX111 
Ihe resulrin" effect on the advanced from £9.Hm to £12.4ilm. Sr 

storlrn 11 value V export debts and UK lax took £Q.27m rXO.lSmi w 

of ihe net current a.ssets nf and overseas tax £0. 19m < £0J2m). QnVQflPPQ 

overseas subsidiaries. Tlic rest There were minority interests of dll ? atlvviJ 

was clue in modest improvement IlO.mHJ i£l3.000) and an exchange 
in trading performance in the UK debit ->r £77.(1110 compared with a r/Cvn 

and continental western Europe. £I3S.0W credit last lime. In 1978 III XOIfl 
the directors say. there was a £41.000 extraordinary 

On a current cost accounting credit. STRUCK \FTER 

basis, additional depreciation, the Earnings per 10p share ,are expenses of £0 3Sn 
cost or sales adjustment and the shown at h.92p (i.Jop). and a final interest cltai 

erosion of trade debtors less dividend of 1.36125p takes the d =„ 

credilors would, together, have total Irom 2.475p net lo the revenue 0 r phfiin 
reduced group irunmc before tax maximum permitted 2.7225p. Trust advnred 
for Ihe first quarter of HITS by , fini for ^ yea 

£ti2ni. compared with reductions . ip 7a 

of £U2m last ikme and £25 lm Tor KPCOVPrV 10 Oross reveni 

llie whole of 197,. « franked income 1 

The tax charge consisted of f.irnnvor conn unfranked £ 

15 7 m or UK corpnraiion lax, luIUUVCr 9Ct.ll Tax took £2.16m 

£l-“m overseas tax and £3m or lax _ aflcr (sar 

on principal associated companies ot J VSOI1S dividends, availab 

less credits of £6m for UK *** xjovuj ud from £5 38m 

Government grants. Had the In It i« annual statement. Mr. W. Earnings are 
prnposals on deferred taxation L. Tyson, the chairman of Tysons ,7o.t n ) n«r *5n 


.-vuer tax 01 1321 .UUU lioiu.uuuj 10 £044.000 ror uve six monins 10 *•« V 

first-half net profit was dow n from January 27. H»7S. on slightly generated in the year compared 
£834.000 to £322.000 But. after improved turnover of £12G3m. wnh a Iiifom deficit previously. 


extraordinary debits of £184.000 agaimrt £12J8m. 


ThLs resulted from a sustained i:k rusviin:* rs 


(£711,00i a ruins mainly from ^.vtihou^h there are now <ome programme of de-sloekuiy or ^ '^puri^ — 
changes in exchange rales.- and signs that the market is iraprov- ^mshe* 1 uoodsand a limitation of 

assess; " as dcficil 01 %-ss are ssLs^kSs , J s r- —. r 


auvautra ssas- 

__ Interesl 

to £6m B 

Extraund. debits* 

STRUCK AFTER adminislration «iivtil.nd ... 

n r cnun, cn niduurr dividends .. 


,5S JSf-p’SH.-U ' or 9 o'?iri^ l ‘n'^ “S '"V , 

« «;• .hejjfore .o he similar o' a Jm BSS5 . 

M3 10 J hal n° 'w ilrllfn,, ■ tn.r i, v (£5.1 ml includes a £3m exchange 

•mj sm For all the prevtou. year, lax- defic|t ,^.3 m surplus) in respect 

■V; ™ ab ’ e P rofil of “ tK,m of net current a.ssets of overseas 


hi achieved. suhsrdinries' \n a^-re'-ate deficit ■» «- i 1 « j to restore payments lo their 

o, rJ Confidence in the Ion? term ^ I196m OI J noiMrading items MorlmiU <1003(1 “ n, ‘l Ihe eompanjs 


‘ '•*! i-S growth or the company is fi' 3 s ~b^ n ' ’ c harg cd’ t o rese rves' ’ ‘ V ”.T "" develoimient property has been 

from ihjii^os in reflected in the continued Earnin'", per 2->p share are nf ndlfwilV sold. The dividend had been held 

emphasis being placed on the *huw n down from !9.4p to ll-O-Xp, lltflll >3 a T at U.7p up in 1973 when the iom- 

capit&l expenditure programme, g nd a fina] (jh'idend of 5.08tp net Taxable profits of Morlund and puny fell from a profit of £105,136 

which in the current year is lhe lola [ f ronl B.TTop lo Co., brewer, wine and spirit lo a losx nf f 52.51 7 

expected to be close lo last years 7 ^ 9 p merchant, show a £33,S5tl advance Tax for 1977 look £52.192 (credit 

£820.000. - Its S8 per cent owned subsidiary al £429.675 for the six months to £10.310 1 and slated tarings per 

First-half profit was after international Paint Companv in- March 31, 1378. And the directors share merged .it I 39p (loss O.JGpt. 
interest of £S8.000 (£,,.000j. 

Deducting tax of £335.000 _ ^ 

SSSSSS Hay’s Wharf doubled to £2.2m; 

l3.920p) per 25 p share. 

The interim dividend is main- # •'W VI 

Belgium still a problem 


has been charged to reserves. 


....... i iu • , aa / which in the current year is 

Ifim Tor iN year to March 31. j<lS£ lO xO.OHl. expected to be close lo last year s 

*•"( 'J. ££OQ QQ0 m 

[ranked IneST.Mm^aS for London inSS^of "SsoOO "^TT 

Ifier 'T^iSre'^feren™ AtlaOtlC TrUSt MgoKftgn 

<vas aSS£ TSSUL ■SJrS ci s£ip 


le^s nniiis u. _u... . . ,, ,,, up from £3.3«m lo 13.70m. .Atlantic investment Trust was 

Government grants. Had the In hi* annual statement Mr. W. Warnings are given as 7.9p £603.865 in the March 31. 1978 ( 3 ^P> per 2op share 

Prnposals on deferred taxation L. Tyson, the chairman of Tv^ons j7 ft5n) 2 - ip sharc and , he year, compared with £287.010 in interim dividend « mam- 

contained in ED 10 been adopted (Contractors), says that although dividend total is lifted to 7.!>p the previous nine months. lained al O-SS'I 1 . nei . and .„ , " c 

it is estimated that tax would have it is still considered necessary to ,6g D> ne > costing £3 70m After all charges includin'* lax directors say consideration will be 

been £14m lower Tor the period generate some work load through (£3^9ni) with a final 'of 5.4|i net revenue was £350.630 against 3»ven to proposmq an increase in 

against reduction of about £60m the group’s own developments, a Net asset valu'' at the year end £221.048, equal to 3.07p (l.94p) the final to an amount which 


for 1977. 


gradual recovery in turnover j S - showm at 225.5o f200o) per per Sip share. 

should now begin to show itself, share, and at 225.1 p fl90.6p) The dividend total is up from 


would maintain the company’s FROM TURNOVER of £2R.6ni ties, including shipping, have hi 
practice of paying the maximum against £26.4m previously taxable up well and. on average, show 


for 1077 fell from £12.16m to the loan stock. with a 1.75p final. Shareholders' was 2.138p. 

CArtfflclv Tram* £l0..11m and pre-tax profit was 

dCOlllSH 1I1\. down .11 £497,757 (£798.172). # 

improves in Carpets luterl. .forecastu 

half £101.829. an additional £121.625 

Ixlol eBAII depreciation charge. less a 

Net revenue of Scottish Invest- £66,743 gearing adjustment. £• 1— _ | _ w _ 

ment Trust Company advanced AVPF T fl IBB || ti ITWllV 

front £1.093.000 to £1.239.000 for _ _ _ __ VTW wJLiil HUM IT M J 

the six months tn April 30, 197S. IV/fjlHnPW rf Jill - W 

after lax of £504000. against ljai * RY rHRlSTINE MOIR 

£748.000. Total revenue improved A current cost statement Tor 
by £0.43 m to 12 .43m. Matthew Hall and Company shows 

After deduction of prior its historical profit for 1077 of With four months’ trading year was that the Receiver of investigated 

charges at par. net asset value £6.2tn reduced to £3.24m by a cost results now known the board of Bond Worth managed to sell off Gomission. 

1 Carpels International is forecast- stocks of the failed company Paul would 


against £26.4m previously taxable up uc 
profit of Proprietors of Hay’s impre 
Wharf jumped from £1.12m to year. 


Carpets Interl. forecasting 
over £lm halfway 


BY CHRISTINE MOIR 


1976-77. In the first half of the acquired. 

current year further sales of low- Demand remains buoyant for 
yielding assets were made. the business services provided by 

Trading profit of the group was the group, he says, 
up from £3.19m to £3.G2m while Work has recently started on 
the depreciation charge was down behalf of the Department of the 



Hall 

jvir ’ 


lSTT-Is 197. 7T 


u)Po 

ti'M 

Turnover 

«kl 

XM 

Tr+'Jini; iin'lil 

3.vli 

:i i\9 

Liopr^iTiaiion 

.7*1 

£9 

Inn-ri-J . ... 

«LV 

1 -Ml 

.tfioii prvius .. . 

v>isls of xii-w. iradinr nro- 


U*9 

J.'i'U . . 

II) 

41 

Profli before lax 

2.201 

1.U1 

Tax 

fM 

.•K4 

x. i prom 

l.£7j 

TM 

To nm ninth's 

14 

Jl 

fri-fi r»-no- divij.-n.i-. 

i; 

n 

OrJturr dlvijcndd 

2i'7 

:rt 


Ladbroke set 


llic UVHIVUdUgtl UldlhC n«a uvnii UUUJII HI li»L IJVpUri KIKl'KII 111 llll." r» « 

» Rprpiwer nf investigated by the Federal Trade from £0.93m to £0 Sm. and interest Environment, on a block of 14 fnr 000(1 VP3T 

'ed to%eII ^ff Comission. In the interim Peter charges fell from £1 ^2m to £0 63m. Crown Courts, siled at the centre k%Jl 

iled company Paul would continue to be run as The interim dividend is up from of the company’s Tooley Street Mr Kvri , Sll?in _ chairman 


» CARTIERS 
SUPERFOODS 


Carpels International is forecast- stocks of the failed company Paul would continue to be run as Th* , t ntc 1 n _ T ?, l ‘ lv, °. e "“ J s “P ° r . lhc company’s Tooley Street Cyril Stein, chairman of 

ing pre-tax profits in excess of without upsetting the mark-*. a se P arale company. , . p 10 1 ,5-2 ei n?r i 11 5 „ “l 31 *-’- . . . , the ladbroke Group, told share- 

£tm for the six months to June, Nonetheless it wfs still “a slight Freemans (London SW9I— Mr. La styear a >»Mp final w is paid L ' JJJ j'** holders at the ACM that profits 

against L>. 0.000 for the compar- mys terv to the industry whv Anthony Rampton said that in the on .. rcc S rd . p .™ ,ils o f,.r 20 “' 11 : “> exploit ^rowth in the trading . satisfaeti.rv 


LIMITED 






against L570.000 for the compar- mystery to’ the industry why Anthony Rampton said that in the on , l rcc ® rd p .. lls °f, . 10 exploit growth in the trading . .. a most «jti<factorv 

able period. On that basis, an there has riot been V«uicl£r first 16 weeks of ihe current year ^ B r ur w nclt sa >‘ s , li,c 1 reorgan.- potent. a which Is becoming .n- in d ajl n e „ w r t. C ard fici res arc 

interim dividend at least equiva- realLsatinn of the iJUls" sales were approximately is per «tion of the companies in Belgium creating ly apparent in some "7 frnm all divisions We 

lent to last year’s tl-65pt will be S t e the ov!Su only still cent higher and that the group continues, but is taking longer divisions of the company, and ^pected fjom al diMsions we 

paid and furthermore, payment ,,S m ,1 was exnectine a verv satisfactory and proving more costly than had to realise property investments are well set Tor jnothvr evu.l 

will be brnughf ronvard Veariy J? ^ been aDti cip3ted. Appropriate where appropriate. The long- lent year and our half year 

December IL j 8T Jssociateii Portland Cement— provisions have been made.- term prospects for growth in results to the Cud of June are 

. Shareholders were Slven this ^r mooths of e y^,r alld Mr Mr F. B,"oy Sd [hat Fr " flts fr ° m al1 ,he ° lher acrh i ' »Phear oroorisio- he adds, on lareel." 

information at the annual meeting w k believed there were pros- despite the adverse effect of the 

pec,s *>« reasonable weather on the building industry 

ttr i«T 11; ret urns in 1978” with ”a real this year Lhe group was still 

n?^ improvement ” to come in 1979 expecting cement deliveries for 
A1 ^| n c ? L " 1 ^ Mr- James Cleminson. chairman the full year to be some 3 per 
rh. S Ul ° 0k fOF of Heckitl and Colman. warned cent, ahead of 1977. 

!«««» ««» .till rrtn t in i pin rr that because of the high rates of Revertex Chemicals — Sir _ m __ __ ■ ^ 

AusirnlS and despite ?he sale of BHtish P ersonal taxation “it is Campbell Adamson said: The first if I Tj fAminln f AmnnO^Ail 

.h!?vnhvbnaihLr f! inevitable that international com- two months of IhLs year saw in VII I frC' TIIb ETI 9 1 1 M T r 1 B III I li A ■ r*l1 

Sm ihi S* h P P r»lt HP parties such as ours will cease to the L’K a continuation of the -LT-BJLJJLV lUliilUia Ivl UllliaiVU 

reoreiniSn ££ to bS in ^ 1" the UK ’" writes difficult situation of the latter ' 


i 

L 

mmm 

k+ EXCHANGES | 


MLR formula terminated 


James Bartholomew. 


part of 1977. During the past two 


incurred in 1977 and so far in ^eakmg at the annual meet- months or so. however, the post- 
1978. Accumulated tax losses in ,n '- Mr * V . ." said - : T,°- tJ0n f l ad Orders had 

Australia now amounted to £6m reasons . of . taxaLon in tins come m well and there wore some 


m 4r Record pre-tax profits of 

£828,494 for 52 weeks to 28.1 ,78. 
— up by 48.8% compared with previous 
pro rata 52 weeks. 

TfTurnoverof £20.3 million from 1 1 stores 
in Kent— net margins above 4%. In the current 
year turnover from existing branches should 
exceed £28m. 

4r Existing gross floor area of 21 5,000 sq ft to 
be increased to 343,000 sq ft by late 1 979 
on sites already acquired. 

■rf Territorial thrust into Sussex — sites in 
Eastbourne and Brighton. 

4f More than half net shareholders funds now 
invested in property — the modern breed of 
superstores with car parking. 

Copies of accounts available from the Secretary 
at Church St., Rochester, Kent 


addition to the ASlm already Ja " les Bartholomew. part or 1977. During the past two Bank of England Minimum The result of the weekly bill number of Treasury bills from 

incurred in 1977 and so far in Speaking at the annual meet- months or so. however, the post- Lending Rate 9 per cent tender will be determined by com- the discount houses, and a small 

1978. Accumulated tax losses in ,n *- Hr Clem in son 5 aJd: For tjon had improved. Orders had (since May 12. 1978) mercial decisions entirely, rather amount of local authority bills. 

Australia now amounted to £6m re asons of taxation in tins come in well and there were some Initial reaction in the London than official policy, and this has Banks brought forward surplus 
which were not offsetlable against country it is extremely difficult signs that margins may be start- money market to the news that already led to the narrowing of- balances, there was a slight fall 
profits elsewhere. to persuade successful people to jng to improve. Bank of England Minimum Lend- differentia is between discount in the note circulation, and the 

However, Mr. Wake was rotum for any lengthy period of Sharpe and Fisher— Mr. K. J. j n g Rate will remain at 9 per cent houses buying rales for Treasury market was also helped by slight 

hopeful that the outlook was now * , . in< r . . on, u - T ? os ? - of Fisher said: “The encouraging until further notice, and in future hills and other paper, such as net maturing Treasury bills. On 

much improved though this w °rla in which they obtain^ much opening to 1978 had continued will be determined by administra- fine bank bills and sterling cerli- the other hand substantial revenue 

depended on whether the Austra- crosier material neneuts. and the first four months to the tj ve decision, was generally fi cates of deposit. payments to the Exchequer 

lian Government looked favour- oavia Uliftora, the com- end of April sales in terms of favourable. Buying rales for three-month exceeded Government disburae- 

ably on import restrictions in } ,an *. secretary, said later that sterling vvere up by some 14 per The announcement came after Treasury bills rose to S;i per cent ment* and settlement was made 
August. The total market for the headquarters of Reckitt could cent With inflation m building a long period of uncertainty about in places, from S," v per cent, while of the gilt-edged stock sold by 

carpets in Australia amounted to bc . almost anywhere. He material prices now under 10 per t j, e future level of interest rates, rates for similar dated bank bills the authorities on Wednesday. 

Mm square metres. Carpets c f. a r i 3 P®*** 1 cent this represented the first and was welcomed because fell to 9-9 ,\, per cent from 9,-, per Discount houses found closing 

International had the capacity to but mr.phnsised that Reckitt had significant increase in volume for Treasury bills, which have pre- cent. balances at around 7-7! ner cent, 

supply 13 per cent of this but no plans to move fur the present, some time. viously been responsible for deter- Day-to-day credit was in shore while the inmrh^nk- V mr,rkpt 


viously been responsible for deter- Day-to-day credit was in short while 


interbank market 


The New Zealand carpet onc “■mild like in the face of mounting interest rates could • StrHuui 

industry. where International Pena! taxation rates.” The first pose a threat to the modest : 

had an associate comoany. wis »»sn or trouble was that recruits recovery being witnessed m con- 191 : 2—1!!!!!! 

also said to be facing “ mote from Australia and Europe often struclion activity. Some insulation Ult , Lt 

difficult conditions than al any made it clear that they wo-jld came from the growing involve- iltajn , DO ,i l . e ..' _ 

time since the end of the War.” only stay for a few years in the ment in activities divorced from i ,-r _ 

The figures for the ' year tQ UK. after which they would want construction m this country- and f nr« '-r- - 

June there "will be very dis- 10 move to countries where they p ™ fi * fo E JHLilfrJ - h ° te r"SS«i»”'i 9^l»a 

appointing.’’. could get more substantial take sh ^‘ d t JESFVSSF' Bentall fei,* 

In the UK. which still accounted ho ^ e Pay- J* •»»»■-. 5 

for the bulk of the business, there As for current trading. Mr. rotjrengjAa^man. smdrhat sales >,„* u^oth,..- 9^-5.j 


CwlHrtlf I 1 alert *nW AulU^ily nee ■« wok 


7 15 

_ : 

— 

BU -83$ ■ 

_ 1 

8I« 8'a ; 

840-Bij 

9-8U I 

1 

65; 9 


— 

1 

9 S»i 9 

9'ilOA 

90 9^4 



97glO), 

STa-iQi, 

— 1 

11 in. 


. ! Kirumif- 


lll-ll-lllll 






, H-.ji-e 

! l. , «-lii|jrt,ii 

iiixrkel 

riMi-nrv 

EJank 

FinelwJ* 

; [>ei«-tts 

i tk|i--il- 

•lei* » n 

Hill- 4- 

Bills -|> 

Bilk* 

1 ^ 

| 7l 2 

68 

- ! 

- 


8.7) 9 

■ 838 

7s,jd 

- 1 

_ 


9.9IJ 

j 9*2 

6 1 9-8 U 

83f|'8i8 

8!| ■8,.' 

gin 

9J« 9ie 

— 

83c-8i2 

8„ a ; ■ 

Bta-Bi. 1 . 

?v 

Q* 9r a 

! 9T S 

8*8 

e.i'B.i 

9-9 1'„ 

95,9-w 

9^9; 8 




5,-„-9|i 

10 

l-U 

1 



i 



; 1C is 

■ — 

— 

— 

— 


l 

1 — 


— 

— 



lerin lnrnl aulh'irlly ninrleasc ra'® 
ni. + Kanb Uilt raii-s in table art 
mr nienili i ran,- bill* S. pcr_ ivw- 
iT (viii. and ilirvc-niiinlb S>"i*^*l* 
unth Si n.-r win. and Uuvi-inonib 



incse imp areas mer uie next ai«nium» j st s-, —w larentc over the 

couple of years and, in any ease, hut Ihis was unlikely lo be next tlvo years. 

was confident that iLs capaciry reflected in first-half figures. 

in ' the new technology area’s Peter Paul shareholders in the prrjviTOC 
would allow it to make up the L.S. had approved Cadbury's rcniya 

slack. merger terms at the end of lust Pentos has completed tls pur- 

One good factor in the past month but the deal was still being chase of the privately owned 

— Z Caseys Camping for an initial 

consideration of £306.489 It has 
also greed to make further pay- 
ments of up to 115 per cent, of 
Casey’s pre-tax profits over the 
next two year>. 


Bills: Avcraiie ii-tvter mins of discount s.45'j-i. 


Clear ins Bantu Base Rales tor Ivndlni; 9 per cent. Treasury 


RECORD TURNOVER AND PRE-TAX PROFIT 


Extracts from remarks by the chairman 
Mr. M.J. Stanley, at the annual general 
meeting on 24th May, 1978. 

"I fee! confident that we can look 
forward to another record year in the 
development of our Company" 

M. J. Staitfoy. Chairman 


* Sales up 41% in the first 20 weeks of 1978 
& Margins maintained 

* Continued expansion 

* 9 new stores opened this year 

* Now 115 FADS Stores 



Turnover 
Pre tax profit 
Earnings per share 


16,146,118 
1.109,866 
21 .5p 


12,270,828 
£925,283 
1 7.1 p 


A copy of the Report and Accounts can be obtained 
from the Company Secretary, AG. Stanley Holdings 
Limited, Stanley House, Cray Avenue. Orpington. 
Kent BR5 3PW. Telephone: Orpington 71521 


A.G. STANLEY HOLDINGS LTD. 



INTER-CITY 

Investment Group Limited 

Results for the financial year ended 31st December, 1977 


BANK RETURN 


-■I. — in.-. . ,., 

Ma-. U Li--. 

l-*|- '.•> PpHn 

BANKING DEPARTMENT 

1.1 \ >•! i.l r IK- • K L 

-*!'1U li.ili.OMO - 

Val. 1 . • H.-|...||... - l.L«.:t5 

'iwm l’c».~iii.. l.iOi.JrO.CJO - lo.ttti 

0«ii-cr» -f o6.341.i^i0 

llMn»4 Ihliit! 

Ate oS9.454.95L’ - 52.4S6.7*-. 

2'.4 24 .094.156 + 70.666,418 


AaSErs 

CnrT.^.-untl««.. 1.931.441^7 + 61,443,999 
V.lvan wlSOihtr 

A;.-« : 188 .56?. 106 i 5.406.527 

Premia*. Kqiiip‘1 ! 

i Ml lire .Sc-* IS8.250.I94 - I9.5i0 

>ute» 15.626.411 T 5.724.07? 

luio 2)0.248 - 5.681 

i2.4W.a96.1!D '2 70.KS.418 


ISsLL DEPAtrrUKNT 


'lAt- l:>ue , l o.lKi.OOO.C'OO - IrO.COO. 300 

III Vtrv-1 2.S6*. li j.oE9 -I46.2l5.9-J7 
In thiih'c Uei-l iD.KK.ail - 5.764.075 

A^str'i 

lion. Uoht, 11.016. ICO — 

Other ijuvi. 7^72.442. taj +174.70^679 
Other fS^urlne*., 619.^43.720 — 2e.702.67-} 


-6Ata.0CO.O00 - Iitl.00j.rt50 


Group Tui nov4 r 

1977 

£8.601,943 

1975 

£3.739.731 

Profit (Loss’t before Taxation 
Taxation 

319.994 

168,130 

( 144.935) 
1. 1< '7.075 1 

Profit (Lugs) ait«r Taxjfioa 

Dividend;.: 

151.864 

55,950 

(37. ^'0i 

F-iUined Profit -T :-.:s) 

£95,914 

i.l-iS.-itfi) 

K*?i Eaiam^s per Ordinary Share 

1.63p 

0-’ -i-lpl 


lam pleased to report that the recovery anticipated for 1977 w;- achiovrrd imi th^i n,^. 

before taxation, of £31 9.994 was the hitrhest since lhrtl " ,e 

of £ diSn^S^ n9 i?^ ,CT had 3 dra ,PP° i r.hnq year. Although the reorganisation 
n ? row ’-he turnover fell short of that 

J w y ras P ecl eitpoiu Market conditions crenerallv londed to ba 
erratic and thi- wndoncy has continued into 1979. However orders are now beina received 

“ a30: * and 11 * is demand “n«‘nuc=. the second haU ol this yearSoidd 

0 «K iOn ad V 6VG f a P roh ' -24.123 as against a loss of 
e TOengthemng of dlerlmg and ihe absence of violent tluctuanons 

tSSdB is eS JroS* a f latad gr r tTy - ma)or , *“9® in “lea policy, pon.culaily 
K . year were ^ principal reasons for tho s ubaUnti-freco ve r v. 
Tk ttP jKfr^afg t g!! of 1 ^ sho . ws l f e trend in profit is connnuinq. 

"HQ knitting Factory Limnad. Hong Long, anticipates a rradin.i profit befo re 

SSSPW *• ve / f 31 ^refc. 1 Yaur^SJan^ssSIS 

* -’iclo cf over .*0 per cent on the original con of the investment. 
r-i- i^- ia } rorn Mhoiesale Du.tnbu:ion Di’/ision and .AvscctatCd 

DiTKiand k f d to a ,unher mere* m in Group profit tor 1979. 

Sr' 1^3 a final dividend of 


Copies cf the Kepcn and Acoounis are available from the Secretary. 

Inter-City Investment Group Limited 

Glasshouse Fields. Cable Street LondcnEl 9H J. 


J. Harris, Chairman. 


r.^gjre - 







Hn 
"f dr, 


Financial Times Friday Mav 26 1978 


!'H 

!li ! U 


*5\ll-'tisne 
record for 

H&J Quick 

Groiiff 









fK-in 


J 


i FIRST CASTLE 
I SECURITIES LTD 


In the year ended 31st January 1978:— 

* Turnover increased from £170.954 to £650,398. 

* Pre-tax profits rose from £71.924 to £138.705. 

* Surplus from sale of shares in Leisure & General Holdings 
Ltd. included in extraordinary credit of £206,347, against 
debit of £13.617. 

* Return to dividend list with gross payment of 30%. 

* Retained profit up from £33.936 to 124S.173. 

* Suitable opportunities for further expansion being sought. 

* Excellent results illustrate continuing progress of the Group. 

Chairman: Leslie Connor BA . . 

Head Office: 

Castle Chambers, Castle Street, Liverpool L2 9TB. 
Annual General Meeting to be held at the Holiday Inn, 
Liverpool, on Wednesday. J4th June 197B at li.45 a.m.- 


COMPANY ANNO UNCEMENT 


.SM3 


i i ; ; . f i • • S 

\UUii i If 


ELANDSRAND GOLD MINING 
COMPANY LIMITED 

( Incorporated in the Republic of South Africa) 
STOCK EXCHANGE LISTINGS 
PROPOSED RIGHTS OFFER OF 25.161,413 
SHARES OF 20 CENTS EACH 

The Committee of The Johannesburg Stock Exchange has 
granted a primary listing for the letters of allocation and 
subsequently fur the shares, as follows: 

(a) RennunceabJe letters of allocation (iiH-paidi in 
respect nf 25 161.413 shares will be listed from 
May 29 1D7S to June 21 1978, both days inclusive. 
Ilea lings on The Johannesburg Stock Exchange from 
May 29 to June 2 3978 inclusive, will bo for settle- 
ment in Account No. 23; thereafter dealings will 
he f«»r normal settlement. 

The list day for splitting renounceable letters of 
allocation will be June 22 1978. 

(b) With effect from June 22 1B7S. a total of 7S.4S-r.-3S 
shares of 20 cents each will be listed, nude up as 
follows: 

tit 50 322 825 shares being the existing issued capital 
of the company: 

(ii# 25,161.413 shares arising from the offer. Deals 
in these shares on The Johannesburg Stock 
Exchange between June 22 and July 14 197S, 
inclusive, will be for settlement in Account 
No. 29. All subsequent deals will be for normal 
settlement 

Application has been made to the Council of The Stock 
Exchange in London for a listing for the new shares with 
effect from May 30 1978. Dealings in London will commence 
in nil-paid shares from that date, and in fuliy-paid shares 
from June 25 1978. Dealings in nil-paid shares in respect of 
fh." period May 30 to^ June 5 197S will be for deferred 
sett lenient on June 6 1978. 

Johannesburg. ' J7a?/ 26 19/S. 


The Bea uford Group 


BESIT.TS FOR YEAR ENDED 
Slht DECEMBER 

Turnover 

Profit before tax 

Profit after lax 

Earnings per s>hare 

Dividend per share 


From l!u‘ sMonu-nt l.y the Chairman. Mr. G. Crawfnrrt: 

Pre-tax profits, np were asa,n » r ecord and ,he 

Board recommends a final dividend of 2JHj> per share net, 

the maximum permitted. 

All activities contributed to the improved results. The 
engineer! nc companies expanded their markets amt the many 
Strics ftoy serve extend front steel to medical enmpment 

Expenditure on fined assets tlorinp the tast ftmr jears 
i j n ,nii|jon Wliilst maintaining this high rate or 
e“ P „ P ,mr peJdilnre L Company rtmM- im hai.nce 
,h!!el improved liquid!!? and increased net eucrent assets and 

assets per share. 

WV ire budgeting for an increase in both turnover and 
profits 1 fur* 1978 and the results so far achieved lead me to 
believe that our budgets will be met. 

THE BEAUFQRD GROUP LIMITED 

CLECKHEATON. WEST YORKSHIRE BD19 3H\. 


1977 

1976 

E 

£ 

4,271,808 

4.300.-939 

522J361 

433.261 

240.876 

200.491 

7.4p 

6— P 

3J4P 

2.9flp 




Mr. Norman Quick 

Chairman. H&J Quick Group LuL 

^S2Sb^ST7c57 i l , ? d ' B ' 9 p™"* »» 

KBRSsaaSS-sfis 
. -’ssssa- 

• S h TO an h,prBV,OUS '' ear - 

C 959 M 0 Oreta * VVaSUp 88 ,ifro m£S 11 . 000 to 

• ^"^P^Pividend is Q.B 5 p Dor 5 n Orriinarv 

• SS for the vear - 

• We have a first rate team tif people woric-na ' 

wrth the finest vehicle range available in the 

durina 1 fheSJ? 6 ° utloo . k * or our Company 
progress ,ng Y ear ,s '°ne of further 


Underwriting loss holds 
back Minster profit 

UNDERWRITING lose of ings down from 17.03m to £5.92m the 1975 figure because of strong 
compared with u £90,118 for 1977. At half lime profit was growth in investment income and 
profit last time, in the motor, fire up at £3.5flm (£3 38m). a dramatic improvement in per- 

and accident account at Minster Tax for the year look £2. 89m formance by the British Midland 
Assets in 1977 offset the pre-tax (£3-»j>m> and dividends absorbed Airways subsidiary. The profit 
roninbution from British Mid- II. 22m (fl.Ofim). An extra- mix will change again in 1978 with 
land Airways which rose sharply ordinary .surplus this time of an underwriting loss expected but 
from £44.863 to £1.47m. The £15.2S2 arose on the sale of invest- at a lower level than 1977; a profit 
group ended the year on taxable merits. For 1076 there was a debit contribution of around £lm from 
earnings X0.47m ahead lo a record of 11.09m as shown in the British Midland Airways and 
£7.69m after being £09Pm better parent's accounts. some growth in investment in- 

wjth £3.75m at half time. *39 “ ik? come although not at the same 

Marine -and aviation underwrit- i i rate as in past years: the group 

ing showed improved profit of rnvenjwm income ... r.pM.as. s.RSi.jn has completed its portfolio shift 
£5602253 (£171 BIS') and investment Sifl™ i."* 8 ,!!? H « S 68 - 211 from equities to higher yielding 

Inenmn mw fr^vr. CZ Blm tn m ?' nr - * a '- c - w w >rha» mnetnf jl. 




# ** 
* ST-t-K 


1 m m 


Profit and Dividend 1977-78 

The Board announces iis intention to recommend a final dividend of 5.081 p per 
Ordinary Share which, together with the interim dividend already paid, makes 
a total for the year of 7-559p (gross equivalent of H45-P — 1 976-77 1 0.3 1 sp\ 
Under the Government’s counter-inflation regulations this is the maximum 
permitted. 


mpnme rose from Id-SSm to loss’ ....... smbsw -whs si!**. The market' was dls- 

C7.03m. The result at British Share of Msea!...V.. “ 33.&S0 »jrei appointed with the figures and 
Midland was after Interest chargpd E*pi-n«« ... 1.379 jto 6^ tvs the price claseri at 63p. down lip. 

by the narent company Of £15,364 fffif 1 '?* S™!-!*® At Lhat level the p/e is B.4 and 


eonpany 01 115,364 

li.iM.S011. Other arm-lues* 1 

In November the directors had British Midland 

■said that the stability- of sterling BradrWe 

and signs of a slowdown In the pr " nt ■ 

! rate 0? domestic inflation aucured k v , 

1 well for the Immediate, future To niinonnt? 

and a good result was anticipated. Exiraoid. debits 


2 «jk ihe gross yield is 8.8 per cent.’ 
1,472.388 41.SC: 

ire.«M S3.335 Tfc 

T.M4a« Kprupr 

3. 193.907 4.B11.BS! JLPVJ. UVl 
1083.222 3JSB.286 ° 

840.181 8M.SI3 T ^ 

stisis Jenson 
expands 


However they commented that the , ™->« Wg-M; O tlUUU 

first-half tumround from I499.0M ASSaabl"' i mm -""mSS n 

deficit to a £111,000 surplus at Prerrmtce divincod'"..'. " n.300 3-sm AV*9Q MriP 

British Midland Airways owed ordinary dnidend 1.318.682 uio.tbo CAliflllu^ 

much 10 exceptional non-recurring ■■■. • v 9 ®?^ 168 

factors. W"* PRE-T.-VX PROFIT for 1977 of 

Tax for the group was down invesnwm resort or Muit'-r' fnsorantv Berger Jenson and Nicholson, a 
from £4.01ra to £S.59m for the ktoup ta.tflm isoa.sssi. t To mvesuneni subsidiary of Hoechst AG, ex- 
year and stated earnings per 25 p reH,rr *‘. panded from £7. 54m to IS. 12m 

share emerged at 9.51p [6.R4p>. m ""i 1 * 1 ^■ Wra gainst £2. 07m arising 

The net total dividend is stepned w UVillineni 5 n the first half. Full-year sales 

110 to 3.55p (3271S5pj with a final A £700.000 provision to coi-er run were ahead from £f76.95m to 
of 2p. oSs from the closure of the £19T.39m. 

A fail in the value of the com- Moroccan general insurance The 19<t result was after 
pany’s oil exploration interests business and a £1 Am underwrit- interest of £4.37m. (£3B5m) but 
resulted in an extraordinary loss icg loss in France are the mam included a share nf associa’e* 
of £751282, offset by other extra- elements in Minster's motor, fire profit of £2.4fhn 1 £2.01 nit. Tax 
ordinary gains of £17,121 (£15.200). and accident undenvriting loss, took £4. 04m 1 10, 16m) and afrer 
ror 1976 there was an extra- The Moroccan operation closed exchange debits of £3.72m [£2.4Sm 
ordinary debit of Il.OSm as the down three years ago but in- credits). Other credits 10.28m 
portion of reserves attributable flation has lifted the cost of tIOilm debits) and minorities 
to minority holders arising from claims and forced the company £028m (£0,7mi. attributable profit 
interest taken in the Minster to make die additional provision, fell from £525_m to £0^6m. 
Insurance Company. The I'K motor underwriting A final dividend of 2.442p 

Because of the setback in the broke even and there was a (2.522p) makes the total payment 

motor, fire and accident under- £100.000 loss on the UK fire and 3.642P (8.722p) per 20p share, 

writing account the group's general business. But the marine The group manufactures and 
insurance broking and undenvrit- and aviation underwriting profit distributes paint resins, wood pre- 
[ing subsidiary Robert Bradford was sharply higher. sermtives. Industrial sealants and 

(Holdings) reports taxable earn- Overall group profit was up on wall-coverings. 

Strikes and low demand trim 
AE to f 15m in first half 


The results arc: 


VTorld Sales to Third Panics 

Sales to UR Customers 

Exports from United Kingdom 

Trading Surplus 

Depredation 

Profit before Tax 

Less Taxation intluding £4. 1 m abroad [i 977 ~£f. 2 tn). 


Year to 31st March 


Less Minority Interests . 


itS75>" 

782.O 

3S7-9 

121.3 

67.6 

53-7 

16.9 

36.8 

6.5 


1-510.3 


Less Extraordinary Items 

Courtaulds Shareholders’ Interest 


Dividends - Preference , 
- Ordinary . . 


Retained 


Earnings per Ordinary Share (before Extraordinary Items) z z, 
19.400P) 


054PU977- 


REFLECTTNG DIFFICULT indus- 
trial relation 1 ; and lower demand 
in some sectors, profit of Asso- 
ciated Engineering declined by 
7.4 per cent to H5m in tile half 
year ended March 31,. 1978. Profits 
in the remainder of the year are 
expected to show .some increase 
on this result. 

Mr. J. N. Ferguson, chairman, 
explains that the industrial dis- 
ruption resulted in lower than 
planned production. The lower 
demand occurred in the capital 
200ds industries including ship- 
building and farm equipment, but 
these shortfalls were partly offset 
by increases for turbfne com- 
ponents and strong sales of re- 
placement parts, both at home 
and for export, although at lower 
margins. 

Although the proposed tax cut 
may provide some stimulus to 
consumer demand, Mr. Ferguson 
says that-'the prospects now for 
many of Ihc Industries served 
by the group show nttie or ho 
increase in demand in the coming 
months."- However, Current indica- 
tions are .that secohd-baLC profits 
shpuld show some "improvement 
over those of the first half. 

Sales in the half year showed 
an increase from £142.7m to 
r\5R7m erm rinsing UK £9S2m. 
fr*?7m) anfi ovprs'-^s rR0 5m 
1 £55. 7m). Profit attributable -to 
nrdinary holders comes through 
at £7 Am. against £7 5m. and earn- 
ings per 25p share are given at 
8.1n (9.3pi. 

The interim dividend is in- 
creased from Z.27o to Z.42p net— 
the total for 1978-77 was ,4.69p 
paid from profits of £325ih. 

Half rear 
1977-78 197B-77 
!m Em 


External sales 156.7 145 7 

Profit before tnl and tax* 16.5 1S1 

!lrt inierosi. parable 1.5 1.9 

Profit before tax 15-0 1*2 

Taxation IS 7.9 

Net pro.1t 7.8 9.3 

Minnrltlwi o.i ns 

Preference dividends OJ 0.1 

Mr-'butabla 0"l!rary 7 4 7.4 

nnSinanj dividend'- 1.3 IS 

Extraordinary items* 01 O.s 

■|<-»ai*wd LS 7 2 

* Alter depredation £3.5m iEL$tui. 
' nofjj.ntures ridcH.-ju.-d save H*o to 
nroflr of fO.un •*» Sim. 

The tax charce for the haK-year 
has been calculated at 52 per 
cent for UK earnings and at the 
rates expected to apply at the 
year end In respect of overseas 
earnings. In previous years the 
rate of tax was applied to ail 
earnings at the half year. The 
figures shown for the six months 
to March 31, 1977 have been 


adjusted to reflect the change, 
the effect being to reduce tbe 
charge by £Q.4m. - In accordance 
with group accounting policy 
£0.2 m (same) has been deducted 
from the tax charge for tbe half- 
year in respect of tbe transfer 
from Government grants reserve. 

At March 31 total shareholders' 
funds amounted to £92. 5m, against 
£87.1 m at September 30, 1977. 
Bank overdrafts were up from 
£18.) m to £2B.5m while short-term 
deposits, and Investments were 
lower at £Z2.1m f£13fim). Net 
current assets excluding, bank 
overdrafts increased from £8fim te 
£102. 6m with stocks and work in 
progress up from £87.8m to 
£96 8m. 

Profits of AE’s 58 per cent: 
owned South African offshoot 
were maintained during the six 
months ended March 31, 1978; a 
period which may prove to have 
been .the last phase of the lengthy 
recession in the South African 
motor industry. . 

Turnover rose from R22.3m to 
R24_2m, suggesting littlfe volume- 
change,’, and profits before 
inteiest and tax came through at 
RL7m (Rl.Snril. Earnings per 
share amounted to 35 cents (34 
cents). The interim dividend is 
. unchanged .at 7.5 cents and theTe 
is no hint of any chance in the 
te»ai— pegged at 28 cents since 
1275. 

The directors say that the 
general trading pattern over the 
past six months has ** shown signs 
of recovery.” ’ but is not yet 
confident of a sustained upturn. 
Reasonable margins have been 
maintained in the face of. 
increases both in competition and 
costs. 

Provided the current trend 
continues, proSts for the year 
are expected to show an improve- 
menL 

At 345 cents, the shares have 
been strong in line with ‘the rest 
of the motor sector, and yield a 
forward-looking 7.5 per cent 

• comment 

With motor component manu- 
facturers generally suffering in " 
depressed industry a seven per- 
cent profits slide at Associated 
Engineering was not unexpected 
in a period taking in a strike at 
one factory io November and 
December.* But the profits fore- 
cast suggests that the company’s 
earlier confidence now -seems 
more muted given what is anyway 
a traditional bias in the second 


six months. Sales of replacement 
parts are going well but with 
other groups entering this com- 
petitive field margins are under- 
stood to have been hquezed. Some 
return from last year’s heavy 
capital investment should now be 
showing through while the UK 
car market is mere buoyant. 
.Mean while demand for .turbine 
'components has been picking up, 
though the boom in diesel engine* 
may be petering out At Hop 
tbe shares stand on a P/E of 6.1 
(on unchanged profits) and yield 
4.5 per cenL 

£0.9m at New 
Throgmorton 

Pre-tax profit of New Throg- 
morton Trust * climbed . from 
£880,912 tu £043,329 in the March 
31. 1978* year.. The result is 
subject to tax of, £315,363 against 
£389,746. , i ' 

Earnings per 25p share are 
sboyra at 1.605p (lJ255p), and the 
final dividend of D.7p takes the 
total to an unchanged 1.54375p 
net. 


Extraordinary Items include an exchange loss of a trading nature amounting to 
£3.0121 (i977 ” gain £i.3m) in respect of the net current assets of overseas 
Subsidiaries. To avoid distorting the results for the year, exchange adjustments 
relating to non-trading items - fixed assets, investments and foreign currency 
loans - amounting in aggregate to a deficit of /19.6m have been dealt with in 

Reserves. 

Results were affected by depressed market conditions both at home and 
abroad. Margins on export business were also reduced by the strengthening of 
sterling which took place despite cost increases more rapid in the U.K. than those 
elsewhere. Industrial disruption occurred in a number of plants. 

The Group generated a cash surplus for the year of /30.3m compared with a 
deficit of /62.5m the previous year as a result of a sustained programme to 
reduce stocks of finished goods (with consequent short-time working in some 
places) and a limitation of capital expenditure. 

There are some indications that trading conditions are slowly improving. 
Trading results continue at present at a low level and major uncertainties still 
exist in the Group’s markets. 

The Report and Accounts will be posted to Shareholders on 19th June, 197S 
and the Annual General Meeting will be held on 19th July, 1978. The ordinary 
final dividend will be paid (if approved) on 28th July, 197S to Shareholders on 
the register on 25th May, 1978. 


Courtaulds, Limited 

18 Hanover Square London Wi A 2BB 


C J. Cornwall, Secretary 
25 th May 1978 


orge Wimpey 

Record turnover & profits 


COMPANY NEWS IN BRIEF 

ROWAN HIGH YIELD FUND— Jmeryn INVESTMENT TRUST — Total Income 
ilstribnUon on Tru-omi- nntts for accmiut- fisjei iBMSSi for 1B77. After loan 
ins period Novfmfjor 17. 1077 to November and bank Interest end management ca- 
ll. UTS will be l.HJfip nci per nnlt Pe rises re.m <£14.331 1. revenue 05.17D 
• 1.4B&P last rear), payable on June te. <£13.0941. Tax nil isarnci. Net asset 
'» latest •nbs.-rto'joa day. 31 ay IS. lbe value per 30p share SOSp. Ftoal 0.487Sp 
offered price ol Income units .was net matdnj; local D-HTap isamo'. 

C7«pxd and the estimated woks yield HOLYROOD RUSEER— HarrUtonB ami 
'iwi'i'eil J« a» i-oniu- re * "i ibr icnft at f: rustic Id cranp member. Results to 
the Peed Trust was / 83 rcr cent. Pi-.vmber 31. 1977. already Known. 

LONDON ENTERTAINMENTS itbeatrc Results fur 1976 not expected in be 
production and m^r.wmrm ■— Piu-tax malenally different lo 1977. Fixed assets 
profii £48.951 if.10.267i for sis months lo £fl.54m i samei. nw current assets E&933 
Vc binary 2», i»TS. Tax IM.4M i£2=JU>. inw.OSSi. Meeting. M Great Tmcer 
Chairman myp JUtootib Income from In- street. EC. June 18, at U-3U pm. 

St EBrJs £5 sssi j” "a 

trtSiJ W ah?^^a| H ^va e i r 'of W r2lTW^ •‘"““re staiumeni wMi prosrxids. Grasp 
Kvaibcr and the uaual arrival of rwrors, ^ £35.3®,, net ■ -i r v ir. 

^ P ™ nt 1 17-75 decreased £168.048 ■ PLTSmi. Imuertal 

LONDON iN-rtRCON-nNENTAL TRUST 

a fl M. Mir ££ r-JS TsL^. JfB S?" 0 ™ Roonis- 

‘Tan STtoLLiMS .food * 

•Jlnrlbutors#— Results yi-ar to l-nbruar. parted. Iru-ludlnp H. Siodnvell and Co. 
2a. 1975 already Jaion-n. Croup ntid a ^d mtauffired Used assets £2 Jim iHmi, 
?!*£■!?, “i 1 ™- '■ 1 2 L '' cun 7 n J Vnr tbe M weeks net liquid WnrtH me 

liabilities £1.07ni. isssi'is CJS.OMi. Net Jfi i? m t£0.fi4m Oemaaei Ucctbw 

! Mersesr,,dc - on 3m * eooYco-re international ft-MO-s, 

“xuati bucm rubber com- “ Rcsnlw ^ 1877 Kporw April M wi»fi 
nr wnrrtamL nrui obKervaHons on presttem. Grottp fixed 
n ° r n .»? l ^S ns -.^"3 £5 Mm if3J9m». pel e rnie m assets 

SS? 1 ?? group tj-flenil lls ror 1977 reported ^.~9n, fE5.D*»mi. Bank balances and 

iET 11 .mssat.' ? 3Bh “F MS7 090 M*"™ rTU.nofl'. Gearing 

Ririihi^^nn reduced from 45 pet cent to H per etna. 

?*ff Xfr , CTO f c<ptct ff J° 19 » r v if ihnc. Manchester. Jtme ». at 13 JO pm. 

cent and palm cron to rise bt one flitrd. ...... 

Results tn I97S rxpeaed 10 be similar 

10 1W7 MeLtiiiK. 1-4 Great Ton ur Stret-L mpltcrt— Results for 19,, already known. 

TANJONC TIN DREDGING — Futd i”Sd^ "hriTtonS 
assets £125 J7n tnsa.47Si. current a tsns SJSbw ■ 

I re. Mm. f£i.0jm.i. current lfaWHiles SW ’ 

ffl.SSiu. i«B.33m.i. PahanK Consulidaird “1. J°- 

! Company owns 29.8 par cent of shan-s GA^TDNS— Tnnkrver for wren months 
and K-tScoMolWaU-d MS per. «m. ***£*». ** 

Meellna- London Wall. June 13 al J.M pm. J™* £2363 IG.7MI Loss per iftp aji.ire 

SisrJ's'Sss 



1977 

1276 

Turnover 

£752 million 

£652 million 

Profit before tax 

£51,365,000 

£44,493,000 

Profit after tax 

£25,426,000 

£19,446,000 

Dividend 

£ 1,767,000 

£ 1,561,000 

Earnings per share ' 9.9p 

7.6p | 


Highlights from 1977 Annual Report: 


UK building and civil engineering 

Despite the recession, particularly in civil 
engineering, turnover increase'd. ■ - - 

Bigger share of private housing market — sales 
exceed 10,000 units. 

Over 7,500 homes built for local authorities. 

Commercial and Industrial Buildiba — satisfactory 
results. ' 

Opencast. coal — over 1 million tonnes produced 
again — increased workload. 

Overseas biaiidmg and civil engineering 

' Turnover rose substantially. . 

Middle East main area of activity ; new offices 
opened. 

Canada-y-reco'rd turnover improved profitability 
and diversification. 

Nigeria— -considerable expansion achieved. 

TiTniaad“—solid progress on building and 
industrial projects. 

"V enezuela — agreement to provide building 
technology. 

Franco— steady progress on private housing. 

Offshore Engineering- • 

Fourth ‘North Sea Oil production platform under 
construction by Highlands Fabricators. 

Diversifying into new fields of steel fabrication. 

Participating in fabrication of offshore drilling 
platforms in Venezuela. 

Virimpgr^arine — vessels fully engaged in 

Mechanical, electrical and chemical engineering 

Overseas turnover doubled ; diverse workload. 

Heavy involvement in Saudi Arabia. 


Asphalt and qnazrymg 

Turnover increased, despite severe cutbacks in 
UK public expenditure— quarry sites acquired 
In Scotland, 

Expansion overseas continued. 

Laboratories 

New activities include water well drilling, 
drainage and dewatering work. 

Variety of research projects in progress. 

Laboratory established in Dubai. 

Property development 

Interests inUK and Europe consolidated In Wimpey 
Property’ Holdings. 

Twenty nine substantial developments in UK. 

Major schemes in Germany and Holland by Ariel* 

Nationalisation 

Labour Party proposal to acquire one or more 
major contractors is irrelevant to needs of nation 
and industry - would mean higher costs and 
less efficiency. 

1978 

The company has a record order book. Chairman 
R. B. Smith, “Confident we shall have another 
good year." 


FIRST Castle SECURIYIES-Hemlik UDSTOME (retail bmchere anil pro. 
to J Knurr 31. I97fl. already kmwn. Fixed pen? uncsoneau— For half-rur i» 

assets £132.519 f £148. DM!, current asseis January ]«. . u» pre-fix profit rt » jjij 
ELO ffm. ffO^emi. current UabOltics IP-Sra <04.7801. Tax £W3! f£7.S7ss EsmUto 
fjtOJTSnt. Merlins, Uverpoel, June U at P<r share 2.1p KXai. Bum «xneet« . 
U-4* am. . . . gtjfit far cccdad -twll jw*ar -io be -lower 

MANCHESTER And LONDON Own to the previmo yoarT 



Contractors to the world. f?T 

Copies of ih» Report and Accounts are available from: The Secretary, George Wirnpsy & Co. L(d, 27 Hammersmith Grove, London, W8 IEPT 




■is ' 




* • . \\> 


26 


Financial Times Friday May 26 1978 ^ 


CLIFFORD'S 

DAIRIES 


. ? 


vai. iw.* » * w 

PROSPECTS: 

ENHANCED 


The Chairman, 

Mr. Gordon Clifford, 
in his Statement says— 

We continue to profitfrom house building and 
new customers throughoutthe areas covered 
by our own retail rounds and those of the 
dairymen to whom we supply bottled milk 
wholesale. Our manufacturing activities 
progress well and we are pleased with the new 
business we have secured. 

Proposed Merger with County Dairies 

County Dairies are about half our present size 
and deal entirely with liquid milk. They have 
been valued customers of ours for several years 
with cream and yogurt and the new group will 
cover a large triangular territory bounded by 
Bracknell, Bristol and Coventry. 

This is by far the largest extension that we have 
made at any one time, and it will greatly 
enhance the prospects for growth and profit of 
the new group in the coming years. 


Four Years Review of Group's Progress 



1977 

1S76 

1975 

1974 

Turnover - £'000 

20,974 

18.457 

14,262 

11.278 

Combined Profit 

before Taxation 

966,327 

S44.796 

792,560 

423,524 

Taxation 

421,429 

438,108 

395,676 

134.775 

Combined Profit 

afterTaxation 

544.898 

508,688 

396,884 

288,749 

Rate of Ordinary 
Dividend 

7.623% 

6.930% 

6.207% 

5.817% 

Dividend cover - 
times 

4.7 

4.8 

4.2 

3.2 

Earnings per share 

8.90p 

8.27p 

6.48p 

4.72p , 


Tronoh Mines Malaysia 

(incorporated in Malaysia) 

Extracts from the Statement by the Chairman, 
Encik Junus Sudin, for the year ended 
31 st December, 1 977. 


Pasi Year’s Performance 

Group profits for the year before taxation, minority 
interest and extraordinary items, but inclusive of invest- 
ment income amounted to S22,991,000 — a sharp increase 
of 79% on the profit for 1976 of 512,862,000. Group nett 
profit after taxation and minority interest was SS.855.000 
as compared to 53,776,000 for the previous year, yielding 
an earning's rate of S6 cents per $1 share against 37 cents 
for the previous year. 

Dividends paid in respect of the year amounted to 
52.S cents nett per 51 share. Dividends paid in 1976 were 
2.07 pence nett by Tronoh Mines Limited before its 
emigration to Malaysia and 15 cents nett by the company, 
equivalent to a total of approximately 23.9 cents nett per 
share. 

Projections For Current Year 

Production for the Group during the current year is 
expected to increase slightly. However with a likelihood 
of a lower average tin price and a reduction in profit in 
Ayer Hitnm Tin Dredging Malaysia Berhad the profits 
attributable to the Group are expected to be reduced 
correspondingly, although the profits from the Group's 
mining operation are expected to be maintained at 1977's 
level. 

Developments During The Year 

Consequent upon the emigration of Tronoh Mines 
Limited and its subsidiary Southern Tronoh Tin Dredging 
Limited to Malaysia it is now desirable for tax and adminis- 
trative reasons to liquidate the companies. Accordingly, 
a special resolution was passed on 1st April. 1975 to vtind 
up Southern Tronoh Tin Dredging Limited, on which date 
ail the assets and liabilities of that company were trans- 
ferred to Tronoh Mines Limited. The winding up of Tronoh 
Mines Limited will commence on 1st January. 1979 when 
ail its assets and liabilities will hare been transferred to 
the company. With the winding up of both these companies 
liability for excess profits tax on dividends will not trise. 
Except for this saving and the reduction in administrative 
costs, the company’s profitability will not be materially 
affected by the winding up of Tronoh Mines Limited and 
Southern Tronoh Tin Dredging Limited. 

Progress Of Projecls 

At Ayer Huninq, sufficient reserves have been proved 
and substantial land purchases made within an area which 
would provide 10 years of dredging for one of the existing 
dredges. It was planned to transfer the N'o. 2 dredge to 
this area in the third quarter of 197S. Since conversion to 
mining title has not been forthcoming, contingency plan- 
ning has been necessary and under the current mining 
programme No. 1 and No. 2 dredges will cease operations 
in 1953 and 19$ l respectively when reserves within the 
present leases will be exhausted. The impending closure 
of No. 1 dredge at Bidor in 1979 also because of exhaustion 
of reserves highlights the need to obtain new mining 
ground. 

Regretfully, progress has been slow on the develop- 
ment of the new mining property near Tapah Tiond nn 
which, since 19fi6 when land purchases began, some S6.4 
million has been spent. The previous proposal submitted 
to Foreign Investment Committee to develop this new 
mining property jointly with the Perak Slate Development 
Corporation has been rejected on the grounds that it did 

not comply with the participation requirement under ine 
Government's New Economic Policy. A fresh proposal has 
been put forward to the Foreign Investment Committee and 
hopefully this in turn will lead to the issue of mining 
title, and consequently the recommencement f ,r ihe project. 
Towards the end of the year, notice of compulsory Hcqui- 
sition of land within the project area for the purpose of 
construction of the new Ipoh-Bidcr highway was gazetted 
and the effect of this on the project is now being studied. 

Further development of the South Selangor joint- 
venture has also had to be postponed pending revision of 
the existing agreement with the state to comply with 
Foreign Investment Committee rulings and state policy in 
mining. Negotiations with the state nn behaif of the com- 
pany are now conducted by Malaysia Mining Corporation 
and an announcement should soon be possible. 

In Thailand, the partners in the Thai joint-venture 
decided early in the year that they did not wish to proceed 
with the implementation nf tin* offshore project and on 
that account the General Managers were instructed to find 
a buyer for the joint-venture assets. This did not prove 
particularly easy but towards the. end or the year firm 
negotiations were in hand and it is expected that an agree- 
ment will be concluded shortly. 

9 th May, 1978 

Copies of the Report rmd Accounts and Chairman's 
Statement can be obtained from the ffepwirars, Associated 
.tlhwat ( Malaya i Sdn. Berhad. P.O. Bar 2125, Kuala Lumpur 
01 - 02 . Malaysia, and the London Agents. Charter Con- 
solidated Limited, 40 Holbem Viaduct, ECfP JAJ. 




’s suitor is 
with 20p 


Unigate emerged yesterday as 
the mjisliyry bidder tor Carding 
Group. the Midlands motor dis- 
tributor whose shares were 
suspended on Monday. The agreed 
offer of 20p .in cash per share, 
matches -the suspension price, and 
values Carding at £4.6m. 

There is also a share alternative 
fof 3S Unigate shares for every 
100 Carding l which is worth 
21.85p a share. Shareholders who 
accept the share alternatives will 
aL?o qualify for Unifiate's final 
dividend for -Che year to last 
March. Assuming a 10 per cent 
increase in the 1977 final this 
would add a further 2.05p » the 
offer price, or 1.6925p net after 
assuming that Carding would have 
paid 0.3575 (again a 10 per cent 
increase on last year's dividend). 

Unigate already controte 54.9 
per cent of the equity having won 
irrevocable acceptance from the 
directors and their families with 
regard to 21 per cent of the 
capital in addition to having a 
condition agreement to acquire 
the 33.9 per cent, owned by Mr. 
John Srait. 

The agreement with Mr. Stait 
involves Unigate in buying his 
company WoridcourL whose sole 
asset is its stake in Carding. 
Unigate proposes to pay off 
Worldcourt’s indebtedness and 
taking this into accoutre, the price 
paid for Mr. Slant's shares in 


Carding is equivalent to 20p per 
share. The contract is conditional 
upon Unigate being satisfied as to 
the accuracy of certain warranties 
relating to Worldcourfs financial 
affairs. 

Holders of Carding 1 s 95 per cent 
convertible unsecured loan stock 
1993 will be offered £82 C3«h for 
every’ £100 nominal of stock. This 
offer is condition upon the offer 
for the ordinary’ shares becoming 
uncondvuonai. 

Unigate said yesterday ‘that the 
acquisition of Carding would pro- 
vide a natural extension to its 
existing parage interests. Unigate 
already has a subsidiary. Zenith. 
w.hic bhas a Ford franchise in 
London and o their, United Services 
Garages wit a Vauxhall franchise 
in Portsmouth. Other franchises 
exist in Cornwall and the -South 
West. Carding's British Leylar.d 
franchises in -the Midlands would 
form the apex of a wider triangle, 
Unigate said. 

LONDON & EUROPEAN 

London and European Group 
has subscribed for 50 per cent of 
the ordinary capital of Hamblin 
and Glover (Oilfield Services) of 
Corby. Northants for £120.000 plus 
a loan facility of a similar amount 

H & G manufacture and supply 
oilfield equipment worldwide. In 
addition it owns 72 per cent of 
the ordinary capital of H. G. Tubes 


of Llanelli. South 1\*a!es, manufac- 
turers of API tubing for the petro- 
chemical industry. The minority 
holder in this latter company is 
the Welsh Development Agency. 

Miln Marsters 
warns on 
dividends 

MILN MARSTERS. which is on the 
receiving end of a take-over bid 
from Swedish group Hflleshog- — 
which already has a 51 per cent 
controlling interest — has warned 
shareholders that dividend pay- 
ments may be severely restricted 
for some years. 

Directors of the Norfolk based 
seeds company recommend share- 
holders to accept the 20fip a share 
bid in an offer document sent out 
yesterday. Mr. Robert Whitehead, 
chairman of Miln Marsters. says 
that Hilleshog intends to increase 
expenditure bn research and de- 
velopment and this may adversely 
affect distributable profits. It was 
unlikely that a final dividend 
would be paid in the current year. 

He also warned that Miln 
Marsler's pre-tax profits in the 
year to May 31, 1978 will be 
approximately £725.000— compared 
with last year's £925.000. 


MINING NEWS 



Rossing output halted 
by plant fire 


-V 


li 


Capital and Counties agrees to 
Johnson Group offer 


Johnson Group Cleaners which 
was last year subject of an 
abortive takeover bid from rivals 
Sketcbley is now or the takeover 
trail itself and has agreed a £1.7m 
offer for Capital and Counties 
Laundries. 

The deal will make Johnson a 
much larger and more difficult 
mouthful to swallow for any 
potential bidder wishing to follow 
in Sketch ley’s footsteps. More 
importantly it will extend 
Johnson's cleaning operations in 
the South-West where it currently 
has ony a very limited exposure. 

Johnson is biddnng 15fip cash 
for each ordinary share of 
Capital which compares with 
Capital's share price of 5tp on 
Wednesday. Yesterday Capital's 
share price shot up to 14&P- 
In addition Johnson is bldddns 
6Gp cash for every £1 cumulative 
preference share. 

The bid is already assured of 
success with Johnson having 
received irrevocable acceptances 
representing 60 per cent of 
Capital's equity. Capital operates 
laundries in the South-West and 
has 41 dry cleaning shops In the 
area. 

This latest offer follows the 
purchase of Zeray, the Yorkshire 
based dr/ cleaners, by Johnson at 
the begining of this year for 
£440,000. 

W. HENSHALL 

Petford. the private company 
representing the interests of Mr. 
Joseph Murphy, is to procead 
with its bid for W. Hcnshall and 
Sons, despite an announcement 
from the other bidder. Bovboume, 
that it will not accept Petford's 


oiler. 

Bovbourne owns just over 50 
per cent of the company as a 
result of purchases in the last few 
weeks which it says are now on 
the register of shares in :l* n«:i 
name. 

A spokesman for Petford said 
that he regretted Bovbourne's 
attitude which was depriving 
minority shareholders of a higher 
price for their shares. Petford 
is offering 30p against Bovb-jurne's 

20p. 

DANA TERMS 
VALUE TURNER 
MFG. AT £14£M 

Dana Corporation, the U-S. auto- 
motive components manufacturer 
last night confirmed that it is 
bidding 145p a share to gain full 
control of Turner Manufacturing, 
the UK commercial gear hex com- 
pany. 

The deal values Turner at £145 m 
and Dana is offering almost £9 jm 
to buy out the remaining 65 per 
cent, of Turner It does not 
already own. Directors of the 
Wolverhampton-based company 
are recommending shareholders 
to accept the terms. 

Directors and family interests 
representing a 175 per cent stake 
have already said they will accept 
the offer, which is conditional 
upon the bid not being referred 
to the Monopolies Commission. 

Dana has said that it intends 
to use Turner as a base for its 
expansion plans in Europe. It 
recently paid around £3m to buy 
out an outstanding 66 per cent 
interest (it already owned 44 per 
cent) in Fioquet-Monet. the Paris- 
based engine parts manufacturer. 


It is thought that Dana intends 
to raise the finance for thi* latest 
deal through loans from , UK 
banks. 

Meanwhile Turner revealed yes- 
terday that its first-half pre-tax 
profits to March 25, I97S. had 
slipped almost 45 per cent to 
just over £lm. This reflected the 
group's problems in Turkey and 
with the UK tractor industry. 

GIossop wants 
rest of 

Wettern Bros. 

W. and J. GIossop, the public 
works contractor, is to bid 95p 
cash per share for the equity of 
Wettern Brothers it does not 
already own. 

The offer values Wettern, distri 
butor and manufacturer of con 
struction materials, at about £L6m 
compared with the market capital- 
isation of £Llm on the middle 
market price of 6Sp on Wednes 
day. 

GIossop currently owns about 
25 per cent of Wettern's equity 
and intends to make a suitable 
offer to its 3.25 per cent curnula 
tive preference shareholders. 

It considers the proposed acqui- 
sition on a 'logical extension ot its 
involvement in the construction 
industry and plans to continue 
Wettern’s existing business. 

Wettern incurred a pre-tax loss 
of £90,700 (profit £73,700) for the 
first half to June 30, 19m. while 
GIossop reported on Wednesday 
a pre-tax profit of £530.915 for the 
year to January 31, 1978, against 
£733,796. 


Aurora chief confident 


Aurora Holdings, which is 
bidding for all the remaining 
shares of another Sheffield con- 
cern, Samuel Osborn, in which 
it now holds a controlling 50.7 
per cent, should achieve a satis- 
factory result in the current year, 
Mr. Robert Atkinson, the chair- 
man, said at the annual meeting 
yesterday. 

Mr. Atkinson also told share- 
holders that there had been a 
modest, but firm, increase in the 
value of Aurora's order book to 
more than £10m. 

Referirng to the take-over offer, 
he said Aurora believed that a 
Tull merger with Osborn was in 
the interests of all shareholders 
and employees in both companies. 
They uould invest in and develop 
Osborn as they had Aurora. 

Mr. Atkinson said that the busi- 
nesses of Aurora and Osborn were 
complementary rather than over- 
lapping and that he foresaw 
benefits to both companies from 
the get-together, particularly in 
several areas which he mentioned. 
Aurora's steel stockholding net- 


work in the South of England 
would provide additional outlets 
for Osborn’s production or tool 
steels. In addition. Aurora was 
a large manufacturer of ground 
fiat gauge plate, while Osborn 
had the resources to provide a 
steady supply of the necessary 
special steel alloys in rolled form. 

Another point was that, in view 
of the different countries over- 
seas in which the two concerns 
owned companies, there were 
opportunities for increasing the 
geographical distribution of the 
products of both. 

Noting that both Aurora and 
Osborn were active in the pro- 
duction of alloy steel and special 
steel forgings for the nuclear, air- 
craft and other .specialised indus- 
tries, Mr. Atkinson said the com- 
panies had different specialist 
equipment which. combined, 
would enable a more comprehen- 
sive service to be provided to 
customers. 

CARLTON/HAWKER 

Carlton Industries has con- 


cluded the agreement by which it 
will acquire Hawker Siddeley's 
lead acid battery subsidiary 
Crompton Parkinson. This now, 
clears the way for Hawker to go 
ahead with its proposal to take a 
51.9 per cent slake In Carlton, 
which already has substantial 
are finalised. 

HARDY EXTENDS 

The cash offer by Hardy and 
Co. for all the preference shares 
of its Irish subsidiary, Millar and 
Beatty, has been extended to June 
8. Hardy, including the shares 
it already owned, now has 41.6 
per cent of the preference. 

CHARLES HURST 

Charles Hurst, the Irish car and 
commercial vehicles repair group, 
appears to be on the point of 
announcing a bid for McNeill 
Brothers. The Irish group said 
last night that negotiations were 
at an advanced stage and terms 
would be anounced as soon as 
they finalised. 


BY PAUL CHEESERIGHT 

THE DRIVE tn bring the Rossing 
Uranium mine in Namibia (.South 
West Africa 1 to full production 
sometime next year has been 
checked by severe damage to a 
solvent extraction plant. 

Rio Tinto-Zinc. the major share- 
holder. will soon approach 
customers. including British 
Nuclear Fuels, to discuss further 
re-scheduling of deliveries. 

A statement from RTZ. issued 
yesterday, said that the mine's 
planned production this year 
"could be reduced by as much 
as 20 per cent." 

But this will not cause much 
difficulty at BNF. the buying agent 
for the UK power generating in- 
dustry. A spokesman said that 
slocks were adequate. Supplies 
of uranium oxide are also bought 
from Canada and South Africa. 

Rossing has a contract to supply 
about 7,500 tonnes of uranium 
oxide to BNF over a period of 
five or six years. 

The plant was damaged by a 
fire when kerosene from a 
fractured pipe spilled on to an 
electric motor. 

The immediate effect has been 
to stop mine production, but RTZ 
expects it to resume at a reduced 
level after two or three days. 


However the plant will take six 
months to 

will have to be held back durm.. 

th Output°f l hi Ji year was expected 
to be 4.00» tonnes as plnnnrd 
modification^ at the plant canu- 
into effect, with the capacity pro- 
duction of S.ih» 0 Tonnes a year 
being reached sometime next 

year. . . 

At this staue i* « not possible 
to say whether the 1979 target 

will be met The solvent extrac- 
tion planl was not bcing .mod|ned 
to meet Lhc technical difiicuhivs 
which have already retarded the 
mine's derelopinent. 

It was originally hoped to bring 
output up J-000 tonnes a year 
by the end nr 1976. The failure 
to achieve this caused the re- 
scheduling «'f deliveries. The 
shareholders mude a hc»> 
further investment to solve prob- 
lems caused bv abrasive ore. 

The fire which broke out on 
Wednesdnv nighi. puts a brake on 
the mine"- development just as 
it seemed that the technical difii- 
c ul tics had been resolved. Cer- 
tainly the possibilities of the mine 
making a small profit this year 
must how seem remote. 

RTZ shares yesterday touched 



.’*Sp. 

ROUND-UP ' 

Kir-l quarter not Income 
Patino, the Dutch metals finowr 

slipped w * 1Sm fMUSof 
because of currency exchange- 
adjustment* against ?33m. in: the 
11177 first quarter, but Mr. P. j. . 
Keenan, rhe president, told, xto 
annual meeting that there wag. 
optimism about an irapnmniKan. 
over the rest of ihe year. 

+ * * 

Mr. J. X. Savory, the chairmaa- 
or Idris Hydraulic, the Loodoq-; 
company with Malaysian tia r i 
interests, has warned shareholders, 
of a sharp decline in the results, 
expected this year because lower 
grade ami deeper tin wril fee 
mined. Last year (here were ntfu 
pmiits nf £151,521 and total divi- 
dends of 12p. 

+ * * l 

' Declkraal Gold, the developing 
mine in the Gold Fields group, 
has received acceptances for »K7 
per cent of the shares offered in 
ihe rights issue to raise R47Jm 
l£302mj. 


Zaire: higher diamond output 


ZAIRE'S diamond production has 
been unaffected by the current 
emergency in Shaba province. The 
withdrawal of lie Beers personnel 
from a buying office in Tshikapa, 
western Kasai, was a precau- 
tionary measure taken on military 
advice. 

The amount of stones leaving 
the country's mines for the De 
Beers Central Selling Organisation 
was in Tact greater over the last 
four weeks than in the previous 
four weeks. 

The diamond producing areas of 
Kasai are north of Shaba, where 
fighting has been taking place. 
Licensed diggers operate around 
Tshikapa, and in the north east 
of the province around Mbuji-AIayi 
mines are run by the state-owned 
Societe Miniere de Bakwanga 
(MIBA). 

Sibeka, tbe Belgian group, last 
Monday signed an agreement 
which gives it back a 20 per cent 
stiike in MIBA. Its earlier interest 
in MIBA was lost in 1973. Sibeka 
will be providing expertise for 
new .MIBA investments, including 
the construction of a washery for 
kimberlite. 

This new backing for MIBA and 
the maintenance of existing pro- 
duction is good news for De Beers, 
which markets the Zairean out 
put Most of the stones from the 
region are for industrial use and 
come in such quantity that Zaire 
is the world's largest diamond 
producer. 

Current demand for industrial 
diamonds is very strong and 
although there are some stocks 
available, any disruption to 
Zairean output could result in 
shortages. 

Meanwhile Angolan production 
is continuing to climb. This 
month output could reach 100,000 
carats which compares with t 
low of 20,000 carats at the begin 
ning of 1977 when the effects of 
the civil war were most marked. 

An output approaching 500,000 
carats is predicted for the whole 
of this year, but this Is only about 
a quarter of annual production 
before the civil war. However, 
the target for 1979 is 15m carats. 

The breakeven point for the 
national industry Involves 
monthly output oF 63.000-64.000 
carats and while the levels cur- 
rently’ achieved indicate some 
return to normality, there arc 
still grave problems. 

Much capital equipment has de 
teriarated in condition and needs 
to be replaced. There is also a 
shortage of expatriate employees 
needed to fill important engineer 
mg posts. 

Tronoh expects 
lower profits 

GROUP PROFITS at Tronnfi 
Alines Malaysia will be reduced 
this year because of a lower 
average tin price and lower earn 
ings at Ayer Uitani. in which the 
group has a substantial interest 
Mr. Junus Sudin. the chairman 


stated yesterday. 

Net earns ngH for the croup in 
1977 wore MSX.8m (£2.fCm) and 
total dividends of 52.S cents 
(.12. 1 p) wore paid. 

The group's own mining opera- 
tions jiv ev peeled lo maintain 
their 1977 profit levels. 

But clearly the croup is 
approaching ihe fuiuiv with some 
caution. Mr. Sudin referred lo the 
need to obtain new mining 
ground. 

Behind this statement lies the 
failure m cain mining title Lo 
land purchased nl Ayer Kuning 
which has sufficient reserves for 
ten years and difficulties over 
foreign participation which has 
retarded ventures on properties 


at Tupnh Road and in South 
Selangor. An offshore property to 
• n.iiland ts being sold because 
joint venture partners have with- 
drawn. 

ilr. Sudin was critical of the. 
Malay start Government because of 
ihe increase m lhc tin profits lax 
from 5 to 13 per cent. 

-The industry’ desperately needs 
some form of fiscal incentives to 
generate new investments." he 
said. 

Despite all these reservations; 
the share price in London yester- 
day reached a 1978 high of 220p, 
gaming 8p nn the day. Rut this, is-, 
thought to owe more in the recent' 
strength of the metal price than 
the group's immediate prospects. 


Costain sees improvement 



WHILE IT may not be possible 
for Richard Costain to maintain 
the rate or growth of recent years, 
Mr, J. P. Sowden. the chairman, 
expects turnover and profits to 
improve in 197S. 

The company has entered 197S 
with a record level of work on 
hand, and in March outstanding 
orders exceeded £700m.. with some 

three quarters related to inter- 
national operation?. 

The group has also begun rhe 
year in a highly liquid state, with 
ca*h at bankers, monies on 
dopcfii and in hand up from 
£36.6Sm to I3S.6Sm. and making 
up almost half or total current 
asrete of £13 1.55m I £98 .97 m ). 
Current liabilities were £94. 3m 
(£69 .36m). 

Of group operations in 
Australia Mr Sowden expects that 
1978 will not be an easy year, but 
with the Increasing spread of 
activities further profit growth is 
expected. 

In Canada, a significant increase 
in housing revenues and a 
farther upward trend in earnings 
is expected, as rhe company is 
now active In mare locations than 
before. 

Although -the Middle East con- 
struction marktst has become less 
buoyant in the past year and 
competition has increased, 
Costain's high reputation should 
ensure a reasonable share oE lihe 
available work. 

The current work load in 
Nigeria is adequate, but - indica- 
tions -are that -the availability of 


new work will become more 
restricted. 

In the UK, contracting opera- 
tions have already obtained more 
-than SO per cent of the projected 
work load for the year at not 
unsatisfactory prices. The market, 
however, shows no retd sign of 
improvement. 

The civil engineering company 
has secured a number of new 
contracts, primarily in the marine 
works sector. 

On the mining side, the group 
is continuing in search for suit- 
able extensions of operations out- 
side the UK and Australia. 

Of the newly acquired Kwik- 
form scaffolding group. Mr. Sou- 
den says sales on 1977 in the 
UK were severely depressed and 
export sales ar.d profits 
deteriorated and are not expected 
to recover until 1079. 

Kwikform's Dutch subsidiary 
has plans to expand activities inio 
Germany and Belgium. 

As reported on May 10 , group 
pre-tax profit jumped from 
£23.31 m to £36J21m for 1977, on 
turnover of £432m (£358m). 

Co stain proposes now articles 
of Association and amendments 
to the Memorandum of Associa- 
tion. Among the changes, the 
Board wants to be able to with- 
draw the voting rights of share- 
holders who fail to comply with 
requests to disclose their 
benefial owners. 

The Board also wants the power 
to remove directors without a 
resolution of the company ui 


general meeting. Shareholders 
will vote on the proposals at the 
AGM on June 19th. 

U.S. boost 


Phoenix 


A SLIGHTLY higher pre-tax profit 
up £0.Tm. to £7m. is reported by 
Phoenix Assurance for the first 
quarter of 1978. despite a worsen- 
ing in the underwriting position. 
Underwriting losses over the 
period amounted to EUOm, com- 
pared with 11.9m. in 1977. 

The situation in the U.S. showed 
considerable improvement with 
the operating ratio down to 96.5 
per cent as against 101.5 per cent 
for the first quarter last year, but 
this was more than offset by in- 
creased losses in the UK trading 
resulting from a scries of heavy 
fire claims and losses from the 
winter storms, the latter costing 
about £0.5m. 

Investment income rose by 
£l.lm to £9.Sm and the contribu- 
tion to profits from long-term 
business remains at £0.4m. Ex- 
penses accounted for £QAm. the 
same as in the corresponding 
period last year. 

The tax charge Is Giigfatiy lower 
at £2.3m compared with £2.7m and 
minorities take £0.7m i£0.4mi. 
This leaves net profit marginally 


higher at £4.0m i£3i)m.) with earn 
ings per share 6.7p against 6.4p 
for the same period last year. 

Net premiums written in lire, 
accident, marine and aviation 
amounted to £SG.7m against £S7.4m 
last year. But the directors point 
out that this figure is again 
affected by currency fluctuations 

and by the non-consolidation of a 

farmer subsidiary. If adjustment 
;s made for these items, premium 
income showed a real growth of 

6 per cent. Similarly, investment 
income, which shows a 13 per cent 
increase, has a real growth of 
approximately 24 per cent. 

• comment 

The first-quarter results of 
Piipemx repeat the pattern seen 
with the other composites— a much 
better performance in the Us 
more than offset by poor results' 
in the UK The U.S. contribu- 
tion through the Continental pool 
“very good on ail sectors despite 
the severe weather this winter 
but the UK results have been hit 
by adverse weather, which cost 
tr.e group £Jm. and its industrial 
fire account experienced severe 
fire claims during the tail-end of 
tile firemen’s strike. The market 
is looking far a substantial im- 
provement in pre-tax profits to 

a 5?u 1 thia 7° ar compared 
with £3a.9m last year, most of 
the increase coming from the US' 
The price shed 2p to 254p on the 
newF. giving: a gross yield of 6.2 
per cent lower than for Commer- 
cial Union or Royai. 



First three 
months’ results 

The Board of Directors of Imperial Chemical Industries 
Limited announce the following unaudited figures of 
the trading results of the Group for the first quarter of 
3978 with comparative figures for 1977. 


1977 



1978 

First 



First 

Quarter 

Year 


Quarter 

£ millions £ millions 

£ millions 

3,190 

4,663 

Sales to external customers 

1060 

141 

4S3 

Profit before taxation & grants 112 



After providing for : 





54 

221 

Depreciation 

Exchange loss on 

53 

7 

29 

net current assets 

7 

— 65 

—202 

'Taxation less grants 

-47 

76 

281 

Profit after taxation & grants 65 

—6 

— 26 

Applicable lo minorities 

— 1 

70 

255 


64 

— 

—29 

Extraordinary items 

—4 


Profit after taxation & grants 
applicable to Imperial Chemical 

70 226 Industries Limited 60 

The Group sold its 63 % interest in Imperial Metal 
Industries Ltd fl MI I in early November J977. IMl’s results 
are included in Group results up lo 31 October 1977, but 
their sales have been excluded from 1977 figures when 
making the comparisons with 1978 sales in the following 
two paragraphs. 

Group sales in the first quarter of I97S were £ 1060m. 
some 2% lower than in the corresponding quarter last year. 
Sales in the U K increased by 4° 0 to £426m but sales in 
overseas markets fell by 5% to £634m. The FOB value of 
. exports from the UK for the quarter ai £207m was J I T* 
tower than achieved in the first quarter of 1977. 

Compared with the final quarter of 1977 the volume of 
sales and their value in local currencies showed linlc 
change, selling prices being virtually unaltered. European 
sales increased but this was offset by reductions elsewhere. 
The value of exports from the UK increased by 4%. More 
than half of the recovery in profits compared with the final 
quarter of 1977 was due to movement in the value of 
sterling and the resulting effect on the *icrling value of 
export debts and of the nci current assets of overseas 
subsidiaries. The rest was due to modest impro^ cmcnl in 
trading performance in the UK and Continental 
Western Europe. 

The following tabic summarises the quarterly sales and 
profits before taxation : 

Croup profit before tax 

Excluding 

exchange Exchange 

deficit deficit Total 

£m £m £m 


3977 


Group 

sales 

£i»i 


1st Quarter 1.190 J4S 

2nd Quarter J.224 .169 

3rd Quarter 1,136 307 

4th Quarter* 1,113 88 


7 

1 

19 


141 

J6R. 

105 

69 


Year 


4,663 


512 


29 


483 


1978 1st Quarter 1060 119 

* I AM included to 31 .10,77 onlv. 


112 


On a current cost accounting basis, additional depreciation, 
the cost of sales adjustment and the erosion of trade debtors 
less creditors would, together, have reduced Group income 
before tax for the first quarter of J978 by £62m, compared 
with reductions of £62m for the first quarter and £251mfor 
the year 1977. 

The charge for taxat ion for the first quarter of 1978 
consisted of £37m of UK corporation tax, £13m Overseas 
tax and £3m of t;u on principal associated companies less 
credits of £6m for UK Government grams. Had the 
proposals on deferred taxation contained in Exposure 
Draft 19 been adopted In the first quarter of 1 978, it is 
estimated that the luxation charge would have been £ 14m 
lower compared with a reduction of about £60m for the 
full year 1 977. 

The trading results for the first half ofl 978 wilHtt 
announced on 7 September J97S. 








■~1 

-J 



Financial Times Friday May 26 1978 


IS national financial and company news 


27 




• v.-. 


NORTH AMERICAN NEWS 

J. P. Stevens 
declines in 
first haif 


Esselte extends deadline 
on new bid for Dymo 

BY DAVm L ASCEL L ES NEW YORK. May 25. 

anmnd^iS!? £55™,! *®f lhe ESSELTE - the Swedish concern retailer of household goods, shelter of the bankruptcy laws, 
fell from S9 ^ ^ -« A,pTi \ 29 wl “ cb ,s seeking to buy control v/bose appearance came as a Whatever the real facts. 


NEW YORK. May 25 
NET income of J. p. Stevens, 
the nation's second largest pu£ 


« \i 


SS^ fi 1 nJ Cen ? s a of Dymo Industries, today complete surprise. Esselte had been forced to raise 

share. Sales were im CW V s a extended the deadline of its But within two hours. Esselte the value of iU offer from some 

$393 7m to wAm P from tender offer hv one <fav to came back wltb 3 new bid raatcb ' «5“ to 565ra if all shares are 
*>£1^ JL.S 12 . « offer b> one . daj u t0 ing Daylin's. with the added tendered. Dymo's net worth at 

These result scul first half net * omorrow morning to give share- attraction of being* a firm offer the end of last year was put it 
mcome from S17.06m or $1.39 to holders time to sort out the fast- (Daylin's had yet to be filed! some $60/n. 

tkTe?! 51 ►v Per share, "ales moving developments of the past and sweetened with a solicita- Dyrao had no romment to make 
pe f 10d moved 24 hours. non fee of 40 cents a share pay- 0 n the turn of events, however. 

,0 ®7B3.1m. Yesterday began with an able to brokers and dealers. having termed Daylin s S30 offer 

*'-iiuin.iiiinnu n y !*.« n saged m announcement by Dymo — which As suddenly as it appeared, as acceptable, it must presumably 
hiiiwr ctnini^ f n . increasingly bad earlier rejected an Esselte Daylin then withdrew Its offer, think the same of Esse lie’s, 
w 5i» 4 m.t„ attempts S24 per share offer as inadequate raising questions as to how Esselte later said that accept- 

TsrtiiT u? aI ?- a e ? Clothiqg -—that it had found a counter serious it had been in the first ances of its new offer of 930 a 

. :fTT' 'y°5"f rs , H 1 Q I°? 10 b, dder prepared to come to the place, particularly since, as it share had reached approximately 
i« I o2 30 V Ty . 0f ,ts r ? scue tffitn an offer of S30 per transpired, ft had only re- 38.4 percent of the 1.934m Dymo 

a P' ants » mostly in share. This was Daylin, a Los emerged some 18 months before shares which it believes are out- 
» j country. This Angeles-based manufacturer and from reorganisation under the standing, 
battle resulted last autumn in a 
uftioa-spon sored boycott of 
Stevens’ products, aimed it 
increasing the pressure on 
it . by damaging its financial 
performance. 

Agencies 


Strong rise 
in earnings 
at Marriott 

Net profits of Harriott, the 
food services corporation, rose 
24 per cent, in the third 

quarter over last year to 
Sll-Sm to give 32 cents per 
share against 26 cents. AP-DJ 
reports from Washington. 
Sales for the company rose 
from S239J5m to S269.5m for 
the same period. Nine months 
results now stand a( S3! .4m. 
or 86 cents per share, against 
last year's S24j>m. or 68 e 
per share, for net profits, and 
8858m. against S752.5m. for 
sales. 


U.S. Steel hints at 
need for price rise 


EUROBONDS 

Mexico to 


$ 60 m issue 


Kennecott wins proxy battle 


Income dips 
at Esmark 


BY OUR OWN CORRESPONDENT 


NEW YORK, May 25. 


mu! 


CHICAGO, May 25. 
CHEMICALS concern Esmark 
reports a slight fall in net in- 
come for the second quarter liminary 


THE BOARD of Kennecott “substantial" block of votes bad did. not turn in a strongly vnie- 
Copper Corporation appears to yet to be counted and was not. 
have fended off the proxy chal- therefore, included in the in- 
lenge by Curtiss-Wright Corpora- spectors' report. The reasons 
tion but it may be some time why remain obscure but it is 
before it can confidently cele- being suggested that this is a 
brate a victory. block of proxy votes held by 

Kennecott, announcing pre- Morgan Guaranty Trust and 


results of the share- Curtiss* W right sources are claim- 


catching performance at the 
annual meeting. 

During the nest 10 days the 
two companies are free to chal- 
lenge the validity of proxies 
counted by the Corporation Trust 
Company. However. Curtiss- 
Wright's hopes will now be 


01% §; d «i April 29 from sisilrn or hoidTref baUotlaid rS'SS'&T, X'ZX'XZ- pinned on an Appeals Court hear- 

* ei'S? J£? r !r are 10 SiS-S/m or the indication was that its direc- livered in time to bait the ina schedule 


«i ni nor sharo i U liiuc i« l«= ing scheduled for June 22 when 

« tors h?* 1 beea re-elected by the closing of polls on May 2. it will seek to overturn a lower 

be 5^?“ Quarter figures in- annual meeting- on May 2. but it On the preliminary count, Ken- court decision, delivered the day 
ciuae a net gain of 53am aris- did not publish any -details of necott management won 12.59m before the annual meeting This 

i"f. , i ng » facilities ih e reS uIt. Two hours later votes and the Curtiss-Wright list would have prevented ft from 

sold or scheduled for future Curtiss-Wright claimed that the of directors just over 11m out of voting its proxies, but the 

dosing. margin was a relatively modest the total of 33.1m of shares out- Appeals Court set the decision 

,, 1,1 ““rep o f 7® ar - S 3 - 2 ^ cent to 46.7 and that standing- This is a very much aside pending a full hearing just 

Esmark. best known for its Play- a swing of less than 800.000 narrower margin of victory than minutes before the annual meet- 
«SSm uai ?. ,pv ? ar “Vision. ac quired votes would have changed the might have been expected partly ing got under way. Curtiss- 
bTP. which markets automotive result.” because of the audacity of the Wright is arguing that the lower 

chemical products m 130 over- Kennecott countered by Curtiss-Wright programme and court judgment damaged its 
seas countries for S117m cash, accusing Curtiss-Wright of in- partly because Mr. T. Roland cause at the llth-hour and that 
Agencies accuracy and said that a further Berner, the company's chairman, there should be a fresh proxy 

. ; vote. 


Southern slide 

Earnings of Southern Com- 
pany. (be Atlanta-based utility, 
have continued to slide with 
net profits for the first four 
months of 1978 amounting to 
So 1.6m or 38 cents a share, 
against S70.2ni or 57 cents a 
share in the corresponding 
period last year. Operating 
r~»~nne inrr"iK«-d from 

$797.6m to SR9X2m. Reuter 
reports from New York. 

Wisconsin Electric 

Electric utility company 
Wisconsin Electric Power 
reports fall year net profit 
ahead by IT per cent, at $6?m 
to give S&26 per share against 
the S2JW for the previous year. 
Revenue during the period 
rose by IS per cent, to STOlm. 
Agencies report. 

Levitz Furniture 

LEVTTZ FURNITURE Corpora- 
tion announced net earnings 
for the first quarter of 67 cents 
a share against 43 cents pre- 
viously. Total net earnings in- 
creased to 82.8m from Sl.8m. 
Sales of S116.3nt compare with 
S90.6m. reports AP-DJ. 


BY JOHN WYLES 

AN EXPRESSION of support for 
the Carter Administration's anti- 
inflation efforts was made yes- 
terday by Mr. Edgar Speer, 
chairman of United Steel Cor- 
poration. He was. however, 
non-committal as to whether his 
company could avoid' a further 
price increase this year. 

l'.S. Steel and the other large 
American companies have raised 
list prices by about 6 per cent 
so far this "year and most are 
anxious For further price rises 
in help boost profits and release 
lurnls for capital investment. 
Oo the one band the Administra- 
tion is giving them more pricing 
freedom through the protection 
from cheap foreign imports pro- 
vided by the trigger price 
system, but on the other the 
Administration will want to limit 
steel price increases because of 
their impact throughout the 
economy. 


NEW YORK. May 25. By Francis GhiMs 


Mr. Speer emphasised that 
.steel workers' pay rises due 
August 1 would raise labour 
costs S per cent above current 

levels. He ventured to say. 
hypothetically, that were the 
inflation rate, currently running 
at about 7 per cenL. to rise to 
13;. then U.S. Steel would need 
to raise its prices by 7 per cent. 
. Earlier he told a lunchtime 
judic-Dcc that the- American 
steel industry needed to invest 
in new “ greenfield " plants if it 
was to '‘maintain our current 
competitive position." 

He acknowledged that the 
industry would have difficulty 
generating the necessary invest- 
ment. hut said that these new 
plants should be built :il a faster 
rale than the one every five 
years which had been the aver- 
age for the last decade. 


Sears tops profit target 


BY OUR OWN CORRESPONDENT 


NEW YORK. May 25. 


SEARS ROEBUCK, the lareesl 
retailer in the U.S., has achieved 
significantly belter results in its 
first quarter than the company 
forecast just ID 'days ago. 

Then, il looked as though the 
erosion of profit margins which 
the company suffered 1a«t year 
was continuing to restrain earn- 
ings and that the quarter ended 
April 30 would not he as profit- 
able as the same period last year. 
However, today. Sears reported 
that its net income had been 
S155.3Sni or 48 cents a share com- 
pared to S153 ASm. also 48 cents 
a share. Some 3m more shares 
were outstanding during the 
recent quarter. 

The final tally is more than 
810m ahove the preliminary esti- 


mate for operating income and 
sales, noted Mr. Edward R. Tell- 
ing. chairman and chief execu- 
tive today. Net sales for the first 
quarter rose 12.9 per cent to 
554.072 bn as against last > ear's. 
S3.«bn. 

Last year saw a progressive 
weakening of Sears' proGt per- 
formance. culminating in the 
fourth quarter when net incunie 
dropped from 831 2.7m lu 
■S251.Sm despite an increase of 
12 per cent, in sales. 

Higher sales reflected the 
group's push into sales areas 
dominated by the discount 
groups which have achieved 
growing success in the past few 
years. 


THE BON'D market was loss 

active yesterday than on Wed- 
nesday. Prices fell again in «he 
morning, but recovered later on 
in the day. The floating rate 
note sector was more stable, and 
the FR.Y for Banque Worms wax 
increased by S5m with indicated 
terms otherwise unchanged. 

A 860m bond for Mexico's 
Commission Federal de Elect ri- 
cidad is evpecred To be launched 
this weekend. Final Timing for 
the launch has yet to Ik* con- 
firmed. This bond is part of a 
much larger fund-raising opera- 
tion. which includes a loan of at 
least 8400m. the terms of which 
are the finest ever for a Mexican 
borrower: a maturity of seven 
years and a spread of I per cent 
throughout. 

Sanwa Bank i* In is-ue a 820m 
three-year Certificate uf Deposit 
in the Asian dollar market. The 
interest rale will lie 0.25 per 
cent above the sW-mon'h Singa- 
pore interbank rate. The i-mip 
will he managed 1»> Rarmv Sanwa 

Untiled. 

The S75:ii Yankee bund for 
Nnva Scotia will carry :i •-uupon 
i»f 9; per cent and has been 
priced lit 09 by le.nl manager 
Monll l.ynch. 

The .V-ian Dc» cli»;iiin*:ii Bank 
is expected to float a Ylohn 15- 
year issue in the Jana nose 
market next week. Reuter 
reports from Tnkjo. The govern- 
ments of New 'Zealand and Hen- 
mark are planning io raise bonds 
a in* umt ing ro Y50hn and Y-ffibn 
respectively next Align- 1. 

The Japanese MiniMrv nf 
Finance has meanwhile approved 
DM 920m and SwFr 395m worth 
nf new bonds to he raised hv 
Japanese companies between 
next July and September. «>nlv 
one dollar-dennminatefi i-vue is 
planned over this period. ,-| 
830iu issue fur Tokyo Sanvn 
Company. 


Mercantile Bank Good year for BAT unit 
of Canada gain 


« 


q rpc 


w 


By Our Own Correspondent 
MONTREAL, May 25. 

MERCANTILE BANK of Canada, 
controlled by Citicorp of the U.S.. 
earned C$4. 4 in (US$3.9m) or 
54 cents a share in the second 
quarter against C$3m or 37 cents 
year earlier, on revenues of 
C8452»m (US$40.5m) against 

C$40.7m previously. 

First-half earnings were 
CS8.4m or C$1.05 a share against 
CS6.7m or 84 cents of revenues 
of C$S9.3m (CSS4.3in). Assets at 
March 31 were CS2.17bn against 
C$156bn. The bank attributed 
the gains to favourable interest 
rale conditions and higher loan 
volumes. - It. does its business 
ito mainly with corporations. 

Restaurants lift 
Steinberg’s 

By Our Own Correspondent 
MONTREAL. Min 25- 

STEINBERG'S, the major eastern 
Canada supermarket, restaurant 
and real estate development 
group. earned CS 14.3 m 
<US$l2.$ml or C$2 .-03 a share m 
the 36 weeks ended April S. 
against C.$13.Sm or C$1.95 year 
earlier, on sales of C$1.3bn 
(US$1.1 bn) against CSl-2bn. 

Earnings from restaurant and 
real estate operations were 
higher, but discount department 
stores, food outlets, bakery and 
food processing operations were 
lower. 


BY ROBERT GtBBENS 

IMASCO, the tobacco products 
food and retailing group con- 
trolled by BAT Industries of the 
UJC., earned C$10.7m -(US$9-6m) 
or C$1.10 a share in the fourth 
quarter ended March 31, against 
CS9m or 93 cents a year earlier 
on sales of C$243m iUSS217m) 
against C$258ra. 

For the full year earnings were 
CS43m or C$4.42 a share, against 
C$34. 9m or CS3-5S, on volume of 
C$1.04bn against CS1.03bn. Earn- 


M0NTREAL, May 25. 

ings for year exclude a C$2.3m 
loss on the sale of S and W Fine 
Foods and Pinata Foods of the 
U.S. 

’ Sales were ahead only margin- 
ally because of the disposal of 
these companies and also two 
others In Canada. Tobacco pro- 
ducts accounted for CS655m Of 
total sales in fiscal 1978 against 
CS605m in 1977,. food CS220m 
fC$247m) and retailing C$lS9m 
CC8206m). - 


Overseas boost for SNC 

MONTREAL, May 25. 


BY OUR OWN CORRESPONDENT 


THE SNC 'group, second largest 
engineering and project manage- 
ment group in Canada, had sales 
of C$21.4m (U.S$19.2m) in the 
first quarter, up ‘ 19 per cent 
ings were C$868,000 tU.S.$shr 
from a year earlier. Net 
earnings were C$868,000 
(L1.SS77S.000) or 29 cents a 
share, against S$699,GQQ or 24 


cents. The company is owned by 
its own professional employees. 

SNC said a large share of re- 
venue^ continued to come from 
abroad, and overseas projects 
started previously are beginning 
to show up In group results. A 
Saudi . Arabian electrification 
programme is going well and an 
African telecommunications con- 
tract has great i»o*ential. 


Hydro-Quebec to boost U.S. sales 

MONTREAL, May 25. 


USING A nearly completed high- 
voltage connection with the 
north-east electrical grid. Hydro- 
Quebec expects to sell U.S. 
utilities between CS200ni and 
C$ 250m of electricity in 1979. 

Such sales would be a sharp 
increase from the CS S.3ro of 


electricity sold last year and 
would provide Hydro - Quebec 
with a major spuree of external 
revenue for capital spending 
programmes estimated at 
CS 2.7bn this year and about 
CS 3bn annually io 1979 through 
1981. 

AP-DJ 



Bass Gharri ngton 

Half-year Results 


For 28 weeks ended 8lh April, 1 978 


Sales to Customers ... 

Balance on trading 

Cost of borrowing 

Earnings before taxation 

Taxation thereon 

Earnings after taxation 

Attributable to outside shareholders 

Preference dividends 

Earnings for Ordinary shareholders 
interim ordinary dividend of 1.8p per share 

(1.631533P) . — _ _ 

Notes 1 Seles volume suffered as a result of unofficial industrial action before Christmas 
and with ihe exception of wines and hotels was below last year s level. 

Earnings for the period reflect the better trend :n trading in recent months and 
include surplus from the sale of fixed assets and investments of £3.5m. (1 .5m). 

2. Depreciation charged in arriving di balance on trading is £12.5m (£11 .2m). 

3. Taxation tsbased on the rate of 52 percent i same). 

4. An interim dividend of 1 .8p per share ( 1 .631 533p) on the Ordinary shares will be 
will be paid on 17th July. 1978. 

5. The above figures have not been audited. 


28 weeks to 

28 weeks to 

8 April 1978 

9 April 1977 

£ million 

£ million 

506.3 

468.7 

43.6 

40.4 

6.7 

4.9 

36.9 

35.5 

19.2 

18.5 

17.7 

17.0 

0.1 


0.2 

0.2 

17.4 

16.8 

5.0 

4.5 





52 weeks to 
1st April 

1978 

rooo 

52 weeks to 
2nd April 

1977 

rooo . 

Increase 

°0 

Sales 

Trading profit 

Profit before taxation 

273.569 

32,270 

27,022 

244,326 

28.930 

25.498 

12.0 

11.5 

6.0 

Dividends on ordinary shares 
Interim 2.8p per share 

Final 3.4729p per share 

2.859 

3.546 

2.569 

3.165 


Total 6.2729p per share 

6,405 

5,734 


Earnings per share 

12.39p 

11.88p 



Points from the statement by the Chairman, Sir Jack Callard: 

■ It is our intention to widen the range of food products sold so that the housewife will be 
able to buy a larger proportion of her weekly requirements from us, by the addition of a 
selection of pre-packed convenience foods and the conversion of many of our existing 
lines to pre-packed. In implementing these developments, we will keep as prime objectives 
the maintenance of high quality and value for money. 

■ The development of our merchandise ranges continues and new departments are being 
introduced with a view to creating greater interest for our customers. In our well established 
departments, a process of up-grading into higher selling price categories is meeting with 
encouraging customer reaction. 

■ In 1978, our golden jubilee year, our additional selling space will be the most extensive in 
the company’s history. Major stores will be opening at Barnsley, Dundee, Bromley and 
Kensington High Street,plus extensions at Glasgow, Wigan, Stockport and Edinburgh. 

■ V\fe expect to see an increase in the volume of retail sales during 1978 though any 
stimulus provided in the recent budget could be quickly eroded by inflation. If our 
experience to date may be taken as a guide, our sales for the year should show a steady 
improvement, and I expect to see an increase in net profit 


Sales cm 

250090 


200.000 


273.S69 


244.326 


ISO MO 


lOuGUCl 


5DD00 



1973 4 1974.5 1975:6 1976,7 1977/8 


Profit before tax rooo 

26000 


27.022 



1973/4 1974/5 1975/6 1976/7 1977/8 



;»•* 



| frvmi 

hSestores 





% 


A*'-*. 






23 


Financial Times Friday May 26 197$-^ 



PHOENIX 

ASSURANCE COMPANY LIMITED 


Interim Statement 

ESTIMATED RESULTS TO 31st MARCH 1978 * 

The following are the estimated and unaudited results of the PhoBnlx group of companies for the 
three months ended 31 st March 1 978 with the comparative figures for the corresponding period in 
1 977 and actual results for the full year 1 977. It is again emphasised that interim figures cannot be 
taken as a reliable guide to results for the full year. 


aviation — — — • — 

Investment income 
Underwriting profit: 

Fire, accident, marine arid aviation — 
Long-term — 


Less expenses not charged to other accounts 
Profit before taxation ~ — 

Less: Taxation — 

Minority interests — — 

Net profit — — — — 

Earnings per share — — — 



3 months 

3 months 

Year 


to 31 .3.78 

to 31.3.77 

1977 


£m 

£m 

£m 

and 




— 

86.7 

87.4 

323.0 

— 

9.8 

8?7 

"3^9 


—2.9 

— 1.9 

—1.0 



0.4 

0.4' . 

1.9 


7.3 

7.2 

36.8 

. 

' 0.3 

0.3 

0.9 


7.0 

'6.9 

35.9 



2.3 

2.7 

9.4 


0.7 

0.4 

2.4 

— 

4.0 

3A 

24.1 

— 

6.7p 

6.4p 

40i2p 


Overseas currency transactions have been converted at rates of exchange appropriate to the periods 
in question. In converting US dollar transactions forthe 3 months to 31 st March 1 978 a rats of SI .87 
has been used (SI .72f or the 3 months to 31 st March 1 977 and SI .92 for the year 1 977). 

Premium incorrie is again affected by currency fluctuations and, on this occasion, by the non- 
consolidation of a former subsidiary. After adjustment for these items the premium increase is 
approximatefy 6%. Investment income is 13% higher and, after similar adjustments, approximately 
24%. The net profit increased to £4 million as compared with £3.8 million as published or £3.6 
million after adjustment. 

The increased underwriting loss is mainly due to a series of heavy fire claims and storm lasses in the 
United Kingdom. 

The United States results show a considerable improvement over the corresponding period of the 
previous year with an operating ratio of 96.5 (101 .5). 

NEW LONG-TERM BUSINESS 




3 months 

3 months 

Year 



to 31 .3.78 

to 31 .3.77 

1977 



• • • £m 

£ni 

£m 

New sums assured — 

_ 

260 

235 

1.110 

New annuities-. 



_ .2.7 

2.8 

13.9 

New annual premiums— 



_ 2.7 

2.3 

11.5 

Non? single premiums — 

— 

__ 6.3 

1.1 

19.0 


25th May 1978 



Edited by Denys Sutton 


The world’s Beading 
magazine of 
Arts and Antiques 


Published Monthly price £2X10 
Overseas Subscription £28.00 
Annual Subscription £25.000 (inland) 
USA & Canada Air Assisted S56 

Apollo Magazine, Bracken House, 
10. Cannon Street. London EC4P 4BY. 
Tel: 01-248 8000. 




t ' 


Hitachi 

above 

forecast 

By Yoko Shtbata 

TOKYO, May 23 . 
DISPROVING EARLIER fore- 
casts or a profile setback, 

Japanese electrical giant 
Hitachi has emerged from the 
past year with a slight rise 
In non-consoltdated profits, 
despite the yen's rapid 
appreciation. 

Current profits rose by- 2J 
per cent to YG5.4bn, while net 
profits showed a 3.6 per cent 
improvement to Y31.4bn 
<$138m). 

As a result of active public 
investment, undertaken as a 
part oF the Government's 

economic reflationary measures, 
Hitachi's new orders centred 
on high profit items such as 
communications equipment. 
Orders for rolling slock and 
electric equipment fnr power 
companies also started to pick 
up in the second half. Total 
new orders were a record 
YL57 trillion (million million), 
up 15 per cent over the pre- 
vious year. Sales rose by 7 per 
cent to YL39 trillion. 

Electric utility apparatus 
and equipment accounted for 
27 per cent of total sales (up 
7 per cent). Other Items 
included consumer products, at 
24 per cent (up 4 per cent), 
communications and elec- 
tronics equipments 22 per vent 
(up 9. per cent), industrial 
machinery 13 per cent (down 
10 per cent) and rolling stock 
14 per cent (up 10 per cent). 

Exports fared well, gaining 
20 per cent, and accounted for 
23 per cent of the total sales. 

The gains in' new orders 
improved the operating level 
In relation to capacity from 
88 per cent in the first half 
to 90 per cent in the second 
half of the year. As a result, 
fixed costs sueh as wages, 
interest payment and deprecia- 
tion were reduced. These posi- 
tive faetors absorbed Y5.5hn of 
exchange losses generated by 
the sharp appredatiou of the 
yen. 

For the current fiscal year, 
ending March 1979. the com- 
pany expects a boost of new 
orders and hopes to maintain 
a 90 per cent, capacity opera- 
tion rale as a result of public 
works spending and a reduc- 
tion in interest rales. These 
favourable factors are expected 
to cover an estimated exchange 
loss of YlObn. As a result, 
Hitachi estimates that current 
profits will reach Y68bn (up 
5 per cent) and net profits 
Y33bn (up 10 per cent). 


I JAPANESE TEXTILE RESULTS 


Toray and Asahi top expectations 

TOKYO, Slay 25 

I BY DOUGLAS RAMSEY ! 

j JAPAN'S TOP textile company 32 per cent to 27-3 per cent: and As a result. ^ tlRued hard tlmes in ® K Pqct. 

; brni™“«Tn r T^B.MwS dUndf’U ?rt™ xports: "their taKd .») » K» for Tdjln., the U 

than expecicd performance for .hare declined from 19 per cent 'he .ear .>r Meit* pre- Sd to take ‘'to 


full advantage & 
dealers last the recovery m prices during the 


RESULTS FOR YEAR TO MARCH 31 



Sales 

Change 

on 

year 

Ordinary 

income 

Change 

on 

year 

Net 

income 

Change 

on 

year 


Ybn 

% 

Ybn 

43/ 

;o 

Ybn 

% 

Toray 

407.4 

-2.7 

-0.924 

4 

0.946 

-76.9 

Teijin 

346.1 

—1.0 

-19 

t 

0.404 

-84.4 

Asahi 

Chemical 

44 1 3 

-6.8 

7.4 - 

-75.4 

<89 

4- 8.7 


The tost in f977-7a com pore t with a profit of Y S.9bn la 1976-17. 
t Ttw T977-7S Ian compare* wlU aprofit of Y 3.6fcn in 1976-77. 




ypo-Bank 


Growing international business... 

new branch opened in New York 


¥ 


Hypo-Bank, Germany’s oldest publicly-owned (joint- 
stock) bank, conlinued ils sieady pattern of growth in 1977. 
The unconsolidated balance sheet total advanced to 
DM 39.6 billion, and consolidated assets recorded a new 
high of DM 54.6 billion as compared with DM 46.1 billion 
the previous year. 

International banking conlnbuled significantly to the 
Bank’s overall success in 1977. Beth the number and volume 
ol short and medium-term trade financing iransaciions rose 
considerably, particularly buyers’ credits and a forfait 
financing. Security dealing, foreign exchange operations, and 
international underwriting activities also posted substantial 
gains. 

Hypo-Bank's subsidiary in Luxemtxiurg, H'rPOBANK 
INTERNATIONAL S.A., also reported excelled results tor 1977. 
It increased its volume to Lire. 41 billion (DM 2.6 billion) with 
a corresponding growth in earnings. 

Funher steps were taken to expand Hypo-Bank's inter- 
national activities. The Bank converted ii~. representative 
office in New York into a full -service branch to provide a full 
range ol services to American, German, end other inter- 
national corporations in the United States. For additional 
international flexibility, a branch was also opened in the 
Cayman Islands. 

The prospects for continued progress are good. 
Through a global network of subsidiaries, affiliates, represen- 
tative offices and partnership in ABECOR, Europe’s largest 
international banking group, Hypo-Bank oliers dient-onented 
services worldwide.' 

For your copy of our Annual Report, please contact our 
International Oepartment,Theatinerstrasse 11, 8000 Munich 2, 
Tel.: (089) 2366-1, Telex: 0523468.awj.RT: HYPO DEMM 


Modem 3$an&in<f in i/te fined 'McffalSiadiiimi 


Highlights of our consolidated 
Balance Sheet for1977 


in billion DM 


Total assets consolidated 

54.613 

(Total assets unconsolidated) 

39.670 

Total liquid assets 

4.606 

Total loans 

45.680 

Short and medium-ierm loans to 


customers : 

15.354 

Mortgage loans and loans to local 


authorities 

24.799 

Due to banks 

5527 

Total deposits and long-term 


liabilities 

51.377 

Customer deposits 

9.704 

Savings deposits 

'8.607 

Due from banks 

7.146 

Mortgage and local authority bonds 


issued 

25.920 

Capital and reserves 

1.331 

Share capital 

360 

Reserves 

971 



BAYERISCKE NYPOTHEKEH- UNO WECHSEL- BANK 


Mitsubishi 
Electric near 
profits target 

TOKYO. May 25- 
NET PROFIT of Mitsubishi Elec- 
tric Corporation for the year 
ending March 31 rose 14.1 per 
cent., from YS.55bn to Y9.76bn 
lS39J2m). Sales also rose to 
Y792.1Sbn (S3 ISbn'i. iip 13.S per 
cent from Y696-29bn a year 
earlier. According to Mitsubishi 
both sales and net profit figures 
reached their targets. 

Exports were less than early 
projections by about Y'llbn due 
to the steep rise of the value of 
the yen against the dollar in the 
fiscal year. 

Mitsubishi Electric said a 
colour Television set export de- 
cline in the year, estimated at 
about 10 per cent on a year ago 
in terms of value, was mainly due 
to the U.S.-Japan colour tele- 
vision export agreement last year. 
“-It certainly depressed the com- 
pany’s exports of home electric 
products,” the companyy said. 

Exports as a whole totalled 
Y109-2bn, up 10.6 per cent from 
Y98.7bn in the previous fiscal 
year. An early forecast for ex- 
ports in the fiscal year was 
Y120bn. 

New orders received from over- 
seas in the fiscal year totalled 
Ylfi0.8bn, down 7.3 per cent from 
Y173.4bn while overall new 
orders in the year totalled 
YS39.3bn, up 9.2 per cent from 
Y76S.4bn a year earlier. 

AP-DJ 


Bank Leumi record issue 


BY L DANIEL 

ISRAEL'S LARGEST bank, is 
planning to raise some !£900m 
(around 852m) of capital in a 
record issue for the Tel Aviv 
Stock Exchange, and Bank 
Hapoalim. the second largest, 
proposes to raise I£600m. 

Just over I£500m of the Bank 
Leurai capital is being raised by 
way of a rights issue to holders 
of the bank's shares, capital 
notes, options, an convertible 
capital notes. There is also a 
public offering, and an offer to. 
employees. 

The rights issue is of 5.9m 
Series A units— each comprising 
30 I£1 shares and I£10 nominal 
value capital notes (options) 
1983, of series 4 — or I£S5 (the 
shares 'being priced at 250 per 
cent amid the options at par). 

The Series B units being 
offered to the public comprise 
I£300 nominal of 18 per cent, 
1982-1991, Series 4 capital notes 
and I£30 nominal capital notes 
(options), 1983 (Series 4), at a 
price of I£300.per unit . 

Each X£2 nominal of the 
capital notes (options) 1983 
(Series 4) is convertible into 
one I£1 share of the bank, sub- 
ject to adjustment, for an ad- 
ditional cash payment 'of 1£1.90 
on conversion. The .conversion 


TEL AVIV, May 25. 

rate of the IS per cent capital 
notes (1982-1991) series will be 
380 per cent (subject to adjust- 
ments). 

Bank Hapoalim plans to issue 
50m ordinary shares of a nominal 
value of Til each, I£60m 
nominal of options and l£300m 
nominal of convertible capital 
notes, together with as a limited 
amount to employees. 

At the same time, more Israeli 
industrial companies arc now 
floating new issues. The latest 
include Haifa Chemicals, the 
producer of fertiliser, which 
plans to issue I£15m nominal of 
ordinary registered shares in 
units of I£100. as well as £I50m 
nominal of 20 per cent con- 
vertible debentures 1981-85, 
which may be converted into 
I£100m nominal of options, con- 
vertible into ordinary registered 
shares between 197S and 19S1. 
The shares, debentures and 
options are to be offered to the 
public in a package comprising 
I £300 nominal of shares. (£1,000 
nominal of debentures and 
(£200 of options, at a price of 
f£1.830, which multiplied by 
50.000 an its will raise I£91.5m. 

With a small issue also to be 
made to the company's em- 
ployees, the total new capital 
involved is l£9Sra. 


P & O unit loss 
in Malaysia 

By Wong Sulong 

KUALA LUMPUR. May 25. 
Bovis Southeast Asia Berhad, the 
Malaysian-incorporated southeast 
Asian engineering, construction 
and property group and a subsi- 
diary of P & O Steam Navigation, 
has turned in a preliminary loss 
of Rgts 8,3m (S3.4ni) for 1977. 

Total losses for the past five 
years now amouot to Rgts 463m. 
Last year’s shortfall included 
financial charges of Rgts 43m, 
as well as a foreign exchange 
loss of Rgts 1.9m arising from 
the weakened U.S. dollar. 

At the operating level, the 
group suffered a loss of 6-8m 
(S3ra in 1976), 'due mainly to 
poor prices for its stone quarry 
products. However, the group's 
construction business in Malaysia 
is proceeding satisfactory. 


This Advertisement is issued in compliance with the requirements of the Council of 
. _ The Stock Exchange 

H. & J. QUICK GROUP LIMITED 

Capitalisation Issue of 483,636 10 per cent. 
Cumulative Preference Shares of £1 each 


The above securities have been admitted to the Official List and dealings 
in them will begin on 30th May 1 978. 

Particulars of the Preference Shares are contained on cards circulated 
by Extel Statistical Services Limited and copies may be obtained during 
normal business hours on any weekday (Saturdays and public holidays 
excepted) up to and including 1 6th June 1 978 from • 


COUNTY BANK LIMITED 
11 Old Broad Sheet, 
London EC2N IBB 
and 

86 King Street, 
Manchester M2 4NR 


CHARLTON, SEAL, DIMMOCK & CO., 
P.O. Box 512 
76 Crass Street, ' 

Manchester M60 2EP 


(0) Motor Iberica 



Annual General Meeting 
21 April, 1978 


SALES 

32,450 Million Pesetas 
PROFITS ~ 

1,1 14 Million Pesetas 


There -u j 56.4% improvoment over 1*76. Broken 
denn by sectors, she increue wit as follows: 
Tractors and Agricultural Machinery 21 % 


Transport 

Industrial and Construction Machinery 
Engines. Spare Part* and Components 


59 f 

8J C 

52- 


DIVtDEND 

11.5% 


An increase of 38.4°J on the previous 
year. 

Net profit per share up from 126.6 
Pesetas in 1976 to 144.3 in 1977. 


A dividend increase of 1.5% on the 
previous year wu approved. 


Investment* and 

Participations 

032 Million Pesetas 

"workforce 
1,057 new jobs 


IJ*77 Group investments reached 

I . 3 3 J million Pescui, including 
445 million as equity stakes in other 
companies. 

The number of employees on the 1977 
payroll increased by I0.3‘‘i o»er the 
previous year, making a total al 

II. 324 employees in die Group as 
» whole. 


MOTOR IBERICA SA 

I Million Peseta* 1976 

| S? 1 ” _ 20,750 

i Gross Profit aos 

Net Cash-Flow 1,396 


Working Cspieil 
Long Term Liabilities 
Net Worth 

H ernm on Net Worth 
Net Profit per share 
f Pesetas I 

No: Cash-Flow per share 
(Pesetas} 


5.176 
' 2.661 
8.276 

ll.l'i 

126 6 
258. 5 


1977 

32.450 

1.114 

1.730 

6.386 

2.647 

9.352 

>3% 

144.3 

274.7 


SALES AND RESULTS 
IN 1978 

(November 77/March 78) 


Domestic Sales 
Export Sales 


Gross Cash-Flow 


MAIN RESOLUTIONS 
APPROVED 


1977 

I97B 

Nov. '76- 
Mlreh '77 

Now- '77. 
Mirth '78 

10.700 

13.700 

2,650 

3.200 

13.350 

16.900 

867 

1.036 


FINANCIAL OPERATIONS 

ijj 4 ™*** In Capital of 520 million Pesetas fallowing 
the carve rslon into Shares of Bonds issued during 
and 1 976. 

Issue of Debentures for 1.000 million Pesetas, fully 
subscribed through the Fodcrutfn de Cain de Ahorro 
de Cauluria y Balcarci. 


Approval of the year's Results 
Adoption of the Report and Accounts 

. _ . 305 million Pesetas 

Reserves and Extraordinary 
Depreciation. which ' top 
priority ‘ sectors of industry 
arc a|Tq<ved to charge 54 S „ 

Dividend i 344 __ ' 

- "7.1 14 


Authori I* » increase the Equity Capital to 1.750 
million Pesetas and to issue Debentures or Bondi 
up to tbd value of 3.5DD million Pesetas. 

Appointment of the Auditors Tor 19)8 and d» 
•laetion of a Director. 


..S 

.1 


. 1* - 


Teijin, the largest manufa. 
-*«• ncK-ccter in Jap^ 


fiscal year to March 31. while its iu IS per cent. SlOm iess than 

nSi K •*** r~*™**> * r « 

observers were * predicting, fiscal 1977 (October to March) executives are not boasting too in the red. As a result, ordinuj. 

Meanwhile. S. th an during the first half, and much about the tumround lacomc^oyhc 

cent carried over from the first 


half). The decline in income 
reflects a 1 per cent decline, in 
sales in yen terras to SI.6bn. The 
Osaka-based company, however 
salvaged its dividend (rpaiii. 
tained at YS per share.) by report- 
ing a modest SI. 8m profit after 
tax. A Teijin official said today 
that the dividend will be sgjj. 
pended in the current business 
term, although a Y4 dividend wifi 
be then paid in one instalment 
for fiscal 197S to next March. 

In a very different league from 
either Teijin or Toray is Asahi 
Chemical, the only Japanese lex- 


I which derives nearly 50 per 
j cent or its business from textiles 
i —has reported a creditable 
! 320.5m net profit for the year 
: to March, which, even in yen 
i terms, represents a substantial 
; S.6 per cent rise in earnings. 

I Most of Asahi Chemical's 
j profits are ascribed to non-textile 
1 business, notably the chemicals 
• and plastics which represent 
J only an infinitesimal share of . . . 

; business at the synthetic textile 
j industry's two giants, Toray and 
I Teijin. 

! Although earnings at the three 
! companies varied tremendously 

I during fiscal 19* i. similarities ^ j m p roven icnt Is generally because the final 1977 sums are tjje company which is rnoniac 

jean be traced on tnree counts. put ^own to higher prices for still an embarrassment set against strongly in the black on both 

!' • Sales: Slack demand cut sales polyester, nylon and acrylic the company's ordinary income ordinary and net earnings. Sales 

! at all three companies in the fibre as well as the sbarp in fiscal 1976 of 826.9m. in the fiscal year amounted , to 

| last 12 months. Toray's sales decline in raw material prices. After special items (buoyed by Y441.3bn — a 6.8 per cent decline. 
Fell 2.7 per cent to Y407bn The Tokyo-based Toray's stock and real estate sales as Nevertheless. Asahi managed tn 
j (S1.63bn). Teijin's sales dropped results show a marked improve- well as inventory adjustment), earn about $33. 5m in ordinary 
by a. lesser 1 per cent tD Y346bn ment during the second half or Toray managed to report a net income for the year to March (a 
($1.3Sbnj and Asahi Chemical's the fiscal year. Sales remained profit of $4.3m for the year ended slight increase on 1976 in dollar 
sales oF all products were cut at roughly the same level as for March and will lop up its Y2 mid- terms but a 16 per cent drop in 
by 6.S per cent to Y441bn the April-September half (to term dividend with an additional yen terms). In turn, the com- 
(SLTTbn). total Sl.S5bn. for the year). But Y2.5. The year's Y4.5 dividend pany has reported net inconu. 

0 Exports: Overseas sales by "ordinary income' swung from is only slightly less than the Y5 for the period of 
parent companies fell sharply a first-half loss of $5.7m. to a maintained last year, but Toray and announced a dividend of 
in 1977, thus reducing the pet- second-half profit of $1.5m. The has made no promises about Y10. *_,_», * • 

centage of exports in sales at the company says most of the future dividends. On the basis Although not strictly a textile 
top companies. At Toray. ex- improvement resulted from a of recent business, however, company. Asahi is Japan s largest 
poris fell from 33 per cent a recovery in the prices of several Toray reckons on a substantial acrylic fibre maker and has been 
year ago to 30 per cent; the share main textile lines such as poly- improvement during the current helped in _ the market by lower 
in Teijin’s sales dropped from ester and nylon. * April-September half, despite raw material costs. 


Metro extends 
Cape outlets 

By Richard Ralfc 

JOHANNESBURG, May 25. 
FAST GROWING wholesale 
group Metro Cosh and Carry, 
which has made a big impact 
nn South African shopping 
habits in its six years of exiv 
fence, has acquired three old- 
established Cape wholesalers 
and is poised to carry its tech- 
niques into a region where it 
has so far been under-repn*-- 
sented. Metro said today it had 
acquired the entire issued share 
capitals of Fig Brothers, Gioh 
Management, and Wynberg Pro- 
duce for R6.2m (87.1m) in cash. 

Nine new outlets will be added 
to the Metro chain, where sales 
now total R240m a year, and 
the group will become the domi- 
nant food distributor in the 
western Cape. About RSOm in 
annual turnover will be added, 
and with growth in the basic 
Metro group expected to lift its 
Turnover to about RSnora in the 
year to February 1979. the total 
for the period should be near 
R3$0ra. After profits of R7.6m 
pre-tax last year, a target of 
RI2m (S13.Sm) is likely once the 
acquisitions have been digested. 


u 











m 


Pect 


!M I KWI lowi FINANCIAL AND COMPANY NEWS 


^9 




European 
banks look 
fo Asia 


Cjr Our Financial Staff 
HE LEADING regional bank 

a West Germany. WesfdenShe 

.anaesbank is tbe latest uddi- 
lon to the European drive for 
snare of the banking market 
d Hong Kong. 

.The bank which has assets of 
m 83bn (MObn) has applied 
v licence to open a branch 
a the Colony. It was announced 
ate last week that tbe French 
lank, Paribas, was also seeking 
licence, and since then it has 
ecome clear that a UK clearing 
ank has a similar request before 
M .Hong Kong authorities. 

. The Hong Kong Government 
tas apparently approved applica- 
fons for nine foreign banks to 
■perate full banking branches 
n the Colony. Approval means 
bat foreign banks are allowed 

0 open one branch each to 
■ndertake business including 
becking accounts and taking 
leposfts. 

According to Westdeutsche 
■andesbank. other German banks 
re expected to establish opera- 
ions in the area. Westdeutsche 
*andeshank recently increased 
ts bolding -in its Hong Kong sub- 
t diary to 100 per cent by acquir- 
ng a 45.5 per cent interest from 
lutchison Financial Corporation 

1 subsidiary of HutchLson 
Vhampoa. The bank is expected 
o. infect additional capital into 
ts -Hong Kong operation to 
level op the latter’s loan syndica- 
ion. wholesale banking and bond 
•lacing businesses. 

' The list of nine approvals for 
i banking licence in tbe Colony 
ire understood to include a nurn- 
ier of American banks, namely 
tanuf acturera Hanover. 

Iheraical Bank of New York and 


french company news 


Suez Finance sees stable outlook 


BY DAVID WHITE 


PARIS, Slay 25. 


GTENEXtALLY stable |>rospects on 10 per cent higher capital much hope for an early lifting As for the Paris, bond market 

Suez . groups m. Capiain said financial of the Government's strict credit itself, new issue activity con- 

internet an “ 1IKia ^ Tia l revenues this year were likely curbs, although the present situa- tinues apace following the plac- 

iurS- ? . y i ar , ^ ere outlined to increase with higber dividends tion could not go on. ing success earlier this week of 

°y M - Michel Caniain. chairman fmm th» „„ *v.~ rut,..- 

of 


t * ainna o from the main subsidaries on the Other methods of control than 
p„„ L0 .? pa ® Q |®. Finandere de basis of their 1977 results. The the present limits on credit 
;. r~' Ine , boldvng company, at group’s banking operations, the growth— such as credit-capital 
UI 5._® r, J u P s anpoel meeting. biggest of which is Banque de ratios — were being studied, “ but 


p ' 1 ■■ : — ” Oj wuitll UC UC "tic oiuuicui 

increase LTndochine et de Suez, where none of these procedures has 


tbe ^group’s ^ coosoli- profit dropped slightly last year, been perfected and therefore I 

• 197' to looked like producing similar fear that credit restrictions will 

•» c ? 00m «.. <s85 - 6m) , f r° m results - contixrue for some time yet” 

5\ r This was equivalent Prospects in industrial off- Shareholders voted to give the 
ITT?- £»?= P®JL sazre as against shoots were mixed, while in company authorisation to issue 

™ *“ e holding com- property “the provisions that bonds worth up to FFr 400m, — . -- — _ 

pany earlier announced a small have been made should, barring' either on the local or foreign for 15 years carrying a coupon 
wuv a ovm profits to the unexpected, keep the com- markets. The company does of 10 per cent 

f “T i, i-4m from FFr 369._5m pany safe from unpleasant sur- not, however, expect to use this Other new bond offerings due 

ana proposed, an unchanged divj- prises." authorisation in the immediate next week include loans from 

aend of FFr 17 net, being paid m. Capiain did not hold out future. several regional departments. 


the Frs 3ba state loan. 

The latest Jim category paper 
to be offered comes from the 
Caisse des . Basques Populates 
which is issuing Frs 250m over 
12 years on a- coupon of 10.8 
per cent. The government bond 
which was snapped up quickly 
by the market on Monday — Its 
first official day of issue — was 


Boussac obtains short-term debt respite 


BY DAVID CURRY 


PARIS, Hay 25. 


!v ‘TO f\i, 

"Hi!: 


, Morgan Guaranty. 




Swiss Re sees 
profit decline 


By John Wicks 


ZURICH. May 25. 
PROFITS of Swiss Reinsurance 
■f Zurich for the current finao- 
■jal year to June 30 will prob- 
ibly. not reach the 1970-77 level. 

Last year, the parent company 
;arned net profits of SwFr 76m. 
riih SwFr 107m ($54m) 

■ecorded at group level. 

The appreciation of the Swiss 
ranc against most other curren- 
Jes in 1977-78 has had marked 
fffects both on underwriting 
tisults and in tbe investment 
lector. However, earnings from 
tfe reinsurance business and 
Inancial Investments should be 
iround the same level as tbe 
Previous financial year, the com- 
^ any said in a shareholders 
etter. 

In the field of casualty and 
i on-life reinsurance, premium 
.ncome has shown a substantial 
rise in terms of local curreD- 
:ies in various markets during 
'.977-78. 


BOUSSAC. the troubled French appointed by the court. His task being the unrest in the work- dally only on condition that 
family textile group Which has will be to try and keep pro- force which, caught in the bitter professional management 
just gained a three month duction and to work out sime triangular conflict between tbe installed, 

respite from its creditors, today sort of recovery programme. group's 89 year old founder The position of M. Jean-Claude 

fold mm. 1 ■ ^ * Twenty-one group companies. M. Marcel Boussac, his “ man- Boussac, now disowned by his 

faMnwac 6 - „ rKcrs al . 0 including the main bolding com- aging director for life" nephew unde and persona non grata to 

lactones in the Vosges region pany the Comptoir de l’lndustrie M. Jean-Claude Boussac, and the the government, remains unclear, 
that they will be temporarily Textile de France, were granted government which was insisting While for the moment be retains 


laid off from the end of this 
week. 

Cotton suppliers, still awaiting 
payment for previous -orders, 
have stopped deliveries leaving 
the factories without enough 
material. 

Doring the temporary relief 


their application for the three- on a change in management, did his title and will no doubt be 

month suspension of all proceed- not know where it stood or how consulted by Me Pesson, his 

ings against them. Tbe advent- long its jobs would last effective career as managing 

age of employing this procedure Maitre Jacques Pesson, the director seems to be at an end. 
is that the group’s plants will court - appointed administrator, Tbe new plan will eventually 

now be assured of supplies of must now put together a new be presented to the court, which 

raw materials — which suppliers rescue plan which will meet the may accept it and probably lay 

were holding back in the light dual criteria of winning support down a whedule of debt repay- 

... of the uncertainty over their from M. Marcel Boussac himself. ment$ or which may decide that, 
period just granted by the Paris prospects of payment — and who will be called upon to inject after .all,: the group should go 

commercial tribunal, Boussac's orders will be placed with less more of his personal fortune into into formal bankruptc to enable 

affairs will be under the hesitation. the group, and. the government the pieces to be picked up from 

direction of a manager It also diffuses for the time which Is prepared to help finan- scratch. 


Loss at Renault trucks 


BY OUR FINANCIAL STAFF 


A DRAMATIC swing into losses crisis in the commercial vehicle 
of FFr 250m. or some S54m, was sector In France. 

ye S- e [ da ^- - by The latest loss means that 

STSESl 0f BerUet h * s money after tax 

the Renault motor group. in four out of ^ past six years . 

Having moved back into profits Along with Saviem it will not pay 
with FFr 125.5m at the net level a dividend for 1977 
in 1976, Berliet, one half of the m . B , „ . . M 

Renault truck operations, is now f 

firmly back in the red with a loss S r * thi l year J ave nwved *°, pw 
of FFr 73 5m cent above the same period a 

a+ ti,- t,._i r year ago despite a weak market, 

s t a bl e comp‘Sro„ S. 1 Ti™ iJ Reu,er fr °™ r*™- M 


even more distressing news to 
report. Its 1977 loss has emerged 
at FFr 176.8m compared to a 
profit in 1976 of FFr 380.000. 

Berliet, which was taken over 


Pierre BataiUe, - chairman, said 
that this indicates moves towards 
a recovery. 

He told journalists that the 
company can look to the future 


bv Renault at the time of the with a certain optimism, mostly 
break up of Citroen in 1976 resulting from its association 
( Citroen ‘s car operations were with the Tenneco subsidiary J. I. 
merged with Peugeot) reported Case and wider diversification of 
sharply lower first half 1977 Products, 
profits. At the time the company Poclain’s provisional net loss 
described its performance as an for 1977 was FFr 179.7m. against 
illustration, of the. continuing, a net joss of FFr 51,4m in 1976. 


Interest costs hit Norol 


BY FAY GJESTER 


OSLO. May 25. 


NOROL, Norway’s state-domin- This was a.'handicap for Norol, 
ated petroleum refining and which has a 40 per cent stake 
marketing company, made a loss in the new. and costly Mongstad 
of Kr 72m (S13m> last year on refinery, 
turnover totalling Kr 2.9bn, Meanwhile, Nordengruppen 
largely reflecting heavy interest A/S, the Norwegian insurance 
payments (Kr 54m) and alloca- concern, is paying an unchanged 
tions to cover losses on foreign 8 per cent dividend for 1977. 
loans due to currency fluctuation Gross premium Income rose 22 
i Kr J 7m 1 ) - N2£°* made a loss of per cent to Kr 893.3m, and pre- 
KrTsm In 1976. tax profits reached Kr 5.1m. 

The company s operations last 


year, before depreciation and 
financial items, actually showed 
a profit of Kr 75m — Kr 40m more 
than in 1976. Sales of finished 
products increased by 4.5 per 


The group estimates its likely 
loss on shipping guarantees at 
around Kr 5m. and reports a loss 
of Kr 6.6m -on share sales m 
1977. Tbe group’s Kr 55m hold- 

cent and reached 2.6m tons, and 2* 

Norol's share of the Norwegian successful financecompany, was 
market for refined products rose ^r'tten off entirely, 
to 24.8 per cent from 24.6 per In a separate development, 
cent in 1976. Electrolux is to receive a 

The annual report says that SKr 70m state loan, to take over 
the European Surplus of and operate the iron foundry 
refinery capacity led to low company Jaemfoeredling for five 
prices on the international years. Reuter reports from 
market- for finished products. Stockholm. , 


Buderus 
expects 
sales rise 


By Adrian Dicks 

. BONN, May 25. 
BUDERUS, the West German 
foundries. engineering - and 
merai-fabricating company con- 
trolled by the Flick Group, is 
looking for a “definite Improve- 
ment " in sales to tbe mechanical 
engineering industry during the 
first half of 1978. But the board 
also warns in the course of an 
interim report on the current 
year that in spite of an antici- 
pated rise in sales, there are 
likely to be few positive effects 
on the employment situation. 

Tbe motor industry, according 
to tbe Buderus board, is likely 
to show less strength in the 
second half of 1978 than In the 
past two-and-a-half years of boom 
conditions, while it describes 
another important customer, the 
building sector, as remaining 
heavily dependent on the effects 
of public policies. 

Last year. Buderus. which also 
functions as an industrial hold- 
ing company for other sub- 
sidiaries of the Flick group, 
showed a slight increase in its 
sales to DM U5bn from 
DM Lllbn. A dividend of DM 6 
per DM 50 shares is to be paid 
to minority shareholders, while 
DM 12.6m will be transferred 
to tbe majority holder. 

Among individual components 
of the Buderus group, tbe most 
spectacular increase in activity 
appears to be that of Krauss- 
Maffei. the Bavaria - based 
armaments, and locomotive 
manufacturer, which was able 
virtually to double its turnover 
from DM 507m to DM lbn. 
thanks to the achievement of 
full production of the Leopard 
t ank for export and of the 
Gepard anti-aircraft armoured 
launcher. 


Union Miniere to 
continne to pay 
modest dividends 


BY DAVID BUCHAN 


BRUSSELS, May 25. 


UNION MINIERE, which used to Jog on future dividend payments 
own -the Kolwezi copper mines was accompanied by specific 
until the Zaire government took reference to Kolwezi. Mr. 
them over, today pledged full Corbiau said that Hoboken, tbe 
support to help restore damage biggest Belgian copper refiner 
caused by the recent uprising in which gets most of its copper 
Zaire's Shaba province. from Shaba province, would 

Speaking at the annual meeting obviously suffer in the short 
io-day, chairman Paul-Emile term. Union Miniere holds 45 
Corbiau also warned that share- per cent of Hoboken, 
holders could for the time being It was also announced yester- 
expeet the continuation of day that a company in the Soctete 
“ modest ” dividend payments. In Generate de Belgique group 
1977 the company was forced to Sibeka. had been given back 20 
cut its dividend for the third sne- per cent of its former Zairean 
cessive year following a drop in diamond holding, Socicte Miniere 
proGw to BFr 601m from de Bakwanga, which was taken 
BFr 819.7m. over by the Mobutu regime in 

Union MHniere. which was 1973. It is now reckoned that 
eventually paid BFr 4bn in com- some 75 to SO per cent of Belgian 
peusation for its Zaire copper business that was taken over by 
mines, no Jonger has any direct the Zairean Government has 
interests an Zaire copper, which since 1976 been returned to its 
is totally run by Gecaraines, the former owners, though 
Zairean srate corporation. But frequently with the stipulation 
most Belgians employed by that within five years 40 per cent 

Gecaraines ere former Union must be sold off to Zairean 

Miniere people. interests again. 

Mr. Corbiau would not be Union Blinicre last year saw its 

drawn on the extent of the operating profits shrink, its 

damage in Shaba. Since the lake- income from older holdings drop, 
over of its Shaba copper mines and in particular a C$2m operat- 
in the 1960s, Union Miniere has ing loss on its Thierry copper 
diversified out of mining (except mine in Canada. Mr. Corbiau 
in North and South America) into also commented that financial 
financial holdings in non- receipts had decreased, “the 
ferrous re fin i n g, engineering and volume of short term bank invest- 
steeL xnents being less, when on 

Mr. Corbiau commented that average, their interest rates bave 
though last year’s result was remained practically unchanged." 


Slight fall at 
Didier-Werke 


disappointing, it was still 
"reasonably satisfactory" given 
the general recession in the non 
ferrous metals sector. Tbe wam- 


Cuts in prospecting and 
research spending to half 
previous levels did not 
compensate. 


By Guy Hawtin 

FRANKFURT, May 25. 
DIDIER-WERKE, the leading 
West German manufacturer of 
reTractory bricks and fire proofing 
products “held its own during 
a difficult year” in 1977. With 
the steel industry — a major 
customer— in its deepest reces- 
sion since the end of the war 
net profits at only a little under 
the 1976 level are reckoned to 
be satisfactory. 

There were few surprises in 
the news that 197Ts group 
turnover fell back by 9 per ceDt 
to DM 733m (8344.6m) as a 
decline of about this size had 
been forecast at the halfway 
mark. However, the parent 
company’s sales fell by raiber 
less than the 5 per cent forecast 
and at the year’s end totalled 
DM 582m— only 3 per cent down. 

Current hopes of gradual 
improvement in the steel indus- 
try’s prospects indicate that in 
1978 there should be a less diffi- 
cult year. 


The International Commercial Bank of China 

U.S.$3M)0(MX)O Floating Ejrfr Males Dae 1963 


In accordance -with the provisions of the above Notes, 
Bankers Trust Company, as fiscal Agent therefor, has 
established the Bate of Interest on such Notes for the initial 
six months interest period ending 24th November, 1978 as 
eight and fifteen sixteenths per cent (8%%) per annum. 
As calculated in accordance with Clause 2(d) of such Notes, 
the Interest due on such date, which will be payable on sur- 
render of Coupon No. 1 of each Note (the ‘Coupon Amount’), 
amo unts in United States Dollars to $456.81. 


BANKERS TRUST COMPANY; LONDON 
Fiscal Agent 


DATED:May 22,1978 


STRAIGHTS - 

Aina Australia 8Jpc 1889 


Australia ttpc 1992 

Australian M & S. Woe '8a 
Barclays B«n> Hoc 1982... 
Bernier «pc 7992 .. 

Can. N. Railway S*vc 1986 
Credit National Sine 1988.... 

Denmark 81 pc 1984 

ECS *pc 1993 

ECS Sipc 1997 

EIB Sipc 1992 

EMI 91 pc 1989 

Ericsson 81 pc 1BS9 

Esso 8 pc 1885 Nov 

Gt. Lakes Paper SJpc 1984 


Hydro Quebec 9pc 1995 


ISE Canada 9Jpc 1988 

Macmillan Bloede) Buc 1092 
Massey Ferguson 9Jpc *91 


Midland Im. Ftn. 8|pc V- 
National Coal Bd. 9pc 1W7 
National wstmnsrr. 9pc ‘86 
Newfoundland 9pc 1939 
Nordic Inv. Bk. 81 pc 1989 


Bid 

Offer 

964 

97 

95| 

964 

93 

931 

964 

97* 

95| 

96* 

974 

98 


96* 

97* 

98 

99* 

ICO 

*94 

99* 

95 

951 

96* 

99 

*7! 

984 

96 

961 

100* 

101 

97* 

98k 

89* 

100 

95* 

M* 

96* 

971 

103* 

1M* 

95 

951 

97* 

98* 

1011 

- 1024 

96* 

*7* 

94 

94} 

9®* 

160* 

98* 

99 

98* 

99 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


C2 



Tfih -n i r""* 1 



INDUSTRIAL AND MINING DEVELOPMENT 
BANK OF IRAN 


US$150,000,000 


p ir ru T -VH AwprjUTtN g RATR r ri tt r 

lfinacdbr 


Bank Mrffi Iran 


Soc&gG&fialo 


cuMmoEdbr 


FStst Ghicajgo limited 


Chase Manhattan limited 
TbaSanwa Bank limited 


F<mt-ftiftTnr iffrpnl Tlmtted 




SmOeAiT 


py nVkfdHTran 


goo&a GtfnfraJo 

Jflisbp p™frTnft»nwtfntta! limite d 
TiM (^iir^ ,n * lll< * im Banfc NA. 

•Xbe First NatterdBaArfChii^ 

Tfu * gmg aThnVT united 


Bgnt cf Mbntaal 
Midlan d IknV TJmUart 

•tbe Mitsui Bank Ltd, 
Toronto Dcmiaion Bank 
Nippon Europcsn Bank SJL 
Arettalfl and Now Zftafrnvl Broking Group Limited 

TfaBMiP ffYfttiAi WMTamloI 
T nt yimli iwwl BaBgBflfilMgd 
ftnr, Oiih ww Tn ydmBit fant LniilfeT 

BiiBBftctBBa HaowE That Company 


TKANOTEBSE^INVESEMENrBANKMMDDED 


CBtAKVSO 


May©78 



Bhf 

CHTer 

Norse* Rom. Bk. sipc 1993 

96* 

97* 

Norptpe S4pc 1989 

964 

8/1 

Norsk Hydro Sipc 1991 ... 

98 

961 

Oslo 9pc 1988 

100 

ltW 

Ports Autonomes 9t>c 1991 

98*. 

99 

Pror. Quebec 9pc 1995 . 

944 

• 95* 

Prov. Saskatcb. Sipc 1988 

98 

9Si 

Reed laiernaiuuui 9pc 18S7 

93 

05 

RHM 90C 1995 

TCI 

93* 

.Selection Trust Sipc 1989 

96* 

91* 

Skaod. Enskfhla Spc 1891... 

- SS* 

99 

SKF Spc I9R7 

93 

931 

Sweden rK'domj Sine 1S87 

96 

96* 

United BSscmls Bpc 1986 ... 

*7* 

98* 

Volvo Spc 1967 March .. .. 

*2* 

934 

NOTES 



Australia 74 pc 1984 

94* 

95* 

Bell Canada 74uc 1987 

»4J 

954 

Br. Columbia Hyd. 7|pc "9S 

93 

99* 

Can- Pac. 8*pc 1984 

971 

834 

Dow Chemical Spc l9S6 ... 

971 

984 


95* 

96* 

ECS 8*pc 19S9 

85* 

96 

EEC 7? pc 1383 

95* 

. 964 

EEC 71pc 1984 

94* 

95* 

Enso Gutzcit 8*pe 1984 ... 

96* 

074 

Gotaverken 71 pc 1982 

97 

97! 

Kocfcvras Spc 1983 

97* 

V8 

MJcUelin 84 pc 1983 - 

99 

99* 

Montreal Urban Bloc 1961 

96* 

im 

New Brunswick Spc 1584 ... 

96* 

074 

New Brans. Prov. 84pc "B3 

99* 

100 

New Zealand 8*pc 1988 ... 

961 

9/4 

Nordic Inv. Bk. Hoc 1984 

95 

854 

Norsk Hydro Sipc 1382 

97 

974 


98 

9tU 

Ontario Hydro Bpc 18*7 ... 

«* 

-95 

Sin gar Sipc »82 

108 

108* 

S. of Scot. Elec. a*pe 1981 

98* 

994 

Sweden ncdam) 7* pc I8S2 

96 

06* 

Swedish State Co. 7|pc ’82 

97 

m 

Tenner 9Jpc 1984 

98* 

m 

Terwcco 7lpc 1987 Mar — 

93* 

«3* 

Volkswagen 71pc 1987 — 

64 

04* 

STERLING BONDS 



Allied Breweries lUpc '60 

87* 

884 

Citicorp lOpc 1993 

90 

91 

Courtaulds 9Jpc 1969 

87* 

08* 

ECS Mnc 1988 

93* 

64* 

EIB 9ipc 1988 _ 

«* 

041 

EIB 9*pc 1992 

92* 

92* 

Finance for Ind. 9toc 1987 

89* 

904 

Finance far Ind. lOpc 1989 

904 

014 

FIsons 10* pc 1987 ... 

934 

044 

Crete mer llpc 1938 

91* 

024 

INA lOpc 1BSB .. , 

89 

98 

BowtUreei lOtoc 1988 

871- 

SW* 

Sears lOfpc 1998 

66* 

894 

Total 011 9* pc UB4 

82 

03 

DM BONDS 



Asian Dev. Bank sipc 1988 

97* 

08 

BNDE 64 pc 1988 . 

96* 

97 

Canada 4|pc 1983 

97* 

984 

Den NoTske Id. Bk. Spc *90 

98 

081 

Deutsche Bank 4*pc 1983... 

97* 

98# 

ECS 3 PC 1996 

65 

954 

ETB 54 pc 1990 

94* 

95* 

EU Aquitaine S*pc 1988 — 

8% 

v> 

Enratom 53pc 1987 . 

97* 

98 

Finland Sipc 1986 

97 

97* 

Forsmartts 5|pc 1890 

97} 

98 

Mexico 6cc 1935 _ 

93* 

94* 

Norrem Sipc 1BSS 

190 

100* 

Norway 44 pc 1983 

99 

ISO 

Norway 41 pc 1983 

97* 

86* 

PK. Bank™ 5Jpc 18SS — 

93* 

064 

Prov. Quebec 8nc 1950 .. .^ 

95* 

964 

Ratnaruuklti 54 pc 1988 

SW 


■Spain 6pc 1988 „ 

94 

94] 

Troudbehn 5?pc 1988 

96* 

974 

TVO Power Co. 6nc UBS ._ 

97* 

984 

Venezuela fine IBs* 

87 

97* 

World Bank Hoc 1910 

98 

99* 

FLOATING RATE NOTES 



Bank of Tokyo 1984 8*pc... 

99* 

100} 

BPCE 18S4 8it>C 

991 

190} 

BNP 1983 8t»pr 

10H 

INl 

CCP 19S5 Sipc 

39i 

100 

CGUP 1984 7lpc 

894 

100 

CrediWBSJal: 1B84 Sipc 

S3! 

1004 

Credit Lyonnais 1982 Spc-. 

100 

1004 

DC Bank 19R2 rti^pc 

1601 

Will 

GIB 1981 81 ifrt>c 

l»t 

1001 

Inti. Wostzntn&rer 1S84 8PC 

99j 

100 

Lloyds 1633 71 pc 

100} 

1001 

LTCB 1993 8pc 

981 

I0P1 

Midland 1982 Spc . 

100# 

1014 

Midland 1987 B»upc 

991 

19M 

OKB 19S3 73dc 

99* 

1004 

SNCF 198S Sipc 

MJ 

100 

Sid. und CStnL <S4 TUjgPfl 

881 

1904 

Wms. and elm’s W Bl 14 pc 

991 

ID 04 

Soares: WUia WeM Securities. 


CONVERTIBLES 



American Express 4*uc W 

87* 

80 

Ashland 5 pc U88 

93* 

95 

Babcock A Wilcox 61 k V7 

1« 

164 

Beatrice Poods 4*pc 1992... 

974 

884 

Beatrice Foods *4 pc 

107 

IBM 

Beedum 6&c 1992 — 

96* 

97* 

Borden Bpc 1S92 

100 

161* 


BM 


Offer 


77 

77 
138 

80 

83» 

78 


Broadway Bale «pc 1987. „ 
Carnauoa <pc 1987 

Chevron 5 pc 1988 

Dan 4lpc 1987 

Eastman Kodak 44 pc 1988 
Economic Labi. 4|pc 1887 

Flresiooe Spc 1988 83 

Ford Spc 1988 88 

General Electric 4ipe 1987 834 

G merle 41 pc 1987 77 

Gould Spc 1987 113 

Cull and Western Spc 1988 98 

Harris 5pc 1982 t 180 

Honeywell 6 PC 1986 871 

I Cl 61PC 1993 89 

TNA ape 1997 95} 


784 

78* 

138} 

816 

89 

794 

844 


85 

784 

114* 

•89* 

182 

99 

90 

.97 


In dicape 6toc 1992 

ITT 4!pc 1987 

Jssco 6pc 1992 

Komatsu 74pc 1990 

J- Bay McDermoa 4fpc ‘87 

MatsuaUU fllpc 1990 

Mitsui 7|pc I960 ... 

J. P. Morgan 41pc 1887 _ 

Nabisco 5|pc 19S8 

Owens m i nol s 44 pc 1987 .. 

J. C. Penney 41 pc 1987 

Revlon 41pcd987 

Reynolds Metals Spc 1888 

SSDdvflc Sipc U88 

Sperry Rand «pc 1987 92* 

Sanfbb 44 pc 1987 81 

Texaco 4}pc taw 804 

Toshiba 6* pc 1992 .... 125 

TV Co. 5pc 1984 77 

Union Carbide 4fpc 1982 „ 94 

Warner Lambert 4*pc 087 $4 

Warner Lambert 440c 1888 77 

Xerox 5pc 1988 784 

Source: Kidder. Peabody Securities. 


Bid 

JJ3 

81 

110 

125* 

171 

ID 

119* 

100 

101* 

114* 

78 

116 

884 

107 


Offer 

U4 

82* 

111 

126* 

172* 

164 

120 * 

101 * 

ID 

116 

794 

1174 

83 

109 

94 

KJ 

82 

126 

784 

»5i 

85* 

784 

80 



Brown Brothers Harriman & Co. 


PRIVATE BANKERS 


As from 30th May, 1978 
The London Representative Office 
will be located at: 


PRINCE RUPERT HOUSE, 
64, QUEEN STREET, 
LONDON EC4R IAD 


Tel: 248-2077 


Telex: SS6921 


Cables: Brownstock 
London 


This amoancement appears as a matter of record only* 




$ 30 , 000,000 


© 


Gulf Resources & 

* Chemical Corporation 

j i 

Revolving Facility 


Arranged by 


Credit Suisse White Weld Limited 


r Algemene Bank Nederland N.V. 


Banque Franc&ise du Commerce Extfej gar 

New York Branch 


The funds to he provided hy 

Bank Brussels Lambert (UK) Limited Bank of Scotland 

Banque Internationale a Luxembourg S.A* 1 


Berliner Handds- und Frankfurter Bank 


Credit Commerdal de France 

New Branch 


Credit Lyonnais 


Credit Suisse White W eld Dresdner Bank Aktienges eflschaft European Banking Company 

I ranch ..... 


Iwikul 

International Commercial-Bank 


GzttdOowiBi 


linsted 


Orion Bank 


Pierson, Heldring & Pierson 

(CaacwJMY. 


Svenska Handdsbanken 


Union Bank of Bavaria (Bayerisdbe Teransbank) 

Lac Anodes Aowt 


May, 1978 


4 . 


V 


f V 




gl£2999 gr£3299 sr£3599 


4 


We are pleased to introduce to you our new 
model range -the 3C5.This model was designed from 
an extensive research study programme to determine 
what you the customer require for modem day family 
motoring. 

The results of this study have enabled our 
designers and engineers to design and build the car 
that you want, that combines comfort, safety style, 
performance, reliability. . . and still economy. 

The engine is of light aluminium alloy as this 
reduces overall weight, giving the benefits of alower 
centre of gravity balanced loading,light steering and 
fiieleconomv .lt is mounted in a transverse position 
driving the front wheels and masters the technique of 
combining a simple, smooth transmission system with 
thislayoutThe space saved under the bonnet is used 
to give you more room in the passenger compartment 

Comfort is very high on your list of priorities so 
only the very best suspension will do - the expensive 
4-wheel independent suspension has been selected to 
ensure excellent road holding whatever the surface 
condition,rough or smooth, combined with 2 anti-roll 
bars for stability when cornering. 

Rack and pinion steering for precise and 


predictable cornering. Servo-assisted dual circuit 
braking system for easy, safe braking. 

A tremendous amount of research and money 
has been expended in building an Experimental 
Safety Vehicle. Numerous active and passive features, 
thoroughly tested and proved on this Safety Vehicle 
have been "built-in” to the design of the 305 -a rigid 
“cell” has been constructed around the passenger 
compartment - all possible angles of impact have 
been considered and attention given to every minute 
detail. 

And then the body style -you told us that too 
often this was boring - humdrum. We remembered 
well your comments, the result . . . what you see above. 

To enable you to choose according to your 
particular requirements^ 3-model range has been 
developed, the 1300 cc GL and GR,and the 1500 cc SR, 
each withahighlevel of standard equipment and 
available in a range of beautiful colours. And there's a 
wide variety of options such as metal sunroof, electric 
front windows and tinted glass. 

And finally economy -you have seen the prices, 
now take a look at the fuel consumption chart, ma i n 
service intervals are every 10,000 miles (or one year) 
with intermediate check and oil change at 5,000 miles 


(or 6 months) . In addition, the 305 is covered by a 
simple, straightforward 12 month unlimited mileage 
guarantee. 

We are very proud of our 305, we think that our 
designers and engineers have done a fine job, and you 
can imagine our delight when we read that the Times 
motoring correspondent thought the 305 was 
“ probably the best new car I have driven this year” 
(Nov 1 977 ) and “the 305 sets such a high all-round 
standard that it must rank as one of Europefe best 
middle-range models” (March 1978) . 

There's a lot more that we can tell you about our 
305 range.lt has been designed for you, so why not 
find out more for yourself by visiting your local 
Peugeot Dealer today - or write to us. 


Model 

Price 

Engine Size 

“Fuel consumption 

Constant Constant Simulated 

58 mph 75 mpfi urban driving 

305 6L 
305 GR 

305 SR 

£2999 

£3299 

£3599 

1290 cc) 
1290 cc I 

1472 cc 

43.4 mpg 31Ampg 29.7 mpg 

(6.51/100 km) (9.11/100 km) (8.51/100 km) 

45.5 mpg 33.6 mpg 31.7 mpg 

(6.21/100 km) (8.4L/1Q0 km) (8.9L/100 km) 


Peugeot Automobiles (UK) Limited, 

333 Western Ave., London W3 ORSLUek 01-993 2331. 



I 


I 


i 



UVJJ C — — ■ ■*- 

FVPno amoonof wcuflm 




Rimt** 8 and leasing fadBttes arofl able fmm Tteiiffw* 


On 305 GR: optional sunroof- £1 15. On 305 SR: optional "luxury pack" including sunroof, electric front windows, tinted glass.laminaied windscreen and map reading ligbt-£265. 

All prices inclusive of VAT and CarTkx -Delivery and number plates extra. Prices correct at time of going io press. “Figures in accordance with official Government testing procedures. 




; 1 ? 




7 








i iiiies rrmay iviay zo iuid 



FINANCIAL TIMES REPORT 

Friday May 26 1978 


01 


The 
birch 
or the 
Purse 

By Anthony Moreton 

Regional Affairs Editor 



A Common Purse Agreement with the UK inhibits Manx freedom and there is growing 
feeling that it should be abrogated. Increased freedom, though, will merely increase the 
lop-sided nature of the economy unless steps are taken to boost tourism and agriculture. 








ATHOL STREET in Douglas, is 
the heart of the Isle of Man’s 
financial community. Tongue- 
in-cheek it is referred to as the 
local equivalent of Throgmor- 
ton Street, or Wall Street. Cer- 
tainly. the street has an air of 
prosperity missing among so 
many of the town's other roads. 
Its windows are new. its paint 
fresh. The peeling facades 
which are characteristic of so 
much of the rest of this popular 
seaside town are only to be seen 
inierrnittently. 

The big names are there, too. 
Jostling with the local estate 
agents, notaries, advocates, 
accountants and stockbrokers 
are Lombard Bank. General 
Accident. Anglo-Manx Bank. 
Anglo-Irish Banks. Commercial 
Union. Tower Insurance, the 
Isle of Man Bank, Eagle Star, 
the Co-operative Insurance. 
Phoenix Assurance and. 
Wesleyan and General. Cher 
the old Government office, 
looking like a miniature version 
of Drury Lane, flies the Island's 
flag, the three legs of Man on 
a red background. 

Right in the middle of these 
names that have been drawn in 
because of the island's tax-haven 
status (a phrase which, unlike 
the residents of the Channel 
Isles, they do not dislike; in 
Jersey and Guernsey they pre- 
fer the euphemism offshore 
financial haven j nestles a small 
brass plate on w'hich is 
inscribed: HM Customs and 
Excise: VAT Office. This plate, 
more than anything else, 
encapsulates the economic and 
political dichotomy which faces 
the island. 

The Isle of Man is indepen- 
dent of the UK. Its constitu- 
tional position is that of a crown 
dependency. So its people can 
elect their own parliament, nr 
Tymvald. make their own laws. 


creaming off the market and 
Guernsey trying to win a share 
in recent years. 

To counteract the possibility 
of undue reliance on finance the 
Government has recently been 
seeking to expand the industrial 
base. An official party visited 
Switzerland and it is hnped in 
attract m manufacturers of 
equipment with a high value- 
added contcnr. 

If it is to succeed it will have 
tn take a more upen-minded 
policy on two fields — housing 
and work permits. There is 
virtually nD unemployment on 
the island in the summer (the 
May figure -was just under 3 
per cent.) and so even small 
factories will need to bring in 
some labour, especially man- 
agerial. 


levy their own taxes and, if 
they want to. cock a snoot at 
Westminster or the rest of the 
world. 

But it has an agreement with 
the UK. called the Common 
Purse Agreement, under which 
the UK provides certain ser- 
vices. such as defence, collects 
certain dues — VAT levies — and 
in return pays a sum — estimated 
to be £15.3m this year — into the 
common purse. This agreement 
severely limits the island in 
some fields of action: it has to 
move VAT levels in concert with 
those of the UK and VAT in- 
spectors can look at Isle of Man 
books in exactly the same way 
that they can those of a com- 
pany in Bootle or Brighton. The 
'island is unable to offer duty- 
tfree facilities or lower prices 
for cigarettes and liquor. And 
there are some people, a 
minority but a growing minority 
iwho resent this intrusion into 
their independence. 

How. they query, can the 
island claim to be completely 
independent when it has com- 
promised in one important field? 
The discussion is widened to the 
Tioint where people are asking 
whether the island should be 
completely independent and it 
has been brought into sharp 
focus recently over an issue on 
which there is virtual unanimity 
■—birching. 

The ruling of the European 
Court of Human Rights at 
Strasbourg that birching is a 
contravention of the European 
Human Rights Convention— to 
which the Isle of Man is a sig- 
natory — is very widely 
Tesented. There is almost com- 
plete acceptance that the 
■principle of birching certain 
people for certain offences 
prevents what is seen as the 


appalling violence endemic on 
the mainland from reaching its 
shores. But if the island is to 
insist on keeping birching as a 
punishment it will almost cer- 
tainly have to opt for complete 
independence. And this means 
abrogating the Common Purse 
Agreement. 

A report prepared earlier 
this year for Tynwald stated 
that although abrogation was 
not generally favoured at the 
last election to the House of 
Keys, in November. 1976, there 
appeared tu be considerable 
support for renegotiating the 
terms. It suggested the name 
of the agreement should be 
changed, particularly to attract 
foreign business, and that the 
collection of VAT and customs 
dues could be carried out on 
the island. 

Enthusiasm 

People on the island proudly 
point out (with a sly nudge at 
Whitehall ) that they always 
balance their budget They 
certainly do. Last year’s surplus 
was £5.4m and it is expected 
that this year there will be a 
surplus of £16,000 out of total 
Government expenditure of just 
over £71m. These surpluses 
enabled Tynwald earlier this 
month to cut the rate of 
Taxation to 21p in the £ from 
the 21.25p level that had 
existed since 1961, when surtax 
was abolished. They also 
helped to account for the fact 
that there are no capital taxes 
of any sort. 

The cut was intended to 
attract further business to the 
island. It also helped reduce 
the disparity with the Channel 
Islands, the Isle of Man’s 
competitor as a near-Britain tax 



haven, where the rate is 20p. 
Government thinking now is to 
reduce rates further and so 
another cut is a possibility next 
year. 

In their enthusiasm to attract 
in the wealthy and the financial 
community and keep the books 
balanced it is sometimes over- 
looked that the island would be 
considered a parsimonious 
spender even at local authority 
level in the UK. Some public 
projects— a fire station— have 
gone up in the past couple of 
years, but Douglas gives an 


overwhelming impression of a 
town on which no money has 
been spent for a very long time. 
Us library, for instance, and its 
books could be presented to the 
Victoria and Albert Museum in 
London as a showpiece of what 
things were like 50 years ago. 
No self-respecting village in the 
UK would tolerate it. 

Similarly, the island lias 
failed to keep up with com- 
mercial development and so 
little has been done for the 
hotel trade, to cater for what 
was once the main source of 


revenue, that it is simply unable 
to compete with changes in holi- 
day habits. Only one hotel has 
been built, for instance, this 
century. 

These failings have been 
obscured over the last 15 years 
by the island's emergence as a 
tax haven. Though mucb of the 
running has been made by 
Guernsey and Jersey and, in a 
different way. Bermuda, the 
island has quietly absorbed a 
considerable number of immi- 
grants who have brought much 
money with them and generated 
considerable national income. 

Resentment 

Some of them are former 
Commonwealth civil servants. 
Known as “wheneyes," from 
their habit of spattering their 
conversation with phrases such 
as “ When I was in Kenya . . .,** 
or “ When I was in Hong Kong 
. . .” Others are “ comeovers.” 
who have come from the main- 
land. Some, like Richard Adams, 
author of Watership Down, and 
Lord Brookes, better known as 
Sir Raymond Brookes, chairman 
and chief executive of GKN 
between 1965 and 1974. are well 
known. Well-known or not. what 
differentiates these people from 
their counterparts in the 
Channel Islands is that they 
keep a low profile. They rarely 
draw attention to themselves 
national!}', though they cause 
some resentment on the island 
by indulging in a near-endless 
round of social meetings in 
which the main prerequisite 
appears to be — to those outside 
the circle — a desire to put on a 
black bow tie and dinner jacket 
at every opportunity. 

The big growth in the 
economy, however, has been in 


the wealth created by the finan- 
cial business community. For 
years the Isle of Man relied on 
fishing, agriculture and tourism 
for its prosperity. To most 
people, it was simply the place 
where the TT races took place 
and kippers were boxed. 

Tourism is still important to 
the island and next week 
thousands will be descending on 
Douglas ahead of the TT races, 
some of the most important in 
the world. But today the 
financial sector accounts for a 
quarter of the national income 
and between 1970 and 1976 it 
grew at an annual rate of IS per 
cent In that period the tourist 
industry's rate of growth was 
just 0.5 per cent and agriculture 
slipped back by 12.5 per cent a 
year. The tax cut is a step in 
maintain this. 

The island authorities are 
aware that such a reliance on. 
one sector could bring problems 
in its wake. Those problems 
arc inevitably linked with in- 
dependence and the Common 
Purse Agreement because if the 
UK government continues to in- 
terfere with what are seen as 
internal matters — not only 
birching but the right of the 
island to allow pirate radio in 
the 1960s, for instance— it is 
feared that the 1975 regulations 
by the London Government cm 
capital transfer taxes to island 
residents might be widened. 
Then, the whole low-tax, 
offshore haven basis might be 
endangered. 

Despite this, the share taken 
by the financial sector in the 
economy is likely to grow larger. 
Steps are now being taken to 
enhance the island's standing as 
a centre for the captive insur- 
ance industry. As in so many 
other things, the island has been 
outflanked. with Bermuda 


Permits 


Although the Manx Govern- 
ment imposes no restriction* <m 
people wanting in live on the 
island, unlike both Guernsey 
and Jersey, it closely regulates 
the issue of work permits for 
men (women do nut have any- 
thing like the same difficulties). 
In addition, it has a niggardly 
attitude towards the granting of 
mortgages with the result that 
unless a potential owner has con- 
siderable capital it is difiicult 
for him tu get a good modem 
house. Mortgages arc offered 
only to £10.000 and then only 
to first-time buyers. Anyone 
wishing to buy a better, or 
bigger, or different house has to 
give up any mortgage and will 
not usually get another. 

Until recently the only alter- 
native source of finance for 
people wanting tu change homes 
was a bank loan. Recently. 
Williams and Gtyn's bus moved 
into mortgage finance. The 
other clearing banks do not 
think there is much of a 
market and probably will no: 
compete but at least home 
buyers will have another source 
of finance. 

Like the UK the island's 
economy has been fiat, m real 
terms, over the last three years 
and has grown, very little over 
the past five. Given that the 
finance sector has gone ahead 
strongly in the 1970s this must 
mean that the rest of the 
economy has actually slipped 
back. If the economy is tn 
grow again, and not just in 
a lopsided fashion. over- 
dependent on one sector, the 
government must get improve- 
ments in other areas of national 
life. This is the real challenge 
which faces the only man with 
three legs. 



Isle of Man 
Post Office 
Authority 



Midland Bank Group can helpyouj 

in the isle of Man 



«r 



You'll never seethe Isle of Man looking lovelier Rich gold in the 
fields as well as the beaches. Lots of room to move, and lots 
going on -outdoors on golf courses, pony trails, sailing 
harbours and fishingspots: indoors attheatre. cabaret and 
Casino. All the fun of August— but with really big savings 
in September! 


Passenger ships, car ferries and airlines offer fabulous travel 
bargains to the Isle of Man in September. 

Savings vary with day and place of departure— but could be up 
to 50% off standard Summer fares! 

Ask your travel agent for full details! | 
pm *■■■ mnm m mm am ■■■ i 
TjnjjTj Colour Holiday Book 
" IUuC and Golden Record. 

Happy holiday sounds-full planning details; 

including prices, SEXDCOUPCttTCO.W OrptwiK— L'-:-!x«r 
BTtwrrmgswww- Dcw#«t0624)'1323.Tr Mr. -r.rt-KA ■,'ioun- 
BoanLIXxisl.-qhlgi* Man. SandFKEE boot: mxltcronL 

^ — ■&&& 

AriHir-re 


Vlviseven. obr banking needs inthe Isle of Man. Midland Bank 
i well-placed to give you the service you require. 

Whether vou area personal or business customer, resident 
\r non-resident in the Isle of Man. 

Midland Bank in Douglas and Ramsey provides a first-class 
-nqt; ol bankinq and other financial services which indude: 

’u i i ent accounts, .Taxation advice. Eurocurrency facilities. 

. mn«ion capital including sterling and currency loans. 

Iniormation concerning market rates for deposits in sterling 


and currency given on request. A nominee service. Investment 
and company management Executor or trustee services. 

Whatever your financial needs in the Isle of Man, please 
conlactany or the addresses below or your local Midland 
manager. 


Midland Bank 



•••• 


Midland Bank Group in the Isle of Man includes: 


Miolird Ban!' Limited 
PC* Box 20. 10 Vidor w Sheet 
, jrperM&i n Enciardj 

I.VxkiLis feli-ol Mail 
Tr'te&none. Douglas 2 J0&I. J 
Manager; J.P. Boyd 
Awl. Maivipor: A R Ryder 


Midland Rank Untiled 
a. Paul's Square, Ramsey 
Isle ot Man . 

Telephone Ramsey S 14000 
Manager: S.TS 1 II& 


Midland Bank Trust Corpora lion 
lisle of Man] Limiled 
[incorporated in the Isle of Man? 

PO Box 39, 10 Victoria Street, Demotes, hie of Man 
TeJechone: Douglas 23118/9. Telex - 62S037 
Director & General Manager. D.G. Foster 
Manager; G. R.Thompson 


announce their programme of stamp issues 
10 JUNE 1978 

J K Ward, manx Canadian pioneer 
tSet of 2 stamps— 6p and 13p) 

COMMONWEALTH GAMES 
(One stamp at 7p) 

50th ANNIVERSARY NORTH AMERICAN 
MANX SOCIETY 
(One stamp at lip) 

18 OCTOBER 1978 

NEW DEFINITIVE (High Value) 

(Set of 4 stamps— 20p, 25p, 50p, £1) 

SPECIAL CHRISTMAS ISSUE 
(one stamp at 5p) 

Send for free information pack containing details of our 
Philatelic Services, lo: 

Isle of Man 
Post Office Authority 

(Dept FT) * 

PHILATELIC BUREAU 
POBOX1B.M 
DOUGLAS 
ISLE OF MAN 



V A. GdUri n»n Umri CombWN>o«r Marts MiJcmvum 1*179 

AdMMBd wan, ft Ihoiwnd uvfcaraK 


INFORMATION PACKAGE 

on the promotion of 

INDUSTRIAL DEVELOPMENT 

The Government of the Isle of Man is committed to Industrial 
development. Its development criteria are enlightened, and its 
discretionary systems of financial support for approved 
manufacturing projects are extremely effective in encouraging 
new investment. 

Full details are set out in a specially prepared information package. 
Contact: 

THE INDUSTRIAL OFFICE 

BUCK’S ROAD, DOUGLAS, ISLE OF MAN. 

Tel DOUGLAS 26262. ext. 2400H 










The Bank that’s 
part of 

the Island. 



uGsm 






r . ' 

jfej- l 

.151 


w - ■ . r 

• it 


aM’T ' 


/ 1 For over 100 years the Isle of Man 

I Bank has played a prominent role in the 

. o'. development of the island, offering full 

banking facilities backed up by helpful and' 
friendly personal service 10 commerce and the 

community. 

Affiliation with the National Westminster Bank 
Group provides a direct link between the 21 offices on 
the Island and International Banking, ensuring that the 
Isle of Man Bank is indeed a vital part of the Island 


economy. 


{a member of the Bowring Group) 


the full range of Merchant Banking Services 
including 

DEPOSITS (in Sterling or Foreign Currencies) 
INVESTMENT MANAGEMENT 
CORPORATE SERVICES 
FINANCE 
TRUSTEESHIPS 


For further details please contact 
our Manager, Mr. David Lever, at 


JOIN THE 


SEPTEMBER SAIL 


AND VISIT THE 



ISLE OF MAN 


Allied 
Irish Banks 

(IOM.) 

limited 


offers a specialised banldng service including 
Current Accounts, Loan facilities and the acceptance 
of Deposits. Enquiries will be welcomed by the 
Manager. Mr. Gerard M. Nolan at 
21 ATHOL STREET. DOUGLAS. ISLE OF MAN. 
Telephone: 24315 Telex: 628782 


® Allied Irish Banks (IQM.) Limited 

1 IiK-.q7.mlC1! in lhc li!cvif>Un) 


AMEMUHROrtHF AMICD IRNH B VNKS GROUP 
1 .\v-ci» in *.'! G hlli* 1 ".* 


R. L. STOTT & CO. 


members of the stock exchange 


(CHANGE HOUSE 
rHOL STREET 
3UGLAS 

1EPHONES- DOUGLAS 3701/4 
D CODE: M24 
LEX 629623 


BRANCH OFFICE: 

PARLIAMENT 5TREET, 
RAMSEY 

TELEPHONE. 813233 


Financial Times Friday May 26 1978 


Travel by sea in September 

f other than at weekends ) 

AT HALF FARE — £8.50 RETURN 
Also 25% off private car rates— 
e g. Mini Saloon REDUCED TO £23.65 RETURN 

For further details please irrite to Pept. 500. 

THE ISLE OF MAN STEAM PACKET CO. LTD. 

( Incorporated in the Isle of Sian. ) 

DOUGLAS. ISLE. OF MAN 
Telephone: 0624 3824 


ISLE OF MAN II 


Prosperous industrial sector 


THE ISLE OF MAN has a 
small but thriving industrial 
sector, which accounts for 
around 13 per cent of the 
island's income, making it the 
second biggest revenue earner 
I Lhc financial sector comes 
first). 

But the island cannot be a 
home to any sort of industry: 
there are fairly strict criteria 
that must be observed: and for 
companies that fill the bill 
there are particularly generous 
incentives available to help 
them set up shop. 

A glance at a list of manu- 
facturing companies gives a 
clue to the sort of industry that 
will be made welcome: light 
engineering dominates, with 
around 30 factories on the 
island making a range of 
specialist products from ejector 
seats, model aero-engines and 
thermostats down to nuts and 
bolts. Several of the companies 
have close links with UK 
parents (although this is not 
an aspect that most of them are 
willing to publicise). Textiles 
figures high on the list, carpets, 
rugs, knitwear, tweeds and 
Manx tartans being among the 
products. There are many food 
processing and manufacturing 
companies — hardly surprising 
in an island noted for its sea- 
food. especially kippers and 
scallops — and one can hardly 
fail to mention Manx Ices, 
which not content with selling 
its product in the UK and 
Ireland, has just sent its first 
container of ice cream to, of all 
places, Dubai. 

AH these concerns fulfil one 
of the main basic criteria: they 
are non-polluting. Most of 
them also fulfil another: that 
they should be capital rather 
than labour-intensive, effec- 
tively small- to medium-size 
plants making products that 
have a high added value. The 
other criteria as outlined by the 
Industrial Office to prospective 
applicants are that there should 
be a high anticipated return on 
capital investment (whoever 
has set up a business without 
such an aim ?), and that a high 
proportion of output will be 
sold outside the island. 

The need for most of these 
requirements is self-evident. 
An island with an important 
tourist sector cannot risk pollu- 
tion of its coast and countryside 
—and the Isle of Man has no 
intention of becoming another 
Sicily! And while there is a 
reasonable reservoir of labour 
that can be trained for skilled 
and semi-skilled jobs, there are 
not enough people available to 
staff a labour-intensive plant. 
So the aim must be to attract 
companies investing in plant 
and machinery' rather than 
people — and then lo persuade 
them to employ their staff as 



lw v> i ms 




V -.5 










‘L-.ATA £ 






i- ... 







Work at the Progress Shaving Brush Company ( V id fix) Ltd. 


Grinding high precision valve scats in aviation hijdraulic equipment 
at Iloman Engineering. 


far as possible from the island's 
workforce. 


By this means some 400 new 
jobs have been created over the 
past five years, and there are 
now more jobs than ever avail- 
able to school leavers. Unem- 
ployment is currently just under 
3 per cent, and although this 
figure changes with the season, 
as people take jobs in the 
tourist trade in the summer, 
the overall level of unemploy- 
ment does not seem to vary 
much year by year. 


Weapon 


The Industrial Office points 
out that the island pupulation 
is still growing— and nut just 
because of those who travel 
across the water when they 
retire — so there is no barrier 
to outsiders as yet. But the 
Government has a handy 
weapon in the form of the work 
permit which is compulsory for 
anyone who has lived on the 
island for less than 10 years. 
This means that the preference 
in filling a job can be given to 
the native islander, rather than 
an outsider, although quite how 
this system fits in with EEC 
regulations is not entirely clear, 
since these allow for the free 
movement of labour throughout 
the EEC — and the Isle or Man 
is by proxy- a signatory to the 
Treaty of Rome. The work 
permit also ensures that the 
island is not flooded with 
unskilled labour for whom no 
jobs would be available, and 


who would overcrowd the hous- 
ing market, which is already 
under some pressure. 

One factor that has been 
given more attention recently 
is the need for adequate train- 
ing: the islands educational 
system is more than adequate 
and a college of further educa- 
tion provides a certain amount 
of craft and engineering train- 
ing. but to attend a university 
the student will have to cross 
the water to the UK. And the 
Government has accepted that 
it will never be possible for the 
island to provide a jab for every 
school leaver. 

As a carrot Tynwald has 
evolved a wide range of indus- 
trial incentives. The principal 
ones arc: 

Investment grants: 40 per 
cent of the cost of a*-*w budd- 
ings, new plant and machinery. 

Initial grants: A grant of 40 
per cent, is payable towards 
running-in costs. 

Transfer grants: Anyone 
moving in a manufacturing 
operation to the island could be 
entitled to 40 per cent of the 
costs of the actual dismantling 
and re-installation cost of the 
operation. 

Training grants: These are 
offered to employers pursuing 
approved schemes. 

Sites: The Government main- 
tains sites for development, 
some of which are on the edge 
of Douglas. If a potential manu- 
facturer wants to set up else- 
where than on a Government 
site it may be assisted with a 


rent grant to offset the cost 
of the building grant which 
would otherwise have been 
received. 

Loans: It is possible in certain 
cases to receive loans towards 
half the cost of the working 
capital. Repayment may be 
delayed for two years after 
receipt of the loan. 


All in all this is an attractive 
package, though it should be 
remembered that these are 
maximum grants and that they 
are discretionary, not claimable. 
Any applicant is likely to be 
carefully screened to ensure 
that his operation will meet the 
conditions outlined above and 
also that his factory will be 
sited where it can do most good 
in employment terms. The 
earnings forecast will be care- 
fully scrutinised — the Isle of 
Man is avowedly not a place for 
lame ducks. 


labour. One such is Springvale 
Bolt and Nut. on the privately 
developed Spring Valley estate 
near Douclas. whose five skilled/ 
semi-skilled workers are all 
local. The same goes for Rostero 
fl.O.M.) whose ‘25 man work- 
force were all recruited locally 
and who will shortly begin to 
produce acrylic sheet from its 
factory on the same estate. 
(This is in spite of the fact that 
shift working will be required, 
an uncommon occurrence on the 
island.) 

At present the Industrial 
Office reports a steady flow of 
inquiries, and the number of 
new factories that have set up 
in business during the past few 
years would turn the industrial 
development officer of almost 
any Uiv. county green with 
envy. 


During the five years that this 
scheme of incentives has been 
in operation, around 40 com- 
panies have received assistance, 
60 per cent of them local; 70 
projects have been approved 
about 20 turned down. The 
Government has assisted invest- 
ment totalling over £4m. of 
which over £lm was in new 
buildings — which has also 
helped the construction industry. 


Unwilling 


One factor that must make 
the Industrial Office feel that 
that its policies are being pur- 
sued along the right lines is that 
several of the recent arrivals 
have managed to staff them- 
selves completely with local 


In many cases the pattern 
seems to have been for a U.K. 
company to set up a small manu- 
facturing unit in the island, tak- 
ing advantage of The incentives 
offered— and at the same time, 
in the view of several of those 
l spoke to. getting away from 
overcrowding and industrial 
relations problems in the UK. 
Marketing of the final product is 
often handled in the UK. the Isle 
of Man unit operating largely in- 
dependently. 

Indeed, several companies 
were at pains to point out that 


they would not wish any con- 
nection between themselves 
and the UK parent to be made 
in such a survey as this, and 
some were unwilling to be men- 
tioned at all. Such 
cautiousness points up one of 
the abiding talking points in the 
island: the question of greater 
or lesser independence from the 
UK. Certainly many entre- 
preneurs fed threatened by the 
fact that that UK officials still 
have access to same of the 
island's financial data — VAT 
returns, for instance, are dealt 
with in the UK And it is often 
the comeovers who are the 
strongest advocates of inde- 
pendence: the Manxman remains 
much more cautious, having 
probably weighed up the pros 
and coos more carefully. 

The one factor about the 
island that crops up in conver- 
sation more than almost any 
other is the quality of life. The 
Isle of Man is a place to relax 
in: if profits can be produced 
and ulcers avoided, then on 
wonder the island industry is 
growing. 

It is the slower pace of life 
— as well as the taxation climate 
— that attracts so many well- 
heeled UK businessmen to 
retire to the Isle of Man. Many 
of them find tl so relaxed that 
they start up little factories to 
pass the time! .Thus is industry 
created. 


— - ■ 

Colin 


• Oj&LJi i. 


Financial market 






still growing fast 


Chartered 

Accountants 




V'% * 
\ 


E % 


Why not the Isle of Man ? 


Why not broaden your post- 
qualification experience in a fast 
expanding financial sector ? 


■:V? 


AS VICTORIA STREET sweeps 
down towards the promenade 
in Douglas there is considerable 
activity in one building that 
stands almost next door lo the 
Barciaytrust office. Sifens are 
just going up to tell the un- 
suspecting stranger what will 
emerge, but most of the 
islanders, and certainly all the 
financial community, know that 
this is ro be an office for Bank 
of Credit and Commerce Inter- 
national, a London-based sub- 
sidiary of the Luxembourg bank 
BCCI (Holdings). 

There is considerable interest 
in the arrival of BCCI since 
apart from Allied Irish Banks it 
is the first foreign bank to be 
attracted to the Island. All the 
British majors are on the 
island, led by the Isle of Man 
Bank, a NatWest offshoot, 
together with one overseas 
representative, the Royal Trust 
Company, a Canadian concern. 
There is also a small Swiss bank, 
but it is not active. 


Vehicle 


BCCI’s importance is that it 
is the first of the truly foreign 
banks to arrive in Douglas. Its 
managing director is a 
Pakistani and it is thought to 
be a vehicle through which the 
Arab countries recycle their oil 
income. 


There are people on the 
island who would have 
preferred another overseas bank 
to have been the flag carrier. 
It had been hoped that the wav 
would have been led by a bank 
such as Chase Manhattan or 
Hong Kong and Shanghai 
rather than an organisation 
around which a considerable 
amount of mystery has always 
existed. 

Such a step might still 
be taken. It is thought that 
approaches have been made to 
the authorities by some other 
foreign banks. The Government 
investigates the standing nf 
potential entrants very carefully 
and so it could be some time 


before the name or names are 
released. 

This is understandable 
because banking has risen lo 
lhc point where it now accounts 
for a quarter of the national 
income and is still rising 
strongly. Until ihe late 1950s 
the economy of the island was 
hased largely on fishing, agri- 
culture and tourism. The hank- 
ing sector has far outstripped 
these sectors since then and 
gained a position of unrivalled 
predominance. 

Last year, for instance, the 
finance sector in government 
statistics accounted for 26.1 per 
cent of vhe income generated 
by the island from local 
sources, with manufacturing in- 
dustry the next in importance 
at 13.1 per cent. Just four years 
earlier finance only accounted 
for J7.2 per cent, and at the 
end or the 1960s was respons- 
ible for about 10 per cent. 

The growth of banking has 
been very much a product of 
the island’s offshore financial 
haven status and in particular 
has come since the abolition of 
surtax in 1961. The very' 
favourable conditions accorded 
to both companies and indi- 
viduals means that many people 
resident outside the U.K. — 
either through choice or work 
— have been able to organise 
their own affairs in such a way 
that rhe burden of tax on them 
has been, quite legally, mini- 
mised. 


marks over the future Df the 
fishing industry such concern Is 
natural. An economy which be- 
came too heavily dependent on 
finance would be especially at 
the mercy of an outside agency 
— such as Whitehall — which 
attempted lo undermine that 
function. 

Despite this concern there is 
little doubt that in the next few 
years the share of the economy 
taken by banking will definitely 
rise even further. Not only will 
more banks be attracted »n to 
Douglas but the authorities are 
now looking at a neglected finan- 
cial sector — the captive insur- 
ance market. 


Subsidiary 


At the same time, the growth 
oF the sector has brought ad- 
vantages in its train >to the 
economy as it has created em- 
ployment locally and injected a 
degree of management exper- 
tise which was previously miss- 
ing and will be invaluable in 
the future. 

There arc some reservations, 
though, at this" fast rise, as it 
is felt by some people that ir 
the finance sector grows much 
more it could endanger the 
balance of the economy. With 
tourism and agriculture declin- 
ing in importance and question 


Captive insurance is that field 
in which a company sets up a 
subsidiary to insure some nr all 
of the risks arising out of its 
own activities. It is an area 
which has been growing in im- 
portance throughout the world 
and has a respectable pedigree, 
stretching back over the pas*, too 
years, especially j n America and 
Europe, where the general in- 
surance market has not always 
developed to such sophisticated 
levels as in London. 

There are several advantages 
to be gained from setting up 
a captive, such as the elimina- 
tion of some or all uf the 
primary insurer’s management 
expenses, wider forms of cover 
can be arranged, cash flow is 
improved and a cost centre (in- 
surance outlays) can be turned 
into a profit centre. 

Most of the running for cap- 
tive insurance in the UK has 
been made by Bermuda though 
in rhe last few years Guernsey 
has made great efforts, not 
altogether unsuccessfully, to 
rut itself a slice of the cake. 
Now the Isle of Man wants to 
do so as well. 

• It sees an important sector 
of the financial market, with a 
certain spin-off in other facili- 
ties, going elsewhere through 
its own default. It also believes 
that captive insurance will 


complement those financial 
activities which are already 
pursued on the island and lead 
to even more employment 
opportunities. 

What the Isle of Man would 
like is for the business com- 
munity to accept it as equally 
sophisticated a financial centre 
as the Channel. Islands. People 
in Douglas will tell you that 
they can hardly compete with 
the image of Guernsey and 
Jersey at a personal level but 
that they should be able to pro- 
vide as full a range of services 
as can be found in St Helier 
or St. Peter Port. It is for this 
reason as much as any other 
that they want to branch into 
new areas. 

Banking activities are now 
carefully controlled through 
Acts of Tynwald in 1975 and 
1977 with the government 
Treasurer overseeing observ- 
ance of their provisions. The 
fringe banking crisis which hit 
London had repercusisons in 
Douglas and the authorities 
there are determined to avoid 
such unpleasantness in future. 

Any new bank coming in 
normally has a paid-up capital of 
at least £250.000 before it can 
receive a licence and one of 
the conditions is that it must 
have been recognised as an 
authorised depository for ex- 
change control purposes by the 
Bank of England. This is just 
one of the ways in which 
London and Douglas work 
closely together to safeguard 
the probity of the banking com- 
munity. 

The fee. for a bank licence is 
£500 a year. Other houses which 
offer financial services, such as 
investment advisers— also have 
to be licensed and the fee in 
their case is £250. The 
Treasurer has the power to 
refuse renewal of the licence — 
except to the UK clearing 
banks or members of the 
Accepting Houses Associations 
—or he can attach conditions to 
any renewal. * 


Why not enjoy a rewarding career 
with low taxation ? 



Why not live in a pleasant 
environment ? 


Why not Pannell Fitzpatrick and Co.? 

Why not write to the Staff Partner, 

50 Athol Street, Douglas, Isle of Man ? 


LiNE* 


The modem way 
from the mainland 
to the Isle of Man. 


Starting 1 st June 1978, Manx Line's 
2700 ton, 260 car 'super-ship' Manx Viking 
brings Isle of Man travel right up-to-date. 

Operating a new short route - Heysham 
to Douglas - Manx Line's roll-on-roll-off 
service offers a minimum of 3 crossings 
every day. And. with Heysham just off the 
M6 and a quayside rail terminal, linking up 
with Manx Line just couldn't be easier. 

So go Manx Line and enjoy the fully 
stabilised air-conditioned comfort of our 
luxury bars and video T.V. Lounge. 

For full details and booking form see your 
local travel agent or write to: 



Ramsey Crookall Sc CoJ 


■ ■* 

-t -..rfcV 

14 ATHOL STREET, DOUGLAS, ISLE OF MAN 

filfe 

MEMBERS OF THE STOCK EXCHANGE v 


Anthony Moretonj 


TELEPHONES: DOUGLAS 3171/2 & 23SS4/5 TELEX: 6-7530 












Cto 


Financial Times Friday May 26 1978 


ISLE OF MAN III 


/3*WS\ 


Air links could be better 


m. 


CK 




a 

;?&> 

w. ivr ‘ 


if tr,,.„h n over b3 L Brmsfa iIidiand Air - taking advantage of the Flying privately owned company, whose road (the MB is eight miles roads are adequately surfaced, 

* imnrtrtant °4f UlSltle W ° rld 18 ^ ¥ ^ ys ‘ T * 1C plan * Taxi service operated by Airmanaging director is former away) or rail. especially on the TT course, 

ftn th«T, ,5°“® I F ore 30intly , by and Britlsfa Air- Charter and Travel. Five-seater motor cycle world champion One question that the non- albeit not very well signposted, 

tnurict .... . , . an * whos 5 w 3ys, is subject to the approval Cessna 310 aircraft can fly to Geoff Duke. Manx Lines' ro-ro package holidaymaker will have There is a reasonable bus 

finance Aviation Authority, around 35 UK airports as well ship Manx Viking was bought to work out is whether it is service to most parts of the 

tn some J 9331 few years 45 a ““mber of Continental from Aznar Lines, and can carry worthwhile taking his car to the island— and of course, as in any 
with the iik nwirlv 1 ?! frf* „ A, ™ a3 ? s *“■ ■ run . djrect ones - T* 1 ® overall cost per pas- up to 260 vehicles between the island. The cost of doing so is holidy resort, the visitor is 

and the flights to 1116 , lsIa ® d during the senger competes with that of island and Heysham. Initially likely to range from around £25 catered for by coach trips— and 

lie bevond ^ markets “ at summer mon ths, but this year scheduled services, and the four crossings a day are plan- t0 £44 return, depending on recent research indicated that 

these are confined to weekends, added flexibility is a bonus. ned. and the service is due to length of car, time of travel, etc., the visitor to the island gets 
A- glance at a map showing taking advantage of the holiday The quickest way off the start on June 1, just in time for w hich may hardly prove to be around far more than would be 

air and sea routes between the traffic. The airline points out island is with the British Island TT week. economic since car hire on the expected of someone staying in 

island and the UK and Ireland that direct flights can only be Airways service to Blackpool, island is very reasonably priced a seaside resort 

shows a fine variety of options: instituted if sufficient demand which takes only 30 minutes, and I JpTl T¥ll StlC An Allegro 1100 for instance And there are. of course. 

/ ?* ?_ le ““ links by sea to exists. The islanders reply by the airline also operates be- ^ costs less than £35 for a week, more unusual ways to travel in 

/ Liverpool, Ardrossan. Fleet- saying that the demand is there tween the island and Edin- Mr. DiUte is higl N ; 7 optimistic . mileage in hieh the island: by horse tram along 

r wood, Belfast, Dublin, and and that a direct service will burgh, Glasgow, Belfast and ab ^ ut . th ®. t season, £28 low season. Hiring a Douglas seafront, for example: 


ports. But the frequency (and from the experience of Dan Air, remainder by sea, and almost to - and from the island. At three To anyone accustomed to t0 Laxey and now on to Ramsey 
comfort) of several of these which this summer is" starting ail travel on one of the Isle of hours it is also quicker than the congestion of south-east — , t h e ^-opening of which route 

services is Jess than ideal, with direct flights between the Island Man Steam Packet Co Ships, comparable routes and Mr. England, the isle of Mans af a cnst of £ioo.OOO caused 

the businessman who wishes to and Gatwick on five days of the which connect with six ports in Duke says, cheaper, although roads will come as a joy. Car Jnanv furrowed brows in the 

commute between the island week. The airline will be using the UK and Ireland. There are uhe number of special offers, ex- ownership in the island is rela- Treasury. The Isle of Man is 

and London receiving the worst Hawker-Siddeley 748s — not its drive-on drive-off ships on all cursion fares, etc. available tively high, but then the island not accustomed to support 

deal. celebrated fleet of Comets which routes except the Llandudno from both companies make it itself is fairly sparsely popu- enterprises that do not make a 

To visit the island for a day might be able to get into sailings. difficult to generalise. Certainly, lated, and there is hardly any profit _ aml the Electric RaiL- 

he will have to be at Heathrow R °naldsway but certainly would But this year there is a new however. Heysham lies very traffic congestion, nor is there w doesn't 

by 8.30 ajn - for take off iust not ra ®k® it out again. challenge to the Steam Packet conveniently for the onward any parking problem except in Polin Inman 

after 9 a an. At 9.50 a.m. he Man y businessmen are now in the form of Manx Lines- a journey in the UK whether by the centre of Douglas. The COlin Inman 

will -be decanted at Manchester 
where he will have to wait until 
11.30 a.m., when a Viscount will 
transport him to Ronaldsway 

Airport arrival time 12.10 pjn. 4 ^ • • 

gaSHS Taxation and incentives 

involve changing aircraft and a 
mere hour's wait at Speke Air- 
port Liverpool (These flights, SEEKING to attract Against this has' to he set the view. Tax is then paid by the *100.” In addition, it points out, remaining in the UK. but it is 

are „ .,*} uaiI ? y new business the Isle of Man fact that the Isle of Man is a recipient there is no stamp duty on the doubtful if it can, even under 

by *??? jJSH* 11 Tv, r " labours In theory under cer- tax haven. While development Therefore a resident company island. ' the 1975 Act seek to claim tax 

wa>s staff as direct ) The Jaboura. in theory, under cer grants retained There is only one double on property wholly in the Isle 

round trip costs £52. tain disadvantages. Those areas ing amounts new p]ant ™ pay “£ Then cS taxation agreement between on Man. 

Arriving at Heathrow just the UK which are nearest to machinery, or selective allowances may be set against the UJC. and the Isle of Man. This observation is subject to 
before 7 p.m. the businessman it, or from which its communi- financial assistance under the the total, such as any capital This allows individuals to re- a test case in the courts, 

may find himself wishing that cations stem, are in grant- 1972 Industry Act, . together allowances or expenses incurred el®*™ tax credits withheld on Theoretically, the Isle of Man 

bis interests lay in the Channel assisted areas and might there- with .other incentives, the island m the running of the business. UJK - dividends. Companies are is a sovereign entity; in practice. 
Islands ratftcr than the Isle of fore be expected to cream off has a ® tand ® rd rate of tax of a company which is non-resi- excluded from this provision. the constitutional position of the 
Man. and the inadequacy of the an _ at +T»rt««* +„ th* 21 P er cenL This te a P° wer - dent has to pay a £200 company For ® potential entrant the island is a lot less clear. It is 

senice must be seen as a dis- ^ i L_5~f c ”, a rt {?_ “ ful incentive, especially when registration tax together with a great drawback now to bis tax felt in the island that if the 

advantage to the island's grow- * thT W.ri ]t is taken in function with £9 fee on filing its annual status in the island (as it is uk sought to pursue an action 
inc financial community. nnrfth* Sme av J ^ f * ct 0,31 there is no surt®®- returns. Similarly, a company in both Jersey and Guernsey) is j n the Manx courts it would be 

a further ooint is that most dcvplonment In t^Tii n0 capital transfer tax and no which is paying dividends or that since the 1975 Finance Act, thrown out. But there are ways 

*i K h. s to nSlrJZ island hlS Sbctodtoa? ra £‘ ,al , .. „ director', toe. to . non-resident Whltfr W» made retrospecaye to „£ bringing pressure without 

connect with Liverpool, rather part of England nearest to the T >™™ld. the island s parlia- has to deduct tax at the stan- °“™ be . r n i (, :„ X 001118 t0 , c ,? urt ' ‘I* ‘M 1 P"“ lble 
than with Manchester, which Isle of Man. Immediately tn the m . ent ; hf !' em “<* a !?.“ dard rate of 21p. “ d ll ”"' 1 " 8 '"*?.? acnon of «“* »»« wtnah w “ rrles 

has direct Continental services, west, Northern Ireland has a ^ at ! on - * hicb 1B According to the Mannin “• »' 1 ““ “ 'Vlt s0 ” e espac,aUj ’ “>• ,aJ£ 

However, some changes may panoply of special incentives £sMy above the 20 per cent Trustee Company, of Castletown. ^ considerably, 

be in the wind, since under a available for putative em- ** te of h, ’ r Chennel Islands, is tlle aIlly levied which 11,81 0,18 ll * s 1,84 on T1, e decision of the Labour 

proposed “route swap” arrange- ployers while the whole of the 2f ce ® sary , could be called a capital tax is some P^P 1 ® wb ° “ ay ® Party to send two members of 

ment the Isle of Man route north of England has some 01 0,6 “f on the registration of a com- considered moving to the island lis national executive to Jersey 

through Liverpool may be taken form of assisted status. :< .economy- ^ further industry is pany . s authorised share capital. t° r Ux , reaa P ns . or . , t0 . re ~ ®^ d Guernsey to investigate 

, „ . tow be attracted m, then the ^ a useful little booklet, tire, but it is doubtful if it has tax-haven status was 

. - local government can ill afford en titled A General Introduction bad an y effect on people want- greeted with some consternation 

mm m i in jiTlii ■— 10 . bec ° 7ne ' uncompetitive with t0 th e isi e 0 f Man, it states that or having, to go to pursue b, the Isle of Man since any 

J n W I IBBHHBI assisted areas of the UK. this levy is at the rate of £20 their work. action against the Channel Is- 

1 m | | tSSmm The basis of Manx taxation is on the first £2,000 of authorised I® order to benefit to the i^ds would also be extended 

l E a , | #j | pi m ri H p I I that income is only taxed once, capital and then at half of 1 per full from residence in the island t<> the Manx position. The two 

i j | ) There is no corporation tax as cent subsequently. “This duty individuals have to sell all their MPs appear not to have been 

such 00 resident companies and is separate to the fees payable property in the UK and trans- over concerned at the practices 
i B BB ■! iM ™ M .any income whicb is distributed to the Chief Registrar, which fer it to the island (or else- involved, which was some relief. 

does not attract tax liability range between £5 (for a £2.000 where). For the UK govern- 

hB® 8 hPP 7 from a company's point of company) and a maximum of meat can levy CTT on goods A.JV1. 


tered 

untanc 


Mi 




Tourism lacks investment 


1978 




%L 0 ‘ 


f .i! P 


. \ ! 




CORONATION CROWN & 

The first Legal Tender Crown for the 
Coronation Silver Anniversary — minted for 
circulation, and in low-limit Sterling Silver 

collector editions. 

Immediate delivery guaranteed. 

On the Revarsa a 'cast 1 of falcons — historic Manx tribute to the 
Sovereign at the Coronation — overlays the island’s, map. 

On the Obverse tha Royal portrait. 

Minted in Silver Proof* only 3D, 000 — send £15 

Minited in Silver BU a 70.000 - send £9.50 CuNi £2 
SEND CASH WITH0RDER Immediate refund when overs ubscribed . 

M Phbjoy Mint Limited bgy 

Sola official mimers to thB Isle of Man B«wnaent J 

Hint House. Oldfiolds Road. Simoo. Snmnf 
» IHWIlWlI Telex. No. 846945 Mint G 

Tim largest pmiate Mint in Eoropo Reflltlerad hi Enflland 3S1862 ^ 

Setting the Standard 

I JULIAN S. HODGE BANK 
(Isle of Man) Limited 

64 Athol Street, Douglas (Tel. Douglas 23916) 

Invite you to write for details of our 
full Banking Services and our highly 
competitive interest rates for 
depositors both on the Island and 
countries overseas. 


A Member of the 

Standard Chartered 
Bank Group 

Which has some 
1,500 offices In 60 countries 


THE MANX AGENCY ’ 

Advertising — Marketing — Merchandising 

GORE ADVERTISING LTD. 

51/53 Duke Street Douglas I.O.M. 

Tel: STD 0624-23355/6 Telex 629438. AmmanG_ 




THE Isle of Man tourist 
industry is sick. The exact 
nature of the ailment, or how it 
can be cured, is the subject of 
much debate, .conflicting 
opinions, but not a lot of action. 

The trouble is that too little 
capital has been spent on 
developing ' the island as a 
resort. Consequently, as it has 
become easier and cheaper to 
go abroad, so it has become 
relatively more expensive to go 
to the Isle of Man. The Isle of 
Man Steam Packet, iip to now 
the sole conveyor of passengers 
by sea, and British Airways, the 
major air carrier, have bad to 
shoulder the burden of criti- 
cism because they have pursued 
unimaginative marketing poli- 
cies. 

Another problem is that the 
Isle of Man has a short season. 
The TT motor cycle races are 
the main attraction of the year. 
Held -in June they attract a 
“ fUU house " and the very 
nature of the event and the 
worldwide interest means that 
little advertising effort is re- 
quired to make the TT a success. 
It is the organisation of the 
event and the voluntary help by 
the local population which 
ensures the event is still re- 
garded as “ the greatest race in 
the world.” 

Some . success has been 
obtained in attracting more 
package, tours. Golden Isle 
Holidays, part of the Palace 
Group, has Increased its busi- 
ness significantly in the last few 
years In this field. 

There is also a demand, as 
in other holiday resorts, for self- 
catering accommodation, a sec- 
tor in which Mr. Clifford Irving, 
chairman of the Tourist Board, 
has admitted that the Island has 
a “ desperate shortage.” Behind 
this lies a lade of co-operation 
over many years from other 
Manx Government Boards and 
small groups of local inhabi- 
tants who appear to care noth- 
ing for the tourist industry or 
any developments which might 
improve the facilities available 
to ..tourists. Up to now, for 
instance, the local council has 
been against conversion of the 
hotels on Douglas promenade to 
self-catering accommodation. 

The Tourist Board has 
approved development schemes 
by private developers. An inter- 
national golf course was pro- 


posed which would have taken 
a tenth of a desolate area called 
the Ayres. The company 
involved, Golf Services Inter- 
national, patiently went througb 
the lengthy proedures required 
to obtain planning permission. 
Sir Peter Scott said the project 
was an act of conservation, but 
the local preservationists did 
not agree and the golf course 
was rejected, on appeal, because 
evidently the Planning Appeals 
Committee saw some imaginary 
thin edge of the wedge which 
might have led to further 
development 

There are certainly sites 
where self -catering complexes 
could be built and the Island 
needs the revenue that holiday- 
makers could bring in if only 
to help pay for the future wel- 
fare of its high proportion of 
retired people. Yet it Is these 
retired people who object so 
strongly to any development 

For years there has been talk 
of the tourist industry moving 
up-market but the success has 
been minimal. As the old 
attractions have disappeared, 
marketing the Island has relied 
more and more on the natural 
heauty of glens, beaches and 


mountains. Consequently, the 
type of tourist has changed but 
not significantly. More cars are 
coming to the Isle of Man but 
the total number of tourists Ls 
dwindling. 

The tourist board is also look- 
ing for new markets according 
to Mr. Irving, Norway has the 
best potential. But Norwegians 
have come despite the tourist 
board, not because of it. Ireland 
is an enormous potential 
market, especially as there are 
strong Gaelic. connections 
between the two countries. Yet 
it is only recently that the 
board has looked seriously at 
the Irish market 

The strange thing is that 
although the tourist board is 
not too happy with its progress 
in Ireland, individual hoteliers 
and tourist operators are de- 
lighted with their own efforts. 
For instance, the newly built 
Viking Aparthotel in Ramsey 
sent a representative to an 
exhibition in Dublin earlier this 
year and came back with book- 
ings which helped to fill the 70 
self-catering apartments to the 
end of September. 

The Viking, the Villiers, the 
Palace, the Piccadilly, and* many 




other successful hotels are 
largely responsible for their 
own marketing, and those who 
know bow and where to market 
their accommodation are the 
most successful. The sad fact 
is that a few successful entre- 
preneurs do not arrest the 
decline in the total market. 

If this year is reasonably 
successful the severe problems 
facing the industry will be 
avoided until 3980 because next 
year has been declared Mil- 
lenium Year, to celebrate 1,000 
years of continuous Parliament. 
There is exaggerated talk of a 
million visitors and everyone is 
expecting a bumper season. 
Tynwald has formed a Mil- 
lenium Committee and every 
town and village on the Island is 
expected to do its duty and 
provide festivities. There is no 
doubt that Manxmen and women 
will rise tn the occasion, how- 
ever bogus it is. Many reputable 
authorities consider there has 
been a Parliament on the island 
for well over 1,000 years. But 
when it is over the same prob- 
lem will remain — rescuing the 
tourist industry from decline. 

David North 

py^Mor ’ y. ^ 7* j 


■ 'f "■ ' ■■■ 



Lombard Bank 

Isle of Man Limited 

A member of the National Westminster Bank Group 

For further information about 
our facilities write or telephone 
Mr. T. Bell, Dept. 824, 

Atholl Court, 41 Athol Street, 
Douglas, Isie of Man. 

Tel: Douglas (0624) 6295. 

BRANCHES AT RAMSEY AND CASTLETOWN 


ROYAL TRUST 

Good people to know. 

Whether you live in the Isle of Man. or are planning 
to move there, you need expert and highly specialised 
financial advice. 

Royal Trust is the first North American financial 
institution to establish a bank in the Isle of Man. We 
know the Island and we are backed by the full 
resources of the Royal Trust Group, the largest trust 
company in Canada and currently managing assets 
worth over £9.000 million worldwide. 

We can help with all aspects of financial planning- 
investment management, tax. money services, 
mortgages, wills, and so forth. In addition, we will 
gladly advise people who are thinking of taking up 
residence in the Island 

Contact our Managing Director. Andrew Hall, and 
he'll introduce you to the full range of Royal Trust 
services. 

ROYAL TRUST 1^51 

See how much we can help r 4- \ 

The Royal Trust Company (Lie oi Man), a j 

46 Athol Street, Douglas N. 

Telephone: Douglas 6198 and 219S2. Telex: 62S520 

Incorporated and registered in the Isle of Man with 
unlimited liability. 


International Finance 
& Trust Corporation 
Limited 

(Incorporated, m the Isle oj Man ) 

MERCHANT BANK 
Issued Share Capital: £1,000, 000 
P.O. BOX 25, 

VICTORY HOUSE, DOUGLAS, ISLE OF MAN 
TEL: DOUGLAS (0624) 25531-4 
TELEX: 627010— IFTC G 
This Bank is not associated with any other Bank 

ENQUIRIES ARE WELCOMED 

TRUSTS - UNIT TRUSTS - EXECUTORSHIPS 
INDUSTRIAL DEVELOPMENT 



The SnaefeU Mountain Railway which takes tourists to the top of the island's 

highest mountain. 


tannin 


Lome House 
Castletown 
Isle of Man 


trustee &ompantf ^united 

. ^j^ru)alc d&anlers 


Telephone: 

Castletown (0624-82 ) 2091/2 
Telex: 628032 


\ ; . 




r 


H 




34 


Financial Times Friday May, 26 • 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN 



Prices edge up in slow early trading 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK. May 25. 


Closing prices and market 
reports were not available 
Tor this edition. 


Hitachi rose Y2 
i“ active buying by 

investors ahead of results. 


Block Bros, jumped C$1,; to 


AFTER a rather mixed opening, said if had extended its tender with hi? gains for some mining. Toyo Kogyo rose sharply initi- Printers were tine flrmnest sectors, 

stock prices moved ahead in offer Tor Dymo shares at $30 each Industrial and speculative shares, a-lly on a local Press report that while Hotels, Steels and 

sluggish mid-session trading on until tomorrow. The Sydney .All Ordinary share Ford Motor would discuss taking Electricals showed no dear trend 

Wall’ Street today. Davlin yesterday dropped its index_ rose 2.66 to a 197S "high" a stake in the company. It closed Banks. Foods*. Cars, Oils and 

The Dow* Janes Industrial $30 a share tender offer for Dymo of 495 65. down YS at Y482 after profit- Stores were the sectors which 

Average— off 0 28 at 10.30 a.m.— shares after Essette had raised its BHP rose 15 cents to A$Cj/0. tafcinj;. brought The market down, 

had chalked up a gain of 2.0S to $24 bid to match the Daylin offer. Bank of New South Wales 8 to 

Studebaker-Worthmgton gained AS5AG and mining .stocks Utah 

SI to ¥©!— it exnects earn in ns this a od Consolidated Goldfields 15 . . . ,, _ . 

vear to exceed last year's $S.75 and 5 to AS4.10 and A$2.70 re- in Y esll,rs *head of results. Other 
iwr share. selectively. Rainers included Ikegaf Iron 

Aciively-traded Bally Mnnufac- Uranium* advanced, with Pan- Tories, Mura to ^ NFC. Nippon 
t urine rose Slj to SMJ and continental rising 20 to A314.40 Columbia and Dal-Ichi Cement. 

S40.00 by l p.ra.. while the ?CYSE 25?* ^^,1" Afc? ^“oH^hal^sScufa'rion^lso . CANADA— Prices remained firm offer for the company directly to 

raJiwd 0 "?"?^^^]!?** aU " in^he SiSUSS'ralSSj^fS l mark« s UlS yeTe r day nad, fS * SmSy “itesonrees picked up 

V'olume was down 2.CDm shares high . AST^and Southern j£**mX H?i 1 SETS 

st ° re Y; , A ... mid-session, while in Montreal the 2i cents. The ■ two intend to 

Embart Corporation, which AC1 fell 2 cents to SA3.6-. as its composite index- showed a gain acquire a working interest in 


1 institutional Cs85 ;* Oy»ph and York Develop 
meats plans a bid for Block Bros, 
shares at C$9 each. 

Great-West Life added C$J to 
C$98. Investors Group said 
would make its CS100 a share 


at 19.07m. with advancing issues 
outnumbering losing ones by 
about seven to five. 


Tt appeared that money man- of Yutan Irtunttte wt»- of 0.03 to 131.28. 

nrc hm-ino on the cer ? L,i rose Sl{ to S36!. gresses Vulcan feU five to ASS. 


agent started buying on the 
market's weakness, which was 


Golds were strong, the sector Louisiana. 
TOKYO — Shares closed slightlv moving ahead 8.5 to lJfiO.B. but 

Oils and Gas were weak and 


leases and a test ‘.veil 


WEDNESDAY'S ACTIVE STOCKS 

I'Jianm- 


\:niTi*.an Momrs 

Stn.-h-x 
ir-1 -d 
STS.BOfl 

Cl0>in8 
pr! . 

31 

on 
da.x 
+ t 

C i- iarx Wor lil 

njj.n-w 

13! 


P ■ js.t-u 

m iihi 

29! 


w. .xiuiehnusc Elexi. 

W tun 

SI! 

-i 

Polaroid 

■Jl.' MW 

3T!sd 

-3 

S<:.\ Services 

205. JM 

s: 

+ 1 

l-’annlc Mi.- 

7B5 :on 

ltilad 

- 1 

n.-n.-ral Motors .. 

191 IHW 

53 i 


FiHr 

19J 000 

i'.; 

+ 1 

Trans-worid Air. 

IfrsSOO 

10! 

“ x 


On the AMERICAN SE prices 
advanced in moderate early trad- 
ing. At I p.m. the index was 0.34 higher after profit-faking had 
ahead at 144217. Volume amounted Pared earh* gains. Volume was supped back 3.3 to 1.3W6. 
to 2.24m shares (2.3‘lmi. steady at 2fi0m shares (260m). 

Actively-traded Compac gained Many shares rose in the morn . 

Sli to S20J. The company said mg, extending Wednesdays rally, draft 
that mo companies were studying hut profit-taking was attracted 
possible tender offers for its iater. 
stock. 


AMSTERDAM — Prices move- 
ments were mixved. with the 
Transport sector making the 
PARIS— Easier as operators main gains led by KLM which 
began to assess the impact of a sained _ FI 6.aO after heavy L-S 


Doc lima tion lnc^ which earlier 


Public Works. Machines and 

reported sharply higher first quar- 

ter earnings, was up Sli to $20;. Une™felf U 


Papon. Budget 
Wednesday night. 


on 


Blount was up $2J to S13;. 


brought on by fears nr in nation 
and higher interest rates and the 
market's overbought condition 
a Tier its recent surge. 

Dymo Industries lost SI} ro $30} 
after a delayed open in, 


OTHER MARKETS 


AUSTRALIA— The market 

Esselle closed at its strongest this week, Olympus Y4 to Y709. 


law on ’ capital gains demand, 
approved by the Cabinet yester- , *" Internationale Akzo, Uni 

day and dcta/Jed by 31. Maurice !««■ a " d ^oyal Dutch all gamed 

Minister on 10 cents, but Hoottovens slipped 

Minis er, o« _ Q ^ F ] M _ flnd phiIips 

_ , _ 20 rents to FI 25.3. 

H Operators generally felt that The industrial index moved up 

on uquida- the lower exemption limits were q _2 to a 197S “high" or 83.4. 
not wide enough, but viewed the 
Cameras and some Vehicles and law overall as an improvement GER3IA XY— Markets in Frank 

Electricals closed lower in line on the original one drafted in furt. Munich. Stuttgart and 

with the fall on Wall Street. 19"6- Duesseidnrf were closed for the 

Matsushita Electric Tell Y7 to Some support from large insti- Corpus Christi holiday. In Ham- 

Y732. Honda Motor Y4 to Y 374. tutfdnal investors may have had burg, share price movements were 

Alps Electric Y44 to ¥'99)6 and a steadying effect on the market. 

Chemicals, Constructions and 


Shipping 

lions. 


mixed in quiet trading, with 
Chemicals mosilv lower led by 
Hoechst — down 60 pfiennigs. 


indices 


H.Y.S.E. ALL COMMON 


Rises ann ‘•Vis 

Stay »tav •-'? May 22 


NEW YORK DOW JONES 


Mi. 

24 


Stay 

35 


Stal 

& 


Star 

t? 


197>' 


Hu>h 


54.36 


Mix 

24 


Mitv Mnv 


Max- 

la 


Mat 

k 


Uh. 

17 


i ni.tr - 1 1 1 1 > 1 1 « r n 


54.90. 55.43 54.95 55.58 
. 17*. 


48.4/ 

if-iii 


I'rtie* rrq.tnl... 

. 1.B95 

1.922 

1.912 

Itwos 

300 

471 

922 

Fall' 

. 1.246 

1.029 

592 

Liii-iiMimHii 

349 

422 

398 

'>•" Hieii* 

81 

86 

105 

.New Liu* 

60 

45 

38 


H11-I1 


H lull Lmu 


Inil'i irui .. 037.92 045.29 055.42 8-IS.8S 850.92 056.57 


H'm-tVn>l--. 53. 13 85.31 98.51 98.47 99.58. 88.55 


I'm i, .port.... 224.80 227.80 251.30 229.16 230.91 231.25 

t Mine* 104.03 104.35 104.57 704.25 104.03 IW.M 

IrS'lini; ml. 


556.57 

ili.'o* 

-U.1B 

*4/i> 

251.20 

,££/di 

ilO.ra 

<o,Li 


JW i 31.450 33.230 28.700 34.350 42,2711 45.490 — 





Slav 

54 

Slay | 
23 1 

Mav : 

2£ ■ 


,n| * 


/42.JP 

IQSJ.tQ 41.22 


19 

Hn:h 

)».n- 

. 88. IS 

• il«,t>i 

10.-. tl 
<4.1, 
102. M 
. I22;2i 

273.88 15.25 

lICMl 1 rtf. l.&Jl 
105.52 10.55 

iJJ-tfrvti >&ii,42) 

Iiuliuiriai j 

< mii, hi n^.1 

- 

155.61 

1*2.86 

il l 

|V1 

IH2.eS 

191.72 

183.61 <23/6) 
182.86 i23i5t 

Ih2.rt1 i!F,2l 
I7D.P2 i.JI Ii 

TORONTO L..i.i|xfr*iie 

1122.0 

1158.3, 

(l 1 

1128.5 

1 136.3 (23<6) 

'Ba.2 iuMi 

JOHANNESBURG 

1 rnlii-r i 

211.9 

224.4 

212.7 

223.7 ' 

210.1 

223.3 

205.2 

222.9 

2 18.7 1 1.2, 
224.4 (24,- 5| . 

161.0 i-^.iSr 
194.3 • IJ- 4 , 


•U* 


■ •i fn-i.-x li«n-jm I pirn Ansn-t l.'i 




May 13 

Mat 12 

Stave* ' Yrarac" *a| iiin -a.i 


*■ 

5.48 

5.51 

5.61 

4.69 

STANDARD AND POORS 



Mux • Slat 

22 • I‘J ’ 


Ur-- 

"iihr * V*I| j |* l In 1 ll 

24 


1c 17 

Hitfll Irtxx 

HUsl> ' Liw 

l In lii-lriaix 107.38 

97.DS 

108.47 

98.0s' 

109.70 108.62 

99.09 98.12 

109.11110.51 

ftfl.B? 99.60 

1 10.31 -6.S. 

it7'5i , lH/5i 
99.60 • 8B.rf 
*17,5) . xh/5» 

1,4.94 a. 52 

.tl.l/<ii '.50*52. 

• 125. *8 ! 4.40 

• III* Jill. 1(11/12, 



* Stay (7 

Slav to : 

Stay 5 i Vrqr *ttP> fajipror.i 

ln-L .hr. yield % 


4.85 

6.04 

5.02 

4.34 

In 1. PK Katin 


9.53 

9.16 

9.18 

10.37 

1**i ; Cinxl. tkilfrl VlCIri 

8.4 H ! 

8-43 

8.39 • 

7.72 


Mux 

a*. 


l’re- 147V 


l-»7>* 

low 


Mhv 


vlmi* 


I MZ 
Hurt, 


lift 

j—» 


Australia 1 ^ i W2.38 

Belgium iti %^sii 95.o7 
Denmark i” S!?.S57 46.42 


441.19 
i26oi 1 1,3. 


France 
Germanviiti 
Uouand k'.i 


I • • «7.0 -7.7 


tOI. IK 
iSwi 
1P.1J 
Chi, 
ft.i 
.VH.4, 

: L2.7 
It- 1 '- 
rf- i 
»" h . * 
til. 14 

llrt/Sl 

■4. La 

( 22 . 0 , 

IRI 409^5 «0.«;;4ic.ll 
• H(»| 

Singapore 314.69 314.16 > ilf-.3S 262 jj 
i*> . • ildibi . il^O 


83.3 


Hong Kong 47u.|9 
IUl\ illi «.£0 


Ifib.i 
-5.2 
41* 1.14 


rS.RB 


Japan 


90.40 
■ 23,0) 
-« .o:i 
m.8, 

ItJ, 

i-'.4» 

7tn.s 

il7,0i 

ifj' 

l4,4| 

SUM 

llilli 

K.40 

llv-zll 

.164^4 
,4. |, 


Spain 

Sweden 


irfi («) 103.1c ll-J./i 

, «4^- Itiil 

in 3^9.60’ 372.51 3»7.Cr 520.7-1 
■i-n *a,li 

Swic-erl'di/ »l.b ai-' 5UV7 279.0 

, i* 2> , itorti 


Inrluvs jnri Oasr aaies 'all nas* valuer 
l«i .-Jevpi NYSE All Cnmmnn - W 
Sunaami ami i*i>iini — in -inn T<imn>o 
pin- 1 mi*, me las' rnuneo an :9<3i 

» fxciiKlimc biintu 1 4im lmiu)i(nai» 

S 40H Irin-i 411 Utilities. Hi hm.irrce mih' 
21) iTaiispnn «Bi Sinn-« All Orrt 
ill* Belgian SE SlrtS/IB. f, Oni>«nn4B-m 
SE 1/1/73 i til Marl* Knurs* 1991 
«iri CooniuerTftanfc Dec. 1073 («4i Anmter 
dam. Indusinal lWfl. iVM Hang St-na 
Bank X1-7/B4 mill MUan 2--1/73 i.nTnkfn 
New SE 4/ l/BS. rbiStrjiti ITnun 18ffi 
cn cios-u. <rfi Mannn se 30/12/77 
ici Stockholm Irnlnwrial UkaS. t/i Swiss 
Rank Com <u> UaairafMtile. 


OVERSEAS SHARE INFORMATION 

NEW YORK 


Inv. $ Prem. S2.60 to £— lL0i% <111}%) 
Effective rate 1L813S) -4€i% <4Ti%) 


MlK-k 


«■»> 

24 


Slav 

25 


Si*»-k 


31m 

24 


3Ih\ 

23 


•H' 


M*i*,|l Lula 

V.l.lrt-*-" ,!-ni{ih ... 
'■•I'w Liu-\ l.jm- 
■Vl I'ri'lin-I* 

lit.-.- 

M<viii\li,iiiliiii,ni 

Vlt'K 

A 1 leu. LuiLinii...' 
A lU-Uhi'HV IN'rtri 
1 1 1,-ini.i, 1 . 
\ll«^,l Sl-IK- 

Alii' Clullnvi-... 

\M.\X : 

.\lurin<in Hi-.:. .. 
\ uh 1 . Airline*.. - 

A Untll-(«.... 

' nn-r. Hri^ili.H'1 
4in-r. 1 mi 

VlHlI.t taiMIMI-l- 
V in- r. Wir. IV-'* 
\i"w, K.v|,i 

a -."I 

Xni'-r. Me-mni... 
Ann,. Xl,-li-i',.. 
A-i-.'i. Njtl. lilt' . 

% 

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Aiui-i. U-i. V I,-. 

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%«iium4 »»tl. . 

All. Vs lilit-nl.... 
(>,»•• U*»* l*rr..„ 

AM- 



li-'O IV'lo -I*.. 
Man i.a- Kl**-I . 
Rem Aim-ri *. 
Han fr. \.V. 

1 HI 

I int, 11--1., 
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hi.-ii .1 H im- 1 1 

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k, ». p-i. aim; 

1'li'I.Mt I.U," 



B m V ni' Ene 

Bu-tj 

Uulm-H UmI'-Ii... 
H,i'-i;ns'"H >(hn 

Hnrri-'imli' 

Cam iil-ch Sail-... 
•.nnailinii t’aciln 

l. 'RtHi ICau>lnl|i1,.. 

ijmiHfi-vl. 

lain t J. l-t-n^rai 

Cartel- Hn»ii-i . 
Cnlc-rt<illarTnu.-lF 

ckh.; 

l C"n"i . 

IViilml A 5.1V. . 

l«l»IBICttl 

Cc-'iu Air mil... 
Chart- Mawilailinn 
l lirmii-ai Uk.NV 
L'hf't-lirsli I'-'R L. 

I heteiefV'lrni... 
Clilifiut- UrvlBtr... 

CliruiiMlIuy 

Clny.'lcr 

Ciaiuwiiut— 

Cmv. Jlil*-™ -• 

Odt-nri'-" 1 

Cnic~ &ci-» ut-.... 
City tnvi-tint;.... 

Ceca Cola 

L'i'IkpU- Palm...... 

V«|Ii<i> AiLiiuui..; 
UiIquiNii 
C nlnmOM Pul... 

Ci nn . I not'iMi’A ill, 
l'nnilu»tii<n Kui..' 

tVwnlalrt rnn Kit... 
I'laVih ^eli“'n 
I'lCl'tt’ll! fit tf«t| 

Cvinin.dnti.'><iiav. 
i\'injKit».r Stfiroce. 

Cun. blr Inr... 

Cmin*.- 

Cmi. RIim* XA. 

l.pn'ef y«a*» ' 

C-<ii"J \m.t'<u.. 
Convuiuvr lWw«-r- 
Cniilinvinai 'iri'. 
C.ir«iu«(i*l‘Xil... J 
(.'•iiMiiHrntnl Teh-. 
C.tntirt Bata-— « 
Caojarr Indus-...., 


31J* 

21m 

40U 

2blfl 

50 
28 ij 

44 m 
IB ij 
Wit 
40k 
24 
3148 
34b, 
321, 
111 ? > 
49k . 
494, . 
4 Ills 1 

28bp 

2lig 
37: fl 
29k - 
24, H 
5-4 
42 
45 Jh 

33 ti 
bO -4 - 
33N 
18m , 
Jl'fi , 

,4; > . 
29ij ' 
24'v 

30(h 
201, 
I2J, 
17', 
284, 
50l:i 
305, - 
10 
251, 
53i, . 
25'a 
243, 
37i, . 

zak 

42 

iMti ' 

38>i 

19-', 

39 
34 a 

24 1 i> 
191, 
47 1» 

29 
2B»: 
30 '» 
13»s 
14* 
3b V 
15i« 
33:, • 
161; . 
18k , 
33;. ; 
61. 

39', • 
71m 

34 >, : 

17', 
11 .,, 
28h • 
12 < ■ 
ISl;- 
56 •< 
54 , 

40 
15.-, 
24m • 
311; 
311;; 

41 

25-*4 . 

33 L. < 

84 If 

191,1 
HVi 
41™ ■ 
28.* > 
25-8 : 
52k - 
1519 
431- . 
21M 

it*, : 
263; 

19 >3 
18 14 
39 

161g ; 
27 Jp i 

e t B 

4 1 ia ; 

11<H 

36I; 

23i4 

22i,- 

23i. 

59 k , 
Z2' a 
30 
29 k 
16 
3UB 
62sb • 


31*6 
U2; B 
401; 
38 'a 

5v> 

39k 

451; 

18 50 

17i» 
41J„ 
24 U 
311; 
35 m 
32m 
121; 
49 r 0 
5uia 
401, 
28-4 
217* 
381" 
29Sa 
251; 
5j» 
41^i 
45aj 
327a 

60'.j 

341, 

19'n 
321; 
14;, 
29ti 
241; 
30:4 
20i; 
127* 
17Sa 
28 : u 
so;.. 

30-a 

10U 

2bi» 

251n 
24m 
37 -S 
28J.1 
4L*i, 
247 a 

39 
197„ 

40 
3J, 

24 7* 
197r 
473* 
29k 

28-4 

31 
13k 
15 

3 b I I 

15. H 
33k 
15-7, 
187* 
337, 
61; 
4UJ* 
71iw 

35i 4 

17(4 

u:, 
28); 
121 ; 
20 :* 
57 
54', 
42 U 
15.* 
241; 
31!; 

32 

41 
tie 

33 h 

54»b 

198* 

in, 

« 4,a 

29 
241* 
64i, 

441* 

22 

121* 

271* 

19'* 

183* 

4UJ« 

I7l ft 

273* 

- 2, = 

423* 

U>, 
367j 
33i.- 
22 Li 
23; 0 
395u 
221., 

30 «4 

301, 

161, 

3H; 

53); 


56. ; 
481* 
291; 
*6ti 
a37 8 


1 l. ..mi I IK 1 r hum..... 

■ CPC Ini'nTtnnai 

• Cmne 

: I. nra.-I,MJ- .\ M , 

Cmun /oner*«M"li 
11mm in- Kiiuiim 393* 
Cuit I', Wng hi .... 1«J 

Dmin 

I lari Imliiatrin.. 

Uii-re 

Del M.aile i 

IMI.nm : 

DmiikHv Iiiiw...' 

Umm.inilStuiiiii 
|iivin|.|i..ni> | 

UiL'lln t-.ijlllp.. - 

Ui'iie.v (Wain ' 

Ik.vi-I L..r|Hi : 

il..w Lbenitasl... 1 
I 'ran- 

Din-rt-i 

5*i. l*--ni 

tj\in>. Iiiilii^lrlirtj 

Kauli- l*H-hrr 

Kn-i Airline* 

•ui'iiiimi Kiatflk..! 

Ji 

K. I.. A li i 

i Kl l*a'«i .\a(. (im.! 

! Klim I 

Rnifrrtai Klo-irtcj 
Kmerv VirPr'IclK 

hinlutti I 

K.M.I ; 

hwinirk * 

Kiliyt • 

Kwhi : 

Kan. . -Ini. | l.j, nil-nij 
Ke.1. Ik‘|*. Sluiiai 
Pirt-'I'iiiu Tire. 

K'l. Nat. bi"lim. 

yiirti \ an i 

ruinknu* ’ 

Finn, la Pi.« 

Klimr .! 


58 

804* 

307* 

27 

a4>4 

401, 

18 


M-rt 


May 

2d 


May 

25 


sfr.wk 


27)* 
42 1 4 
29:-, 
25.* 
121; 
18ba 
2b5a 
267 8 

151, 
47 ij 
403* 
42 
25 "fi 
28 1 4 
42 J* 
114J* 
311; 
2D; 

9«2 

54), 

39 

25-', | 
IT, 
33 | 

35Jn 
45-, j 
03i, [ 
2:-, I 
241; ; 
291" * 
211, I 
4T* ; 
34.,, 
38-t i 
14 !h I 

291; ■ 
2i-i ; 

257* ! 

30 j 
37 


27 h 
43 
30 
261* 
12 H 
19 
155* 
271; 
153 4 
48 
401, 
421; 
26 J; 
285* 
435* 
U5U 
281* 
213* 
9*4 
55S* 
391, 
265, 
174* 
337* 
35 >, 
451, 
371* 
27* 
25); 
29 !* 
21 
471; 
35 
397* 
14 1* 

29 i, 
22 
261; 

30 > 4 

36); 


Johns Mauvine.. 
-Miiisiui .l.'hnsiHj 
J-.liii-u.iii Couinii. 
Jut Manuia.-lut'x 

K. Mar, 

kal«er.\ mmin 1*11 1 
Kaix-r In.lurtrie' 

KaiberSiwi 



heniieruti 

Kerr JWlw. 

hkl.le Waller^... 
Klml^riy C'lcra .. 

Kopia-A 

Kmtt 

•*n*K*r Ou. 

I>n way Trails.. 

la-ei nimiish • 

LiWi.t 0«,Fn>».,. l 


311; 

76I 2 

32 U 

33 ia 
251* 
33 ), 

2 

225, 
12J 4 
24 '4 
471; 
315* 
47 14 
2274 
47 ir. 
32 >2 
335* 
35s* 
267. 


31H 
77 ia 
33 
341, 
251; 
331* 
l'B 
23 
13 

23 -'s 

483* 

32 >2 

485, 

23 

473* 

327* 

34ti 

361* 

27 


Kevnai 

iteynnkli. Metal.. 


Kami Ulllch 


20J, 
40 1* 
265, 
2BI4 


v.M.1. r. ; 

l-'nnl .\l.4or. 

V-.|Hii|.i-l Mek.... 

Kulii'iii 

Knn.kint M111I....1 
Piet-, am Minenti 
Ki-iu-ImiiI | 

Ka>|na j in,. 


251, 

491, 

20 

347* 

8 4 

22* 

31-, 

1U 2 


Z5)* 

491, 

20m 

345, 

9 

224* 

315* 

lib* 


(jfmel (•ii>uu.....[ 

Lilly Ifc'lii ! 

Luton Indii'i... 
l>■t:kllut^lAln.r'tt , 

IjLrfie SiUr In.la I 

lama I'.anil Lt.t-- 

l-miavif, Lmnl..: 

Luhnrtii 

L.ii-k, bli.ien 

L’fce V'uiiK'l'an 

Mo-AIiIimo 

AUri H. H 

Mire. Hanover.... 

MjI«h • 

MantUmu On 

Mamie Muitand. 
Maivliit.lt Kiel., ... 


3ZU 

447, 

18T a 

223, 

19T 0 

184, 

23?a 

39); 

155* 

65* 

ns* 

401; 
361* 
56 
453* 
16 
22 U 


325, 
45 U 
191* 
2314 
2ul* 
185, 
241; 
397* 
151? 

7a* 

lira 

41<i 

375* 

361; 

45(4 

16 

225* 


. Ull*. latW* 
j Ky.ler Syrtem.... 
Saicway Stores... 
I.Sl.Jue M iumtla. 

| Real" Paper... — k, 

I Santa rV 3 55, 

I bam I u« eeu.. 5i, 

; saxon I nil* 

ScJjIIu Uren-init— ' 

, h.*Ij 1 1 1 1 nlHlTi»(fi k r p «. . . 

sXM 

>wr Pacer.. ; 

rtailil Mr;.. ' 

Sne Duioter. i 


1 Stay 

1 24 

Sin 

25 

!) _ 46i4 

465, 

... 31 7* ' 

32i, 

,.i 597* , 

60i* 

1. 25 

25 

331? 1 

354 

.. 341, i 

341, 

.. 55jr , 

555* 

. 161- 

165, 

. 121, 

12* 


Mvk 


liar 
2 4 


Slav 

25 


61" 
147; 
755* 
18 1; 
16 
215* 
85* 


201 , 

40"* 

K61f 

291* 
353, 
55, 
65* 
137* 
787* 
1B7* 
1 6'« 
3li 4 
ei* 


ha Container'....! 


May Hri*. simv 
MCA 

Mclh-nni.ai. 

51..- 1 km 1 ic II tkalu.-. 

M -Until- Hill 

Meinotrx 

Menli ■ 

Merrill LvnWi , 

M(vm Petroicniii.. 

MO M 

Miun M,iu.v Mic 
Mol.il C-irp. 

Monbaiitu 

M.-ninn J.! 1 ........ 

ll.ilurola 

Mui-]0it nil 

I \alilrt"., 

) Nah-i-Chemlnti... 
kali.Hial Lait , 


’■- 1 ' y - n 

■nil. Ainei . tut... 1 

•i.A.l.A 

Hen, Cal lie 

lien, byiiaillies... 

lien. Rietirlis. : 

(iefieral Kiaa'e....| 

O ei lent 1 Mills | 

treiieml M.iUav...| 
Uvii. I'nli. Util...., 

Ill'll. Signal I 

lien. Tei. Klei-t...: 

•ten. Tyre , 

•ieni-aji 

(icorKla Pavilte— 1 
'•ettvOll 


13l 4 
43 
9." 
29 ' 
Iri, 
571, 
525* 
30. 
30. >j 
59:* 
18 14 
28-, 
26); 
261; 
6'-, 
25;* 
164), 


| liilletle 1 

' Uiualrit I, H, 
(iiolvisr Tire. — ■ 

N.itiki ! 

lirm-e ff. It 

• ■1. Atmn Citi.-Teaj 

tin. .\tinh inm..; 
•iro'litain.l j 

• itili JriVM«ru.,[ 

fiim uti : 

UHlitmrTini \ 

Manna .Minmu .; 

Marnlsfliinuer. .. 

Harris Corno j 

Hoin* H. J 

M hu Mem ! 


Hewleit Pack uni. 

M< iiu Inv lulls 

M>iiiiiv,akv 

UiailrVirW, 

1 haiter 

Hir-| ,.o irikAmri •! 
Hmininii Nhi.(>h- 
Hiuir 1 Hlr.A, C)i:n 

Minion 1K.F.1 , 

i J.l , Imlu-tner ... 

«AA..™ 

j liiurrnull Kami.— 
IiiIbihI Mei!l...«i- 

lii-ili.', 


1 ImenfiMii hnerut 

IBM 

1 11111. PtavtiuiH. . ; 
j lull. Ha* vnsier..- 1 
[ lull. Mmi. C Hem 

I Illll. MllHllr*«lr.. 

ill Cl* ' 

Iki). Pa per..,,,... 

ll*ti 

I >11. iteetillw .... 
Int. lei. X Tel... _ 

Intent ! 

Iona hoef 

If lilleriianmiai. 
Jim Waller.. : 


ZBi 3 
32i, 
17*4 
385* 

26 '.1 

77« - 
23 1, 
13M 
13.i 
24 
61*.- 
361, 1 
157., 
531, 
375* - 
29 

791, : 
175, 
a6i, ■ 
S55* 
125* I 
ill* ; 
2Bi, | 
11*1 
16!, I 

2Si, ) 

411, ' 
614* : 
■391; ; 
15 

7:- • 
262.5 , 

; 

a3' H 

38;* 

tA 
185* 
42) i • 
33 J* 

13'-,, 

31 hi I 

I'm ' 

36 1-. ' 

HU 
31i- 4 , 


135, 
43 1 4 
ID 
29 1 2 
i 17), 
581* 

!!? 

1 S3 
181; 

. 291« 

. 281; 
f 26s* 

1 65, 

I 265* 

1 1675, 

:. 285, 
22 
171, 

' 29s* 
27* 

: ai g 
. 23 

141* 
14 1* 
237* 

SF* 

16 

1 545, 
473, 
29* 
79 
181* 
36i, 
57 
121; 
311* 
274* 
Ul 2 
17 I h 
25 v* 
411, 
621, 
401., 
15l : 

7*t 

263.12 

437, 

33i* 

4U 

245* 

18-in 

421* 

34 

145* 

-515a 

365, 

IK, 

315, 


24 j * ; 
491? 
291; 
314, . 
23 Ij . 
461; ' 
581* 
I95 h ' 
S7ij | 
34 • 

S3 5, , 
641* j 
53S* 
49 

461* . 
404* : 
495* ; 
29U 
175, 1 


84 5, 

6Ub* 

29.* 

32 

23U 

48 
587* 

19J, 

475, 

35 

54 

645* 

535* 

495* 

47 

411. 

49 7* 
295* 
18 


setnertj.U.j 

sean Knebm-lc ' 

"EUCCJ ' 

Sln-IIUII 

suet- Cran-imri...- 



SiBim-'et Vo-|. 

sinipiieity i'a«..... 

siimer 

smithhluie 

sun (run ‘ 

SiHiLtulimn ... 

sun be m Cm. h 1 ' 

luajthom • 

bthn. Nat- 
snurhoni Pm-ih. .' 
SijulbemRailaat • 


31 
2&lo 
13;, 
244* 
37 
33 5* 
40 
431, 
34S, 
13 4, 
224* 
671, 
31, 
324* 
241? 
157, 
354, 

321? 

494, 


311? 

257* 

14', 

244, 

38 

34 
397* 
44 

35 
134, 
224* 
68 

31; 

321* 

245* 

15J, 

365* 

33 

494, 


Nat. L)n.iili r rv 

Nnl. am lie ln«f 
Naiiiawi >,e«.l ....- 
NaLuiiuui..,.. 

MB 

Neiamie I ■■■ | ■ 1 

New Kiui|hih( Kl.; 
New b'ii K ianil leij 
Nla-ant Mohan*' 
Mituont u ha re. .. 
N. L. iniiiiMriei-.! 
Niirti.lkaWe'iero 
North Nal. Lia-..., 
Nlhn sune- I'wr; 
Miitre-l Airline-' 
Nthn-eal Uani'-rj-. 

Nurtam -ilainn, .. . 

il i-blenLai l*cir«.l 
Oyllvi Mather...! 
1 tltli » Kiiliam. 

t>»iu ......... 


227* 
161? 
«*■ 
42i* 
S35* 
191, 
2H; 
S3 li 
>4 

lOlk 

187, 

261 , 

39Jg 

247, 1 
87Jn • 
255, . 
19- , 
251* I 
Sli, 
171* 
1S* 4 I 


227* 
165* 
*1-4 
411* 
521? 
19 U 
21", 
331? 
141* 
104* 
19 
26U 
4 J 
247* 
281* 
26), 
20 1, 
25)* 
53 
17>, 
i5»a 


boutblnnil ■ 

b'w’t Bun-ban--. 
Sperry Hurcb....' 

bperry Kan.i j 



v|an>l*ri1 Brao-I-. 1 
SblAhiCmilumla 

vbl.tiii In. liana.., 

Mil. t/ll Vlu O..... 
Mann Clienoni .1 
-IWIinn Urui....i 

Mu. number. ; 

tun Cil ; 

sun.i'tran.i 

sin lex I 

leeimuniiT........; 

tekinunx 

le'aa'tne I 

l>iex.. 

Tehecn 


871* 

275, 

185* 

42 
28 
264, 

43 
50 
631; 

43 
151, 
615, 
421? 

44 
28 Jj 

10s* 

411? 
99 1 4 
57* 
315* 


B7i a 
27 1* 
1854 
421; 
281? 
27U 
435, 

IS ' 4 

44 
154* 
634* 
451, 

45 
28 U 
HU 
411, 
98 

5i, 

ill. 


Worn worth 

Wvly ; 

Xemx i 

Zapam ' 

Zenith Kwfic 1 

ll.'.Ttwn l'a*l T94-,:: 
CS.Trwi-A.'STboE-' 1807* 
U.s. 90 Day Inll-., 6.50j,| 


201 , 

5 

621* 
165* 
IS I? 


20 ), 

6 

581, 

IBS* 

154* 

941, 

807, 

6.46* 


HOXK KONG— The market 
closed mixed at the day's “highs'* 
in fairly active trading, after an 
easier opening due lo profit- 
taking 

Jardlne 3Intheson ea^ed Jen 
cents to HK$ 13.20. Hons Kong 
Land and Swire Pacific five each 
to HKST.S5 and HKS6.5fl respec- 
tiveiv. and IVheelocb Mardcn 2 3 
to SHK2.45. . 

Hutchison HTianipoa rose five 
cents lo HKS4.7G. 


NOTES : UwrM pney-s shown Dt-’.nu 
■'Xriuiie f premium R^l^ian amn*na< 
■up Jiier wiihhoUtiuc 14, 


4 Dllafl rtpnnm. nnles- .'*hen,7je xrarort: 
ripjfjs based in nr: 'hri.-tend- all,' ra, 
V Was 5i*i dchum unless hi bHr^isi- S7a7ed 

* Kr IWi rlennin unless oih--nv.-j? Man-,-] 
■b Krs 50u ri-mmi ann bearer shanw 
•niless omerwtv* staren. * Yen So denom 
-inii-ss mhorwiso sratiSt i Price tim>- 
ol snspcDSinn n norms. r> SrtuMint* 

■ Oils a Dividend after t>--r.diria rtohiit 
"tin or seno c Per -share t Kranirt 
o Cross div % h Assumed dividend after 
«nii and -or ruhrs issue fr After local 
taxes in f . tax tree n Francs- inciirdinc 
■nilar inv v Nam if Share i Dis 

Mid yfe/d fKvfsrt. spevia; tiat-n-.enr. 1 tndi 
t-aicd riiv ,1 bnnfirial tradiru: r Minnruy 
holders oils v Merger tv riding. “ 4 iked 

• Bid > Traded Seller - Assumed 
xr Ex rmhis. xd Ex rtlridenrt tr R? 
scrip issue, xa Ex all. a Imcilin since 
increased. 


Market steady 


GOLD MARKET 


Mat 


due yesterday now posip-MU-.S 

ju an ounce m si.h- 


I! • 


Gold lost S I J 
ITS} after <t»nu* 
from New \ork 
trading. 


Sterling lost a tittle ground 
against major European 
currencies in yesterday's foreign 
exchange market. Activity during 
the morning remained subdued 
with some continental centres 
closed. However, during the 
afternoon business picked up both 
in the spot and forward markets. 

Sterling opened nt $l.S12a-1.S13U 
and eased to S 1.81 10- 1.8120 around 
noon, when the UK authorities 
announced their decision 10 
terminate the market related 
formula lor calculating MLR and 
to maintain the latter at its 
present 9 per cent, however 
taking into account market deve- 
lopments with regard to any 
future level. 

At this point the pound lost 
further ground to $1.8080- LK090 
at which level the Rank of 
England probably gave a 
minimal amount of support. 

During the afternoon, a softer 
tendency in the U.S. dollar helped 
sterling to recover to s 1.8 153- 

1.8183 before closing at S1.S130- - linn - M rv drtcc 
1.S140, a rise of 10 points. News CURRENL-t 
of the UK's determination to 
maintain present limits for the 
public sector borrowing require- 
ment, made in a letter of intent 
to the IMF. had largely been 
discounted and sterling's trade steruiiK— 
weighted index, which is 
calculated by the Bank of 
England, eased to 61.5 from 61.6. 

The U-S dollar lost 
against most currencies and , 

Morgan Guaranty's calculation ol -"V„” 
its trade weighted average 1Ulllllll ! 
depreciation, using noon rates in J*|<an.~.- \»-n. 

New York widened to 4.95 per Xurw-tvkr.. lu- 
cent from 4.74 per cent. Trading 
remained at a generally low level 
with U.S. trade figures for April 


selling coining 
in rather Ihtn 


U.irui'ii. lix'u ■•179 35 
• E93 946 
l-terti ft !*J 78 60 
<L'9U 538. 


M 10 178', S179i.au, 1 

>,74,: “-laSiSj 





‘■'99.LJ9, 

MIS*! 



1 1*. int- li. *’ti 


Ikiiiiit-rrxu.i.. 185ij *t84«.U«, 

•run; Wt.. riSUJV 

SB'I s,54>5s5 * 




*54), 
T30 31 


Ubleev'wt-. >54 ! t 56:* 
•LiO 31'. 


, ; C5u Si. . . 


l' 

. lirll'nial" 1 ! 
h 


nmi.|l*ilil..^lW*4 1BBU SIMV .^ 

aut 1U3. .CWB-lon 

N»..I 5»2‘, 54!, S54l4.sS^ - 

'.»!■* S.»»**sn. -34i, Sb»4 455VB7JT 

» s taglH-. x272', 2755, SZTsi, ^ 


FOREIGN EXCHANGES 


(lank 
. Ilnli- 


.VarkrtRiHn * - 


Ikt'i 

iSaxwl 


' Special 
Drawing 
Bights 
Max -i ' 


Europoas 
Uiu or 
Accoua' 

•lit- . i 


L'S -l.iiiar 

(.'-XHOillllIt 

All-IMH -•), ... 
lh>li;iait iraiM" 

ground itiiii'i' kniu- 

Dt-iiL-. In- 


>p*in |»-f7n. 

9aall'liXI-'ln 

•'HI— 1,71111- . 


0.667641 

1.21070 

1.34969 

18.5419 

40.2265 

6.92823 

2.57782 

2.75979 

5.63B21 

1055.97 

Z77.250 

6.63585 

98.4553 

5.67152 

2.38568 


0.668162 
1.211.80 
1.34937 
18.5511 
40.2651 
6.93842 
2.58056 
2.76209 
5.66374 
1056.89 
277.069 
6.65565 
99.9200 
5 67154 
2.38750 


Wk . 
\|.>lltn<al 
\i>,'I..|.Ihim 
H i 

I - -|a-l,t**is».*l 
fiactin-i 
I .J-11 . .. 

Mri.lli.l 
M>latt . . .. 
O'l.. . . . 


rw. 

.DOTS 1.SK& IjSUaisSi 
2.0IBEhi.02db2.D2!«.3«£ 

njsSr 


M.9U BO.S HUB-sTS 


ia.Sb-IB.3d IB.fe-.niS. 
3.94 3 3/ i.Mt J By- 

«-•*««.» M-fcSS 1 1 


P |4t.08 I47.4Q MMft.317 » 
U>. 1. 5*7; ■ I.Sfc Ij- L5H0.1 m 

- “ " " S-W-S31 


K»i l' . 

91; 

9 4<:..a.4E, 

.'f <1 , 

7 

5.4 /■ 3 .M 

r-A.x.. 

31; 

407.417 

\ h-iiiih. 

S'; 

2 1. 66.27.80 

/mill. 

■ 1 

5.344 37, 


S7.7B-2I.H 
* M*.fe5s}“ 


JJ.,,.-; is iv- -ii fur t onii-rutlli- lr».- 

V in. HI I- 1 Jl irjil.-. to in-MS 311. ^V.- 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


iWx Sr 

FraiikUin 

Sen lurk 

I'am 

i*ni* t« 

la-li 

ll till >1 ’.1 

/.IKI- 1 

rranamri 
x^'v v»»rfc 

-P.PT-M 

21U.0T-S9 


Irt 

32.4545 

3/>l>u ->* 
U.i.r.i * -7 e *'. 

1 . 1 : * ■ 

■ .+1 1- . 

2-j. 43,r.-.V 
-■■l.-.'J'J.-*' .-. : V- 

K. i 

i-V r i 


ta.c<* nl 
x.c4 / !<. 
1-V.I20-J7& 
■*2.217 42a 

55. Iri 21 
l.cl.,0 40 
2J:.?; 
l.-« «i5 

i. 10 12 
9j44.»45i 
1-,'r.x-eO 
41.92tf-974 



i - 

I.. .ml- in.. . 
Ani't-lnm. 
/.liD-h 

IxO.lVI i. • 

H>;*. .-i , 
fr.H-ilJ *••* 

LIP *. 
x.-J-i 

•i.n- r>.- 

.nlfr -It. | •-!;•] 

».:4fr • : 
'.H.c. i 


IV#. 5 in Tiwi-iH'i , ^H1.5I-IM.-'4 t ‘.iirii. I mu •x-iii'. 

(. aimiIiiiii fr in Ni-w Y-irk* ,i-,ii-. I S ui Mtlaii .-II.' 

Slcrlitix 111 Milan l.&l.Tb-l.ci&.iA' ’ liaii- lnr Mai _‘ J 


\'4r»Tfltrt - 

lilirtilliia. 1.457- MSI \rvrtMiim-l2MB3l 
(•imiaiii .. LAMB I.B16S lui-iniL-.. • 27 
Ilrj.-Il il 44 4J.4J mujium 

t'uiiaiiil. T »2 1.04 Ilia, il . m 

luitli . fit. UP 53.217 1 a nail?.,.. g.Dij.piu 

I l.-nt; (X'-u^ H.43/S 0.4K2bl>»Hnd|!k.. 10,»B • 
I mu 134 130 Imiiix-.. S.W0.5S 

kiinhii.. 0 501 0.511 1 11 maiiv.. 336- LB 
l.i i it-uiii" €0.00 GO. )D Iiimii . , 6972 

'lain -in 4. SS35 J.5645 Halt .. . IKrfUSu 

v. /ntixu i I 7919 t.flKUiJa t M!i 4044f 

'ai.-li \nii< b.30 6.50 -i I ui I'im 1 4,114410 
>:iii:a,»-ii- . 4.23 10 1.J4S0 tax ... * w mi 
fr. \irun 1.6014 IbdtiE l4-,iinj»i . ISA ' 

1 >. -inn . . .. M5-W 

i min. la .. '" il laivi S.B54J3 

•>!-. I I.SU.14I 

I.". <t ut'. 49 H H9.!>4 tuv’x&i-.a 54-R 


EURO-CURRENCY INTEREST RATES 


KM.- wit - ii i»r .\rit.-niiiiii a a 1/tv rat*. 


Mat 25 


eterime 


Luluii i util 

l | >iilnr 


I.'.**. Ikiinu linn-lei- 


I mt iiuiii 
lUArl 


FORWARD RATES 


8hmx (Hrm... 83* Bl* 
f ilHV' n-itin* 914 101; 

Min tli 101* 101? 

lire* n ninth'. 10i,- 111* 
<ix miuuli'... lllft 1 1 3* 
line »ar Il'e-ISl, 


6>y.71 a 
eie-7ie 
ISi 7>4 

o-tu 


I -71 


/!*- /I; 
73* 
8 - 8 >, 
7<3-8Ih 

b4* V bp. 

84* cSn 


4»i 4i ; 
4ij Ml! 
4l, HI' 
J H 

4ij 5 ‘ 

5 ).t 3'-* 


& a '4 
1 .. 1 
1»J Isa 

1 A -2 

2i*a>i 


il; 3x. 
31-.- a->ii 
3.L 3." 

31; 

3... 4... 
34 4 5-4 


• ■■■•• iiu'iilli Hurt- niraotv 


EupfrKivm-li lii-poKt r.ilvs- twr-S* y .x-Si n-.-r '•••in: siv.-n-tljy v-; 
on* nutinh >i-^ p;r rent, itireo-ixioiur, frj-o; p*r c<ni. MS-uuuitli 
'■•nt: on— y*ar :«Moi pi-r rein. 

Lun^-i*nr riirmlutlar *l ifxm. two >var> '■•lu-iilifr p*r im:: ihnt* jvari 
’* it ->l»ii. pi- 1 Vrtir lour >*an ■‘.-Si p^r cviil. IK* >var. >\-'J p.r .-.-us. 

Tfkr ii/IL/u tir ti.iiniriHl rJ'i'c vvrv touliit for l.nu<l<tu dollar ix-rfim-ai** «f d.-pi*?;r 
•jn* -HHjiiili 7.fi'iT,n» p^r 11-111: thrm- momt, 7 '*i-;.: , n p.-r vvni: M.viuou;b fr.2ii-» M \ u mV., 15 4 "ia i.:n 
p*r r,-nt; om.->.-ar s in-fr.30 p*-r ten*. /..in.-l,.' J-g. ."*,.11. 


Short it-nn rales arc tail Lit sti-rllnK 
oaxi - 1101 H v li»r '•iiiWi.t.j and ku-vss trai.x-s 


\*« V.-ih. 0.33 U 2 j' | in 
Mi.iilr.it* . 0.40 0.frU>‘.|>iii 
A iti-l '.(hiti 3 i •■■inn 

I'l’i".'!- J0-2U ■ | *IM 

( ■■;i'iiIiku. 3'. 5); i-i 1- ili-i 
Jtvr c*nf: tntiiklnrt 5i'. it; | -i i-iii 
W-9] pi-r UJmi.. 

Mk-I'i.I. . 45115.. .im 
Mnnn 4-7 lnr.li- 

'‘•I* ... I 3 «*n .li' 

I'arn . I '4 -4 ,u.i 
Tfi-klii.«iii i.*n-|ii»i-I .-n-.ft 4-Z.at- phi-'k 
4a 22 pinpai 
8'i 7 m avm. 


1 15 UHf.m 

I. 35-l.aOr.pBi 
6*?-5 'i t. 
H0.65..]« . 
71;. 91; ure dli 
7-6 |ii jan 
100-500 r41* 
140 220 r. da 

II. 15 limtfti. 
U.i-Ji* nredl* 
4*4 5»i pat 


L'.S. dullura Jtul (.aiudun italLira: i\ti> Six inoiith iunt.ir>l il.Cl.ir 2 :0-12 


GERMANY ♦ 


I TOKYO ^ 


AUSTRALIA 


Mai 21 


I’rn-e 

l>i»*. 


AKti ... 

Alima/. 1'w'ich... 

BMW 

ILVfrF 

ha.xer. 

ha.xer. Hypn.. 


U't . 


' LTi + or ; 

Ulx. 

-Yirr 


- 1 Max 26 

\-i, . — : 

3, 

• i 


— Will G law 

336 -i : 

14 

H.l 

18 

2.0 (jtni.n 

475 

18 

1.3 


80.4 —0.8 
463 —1 

226.5 -0.5 28.08 6^ j -«!•• 

147.2-0.5 l-.h t»J8 


139.0-0.2 
279 


Haver. V*reui-bk. 289.1«0— 2.9 


Citialnr.Ne-1.iTri' 

CniiiniiT7.!«nk.... 

Oail f iumni: 

Iwiniler Meiu. 

I irtiii'-ai 

Lk>nm» 


165 
215.0-2.5 
72.5 -0.2 
293.5 -1.5 
244 at + X 
148 -2.5 


18.73 6.7 
20.12 5.1 
18 3.2 


17 7.9 


l*»i \|(ipi,n I'nnr 





.600 

a49 

340 

675 

247 

574 


- .25 


1 

.4-2 

-4 

t3 

-4 


dltw-lil^ ; 

Hun. I» Mutm* 

Hi "«« Pi aril 1.120 

Il*4i 223 

28.12 4.8 ' HieYnum. 1,320 

17 3.6 I**"* — 680 

14 4.7 i LA.L. 2.650 • 

UeutH-lie IViiik 281.7 «d —2.2 28. J2 5.0 j «*"»"i We-t. Hn. 1.150 . ... 

Llremlnerliunk 25U.5M— 3.0 28.12 fi.l Kumnlai, 345- ( + 9 

liyckerhufl Z*iui. 143 9.58 3.2 ixulxxti 278 ’ 

14 1 3.2 I -xymtMLeramic ...I3.58J —20 


— 4 
-IU 
1 + 5 


20 

18 

14 

12 

18 

45 

12 


.2.1 

2.9 




Stax '-o 

Anal. 6 — 

AOlir.i^ x-eiin 

(0.70 -0.02 

Axivx* An-i ml 

ix+ai 


12-niunih j l-'-3 iiiv 

|llll 

BRAZIL 

1*1 Hi- 

j Max 24 

On. 

WlnUa 

1.04 


40 ' 1.1 
13 1.0 


.\(ni«i Mug, rnis. 1ml' 8> 

1.7 1 Ampul K. )iii initi. -it 

1.3 ' \iiip.ti Hi-; mi win 

2.4 I .Vat*-. Mint-mi- 

16 I P»p*-r frL 

-•_ ! A-#*, I’.hj. lu.lii-a n— 

■ 1 \u>U FutiinlmiiiD luxirtl... 
AM 

A I > 1 1 11 H -I I. • 

Vusl. Un i. I,*. 

Ulue Met hi | mi 

Ouusa i 1 lx ill* Ci nn»-r 1 


12.17 

11.38 

rtJ.ei 

Cl-13 

11.19 

Tl.61 

i0.96 

11.50 

rj.-40 

;/.55 

( 1.12 

tl.34 


-J.UI 


• Miiiti . 1 .. frira*i .. 
.•aiu-u llnw. , 

•»« !'<•* Mim.'linOl - 
[ la'rt- \ 111*1. •.•I*.. 

.i.'oi . |V«Hd-tx- rf*..... 

I’ll vl 11 

"I'll -41 • ru/ (*!'... 

I tli|. l*h 

» a'* l(in Ik. * Kl 


2.19 

l.SO 




—0.10 . 


-0.il s 


.30 

2.93 

1.70 
2.95 

9.70 
1.46 


+ ..r I'.tAU, 

— I'llM 7 - 

’ Q.M J.iaitlJL, 

J.17'7.r 

. .-. a. 
i-0.1Aj.14 5. 

■ 0.07 a.'Jo 6.' 
*0.03 a. I& ,* 
J.16J9. 


•-0 D7U.23, 
•.O.TOj.aO'Z. 
... Ml ft 


.0.03 j 


CANADA 


Aunoi thpi-i ; ibsb r 

Asniiu taKlv 445 

UcaaAlumlniumi 32 ' 1 

A iKMim. 8 teri _,...| 20', | 

AoheaPai fj 8 

Bank iH Motuneaii 204* 1 
U»nk X mm -’Sunai 
Basil- lie* m fits.! 
UeilTelepfvaw....: 

Bow Valiev ln.1.„. 


Bl?a 

file 

574* 

281, 


123 
4.80 
32S* 
Buie 
38 
201 , 
22*4 
61; 
57 U 
281* 


141* 5 
16U 


Uietxniii iliipi.,,' 
xlwciis Cumins .. 
0X1 fill) llllD'J*..,. 

Ibuiin- l.is> 

Pm-lliv l.ulmus .: 
Ifc . t*« 1 . 4. Ll... 
1'itnA ru\V„n.i ,\ir. 
Knrhei llaimilinj 

I'enlMlv ini 

Km. Kxx, a. ti...;, 

Kwitv J. C.. 

Kelin/nll 

Ktii,ne"> Urus ' 

l , tnpl*' One 
I'l-ialni.... „i 


471, 1 
ilis : 
«*i : 
4dl« . 
18 ' ' 
2ul, : 
6'? ! 
2Si S | 
45 | 

an* 

37 

29 u I 
1014 : 
344* 
29i a I 


27te 
324* 
22 
83* 
19 
20te 
6 1* 
8Bl* 
24 T* 
alu 
a7^ 
2914 
101 ; 
J4S* 
304* 


l *« m . I’m mlmj m.' 

1'exncn-., 

Veausull 

LV.xas IllM.ni 

1'rsnr Oil 4 fm*.. 
li'«« 1 1 ilitiee ...' 

linn- In*. [ 

finiei Mlrrnr 

j 1 'imkcu 

| inine J 

1 iron'met-iiia 

I rrarua.il 

rnuv L'ntnu ■ 

rreu-nnv Intr’i- 

| frail" IV-irhi ,\u 

| l‘nix-*ll*rr 

IriCnnnmuin. - 


117" 

243, 

an* 

7B?s 

313, 

193, 

42;* 

293* 

51 

37Sg 

161 , 

181* 

3SJ, 

26 

19!« 

353, 

IBS* 


12 

247* 

21 

803* 

431? 

197* 
431, 
291* 
611* 
37S* 
163* 
16s* 
35 i a 

26 U 
1914 
367* 
20 


BK Chiu, la 1 

Uiuan ! 

Hrlncu_ * 6.00 

CaiRorv Ho«er....i a73, 
Oimliim AI|iih»...| 141* 
CiuiiuIh t enant.., lus* 
L«lio>ta\W |^ n | ui, ■ 
CixninipbnkCi.m; 29 
ClMiaxJn fiiiluvi....! (1844 I 

'-in Kni-jlH , I9i a 1 

Cau.KB.-ili.i| lv . .j 21 1 8 
Caa-Aup*r (,ii.,,.J 
Carlins U'h\ r i e ".| 

«oir Alaist.*...J 

Chid [am ■ 

Commw ..j 

C-jQ 5 Uailmrvt j 

Cunxuuirr U 
Un*ka Ibrtoiirmxj 

CoaLain llfarh I 

Oaiui flci’iiii, j 

Ueuirtfl At lues...; 

Lkim Mini's j 

Ounie Keen tieurn 
Lk.ininii.ri Knits* 

IAiiiiImt “.[ 

Ltupiml 1 

Kakxin'ce Nickieil 

rixnt Mi4ori.an..j 


9634 
4.30 ; 
934 I 
17t* ; 
283 4 1 
28 

17s* I 
65* 

133* 
.87* | 
69), : 
8414 . 
60S* 
251; 
I8I4 j 
lAi; ! 
24S0 j 
79 


143* 
163* 
•6-O.j 
881a 
14 ■ 
lol, 
117* 

2914 
tlSi, 
19)4 
203, 
671* 
4.40 
9) 2 
185* 
283* 
281* 
173, 
.57* 
13 14 
B.'b 
683* 
84 
62 
«5 
16)a 
13 1 * 
243* 
79 


273, 


■.■eilt»ltLj . _ 

liiani lel-nkuiS: t!2^ 
uull U 11 i 4 . IUala 863 , 

Hiiwicrai.i. 1 .,,7 

ii»-iius*i 

Hum* 1 >ii -A 1 

Hu.iht.ii Kh\ M 115 ! 

ilu-loiin Ibt 

Uiulnai 0.1*,:^ 


I.A.U. 

1 iron. -1 ■ ™"J 

liii|wrial 


I in 


7 

t«A 

391* 
18 
19 1* 

42 

10* 

83*4 

19*1 

201 ; 


273, 

127* 

26>, 

71* 

331? 

39i* 

17*4 

19S* 

423* 

107* 

34 

193* 

203, 


l in la- 

iuihii-i \ai. 

ixaiaer Iteaajrc^ : 
UaurtKiu i...r,, „j 
LU-iaiv l.Vifh.-l!',): 
h--' in iii’ii iikaMi'; 
Mms*., Ktnjima, 

H.-lillyiV. ) 

ll'i'ie Ini |,| 1 

•Nurmi. In M|„^", 

■N.irx*fi Biiht-v ; 

■'"in. lfia.i,ni.”];. 
-Niiiiuv On s i,-,,: 


1'erkiit flow ! 

l‘e« 

1 * 11 / 6 / 

I'llrlpa 

J'bUa-i*l,iilla Kl*. 

I'lnlip Morrii 

[ I 'Lilll). x K m v. -I'm. 

! I*tlii*y Ikinw 

j Kntamn 

j i’linwy LtnAUU. 


«17 B 
43 
32S* 
25 U 
17^ 
081* 
ail; 
37 
233* 
22;* 
17li 


227ft 

423* 

517* 

243, 

17); 

66:* 

337* 

J7S, 

23ia 

25 

17U 


j I'lNonnii ; 

j Kiuunum EUv 

; HPIJ liulu-t d*r..- 
j L'rxnicr Unintar..- 
; I'nli *rrv* 

i Kmlnuin 

| Kuril* 

[ ijinkur i.inti. 

J Ka,iM American • 
l(HvU:e6D ■ 


III \ 

Kvputillu filed....: 


371? 
14 S* 
29); 
85 
22', 
30 1* 
17i» 
84»fl 
111 , 
431, 
28l« 
261* 


373* 

143a 

303* 

85a, 

22a* 

503, 

17J* 

247* 

1073 

443, 

£8)2 

26ia 


IJi.W 

will x.entiirv l»x. 

C.A.L. 

L AltliO 

Util '■ 

uok 

LiiMrer. < 

6 in.*vei St, 


3 Bis 
316* 

27J* 
26L; 
20*4 
203, 
36 h 

50i S 

L niroi Uniiu-i rp...l 141* : I&1* 

CiiMm Lartnn ! 40 i 4014 

lumn lirnmew, 77* ! 77* 

1 mini Uli L»‘il .. 491, ’ 507* 
i-iibifi J V-IBv J 403, | 491 , 


383* 

frOa, 

274* 

24^ 

20l a 

2UA; 

387* 

SOU 


l iilinyaLa...... .1 

c nit cl Uinml'....; 

Va lhiwiH,i. ! 

Cali I Jonlm ! 

ussh a 1 ... • 


l ? ai*x-.«, 

I . In.-liuuingii". ‘ 
X V lifluM riff..., 

» iruiiua Kird....: 

WMaiwii 

Warner- CubiiiiIi.- 
Wartlp. Uinlinl . 
w nir-.llu'ininl) 
‘Vt-np-Klri^.. 

"ialeni Uaihrapi 
Western x, Am.'. 1 
Wcaivnt Unmn...' 

Wrtiimihw liieci, 


2*4 
81, 
3aL* 
26 
a 7 s, 
89 A* 

4SI, 

211 , 

133, 

844* 

4H; 

303* 

234* 

B77, 

357* 

^6,* 

'o's 

fill-4 


T 8 

67® 
333, 
255* 
281 ; 
291; 
433, 
21 
13‘ti 
245* 
421* 
Sul, 
23 1; 
27?* 
5614 
27ii 
I6L4 
22 


iVwai* 


n'eyeriiaeuver ....■ 

WhirUmil^ 

WOiteCrm. inn.. 

1 1Vi , fisnil. , ,i ttii .. ii 
M'lscinjsiin El&-t..i 


26b® 

201 , 

23s* 

22 i* 
19 Ip 
271* 


267ft 

■451? 

237* 

231; 

195* 

26ig 


■ >ahHia*l 

t'ix.-i Iiu ij. i^itj _t, | 


U»a , 

1US* j 
143, » 
145* I 
8i* 

4.45 I 
191; i 
121* 
£5 

561; I 
277* . 
lo‘4 

295, ! 
5534 I 

5.80 

1.8 1 I 


Hi, 

lua* 

14i, 

*8S 

4.26 

ST* 

281 a 

365* 

277 B 

lo®* 

301* 

3414 

5.65 

1.80 


‘."■'hvKetivieuni; 
•'ll*, viin. I’mi’ujJ 

I'ntino ______ 

I’wiplen Dept.o!" 

|'I*« Laii A Oil.. 
l‘M«.TUl»¥Mo, l|n , 

1 'iiirur L'li^nimi *n 

Knee 

Jurlwv rtH,r K i 

ll«l(il!f till 

Ifnxl alan 

111" Alpi m ] 

Itnval IIS..., |_- 1I |,.| 
ltn,xi l him 

KUHivK'rtain.-etr 
>nti(n, «i» ) 

Nlien Lanai la. j 

'licrnil l>. Miner 

' 1 el urns O. l* 1 

'iiuimna 1 

•Ifrtu iH Canaria. . 
frtp Jfca.i. I™, 
tusm.n CttlWiU .. 
t'.Hiinln Dmn.Uh. 
fninr-CauKiia- fji 

lialu. Muunl l>i«- 

Irtfirt-....^,,, j 

Unkm tia»...."".j 

L'l«l. KlwsteMinW' 
Wmser Hiw m ....| 
ffwi Coast Tran.: 
Wirtino Ger>. ...,.[ 


561* 1 
521; 
151, 
4.16 
1.02 
241* 
-161* 
14 
1.20 
33a* 
101* 
311* 
511; 
19 


8U 
281; 
14 
6.B7 
271; 
53* 
253* 
BAa 
381; 
19a* 
ibi* 
91= 
121 ? 
101, 
71 # . 

35 ; 
liu I 

163fi l 


56a* 

32a, 

l^a, 

4.0a 

1.00 

2314 

15®ft 

14 

1.20 

33a* 

lUl* 

31 

32S; 

18lft 
61* 
2£U4 
14 14 
S.75 
2814 

351, 
2^9 
39a? 
19 ’4 

16ift 

9); 

tlSl; 

10A, 

sla* 

lia* 

161; 


" Toronto prices: Hootnal price* 
not available, f PW. t acrm 
t Tnam, | Jiint mask. 


OiiU.-liulTimn; 

Hapa; lrin_v»1 

Harpeaer. 

Ruedi'1 

HoCrt'h 

Horten 1 

Kali umt Jsalz 

harvtajfl 

Kaufliui 

KuvknerDU I00.. : 

KHL) 

Krapp................ 

L1n.l1; Z32.9m -0.4 

bf«eutirxu iiAi....,I.4oOM — 25 


190.0 -1.5 

116.8 

282 ~A 
137.2-0.5 
45.7 —0.8 
121.5—1.5 
141.J + 0.5 
297.5 -0.5 ! 20 
2U7.5-1.3 18.72 


12 

9 

16 

4 

10 

9 


4.3 

4.1 

3.2 
4.U 
5.8 


Lult1ian-« • 

Max 1 

Mamie maim j 

Metallic-. i 

M unclienei- ltuiji.| 

■' tci^niuinn 

Hueu"Oij 1».M ICli.' 
Itliein Wei-t , Btprt 

N'lirnu* 1 

-lenieni- I 

friM Zuoker 


91.0-2J! - _ 

172.2 -2.0 ! 18.78 5.4 

94.5 | - ; - 

10 3.5 
25 0.8 


112 ,-2 I 6 | 2.4 
178 -l l* 3.3 
153.3-2.2 17.18 9.6 
205 -2.9 1- j 2.4 

620 18 , 1.7 

120 i_2 - 1 ~ 

112.5 4-3.3 - 1 - 

184.9-0.1 25 b.8 

253.5—1.5 28.12 3.9 
277.0— 0.2 , la 2.8 

„ 242.5,-0.5 26.56 3.5 

A.U llB.Dtf — 0.0 77.18 4.6 

l 'arta. lB8.0 ->-0.5 14 | 4.2 

VKBA 104.7—1.1 12 ! 5.7 

l vn-m-Jc We>r Uk ; 285 jU 18 3.2 

Vulkriximen 199.5.^0.2 . 25 6.3 


732 .-7 

279 I 

144 

422 j + 2 
332 :+4 
647 1 


— 10 


g _3 | UatsU'hita Iml.r.i 
3.2 l MiUntiishi P«nw..' 

6.8 | MiirtiMshi Deiyt 
•lltMltlMllI LiT,*..- 
Mltr-ui Je Cn._ I 

xlltauLrebl- j 

Aipiaai Ifenno i'l,3SU J— 10 

'ipfatn 5 Iiiqvm^! 689 : + 10 

Xtvxui Urn. im 1 790 

Kh Hirer j 1.760 

Kiertrif— 248 
freklmii Krelah— _.| 885 

rlri.'efgii.— 1,09 J 

Mil. — 1.790 

lni>iiu Marine.....' 246 
lukeila CnemicaM 350 

* l»K 1.B7J 

121 

‘-+H- Marine—. .) 4 93 

• •■ka. Kiwi Koa'r- 1.070 
rllkvii TrtllVO.. — ! 310 
i.ncvaihi louin*...' 148 

‘■•rev.. — j 143 

1 1.\ urn M.itnr 953 


-lO 4.3! 

18 1 2.6 j 

*2 ' n'i i “wfi" Hi" Pni*,."ript»rv ..!• rft.90 

5* UH9....UI — T I.0S 

40 liq 'CariUm L'niidl Hrcwen ... 


1 + 2 


10 1.8 

12 • 4.6 

13 I 1.3 
14 ; 2.1 

2U 1 1.8 
15 ; 0.6 
12 1 0.9 

16 I 1.0 


!-5 
!— 5 

-10 
—3 
i + 2 
+ 10 


-1 
1 + 3 


48 
12 
5u 
BU 
4J 
11 
15 
4 o , 

ia 

11 
8 

12 , 
lo 
lo 
£■ 


1.4 

2.4 

1.7 
U.9 
Ll 

2.3 
2.1 
U.6 

4.1 

1.1 

3.7 
1.9 

3.4 

3.5 
1.0 


Source Nikfco Securities. Tokyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


May 25 


Price 

Kin. 


1+ or Dlv. Vm. 


354 

ss .2 . 

76.8 -0.3 
89.7 +0.2 
125 ' + 1 
68nJ 


aimW tfi.acn • 105.7m -0.8 

Akwi (Kl JUi HB.8 + 0.1 

.Vuteiii UnkiPIlOO 

AM 8 V 1F1.IO1 ; 

AnitvtMnk it'iJXii; 

Uucnkmi I 

Bokr. VVrsl’ui | F|£r,i 

Uurbrni I'etterx.Klc 
Klwvlrr V (Vi.aj).; B81A»l! - 1.7 
Kuala .V. V. BAuer 
UuroL'oniTM KI.IU 
Gist BfxNrt' le -91 FIO 
Bi>lnekeiilFi.^6i. 

Houui'veii' tKloSJl' 

Hunter U.lKi.lOOl! 

K.L.M. iKi.LUO/.,. 
tiiU Muller I I3J).J 

-Vunieti lPi.lt)).. ' 

Xal.Xol I d-.< 1’ilu. 

XnlCred BklFiiJ.,; 

Art Mai Bit iPixwl 


*21 , 3.4 


Max 2a 


Knee 

Pr^. 


Div.- 
Kr-. V. 
Xei i 


Ariosi ,2,310 \ - 

Hg. Brt. Uimli....' 1.550 ' 72 

Bekert -U" 1,880 i+ lo ; llo 

C. B.U. CfiueuL— {1.282M-— 28 luu 

Cu-keni | 416 — 12 : — 

BBE.; 2.215M — 10017 7 

Bld+JVbei .6.300 —30 430 

Kabnque Xar 2.565 i.. .. '17o 

ti.B. lnai>Bm 1.990 +2 j 15xj 

85 


A»A 6.6 
.1*44,12.9 
24. 3 j 5.8 

«o 1 6A i'» eVB « r t ■ 1,308 rf 


J. L'nlea 

CdltiSlL 

C-otin. fiiiltlneJd* Au»t j 

Container rSli 

Cou/JiK- KMinln 1 

C- Mini 11 A intnx I in ! 

Ltunlou UuWer 1SI1 ...i 

K5COK. ! 

bkler-5iuiih 

E.A. Indualriea 

Ueu. Pnifeny Tnnrt 

Humeraley 

Hooker 

Il'l Auitnlta 

inler-tupper- 

Jennlna* Industrie*- 

Jr/Hc* ((Tn+h ||, I 

Leuiiaixl OIL 1 

Meul* Kxiiiomiiiui 

MIM HihlinM*. 

Myer 

Xeai. 

\ M-liotAa Iniernaji.-IMI . . 

North Bmki-ii H'-tuic.- itux 
•AxM>n>)icv. 

t*il .rttiriHi 

OOer Ks plum 1 iwii. .. 

I'HMinv I'l'nwHr. 

Uerkm & CTjouui 

H. C. fleusl* 

rtmililaiiil Miuiiip 

*pa»Sp4 Kxi'i.anruai. 

tia.lli t$» 

IValtolls 

W ext it 11 Mimnj, lOUx-vtil*. 
IIMavrtli- 



fl.OS 

ri.88 

tl.96 

12.93 

T2.70 

T2.45 

>*2.60 

TI. 48 
11.41 
JJ-95 

TJ. 05 
T2.13 
Tl.57 
12.26 
M.i4 
12.30 
to.lt> 
tl.34 
tl.34 
10.27 
1U.31 
12-24 
tl. 1 2 
12.40 
10.33 
il.18 
1 1.67 
10.13 
10.35 
11.56 
l2.o5 
tU.7S 
10.25 
10.33 
tl.Sfr 
10.B5 
11.39 
11.66 


Vn|. Cr.t7ii3in. Sn.ir.-s ;u.md. 
| source: Rlu It-. 1 J.meiro SK. 

| oslo 

-iJ.M | ' ~ 

Mai 2-i 


+0.1B 

rtJ.OB 


Knini'i — 


Oix'.Ti 
1 


-r'J.Ul 

1+0.15 


iviueii HatiK 93 • 9 

ihuTVciititni^ 62 ,1 ■ — 

x miuiHiik 108.25 h 0.26 11 


. lx»+ Rlu-.. 
! Jxie.lii|,« 


+ 0.12 


-0.02 


- 0.02 


+0.1/1 

,+0.01 


247.0 jd 

Mi 105.0 ..... . 

.\ur>k , 184.5 —0.5 

'■inreiitmiil ; 87.5 m, 


JOHANNESBURG 

MINES 


l_0 02; May 2 " 

; * . Ando Ante 


eriean Corpn, 
Charier ilonfrilitiau-d .. 
Earn Drie/omein 

Elstxurc 


>0. 5 
-fl.Oi 
J.D5 

-a. B 

-f. 2 
+ 0.02 


+0.07 


rD.02 

+0.01 


• 0.02 
• i.O! 


Harmony 

Kinross ... . .. 

Hlnor 

llUfrlunharp Pluiuium 

Sr. 1 1.-I.u.i 

South Vaal 
tiufil MWilt St 
1 'iiii'ii 1 ixrptir.il inn 
He li'.rs Ui-rcrn-ii 
l<lyvuuniii 7 ii.-lit 
East k.iihI Piy. 

It.-v Sidle t.i-iluld . . 
Hri-sirtt ii; Crawl . 
Preinl.-ui Sleyn . .. . 

Slltrr.nlx.-lll 

WcIKnni . .. 

W.-si Dru ioiii- iii .„ 
Wi-sl.-ni llelilliiuj 
IVt-sueni I'-.-i-p . 


Rand 

5J» 

W.S5 

12 ia 

t.WI 
.'..■.'ll 
f. no 


+0 


:ia AO 
r.n 

'. v J.uil 
4 Jj 
ti.it: 


4 7A 
■26 .'iff 

M.-W 

l.’.w 

an*. 

4.-HI 
3T...III 
21'. - -'' 
) 1+f 


INDUSTRIALS 


L« Kox-ale Beii>e..j5.660 
Hnii I mu 2.3 60 


12 4.6 


26 ! 8.2 
id.»; 3.5 

48; 4.2 

21 < 1.9 

22 ; 3.B 


Kan 

Ketnifiii*...“ 3.885 

■ya-tien Uanqiir..' 2. 9BO 
Sox- Ci+n Heluiqnrjl.dcO 

aiJiiu., —..13,050 

«y ,2,530 

1 nwi Inn Kux .1 |2,75U 

L'LH 1 922 

t/o 3/#u. 1 764 
k telile .Mnutocux-. 1,510 


26 . ,.a 

27.9 2.0 
144.0 +0.7 1 37 3.2 
65.0a 94.ta‘ a.4 

36.2 -0.2 . 23 j 6.1 

102.5 +0.5 14 1 3.4 

35.7- 0.7: 

45.8— .2 

189.5 +6.5 i 
45-Oxfl' +0.7 

36.3-— 0.2 I 
113.4+0.7 
53.4M+U.3 



UcelPl. 40i_ ; 149.63*1—0.5 j 

Van Unnnereii....; 136.5 +0.5 ' 

Kakhiofrl 1 K 1 . iOl.l 4H.8- .4 | 

25.3 -0.2 i 17 1 6.7 

85.6 -+U .6 ' — - 

168.6 +0.1 'A26ei 7.7 

127.6-0.4 - - 

131.2 14 ! 5.3 

l(.,iail>nteliil'* 1 Jfld* 1Z7.0HI +0.1 5a.7b B .5 

CM: 58 J %*• S?: U* **-»*-. ae.xr -s 

Unilever 1P1. aji., II3.81O +0.1 42., 

' lalnj'Ue'.luK ?!, 1 40.5 £\i 

WesiiHU'ilu. Bank, 408-Btn T 6.6 33 


36 

18 


4.8 

5.9 


fillups 1 fi. h)> 

ilitwcljA eriPMOOi 

Krtiew t FI Wi I 

I 6 .ilih.-ti 1 Ft. Wi„ 
UvrenUi <Fl. W1,., 1 


Hidioken 2.180 

Inieruui 1,750 

Kreikeibanlt ...... 6,74 J 


1 Jo 

! I4ri 

•+130J63 

1—20 son 


frJ.2b 5.2 

j+5 1/4 +5 

[-35 304 6.9 
1 10 14u /.4 

| + 30 ,31o 7.1 

l-S A3 10 ; 8.3 

ll 70 1 6.2 

‘-26 ' _ _ 
f+* ; 5U ’ e.5 
1-40 1 — 1 _ 


SWITZERLAND ® 


Nik 2S 


Knee 1 + t«r 1 
Fix — ! 


I/It. Vl.l. 


Aluminium ‘ 1.225—45 

BUC-.V .1,710 +10 


/.5 

l.< 

3.9 


COPENHAGEN * 


Mat S 


1 Knee + or . 
Kntuer ’ — 


Dlv." Via. 
4 % 


Aui leirlnuken ...., 135 lj : . 

Bunu'aw ff. 430 : 

timj'kc Uauk 1 -122>z + U ! 

fc*i-t A.-Witi Co. ... 164 ■,» : 

Finaa huik«ii„„.. 129 + 1 ; 

For, Uviutener.... 350 
fror, Kapir,, | 

UitiLiie-auxiiL ......1 

Li.M'ifa’nH.iKryU)! 

Ai»l lutt«i. I .,__.i 

Unetahnlr 

KruaUiwik 

Kroelni-ijank ...... 

Soph, bemvixea.- ... 

uperfae ; lB7A 4 l -lSft 1 


I'ricc 

Fr>. 


+ ,ir 


— Ff>. 


1 AEI.I . . 

; AiiKli+Ani. r. indHifrinal. 

: ‘ It.irloi.- UaihJ 

*IV. \lil. "IMA | II Veit ni, Ilk ... 


2.7<i 
* -.’•. 


Keiilif 4 ^ ; 

An hlllCVIx-UhlT ■; 

\ii Liqnl -1 • 

■VqiiltHine j 

UIC— 

Bi.*ni^7/>>- .....I 

UA.A'.Uoni. I 

Oirr+l.mi „, Hi 


729.1 - 3.7 
3U3 - 7 
308.0 - 0.9 
475 —.5 
4B8 -16 

706 . . 7 
525 -B 
1.649 -1 


4i j U .6 
2 1.1a 0.4 
16.3 3.5 
Za.ih 5.0 


Inv. 


1S.9& 2.6 1 tiuardiau 
42 a.9 1 llul, -ns 


•.urrix- FiiidiKX- 
0.- r..+i-. Iixlu+inal 
Eilnairt 1 'iiitvil ijan-xl 
Kilpdirt Sien-> . . . 
Kerterile Volk+b, Teiyslnws 
(irvai.-miuns Sion-s . 

Afrfrurjinv 


il.fr- 

II. liT 

III. lHI 

I W 


?:.r 


SA‘ 


4U.5 7.7 ' 
75 4.5 

31.5, 8.9 
68.5 5.2 
12 3.7 , 

II-J5 4.7: 
12 10.0 


146.0 

189.9 


'7-5 l.j 
1-5 U. 10 11.2 

•la a.as. 4.3 

59.0+0.2 5.J 9.7 

117.5 2.5! - :: 

185.2 +0 3 : 16./7 9 0 


73 A, , 

1 

269 ,-2 I 

243rf 

80 I — 15. . 

1301,:.. ... 

1364,1 1 

386 


11 ; a.i 
10 : 4.5 ) 
15 I 9.8 

12 - 7.3 
15 jlO.O 
12 ; 6.4 

ti 10.5 
IS i 8.9 
12 J 4.0 
12 5.0 


5.5 

8.) 

3.1 

B.4 


VIENNA 


' Knee , f ,ir Oix.i1k,. 
Slav 34 j % , — ,*!! 


L'redilanstalt 542 ; ! IQ j 2J| 

Kcrinu.£e ;. 262 : ! 9, • 3.4 

'electa 587 1 • 38 : 8.2 

Hempera ; 91 — I _1 

Hieyr Ui(niW„,. 186 '+2 7.x J 3.8 
x eit Magncgji. ... 242 . - 1 14 ! 5.8 


Du. Iteu j 607x1—6 

Cieilii S 111 -++. 2,130 . . 

Kleetnmau 1,670 I • 10 

FI i-liei illenrgei. 660 rf— 5 
Huff imtn 1‘iCeri- 78.0 jU, + 450 »u 

Uxi. 7,750 —50 ; 55 

Inr+n-Mt B i3,B26 —25 

Jeliih.ll iKr. I.O). 1,410 

3csM+tFr. i>Ui . . . '3,4 1 5 rf.— 1 5 

IA'- Hes '3, lQOrf - 1U 

•JenlltntiB. i F.3SJ>. 3, 48 J —30 

Ktieili Sl I* (K.iOO! 272 

Sao.li xt i Ki . 39xn„! 3.77B ,— 5 
lAx Karla L'ertaj 480rf. + 7 

s hin.lieriJi»FlJLH 285 

aulwsr L‘t" iF.tODi! 350 n + 3 
aia«J -+4 

3790J-1 
|4,B75 I + 50 
3,030 rf! 


<urja«ur ,pr. tohi 
wi» HmUiF.IOC^ 
'X» I an iKe. F.fflOi. 
l-rnnn Bank 


/.uneb Inn lO.bOQrf, 


iu 
SI 
’b.d 
ib.i 
15 
la 
26 
26 
12 
14 , 

i 

10 
40 1 
20 
44 


u.t 

0.7 

2.5 

1.5 

2.5 
5.9 
t5.lt 
a.5 

1.7 

2.7 
4.2> 

4.0 

4.3 

2.6 
2.2 

3.3 

2.1 


L .- t, - K - 3a4.8 + 1.7 

L.I. I Ahnie. 11.127 .-21 

Cie Hhocaiii- j2J --3 

Chill Mrtlllei i 416.1 +0.1 

Uurtll C.int Fr'x+i 1«0.S 2.0 

OruM Ltnre j S3 - 1 

Dinner 787 - 26 

Fr. I , etrnlx*'. , 
i im, U i-iiteii i H ii-, 

Imeini 

I-ixo^iurt kfc^vi ■ 

I-iihi m- • 

l.'< Irval - 750 ft la q? i 

1.770 8 !iU 5 S'. 

tlBimm-. Pin-ms.. 978 -ia 1 fto u a'l 

Mklieiin .. 1.406 -18 .fti il z \ 

Aloei Hi-mhary... 493 ! l'^ a^i 

|”-0 2-5 A 19 
-I I9.fcl2.5 

^ y- 7 ; 7 5 *»-7 
2M 1« 1.0 2 B 

193 
447 

578 
92.2 
148 


l.-Li 

1.3? 

i 

e.i) 

■J ill 


!.T-\ 

illx-Canhj- Ko.1ir.i«- 
Ri-dltaiilc 
Kri-nu.-r Mitlini; 

Kr.*ltiria t:-ni.-in 
Krtil.-a Holihiiu.-. 

11911*1 Mni.-x KiBjvn 
K, niiir.>ii,li i.ruup . 

H- ixu . ... 

.Sue.- iiuliJniu. 

SAKKI 

*• Mil fill FilK.tr ... a xi 

SL liK-m-ries l "• 

Tipi-r n.i is .n«] ,\.,i Mills. n 4 u 

l.'lll;,,-, I lO* 


v.w 

I *1 
l S3 
.: Ait 
n .« 


.‘a* 


1 S'» 


2.4 
2.9 

l.s: 

I'f I Mi ml I ii,- x ■'.... 

^'2 . Knnloui •' 

3 tl ! '‘rtihlnx-y 

,'o ; IVinial-iflisipl ....- 
■Miiseni-I Uti aril.. 

Kmcuhii 

Hnllxj Txx;liili,|iir. 

Ilxx limit* 

UlHjni* K«uix*nx- .. • 

H. tinianii ' 

Slii liihxicitii .... i,65u 

suer 

■ L-lcn ix-nti il,| i m. . . 
IliiiiiHun titaiuii, 
Lainor,,,.. 


Svcuritios Rand l'.S.S O.il 
<DiMrfliin( of .ir.fiHTi) 


9 
2 
. 2 
17 
r 0.5 
■1 
■j5 


: 1/ 05 4.2 


I 27 o.O ; 
27 4.7. 

I 9 9.8 ; 
14.56 9 8 
39 ri.ri 
25.5. 9.1 


SPAIN 

Max -j, 

A'l.imt 

H.im-n |ii il ia, > 

Kanin Att.llllti'ii il.iWH 

H.iiun f.-mral 

K.iiii.'ii K\i. rtnr 

■* ni' n »'I.'iii-r.,l 

H.iiieii (ir-tiuiia u.ihun 
Hani-n Hm-pann 


A i 8 

744 - 6 "! 2L? *'i 1 H.mwi 1ml. fat. H.flftfli 
191.Q '1.8 1 la is Vo. 1 * iHit. >lL'tlH.*rrgin*n ... 

a l a _ " ■*’ , D*i n/... T~l ...... I .. . 


_ 23.0-J.4, 


MILAN 


Mai 2h 


Kn.x, 

Un* 


STOCKHOLM 


Mat 3a 


Krtx-e 

Ixrnllr 


UlX. 

Ki. 


All A AlKKrjjUj... 
Alia Ural KfkrftJ 

AsK.l {Kr.M { 

Allan CopumKrUh; 

rHlltrnl 

iMun.. [ 

! I auxin 


It* I 

H*4<Wl I 482 

«“« ' 1 . 863 x 1 * -13 

Do. I*nv ',156 Im'- 9 

Fla-htei ! 91.3-3.5 

Julcenjent 

It«i-liU.-r 

SltrliuUtaoi 

11 -jnte.iu-xn 

Olivetti Pnx„.„. 

Kineiii a Cn. ....... 

Klrtrlll S^I 

Snin\ iarcasa.,,..... 


+ mi .lliv. 

- ' Lut ; = 

— ; r i-huuha 

102 — 3 — , | hJmi'lus'H'iKne, 

Hi Irjm 'lt'lKrQI. 

I5u 8.1 
160 9.6 
l — 


205rf!-6 
140 J-B 
U3 ad '— 1 

123rf 

76 :.... 
Usui -i" 
187 m— 4 
430 1 + 3 
+ 1 

136 


5.5 

5 

5 

D 

4 

r.*4 

1J 

1J 

0.3 


__ Bantu rnjmlar 
. ! Ha m -u s.-nirniul.'r i , .‘.viv 
: tlaiu-n Urqulj/i il.onui .. 

, UaiK-n Vi?eiya 

• BiiiM-u /nraewinn 

ii . nankunimi 

t : H-iiius Amlakui-rn 

■ — Djljcm'fc w ileus 

2.7 OIC 

3.5 , nraiMitiK 

6 .o : inmn&aiur 

4.9 j K. t. Arauonx'Ua 

3.3 ' Esnanula ?Jik* 

3.5 K*Ml Ktn Time 

f'Vxj 

i-Vniivi • » imm 

Oai rri'-l.idnx 


5.3 

4.4 

4.6 


ivr cent 
. Ut 
JM 
2M 
JSO 
TTk 
383 
15k 
222 - 
».'• 
2V» ' 
2M 

an : • 
2*s :• 

249 

2n . 

152 
221 • 
» 
n 

7TS 
» -. 

« . 

W3 • 
JOLT* 
its 
ri 
7* 


T-7 

'4 

’-Si 

$ 


K"t-ire *• B", 

Fottcma 


UMQ -il5{ AM, ^ W«n.- 


168.0,-4.25-; _ ! _ 
33.700' +90 ji.aOB 3.S 
158.0i+3.5 - — ; _ 
1,189.5-3.5: — , _ 

' l3 °i *■*» 

—5 . 80 8.1 
738 1+ 14 ( _ . _ 


H a n,l ii-atiuiKx-n.. .[ 

Mamiaai * 

Mo LVh LVnirtu. x 
Smilx-ik A. u....... 

fr.K.K.'tr Kr. j 

Skarul Kn>kliria...j 
fiimirtik •B’Krxl 

I'llilnh. ihu • 

VqItu iKr. o 0)....4 


235 c 5 
90w._2 
45 ...l 
330rf .4 
105w +5 
62 -_L 

247 

68 ;-l 

154m + 1 
71.0m -1.5 

50.5 

78.5 -3.5 


16 

B 


i 


5. /a 
4.a ; 
b 

a 





4.7 tinuoi V\laraib-r i-tnoi 

3kS 


^ . llnhiilj 

V ; n, -irra 

n 

+ 

n 

+ 

J* 


j a T ’ J 1 > J*Tjx R-'rinid.rx ... 

1 ~ r : P.'trulib.-r 

p i Px-irtiK ». 

70 

+ 

HO 

280 JS 

+ 

~ . Sjrrxn HjpaU-ra 

6, 1 

,1 • SoCvlU.I 

ft'n ' Ti"t» <uiiii*+ 

. ° Torr-i- HoMi-inh 

5730 

+ 

50 

+ 

125 

flfl.TS 

+ 

44 

+ 

■7 ’<» I Tihacrx 

112JS 

* 

—i** I Union Else 

80 








Financial Times Friday May 26 1978 


FARMING AND RAW MAH rials : 


Progress with U.S. Bill 
to sell tin, buy copper 

BY OUR COMMODITIES' EDITOR 

" comminee bT^ 0 * 1 in tte P»n»i i m.ri«t . owmlsM. 

provfdYns for ‘dSitl S of e 35 000 tilPV'bH'l*'** ‘v?*’ ?”*” f" >n J SUpplj >»“afion‘ n and 'lhe"bY,iK- 

U^MSSLS^iS £*Z2L SFBSS.M.S iMSST**?'* £?£ 

of 225,000 tons of copper. of industrial diamonds as well l icr nZ ll iL “L 





h!d hJS v. D and •*50.000 lbs cf that it would help Gecamines 

the panel's sf ockofles^utaMmnrif ,0 ^} ne ,\ restart miv>ng in Zaire, and the 

' > £e P in the irfpnHMl fo^ Rot' v E ?F Uer nev,s ttat the House news that a team of experts had 
' Sfre waV no bankl ? g committee had delayed been sent to see how to re-open 

tion when £ oSSSltiSmi ??u d ? r,h8 5 a BU1 to the Kolwezi copper mines. It 
SSSw reach the SM QS«^V", tho / ,sea5 ' 0roiongtDll6tock - was noted a sharp drop 

^ Senate for pile tin contribution to the In- in copper supplies to the eom- 

SSsjt-, h of i^i^ ohokea refinery was 

moved erraticany 

"V '* &£ ,0 & SiBSS *22£S 'of 

Tin stockpile policy attacked 

BY WONG SULONG KUALA LUMPUR, May 25. 

MALAYSIAN TIN miners, who of Malaysian Mining Corporation, of tin releases has been a depres- 
have been complaining over the the biggest tin mining group in sing factor on tin prices in recent 
high level of taxation during the tbe world, and president of the months. 
n. past week, today directed their States of Malaya Chamber of “While legislation governing 
criticism towards the U«? nians Mmes - t0,d miners at their these releases has not been cl ari- 

2 £„ P ™ nual ®«ting here today that fied to date, without even a single 

to release stockpiled tm. the uncertainties created by the ton of tin being made available 

Mr. Rahim Aki, chief executive announcement of the probability for sale, or even the prospect of 

■ — such a release programme being 

, 9 authorised, tin prices have 

Jordan uranium study levels in 10 months due to the 

w confusion caused by the multi- 

BY OUR OWN CORRESPONDENT plicity of Bills being presented 

INITIAL INVESTIGATIONS by rock has already been ordered by question of 

fiSK? ?l StatfBWned Phosphate Com- Mr p Rahia l J d while miners 
indicate tiist trie urflnimn con- pany , ronnnn *>,_ i: _v * _c il_ ti p 

teD i ■ Jorda " ia ®. Phosphate Officials here believe that simi- Government to do whatever it 
rock is the second highest in the Jar research well underway in the wanted with its stockpile tin oro- 

Znh 2* US - «° r0CC0 aDd ^ 

phosphate. and is probably coo- cates that the most feasible pro- leases would b<* made with the 
duel vc to commercial extraction C ess to be used to exploit the Internationa] Tin Council, to 
. efforts in conjunction with the uranium in phosphate rock is ensure they did not disrupt the 
new chemical fertiliser plant now “solvent extraction.” This market 

being built at the country’s involves extracting uranium from Mr. Rahim’s comments appear 
southern port of Aqaha. the by-product and residues that to reflect the belief among Malay- 

There are also indications that result from producing phosphoric si an miners that the U.S. Admini- 
iome of the high-quality Jordan- acid, which is essential Tor pro- strati on has been deliberately 
tan phopRphates in the northern during chemical fertilisers, and vague about its tin releases in 
Ruseifa and Zarrja belt may con- which will he produced in large order to depress markets, 
tain the world’s highest known quantities at the Aqaba chemical On domestic problems of the 
?nncentration of uranium in fertiliser plant that is expected Malavsian tin industry, be said 
Phosphate rock, reaching 240 to start production in mid-1084. the difficulty in obtaining new 
aarticles per million. Initial investigations also indi- mining land, delays in renewing 

There are no plans of any sort cate other rare minerals found mining leases and the high level 
itnong Jordanian officials to in Jordanian phosphate include of taxation remained the indus- 
lres * ah f ad witb exploring the francolite. fiuorapatite. nickel, try’s biggest concern. These re- 
ins* i bill ties of extracting titanium, vanadium, chrome and mained M unrectified over the 
Irani uni from phosphate rock, strontium. But these occurences past year.” 

But it is likely that a technical in the local phosphate rock have He called on the Federal Gov- 
committee may be established been known about for many eminent to formulate a national 
:oon to look into the matter in years, and extensive technical minerals policy, that would 
total 1. Technical equipment investigations are required enable the efficient rationalisa- 
lecessary for analysing the before any concrete steps can be tion. allocation and conservation 
iranium content of phosphate taken to exploit them. of Malaysia’s tin resources 


Coffee 
frost fears 
persist 

By Richard Mooney 

LONDON COFFEE futures 
values maintained their recent 
strength yesterday with the July 
position climbing to £1.712 a 
tonne at one. stage. Profit-taking 
set in at this level and July 
coffee slipped back to £1.665 in 
the afternoon. But renewed buy- 
ing boosted the price to £1.672.5 
a tonne, up £34.5, at the close. 
July coffee has advanced by over 
£120 a tonne since Monday 

There was no fundamental 
news to account for yesterday’s 
rise which dealers said reflected 
continued nervousness followin 
reports of isolated light frosts in 
southern Brazil on Monday night. 
This was the second frost scare 
of the season and although coffee 
growing areas have not yet been 
affected, traders in London and 
New York have adopted a much 
more cautious attitude. Few 
seem wilting to carry " short ” 
positions over the coming Bank- 
Holiday weekend. 

But roost experts 3gree that it 
is still far too early to worry 
about a serious frost threat to 
the Brazilian coffee crop. Of 
more immediate concern is the 
damage done to Brazil's coffee 
growing potential by the drought 
which ended a week ago. Sr. 
Camillo Calazans, president of 
the Brazilian Coffee Institute, 
said recently that current crop 
expectations had been reduced 
by about 2m bags (60 kilos each] 
to not more than ISm bags as a 
result and this week he warned 
that the country’s coffee export 
ceiling of 12m bags would 
probably bave to he reduced. 

The Institute yesterday 
announced a $3 rise to S97 in 
the “ contribution quota ” 
(export tax) on Brazilian coffee. 
But this merely reflected another 
devaluation of the cruzeiro and 
had no effect on world market 
prices. 

In Nairobi meanwhile, Mr. 
Jeremiah Nyagah. Kenyan agri- 
culture minister, said the 
country's 197S/79 coffee crop will 
be down by about 25 per cent 
because of heavy rain. Kenyan 
coffee production reached its 
peak of 101,000 tonnes in 1976/ 
1977. 


Strike halts NZ lamb exports 


BY OUR OWN CORRESPONDENT 


May 25. 


NEW ZEALAND shipments of Mr. Robert Muldoon recently and relatively little in transit 
lamb for Britain were halted at imposed a settlement after pro- Demand for imported lamb has 
more than half New Zealand’s tracted troubles. been strengthened this spring 

abattoirs today as meat workers The meat industry resented by high prices 'or home pro- 
imposed a loading ban on meat his interference because he duced lamb and beef, 
for export More works are ex- forbade companies to recoup the 0 The Ministry of Agriculture is 
peeled to apply the ban later cost of the pay deal from the to sell 1.000 tonnes of beef from 
in ihe week. market Dr. Bullen said Mr. the intervention freezers to 

Killing is still going on, but if Muldoon ’s action was “ a grave hospitals, orphanages and similar 

the ban is maintained for more mistake.” establishments a-t prices ranging 

than a few days, storage space The unions now appeared to from 14p a pound for lowest 
will run out and slaughtering believe that if they had a prob- grade stewing cuts to 91p a 
will have to’ slow down or lem they could get it settled pound for the best quality joints, 
possibly Stop. by going to the man at the The offer will remain open for 

The unions have imposed the top. “ There is an election in six months, and the buyers must 
ban on loading in support of a November. and the whole issue undertake not to resell it and — 
claim for back-pay and incentive is now being disrupted by these more significantly— to ensure 
payments for piece-workers in political influences,” Dr. Bullen that this cheap beef is used as 
the slaughterhouses. The meat said- additional meat consumption and 

companies say that payment will The Prime Minister’s “ think does not displace existing con- 
cost millions of dollars, which the tank " 3od leading figures from sumption. 

industry cannot afford in present the New Zealand meat industry Mr. John Silkin. Minister of 
economic circumstances. are to hold a strategy’ meeting Agriculture, has been asked to 

The union has refused to take in Wellington on June 6 to “ review immediately ” the in- 
its case to arbitration attempt to hammer out a longer- creasing imports of Irish beef 

Christopher Parties' adds: Dr. terra solution to the problems and veal into Britain. 

William Bullen, chairman of of the meat business. Mr. Douglas Henderson. Scot- 

Bo rth wicks the troubled com- Officials at the New Zealand tish National MP for Aberdcen- 
panv which bandies most of the Meat Producers Board in shire East, complained in a letter 
lamb supplied by New Zealand London said that while there to Mr. Silkin that last year's 
for the British market. S3id his was no danger of a shortage of sharp rise in imports from the 
company would be affected quite New Zealand lamb in the U.K.. Irish Republic was threatening 
severelv although none of its ihis fresh disruption in the meat the livelihood of meat producers 
four slaughterhouses bad yet tr.\ie was “disturbing." in Scotland, 

been hit by the loading ban. There are now 17.000 tonnes Imports of beef and veal from 

He criticised the New Zealand of New Zealand lamb in store in Ireland amounted to 96,000 
Premier's handling of the recent the U.K. compared with 20.200 tonnes in 1975. 80.000 tonnes in 
troubles in the meat industry, tonnes at this time last year, 1976 and 129,000 lonncs last year. 


35 


Cold spring 
delays new 
potatoes 

By Christopher Parkcs 
THIS YEAR'S home-grown 
cvrop of new potatoes is about 
10 days late, delayed by a cold 

spring. But when supplies 
begin reaching the shops 
buyers can expect to pay about 
20p a pound for first ship- 
ments from Pembrokeshire 
and Cornwall, Mr. Geoffrey 
Grantham, chairman of the 
potato Marketing Board, said in 
London yesterday. 

Frosts had caused havoc In 
Jersey, he said, and total sup- 
plies of carlics from there 
this year would prohably be 
only 30.900 tonnes compared 
wllh 40,000 tonnes in a normal 
season. 

Mr. Grantham said he was 
not 14 unduly depressed ” by 
evidence that malucrop 
potato growers had not 
followed advice from the 
Ministry' of Agriculture to re- 
duce plantings. 

The national target potato 
area this year was 172,000 
hectacres. but more than 
100.000 hectares had been 
planted. 


China to buy 
Australian 
iron ore 

CANBERRA, May 25. 
AUSTRALIA WILL export 4m 
tonnes of iron ore to China this 
year, double last year's sales. Mr. 
Doug Anthony, the Deputy Prime 
Minister, said here. 

In answer to a Parliamentary 
question. Mr. Anthony said that 
during a recent visit to China he 
learned of Chinese interest in 
buying iron ore. 


U.S. AGRICULTURAL POLICY 

Nutrition now the main priority 

BY MARY CHERRY 

ONE EFFECT of the birth of the Rupert Cutler (an enviroomen- already conscious of mounting technology or Government 
America Agriculture Movement talist and forestry man) as stocks despite a set-aside pro- manipulation of price, the latter 
last October .the subsequent bul- Assistant Secretary shift towards gramme. One would also expect will have to be made cheaper, 
labaloo in Washington and the marked conservation, research it to have its effect on demand Justified or not, some sectors 
abortive Farm Bill last month and education. It gave early for dairy products. of the food marketing industry 

has been to divert attention away warning of the new trend in On the other hand Americans are already worried that this 
from some very significant American agriculture and food already treat lettuce (smothered will mean the Government 
changes in U.S. policy embodied policies. with one of an array of fatten- assuming an increasingly regu- 

in the 1977 Food and Agriculture Human nutrition research is mg dressings) as something latory function in food. 

Act. now very high on the agenda Sin°2Sii l0 7ifilIi Thc opposite question is what 

Essentially, they represent a and generous finance m being £taeflt of a main meal, so there {g t0 5e done with sUrch that 1S 

ring towards much greater em- diverted in this direction. This “ °”t much “0P e a in excess of market demand? Or 

phasis on consumer needs and implies inevitable cuts m expen- vegetables. But for a country dairy products and commodities 
their effect is being felt lnitl- diture on research of a more JrtjnjT “J similarly affected? In the case 

ally in the research, training and traditional agricultural nature. SSSJ Hip awSSi Ameetan of areals. at least - thc greater 
teaching spheres of the U B. De- Research will cover not only ]evJ?s?ems P art of the acreage grown is in 

partraent of Agriculture. dietary needs . and dangers, but consumption level seems arp3S well miled t0 corea i s and 

The previous administration SSteSSiTSSw Jft Any effect on agricultural and much less suited to other crops, 
was orientated mainly t ovrards ' what^they do. ^ 1 horticultural production will be ^ or 5„.! ia ,i 


production— and some would 



iituiiu i-’t uuuviiuu mil ub _ i ■ . . 

Americans — slow. At least that is Washing- Vel0 i S du n s t r " a f ° 0d u “ eS {" 

so on. This 
must assume even 

, , , Fattening foods are obviouslv declared objective is a national rot!ucers 

live in the America Agriculture mar ket winners. * food and nutrition policy which are 10 Teraam profitable. 

Movement The cventua | outcome of this should and would positively in- Agricultural producers have a 

Mr. Bob Bergiand. U.S. Agricul- nutritional research must be a fluence production policy. vastly diminished power in U.S. 

hire Secretary, took office in change in public demand and Possible side-effects of this internal politics. There are now 

markedly different world markets hence an Influence on the market could be many. It is a fact of virtually no Congressmen depen- 
conditions with a different cli- for major products. If not, the life that the poor and the young dent on farm votes, but their 
m3te of U.S. public opinion. Ap- exercise will have been meaning- over-eat some foods because they trump card— which no U.S. 
pointment of Mr. Carol Foreman less. This would surelv be felt are the cheapest, while some of administration can ignore — is the 
(a dedicated nutritionist) as As- mainly in the cereal sector the nutritionally desirable foods great importance of U.S. food 
sistant Secretary for Food and (since Americans clearly over- may be beyond their means. So, and feed exports to the U.S. 
Consumer Services,, and Dr. eat starch) where the U.S. is either by improved production economy. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


COPPER— A shade caster on the London 


• uini.-x. forward mctaJ rallied lo 


HircJi.ihi*.-, 

•cviTw-d. 


of copper. 
jMHrever, 


This 
OS I 


trend 


COPHBKj 

itiUcia 

+ OTJ 

I t-.m.- 
UneflBdn 

t-H*r 

Wire bars. 

£ 

£ i 

[ £ 

£ 


741.5-2.5 

762.6 


Jmftiitii-J 

7 65-. 5 , 

— It 

—2 

dMi’m'nr.l 

Camodoa-! 

1A5.5 1 

1 

-2.8 

— 


C*»lr I 

IM 

Ut 

s 

-.75 

754.5-6.5 

+6 

5 -n»ntti»..{ 

757.5-8 +6.28 

764.6 

— 5-8 

rteri' m'nt' 

738 , 

-1 , 

— 



1 


6A 

— 


EEC DAILY IMPORT LEVIES— EEC baying support. African styles were also 


£757, ST.5. 58. Kerb: Wircbare: three Jane B.91 sod £7.78; July-ScpC X3.S8 and 

motnbs £785. 84.5. Afternoon: Wirehars, £7.87. "E” Twills £27.05. £27.43. and levies and premiums are effective for May a feature, 

ihree months £758. 58, 58.5. 38. 58.5, 81. 127.74 for the respective shipment periods. 56 as rollows id units of account • tonne. 

6 S. 83. *2.5. Kerb: Wire bars, three months Varus and cloths very firm. In order current levy plus June. July and W(V)f FITTIIftK 

£783. 53.5. M. 63.5, S3, *2.5. *2. i A ABS - Premiums. (with previous In ’V LTvfL. r U I UAEO 

TIN— Erratic. Forward standard metal LULUA brackets': Common wheat— 125.99, nU. LONDON — The market was dull 

opened earner at £8.310 bin then lifted to . . . . nlL 0.5a >137.34, nil. mj. i.oo». Rye— featureless Bache reports. 

£6.380 owiiut to a firmer Penang price .Y, ** “"‘his the mnntinu on tb. 87. oil. nil. oil nil. nil. nil'. « Pence pei rtko 

coupled with bear covenns. Abo lnflu- "cowing in front of the Ions wuek- Barter— 71.52. nil, nil. nil (72.8*. nil. ml. 


PRICE CHANGES 


Prices 

stated. 


per tonne unless otherwise 


and 


n Hi. 
■alui-s 


the afternoon the pdee moved emticafly. ^ ^ opcnU,E *** rciwns ^ 

moving up in £6.420 on news of the poo- _ uuum - 
sSbillty that the bin lo approve tbe con- 

dfremwm. tK ’ ar covering enabled Amalgamated Metal Trading reported trlbntton of 5.000 tonnes to the ITC will L'OL'UA 
to stage a fresh recovery wllh that u the morning cash wl rebars traded he delayed, hut then dropping back to 


seed mg i — 6S.58. 0.34, 0.84, 0.B3 tS*.96. 0J3, 
0-33. 2.lSi. Buckwheat— aU nil 'all nil*. 


-‘YwiertaTYT' nr ; 'Unsfiem ' MiUet-SO.W, oil. nil. nil iSO.SS. nil. ml'. _ 

. — Done nU ‘' Gram sorghum— 7B.01, nil. wl, oil jfjjbv* “ 

, | — ; Done nll „ u qJi,. October ..._.Eo8.0- 58.0 


onvard material finally £752 on the late at £745. three months £788. 87. £6J. 68. *-375 as further news reported the Senate NojCintr't| 

serh. Turnover: 2.N450 tonnes. 83.3, 55. 85.5. Cathodes. Ihree months approval of the disposal of 35.080 tonnes 1B60.0-8S.O i + 20.0 1 £65.8- 55.0 «2* ‘'J' i~S* — 

from the GSA stockpile. Short covering July 173I.D-92.0 ,+4.0 |IB2 i1j»-1730. ‘ — * 

(then saw the price harden to close at Sept. |<4i.u4t.O — 4.0 'l762.o-40Ji 

£8.305 on the late Kerb. Turnover; US lh* h96.-'-B7.B —7.0 1171 5.0-1855 

' March 1670.0 74.0 ] — 3.0 M850.U-74.fl 

May lb5 -j- 60.0 lb6B.i'-8B.O 

1 Jolv...... :!• 45.“-43.0 — 1.0 |U80.»ijaj 


.G. Index Limited 01-361 3466. September Coffee 1579-1594. 
19 Lament Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futures market for the smaller investor 


EUROPEAN OPTIONS EXCHANGE 


I -»«i.v 

l Prieo C1«v«e 1*1. 


ITT 

\TT 

vrr 

I'll id up 
' 'll n-i<rii 

1.. Kiaiak 

Kralnl; 

K h'i*Uir 

K. K.nIiiK 

1-vw.n 

Kxv>n 

Kxv.'u 

■■H 

t.« 

H M 
IUM 
IHM 

mu 

•*f*i r. 

Uceui.+ie 

Algi'mi'iiv 

tli , .-ni' , iif 

Al^nnu-ue 

%IIIIV 

Vn't.i 
A mr.« 

Kl.M 
KI.M 
KMI 
KI.U 
h f.M 
,\«l \ M 
\nl \.«d 

\..l 

null]- 

rtuii|*. 

I'IhIij- 
ii. i>. .nidi 
l:. Ii. -In-11 
li l>. Shell 
Inilevir 

VniVifr 

l miner 


' S5S 
560 
S6S 
510 
625 
840 
845 
&50 
860 
840 
845 
850 
sao 
sou 

870 

8240 

6260 

S280 

820 

625 

850 

F350 

F340 

F550 

F560 

T7U 

F75 

F8 1 

F16Q 

PL70 

K1BO 

K190 
F200 
F100 
FI 10 
F120 
F22.90 

+'25.00 

>■27.50 

F120 

K130 

F140 

I FI 10 

) Ft 20 

I F150 


fll« 

IT* 

4i< 
7a 
14 J* 
10*8 
S 3, 
1 >« 


rose 
: an 

I 

- 26»* 
i 10>e 
21 , 

47a 

13a 

t, 

,27.00 
j 19.00 
{ 10.60 
6.00 
I 7.60 
i 3.00 
I 1.30 
35.90 

27.50 
20.00 
16.00 
15.00 

13.50 
5.50 
2.00 
3.30 
1.40 
0.40 
8.80 
2.20 
0.50 
6.00 
1.00 


1 

12 

16 


10 


2 

3 

105 

38 

108 

I 

17 


10 

45 


Oct. 

Q<v» Tot. 


Jan. 

CWm* Vnt. 


6t* 

23* 

•a 

4t a 

I5fl 

J43t 

101* 

75a 

3 

7t* 

358 

10 
31* 
7B 
29 U 
145* 
65* 
Si* 
2>* 
1 

27.50 
20.00 
12.00 

9.50 
6.00 

3.50 
2.00 

40.00 

34.50 
30-00 

22.00 

19.00 
14.80 

7.80 
3.20 

3.80 
1-60 
1.00 

11.00 

4.40 

1.40 
7-70 

2.50 
0.30 


10 


80 

2 


10 

22 


3 

1 

9 

26 

23 

75 


10 

12 

2 

50 

11 


6is 

27a 

s 

15 1* 
HH 
ai« 

3S* 

73* 

4i« 

17a 

11 

45* 

lse 

31 

161* 

91* 

61* 

3 

1U 

29.00 

22.50 

18.00 
6.00 

9.00 

5.00 
2.80 

43.00 

39.00 

33.00 

28.00 

23.50 
18.00 

8.50 

4.00 

4.50 
2.60 
1.B0 

12.00 

6.00 
2.00 

9.00 

3.50 

1.00 


t ifeiuicy 
j ctn«* 


— i 861 
10 ! .. 

— | »237 8 

10 I .. 

— j S643e 

7 i - 

18 


10 

10 

20 

10 

1 

10 

27 

1 


4 
6 

11 

27 

20 

2 

8 

5 
10 
30 

7 

1 

1 


I 847 
5«Ma 
326168 
8241* 
F354 

F76.80 
F 19 1.50 

F 113.40 
*25.30 
P127.10 
F113.70 


The war that never ends 

We British are a peaceful people. Wlwaa waris 
over we like to consign it to the history books -and 

But for some the ware live an. The disabled from 
■ both World Ware and from lesser campaigns, now all 
too easily forgotten ; thc widows, the orphans and tho 

: children -for them their war lives on, every day and 

.. ail day. 

In many cases, of course, there is help from a 
4 pension. But there is a limit to what any Government 
i Department can do. , 

j This is w here Army Benevolence steps in. Witu _ 
understanding. With a sense of urgency ... and with 
practical, financial help. _ . 

To us it is a privilege to help these biaw men-ma 
women, too. Please will you help us to do more l we 
must not let our soldiers down. 

The Army Benevolent Fmid 

for soldiers, cx-soldiers and theirfamflies in distress 
Dept. FT, Duke of York's HQ, London SW3 4SP 



RUBBER 


Austral imo 
Onwv )Yooj 

YeMorrl'y* + or 
t'l,*6 | — 

business 

Done 


228.0 







Uctot*r 

2a8.0-38.0 




itece rater 

235.11-41.0 




Marrrh 

245.8-48.0 


— 

M^y 

145.848.8 


— 

July ...... 

M6.0-48.D 


— 

October 

P47.8-M.0 

— 

— 


Metals 

Aluminium 


Free market (oim Sl.SDO-ICw. 


Copper cash W.Uarv| 
3 months do. da 
Cash Cutbodo ........ 

i months ,1o. da 

Gold -Troy r» 

had Cash 

3 inontb* 


TIM 


B.m. 

Offl’-i*' 


1+ or 


ttigh Grade K 


month*. 

seRiam't. 

Standard 

Otah_ 

• month*. 

'trait 1 L. 
S-w York 


p-.ni. 


e 500-20 


£301 
!£310.7B| 

Nickel 

Free Market, rdf lbXSl.90 


F 

+ 55 


I64BO-510+15 
d 39 5-400’+4 2 . Bifc40 0 • 2 J |+40 
6510 i+10 


16475- S00| 
0395-90 
6600 
I bit 45 


+ 60 [6500-10 
|+42-5io385 9J 
,+ 70 - 

f+10 - 


UNCERTAIN npeaft® on the London . <*«* ■* “®\. 

phydcal marlcci. Steady throughout the 

day. clodnc on a firm noie. Lewis and . SYDN EY Ckwe flnmdcr buyer. aeDer. 

Peat reported ihJT the Malays an market MB ® S5 ' saiesi — Micron contract— July 

hnam+UoDal Coevo O^on^llV^U.S. •«.£? ^’1^2x2 SuSSSL*"** SmS 

StSi SWHSJa SSs 


Mny 26 
107^ 


£680 


£742 

£762J6) 

£735 

£755 


-2J& 
— 2.0 
-2.5 
h- 2^5 


S178.57BUl.7B 


Soles: 5,*32 iS.7381 lots of 3 lunnes. 


+88 
+ 40 


136.86 il3a.78i. Indicator prices May 38: 
15-day average 1 41.65 1143.53); 22-day 
average 14547 i 145.87'. 

COFFEE 


- Robosva enftee advanced aharpiy due 
— Id large-scale deafer shorten veiing DBL 

. reports. Chanirt profit-taking based on Jane-- . 

Morning: standard, cash £8.470, three fulfilled objectives at £1.700 basis July 
months £0.370. 75. 80, 73. fllgh Grade, then confirntcd suspicions of an over- Jiy+iepii 89.0048. lb] 
three moo the £0.483. Kerb: Standard, cash bought marker and values OJicfcly slipped Oct- tied M.OO-M.O&i 
£6.560, thrm- months £6.370 , 75. 80. After- 140 before fresh buying appeared. At an Jao-Ur 



57.75-59. 60 1 S7.5M8.00! — 


361.8-261 0, 14; OcL 263^-383.3. 363.0^63.0. 

4. Total sales: S3. n, |t'8i505 

ll-6.387.Sl 

- ... .*131-58!, 

SMITHFIELD (Prices la pence per !b>— 9 

Wiiwl <++■»■ un M an- month* £327.2 


3 month* 

Hq C»»h..._ 

MEAT/VEGETABLES Wollraai22j0*(bxun 


Serf: Scotch kflied sides 510 fo 584); 
Eire- hindquarters 71.0 to 73.0. foreouaners 


Producer*. 


Kerb: Standard, three months £6.385. 95, 
M. 95. 

f-EAD — Bare tv ch an ge d In subdued 
trading. The market moved in a narrow 
range, rising to £313 on the nre-markel, 


on l helate Kerb at tail .5. 
&S75 tonnes. 


LBAD 


i.'«ah_ 

jtooothaJ 

-*•. -H»* . 


a.m- 

Ortida 


ilOAl 

302 


+ or 

p-tn. 

L'notncoi. 

C 

*• . 

—1.5 

300.5-X^; 

—2.5 

alO-.b 

|-L5 

— 

r. 

41-35 


blgher im the day. 

CUFFKK 

Yplml»j'»i 

Close I -f or 

B lie In ess 
Done 


£ par tonne 


i 1850-1860+37.5 
. 1672-1673 +34.5 

I 1585-1588 +44 J) 
l 1540-1545+55.0 
! 1510-1514 +58.5. 

1914-1845 

1712-1660 

1612-1560 

1558-1518 

1525-1485 

July ...I 

September 
,\<>vejnher... j 
January 

Slay j 

1445-1455 +52.6j 1455 1445 


B8.6ft-BB.S6 88.BM7-78 «0 M 0 Orl. 

5t 10.61 l&i Milo'S, ffKg Veni: English fats 72.0 to 78.0; Dutch Coconut (Phlft | 

m'JSI? R»S hinds and ends 96.0 lo 106 . 0 . Groundnut.^ 

6 — 20 . 62 J 8 t BIJM1.40 6&gf-6l.4fl Lamb: English small New Season 80.0 UmrI Crude (vL- 
to 76.0. heavy 66.0 to 76.0. Imported Palm Malayan 


£120.60] 

£13L75[ 
5123-28! 

285 .45 p 


6650-600 


+« 


+• 0.5 
+0.5 


[£680 
SdaS-OOD 
£693. 
|£711 
£683 
C7D1 
S 170.626 
[£305. 
i£3l4-12S 


S.05)-flJ126l 


j.tB277.1| 
29 l.SSpL- 0.75 279.6 
+ 80.0 
+ 40.0 


. -6 
51-0.3 


Jl’v-Scpj B6.Kh6i.bO, 8Sj««2.bO B2.40-82.0b 

Oct- I»a i 64.46.84.S0l 6360-65.80; 64.M-83.20 frozen: NZ PL rTo to 51.0, PM 5A0 to 
J*n-Mnr] 85. 45-65- bS| 84.66-84.80: _ 6S.50 _ 

Physical cLmIdb prlcea (buyers' were ’ “5 e n r ¥SL! ‘A J 3 -® 1 Seeds 

Spot 36.5P i M.Oi: July 55.75* (33.0j : JJ®: 130 16 370 » » 38.0 to Copra Philip 

August 56.73P .55 0.. ^MEAT COMM.SSlON-ATeruge fatatoefc 

SOYABEAN MEAL S^“JS 5 "aSVffB ”o^ 

The market opened lower on the Dears UR Sheep !62.6p per kg est dew (—1.0). BBC, 


S84By 

(£749 

£375 

35954 


2425; 

S3 - 


and Wales— Cattle numbers down 


+.5 


ICO Indicator prices lor May 24: IU.S. 
ccou per pound); Colombian Mild 
Amblcas 191.30 (same), unwashed 

— — — . Arabicas 1S6.73 H5SJSi. Other ml HI 

JW?’ a £?L “S” 1 " Arabicas ISO J3 a6S.30»: RofousUs 138^8 

H-_ 10 -*;^ Kert: <133 OOi. Dally average 152SS ,i5L7Si. 

™*f“ a™ 1 - ,0 - 5 - Afternoon: three ARABICAS— The market folhrard Robus- JuM 


three months &il. 
ZINC— Fractfenally 


Horae Fom: 

16.1 

C.S. soyabean planting. Prices drifted Per cenL. average Price 73.69p (+1.67). Fr neb No. S Am, 

lower on long liquidation and stop- loss Sheep numbers down iu per cent. Wheat 

orders, but rallied at the einap following average price l*4.0p (— Wi. Pig numbers Mo. 1 Ked Spnngj 

the firmer Chicago market. down 16.7 per cent, average price Slip No 2 Hard winter! 

f-2J'. Scotland Cattle numbers np S7JS Bngiiah Ullling. 
per cent average price 68-77p (— 2.291. Coca, dbipmenu... 

Sheep numbers down 149 per cent. Future July 

average price 134. Ip (+0.1). CtoffeoFutura_... 

COVEKT CARDEN— (Prices In Stertlng July 

per package except where otherwise Cotton ‘A’ Imlex— 
stated)— Imported Produce; Orauses— itubbw irila 


ouster with 


fuelled by rumours of extensive 
(he damage to the Kenyan crop. 


opened around Q!7 and hardened to IB6.5U: Ammsi 1W.30-1SS.00, +2.00. 1M80- 
wzs^a in the morning rings before easing 183.00: Oct. 174. BO-177.00. +1.75. 176.00 
m the afternoon to close at ££7-5 on the only: Dec. 183.00-171-50, +U7. n|t; Feb. 
late Kelt. Turnover; 3.100 tonnes. 1OI.0O-1GLM. +«.od. nil; April 1S3.00-1B.00, 

— _ +3.MI, nil: June 143.00-149.00, nil. nn. 


-TABLE— 

— — 

— — 


Yesterday 1 + or 
tv* j — 

Uur-in&v 

Done 


Cirrlnnnel 


August 

Octrecr 

fieown'ra- ... 

Fei«ruarv 

April — 

June 

I iO. Oft ilU— 1.10 14130 28.83 

II .50 503 ‘i 15030-28.60 

126.6J-K73 —O .45 127.00-1630 
197.8128.2-030: - 

l!7.0ft29.0-^O3a — 

127.00 5ii3—Q30! — 


3A5-4.40: Egyptian: Valencia Lates 2.00- 
2.S0: Texas: 2.80: Moroccan: 2 . 80-3 JO: 


Woollopa 64a kllo_. 


25y 

03* 


+ 10.O 1 
+3.5 


+5.0 

1-3.5 


£83Ji 


i£105J^ 


i£97 

[£103 

(£1,858 

B1.781JI 

|£t.S72.s| 
71.1c 
56.5p 
£101 
SB Dp 


Month 

ago 


U.S. Markets 


51.93 

-2.05 


£120. 
I— 5JS|£116. 
a 127 


1:6,125 

£6.122.8 

5137-42 

£296.5 

|£3D5.2S 

$650-600 

5610 

£755 

'£368 

'$675 


S410 

8292.3 


+0.3 


1 — 0.6 


-18.1 

+45 


+ 34J 


t 

£81.75 

£106.76 

£92.76 

£102 

£2.096 

£1.986 


(£1.387 
,69.5<- 
+0.8 151.6 . 
£105 
379 ■■ 


Calif onrtan: 3.004.00: S. African: Navels i M !S5um L k S, e , 

• 3.004.60. Ortanlouo*— Jamaican; 5.S04.38L jme^^julv b 

Sales: 1*9 ilSOi tea o( im inmes. Lemons— Tta Han: 100,730a new crop L50- I pTl w ‘ VMay-Jnly. zjnae^uty, 


ZINU 


Oib— 

muaUi*.. 
i'meui— . 

■inu Wmj 


■'.ID. 

Offlctn 


518-B.6 [-2.28 
338.5 .751-538 
ol9.5 (-2 


+ or l 


p.u>. 

UnoOOciu- 


516-5-7. 

o27.-5 


4» 


.5 

h-5 


kanan— imaan: iwnm new crop 4J»0- _ 1nn 
PIlr , . n 5.00: S Pauls: Small nays 25 /Ms IJO-IJO; xnx ,0IL 

SUGAR s - African: SS'135 5.00-5.50. Crapafttdl— 

.*»««. n.i. V Hire / Cyprus: IS iuloa 2.003.00: 30 kUoi 3J0- 

“P 1 ^ *-«>: S. African: 38/58 5^3.40: Jaffa: 
flDl.OO inoo.on- a imne cH for MayOune jo klltn 3.09-3.96. Apple*— Prench: Golden 
^lptncrn. White susar daQy price was Delirious 20-lh 84* 3.30. 72a 3.59i». largo 
LONDON FUTURES (GAFTA) — Barter **e6 at nCS.00 i ; «a m eL - boxes 6.30-7 vs: Tasmanian: Jonaihans 

despite opening lower soon improved on Rumours tnai veuczncia had purchased S.00: Itahan: Rome Scanty, per pound 

speenjaure buytiig and gains of up to *>.000 ions of white sugar produced a *.i«. Golden Delicious 0.14-0-16: s. African: 

55p were made before commercial selling steady market ra tocoariy session with Cranny Smith 8.B0-8J0, white Winter 

pared the increases. Wheat opened tin. Aatas of 0.15 wrajd, repo rut C. Peannaln *LSft-< JO. Starting Delirious 


t + or Sates:' H 121) lots. 

— GRAINS 


Mnmtvup' mo *l Mo e oinnivu un- — r** rearnwm mv-ijh, auzrKiHg UeUaoas 

Monung Cadi_I318, tbreo months £338J. changed and moTed up 40p on trade and CsartiltOw. Tlh-rea fter,_fi iictnadong were 7 .SO- 8 . 0 O: Chilean; Granny Smith 6.60-7JM: 

- Kcrt : lh, S. speculative buying, only <o ease back ttreg ularly lower urn^hly on corroncy New Zealand; Stunner Pippin* l&j 7.70. 

S 8 *^. ■ lhT y c “omte CS8J. later on following praflt-iaKlng and some wusideratJons, wnh iJoalng prices a littio its 7.60: Danish: Per pound. Spartans 

2*. 76.75.- 27. Kerb: three mouths £327.5. supper sriliiw. The afternoon saw a o£T tiuj ierns. ----- 

. - . , in foliar panern wllh prices Initially 

put pound, t On previous moving ahead but later casing on profit- 
uDomrial dose. 1 IM per plcuL taking ana commercial seUing, reports 

Acli. 


SILVER 


ter spot delivery in the Louden bullleu 
nrnrtte* yesterday at 2SS.45P. UJI. coni 
egutvalentc of tbc fixing levels were: spot 
516.7c, dpwn i.4c; three- month S34.Sc. 


dO«Kl « 294.WSS.9 t»«-S18c). 


SlLVJfK 

Bunion 

per 

firiaa 

tfpyec. 

pririM 

Spot 

28 5,45 p 

1 fflcntth*.. 

291.8Sp 

mumu*_ 

29a.35o 

it irvimh-. 

5ie.5p 


+ or. 


UI.K. 

cue 


•t 

Ul 

X 

s 

I 

BARLEY 

M'nlh 

lYe-tertay 

•l + o. 

lViada.t ’ 

or 

| C.+e 

i ~ I 

taee 

— 

Sent. 

86.45 

1 

1 + 0.95. 

80.60 

+ 0.N 

Sov. 

88.70 

!+03u, 

B3-20 

+-0.nfl 

J»n. 

91.45 

85.B5 ! 

+0.20 

Mur. 

B3.85 

l-r-O.M 

BS^O > 

■‘0.20 

Business doae— Wheat; 

Sept. 8630-88 75. 

Nov. 88.45-88.85, 

Jan. # 91.45-91.65. 1 

March 


Itels .... 

ltec..... 


0.13-0.15. Pear* — S. African: Cartons. 
Pacfdtara's Triumph ?. 00-9 JO. Beurre Bose 
8JO4.G0, Winter Nells 6.60; Belgian: Con- 
ference Q.134.1S. Peacbee— Spanish-. E'x 
1.7D-L80. D's =-M. C*8 ago. Grapes— 
S. African: Alntena G£*. Barllnka 7.00- 
7.20; Chilean: S kilos. Almerla 6.00-0.20, 
Apricots— Spanish: 5 kilos L60-2 M. 

Per pound 0.15. 

Ill 2j-l].40|llM3-.li.45i'iiufi 11.00 i Afncan: Fucrte 3J0+.06. StruwbOTtas 
1)9.4+79. D 


angwi 

Prrt. 

Yfiar«tiay'i* 

Prervxt* | 


Cninni. 
C'uin. | 

Chw 

C-lwe | 

Dene 


£ l*.-r tonne 

1Lfi,0iJ-L6-40j lufi^9-<.B.(0 188.BS-64.9B Bwinii Jamaican: ... . ,, 

U8 1MB.25 8J Avocados— Kenya : Fuerte 14’ 24s 3.80-4.00: 


1HL7j 19.D0 -Californian: 1.00; Kalian: 0.3WI.32: 
1i2.60-i2.7u,l2ZAft : n.76;jiD.7B t2.7u Spanish: 0JS4.40: Belgian: 0.35. Onioes- 
li 5.8 -i5. 85 1Z5JB-2SJ0. IJS.75 Chdcan: Cases 4.60-4.40; Canary: 4 3D- 

tec |12*.BD-i8./0 ra-8M8.80| 129^042. IS 4.59; Dutch; 2.80-2 80; Israeli: 4JS+.36: 

2 SE^ 34 fp^SSf>^eSS 

8116 sSwr. ?M J “■®‘ I5W .S.JX?* a,ld Valencia: 4.7D-4B0: Majorca: . 5.80-5 - 80 . 


nn.M tn 60 . 00 ' for export 


i j IMPORTED — Wheat: COS No. 1 132 iateraatlNul Suff«ir ■ Asrocinuui; fvji y c « on' j(«rw 1 kil’ h> ppnnii)i, A hi i 

-0.1S 884.65pi-2.4B Dar k ter Mar 24. U.S. cents per poHDd fob and CtertUs— Cyprus:' 1.50-L60;’ French- 22-fli [ 

h!f aspa an? arara-sg* » ajsjBa-it.s:. s. 

' West Arnttralian tan and EEC W-ed . uni VEGETABLE OILS *. 1441 . 15 . Cherries — Prenrb: Per pound 

PALM Dll Close: jua, 0.65-0 70: Cyprus: 0.8041.70. 

July 308.6ft60.oo. - A „ Ena Ish Produce: PoUUes— Per 50-Ib. GRIM5BY FISH— Supply a rod u* de. 

Sept. 298.06-330.08, OcL While.- Red 2.00-2 JO. Leuncc— Per 12 1.40- ™ 

Nov. 280.OMI5.OB D» LSD - c ® -00-2-70. Beetroot— Per 2S-lb *"“ ™** Dcr H,one ■* MUD'S sMe. 


Tomatoes— Dutch: 3JW.40: Coenwey; 

French; SJO. 


FINANCIAL TIMES 


May 24| u»v 83 

Moatb ai(o 

Xaaragn 

248.82 I24BJ0 

259.05 

270.59 


IBase: July I. 19S2=1H) 
REUTER'S 


May 25 

51 s' StjMnuih sgoj 

Ymr Kg, 1 

1491-8 j 

1488.01 1457.1 | 

r~lfi54.B 


DOW JONES 


LViw 

Jane- 

Msv 

U 

Mhv I 
25 | 

Mdblhj 
«CO | 

“zsr 

dpot .... 
Future 

359.11 

(356.201 

358.85 360.16(428.12 
354.71349^8(397.78 


{Average 1824-25-28=100) 

MOODY'S 


Moody's 

rfiav 

1 2* 1 

1 *lsi J 
25 

bpie Uorami v 


925.0 1 


iPecetrtber 31. 1631=100) 


MonUilYfiu 

na" 

B98.6;SS9j 


LME— Turnover 1S3. ilOT) lot* of 10,000 quoted. 
OES. Morning: Three months 282-2. Kerb: Maize: 
Three months 2KL2. Afternoon 


... ... D^yPrench J one . and Jufy 
Three 185 jS aaaNrfpmeg Bast s. Afncan 


LONDON 

300.03-30.80. 


njmthB »L9 9LS. 9LS. 9L7. 91.4. 81A. while JtuK-Jnly 81.98 Clammv. s'. African 22 , 2'Si ,l 2i 


91.6. Kerb; Three mmuhs 291.7. 91.8. UJ. Yelinw June-Juiy 01^0 Glasgow. 
BL9. grades unquoted. 


290.0W20 00. 
omar 2M.oo-sio.no. 


Jan. unquoted. Sate! ISO. Carrot*— Per bag D.B0-I.40. Parsnips unprocessed. Shelf cod f3.S0-M.30: oodUnS 
—Per iS-lb OffO-i.OO. Onions— Per 50-Ib I2.60-C.40: large haddock M.OO-MJO- med 

s’StS'E- - rrhnt i -" 11 g - zriiJrrx *«««■»: < 8 ^' a» 


TIJTF Barley: Unquoted. fOTTON 

HOC*— Locations cn-fanq spot prices. VV 1 * . _ ILa^flas e »,nrr ri rr trov 19/^K I JdV ™"™ — “■■•*** MUBWS *3.1*1- 

PUMDEE— Outet. Prices c. and f. TO Otter minimi wheat— No Prices. . Feed COTTON — Live moot- Spot and shipment 2 « Kqshn»n»-Per pound «Lli4 431301 larBP plalCB 74.70: medium plaice 

(Or Maj-|X'U» gigHcm: BWC MO. -BWti te^nr— South Lin coin 32J0. Wiltshire teles amounted 10 473 temra. bringing App’ies-Per pound Bromley's o’.lDJl.ls! f4.tO-I4.7B: tew small plaice 20: 

Ta roa. B T B oo a .^ irt t: CHO. BTD 849ft the total for the wti k M 5*1 tonnes. Tumauet— Per 12-Ib English 3.40-3.80. skinned dogfish 1 large' £8.08: medium 

C t iC UK tW ““ Jx °-- Cnsens-Per crate. Kent 0 JO-1 .00. Caul I- Ifl-OC: lemon soles f 4.00-88.00; ipekflsh 

SLterih SSPWLHff ht * DaiD * 28 win remain proved appreclaMr. ai_Wihlle Eastern llowera-Per 12 Llntpm 1 JD. Kent l jOiSI. flAUMK red* £L2ftC.lO; saiUte XL89- 

«Wnesi faJi, ti-oz £7^7 per UK) ranis, imrtiampa . ami somn A men raft growths received cd try— Per 12/18 Uift4.98. 12 . 40 . ™ 


Copper falls 
metals up 

NEW YORK. May 24. . 
COPPER CLOSED Jnwer 00 trade sell- 
ing. despite proposal to expand stockpile. 
Precious Metals closed lower on specu- 
lative liquidation following tho U.S. 
Treasnry's sold auction and expectation 
o! an Improved balance of trade deficit. 
Sugar remained steady on continued 
Industrial price-fixing. 

Cocoa— July 136.75 U3S.25L Sept. 133.35 
<131.851, Dec. 129.35. March 126.75, May 

124.70. July 122.65. Sept. 120.65. Sales: 
705 lots. 

Coffee— ■■ C “ Contract: May expired, 
July 188.75 (163.241, Sept 157.75 (153.751, 
Doc. 150.00 bid. March 142.25 bid. May 
138J0 hid Jnly 135.00 bid, SepL 132.60 
bid. Sales: 634 lots. 

Copper— May Sl.N (samel. June *L90 
<*2.001. July 62.50. Sept. 63.50, Dec. 05.10, 
Jan. 65 60. March 66.60. May 67.68. July 
08.80 Sept. 09.60, Dec. 71.10, .Jan. 7L0D, 
March 72.60. Sates: 6.500 lota. 

Cotton— No. 2: July 60^2 (SLOT), On. 
*2.75 ( 62.92). Dec. G4.0ft64.05. March 63.00. 
May B5.5ftG5.65. July WU0-66JM, OcL 
£3-50. Sates: 505.000 bales. 

*CoM— May 179^0 (1S1J0), June 179^6 
OSl-SO), July 180.S0. Aug. 132.08, Oct. 

184.70. Dec. 1S7.4J) Feb. 190.18, April 
1923D. June 185.68, Aug. 198.40. Oct. 
28L20, Dec. 204.18, Feb. 207.00. Sales: 
11300 lots. 

tLard — Chicago loose 22.37 (nnavalL). 
New York prime steam 24.37 traded 
124.121. 

TMalze— July MKC (283). SepL =614- 
261k flKti). Dec. 2G6-20SB, March 272-2711. 
May =73j, Jnly 274. 

SPIetinum-^Ialy 244.7ft24SJB) (SGI JO). 
Oct. 24GJM.245.70 (=51.60', Jan. 24G.S0- 
24630. April 247.16-247.30, Jnly 249.50, 
Oct. 25130-2513*. Jan. 253.6ft=5330. Sales: 
1.701 IMS. 

11 Silver ■ M ay 51*30 (51930). June 617.10 
iSSO.BOl, July 520.50. SepL 527.40, Dec. 

538.70. Jan. 542.70. March 55038, May 


This edition was printed before 
last night’s American commodity 
prices were available. 


559.00, July 567.40, SeuL 578.00, Dec. 
SS9.I0, Jan. 593 80. March 60230. Sales: 
17.000 lota. Handy and Harman spot 
bullion 517.60 tSIS.DO). 

Soyabeans— July 712-7134 (7164), Ann. 
704-702 (705)'. Sept. 675-675J. Nov. 642- 
043. Jan. 6471-647, March 6531, May G56. 
Jnly 8554. 

nsoyabean Meal — July 178.SftlT9.7Q 
(180.30). Aug. 179. 70-179.50 08036), SOUL 
I78.8ftl79.00 Oct. 174.00-174.50, Dec. 17130- 
17130, Jan. 172.00. March 173.00-17X30, 
May 173.50-174.00. 

Soyatenn Oil— July 2S.8S4635 (27.15), 
Aug. 26JB-3G.30 (2635'. SepL 25.40. Oct. 
24.70. Dec. 24.15-24.20. Jan. 2330-2333. 
March 33.7ftsa.75. May 23J5ft23.fi0. July 
*3.25-23.30. 

Sonar— No 11: Jnly 735-73* (7.S0). 
Sept. 7.03 « i.57i. Oci. 7.75-7.78, Jan. T.9S 
bid. March S.5R. May 8.73-8.74, July 837, 
Sept. 9.02. On. 9.08 Sales: 3350 lots. 

1 tired) 

Tip— S33 .00-535.00 asked (327.00^5.00 
asked'. 

*~Wh rat —July 330 -329 i333i), Sm. 2321- 
30 (33411, Dec. 338-340, Mardi 340J. May 
33S. July 3354. 

WINNIPEG. May 24. tWW-May 107 90 
bid (107.10 bid' July 107.60 bid (10740 
hid'. Oct. 109.70 bid, Nov, 10S.00 hid. 
Dec. 1W.M bid. 

ttOais— May 57.70 (87.50). July 8230 
(8838 asked'. Oct. SO 30 bid. Dee, n 00 
bid. March >1180 bid. 

OBaricy— May 82.00 (82.00 bid), Jnly 
R0.8ftSL10 f 82.10). On. 81.00 asked. Dec. 
S0.40 asked, March 50.20 asked - 
SSFIaxsced— May 2*1.50 bid 1 25630 hid) 
Jtfly =£3.10 hlfl 1239.D0 a&edi. OcL 2*3.00 
asked, Nov. 2*0,50 asked, Dec. 26030 
asked. 

n Wheat— SC whs 13.5 per cent, pmtetp 
content df St Lawrence 166 34 (tfl&Tfli 
AB «nia per pound ric-warebouse 
unless utbcrwlsc Hated. * 5s per troy 
ounces— 108 ounce kni tChicaim 1 aos« 
IS pur 100 Iha— Dent of Ag. priSs^! 
view day. Prune steam rob. NY bulk 
rank cars. 1 Cents p.-r 56 <b busbel cx- 
warehouse. 5.080 buahel lots, i Ss per 
troy ounce for 58 oz units of 903 per 
cent purity delivered NY. { Cents per 
troy ounce ex-warehouse J| Now b 
contract In Ss a then ton tor bulk lots 
■rf '00 short tons delivered f.o.b. cars. 
Chleaw. Toledo. Si Louts and Alton. 

■ Cents per ob lb bushel uj note. ' 
rt Cents per 24 lb bushel. « Corns per 
45 rb bushel ex-Kvehouse. 94 Cents per 
j6 lb bushel ex- warehouse. 1,000 bosbcl 
tala. It SC Per tonne. 



36 


STOCK EXCHANGE REPORT 


ICI first-quarter figures underpin equity markets 

by reversion to old-style bank rate 




Account Dealing Dates in' Gilt-edged securities lost heart ground in the wake or the better- to 14.1p. after 144 p. House of 2 cheaper on the day fi33p. [*{?f 1 JJ tl p lu/doy's 

Option The shorter maturities then began than-expected interim statement Fraser improved 3 to l«p fol- Other leaders generally ed Jj - ■ s !h „, IC 

•Fiist Declare- Last Account to surrender earlier gains, which from Bass — ‘ — *“ • * u ~ -' 1 ’*“* *" wl ‘ h ,L1 s oe p ‘ 

Dealings tions Dealings Day *«d fotlowed the Government touched a 
MavlS May 23 Mav 26 Jun. 7 brnker s action injeilmg and then be rore closing 

m x . ’ O inn on withdrawing a reduced price for 170p. 

Sr 12 jun’2 0 jun'*>? July 4 ot toe stock, issued last Among 

.r__ w eek at 94J. Of lesser importance Richards Tiles fell 29 to Wap r — . — „ .. . , ftl „ 

hnuwiAtaMMJto! at this end of the market was the announcement that the pro- the chairman's encouraging re- at 2*Bp. Elsewhere. Capital and Throgmorton Capital rests 4 to Pip 
. . exhaustion or the Treasury Vari- posed acquisition by Hepwortb marks about current-year trading. County Laundries were marked on the increased earning, "hue 

Un a day crowded with tradme aWe ina2 Medium and Ceramic had been referred to the Wilkinson Warburton came on sharply higher in response to similar gains were seen in CamelHa 

statements irom lop-name i on[ .er-dated securities were sub- Monopolies Commission. Hep- offer at 68p, down 4. the bid from Johnson Group Investments, 252p, and M. and G. 

concerns, equity markets edged j ue( j asa j n aQc j without feature worth closed 5 dearer at 85p. Electricals rarely moved far Cleaners, 3 lower at 34p. after Dual Capital, Hop. Dual vest 

forward cauuously. Courtaulds. frnm a »««iinn 1- Wettcrn Brothers from the overnight levels, 91p; the C and C ordinary jumped Capital were raised 7 to 2U0p. 



,h* apa™ from a switch ine operation In contrast. Wi 
5 h,f, tho involving the Government broker jumped 27 to 95p 
“25** Tr ?h-,r5 iS and the long tap Exchequer 12 offer o' " 

IrvZL from Be^ham .ookThe Sf2f ““Sf 

edge off the rise before 1C1 of *« ■ ^ ****** ,?* T to GOp ' 

.nniHoBB. ,,-Hh three. «nt 198/ loan, win cn was o\er- 

Corpora- 


restored cnnlidcnce with three ... . 

months' figures well above subscribed, heartened 
expectations. «««*■ often 4 better. 

Situation issues apart, the level ICJ featured Traded Options 
of trade was rather small and the with s«me substantial gains in 
number of markings illustrated the rates following the bettsr- 
this at 4.479. 1C! topped the than-expected first-quarter report: 

active stocks list, of course, and the July 330 jumped 12 to 62. 
closed with a net sain of 10 at Most Marks and Spencer positions 
3SSp. after having been 7 down also made headway on the chair- 
at one stage. Courtaulds man's comments about buoyant 
improved 3 to 125p but Beecham current-year trading conditions, 
settled slightly easier at Soap, The heaviest traded stock v:as 
after S67p. Contra u Ids with 209 trades 

British Funds were nor without followed by ICI with 164 and 
events and these included the Commercial Union with 136. Over- 
authorities' decision lo revert to a n. trades totalled 758. 
the old-style bank rate, a move The investment currency 
recently mooted in the City, premium drifted lower and ended 
holding Minimum Lending Rate j down at noj per cent after 
this week at 9 per cent and another quiet day's trade, 
subsequently activating the short Eurotherm International inevit- 
tap, again mu an unexpected a hiy saw a much quieter trade 
development ; at -1 level bHow that ^rter the previous day's hecti? 
of last week's issue price. start, but investment demand 

Before the market ecu d get continued and the shares closed 
too keyed up. however, the lack 4 higher at 152p compared with 
of the . hoped-for financial th ffer price of Jonn 
measures in Mr. Healeys letter 

of intent to the International _ . .. 

Monetary Fund caused a renewal A IPX. H0WQ6D I3JJ 
of recent binding worries, and 
politie.il uncertainly vas 



BEECHAM 


1600 .'- 


580* 


4AK FEB MAR APR Off 


KKE 


COURTAULDS 


-130 


129 



m BEB. StAR APR MAY 


ere 

hardened l i to 38 - p for a similar dominated by the performance 
reason Gomme," however, lost of Courtaulds which hardened 3 to 
31 to 72p following the disappoint- I2«p on the optimistic statement 
inn interim results and Caravans which accompanied the prchmin- 
lntematinnal fell fii to 75p on ary. figures. Carpels International 
the chairman's warning That ended a like amount up at o3p 
second half profits will nor match following the chairmans review of 
rbe comparable period last year, the company s prospects, white 
Francis Sumner declined 2i to Homfriiy closed a penny firmer at 
14 ip. after Up. following the 42p despite the lirst-hair profits, 
profits setback and ICL cheapened setback, 
a penny to 297p after reporting . .. _ 

interim figures in line with expec- AUSU‘2ll311S DUOySUlt 
tations. Further consideration of Aui|tra||sin minins . lssues con 


rMiil'd .lu.Mrdiidii mining issues con- 

Ss?" tai NonS s“‘ oil stock 'ho outset 

L C Gas found support at 3S3p. 01 Du ' me '> - 


up 10. 
Associated 


Engineering pro- 


Thcreafter. a heavy speculative 
and investment demand from Lon- 
don <ourccs pushed prices further 


tided an isolated dull feature in ^ ,hr m a inrirv of 

Motors and D^smbuto^f^ingfi ^ f ^Jont^of 

rise to Improvements In and Racal EJectronics. 237p, but Most of the xDecuIarive acthitv 

„ Rririt j. hpiidr ti tr, pwiiiiu.* t mirrnrfri nvpramc the interim report. Charles Hurst most ot ine specuiame acuvttj 


London Brick. 4 better at 7Hp, Philips' Lamp mirrored overseas in ^f r . ,ni .- - , mnimri n« ih*. ifirriz-inmis 

and Richard Coslain. 8 to the advices with a faU of 15 more to ' vere . 3( Jonf Sh2n ' which 

nA.iri nt oiif> n Ahp^rl nF npyr R r iSn acquisition ne^^. hut renewed 01 ine .Amnion joint \enture w men 

wik', annual' r'esS?s NoriSt support raked Hcnlys a like N exploring for diamonds in the 

omit mu unccmmiv vas The surprise announcement of Holst firmed 7 |Q 06 ' T Attracting fresh investment and amount to 152p. Automotive Pro- Kimberly region of Western 

engendered late by the 'announce- 3 proposed GBm rights issue from vvondrow. added 10 to 378p i^the speculaUve demand ahead or forth- *"«* ^ f iye and 4 better u, Austraba. 
ment that the Lib-Lab oar' is in Alexander Howden led to sharp 5eni?ra , upturn in late trading, coming preliminary results. John a 197S peak or 141 p Conzinc Riotinto, with 52.6 per 

end with the present Parlia- falls m insurance brokers: Nottingham Brick. 270p, and Brown rose 6 more to 372p among In p a per Printings. McCorquo- cent of the venture, advanced 17 
men l ary cession. Howden quickly fell away to close f; n _ Downing. 2l2p. both closed Quietly firm Engineering leaders. da j e 2 un at 272p. continued to a high of 243p. while Northern 

The announcement of three down at 165p. while around 5 higher on buying in CRN added a similar amount^ to fi rr n’]y ahead of interim figures Mining, the star of the latest 

new offer? rekindled speculative symnathetic reactions of 11 and ihm markets, while Magnet and 270p and Takes put on 2 to 37Sp. d up earlv n^xt month, while Australian bonm. soared 16 to a 

interest in .1 handful of prospe?- 1° respectively were seen in Minet Southerns finished 6 higher at after 3®2p. W. UenshaTl (Addle- Ri c | ipr d clay firmed 4 to 70p on peak 10Sp; Northern has a 5 per 

live bid candidate? but contrast- at 192p and C. E. Heath at 278p. 200p. stone) stood out among secondary new time buving in a thin market, cent stake in the project, 

ing double-figure fail.? in Sedgwick Forbes also closed 10 standing around 7 easier issues rising 6$ to 27tp following ’ The London-registered Tanks,** 

Insurance Brokers were the result off. at 400p. Hogg Robinson shed immediately in front of the first- the 30 p per share cash oner froht . which controls 84 ner cent put 

of Alexander Howden'? surprise 6 to 184p and Willis Faber 5 to quarter figures, ICI rebounded on Pet ford which counters the 20p PtOpCrtlPS mill on 7 to a high or 102p Other 

£2flm richts issue: accord in"ly the 2-T^p. Composites closed mixed the announcement and closed 10 per share already offered by Boy- » Ausrnlian? to remster substantial 

FT- Actuaries index for the sub- with Phoenix 2 easier at 254p higher at the day's best of 388o. Bourne -Bui lough gained 7 to 143p W-fS* Swere MctairFxplSoT 

section fell 3.5 ner cent to 333.37. following the slightly disappoint- Fisons. initially du 1 at 33.=ip. rose and Hall rose a to 99p. ^Sn in English Propem higher at 37p. Whim Creek, a 

me first-quarter figures. m sympathy to finish 4 betler on , ' ?? VP; similar amount to the "ond at 70n 

riMc _i ncn ifimortom Home Banks turned reactionary halanre at 364p. Elsewhere in the Interest in Foods was ^rgely JJ?" e 3 h r pam-nn'ineiTtal 3 un ar £13J and 

Gilts Close uncertain in thin trading. NatWest gave up leaders. Albright and Wilson confined to secondary- issues which company s .statement about iP X c h re4 6 

The change in MLR arrange- Bj« 272 n and Midland lost 3 to eased a couple of pence to 164p marlS hours SpC ’.rided J more to H4p * 

KsSsS “ ElrillMS 

the $1.75 down- 



FINANCIAL TIMES STOCK INDICES 

Mn\ , tt«f 


Mnv 


19 


IS 


A y**J 

"B" 

70.47 70.42 70.39 70.19 70.4 70.97; 6». W 

n«dI,.K W : 72.10 71.95 71.97 71.74 71.99 72.32' 7039 

fmfiiMiiiil OnlmatT-... -377.5 474.0 470.6 46P B' 470,6 40OJE>' 4«n 

((•■hi Mii.v 132 9 153 a 135.1 155.2 153.2 131.0 1 io«j 


Uni. Itu . t ii'M ' 

tiiriiii:ui.Y'til !'t*i 

P’K Itaii" , mi-i • 

tHnlingn msri.t'l .. . . 
Kguliy Inrn- K im.. • 
Elililly htrun'W* , “ M, ~ 


5.52 5 36 5.59 S.e2 5.61 5.50 5^5 

16.70 16 82 16 98 17.04! 17,02 i 6-Wl ! 1B) ^' 

7.99 7.93 7.8» 7.05 7.B6 8.02| g.^- 

4.479 4.657 4.953 5.240 5.646; 4.795^ 7.155" 

- . o4.B7 69.68 62.46 05.35 Bfl.Efc 72.44 

15.113 13.314 14.083^15.034 19.84V 28.74Q 
1 pm -I74.J. " ^ ' 


ID am -473.7. It am 47K.O. Norn 475.3. 

2 3 -.U 477 J. 3 imi 47- S. 
Latest Index Ol-M 3W>- 
- uasTd on 17 p,-r cm cuitvimiImii i.ix. 
Basis tnn Govt. Sees. U lu '-■fi. KtxiM Ini. 1 K>. 
UUk'S 12 9 53. SK Activity J id s ■Dec. 1!M2. 

HIGHS AND LOWS 


♦ Nil -7 Jr. 

lua ore. l-g-si. Gate 


S.E. ACTIVITY 


I47i- 


tiwi 1 *iilii'l» : 


Rm-L5em.... 


Fu.eU Ini— 


ImL On*.... 


f,',iM Mint). 


Hurii 

;b.36 

ij ii 
81.27 

497.3 

.!> ]l 
168.6 

if-jl 


L>« 


Hiiili 


Liu 


May 

& 


M 


70.19 

isu-iji 

71.74 

i!2,M 

433.4 

•I’.il 

130.3 

iv-3» 


127.4 

|9, l <jlii , 

15U.4 
2C.I14J' 

649. It 
• 14-» 77: 

442.3 43.5 

.2i-L«-7r> > l.i 71 , 


49.18 

ia/1 i." 

50.53 

■iil-ifci 

49.4 

-a.T7-k»i 


-JJbJIv 


luil-KIgeit.. 1 134.6 139.1 
In-liiHlriiM.... 158.2 , 169.1 
>|in-iiiBfivp.. 40.3 323 

T.kbIh - 1Q1.9 108.0- 

Ax’mai- 

i . 111- K ilisiil -. 150 7 150.7 
1 ml >■-, Ii-mIh 179.5 182.2 

n|niilaliro 3G.7 36 1 

r.mi- 113.7 115.x 


ACTIVE STOCKS 


No. 


Dcnumina- 

of 

Closing 

Change 

197S 

1978 

Stock 

tiun 

marks 

price ip) 

un day 

high 

low 

ICI 

ri 

13 

3SS 

4-10 

3SS 

32S . ‘ 

BAT* Deld 

2&p 

JO 

2!H) 


2lUi 

227 

BP 

£1 

n» 

SSt* 

+ rt 

S'J2 

720 

Shell Transport ... 

2-»P 

Id 

5«l) 

4- 4 

SS|‘, 

4*4 

Distillers 

40|j 

9 

JS2 

-!*■ *2 

1K7 

153 

Eurotherm Inti.... 

top 

•I 

1-12 

+ 4 

li» 

142 

Ultramar 

2."tp 

•4 

2Si 

— 

2W4 

m 

Albright & Wilson 


S 

1H4 

— '1 

Biff 

Srt 

Grand Met 

A*lp 

s 

113 

4- l 

110 

ST 

RTZ 

25p 

s 

21S 

— ! 

22ft 

104 

Barclays Bank ... 

i) 

7 

3.77 

— 3 

33H 

2ftC 

ourmah Oil 

It 

t 

00 


TO 

42 

Courtaulds 

2»»> 

i 

12fi 

+ 3 

131 

109 

Imperial Croup... 

25 p 

• 

70 

— 

Si 

714 

P & 0 Dcfd 

£1 

7 

Hfi 


IIS 

!»l 


NEW HIGHS AND LOWS FOR 1978 


TTi.- fc/tewintf sircunrret ji/ii.Vd in ."w 
Share Informal ion Service v«:crna» 
4 tU‘nccl new and Lon>- >or I’j'd. 

NEW IIIG1IS (116) 

BANKS in 
BEERS I SI 
BUILDINGS (61 
CHEMICALS I4i 
DRAPERY A STORES >9) 
ELECTRICALS 14) 
ENGINEERING Cl 21 
HOTELS 111 
INDUSTRIALS i23i 
INSURANCE (2> 

MOTORS 191 
NEWSPAPERS l3i 
PAPER & PRINTING |2‘ 
PROPERTY (!) 

SHIPPING |1) 

SHOES 12) 


TEXTILES 13) 
TRUSTS (3i 
OILS (H 

OVERSEAS TRADERS It) 
RUBBERS 111 
TEAS 12 > 

MINES (22t 

NEW LOWS (11) 

ENGINEERING 111 
Jones Grp. Warwirk Eng. 

INDUSTRIALS (61 
British Svpnon Noonc Sees. 

CA'juni (nil. STaflnt 

Somme map;. Sumn-r (F.> 

MOTORS ID 

Zenith A 

PROPERTY ID 

Jormvn Inv. 

TRUSTS <1> 

Britannia Arran* 


FOOD PRICE MOVEMENTS 


BACON 

Dani.-h A t per ton 

Brilish A.l per Inn 

Irish’ Special per ton 

UN: or A.l per ton r 

BUTTER 

XZ per 20 lbs 

English per i\v|r 

Danish salted per cwt* ... 

CHEESE*! 

XZ per tonne 1.161..10 

English cheddar trade per 
tonne 

EGGS* 

Home produce: 

Sire 4 

Size 2 3.90*4.50 


BEEF 

Scoiiixh killed sides ox- 

KKCF 

Eire forequarters 

LAMB 

English 

XZ rUs-PMs 

Ml rtox — English owes ... 

PORK i all weights) 

POULTRY — Broiler chickens 

* London Egg Exchange price per 120 eggs, 
t Unavailable. \ For delivery Way 27 -June 3. 


Maj-^25 

"Week ago 
£ 

Month ago 

J.ftfin 

l.ftftft 

1.090 

LOSS 

1.063 

1.065 

1.005 

1.065 

1.0H5 

1.065 

1.065 

1.065 

11.41 11.52 

11.43. 'll .52 

11.41 11.52 

00.61 

69. 61 

67.37 

70.10 72.41 

70.15 72.52 

70.15-72.42 

1.161.50 

1.161.50 

1.161.50 

1,246.78 

1 -'02.10 

1,202.10 

2.70.3.40 

3.01). :j. 50 

3.40 3.00 

3.90-4.50 

3.90 4.70 

4.30. 4.S0 

May 25 

Week ago 

Mon til ago 

P 

P 

P 

54.0/5S.0 

53.0 57.0 

53.0 '56.0 

3H.0. 3S.0 

— 

37.0 59.0 

50.0 ‘5 1.0 

49.0 51.0 

46.0 4S.0 

36.0 45.0 

36.0 '46.0 

36.0'45.0 

33.5/37.0 

35.0 56.5 

34.0 '35.5 


Delivered. 


Carding Groan, dealings in which The Gold Mines index 


bullion price to year of o 20p bllt thcn fl , n back to 
2ISp. a penny easier oil balance, 
lost following the news that a fire at 


the nmcclbneous were suspended on Monday at ground for the third successive Rossing Uranium had severely 
r was considerably 20p, came after market hours. trading day easing 0.9 more to damaged one of the two »ol'’® n j 

jgn.f). arirni'imn nlante and Inal 


extraction plants and that 


ea>:ed .7 more to 257 p for a two- C. & C. LaiUldliCS jfl)Hp 
day fall of 21 following the chair- interest in 
man's profits warning. Indusrtja] ^ 

Marks & Spencer up enMve " ea by a len::,hy of 

Sentiment in Stores remained a new bid situation. The absence British Petroleum closed H up m — cpl1l 

buoyed by Wednesday's bullish of any share-slimming proposals ssfip and Shell 4 to the good at Hits, managed a gam or 5 at a ' 
annual statement from the chair- with the satisfactory preliminary 560p. Burmah. slightly easier for 1M*8 high or ISop. Riu TInto-Zinc Coppers attracted a ,-ood 

man of Marks and Spencer. Prices figures provided the mam reason most of the session, closed a net were active in London-registered London demand reflecting the 

made further progress in thin why Beecham reacted from a firm penny betler at 69p. Siehens UK, FinanciaN: fhe shares imtiany rerefil^ firmness of the metal price. 

trading and AI and S rose 4 more level of 6«7 to 63'Jp before closing again traded actively and hardened to a new high for the Tin* also made modest headway. 


Oils were irregular prior to the - . nlunnt-d production for 197S could 

company trading statements and late general upturn after which Be ^5i y ' tl r i!SS le d ,n bu” mBS ^ reduced by as much as 20 per 


RISES AND FALLS 
YESTERDAY 


British Funds 

Up Down Same ■ 
a — 5S 

Corpus-. Dom. and 
Foreign Bonds 

a 

1 

0 . . 

Industrials 

iti 

246 

W» ! 

Financial and Prop- ... 

Vi 

T6 

ml 

OUs 

11 

6 

11 . 


4 

S 

0 

Mines 

55 

42 

4b ’ 

Recent Issues 

4 

y 

12 A 

Totals 

572 

m i,m 


OPTIONS 

DEALING DATES 
First Last Last For 

Deal- Deal- Dcclara- Settle- 

ings ings (ion menl 

May 23 Jun. 6 Aug. 17 Aug. 30 
Jun. 7 Jun. 20 Aug. 31 Sep- 14 
Jun. 20 July 4 Sep. 14 Sep. 28 
For rate indications see end of 
Share Injormatioa Service 
Stocks favoured for the call 
were English Property, Burmah 
Oil, Marks and Spencer. British 
Home Stores, \Vettera Bros- 

North Kalgurli, Drake and Scull, 
Cooper Industries Talbex, 
Eurotherm, K Shoes. Oxley Print- 
ing, New Throgmorton Capital, 
Savoy Hotel A, and J. Brown. 
Puts were taken out in Vernon 
Fashion and Courtaulds, while 
doubles were arranged in Savoy 
Hotel A, English Property, GEC, 
Burmah Oil and J- Brown. 



Where the green is greener. 


You'd never guess that you 
were only a few minutes from 
central Newport when you're 
playtng at Rogerstone. Yes 
excellent communications and 
fine leisure facilities are just two of 
the many reasons why Newport is 
the natural choice for industrial 
expansion. 

With direct motorway links to 
London, Birmingham and the 
North. Newport commands a work 
force of well over a million within a 
20 mile radius. Adaptable and loyal 


people used to tranquil industrial 
relations. 

Add to these benef its the 
wide range of sites and a really 
helpful council and it is easy to 
understand why so many leading 
companies have re-located here. 

Don't handicap yourself— 
find out more about the part 
Newport could play in your 
company's future — contact the 
Chief Executive, Civic Centre, 
Newport. Gwent. 

Tel: 0633 65491. 


NEWPORT 

where business has room to boom, 



LONDON TRADED OPTIONS 




■lint 

«H-I- 

•** 

Jitlillllt 



K» 'n-lM 

< 'limin' 


CL —Ills 


■ l.-lll, 


h-iiinv 

i,»|.ti.*n 

i-mt- 

.dTel 

V„l. 

.■ffw 

Vi„ 


Ini 

■ I"** 

BP 

750 

150 


160 


180 


883), 

HI* 

BOO 

100 

1 

1 16 

1 

l.<8 

— 


UP 

850 

56 

* 

, 78 

— 

100 

2 


HP 

90 J 

24 

-- 

' 50 

— 

72 

5 

.. 

tom. IVilni 

140 

141- 

-- 

: 20 

— 

22!- 

10 

147|, 

L.-lll. 1 ill'll 

160 

3i 2 

126 

9i- 

— 

|5 

— 

C-IIIS. linl.l 

160 

18 


251- 


30 

5 

173(. 

Chiu. 

180 

6 

— 

14 

5 

EO 

18 

l.'-iilliniihh 

1O0 

24 

36 

241; 

109 

251; 

5 

127(, 

CiwuIhiiLIh 

110 

14 

3 

18 

— 

20 

— 

‘iiirtni'.L 

120 . 

10 

5 

121; 

— 

15 

— 


CniirlHiiliK 

130 1 

61 = 

51 

9 

— 

1! 

— 


i.KC 

230 : 

441- 

5 

49 

— 

56 


258|> 

liKC 

240 1 

26 

2 

34 

— 

42 

— 

UKU 

2b0 

13 

• 

23l Z 

— 

31 

6 


Li nod Mel. 

10-3 , 

17 

* 

20 

— 

22 

— 

113|, 

ijinn.l )ln. 

no ' 

9 

6 

13I 2 

2 

17 

7 

t' Rind Uet. 

120 ' 

4'? 

— 

9 

3 

12 

5 


ICt 

330 ; 

63 

15 

64 

22 

67 

16 

387ji 

ICI 

36u ; 

45 

6 

41 

20 

47 

8 

ICI 

390 

12 

49 

22 , 

19 

SI i 

9 


Ltuiri IrecB. 

1BO • 

36is 1 

23 

36lj I 

— 

40 

19 

212p 

ij&nil Seia. 

200 

17 

5 

22 

2 

27 

5 

Lsnil Sere... 

220 

5i« • 

25 

12 , 

1 

17 ! 

5 


Murky Ji ?jp. 

120 . 

27 ■ 

a 

31 

49 

31 ! 

1 

144). 

JlnrK- k spj 

140 

IO13 1 

. — 

18 

7 

18 ; 

— 

Marks k )n. 

160 ; 

Z>4 i 

5 

71; 

10 

ei 2 

1 

.. 

ciliell 

500 • 

75 I 

— 

98 | 

— 

103 

5 

659p 

8lv;l1 

550 , 

35 | 

2 

54 

2 

61 | 

2 

Shell 

T„lal» 

600 1 

12 


23 | - 

1 251 

S3 

2 

134 



RECENT ISSUES 


EQUITIES 


I-mifJ 3 ■*■§].& 1 Z 
PrlL-c'j^lS E = 
Pi J ' ~ 


1978 


100 | F.P. 


H ipb ! Low 


- 163 


142 


1=2 J 


Hurptfaerm ............. — 


158 


l 4.0j 2.6 


14.5 


FIXED INTEREST STOCKS 


Si v 
5-C 




1978 


High | Lnw 


Slock 


* I'.r. 

•ilJu • P.t*. 

IJOj. F.P. 

I I p K.I\ I 
tt£37.65 i'101 — 
tl* j - 
£99 £50 125)8 

- | F.P. 1 0,o 
loop - !23,6 

UIOO I Nil 36 .« 
E98i*'£10 I 1-9 


— , 97*pi aip AmaJ. l»t». I0,«j2o-t. l*n 

— | •>♦*»« Amor. Hxpr«. lul Fio. \ «ru'ue 

20)6 , IIOi ! 107Jp VrcnitaiKi- i'J.) 10»s J io.l Cum. Prol 

— I 104i> lOOp 0 r>u«-" •-•••o. II-. *|»4 »*rH. ... 


104 p. 100p 

lOlfl 10 ■ 4 Kni-x \TMtrl% tic-J. Pr vf. tOJS 

cl I 3 , ic 7 .••a.-efc lot. «•«'. 

491 «- 46 X|.Orwiwi« b if<jn, Boiv. , ,ft l|j% Writ, l.ffi. 

IiX’i IUj- ,U«mxlea iJ.i Co, it. Fret 

tOPp 97 totpluiipi Coin. I’rl 

tom « 8 l ,n ' |V«i 4 .i* t 6 t>Cn». Cob. Ln.l*» 

10 ; 8 .rvnei Wwr 12% Itoi. 


“ F.P. | 16l6 t0ll,n lOtls »V«.le 10^ Pn». 


• 97,. . 
4995* 
10?;,, — I u 

)04,. 

IOI 4 . .. 

47 U ,i, 

104,,- ... 
«!?,■ .. . 

B'? 

101 


“RIGHTS” OFFERS 




LaLC-I 1 


l-^ne, 


Itenun. . . ISJ7h 


Price 


Uur | 

Strck 

— r - 


O | D ; Hl«i« j bow 

1 


3b | F.P. 1 
50 li'.P.i 
C424 . \n 

aop imi 1 

T£ . F.P. i 
34 a . Ni 
3 J 1 F.P. 
152 F.P. 
20p M> 


13/6. 7/7 lESpoai Ltejiiu 


Sa/al 23 -d; 58k 
3 ,ci 3i ai ii3 


Uiviit CLeniLjiU 

40 bruwn buvrn Keni 

i la buii>iiu;b 

— I — . t.'fciwlian Imi-mf Hnk ... 

— | — 38pf>, Mniiului-hirtoc... 

26<S 2316 102 99 AI,.,.«o . ... ..... 

31» 54pn, *Upui U.ttnum- M-v-ktnt- 

1 d-c, Bo 04 4i»4 M,|.m . 

)6.5 13.-b. lc*> thd I'iniril 

5'6 Z7 7 5npr>* Ht*>» 'V«-llo 


Pnits j — 

_ p: I 

162|im + i 
581; -2 
HB .... 
,47|«n, —4 
38;, n, ( 
99 - t 
54m,. -5 
53 - j 

184 -4 

5, Ml, 


KMUIIWMIIQI, risiiv usually law day lor dualina Irtt-, ui Mamu n>nv « Kmurus 
fWB«i nu oreawdiis osiimaiii. u Awunictf duiri.-nri a ,«l Vk M. >. i-an-jsi mvin-nti 
wow t> j iMi_on >NVM y«ar b furmnftj.. * Dividend and vln.ld h as «i pn«[>..L-ins 

u(7n>«9 1 l igur^-i jssiiiu-ti 


or «Ht»i »ifl,-ial esnmaip? lur lliv 


fwcanvorsian ai sharw noi now raukin? for dlvldcnfl o* fankinK only for restricted 
m ow", J" 1 " . I’- Pwww unions ofterwiA; mitis-uted 1 lsw„i 


W lender. 11 Offered 10 holders or Ordinary shares a<i a •• rieh,^ ■■ ■- 
hy nay of capnalwanon. t* .Minimum lender one-' » Remmvtiired. re Iisi,,.h 
m cunnevi ion wnh reor^anJuuon nierxer or lake-orer |t"[ immduction —• 

I Alhjimem U-tiera 1 or lully-Daidi. • Provisional 
+ With warrants. 


lo tornvr Prclrrenee holders, 
or partly-paid alluimeni teirers. 


FT- ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Fisum in parenthesv- show numher of 
docks per section 

Thurs., 

May 25. 1978 

Wed. 

May 

a-i 

Tuc*. 

May 

23 

Mon. 

May 

•>2 

Frl. 

May 

IB 

Yarn 

ago 

lappraU 

Indea 

NO. 

Day's 

Change 

•V. 

EsL 

EarauRs 

Yield". 

iMaJi.i 

Corp. 

TuES 

Gross 

Wi, 

Yield “o 
(ACT 
at 34*. • 

ESL 

P E 
Ratio 
,NCL, 
Corn 

TuE\ 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

1 

CAPITAL GOODS 1 1711 — 

213 57 

-1-0.8 

17.63 

5.61 

7.91 

211.78 

211.16 

21047 

21150 

183.78 

O 

Budding MatertaJsi28i..... — 

191.04 

+0.9 

17.98 

5.68 

7.96 

189.38 

189 40 

188 77 

19034 

147 « 

3 

Contracting. Construction i28) 

344.49 

+1.8 

19.67 

3.94 

736 

338 29 

33917 

358 05 

341 48 

257.06 

4 

Electricals 

448.44 

+05 

15-25 

3.95 

9.29 

446.17 

44133 

440.64 

44100 

358.79 

5 

Engineering Contractors 1 14*. 

319.71 

+L1 

18.27 

638 

7.41 

316.20 

316.91 

315 79 

31893 

25538 

6 

Mechanical Engineering i71» 

172.19 

+0.6 

18.86 

6.16 

721 

17114 

170 48 

164.94 

17031 

166.97 

8 

.Metals and Metal Forming 1 17, 

166.01 

+1.1 

17-25 

8.45 

7.92 

164.23 

14487 

163.82 

165.W 

155J9-, 


CONSUMES GOODS 











11 

(DURABLE) 1521 - - - 

194.42 

+0.4 

1714 

4.90 

820 

193.65 

193 20 

193 29 

194.17 

16951, 

13 

LL Electronics. HadioTVil5> 

226.93 

+0.8 

15.43 

3.81 

9.13 

225.06 

22455 

22410 

225.78 

189.05- 

13 

Household Goods 1 12) 

176.46 

+05 

1631 

639 

6.42 

17557 

175.63 

17637 

17613 

16739' 

14 

Motor* and Distributors (25> 

124J1 

-03 

19.86 

6.18 

7.10 

124.62 

12426 

124 65 

12486 

11335 ■ 


CONSUMER GOODS 










■V 

21 

WON-DURABLE) UTS) 

203.10 

+0.8 

15 95 

5.78 

8.49 

20147 

20031 

199.73 

20145 

17146 

22 

Breweries 1 141 

241.06 

+1.9 

13 99 

557 

1027 

236.61 

234.36 

23214 

236.43 

178.65 

23 

Wines and Spirits 161 

259.92 

+09 

1556 

554 

9.75 

25754 

255 06 

254.73 

257.08 

199.63 . 

24 

Entertainment Cateri ng « 17) 

25641 

+05 

13 75 

6.66 

10.52 

255.11 

256.06 

25396 

258.46 

216.90 

25 

Food Manufacturing i22i. 

193.19 

+0.4 

20.17 

575 

6.56 

19244 

19110 

18973 

19LS5 

17727 

26 

Food Retailing <15i 

198.82 

+1.0 

14.29 

4.7B 

9.65 

196 B4 

197.84 

197.28 

198.73 

174.49 

32 

Newspapers. Publishing U3> 

373.56 

+0.5 

1058 

332 

13.53 

37159 

368.98 

37722 

37830 

29004 

33 

Packaging and Paper' 15, 

130.04 

+0.7 

20.07 

919 

7.05 

129.16 

12734 

12711 

128.11 

12171 

34 

Storesi39i 

181.17 

+ 1.1 

LL62 

4.48 

12.63 

17926 

17753 

17754 

177.66 

146.46 

35 

Textile>t25>.._ 

184.54 

+1.4 

2033 

7.30 

6.00 

18202 

18179 

18124 

182.37 

173.91 

36 

Tobaccos' 3i... 

256.83 

-0.4 

21.52 

7.29 

5.52 

257.73 

257.74 

S7.16 

260.20 

32839 

37 

Toys and Games 161 

108.61 

+0.9 

19.48 







97.23 

41 

OTHER GROtTS '971 










42 

Chemicals, IBi . 

283.82 

. +2.0 

17.57 

6.11 

7.73 

278 14 

271 41 

271.42 

27162 

253.» 

43 

Pharmaceutical Product)'?,., 

259.86 

+0.1 

1113 

392 

1124 

25958 

259 30 

25867 

259.73 

M0 

44 

Office Equipment, Si . 

139.21 

+1.1 

17.24 

4.67 

6.87 

137.74 

137.26 

136.62 

13550 

10685 

45 

Shipping' tO, _ 

434.14 

—0.6 

18.27 

725 

6.74 

436.84 

431.34 

42467 

42426 

533.40 

46 

Miscellaneous <55i 

20630 

+0.6 

16.59 

624 

8.18 

205.10 

204.35 

20415 

204 93 

ia» 

49 

INDUSTRIAL GROUP 1«5> 

211.21 

+0.8 

16.44 

5.65 

826 


208.20 

207.67 


183.75. 

i>l 

Oils ,5' 

499.41 

+0.7 

14.78 

3.96 

7.34 

496.07 

498.64 

493 78 


58561- 

59 

500 SHARE INDEX. . ... 

235 04 

+05 

16.18 

539 

810 

23317 

23215 

23130 


209.71 

61 

FINANCIAL GROUP, lOOl 

165.19 

-0.6 

— 

5.60 



166.14 

165 09 

163.63 

T64.79 

13957 

62 

Banksdi 

192 42 

-14 

24.59 

5.60 

6.16 

195.16 

192.49 

18898 

191.68 

154.09 

63 

Discount Houses ( lOi 

20037 

+0 6 



8.51 



19920 

200.47 

20109 

20156 

17332 

64 

HirePurcbase'5i. 

146.63 

+0.7 

1334 

559 

U.09 

145 65 

146.46 

14534 

147.43 

12927 

65 

Insu ranee lUfeiilOi 

139.82 

+0.4 

— 

651 

— 

139.26 

139.16 

138 72 

139.04 

110.90 

66 

Insurance 'Compositei «7> 

125.90 

-03 

— 

6.77 



126.20 

125.69 

125.37 

12573 

11524 

ffT 

Insurance BrokersOO, 

33337 

-3 5 

14.47 

441 

989 

345 62 

346.23 

344.62 

34761 

29969 

68 

Merchant Bantsi 14, 

79.94 

+0.2 

— 

6.10 



7981 

7939 

79.17 

80.87 

7165 

69 

Property ,31, .... 

233.65 

+0 7 

293 

299 

65.49 

23214 

229.93 

226.77 

226.97 

18594 


Miscellaneous'”, . . 

105.94 

-0.1 

24.66 

7 49 

5.61 

106 03 

10608 

106 33 

107 58 


71 

Imestroeni Trusts ,50) 

203.75 

+02 

3.29 

482 

3038 

r 203.3I 

^20406 

Z0363 

20612 

ri?707 

81 

Mining Finance Mi 

97.45 

-0.2 

17.18 

7 07 

7.10 

97 67 

96 85 

95 71 

9716 

4466 

91 

fhrerwasTradersilBi 

314.05 

+0 7 

1538 

6.58 

8.12 

31174 

313.49 

312 37 

313.93 

_2fli6L 

991 

ALLSHARE INDEX(S73i . 

21631 

+0.5 

— 

1 5*45 


215 IB 

214 20 

21329 

214.58 

19147 




FIXED INTI 

EREST PRICE INDICES 

FIXED INTEREST 
YIE1DS 

Hr. troxl. Ai iJn«* He,!. 

Tlmrs J 
May ! 
25 i 

Wed. 

Mny 

24 

Year 

ace 

iSpprM-' 

British Government 

Tlmr>. 

Miiy 

25 

chance 

\il adj. 
Tu-Uat 

\d Hdj 
1R7H 
to date 

1 

3 

Low 5 yean 

Coupon." 15 years 

25 years 

8.64 

1048 

3157 

8.64 

10.99 

1157 

-mT 

10.31 

1L93 

1 

2 

3 

i 

5 

Under 5 years 

5-15years 

10537 

115.93 

120 25 

12735 

113.12 

+0 09 

+0.05 

+004 

0.24 

004 

363 

2.67 

497 

603 

401 

4! 

5! 

6 

Medium 5 years 

Coupons 15 years 

2S years. 

1115 

1219 

1239 

1113 

12B 

1237 

952 

1U1 

1234 _ 

Oser 15 years 

Irredeemables.,.,..,.. 
All stocks 

1 i 

81 

9 

High ft years 

Coupons 15 years 

25 years . . . 

1143 

1271 

13.14 

1L45 

1270 

13.14 

~ 18.62 
1276 • 

to 

Irredeemables 

1148 

1L4I 

12.10 


17 


I riuii>.. IlH.r * 

"■-I. . | Mi-talny \|. u„ lay 1 Kri.liv 


XV wl. 


«".v Mny Sl«v AI«v 


Mil 

1 lil'ki .% V ichl 

-4 25 ~ ■ ID 

la 

i; 


, 1 




Yiar 


20-yr. Red. Deb & Loans 1 IS) 
Investment Trust Prefs. (15) 
Cynti. anti Indl. Prefs. (20) 


67.55 -,-18.90 
51.70 ; 13.73 


71.83 1 12.74 


57,39 

51.73 


57.39 i 57.28 I 


51.52 


71.90 69.85 


51.52 

89.92 


57.72 

52.35 

70.30 


57.87 

52.35 


70-47 70.41 



lssu«? e ?™c^ s r2V B M MlI^if™ d .,I n !l*- rBe ? r S: h ,“ C «"* ""whucnt chaasn are pubUUied lu SWW^’. 

London, A EC4P aBY prtte ^ ^ ^ Pablwhen. Uw Financial T|m». Bracken No»«. Canon- 5«*. 







Financial Times . Friday May 26 1978 


INSURANCE, property, 

BONDS 


AUTHORISED UNIT TRUSTS 


Abbey Liff Assurance Co. Lid. 

' ]4St. Paul's Churchy nnj, EC4. 


DraWs I^rad— 

■asSEhRr" 

property i-a.._ .. 

wpcrtyAcc.— 

$riwtiue Fund .. _ 
Convertible Fund . 



m» yw r-~ 

pem. Selective 

Fe» Security 

puis. Matured 

P Mte. Equity 

fW Fo-Scr * 

titan Fd Ser *. . 

' i6flu«yFd.5er.4_ 
.. 9CMT.Fd.Scr.4_ 
fftowyFd. SCr.4._ 


KS 7 

303 

W67 

1527 

nj 

mg 

IZOil 

172.0 
828 
135 J. 
1745 

155.3 

125.4 
1318 
134 
1UO 

109.0 


■ Management Ltd. 


2?.h°.!T- u 


317 
1542 
USB 
92 2 
33U 
1275 
1BU 
875 
142J 
183.7 
164.1 
1323 
USE 
355 
116.9 
U4 i) 


oi«s3on 

Minnced Fuud.^_[l«6l w « | __ 

Prices May 3 Next dcalingjuns 1 


Portfolio l-Yjnd_... I 
Ptirtiulio Capua! -.(417 43 

Gresham Life Ass. Soc. Ltd. _ , , 

S Prince ra Wales R*r, Btaandh. 0203 787053 ■' Zealand Ins. Co. (U-K.) LW-4 
OLCkshnwl. _ 

CL. lmL Fuad 


Abbey Unit Tst.. Mgrs? Ltd. tai Gartraore Fund Managers 97 (agjg) 
nafcMHl 2. St. Maiy A m. EC 3A aap 
*121 406 ii (American Ts. . - f 
British TR. I Acc. 1-P4.3 
Commodity Share _g605 
<z)Fv EMLTn»~Sri 


72-BJ. Gatehouse Rd . Aylesbury 
[ Abbey Tapd ol . -- |325 34i 

Abbey tannne.. _ 390 41J 

Abbcj lm TstFd K7 35.' 

Abbey Gen TkL. |*52 48' 


__ _ CA_ Ppty. Fund mo 


(963 

I0L2 

1M3 

1091 .... 

IMA 

115.4 ... . 

12L2 

127.6 

960 

10U . . 


— Slalt land IIoiua Southend SSI 2IS 


Kiwi Kdv Inv. Plan . 
Small Co’s Fd. 


— T+chpo|o*vFd 

— EdnlncTit. .. _ 


“ Growth & Sec. Life Ass. Soc. Lt*Ly rSfaS^.-JZ 


— w* ,r -?? Qi ' ■ B ™y-on-nuune* 1 Berta. 0KBJ428* out Edged ri .“Z 


Flexible Ft nance . £US3 
Uandbank Sc* Act 114.9 n7.' 


1375 
100.8 
(104 7 

1085 

103.® 


prlcxw ni May 23. vDuaUon normally Tuesday. G. ft's. Super Fd . ] o 870 

Albany Life Assurance Co. Lid. Guardian Royal F«phang> 


_ Con. Deposit FA 


uo3-o3 
K»Ij +0.0 
iu« -zS 

1342 +Z-5| 
108.4 

101 z 


n.Cfld Burlington St . W 1. 

fEfluily Fd. Art 11798 

iPbcdTlnt Act — 136.5 
rGtd Muncy Fid -Ac. 113.8 
ItaU Jian-PirUUsn . 1035 

K fPnp^iUN 1073 

W] Wide lev. Act _ .|lU.7 


.-Pen.FdAcc. 2U.6 

iLPenArc. __ 171.9 

TldJtan-PcrvAcc. . 123.1 
lniUIn.PnFdArc ._ 109.4 
mt>.PecuAec.. — 1213 

dpi® Inv-Pen_Acc_ {195.9 


01-4373602 ***101 Exchange, E.C3 


1M2 +13 . 

143.6 -OAl — 

U9.7 +aj7 
108.9 +oJ 
115.4 . 1 

169.3 +04 

222.7 +2.4 
1809 -0.3 
1343 

sh?3 

=062f +0jj 

(IMEV Life Assurance Ud.¥ reurjjiep3eu 

alma Hae . Alma Bd.. RctGaie. Ret sale 4O101. Prop. Cap. 


Property Honda |1744 tit ft | | _ 

Hambro Life Assurance Limited V 
“Old Park Lone. London. Wl 01490031 


_ Norwich Union Insurance Group 
—I — POBox4.XorwletaNRl3.NG. M03Z3O0 

Managed Fund [2008 229* -1 M — 

(if 7m-im EquUyFund 3193 357 7 -2-8 

fll.a3.W7 Property Ftind 123J 131.9 A 

Fixed Int. Fund ._ 1489 156.7 +031 

Deposit Fund. uw* 1107 

Nor. Unix May 15. 2£*A 


Allied Hombro Group* 4ai (gi 

Humh rn Hat . Honor- Brcnnnyxl.Ebicx. 
01-588 2851 or Brentwood «B77i 21145B 

07<8flMaB|B»l*»wt PhMta 

'AlllBdia 

BrlL Indft. Fund ... 

Grib. & Inc 

Elect ft lnd. Devi 

Allied Capital f 

Hambro Fund - -t 

Hambro Act Fd. 

Encme Pnnds 
High Y, pld Fd . ... 

High Income -■ 

. Eq. Inc. 

ImrMtaoal Feadl 


High luemneTst— g£2 

Income Fand... PJ-4 

i« Agneler. 

I ml. Exempt Fd. — B&7 

(ziIntl.TB.UUX.)— pal . 


F-xtralormne „ 013 

“2 Small Co's Fd. 40.9 

Capital Fund 46.7 

, “ Tut Ehn & -\aacta.. 473 

Private Fund 37.4 


Fixed InL Dep 

Equ Ry...- _ 

Property. . _ _ 
Managed Cap 

Managed Acc 

Overseas 

Gilt Edited.... 

American Acc.. 

Pen.FLDcp.Cap 

Prn.F_I_Dep.Acc. __ 


AMEY Managed — 1353 

ftJSEV MpL ‘JC 190.1 

4MEV Money FU-. 104.4 
6lfl!V Equity Fd... UOJ. 
■JffiV Fixed Int-- 90.9 
AUSVPrOR Fd — 963 



4MeyMpLPnLFd.fr/_2 
MgdUPn. , B*)97A 


1 142.61 
1138 
109.9 
U6.0 
953 
1013 
102.4 
1028 
1033 


4JBV _ 

FtadplanL Z... 4 .{982 

Mrow Life Assaracee 

Uxbridge Rood. W.13. 
lei JBk-Fd Cp.Uni. . tao 5 es 

leLlDi FiSl UnL- kS 0 201. 

Mgrl.J^l &j^._{Xi75 121 


Pen. Prop. Ace ~~~ 

Pen. Man. Cap 

Pea Man. ,\cc. 

Pen GlltEde. Can. 

Pw-ClltEdgAS:: 

Pen. B-S. Cap. 

Pen. B3. Arc 

Pen D-AJ-'.Cap. _ 
Pen. DAF. Acel_ 


1243 

174.7 
161.1) 
1383 

170.9 

120.9 

122.7 
[100.4 
8273 
M73 
202a 
2593 
2063 
264» 
OLD 

S:2 

0393 


1013 

IIW| 


1314| ^OOI 
U3I -3H 
1SU -1-0. L 
3458 -13 
1799 -IS 
1273 +131 
129J -53 
105.7 -O81 
133.9 .... 
1553 . - 

SH 

2173 

27B.4 

327.4 .... 
3333 — 
129.6 . . 
1462 


Phoenix Assurance Co. Ltd. 

4-3. King William Si- ET4P4HR. I 

Wealth A». 1111,5 11741 i — 

Eiir.Ph .4*1 . | 743 \ . I — 

EtY.PREqX.. {75.I 7B.9J . i - 


International . 

Secs, ol America. ... 

Par ilie Fund.. „. .. 
Spedallit Fund* 
Smaller Co J t Fd _|34 4 
2nd Smlr Co's Fd <23 
.RccomrSIU . 02 
ni pi£ mi 1 | Met Min. 4 k erdtj. — W3 
1,1 I® 76 1 Oversew. Earning. SB « 

ExpLSmlr.Co's. 4>(212-3 



«9.e 3 -fl.il 



Prop- Equity & Ufe Ass. Co-¥ 

319, Crawford Street WLH2AS. 01-1800857 
H.SUkProp.B4L-_l 1788 I 

Dp. Equity Bd. 1 723 

Flex Money Bd MU 


XGrrtham Sl_ EC2P2DS. 
BantngtonMay34.W01 

lAccoa. L'nltai 22&S 

Blgn.H.YcLMay25- »3.7 

LAceuu. Lnltni 

Endeav. May 23 177-7 

lAceum. UMtlU.. 1*40 
Grnchsti- May 10— 980 

(Acnuu Unltaj IKLO 

LnJiBrsls. May M- Ml 

Anderson Unit Trust Managers ltd. IAcc y™ U“l«i — 


Perpetual Unit Trust MnganLV la) 
01-2833531 .48 Hart SL- Henley on Thames (449120808 

J2H-03( 019 rpetuaJdp.Glh {400 «3 0| I 331 

Off J.Q 3 II 1C 

1726 -1.4 2.73 Piccadilly Unit T. Mgrs. Ltd.V laitfai 
M.6 +04 836 EC2 BMnant 

-4.77 . . 

<35 -04 
S*5| -03] 

Gibbs f Antony) Unit Tsl. Mgs. Ltd. Anatnltr.Fund._.{a4 
2S.BUmdieldSL,BC21f7NL. 01-3884111 jlgS&fi 

(a) A-G-lacomc' |® 7 437*4 J 8 20 FmSr""*p4 j 

ibi A-G.U nmlfatr — p9-I «« ... j <30 — 

(a ia. g. Far £*«*_ IZ’J' — 4 ojo Practical Invest. Co. LuLV (ymci 

Oeallns "Tues. Ttwed. Bloomsbury Sq. WCt A 2RA 0)3238880 

Govett fJohnW Practical May St— {147.0 1562] . .. | 421 

77. London TfalL EIL2- 01-3883820 A«mn-Gnlts .{2079 220.8] | 421 

— RHa imS -4 Jfi Provincial Life Inv. Co. L«L¥ 

da>- Am 32. =». BwlwasMe. ECi OI-S47 BS33 

Prolific l-iuta- .1813 8711-031 3.18 

Hlpb Income _ -J109-2 U73rfl -08) 750 

PrndL Portfolio Mngrs. Lld.¥ taifbHC) 

J57 Holboro Bws, EC1N2NH 01-MSIC22 

7.91 Prudential .11245 l320d -061 440 

170 Qn liter Management Co. LuLV 
LW The Stt. Exchange. ECEN 1 HP OlHOO-ilT 
QaadraniGen. Fd. WM3 108.1] .1 423 

Quadrant lnrome_|l24J 12a 0j I 7 65 


Grteveson Management Co. Ltd. 


2122] 

2JO0 

194 

2115 

185.7 
192J 

102.7 
1058 

731 

75.7 


-a 


4.09 


409 Reliance Unit ttgrs. Ltd.¥ 


138 Fcmchorch SL EC3MSAA SSSC31 Guardian Royal Rx. Unit Mgrs. Ltd. Reliance Hae.Tuobindge Walla, KL 080= 

jVndernon V.T. _.K850 S21Q. .- 4 4.43 Royal Exctaance. ECSO’ID.N. 013288011 Fd.- . 1664 69.91 4 538 


iag.1 GuanlliUI TB- H9.1 


92JI-MXSI 438 


S+fifordeT lAce.*. 1 


562 


Property Growth Assur. Co. Ltd.V 
Leon House. Croydon. CTO 1LU 0!3ED06Ci8; 


Ansbacher Unit MgmL Co. LUL ‘ l<M S “ 

1 Noble SL.E3CSV7JA. 0i-8g3g37B. j; Ridgefield M a n a geme nt Ltd. 

lot. Momhly Fund. 1162.0 1720| .. .. ] 8.60 ^ ^ JanlS}} ‘■Si Hnti ° p - pp Box 4 lB. 3840. Kenned* SL. Monetae Jef 


ArbntbnoL Securities Ltd. UHci 


L'J 


Property Hod.— . 
Property Fund LA).. 
Agricultural Fuad. 

Agile Fund IA1 

Abbey XbL Fund... 
Abbey Nit Fd-tA 


MiMgtLRL— 

Barclays Life Assur. Co. Ltd. 
at Romford lUL E 7. 
larrlBybonds'.. .—{1225 

Snuity .. — [114.2 

Jfltedioed-— D09.7 

VnpeiTv — DOZ6 

Onifnl (loan 


Hearts of Oak Benefit Society 

01-7499111 

1 _ «eatt«*jtOak 1363 384- .1 — Investment Fd.iAi 

HiD Samuel Life Assur. Lld-V IgSig »,*■ - , 

^j^^T-AdthaeombeFaLCSrey. 0I-8BS435S Moth? Fond rl 


m.ot-iJi _ 


ccnm. -[ 

76. Initial 

BttEdgftnaJVcc— 

Jo. Initial 

fancy Pons. Aec. - 

Vi IntHal . 


129( 

1203 To+7 

12s 5 *o;g 
lose 

113.7 

103.4 
100.9 

9*8 
99.1 
95.7 
1050 

102.4 


4>Preperr> Unit* „fl5X0 
Property Series A - UdO 

SSSSSi-A-; 


Managed Series C .' W53 
Money Unite 11193 






Pm MflMyrtAtx ,&455 


Pn» GTeed Can. ..;hM.9 
J^is (Tteed. Aee.._(lM3 
Pens- Equity Cap— fe« 


gWiEqnity Aec_.te.O 
Pni.Fxd 7nr_Cap N5-0 


•Current unit value May 38. 

Beehive Life Assur. Co. Ltd.8 

fl. Lombard St-ECS. 01-8231288 

)Ul Horse May 2 — |- 128 L5 | 4 _ 

Canada Life Assurance Co. 

18 High St_ Potters Bar. Huts. P3ar 91)22 huui 
B ttyXHtajmjfajC-l 583 I .... | _ 

tetBAJbd.Apr.a_l 116.1 } "... I _ 

Cannon Assunsce Ltd. If 
.Olympic Wy. Wembley HA90NB 01302 8878 



Money Fund CA) 

Actuarial Fund_- . 
G 11 tnedged Fund _ 
Gth-EdzedFaiA]_ 


OReilre Annuity 

dimmed. Ann’ty. . 


— Prop. Growth Penshms 6 Annuities Lid. 


PaaFgUntAcc — 953 
Pent- Prop. Cap. 

Peas- Prop. a«l._. . 1953 
Imperial Life Ass. Co. of Canada 

SffF2^ n pS ri 7831 I “ Life Assurance Co. Ltd. 

Pena. Ftt. May IP J663 723] J — 


All wnber At UuJ 
VA11 Weather Coo? 
Vfnv. Fd- m- ' 

Pension Fd. Uta 

Coov.Pens.Fa 

Cm. Pns. Cap. Utl 

Man. Pens. PtT 

Man. Pens. Cap. ud 

Prop. Pena Fd. 

Prop Font. Cap. Uls. 
Bdvg. Sot Pen. L't 
Bide- Soc. Cap. Ct_ 


178J. 

1767 

746.9 

7413 

1523 

2523. 

680 

673 

J7D.0 

1694 

139.1 
1384 

111.2 
1203 
1203 
1793 
1435 


w m 

1326 
1283 
MC8 
1315 
1427 
1322 
1443 
1324 
129.9 
U93 




37. Queen St London~EC4K 1BV 01-438.1281 C«u GroSh 


Extra Income Fd —pOS.0 
High Int Fund.. - 4U 
teArcnm. Units) ... S93 
Wdrarl-Uts.] 553 
Preference Fund - Hi 
(Actum. Uni tel. 878 
Capital Fond . . -{l&O 


I Commodity Fund - p65 
.Unii 


lAoeuRL Unite) 1813 

( 10^1 WdrwL U.l. — 1493 

Ftn.JcPropFd. (171 

GlanteFund K0.1 

lAccura. L’utei . >464 
Growth Fand._ ...0)7 

:_jui * ■ 

Smaller Co's Fd._ 27.1 
Eastern & I nil Fd.. 2U 
18*. WdrwLuU.i . 139 

Foreign Fd. B29 

N. Ame r. A lot Fd-PO ft 


mu -OJf 1127 


-0 2l 
593 *43 
593 -*03 
273 
407 

195 . .. 
61-04 -Qd 
■784 -Oil 
53 3u -Oi] 
185 
43.4 -03 
5a 2 -*-0.4j 
363 *03 
427 -81, 
2934 -02^ 
263 
203 
91.1 
32.9a 


909 

93! 

9.09 

12J4 

X2J4 


IncomofcAasett —I 
wig* — p uad» 


High Income 


Cabot Extra Inc. 


562 

562 

532 

339 

2B1 

2.SS 

296 


Financial 4> TTU 123 * 

CHI A NaL Res (263 


».? 


T||(f | IIBfilW)*! pU 

lay 18(733 


World Wide May 
Own seas Funds 
Austral lan _l 


139 

180 

100 



08) 238 8521 
L u_.« ... RldgaBeld InL UT.P99 0 
9 Ifl.ri 3J3 RidgeQdd Income. |96.0 


1061 

1331 


242 

898 


428 Rothschild Asset Management (gi 

09805341 
17521 -0 41 Z 97 

_ _ 1201 2 0» 
S C.I nrome Fund.. [1473 1563>: -Vti 633 

N.C. lntL F«L line. 4903 961 -1U L75 

N.C. InU. Fd. iAce.*M3 96.1 -l5 2 75 

N C. Smllr C0.1 FdU520 1616 -flU 417 


- .. 72-00. GarlmiM Rd . Aylesbury. 
■ 41 N.C.EuulQr Fund.. 1144.7 17! 

N.C ^ngyJte»TM.bl2.9 12f 


231 


1U Rothschild & Lowndes MguL la) 

*- 57 sl Swittalm Lane. Ldnu ECU 01-rtw 43M 
New CL Exempt - |£122A 329.01. 4 3-61 


HJ " Price on May laXw dealing June 15 


524 



N -j _r 


AC 


Unit!.- 106.92 

- _ >rop«rty Unite — _)995 

- 1 ?0R 

tel Bi/Exec/Vhlt. (57.73 

Mpoeit Bond 010 5 

iqultr Accurn. (175 

Tnperty Accirnj-— U12.44 
InpLAccum. ..... _(L570 

ad Equity ,nZ3 

nd Property 0038 

ad Managed ,_.HU 


nd Deposit (963 

tidthC-L HB.l 


1202 

1337 

13.6! 

116.5 


-02l 


-0J 


ndEq. Pent! Act . 94 4 
ndFro Fens/Art „ 105 9 
nd Mgd. PenslAcc 982 
nd DepJ'i-na Acc. 973 
nd Gfl[ Pen*/ Act BL3 

6ESJ.F. _P73 

■8ESXF.2-. 

Current value Mur M 

apital Life Assuraiice¥ 
oniaton House. Chapel Ash UTten 08P228S11 

«y InvesL Fd I 10072 

ftcefnakerInv.Fd..| 104.14 


97.91 

109.01 

101.7 

UR.9 

99S 

liiij 

103.91 
103. if 
93 A 
40.0 


-flotf 


-0J 


UnR I -inlml 

no Fond 194-1 

rmw inLFd. NS4 

Secure Cap. Fd.— .{95.6 100. 

Equity Fund {93.7 un.' 

Irish life Assurance Co. Ltd. 

1L Finsbury Square. EC2. 013888ZS3 

Blue Chip May 19 [725 76JM 

Managed Fund 019.9 231 )j 

ftop.Mod-M«y2__(n5.6 UU 
Prap.M0d.G1h [193.1 . Ml?) 

King & Shaxson Ltd. 

52.CorahlU.EC3. 

Bond Fd Exempt _.I106J8 107.73] . 

Next deallm: dote June 7. 
Gori.See.Bd 111932 )W«| | — 

Langham Life Assurance Co. Ltd. 

LanghamHa.'HDlinbnio'kDr.NWL Ol-anssu 

La n g h a m ‘A' Plan- (M3 6731 1 — 

Wrap Bond- Eo. 9 lS3 1 — 

Wiap (SPi Man Pd|733 793) . | — 

Legal & General (Unit Assur.] Ltd. 


222. Blshopogate. E.C3. 
G Ut Fund 20— _l 


Do. Extra Income Z73 
Do. Financial. . _ 60 1 
Do.500— 71.9 

Prudential Pensions Umited« J gS: cSSSxSirZ Joi 
Holboro Bars, ECLV 2NH. 01-4BB222 1 Do. Income Tit 033 

i^O Fid. Int MAyl7l~^74 18i' 

«« Prop. F. May 17— 


Archway Unit TsL. Mgs. Ud.¥ <aKc\ « 

317. High Hnlborn,WciV7NL. 01-831 

Arabway Fund — -1833 8831-0.7] 578 (ri Dollar TYusL. |7R3 

Prices at May 25. Next sub. day June 1_ <b> Capital Tmit. ..BU 

Barclays Unicorn Ltd. (axgWc) 

Unicorn Ho 2S2 Romford Rd.E7. 0I-5H5544 <bl Security Trust -ta-1 
Unicorn America- (333 36JM -031 1.10 (b) High Yield Tst—PB.9 

DtAusLAcc .IJD.7- 76.4J -<0.5j 136 InteLV UKg) 

01-247 6333 1 7LH ^o3 4.40 16.Christo^erSBejLE.C2. 

Do. Exempt Tel.. . [1083 113^+0^ 6J5 InteL Inv. Fund— ]862 


!~.]| — Reliance Mutual 
Tonbridge Wells. KenL 
mjcstiUMi Rd. PropBdE., — ] 1969 ] 

-1 - 


099222271 
I - 


602 
422 

_ _ 602 

*Do.Ptl A'as.Trt.J.mo 1ALS| TT1 A96 
Prices at April S l Nest sub. day May 31. 

Do.Rococmy 419 4501 -ri). 41 5.65 

Do.Trupiee Fund- 1113 121_4f -Oil 500 
Do. W'ldwide Truia W.o 5518 -oil 139 

B"ts) Jn.FdlnC- . — tl.6 65M +D.« 483 
Do. Accum.-. . [713 74 61 - u (J 4 83 



DW 

432 

765 

7.65 

404 

414 


Rothschild Asset Management 
St Swit/iina Lane. London. EG*. 


fil 365 Rowan Unit Trust Mo gu Ud-tKa) 

t%9 AcGn£ r *££i$ 130*3 1« Cily Gale Hse. Flnotaurv Sq.. tX2 01308 I0CB 

1/19 cZb£%n EjzSr&L m2 574] _v.ll 030 American May a*.. 169.0 7231-0 6] 

Bill Samuel Unit Tst. Mgrs.T (a) mShYi‘“d^u,s s^° sJoS -0 i 

0, -“S3“ VSSBES&. ni fl" 01 

53 (Accum-Uolni. . 195 7 ZOOM .• . 

Royal Tst Can. Fd. Xgrs. Ltd. 

47® 34. Jonnyn Street S.W l . 01-0298252 

*00 734 Capital Fd~— ...1690 72.9} . J 358 

+02 506 Income Fd .1742 780] . | 720 

+o3 SOI Prices at May 15. Neat dealing May 3L 

Save ft Prosper Group 
01-24772*3 4. Croat SL Helens. London EC3P SEP 

95 Ig . -4 330 88-13 Queen SL. Edtahurgh EH2 4 NX 

84o Key Fund Managers Ltd. (aXg) Dealings w 01-55* Bsao or 031-238 7351 
In s$.MUkSL,EC2VBJK. 01-6087070. Save & Prosper Securities Ltd.V 

Key Energy luFd— 177.9 8231+031 309 Iteenntfoeal Funds 

KeyBqulty&Cen— 683 72.91+031 4.78 Capital » 

♦KwfiMStetFd.- M4.9 154i TV] AM LTu3 ,|2C2 

Key Income Fund — KL3 85W +OJH a 06 Unit. Growth— £54 

Key Fixed InLFdU S8.0 63.3 .J 1202 ■ . » ■ 

KeySmnncb-.Fd-[w2 98 j +0.3 6.45 

Heinwort Benson Unit ManagersV Sy™!. 

20.F4actaurchSLE.CO. 01^123 BOOT HmhReturn _(65.7 

KJ3. Unit Fd. Inc U4 9 9221 .... J 4.97 Income...— HK.8 

♦RE. UnttFUAc..- 005.9 1x13 .. .1 4.97 

KLB.Fd.Inr Tkia.-K23 5/3 . _.J 438 


5701+0 2] 7.15 


701 


|:KI 


120 

830 


Baring Brothers & Co. Ltd-¥ (a«x) kjb.FcL inr Tna.!T^U S73| . I'.i 4M 
B8. Leadenhau SL.EC2. 01^882830 LAC Unit Trust Management Lld-¥ 0 , , ~ |CLB 

... _ “‘-T 843 " KSSJ?:"r'iSI 5” The Stock EchangB, EC2N 1HP. 01 JOB 3800 Europe*. -|B32 

KC^tMLW^w| h NuxtroWyJunef.-^ 'jjgWfawW >M T l *8 «Ci:~ JB 

Bishops Kate Progressive MgmL to.¥ Law»n Secs. Ltd. VJaxci ■*«* Fund* 

9. Btehoposate. E.C2. 01-«nsno 68ceorgeSr..B4hiteirgbEH2aiG. 031-2388011 


46 0(-O.4| 4 05 


Next Sub. Day June . 


Royal Insurance Group 
New Hall Place. Liverpool. 


Royal Shield Fd. [133.1 140.1] j — 


DM S27 4-02 1 B'gatePr. -*May23 „ 


= £SSKT5oSSr Prosper Groups 




Cash Initial I95J 

Do. Accum. MB 

Equity Initial 119.7 

Do Accum. Wi t 


Fixed Initial- hl52 

Do, Accum 1139 


InU Initial 967 

Do. Accum. 937 

Managed Initial—. . 1167 

52181 Do. Accum. 1184 

_ Property Initial 973 

_ DoAeCum 990 

— . Lewd A General (Unit Penafamu Ltd. 

— Exempt Cash InlL-N30 1020 +02] — 

— Do. Accum. 973 1025 +83 

— Exempt Eqty.IniL- 1133 1246 +63] — 

lt>" of Westminster Assur. Co. Ltd. ExemStFixrii imt uu wt +06| 

Ingateod Rouse. 0 Whltehoroe Road. Do. Accum. Jioej. UXBl +0 l9 


'Ttarterhousc Magna Gp.V 

tChaquera Sq.. Uxbridge UBS IKE 

■ hrthce Energy OT-4 40.41 

lathae. Money »4 3LH 

Itithac. Managed.. 382 40^ 

imhao Equity — 34.4 36 M 

ognaBld. Soc. — 1243 

agna Managed.... 1498 


roydonCROLiA 
cstProp. Fund — 

anage/fFUnd 

sprite Fund....— 
inmar.d Fund- - 

oner Fund — 

ill Fund 

ULAFund-,—— . 
ens. Mngd. Cap — 
«w- Mngd. iVe. _ 
cnc. Money Cap. - 
ene. Money Ara.— 
cn*. Equity Cap.— 




eru. OquKy Ace. — 
\Fund curreotly <=. 
rrfonn Unite — — I 



01-68*8656. Exempt Mngd. InlLR133 
Do. Accum. , pro? 


Exempt Prop. inti, .m.o 
Do. Accum. 1973 


100.1 ....j — 
1BL1 

1263 ... 

127.4 +0.7 
1213 +0 
1233 
1013 
10ZJ . 

122.9 . _ 

124.7 +0J 

102.7 
1043 


4. GL SL Helen's. Lndn- ECZP SEP. 01-85* BUS 

BaLlnv Fd 0252 ULg -021 - 

Property Fd.- 1150.7 1593^ . , 3 — 

Giu Fd. .-tali) uin +0.4I — 

Deposit Fdt 1293] 


Aec-Uts. **May 23„ .. 
B'gate InL May 16-11773 

(AncumjMaylfl .[1953 

Next sub. day 'May 21 



Comp.Pcna Fd-f. ~.R99.9 2103] 

Equity P«ns.Fd___ (168.9 19181 +08 

PropJ’etis.FIrl *. pita 2278J . 

GUt Perw. Fd _Ei +02 

DcpojLPenaFd.T._.p7.B HB.oj +0-1 

Prtea on May 2*. 
tWeekly deauucs- 


Bridge Fond ManagereVfaMcl 
King William St- EC4R OAR 

American 3 Gen^P 4 7 

Income* — bd.d 54 

Captullnc.1 pi 3 

Do.Acc.t — ..B8.7 

I ExemptT— ..lllli 


Schroder Life GroupV 

Enterprise Rouse, Fartmooth. 


lntcauti.Inc.t.. (153 

Do. Acc t- 18 , . 

Dealing -Tues. fw+d. jTbura. Pneea May 

a«n 



itftew. Material* 392 

ftAccmo. Unite) 448 

-Growth Fund 547 

*1 Accum Unite) 59.7 

treat and WarranL 96 7 

tAmczicao Fd 247 . 

nAecum Unite)— XS.7 

□1-823 *BS I —High Yield K7.1 

-07] 


4261 i 830 Financial Secs ..[721 

fl* — i Bigb-MJclnium Fonda 

M* — 1 Select InlemaL . . .0444 

39J — I U) Select Income p)2 

1 2« S co tbits Securities Ltd* 

5X6 107D ScotNu (388 41.7|- 

1.45 •"tAeaam Unlie> _![6b3 723] -Oj\ 10.10 5*SPi e]d — Hi 

638 . Deal- Won. Tuea. ttWed. mrara-'Fii. Scrtaharw pU 6L1 

1% Legal & Genenl Tyndall Fund¥ ^1 

552 IB. CanyngeRned. Brialol. 00232241 Prices at May 24. Next »ub day’ June 14. 

366 Siccumu n?is71~ ^2 76^ J 537 Schlesinger Trust Mngrs. Ltd. (8NZ) 

Next MD. day June 14. (Incorporating Trident Troaui 

Leonine Administration Ltd- MO. South street. Dortan*. <O3O0i8O44i 



1226 +43 
1245 +4.7 
lliU +02 
1823 +05 


.Equity May 10. 

Equity Z May a 

nulDrl May S.. 
Fixed InL May 3, 
Fixed InL May 23. - 
InL UTMif 2S_ 
K3SGUIMay23 
K 6: S Sc. May 23 


070527733 


Legal ft General Prop. Fd. Mgra. Ltd Mngn.FU. May23 

■lLQuocn Victoria SL.EC4N4TP Ol^tflOFW JO# 23 — 

LftGPtpj^-M22-|joa» 1012] - -..J — 

Next sub. day June L Depoett Mar 23 

Life Assur, Co. of Pennsylvania . Property May 
3M2NewHor»dSt..W170RQ. 01-4H383M^^X^ 

LACOP Unite — — |9S6 10»l - -4 - K® ^3 


! to new fhucuitinrnL 
177.7 | .... i - 


Lloyds Bk. Umt Tst. Mhgrs. Ltd.' * : SIS 

7I.DombardSL.BC8. pu duiv, 


2272 , 

12186 22831 


118 * 
134.4 

□4L4 

0145 

1129.9 

142.9 
1066 
rift a 
m2 
1523 
1503 


1206 

1306 


124.4 

1416 

15L4 

UM 

1443 

123.9 

Z36J 

2503 

U2L5 

1229 

1192 

1603 

m2 


559 
. 76.7 

. 375 

EXempt_—~__ 1047 

Extra Inccroe 394 

Far East 145 

n nan c lal Seca— — 1645 


Gold ft Genera]., 
Growth. 


__ I Inc. & Growth- 


Inn Growth t 

InyesLTiLShara-.r 


liy of Westminster Assur. Soc. Ltd. 

■lephone 01601 0064 

imtlniu IU83 124 3( .... .1 — 

-operty ITuite— . ..p43 57a| ( _ 

•mmerclal Union Group omsvm.tam 

Helen's. 1. Underabali. Et^J. 01-283 7M8> 


Exempt— |%8 10161 ..._4 130 Scottish Widows’ Group 


Lloyds Life Assurance 

20. miton SL. EC2A 4MX 

Bit Glh. May U I 139295 _ 

Opl. 5 PropiMay 23.0232 129-3 +04 

OpL5Eciiw.lIay3S.a296 136.7] 


Mln f f i iU 

NoL High Inc.... 

I«(T» l*ouc 

North American 

Profeaalonal 

Property Share* 


FO Box 902. Edinburgh EH1BSBU 031-6866000] Shield.-. 


AnAcl'LMaitfO | 5517 IJ — 

o. Annuity Ute— .1 U.Ot (■tfl.l'l — 

onfedcratioD Ufa Insurance Co. 

'.Chancery L«nc.WC2A iHE. 01-34202 
Equily Fund— — “ 


_ OpL 5 Man. May 25-11463 


UpC 5 Depi. May 25. 


11526 


1212 


15461 

12761 


160.91 -S:?! 




I uvPiy Series L_._ 
Inv. Ply. SertesS— 
Inv.Cnab Minr U>_ 
ExtitTrAoriaayll-. 
ExUtTrlae Mar 
Mgd. Pen. May 18. 



Status Change . 
Univ Energy— 



602 +03 
825a +05 
40.4a +CL4 
U03a +Xffl 
42.4 +02 
216 +03 
694 +03 


912 HL9I 
84.6a +05] 
7B3a +0.« 
632a — DJi 
483 +03 
373 -02} 
. 816 +0 M 
342 +aa 
313a -05[ 
5142 +14 
143 +03 
492 +R2I 
32.4 +0J] 
3491 —0.31 


468 Fourth (Exlbcj B83 623a 


7.01 Do-IAccnm.) 


1116 


¥* A 


128.2} +0.71 
713] +0 3 


450 Market Leaders . 
325 "Nil Yield'. 


325 Prrf. ft Gilt Trust 
621 Property Share* — DSJ 

621 Special SlLTrt §5 

865 UJL Gtth. Ancumgli 
868 U-K.Grth.Dln.. 

|g Lloyd's Life Unit TsL Mngro. Ltd. J. Henry Schroder Wagg & Co. LtdLV 
349 TWO. Gatehouse Rd,AjJ«bwy. OHB9M1 120, Chea pride. EC2 01-3*03434 1 

820 Equity Accum. MM. 1A19( J 3,92 Capital May Z! . “ 


121.9 

275 

253 

253 

283 


Britannia Trust. Management faiUO 2. Duhest, London W imojp oMaumn AmaSSff" — 

3 London Wall BuDomgk. T»ndcc w«ll. J^uDlat-- [733 7i.9ri ,1 535 Exempt High Yid.I 

LimdanECZMSQU 01-K380478flK7B Ix^Accem .M3 84.7] ..-..] 431 Exempt Mte.Ldr*_ 

Wcur—JW U41 58 ^ 

... •=-+ 1 non R^rirarv DepL. Gering-byftea. lue. iO%Wdrwl_ 

Worthing. Went SueteL 01-038 128B intnT. Growlh_._ 

459 FlratlBalncd-l— 1419 533rf +0.41 450 Im. Tsl Unite... 

763 pq.CAccnmJ .._.„(686 73.71 +3.f. 

951 SeoumdiCap.) HL7 5531-03. 

344 Do.tAccumj — - — (643 693( -03 

464 Third gnemum H1.T S76d| *03 

335 Do. (Accum.) 


30 2 
48.4 
248 
,288 

ter.4 

246 



OFFSHORE AND 
OVERSEAS FUNDS 


Arbufhner Securities iC.t 
f i.i Hus 13«. SL llr1H*r. Jerwy 
Cap. Tn. i.lcrwj i. (115 0 119 0^ .] 420 

Next dealliu LUi. Ju>- 7 
E+.1 ftlrill 1st -i.i 1 JllSo 121JH -:ji; 310 
Nrtl "-uh. June 8 


L united King & Shaison Mgr*. 
l*KM T-IT7 1 CMn«e C»q. KL Heller, Jcricr. iBJW 73711 
1 im Valley Hw. St. Pnnr IVrr. unuy. i(481 • LMTfW 


1 Thuma.' StracL Duurlai, L031 _ iOOtoyi 
Gilt Fund >Jerapyi_ 1924 929 1206 


Australian Selection Fund >T 


Gill Triu^i All. ■ . (103 7 
AUl Fud. GucmM>p.n 


1064i 


m 


1200 

1260 


Market LippoRuniller. c w ln«h Yuuoc ft 

Ciplhwallr. 127. Krhl Si . Sidney 

L'SSl Sham. | »L S153 | . ] _ 


mil. ImiL Sec*. T*L 
K1R.I Sterling — -jlgaa 


F1r»i lull. 


iiBSM im 51 - 


Bank of America Itilenutiotial S-A. 

'AS Boulevard Ro>al. liurmlwun u 
Rlthnunl Lorome BFSUIM 1UMI | 656 
Prices, at Mu> lfl Next Mil. •!;■« M.iv 24. 

Bnk. of Ln do. & S. .\merica Ltd- 

40-48, Queer. Victoria 5L.Ei;4. ni.RQ028l3 

.Mexacdei Fund JJIS71I | I 

Sol asart value Mny H 


Kleinwort Benson Limited 

20. Feniliurv h SL UfJ OI-ffiDWrO 


1 . 0*1 


Eurirvew. Lux. >. 

r.uemtey lie (M3 

Do Accum.. .. „ 

KBVarE+stFJ 

KWlmL. Fund 
KB J:inan i'urul .. 
hit. I S >blh iU 
Signcl Brrmuite .... 
•LiufondviDMi . 


47 I 

178.: 830| 

SUS1B&2 
SL'Sll 48 
5l'.«K9 26 
St SlLOOri 
, SUS4B6 , 
'1790 18 90) 


-005| 


KR act I,uuW paying agenu onb' 


336 

<17 

417 

13S 

2.00 

085 

0 79 

1 65 
9 00 


Ranque Bruxelles Lambert 

L Rue l>e In Recrncn B IIKU 
Renta Fund I.F -11.849 1.906] -rt 7 85 

Barclays Unicorn Int. tCh. Is.) Ltd. 

I. Charing «'rosf hi Hclinr.Jr:.v tui* 73741 
■.Keren** Income I486 SLAI 11084 

Ln: dollar Tnui utcj z20' Lloyd< International MgmnL S.A. 

arSTS.ihhffiSn^ . ' 3°° 7 R«e du Ktuno. P11 Uo« ITS*. 1=11 Gciwia II 
-hubjert to .ee and wuhhohiinis tuxes Uoydalm Growih unn ISO 

Bare) ays L'nicorn InL iL O. Mam Ltd. uvm im- income train maq-isoj 6 so 


Lloyds Kt iC.I.i C/T Mgrsu 

PCt Bn* IDS. St lhlu+.. , cn*v OEM =7!MI 
UojdsTM n w ^ J55.5 5841 .. j 220 

Next dealing dale June 15. 


1 Thomas Si. Douglaft. IdM. iUC4*85tl -« g, K 

Uuicon.Aua.Eo .92 56 21 -2.DI u« M « *• ftroup 


Do. AusL Mia .... 32-4 

Dev Cnr Pueilic 611 

Do I ulL Income. _ 396 

Iju I. of Moo Tit *86 

Do Manx Motual |Z5 7 


34.9m -0 4( 
657 
426 
517 
277 


820 

858 

1.48 


Three Vuays Totter lllli EC3R 6KQ. 01436 *53B 

Album.- M oy 3 . ..Bl'S2S 

a 0*1 Ex. mu> =4 . nsru 
Gold Ex. May =* INM 91 
Island . . . 1257 IJi: 

lAcruxn l nlte) 1777 189.1 



Bishop* gale Commodity Ser. Lid. 
r o. Bo* 42. Douglas, LoM (■C4C3811 Samuel MonUtgu Lain. ,VKfc>. 

( -- IH.Uhi Broad M.F.i'r. 01-T43M6I 

en'L’NT— Mtrei .;;sai37 2'4fd . I 231 jfflertMn,*)? (SiSu ') 111 

Originally issued al *5tn and **tl 00. |i?«'.rp Mi'iv it J.taSStt S3 j lS 

• 1 1= Jerse v May 17 .]£512 9 6l(*fll4] 075 

14 12.79 . ( — 


Bridge Management Ltd. 

PO Bojc 508. Grand Carinan. Cavisiin I*. 

N'basbt May 3 I V35642 I . ] — 

CJ O Box 500. Hone Kcms 
Nippon Fd .May 24 ©"Slia UD{ ...I S78 
£* -Stock Split. 

Britannia Tst. Mngmi. {CD Ltd. 

50 Hath St .tit. llelier.Jenv* <ft5« 73114 

Sterlli __ 

% V 
153 
231 
LI 

Fd*. 


... 'May ■ . 
ll7JreyO sMbv 10 


Murray. Johnstone (Inr. Adeuen 
KH.HopoM.r.ten^u' CS. 0412=17321 

-Hope St Fd ..I SUS5207 I. .* .. 
•Murray Fund.. 1 XV SI 098 .. 1 — 

•N 41 May t... 


og Denominated Fd*. 
I'iro+Vh Invent 1125 

I nuil Fd. . |735 

Jersey Elwrm'T*) . 

Unlvsl STM Stg.J: 
Hjghlm.SllR.TM *..] 

I'-N. Dollar : 


14 Lb 
£219 


460 
1 DO 
150 
LOO 
1260 


UmvxLSTH. . . ..pl'5511 S«8 .. 

IM-Highloi Ta • I — Siam]. . 

Value May 30 Nrxl Dealing Mux- 3). 

offer close* May 31. lffffl 
Brown Shipley Tsl. Co. (Jersey) Ltd. 


9.00 

Itpllivl 


Negit S.A. 

lb Boulevard Tteval, I.ux+mhcjrc 
NAV.MuylB . | SUSIO 16 | I — 

Negit lad. 

Bank ol Kcrnmda Bldg* . Hamilton. Bnote, 
NAVMa) 13. . . ,|(435 — l | — 

Phoenix International 
P0 Box 77. bt. Peter Port. Guernirv 
Inter Dollar Fund [23* 25^-0 01 1 _ 


p.o Box S83. st Hei iw. Jersey. <63474777. Property Growth OveTKSS Ltd. 


Sterling Bond Fd. . ||4 94 9.98|-6U| 1860 

Butterfield Management Co. Ltd. 

P.O. Box 116. Hamilton. BcrmuiLi 

auuress Equity 1233 259 . I 1.76 

Buttress I ncnn-._. P63 L9bl ] 738 

Prices at May B. Next nub. day June 12 ■ 
Capital International S.A. 

37 rue Nufra-Damc. Luxembourg. 

Capitol ini Fund- ] SUS1892 I 
Charterhouse Japhet 
1. Paternoster Ron, EC* 


28 Irish Tmro. Gibraltar 
US. Dollar Fund [ SUS85 89 
StcrimsFund ] [324.05 


tutbieiro 

1 : : I - 


I - 


Richmond Life Ass. Ltd. 
48. Albol Street. Douglas. LOJd. 

< xTThe Silver TtuklIIM 2 110 

Richmond Rond 97.1112 0 m 

Do PlDiiniimEkl ...IU61 132 

rm.iRUdM . .1103.9 109.' 

Do. Em. (G>CC Bd. _1165 9 174.! 




6.15 

5.70 


"J 


1160 

1160 


AdJrnpa 

Aiitxerba _ . 

Kondak . . . 

Fond]? 

Emperor Fund 
Hispano 

Clive Investments (Jersey) Ltd. 
P.aBmt 320. St HeUer. Jersey 063437881. 

Clive Gill Fd.iC3i.N88 96W 

(.live Gilt Fd iJrt 1.(986 967] 

Cornbill Ins. (Gnernsey) Ltd. 

P.O. Box 157. SL Peter Pori. Guernfu-v 
lctnl. Man. Fd .... |167.5 1B25| . .. | — 

Delta Group 

P.O. Box 30111 Nassau. Bahama* 

Delta Inv. May 23.... (J1.78 LB7|-00I| — 

Deutscber Investment-Trust 
Foufarh2885 Biebergaaie 6-108000 Frankfurt. 

Concentra. JDMI890 2811! . ..I — 

InLRemenlond*— IDM6U0 71M .[ — 

Dreyfus Intercontinental Inv. fd. 

P.O Bo* N3712. Nassau. Bahamas. 

NAV S»«r 16 ISCSMJ* 15B) | — 

Emson-& Dudley TsLMgtJrsy.LltL 
r.O.BoxTXSL Heller. Jersey. 


01 3*83800 Rothschild Asset Management (C.I.) 
864 
531 


PO.Box WL SL Juliana CL Guernsey 0*8138391 
O.CJEq .FT. Apr. 38- 
O.CJoc.Fd. May 1 

OC.lntl Fd.t 

-Ora 7 xx OC.SmCoFdApriJB- 
^ O C. Com modify* . . _ 

Or. Dlr.C0m1lty.t_ 


513 

Ml 

301 

1508 

260 «n . ... 

7.30 

027 

1J4 .... 

131 

134.8 

1421 ...- 

354 

UL6 

MOD ..... 

461 

525 82 

27.46 



(Price on May 22. Next dealing June 7. 


Royal Trust (Cl) Fd. MgL Ltd. 

P0 Box IM, Royal Tat list. Jersey. 053427*41 
R.T.lnn.Fd.. - .-.(SUS128 9594 . .. 1 3.00 

AT. Inn. Uay )Fd .fn 9M I 381 

Price* at May 1ft. Next dealins June IS. 


Save & Prosper International 
Dealing in. 

37 Braid St, SI. Heller. Jersey 0&4-20SB1 

US. Dallu-dOMiMiialed FUnte 
nirFxrtJrir-MojlO [955 1033*01121 692 

Internal. Gr.*J- |6M 7 29 

Far Eaxicrnt D722 003 

North American"; . J 73 4.0 

Reprn-*._ __.|WS1I«T MI 

Sjarltag-dcaomlnaled Fuads 
Channel Capital*.-. (2308 243. Of — J 165 

154.6] +0-51 382 


w * c Gronpf (ykcXTJ 


(AanBU 


_ _ _ __ Income May 10.. — 

436 Thra* Quays. Tower H0I..EC3R OBQ. OlflM 4588 (Accum. Units 1 f 


266 

4.42 

4.70 

255 


■ a . J . . .. . lM . . . Solar Ufe Assurance Limited 

Indemnity & GnL lns- Co. Ltd. wias ^p lMli-Bd0BEiC: j [KBrr> 0US422805 


523 +041 5.71 
564 

fail j 940 


danaged Fund — 
jraooal Pen. Fd-.. 
Bdty Fen. Fund. . 
xed InL Pen. Fd 
xnored Pen. Fd.. 
■opera Pen. Fd - 


U503 1570 

1733 IM.*) 
703 73.9 

•' 

2134 

170 7 


130.0 

357.6 



Money Monafcr — 

MM Flexible. 

Fixed Imeraal - 


Solar Managed S— 1267 
Sater Property S— UUJ 

Soter FipntyS UU 

Solar FxdUnLS 1146 


0 — 


ir j I : 


The Leas. FolkcSlont, Kent 
2289 
1322 
IU 
1483 
113.0 
133.9 
823 


Cap. Growth Fund- 
•Exonpt Flex.Fd-1 
^Exempt Prop. Fd.. 
OEgpL Inv. TSL Fd| 
___ Flexible Fund — . 

0I4CBM1O Inr. Tnim Fund- 

Property Fund...—. 


ornhill Insurance Co. Ltd. 

, COrnhlU, EC J. 

«x Feb. May 15.... 

(1686 177. 

redit ft Commerce Insurance Per* . Pemion— _ 

ORoSenlSL.IxmdonWlRSiFE. 01-4387081 Conv. Deposit- ... 
'kCMBgd.Fd 1122.0 1326( . I - Equigjtond^ 

town Life Assurance Co. Ltd.V Family in -es-ITlT 

^^vr -**”*!** 1 * «» ®« e!wb atsssiriM-RK 

wgri Fund Ace 


Solar Inti. S 1083 

030357333 Solar MaoagedP— 1264 
Solar Property? — UOJ. 

■ Solar Equity P 160J 

Solar FxtUnLP — 113.7 

Solar Cash P 995 

Solar kuLP 1003 


133* +0.1 - 

116J . — 
MM +0.7 — 

1283 +03 — 
105.1 .. - 
1066 -LJ - 
lgJ +6J — 

liflj +0.7 — 

119.7 +0 2 - 

105.7 . - 

1066] -211 — 


The British Life Office LtcLV (al 
Reliance Rae_ Tunbridge Wells. KL 0882 22Z71 

BLBrttlah Life. (493 

BL Balanced*.. .. -WS.7 

BLDtetdemT (CJf 

•Price* May 36 Next dealing May 32 

Brown Shipley & Co. Lld-V 

Mnxre: Founder* Cl. EC2 
BS Unite Kay 22_„. B155 
Do. (Acc.) Hay 22.-^686 
Oceanic Trusts U> 

General 


See also Slock Exdmago Ixmllrw*. Genenl Miw S*-., 

American (506 533 -dig 139 CAecum. Unltai 

(Accum. Unite)- 520 543] -0« 

AustrnlasUn 525 55.91 +aw 

(AceumUnltiU- ... 534 5691+10} 

Oommodarty ... 753 80.9] -M)J| 

(Accum. Unite) B20 873] +0.1] 

Compound Growth. 1043 UiS +0.1I 


Conversion Gtd wUi| 59.7 Haf Scp(tisl , equitable Fnd. Mgrs. LttLV 


Conversion Inc. 623 

Dividend U8.9 

lAecsm. Untte) 2203 

European- — *7.9 

1 Accum. Unite) 483 

01-000 8820 extra Yield 825 

J269( J 634 (Accum. Unlui..— Ulft 

282.81 — I 534 F^r Eastern 526 

(Acnni Unite) (57.7 


•ng^l Fr) InlL... 
luuyFd. Axe 


opcrivFd. Acc. 


v ia Fd. Ace.— 
>.TsLFii. Incm. 
r.TXtFd lntl - 


me> Pd.Acc .. . 
wy Fd-lnem.- 
«L rtl Incm. .. . 
own Brt Inv - a' 



100 4 

1053 

♦c.t 



1050 

-o.li 


1003 

208 4 

+07 


950 

UM 0 




100 3 



95 □ 

100 Q 



95 2 

IDC.i 


- 

J5J 

W02 



95 2 

1003 



96 1 

1001 

+03 


961 

100.1 

+02 


961 

100 1 

■+0Z 



99.3 

+81 


94 4 

993 

+0.1 


95 0 

100 0 



95.0 

u»o 




1004 



950 

100* 



988 

104 0 



1550 

— 



HI & G GroupV 

Three Quay*. Tower HIT1 EC3R TOO 01-fflS 4988 

m su m 

134.7 1423] +03] 

1543 

^ im 

2926 


5 80 


Inijr rnatn) . Bqn^i , _ 
Managed Bd.***. ...Ip53 

Proporty Bd** 1536 

Ex. Yield Fd Ed.* B03 
Reco v ery Fd. Bd.* - 628 
American FUBd." 53 7 
,nFd MV. .524 


-H 


186.7 +21] 
1423 
1624 +0^ 
84.6 
ft5.0 
563 
54 


Sun Alliance Fund KUmgmt- Ltd. 
Sun Alliance Rouse, Horsham. 0*0381141 
EnLFkLDLMayI0.la4B.90 15630] . 1 
InL Bn. May 23. 1 03.77 I .. I • 


Growth AccnA Y 

Growth locorao 

High Income...-. __C 
ULC- 


36M+031 
19^^ 


Index - 


Overseas 1193 

Performance, B73 

Rocorary t 

ExmpL April 10. { 


32.01+031 

23.0(2 

mi m 


gre Fund of Inv. Tate — B9J 
}<H lAccum-Ijiiltel [733 

463 


General . 


4JR (Accum. Units) 12546 

9 70 Hi gh In come .11023 

V90 (Accum. Unttiu hu.5 

gift Japan Income (1466 

* m (AccnoL Unite)- — (147.9 

3*2 Magnum @98.7 

5l 95 Bg-? 


Sun Alliance Linked Life Ins. Ltd. 
Sun Alliance Bouse. Horsham - 0*0984141 


(Accum. Unite! — -B73-2 


Rceovonr [79A 

(Accum. U 


Equlre Fund— — 
FteudluteraslPU. - 
Property Fund ___ 
Inlorrinllonol Fd. . 

Deposit Food 

Manured Fund 


1158 

1324 

1077 

1066 

963 

1066 


1196] +0J — 

J07.F +OJ _ 
113.4 — 

1122 -02 — 
1P23 +0J — 

1123 -7| — 


Canada Life Unit Tst. Nngrs. LteLte -- - -■ .. . , m 
1 24! High SL. Pooera 3«r. Kota. P. Bar5U22 cS B6M 

CanGenDUL — -OT4 40-3 +0.*] 432 lAccnrn. Uni iTCZ~- — 

Do. Gen. Accum Pjj}-5 49, M +0JA 432 Spec!*] Q593 

Do.lnc.DteL B3 4 B2d +21 7.71 (Aramn. Unlut- . . .B003 

Do. Inc. Accum IS.T +Oj] 7.71 1“*'" 


*¥tukm on "May A. —May 26 ***May 18. 
Merchant Investors Assurance 
12S. High Sneer, Crcydon. 


1233 


8.75 

642 


Property 

Property Penx - 

Equity. . -• — — 

Equity Pen*. 

Money Market - - 
Money 30a. ptmx ... 

Deposit 

Deposit Fra*. 

Managed 

Managed Pen* 

Inti Equity. 


1525 

157.7 

574 

1U7 

1394 

UM 

1279 

134 7 

1036 
134 6 
1053 
1U.B 


■usader Insurance Co. Ltd. 

acute Ilmira Tower PL. ECt 0I«»S031 «“■ 

n.Prop. May2 . |67 4 763M - I — NEL Pensions Lid. 

wte 8UT lnswr/Midland As*. 

IhrudnredloM.ETI!. 01-3881-12 Nelrt Eq Acciim. .Wl 

Steillld Unite . 152 2 5411-*0J1 5 87 Ncicx Money Cep -|613 


Sun Life of Canada O/.KJ Ltd. 

X6-t.CockspurSL.SWiY SBH 
Maple U. Orth 1 198 6 

oT^., 71 SSSe e S^.T J §i 

PeraBLPB.Fi 199.4 . [ -ill — 


Capel (Junes) MngL Ltd-T 

100 OM Brood SL.BC2NIB(ie 01^6880)0 S^Sl£BdM»'»: 

M..I ass- - — =bs ail . j a ***»£> - w 

1 moc4 on yay ,7 NeXT dealing June 7. 


Sperialteed Funds 

Trustee H46 6 

t Accum. Unltei. - —1Z783 
- 109. 


lAccmn-Uaiai, 11774 

Pens. Ex. May 21 ... . P333 



139 Europe May 18 1 

135 (Accum. V'nlbu 1 

135 *PenJtC!mrFdApC5I 
469 "SperXjc MA' 10-J 

4 09 'Recovery May ldf. . 

S.6ffl 'For tax e xe m pt fund* only 


UK.® VAint 

... 

232 



2 32 



620 

»Wi 2793 


600 

123 85.7 


332 

101.4 105.6 


332 

19.7 J3Jn 


232 

aa m3 


232 

169.0- 1733 


424 

1363 2413 


371 

1036- 1892 


514 


ED3CT._„. .—1137.8 125 4] ( 3.00 

P. ft C. MgmL Ltd. Inv. Advisers 

I'^Umtt Ponntaey HiTLECAR OB.2 
Cent Fd. Mas- n_.i VCS5U J .. J — 
Fidelity Mgmt, & Res. (Bd a.) LUL 
P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am. Ass.. . 

Fidelity tat- Fund 
Fidelity Pac. Fd— 

Fidelity tYrld Fd— | 

Fidelity MgmL. Research (Jersey) Ltd. 
Waterloo Hon. Don SL.SL Heller. Jersey. 

0334 Z7501 

Series A Itatnl.i I £3.74 


Capltal4>—P30B 

Channel IiUr4t«- 1466 
053*20591 Connnori.MoylO— . 1224 


SLFxd. May 18- 


. i= 117. 

Pricer on "May Sx -May 24. 

{Weekly Dcalinga. 


^3 1162 


"May IB. 


Schleslnger International Mng2 Ltd. 
41. La Mono SL. Sl Heller, Jcreey. 053473588. 


SUS2538 

SU8ZL13 

• 1 

SUS433B 

.... J 

SUSUJD 

-0.16) 




SJLO.E (084 

Gill Pd. -J223 

ffiSStfs 

-Far Ettel Fund — _N3 

•Next sub. day May 32 

Schroder Life Group 
Enterprise Home. Bo r t an i u u tli . 


069-061 
2250 -0.7 
109 -1 __ 

1207 (103 — 

uttii 


843 

5.06 

1222 

137 


OR»Z7^3 


£7.41 

0759 


fr I E 


768 2B St Andrews Sq . Edinburgh 031-5309101 
7.88 Income Units ... ..M4J 58.7] . .. I 5J6 

9.« Atom Unite )565 603] | 538 

Dealinc day Wednesday. 


3.46 

8.40 


EtfcS-OJ 
2346] -05 
52« -ML2 
52M+1L2 

T? - . 1 . E« Sebag Unit Tst Managers Ltd.? (a) 

Moitn* FOB«tSll.Beldbcy.H«.ECA 01-2385000 

ftaW am SobagCapltelFd.-m.l 3461+05] 317 

7a3^oi US Sebag Income F(L. 006 324] +63] B2S 

s.76 S® c “ ri *S' Selection Ltd. 

j/J. 1 8-18. Lincoln's Inn F>elda.wcs. 0163108089 

«30 UnvlGth Tit Acc — 04.1 25.7] I 250 

225 Unri GthTltlw — |Z20 222d| . J 250 

3^ Stewart Unit TsL Managers Ltd. la) 

365 45. Charlotte Sq-. Edinburgh. 0312383271 

H! tShwt Anurican mud 

JS Standard Unitt ]6«2 686] -26] 142 

2^5 Accum. Unite (6*2 7*3 -? 

WhhdrawBl Units -1522 546] -3 

5_23 "Stewart British Capital Fund 

438 Standard 11332 14351 ..I 430 

438 Accum. Unite (1526 164.9] .... ] 430 

Dealing TFri *Wert. 


Z Carliol Unit Fd. Mgrs. LftLV (agei MannLife Btona ge men t Lid. 


MU born House, NawcasUe+ipon-Trne 

Carliol m2 71MM ....J 

Do.Accnm.Dnlta— [BID 855) 4 


642 San Alliance Fond MngL Ltd. 

Sun Alliance H«, Korshsnv 0*0304141 

iswftsawv 1 ssj+941 ** 

570 Target Tst- Mngro. XjULV (aRg] 

31, Greabom SL. ECS. Dealing*: 000890(1 


357 


Target life Assurance Co. Ltd- 

^ Bduse. Gatebouae Rd_ AyJesburj'- 

Artesbrnry (0290) 90*1 1 Da. Accmn. Unite -J516 


luity & Law Life Ass. Soc. Lt d-* jj e iesurhtac a«. 492 

0*0433377 Nelmt GIfi Inr Cap . 4*6 
Ncl Mwt Fd. t'»n . *76 
Nd Mxd. Fri Acc.. |482 


ne retain) Sod. High Wycooibe 
uityFd. ■ -- (jyij }}! 

TO I-d . . ...pS2 U8 

tedlnrcreuF. J1063 111 

383 
115 


1+6 5 

I +0 2] — 




B*.5 

1142 +6 4] 
645 
M2 
526 
92 a 
503 

50.7 

Next Sub. Cnr May 2ft 
Far New Court Prepo+y we under 
Rothschild Asset M o un t wem 


Man. Fund Inc [1010 

_ Man. Fund Acc U5 l> . . 

— M66 1325] 

_ Prop. Fd. Acc. 136.0 

Prop. Fd. Inv. 1076 

Fixed tat Fd Int 1352 111 J 

Dep.Pd.ACC.taC— 905 3046 

ReL Flan Ac. Pen.. 716 7*i 

SOU RriJtaattepJ^n-.. S9.4 645 

R«LPtanM*mAcc_ 1266 1323 

— RaLPtenManXtep-. 1163 1233. 

Gilt Pan. Acc. 129.9 3373 

“ GUI Pen. Cap. 0213 1903] 


jma - 


-03 

♦OJ 

—05 

DA 
-14 
-1 • 


Do.BtghYtekL. [06 


Nert desting dote May 3L 
Charities Official InvesL Fd* 

77 London Walt ECZN1DB. 01^88)815 

JSSKSrdll =l:d“ 

♦Unmrtb. Only available to Reg. Charities. 

[ Charterhouse -JaphetV 

L Pauroaeler Row. BC4. 


21185 SL George's Way, Stevenage. 043800101 Itasca Commodity. 1356 

4.40 Growth Unite. J52J 553] I 359 Targw Ptaamual - M3 

Mayflower Ma n agem e nt Co. Lid. tS« as* 
•38 14(18 Gresham EL. ECZV TAIL. 01«M 8009 «DoAcc. Unite- Z745 

1ncnmeMoy23 11053 DOS) .....I' 838 target Gilt Fu nd U50 

General May 23 - 1696 _7»3....| S.U a? 

Mercury Fund Managers Ltd. DuTSinv Unirnl^! 323 

30. Grasham Su BC3PMS. 01-0004SS5 Target Inv.. — - _ (30.0 


830 


BASE LENDING RATES 

\R\ Rank • 9 ^ * HiI! S3u,uel 5 S 5 

‘viu x i; f h B,nh 1 ,d <* "T. C. Hoare & Co T » % 

1 , !Sin Fvnrp« l Bk' 9 % .lulian S. Hodse ^ % 

ll «?!Lb ^ BK ' fl Honnkong & Shanghai 9 r n 

A P «5XVid q «7, Industrial Bk. of SC0L 7J% 

u P B ^h„ d hM.- 9 Keyser Uilmann 9 'V, 

SL“« ‘irSC j 5 £M* k C0 - «-• - ‘i‘5 

London Mercantile — 

fi Edward Manson & Co. 10i"n 

R.mk nf j - Midland Bank 9^ 

R.imi\ie B 4 -* 1 -. •" jj it r ■ s jmue] Montasu ® % 

Bjnmic du R g - ■ Morgan Grenfoll. 9 °o 

R ,l rn »n S rhr!sliL' Ltd”'' 5U"r, National Weslininster P % 

s; VidL » 5 yr^::TcY U5t * 5 

Bril. B,.> or »(.'&« » 5 SnlSSS 1 AWTO 9 % 

Brown Smplc Royal Bk. Canada Trust B % 

ffioi c* c rm. L,d. . % | r t s LXb imi,ed .::: 

<*"* ui7din"ft Ri«T. Security Trust Co. Ltd. W J 

E^r^E j| ggaSgwi;;:::;^ 

C(i-opt , ra live Bank ...... 9 n T T nited B ank of Kuwait B ^ 

Corinthian ^ curl l ... . % wbiteaway Laidlaw ... 

rrctM! Lyov J - wflliams & Glyn’s » J 

TUcCynnis Popular Bit. 9 « Yorkshire Bank » % 

Dunran Lnwne j ^ 

F.aoil Trust “ ■Member!! ttf the Acceutiiis Houses 

c‘ n ..|,<]i Tr:in<cont. ... 9 ^ coisdiiitm. 

{rj r ~l i.nndon -SCPR 9 'Vi - r+iay dcpoalft «*>. l-motuh dvposlu 

Kir'! N.it. J‘ ,n ' OffP"- t 74iar depasns on wma pt it"'® 1 , 0 

I-'irM Nat- xnrt under K'l. up io Ca.ow 6i,« 

VlUHiy GlbbS 3 and out E3.WD «iTf. 

Greyhound Guar.mty... 9 % t Can deponu out n.nw fi 1 *--- 

nrindlay* Bank i J % » D.Tuami .dcoosiw sk- 

Guinness Mahon 9 *V* *I Rate also applies IO Sierlms im. 

Hainhros Runk 9 % *”■ - 



CJ.tareriwlT-... .|23J 

Accum. Unite Z86 

CJ. Income 06 

CJ. Euro Fin !62 

, Accum. Unite . . 30.4 

01-4036*87] CJ.Fd.Utw.TK S66 

Accum. Unite 386 

Price Umj a*. ‘ 


01-3482 


Next dealing 


254 

291 

36.1 

a* 

32 A 

a* . 

321 


May 


267 

227 

861 

447 

4.47 

3.72 

372 


Mere. Gen. May 3* - 1763 
Ace. Uta. May 34 — 2295 
Mere, tat lluti — 627 
Accm. Vis. May 34 - 176 
UereExL Apr 67 . - *»-4 
Accum Uta. Apr67 12426 




Si. 


ShetileltL 81 3RD. 
Commodity ft Gen 
Do Accum . 

Growth... • • 

Do. Accum. - 


Tmtsmteroattbnai Life Ins. Co- Ltd. 

"ZBre&mBldcc^BCUXV. 

Tulip invert. Fd. __ Q420 
Tulip Usnnl Fd 1121 

3S: U 9J lisj J = Chieftain Trust Managers LttLViangl ESiStS^ ZZ ... 

Man. Pan. Fd. Arc. . 1266 1326] — 11 New Si. EC2M4TP 016833332 Do Accum.- 

Trident Life Assurance Co. LtcLV H£ShtaSmT.!rmi&7^ xrouj Zo 3 IaMloe 

Kens) ode House. Glouccslec^^ 0*52305*1 ^d^ ctionsl ~Da _. |t^2* A 


Midland Bank Group 

Unit Trust Managers Ltd.V (a) 

Courtwood House. Stiver Strati. Head. 


4 la TUfntPr Mo'SC-DSU 

si 

2J2 Coyne Growth Fd.-fS. 1 9 M3j +0-2 

* 5 Target Tst. Mgrs. iScotland) (aHbl 

IS. Athol Cresccnl. Edir 1 031 -2211 8821 2 

Target .Amer£aiUe4276 2931 -OJU 130 

Target TblsUe (403 -o3 5.71 

Extra Income Fd . |595 64 o) +0d] 1021 



ity/ American— 852 
Equity Fund. .. 167.7 

(Yield 137.4 

.. Edged U9.9 

Money— 1226 

Intern nHnfimt lm 

Fiscal 124.7 

Growth Cap, 1236 

Growth Aee 1274 

Fens. Mnxd. Cap _ 113.8 
Pens. Mirad. Acc - U73 
PcTUi_atiD«p.Cap. . un_5 
PenaDtdJTepSt . Usa 

Pen*. Ppty. Cap 122.9 

Pras-PSTAce. 1369 

TfULDond 35.1 

"TrdLtLL Bond fMJ 

‘Cash value for CIOO premium. 



Confederation Funds MgL LttLV fai 

50 Chancery Lane. WC2A1HE 01-2(28282 
Growth Fond (406 ' 426| .—J <46 

Cosmopolitan Fund Managers. 


Do. Accum 

International 

Do. Arc am 

High Yield _. 

□o-Acnan. 

SS!SSSS?:rBS 




ibi-tMi-iMO Trades Union Unit Tst. MaaagersV 


64.9c 
79.4 +03| 
4 02 

426 -OT 
295 -03 
no -o3 

553 -03 

666 -03 
SL9 -d3 
54.1 -S3 
64.9 +53 

6U +0 


tu 100. Wood Si wet. EC 6 

338 TUUTMayS |490 

3* Transatlantic and Gen. Secs. Co.V 

344 0169 New London Rd. Cbelmalord 02*651051 


O1+S280DU 
526* . J 562 


631 


IflMi ... _ 

Prices at April 28. Next dealing Mar 3L 

Minster Fond Managers Ltd. 


(Accum Unltai 

ColemoMay 10 — 

564 CAecum Umui 

534 cumld. May 24— - 
(Accua-Ualu) — 
Glen. May Z1 


~ 1 3a Foul Street. London SW1X9EJ. 01JS258828. Ml aater Bar- Arthur SL.ECA, 


Coamopota.GUuFd.1173 UJat ... I 

Crescent Unit Tst. Mgrs. Ltd. (aXg) 
4 Metarule Crea. Edinburgh 3. 0302284831 

Creoceut Growth -127-0 2961 .. .J 434 

45*99 3uf 6W 

+03 435 


467 Mtnsier May 15 06 

Erempt April 2B... J87. 


H.-d 


Marlboro M»y B3_ 
(Accum. Units). 
532 VaiuCwth. Mn+25. 

itate). .. 


Craa. IitemotT. — 
Crea.High.Dlst. 
Creo. Reserves 


BDLA Unit Trust HgeauL Ltd. 

Old Queen Street. sWiH ft) G. 01-83073SS. VanR.’f’e+’faay 3t . . 

KLA Units 1396 4L2J .. .] 437 


15. CopthoU Ave- EC2R 7BU. 
Mutual See. Plus 

[22.Rlomfi-ldSfc,EC2M7Al. OMJS84485 


— Discretional^ Unit Fund Managers 


757 

8tU 

-ig 

1U.1 

imt 

-2.9 

9B6 

882 


799 

83.7al 

-ii 

990 

1033 

-14 

127.0 

1332 


1532 

1613 


512 

M3u 


562 

595 


523 

556b 


b72 

TL* 


51.0 

53 4 


Ml 

60.9 


490 

601 

Si 


7L6 

754 


445 

471 


c3 

47.9 


603 

632 

-0.7 

716 

757 

-OB 

B63 

70 Ov 



802 



Tyndall Asaarance/PemtionsV 
lacaqynge Road. Bristol 0B7332Ml| 


Disc Income — —11605 1716)4 4 566 Mutual High Yl«f '_|55J 59J 





0*BeosInv.Ma7SS- 

Mn.PiL3.WMv2... 

Do. Equity M«r 2 

Do. Bond ... 

Da Prop: Mar 2 — 


122.7 

1643 

:Sf 

1632 

1043 

-12 

126.9 


M62 


74.4 

+88 

1666 

2532 


1742 • 


85 4 



E. F. Winchester Fond Hngt. Ltd. National and Commercial income May a*.... 

Jewry, EC2 - 016002)07 31. St. Androur Sfluar^attnburgh 031 -8589151 qS5m?m«m 

o a:-j is Hi] £3 


337 


Vanbrugh Ufe Assurance 
141-43 Maddox Suidn. VlRffLA 

InuiLFund 99.4 MMTj-lS] 

Ptred Intern Fd_i 1632 lTIM+Oj] 

PropratyPtf— 1396 347T 

CttsiFtind- 117.9 124. 


CapL Mac 17 jl»6 

Emson & Dudley TsL, MngmnL Ltd. *AcciiMUnitB).......]i556 _ ui6] .... J 337 baiqmgeMityai 

2(LAritastaaSc.S.w.i. 01-48973S1 National Provident Inv. MngTS. Ltd-¥ - 

Emson Dudley Trt.. 1646 69.7] ..._| 360 *a.ft»ctxburcb 01*5234200 

M 01 Rdi Tin Ta /“* *■ -j ■ ... mtiHm. i uilii.... . 

Equities Secs. Ltd. 60 (g) fr) SteSScSfc™ 

4IRUl*op*eate.EC2 016882851 tfmjs Trust -- 

PTOgro-he. (6M 69ftd+03| 409 N«t *fiKg j^S! 

Equity & Law UtL Tr. M.V (aXbHc) *Frtees on May 17. Next deeUng May 3L 
I SSmRSSthS^tebT National Westaunrte^a) 



1-riUl 


-V xmn*> (Accum. Until 
oi-doa4Bra wichntv May 
+0 24 6,43 Do Accum. . 

Tyndall Managers Ltd.V 
8.77 18. Canynge Rood. Bristol. 

jlTt.4 

U766 
1356 
147 0 
986 
12L6 
244 4 

Z»0 

365 Scot Cup May 2* 1398 

. 365 (Accum. unltai- . 146.4 
r\ Sect. Inc. Slay 4*. .1616 
LandM Wall Graap 
Capital Growth — 

Do. Accum. — 

Extra tne. Growth .. 


546 
546 
3.98 
436 
436 
5 M 
5.69 
7JB 
765 
335 

2.40 

640 

354 

838 

631 

631 

536 

536 

837 

837 


Exempt April 88 .. 

(Accum. Units).- .. 


Equity ft Law (663 M.7I +031 *32 UJL Cbeapade. BOV’ BU. 8000. gp-Aw 1 ™ 


— Pramlington Unit Mgt Ltd. fa> 


Capital i Accum. L.. 
Extra Inc. 


Vanbrugh Pensions UwIdj 
| 4l -43 Maddox SL,Ldn.wm9LA 
Managed -. — i 1956 

S 97'.D| -0 

P ropert y ,|96A 


3-7. Ireland Yard. EC*B SDK 

American ->486 

Capital ‘Oti. 

taeoBM’ns , . 

Int Growth Fd. 11D76 



§S5 SffSrr .. fe , 

H9 lacime -..&9 


(65.7 

65.4 

3S.7 

N.7 


TUpT+OJ 


J-S PoKfoliotav'Fd.-..^-7 


5-95 Unlvarsal FdJrf).. 


01^904823] SJX^rr^ZIlnaS lUtel-La §6 NKL Trust Manage*? Ltd-V laXgl 

TU-J-. «__* TTr.it TV Mma Milton Court. Dorlo^g. Surrey. 5011 ihiTSB General TT44.9' 

mends ProvdL Unit Tr. Mgrs.v NeteUr — . ... jW-2 «.* +0*j 437 <b)Do. Accum. 56.9 

P h t ta a m End. Porting. 03085055 NeWar High Inc. _|»9 53Jj +0j| 7J5 tbi TEE Income.... 595 

Friends Prov Cll. -]423 456rf +0JJ 467 Fir Xwr Cmot Fuad Mgrowra lid ib) Do. Accum. . -62.0 
Du Accum. —(5*4 Hj]+u| *S tee Bothtchild Asset Uansgamsii TS3Scotujh.--_.g-6 

G.T. Unit Managers LttLV Norwich Union Insurance Group fb> ?nS; 

an Ulster BatmT (SI 


M.6 

65.3 





Scries B (Pacific)-. , 

Series D (AmAss.il 

First Viking Canunodity Trusts 

8. Sl George'v SL, Douglas. I.nJM- 

062* *882. Ldn. Abu. Dunbar ft Co. Ltd. 

.73. Poll Mall. London SW176JH 01-0307657 
Fti-Vllt Cm Tst ...037.1 39^ +a9] 7 JO 

Fst.VltDhLOr’.Tat \TtS 82.01 J 130 

Fleming Japan Fund SJL. 

•77. rue Notre- Dame, Luxembourg 

I-’ltcj. May is ] SUS45.04 ] 4 — 

Free World Fund Ltd. 

Butterfield Bids.. Hamilton. Bermuda 
NAV April 28 | JUS173JT9 | j — 

G.T. Management Ltd. 

Pork Hml. 18 Finsbury Circus, London EC2. 
Tel: 01-828 8132. TLX. 888100 
London A«xH8 tor 


iBtcfnaUonal Foods 

{Equity- U67 

SEquIw [122.0 

Lflxen Interest (135.4 

SFttcd Intercol gflS6 

E M a n ag c d. — .1120.4 

SMaeoeed 1U53 



J. Bran Schroder Wagg & Co. Ltd. 
ISO, CT.cnpoldc, E.C2. 01-9884000 


Cheap 3. May 24 SUS1U7 l-OLiJ 

Tratwpar April 30- SU51U 86 J — 
Aslan Fd May ta „ R2MW BW ..... 

DarliDR Fnd . IA185 L9M 

.lapse Fd. May 18_ list 15 kM . 


230 


330 

330 

CIS 


Anchor 'B' Uniu 

Anchor GUt Edge- 

Anchor InL Fd 

Anchor In. Joy.Tst 

Berry Pac Fd 

Berry Pac Strig — 
G.T. Aria Fd. 


BTSifl* 8991 
]S9.75 9W 
Ki-sui *S 

®*5US4J-«^ 

msiW 


G.T. Aria Slerll nq. taS. 56 13AS 


GT. Bond Fund... 

G.T. Dollar Fd 

C.T-PaclUcFd. _ .. 


SUSZZ16 

SUS7.02 

SUS1332 




— tusl 
l+ooi 


182 

12.95 
LB5 

2.95 


Sentry Assurance International Ltd. 
P.O. Box 338, Hamilton 5. Bermudj 
ManaEedFund BV5UM 1SW( . . | - 

Singer & Fried lander Ldn. Agents 
30, Cannon SUEC4- 01-2480648 

Dclmlonds. — ___|34.47 253(8 — 1 638 

TokyoTrt.Apr.38_.| SU 533.00 M 1 L77 


Stronghold Management Limited 
J.a Pft Sox 315. SL Heller, Jersey. 0836.71400 

L49 CommodUyTniri -19030 9*95] — | — 


516 


Snrlnvest (Jersey) Ltd. (a) 

Queen* Hse. Don. RfLSLHeUer. Joy- 093* 37340 


Gartmore Invest Ltd, L4n. Agts. American ind.Tst„|C836 - 

a SL Mary Axe. London. EC?. 01^833931 Copper Trust lpX57 iias-ttoj] _ 

Cartmora Fund MngL I Far EoBI Ud. Jap Index T m P-120 11.43) . — I — 

1S03 Hatchiann Hoe. )0 Harcourt Rd, HJtonq -. .. ... .... . 

hk ft Pac u Tn - .[gflCDM im i z.60 TSB Unit Trust Managers (C.I.) Ltd. 

Jajuin Fd . „ |SJS2« XUU) ] 0.700 BagaieUe Rd.. St Saviour. Jersey. 0534 73«* 

J creel' Fund -146.4 *ari .. ,.J 4.92 

Uncnuey Ptind —_.]46.4 488) 492 


130° .... 
5 70 fi 


i-a*" 1 


Prices on May a). Most sub day May 3L 


Management Co. N V, Curacao. 
NAV per share May 22. SUSSLS 


N. American Tst. ..BU531U5 III 
Inti. Bond Fund .. pl'SMB HJ! 

GsrMMTO I nwUMri Mngt- lad. 

P.O. Box 32. Douglas. loM. .... . 

iS'crroth* 1 ,nC 2 653* a *l (M Tofcyo Holding* N.V. 

Hambro Pacific Fund Mgmt Ltd. 

21 lit Connaughi Centra. Hong Kong 
“ npam u.m , . 1 __ 

Japan Fund- .. (JUSt:* 7 Uf —.J — 

Hambros' 1 Guernsey i LtdJ 
Hambro Fond Mgrs. (CJ.) Ltd. 

P.O. Box 80. Guenuwy ' 0Ml-2032t 

CJ. Fund ... — JJ42.4 151.7rf .... I 3 90 

tarn! Bond SUs]l«.M 107.W J 0 50 


Tokyo Pacific Bldgs. (Seaboard) X.Y»» 
TntlBU* Management Co. XV, Curacao. 

XAV per aborc May 22. SUS29L14. 


Tyndall Group 

P.o. Sox 1308 HandHoa S. Betwoda. M788 
Overseas May 2* — BUSHS UU+Affl] 600 

InLEquIU-... fCSfrM 1L^ ~Z] 2J» " 


Im. Svga. 'A' SU5U-87 . . 

tat SigA -B' susplio L13I . J 230 

Prices on May 24. Next deallm; May 31 
Henderson Baring Fund Mgrs. Lid. 
P O Box N47C2, No# uu. Bahamas 
JapunKtl 
Pnre.' on May 24 
Hill-SamucI & Co. iGaercaey) Ltd. 

8 icPCbiw Si. Peter Ton Uoernsey, f 1 
Guernsey Tjn . . [1467 156 9ri|- ... . | 339 

Hilt Samuel Overseas Fund S.A. 

37. Rue Notre-Dome. Luxembourg ■■ 

Ht'suu »q-ojQ( - 


2 New St, St KeUer. Jerory 


171] ..J- 


I73U-00U _ 
ng date June 1. 


TOFS1. Mcy 23 

lArnon Shores' 

.Unerlcon Mny 23 

■ Accum sbareai 


jgn£v;d.M*ai_E 


858433321/3 
7.9ffl+flJi| too 

1 22 5 +IUM — 
875 +1_« _ 
873 +LM — 
203/ -2fl 700 

m.c -4.« _ 
3076a -0.g 2L15 
r»9-io( — 

* letory Boose, neaglas. Isle ■> Mon. DCS* 2S02B 

Managed Ma> 18.. 1129J) 1353] ] — 

Utd. IntnL Mngnmt (C.I.) Ltd. 

14. MulcaMer Strevl. Sr. Heller. Jersey. 


.Aec. tJta.1— . 

Gilt Fund May 24 
(Accum. Shares' ..— 


Internationa] Pacific Inv. Mhgt. Ltd. U LB. Fund BLSI99S bOJK I 8 


14 


PO Box R237. 58. Pin St, Sydney. Aon. 
Javelin Equity Trt IS237 2J7] .. ..] — 

J.E.T. Managers (Jprwyi Ltd. 

PO Box 18*. Royal Tsl Hoe. J er se y 0534 27441 
Jersey ExtrnLTst-lUflLO 170.0] . 1 _ 

As at April 3B. Next mb. day May 3L 

Jarditte Fleming & Co. Ltd. 

48th Floor. Connaught Centre. Hong Kong 


Coiled Slates Tst. InU. A dr. Co. 

1*. Rue Aid ringer, Luxembourg. 

US. Tsl Inv Pnd- I £1731059 1-010! 094 
Net asset May 34. 


3t» 

090 

£30 


SHKM0.99 

5HK9.46 

Equivaleni 

Next sub May 31 

Keyselex MngL. Jersey Ltd. 

PO Box 98. Si. llclicr, Jersey. . (Eng. 01-608 7070 


J online Eaa Tsl. . 
Jard I ne J*po. Fd * . .. 

Jardine S Ejt 

J online FlcmJnL . 
NAV May 2& 


t :::| l\ 
::::: r 

SLT58S.I0 


S. G. Warburg & Co. Lid. 

30. Gresham Street. EC2 014004563 

Cpv.BdFd. May Z4-| 5US939 1-001] — 
EnertS-taUMyS*— jl'SUU -DM — • 
Cr3l.*Fd Apr3tt_L 5US6J5I ....J — 


Mr£ur. May 24 1 1038 


Ponselex. . 

Bondwln — 

Kryselexlm'l 
Keyselei Europe 


|Fr)LQ2 

£3R5 


JapanOth l-'und— (sisail 


Keywli-x Japan 
Cenl. Assets Cap.... 


0036 111 
£133.03 






290 


Warburg Incest. Hngt. Jrsy. Ltd. 

) rhiu-mfi Ctom.Sl Reiter. J*y. (3 053*777*1 

TiF Ud. Apni T7_ |JUS12B 1157] . 

CMTUd.Apnl 27_kXL35 12.64] 

Mri BteTrt. May 18-tlL88 JIM 

TUT.Uai II 11150034 ion 

TMT LUL May II — tu037 IBM) 


3tl World Wide Growth Management^ 

— 1U+. Boulevard RoynL Ulxianbourf:- 

“ World aide LMti Fd] 5U514.49 (*0021 - 


NOTES 


Gnaranwad see ‘ta*. Base Rates' tsblo. 


Welfare Insurance Co. LULV 

The Laas. FoUrestoae. Kent 

Moma-mnJrtr Fd | 107.5 I . | — 

For other tumte. please refer to The London ft 
ManeOester Croup. 


4J5 Financial PiTty 
7.71 DaAmtm. — r — 119.6 
532 Huh Inc. Priority.-lU2 

4.99 International tot 

ft rt Special Hits. _ DO * 

*** TSB Unit Trnsts (y) 

2L Chantry Waj, Andover, Hants. 020*82188 

Deal logs to <004 834X33 

358 
7J2 



Windsor Ufe Asror. Co. Ltd. 

1 High Street, Wlndaor Windsor ®1 *4 

Uta Inv. Plans- KM 72.41 ... J - 

FutwwAesilClhfaJ 3433 J ...j - 

FUtaroAfrilGtb(bl. 410 ’ 

ReLAMdrona.—l C24A1 
Flax. tav. Growth _fl04.0 


WE z 


023233231 

*OJ|+01| 536 


nij mi s is i PO. Box (.Nonrich, NR13NC 060322200 

■ GroupTsLPil.- — p«2 3KJH qss waring BteMtSeUari- 

138 Pearl Trust Manager* Lid. (akgMzj ... 

,ZS 2S2 High Hoi bom. W"C1V7EB 0I-4Q98M1 TTnst Account & MgtUL Ltd- 

^5 PemJ Growth 24sk . 4.9s King «niUamst.EC4R BAR 

4J0 AeettBUiUu. -go »U ..._J 4.98 Friars Hra. Fund-. 0 

MO Faaritac. -—. 33il ,._J 600 Wirier Grth. Fnd. S9 4 

70a FMrlVrittTM-— -JK . JOS ..-J 406 Do. Accum. -DAI 

(Aetram. Lnltsl 1®- 2 487] -...—] AM wlalsv r, j,— jtt> U..-J 

G. * A. Tru st taXg )M -PeBean Unit* Admin. Ltd, (gXx) S^ESESjJSS 

a.R«riei8hRiL.Bnmaro«l (OCT arraw 81 Fountain SL Manchester . 'MljaaMB 
G.ftA »2 MMl+OJl 402 Pelican UaiU™-t»J *.71*0.™ 533 Mm Unite Z— K!l 


0303 &7XQ | ] *< Pfeabury arena EC2M TDD 

1 G.T. CapL Inc ^te.4 87. 

Dn. Aec 993 US 

G.T. Inc. Fd. Un 1612 XT 

C.T.U JlftCte 1473 156 

G.T. Japan ft Gen — 2fift4 279. 

St- Pens Fix Fd lg.9 339. 

_.T. tart. Fund 10* 4 

G.T. Four TdsFd— «3 57.: 


0141334961 

157 a | 432 

3ig J 4js 

359| ] 4.M 


0)423401 
11.01 ... . j 435 
35.9] 4 435 


Pricer, dn n>n include 5 premium, eorcpl where [ndlcstcd 4- and arc In pence- unirai atherwlm 
indlretm Yields A. i.Kumi in Iasi column' allow for oil Huyinj! expense*, a Ottered price* 
include all expense* b To-day* prices, r Y'leld hayed on otter price d Esttipnied. g Tnriax'* 


opening price.' h Di <ri bub on IreeoftJi. uucs. p Periodic premium Insurance plana. 1 Staple 
_ — . e un-Jude* all expense* except afpmTa comatisslon. 


premium imurunec. * Ottered price . , 

y C ’Bored price mcludus all expoexes If boujtai throuiiii mo oncers. 1 Previous day* price. 


* X« of lot im realised capital cslon unless Indicated ta'd. 4 Gucraacy groaa. a Suspecdrd. 
* before Jcrrry I at t Ex uubdl Villen 


6 Yield 


CLIVE INVESTMENTS LIMITED 
Royal Exchange Avo„ London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at 23rd May. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 127.67 

Clive Fixed Interest Income 113.51 


CORAL INDEX: Cla»c 475-480 


INSURANCE BASE RATES 


t Properly Growth 

t Vanbrugh Guaranteed 




S5S 


- Address shown under Inuirmm afl<i Prnpe.rtv Bond Table 


‘ 'i 




'L 





SURVEYORS VALUERS AND 
AUCTIONEERS OF REAL ESTATE 


FT SHARE INFORMATION SERVICE 


Financial Times Friday May 2$ 1078 

HOTELS— Continued 

.JR. I m l—lVltklBL 

skst *3 : tills 


&lab6shsd t3X in London 

29 St George Street, Hanover Squa re, 
London W1A38G 01-6299232 

CITY OF LONDON 118 OLD BROAD STREET 
LONDON EC2N1AR 01-623 4361 


AMERICANS— Continued BUILDING INDUSTRY-Cont. 

n£T«w | S«4 | c & CvrISi mil* I suck Wee M sS |cttl™|i 

«ifteassBfi=d as §a = a | |i raasa.i i-riaJ n a 

2 s.lie,lGAK__ = __| J 5 as-s §» - si a * s jil HI !* 


DRAPERY AND STORES-Cont. 

r t u v) Oh I JVMl 

■Jhi. <3/k>v I Price ! — Net ICW (M RE 


" j&l - 225 -S ¥66 

** jNcr;oi»i‘.w4r 39 -1 O 6 

56 jVrtfc.VF'Mji 47tf .... 0.?1 
7{j jKrvvivfWitt lfcOm .. 2.51 
lysifi'.MLMtJp. J5W -% 0 53 


ENGINEERING— Continued -« *. aB -% oil 

is i i h «j g | inj ^ «f BSW;: X SL & 

Low | Suck I Pure | — I Net |CrrfUrt I P.t < 6 - 0 inks Reo'Wp- 46 *1 Ufl4 


ndtriGUIOp 
rfJtjhnj 


**BRITISH FUNDS 


1178 

ffigh Low 


+ or] 

— lilt 


■ 44b, 29H GeaS«t52% — 

233* 15is Gillette Jl 

47s* a Honeywell 5L50__ 

. 14% 750p Hutton £F 

YleW 2W% 171 LRM.Corp.55 

I Ret 51% 34 Inpagofl EP — 

17% 735p iBLSntons&Cofl-Sl 

ci 976p 705p L U. lnteruttoaalfl 


-% S2.H — 2.9 82 68% 
-2 SL50 - 3.7 38 28 


“Shorts ” (lives up to Five Years) W ^IK5S= «J3 -C siS 

1Q0U . WA? 8J5 31% 20 Mart. Han. £JSS7J0 29% -% g.08 

98‘J+ft 5 05 8.H 40% 26% Morgan (JP)USE5 3?% -J* 52-20 

101*5 + ft 1128 fiJb 17% 12 Norton Sima It*. SL 16a -% £ffia 

«>« + '. 10 05 10.06 18 131* Owens-m aiS.- 17%rf -% hILM 

95§ . .. 4.44 7.7Z 20% 14% Quaker Oats US$5 - 20 -% a.04 

lOQil +% 10 06 10.16 26% 15% Reliance 50.25. _ 26%rf 15c 

95$ +% 366 6.65 Z7% 16% Rep. NY. 0*1*55.. » 5180 

93I +,** 715 1083 17% 11 RexnordS 16%al |8c 


« - 1 % 5170 
13% -V S0.68 
212 % - 1 % SUS 2 
50a -% 53.00 
15% +% 25 c 

951m -14 90c 
27rt -% 5160 
291; -4 S2 . 08 
39% -i 5220 

li* -% £0% 

17% si -% hSLIX 

20 -% 51 04 


JO j — I 3.7 38 28 CmmenGp. Wp. 

.90 - 2.4 MO 236 CostamR. 

.66 1 — 18 41 31 Countryside 5p_ 


- 2.7 71 62 

- 3.4 99 80 

- 0.9 73 65 

- 53 105 84 

- 33 220 200 

- 4.0 72 S3 

- 3J 97 69 

- 2.7 84 68 

- 33 26 14 


62 Crosslev BMC— 
80 IfrmichiR.'ajp- 
65 (Crouch Group— 


7 14% 9*« WkJElftasfatSp 14% <■% +5123 

5 215 1+5 Trail HFrtte =08 .....821 

9 iq ?2 ixx'6f*‘\Vp 36 -1 1-lB 

3 JW 225 |Wierirr'«lOp... 330 14 41 


2.41 5.7t ot 

isi'S 

J4 5* 61 
|| -jin 
* A -’3 
3ll 23 lit 
? 3 25 168 ' 
6J> >a 7? 
♦1 14 k 
W, S3 lii 
^W148 

;lfi 


93,1 +,*« 915 1083 17% 11 RexnordS-.— .. 

99% + .', 9 57 9.92 22% 14% Rkbdsn-MrrlLSlV 

93%rt r% 3.74 6.89 576p 255p &rah5.F.»51. 

9 4%rt +% 535 S.16 28% 1% SiidJOiJSJ , 

104A«1 +* HL43 10.84 18% 11^ SingerfSlOl 

jdl,', *i, U38 1100 36 22% Spmyteffli$080_ 

B9t, +% 3.92 7.95 33% 18% rawinc.$l% 

97% +,V 999 10.72 27% 18% Tenaeco^ ; 

93 lid +S 8.78 10.64 161 131 I«:10%LiLStk.91-B6. 
«\l+% 9.90 1103 975p 505n TesoroPLOSm^^ 


-% 51.04 - 19 79 

15c — — 25 

5100 — 23 23 

88c - 11 47 

90c - 25 35 

-2 - - ~ 15 


«6p -2 - 

27 -% HSL6( 

18% -h 60c 


93I1W +S 878 10.64 161 131 LKrHftU.Stt.91-®. 
«\5+% 9 « 11(0 975p 505p Tes«oPt.OSHU(%_ 

86% . .. 3.48 7.94 22 1^ rCMcoSOa 

96\%rt +% 9 23 30.00 40 22% Hmelnc- 

lMljid +% 12.20 1114 13% 865p Itaasan KicaSL - 

9JA+S 913 1084 37% UtdTech.5US„ 

M 337 6.05 24^2 17% U.SSttdSl 

108% +-'« 12.92 1181 17 31% WochwjrthsS^ — 

95%sl +!’« 6-78 10.22 44 28% Xerox Crop. SI 


33 47 , 
1.9 35 
19 66>2i 
33 30 I 


34 -% 5112 - 19 66% H% Galliford Br.Sp... 56 3.07 2.8 BJ 

Bid -% 5180 — 33 30 25 GibbsD'drAlOp 30 1S2 25 9.2 

25%rt -% $280 — 4.4 49 41 GkeW0iXJ..10p- 45 +1 tl.84 35 6.4 

154 -t 10% — 16.7 61 48 Glossup W. 6 J.-. 60 -1 3 76 6 9.9 

962p -13 - - - 86 74 Ggh Cooper 20p- 76 ...... 5 2B 14105 

20 -% S2.00 — 58 37 30 RA.TGrp.10p- 33 ll95 31 98 

34%-% 5150 - 2.4 66 54 Hamsun/. I0p_ 57 ..... *t254 48 6.7 

13 -% 80c - 35 36 21 Helical Bar 36 12-03 L2 f 

35 -% 52.00 — 33 77 59 Hendsa. A-30p_ 77al +1 436 « 8i 

24pj .... . S160 — 38 154 138 Henderson U ff.i _ 154 754 23 7.4 

16%. n.40 - 4.8 63 49 HewdecSL I0p- 63ri +1 1.29 * 3.1 

42% -% 5ZOO - 2.7 £270 £220 DaipcConv.— £270 07% * E2.fi 

670n -25 71 tc - 0.6 112 64 HeywdffHLSOp.- 99-1 — — — 


95%rt +S 6-78 1082 44 28% Xerox Crop SI C% -% $ZOO - 2.7 £270 £220 DaTocConr.— £270 

90% .. . 910 11A5 735p bste&sfcKTttc 670p -S 7%c - 0.6 112 64 HeywdffBLSOp.- 99 

■BiJ 9 89 1116 13% 1 10% (Zapata 0)rp. 25c _| 12%| | s30c | — | 14 92 72 BuhhSHjI) 80 

93% 2 W 1118 &E. List Premium 48%% Ibasesd on 8USL8120 per £) 78 66 Hromoetem— ™ 


91% 9.58 1118 

8C% 571 7.94 

102% 1166 1122 


Conversion factor 0.6807 (0.6782) 


five to Fifteen Years 

asuuftpcBS— -I 95% I ; 


100% 95% ITreasuij 9%pc 83 

89% 83% FundiM5iip:7C-8«t.. 
96% 91% Treasury S'.'PC'W-SSfc- 
S7% 7 El; Fnndii«eiK. , 'fi>8ltt- 
89% 62% Treasury Tkpc '65881;. 
68% 61% Transpon3pf"J3«— 

75% 65% Treasury 5pc 86-83 — 
!15% 107%rTrca<iiry 13pc 19P0tJ_ 


95% 9.99 1117 

84% 669 9.67 

91% 9.61 10.66 

78% 8 29 10-24 

83% 959 1101 


m.d 


7-4» 6XUA mo 

486 8B1 

7.68 Jffl.27 


315% 107%H-reasiij l3pclSS0ft_ lOBia 12-H 1236 151 io,C BkJIontreal 

69% 78J; TwasuryASTSKt— 7S*rt 1146 mS Bt r*ra Scotia D- 

lOfiij 98% Trearoiyllltpc IS8I - 99% 2234 3250 43^ 30 % b^D Canada 525— 

75% 6J% Pttndine5] i «:'8Mltt- ,M% 3.99 1107 22 12 BowVafletf 

li:% 103% TreasurriCVpc'Ktt- 105 J266 12B 12% 825p Brascanfl 


96% 85% Trcasur, lOpcVSSE. — 

113 99 ExcJilApcW 


[ury lOpc 1992. — 87% I (3179 j 2231 *21** 14 CmlmpRkH 1 

lApcW 300% | |12 j8|1265 14 % «5d C 3aPacfficS5 

37% 31% Da. 4K Deb. £100- 

Over Fifteen Years a% 

“a ns “* »r 3 ui 

US jf |5 ^ St HuaSatfel 

:::::: £S H™ ® KKM- 


w * 72 55 DaRwfl*.- 72 108, 4 

33 22 Howard Shut 10p 25 11.56 3.1 

0.6S07 (0.6782) 118 104 LD.C20p U2 -2 d8.«M 0.. 

168 125 Ihstock Joiuoen- 167 6.14 3.1 

136 MS tat Timber 121 16 29 2i 

68% 51 JJB. Holdings 5p_ fiVstf 106 « 

30 22 I.CX.G Z7 ±151 L‘ 

197 162 JamsiJ.i 179 t8.60 22 

rtAVAniAMO 122 90 IenniaesS.4050- 122 +3 tO20c — 

CANADIANS 134 79 Jctmco-Ridurdj. 105 -29 hl63 b6. 

I L d Mr I YTd 17 12 Iotk Edxd. lOp. 34 0.92 1.1 

»Kk I - Gros CuOrt 45 35 Kent (M.P 1 10p 38 12.06 12 

Stock 1 uuw|i,w uri 08% LafaiSeSAFlW £32% +% 1)137?, 32 

14j«-% 51.06 — 3.4 165 121 UingtJotanrA". 161TO -1 312 q7. 

35% -ft 92c — 27 325 110 120 tJ?A72 £i 

41% ...” S4.2 - 4.7 104 89 LawrancerW.I— 92 65 1.1 

20%*d 12%c - 0.0 86 70 LeecbiWnL)20p- 76 ...... 5.08 11 

11% -% SLOB — 4.1 69 57 Upland Paint 6M 4-1 3 70 3. 


— - - 4> 6 J j. ) 55 lull 58 

225 -4 O.q - 29* 23 baeLrsJ&RBSp- 27 

11.00 4.a 3id 8.9 73 49% pent!. 1 f 73 


55 UIJ. 58 A29 2.5 Rfi 68 ^ 

23 JaeLroJ&RSSp- 27 dO 91 5.2 5.1 5.7 

J9% Jenla l Citwil— 73 hllfi 8.1 2 4 7.7 

59 Johiw)n6nr.h_ 65rt . .W69 Z1 10.9 ,5 .* "Sf 
73 Jon*GnHiplOo 73 -2 3.5S * 7.S « 


21 8 « ;t 

21 5.5132 

M A|.5A) 

2-1 8.3*1 

I j H * 

1.4 7.4 DA 

13 « 54 
3 J 53 >62) 
U 74 90 

26 69 *8# 
52 U 26 
32 71 il 
29 7.4 7.7 
3J 66 51 
3.1 5.0 « 

3.5 S.0 Si 


UT ii 91 97 1« M5 8jrnl(H’itt<a... ITS 923 3J B.0 S< 

It S'? 3 1 T - ? 38 25% Barnet;!' 26 . ... — — | — — 

S'? ini tt 223 178 Harlow RdHlOf. 218 +1 UM8c 29178 41 


73 Jon* Group IDp. 73 -2 
1G6 Jon'S Shipman^ 130 

74% Laird Group 87 +1 

47 Lake & Elliot 51 


60 Barr £ WAT W 95W . ?-i 3 

31 Bamw NrpSom 32 +1 138 

63 Balls ft Finland, 63 . 33 


lSinaiflS P 381 * 132 Paxtcr Tnieoa! £34 -lMO^OFc 
203 152 Bcats-nClaik „ 193 - - 5.16 


>FKi JL 24M ||| 57 46 Brt^ickTimpo. 51 

rsTiap — 20 tO 18 al 6.0 8.1 14J 165 


% 13% Do Wap—. J IB*.! 10.78 31 6.4 75 


79 (Eidd'c HMC- 


ImpRtH -% I SUM (—1 12 79 61 

97c — 33 76*2 61 

!1%» .. ... 49d-(lU 90 74 


llev-FJC— 
union Brick- 
weUiY./.r 


74 2.5 

71% +4 3 23 
86 . ... 3.69 



19%al ~% 51.14 — 2.8 59 38 McNeill Group.- 59 ±2 99 

500p 40c - 3.8 202 170 lliagna 6 Stlms.- 200 +6 |t8.0 


m -i 


40c - 3 8 202 170 MacmaiSlfms.. ZOO +6 t8.0 

S2 . 06 — 4.0 53*> 42i z MaUinsoa-Dcnny 49*1 2 79 

69c — 13 105 84 Handers iHMg)_ 84 2 54 

SL60 - 2.4 325 224 MaitlwieL 2% +4 *3 4 


13* -% BMc I — I 2-9 « 73 Idartej — 


+4' if« 12.7 1 7 6.9 96 74 WanRS & Gslto* 96 *-1 h3.23 3 5 5i 7.7 3 q ^ Norton tW.E.1 
+1 d2.49 3.4 4.7 7.0 23 16 Wra.-w*:l 5p - - Z1 - — r o ?2'Sl01 71 Osborn iSi ... 

..... iH3 24 2.8 8.0 6.7 22 14 (Wharf Mali M>p* • 2= • lf4 15 99 10.Z l7tl ]52 Fenter-Haiim 

-1 12.78 4.0 6.3 4j 72 61 ptlkr'-'.Wx&e.i 6f -4 dS.ll *3114 5.7 ll6 101 porter Cbad. 

I 178 041J.5ini!- 72 61 i»wl»rrh — -I 68 i*-j 4.i6 13 9.3J12 1 ?j 53 Pratt'F- 


_MSg|-% I 80c - 2-5 101 


Minhall5iHbd-| 99 


59% 12-Bl 1J70 kjjT 610p (Mancv FercJI — — — — 

,|'ib i?P PacilicPttsL 26 -% 93.6c - 1.6 48 38 Mel«UeD.4W... 40nt .. 

-S, Hs 72p 50p Place Can SL 72p - - - 87 73 UtoeriHonLLi- B2 +2 

“SJ* U 22ft 13 RiOAlsoa 22% +% SL08 - 2.2 *100 65 MUbbrj 100 

\\U iH? 23ft 14ft Royal StCan.SL_ 227 a $150 - 3.0 14 9 Miller 1 Sian -1 Dp. 12 ..... 

“®}» H-2 K-SJ 13% SeagramCaCH— 20% -% 92c - 23 68 52 Mlacracretr— 66 ..... 

M3% 1=W 12.84 ^ TarDon.Bk.Sl 14,% -ft 80c - 0.0 39 37 Mod EnBDeerS- ,37 

,§S line U% 880p (Trails Can. Kpe-:. loij ...... 103c - 4.5 103 79 Monk. A. 100 ..... 

|% ::::. 1U5 ui IRLIsi Premium 46%% (farad 00 I2.0M8 pa £) }« Jg S6S2S1«H“ M9 Z 

3 II z ™ a® SSSSfc 270 5 

11?% 13.M 13 02 57*2 45% OnneDe^lOp-. 49* 2 .... 

12.74 12.80 113 102 Parker Tim her... 102 

821: 175 138 Fhoenix Timber. 167 -1 

9.» 10.99 BANES AND HIRE PURCHASE 111 , g iF*i 

liu an | | 1+ orf osv 1 |rw[ “o RS-S. d w5rio? ^ tl 

68 1184 H-92 High Lew | Stock | Pru* | - | Net |Cit|g»’*|B^ 1M 94 Roberts Afllard_. 95al ...; 

«» not i\rj7c«i 1 wot imyisbaI 1 97t 112 80 Rohan Group-— _90 


80c - 5.0 81 I 60 May A HasseU._ 67 [-1 


91 Op [-20 j — —(— 31 18 MearsBros 20 


2b j-% 1 91.6c - 1.6 48 38 MelfdleD.&w... 40nt 2.70 


JCan-SL- 
CftCH— 
lBLSI 


72p 87 73 MaeriMonLLi. B2 

22% +% SL08 - 2.2 *100 65 MUbotj 100 

22% -U $150 - 3.0 14 9 Milleri Sian-1 Dp. 12 

20% —% 92c — 23 68 52 MDrcoBcretc — 66 

14ft -A 80c - 0.0 39 37 MoiEn»De<fiS- 37 

10% 103c - 4.5 103 79 MonkiAi 100 


73 Meyer 1 Mon LL.I- B2 +2 ' 14 18 35 7.7 4 8 


35 5l J'J 39 28 Norton iW ElSp. 35 .... 

- - JO* 101 71 Osborn 1S1 99m.... 

M.2 llb j52 Fctler Hailnlw- 176 
2311 4 57 Ub 101 Porter Cbad. 20p llOdl +1 


10.62 5.7 2.7 6.9 

♦13.57 3.4 5.5 5.9 ,• 

e7.68 3 8 6.6 6 6 ‘‘.S 

527 4.0 7.1 5 2 ■'! 


1 4 8 5.0 7.3 9.5 

dO "5 12 9.512.7 

.'19 19 7 3 10.6 

2 70 1.7 1Z.0 8.0 


176 152 F«I»-H3«Kl*y„ 176 .. e7.68 3 B 6.0 6 6 

116 101 Porter Cbad.20p. llOdl +1 5 27 4.0 7.1 5 2 

72 58 Pratt'F' 71 ...4 81 2.010.3.59 

79% 70 PnwtiBent 77 -2 b5 2B 2.3 10 4 63 

£84% £86 Prworll'tfcSMS £88* ; .. QOVi — H3 a — 
40 35 RC.F HoWa- 3B *2.72 3 4 11 1 10.1 


10% lt«r jfi. 10% . .. — 

40 Bnden. ,, 100 +2 614 

29 RrJfvrt-CJOp-. 36 ... t?l 

56 WfrU M tl>W 

15 teLCie-'T e*a* - 55 .... 1 13 

2% nnt Sw.'elCrod 2>-it ... — 


5b ]Rat Si»d!,*a3ip 


1235 lig S^. List Premium 46%% (tared 00 *2.0218 per £) lg jg JgJSJjfe- g| 

S-n 4fS 98 79 Norew Holst- % 


— in 1 . 711:0 If ELECTRICAL AND EADIO 

1hi.l9 3.6 4 8 8.7 

6 5 3.3 8.7 55 izo 55 |A3 □c:imulc_ 11B |+1 507 1211 6! 

U4.84 7.0 4 9 4.4 76 57 AH «f iRti.llt«5 73 413 \ 2« 8< 

+7 f412 43 6.5 51 3a 25 lAadi’riCfj.sy lip. 27 I <i2 1 I 33 11 ( 


278 210 Nutt Back 50p_ 270 +5 1135 3.<H 42 Aaw ted Sec. 13? | 82 

57*2 45% OnnePers. 10p- _«% 12.62 O.fl 8.0 iW. 122 99 BICCaOp 111 


16% 11% Paine Enn'glOp- 13% -% 0.87 

bbij 55 R.H.P 56 ... . 3.W 

DIO 163 125 R nsomosSiULEl 156 .... 3.5-1 

60 58 Raicliffelnds.-, 70 ... 4 71 

211 6 5110.4 86 57 RalcliQsiG.B I 86 190 

24| 8 6{'56i 88 75 Record Rideway. 76 4 5 

33 11 a 3.9 60 49% R'dnmH'nanUln 57 .. H.81 


, i 34 S9 62*2 Brill '"iU. 

In in 7 ^% 23 3n» . 

^ u 4ii.« i.± -aic n j: 1 ’mb 


87 +2 hi 78 


12.62 0.fl 80 iMJ. 122 99 BICCSOp UU -1 

II ?! 174 86 aSRICp 105 . . 

t3 08 [13.21 23 57 49 Besi SrMaylOp- 57 | .. 


ri21 33 11 ffl 3.9 60 49% RdranH-nmlOp 57 
1.32 I 33) 24]' 150i 135 120 R?nold£l 129 


7 0S 15 9.6 9 0 70 55 Richards rtUie. 70 

4 77 2J 6.% 6 8 60 53 Rid]'i*sffca.5Bp- 59 

t2.74 1 2.4 7 M 8.3 74 62 RobinsoaiHiuU 73 


37% 33 Consols & 33*4 

37% 31*i War Loan 3%pc4 31*4inl 

54** 33 Con*'. 5%pc '61 AR 3«% 

25% 24% TreariTy3pc86AA— 24% 

24% 20% Consols 2' -pc 20% 

24 20 (Treasury 2%pc 20% 


69 11.73 1199 

48% 1 1133 1177 1978 I 

68 | 11184 | 1192 H& Ln 

Undated gr nst i 

1 33*41 112.50 1 _ £153^90*2' 

31*tm n .|8 _ 334 269 ; 


16 lANZSAl 297 +2 KJ12.Bc — 2.7 

.0 Ale.tandenD.il 240 1433 - 9.0 

(0% Aleemene FLIOO £126%+** tQZB%% 23 4.6 

i9 rUfei Harvey £1. 295ffi hl91 - 9.9 

10 Alliedlrish 1S3«J 73 — 6.2 

5 ArbuduntLCI... 160 19.25 — 8.8 


“ 105 80 Rowlinsou iOp+.. 105 ...... M223^ 8.9^ 3 2 5 3 128 99 CascRfei. Sp_ 124 .. . 

on 41 29*2 Roico Group. — 38.+% 1.50 2.5 6 1 10.3 a % 17 o»E LDtic IOp - 23 ... 

_ 40 30 Rnberoid 38 -1 126 lfl 9 4 87 32 22 CreHor.lOp 23d - 


— £20% £13*4 Bank Auht. 51365. £20 -% 

- B77 bln Bk. Ireland £1— 377_ +4 


WLI 


£168 £137 DalOpcConr.- £168 Q10% — [6.0 - 

21 15 Bk.LeunriI£l._ 18 Q16% — 2.9 — 

170 160 BkJarurnilUm 160 736 15 7.0 14J! 


89 66 RuebvP. Cement 76 +1 M3 9 

161 135 KB Croup 161 +2 S25 

57*2 31% Sabah TiriberlOp. 36nl 163 

50 38 Sharpe 6 Fisher. 50 2 37 

55 40 Smart ri.ilOp 54 dh!81 

9 6 Southern Con. 5p 7 — 


■1 M39 25[ / 9 r 9 jyj 173 Dal? □«[. 10n_ 126 *1 cl7Z 4.1 30137 32 6 »% SW Group 81 

2 S25 33\ 4.9 9.4515 m Decce 460 . .. *10 7 3 1 3 5 23.8 ID 5 Nnith<«'Mt.»3p- 10 

.... 1 63 0 I 6.9 * 500 330 DaW 440 H0.7 31 37132 130 110 Spear* Jackwn 126 

.... 2 37 6 7.2 6 1B 141, demtiDa i«jp Ibtj t0 66 b3661 66 J8 32 Sp?nccrClk.aip. 36 

.... dhlSl 4^51 6.5 iy 2 10*5 DewhaS A IOp 13*a -% 0.83 12 9 3 13.2 34 29% SpeocerGoanSp.. 31 


1113 S3 5.0 
18.42 1 — 5.8 
1933 - 10.0 
4.7B - 9.8 


170 160 BkJfnmilUKKL 160 ...... 736 15 7.1 

^INTERNATIONAL BANE » » KiSa IS i| ® 7« I 

88 | 82% [5pc Stock 7782 1 82%|+% | 6.04 | 10.09 £32% £217* Bankers N.Y3W. £30% -% QB.00 - 5.1 

358 2% Barrlars£l„ — 337 -3 1L33 53 5.1 

220 200 Brown ShiNfy£l_ 220 18.42 — 5.1 

312 265 Cater Rj3er£l_ 308 1933 - 10.1 

^CORPORATION LOANS feoEM fe^SiiSr a? p.. ta lei J.! 
SIS $ Btst gm a IS 10 M ft f ^ i = || 

V SlS&Ci ’tix SSI* I SSfeAs sS* z z 

59 % or, LiicnvwiMffc 76-78- 98% 5.82 9 18 83 60 FCnnance— 60 -J 100 4 5.1 

10& 90 : 2 Do.9-7p?W« 92td 10.62 11.68 5*» l ?* +** — — “ 

?A?m 77 Im.Tl.nelrrwf 27U 13J9 _ 1 .% DO.mrts.7M3. % ...... — — 


9 S 9 6 Southern Con. 5p 7 - — - — 25 20 Dawline iJLap. 25 tLOS 21 6.6 10.8 290 244 Spinn-Sarco 2M +a 8.94 2.ffl 4.7ln.l 

15 7 DM3 38 27 Streeters IOp — 29 thl.53 4.8 8.0 3.9 54 37 Dreanlard lOp._ 53nl 2.54 32 7.3 5.0 55 48 Spooner lads.—. SI | . [2 64 | a5| 8.0| 5.0 

15 35 - 160 124 nannuDOp 159 +3 980 2.2 9.3 75 ib% 14% DubiUerSF W, ... 0.99 L7 86 13.4 80 64 StnrtrilcSOp 79 


w 4 3 a 2 2W ISO k entnjna* aup . 256 -1 

in S^jiii 56 44 Chainberlalniiit. -jfm 

L f .Iso 44 36 utiainb JCFNIOp. 44 *1 


sm ' 144 132 


aylor Woodrow. 378 +10 7.60 

iwiityCUU 283 2004 

ravi&fc. Arnold. 133 . . .. J3.51 

BnnriB50p 260 +2 19.9 


1*1 13 48 4.3 67 5? « 


_ 177*2 65 l-BMGroup 72% 4.26 LI 124 106 Qec.Ber.ttLlOp 119 .. ISO 

_ 2B 24 VectwSlonelOp. ffi 148 25 9.0 6.7 13% 10% Enet?rSere.lDj>- 12 -% 03 

an 177 155 Vlhroplant 177 td9.51 1.8 B.2 103 175 135 ErerRcadr 145 +1 4.28 

181 j, Ward Mdgl. IOp. 35 >12.64 1.0 1L43L6.I z72 19s FaroelIHec.a»p 264rt -2 6.6 

35 Wamnjtton. — 44 ..... 313 *10.8* 85 68 Fidelity Bad IOp 79 513 


, "r.J irk 141? DnbilierSc 17*2 . . 0.99 L7 a b 1U.4 bU w Mnnnicrtip r* +*■ tj*i 0 or n»u in 

5.13.0 9.0 iqo^ 141 EJU50p. 143^ +1 9 24 1.9 9.S 7.8 243 214 StaieleyIwK£l. 247 J8.75 3 7 5 4 Ba sjj* Jf 

i 6 iWh £96 DasAcwv.ll £97- -1 Q8>a«« 27 3 P>.0 - 125 9B Si.unc PIatt 120 -1 j 61 4.6 4 6 54 10 „- 5g 

*_ ^ $- 404 318 Heffcompr iOp. 402 14.56 6.5 1 713 5 102 87 hykcsiHentyl— 92 +j. 3* 3.7 5 3 7.9 m 

5-2 24*2 17 Eleciroak Mach. .21 - - V Troeiqp.-.™.. ZV 2 -h US 3? *n 4.8 53 


17 [lTMm.eWjn-.lilp. 23 

18 1 Dei's: Cap llSOp. 23»; . . 
65 (ChnSie-TlOp... 71 +« 


531 7.9 iiSs l» tee u0p ks r 


94% 90% Bristol <*«pc7Ml 

107 lOlvi C.LC ISijptlC 

112 103*. I*o I2%pc 1SK! 

977* 92% GUsbou-^pcW®-., 

9; 90% Herti s%pc ISdO 

59% 97% LiierpoolMipc 76-T8- 

102». 90% Do.9ipC8M* 

Z9% 27 t>o.3i;.pc Irrsd 

MOA 99 Lot. Corp.6%K T5-7B . 
90% 91 Duskpcwes— 

«7*« 94% LC C 6pc '75-79 

02% 65% DoStuK—et 

37% 76% Poa* : pc'B« 

e7 65% Oo5%pf1K4r 

75 68% Do 6b pc 8S-50 1 

:b% 22% Do. 3pc70i\ft 1 

53% SI Middx 3* 4 pc I9M* 

owl; 95*i NdwaalcPipcTWO- 1 


52 35 Warrinflon. — 44 ..... 313 * 10.8 * 85 68 Fidelity Bad IOp 79 513 

173 142 Walls Blake. — 172 -1 420 3.8 3.710.7 ns 97 Fcrwsid Tech Sflp 113 -2 b6.7 

38 30 Wcstbricfc Prods. 37 *2.96 U 4 'W, 278 233 GJEX 258 +2 +3.64 

95 56 Wettem Bros 95 *27 +a.29 OJ t - 28 21 Highland Q 20p. 28 dl07 

46 <1 WhaUingsiip— «1 257 3.0 95 53 90 53 jraes Stroud — 85 4.24 

45 28 Whitgh'm 13jp_ 34 0.99, 43 4.4 63 128 77 KodelcL 128 +1 4.7 


28 [Whitgh'm I2%p.| 


513 * 10.4 6 24 17 Tomkins F.H.Sp. 24 

-2 b6.7 LI 9.1 15.1 82 72 TnpiovFdro* - 79 ... 

+2 13.64 7.2 2.1 9 8 396 350 Tubclnwto £«- 378 . *2 20.9 

dL07 L9 5.G144 72 60 TnrnF. 65rt 235 

4.24 3 2 7.6 63 25 20% T.>:*tk<W.V>10p 21rt 128 

4.7 3.0 5 6 69 41 26 t’ttf EncglOp.- 40 2.22 

§5.0 3 0 6 3 8 1 26 20% MU SpnncWp- 26 i*5 

d259 5.0 5 4 5.7 68 52 UW Wire Group. «m ... 4 69 

H5.B0 3 8 4 8 83 199 169 \ ick-rsCt 172rtl -1 9 01 

15.0 37 13 130 82 -.'ictor Products- 132 +2 Tl.O 


. „ 2% U 4 - 

271- 13^9 __ 1 % Doi Wots. 1583. % ...... — — — 

no r '§54 qii 12% 10% FraroAns-lOp- 11% 0.03 — 0.| 

92 +% 10 a li 12 1% 157 GmznlNatnL— 174 +2 8J7 - 7- 

“5% 630 1010 « 5? Glbhe iA.1 41 2.20 - 8J 

gpil 644 1080 235 195 GillrttBros-El- 202 +4 15.18 - 11' 

79 * +% 734 SB ,2 J? &***>* ^ +1 7, S'' 


27 22 Wiggins Coa IOp 24 1L55 9.8 7.0 12s 107 Lauresce Scott- 120 *1 §5.0 

143 99 WiEwCormonyi 139 -1 d250 lO.ti 2.7 55 BO 64 L« Being -A 73 d25 

63 WimpeytGen) — 80 +Z 0.68 15.11 1.3} 7.8 iB4 137 MIL Electric 


67m +% 8.17 11 wlLfli tr turtaflays— -1 97 ' 2.75 72 45i a.< 

69% +*j 10.07 1L96 ™ - 1 ® aniroessPea_. 230 110.0 - 6.6 _ 

23d ... .. 1321 _ 217 158 Hamhros 1B7 ...... t9.52 — 7.7 — 


91 577 io»i™ 

95-% 966 1135 &9fi ^ 


*■ «; 15*1 .\cucasuesHipc w 00 1 

106%|l02 | Warwick L!%% 1180 — ( 102m | 1 12.25 1 1L49 ^ 203 

DO OJ 
180 160 
49 37 

COMMONWEALTH £ AFRICAN LOANS a .1 


100 81 Hill Samuel 88 +1 1432 — 75 — 

600 425 DaWarrants— 462 - - - — 

272 203 BongShngg-ai. 269 -3 b059c - 2.6 - 

86 65 teasel Toynbee- 74 4.S — 8.4 — 

180 160 Joseph (Leo) £1- 175 ...... 18.01 - 6.9 - 

49 37 KeyserUUmann. 48 0.b6 — 23 - 

74 58 KLng4»as2Qp. 60rt +2 339 - 8.6 - 

114 92 nrewortBL— 103 4.12 - 61 — 

297 Z42 LZoydsfl 280 -5 9.09 55 4.9 5.( 


CHEMICALS, PLASTICS 


-202 15R Moirhead 181 ... 5.0 

93 67% Newman lod? — 90 *3 5 0 

180 158 Xewnart Louis.. 178 16.0 

46 39 Nonnand El 39p 46 125 

I £86 £69 PHtoD-:iner4pc- £34 -1 04 

203 ISO Pettc.-HldglOp 203. +1 gdS. 

£58*2 £53 FfciIipsFir-5V; £53%rf +% Q5%“ 

— K Philip- LpHO- 895 -H Q17? 


S& \l |?H} TTTcSLi&Xm. »’ ...... t|3 

rj?i in 81 H 62 53 Capo Allnun Sp.. 59m *3.45 

« ? D §4 ,5/ 31 27 Cfl»deM0p 2dm 2 . 24 

2M 5 V l° x Cnrol lxus. I0p_ 109 +2 6.0 

$, Is 90 61 f.xalt 88 43.0 

J 2 ffl 70 55 CoujtnyftpcSIp . 61 §23 

Q $, 73 50 CtTOTui.lciIrr.lOp.- 60 VZ.2 

iro 57 1?'5 ?'? 155 140 Crean'J.'Xhi..-. 155 *84 

t? 32 64 Crest Nlchofltip. 82 +1 3.36 


82 +1 3.36 


42 130 L*2 


* 8.4 * 104 82 


183 "I'" H5.B0 3B 4 8 83 199 169 \ ickersH lTOrtl -1 981 q|7 8ft 6.1 jjg 12S fn^hi Lmuctl 1S7 -6 19.41 

181 . . . 5.0 3 71 4 2 B 0 132 82 -.ictnr Products- 132 +2 13.03 4.0 3.510.9 ^3 Ml- Crwbv hpi's U*p. 17% 1059 

90 *3 50 * 8.4 * 104 82 W.%1..-- 1M c53 2® 8.4 9.6 j, 5 Danes* bVma 3 30 7.30 

178 16.02 5.1 4.7 58 117 109 WadtinSOp — -- 113 5 86 * 7.9 * ^ p, Mion ,j M 127 »b5.43 

46 1259 Lfil 8.5 1P.8 125 110 WaennlnduAtrl.. 325 16.92 11 8.4 8 5 ^ p^LaRue 330 §9.9 

£34 -1 Q4°» 14.4] [4 8 — 128 98 Walker.CfcW.i-.120m 6.00 * 7.6* fa M penbi-vrore-,. 83 5.44 

W3. +1 e*. 6 z9 6410.0)72% 55 WardiT.W b 8 ...... 408 J-f an» £82 ItoHffeftcCi W* £81rt 01* 


£10%|600 |AKZ0 OO |-% [ - - 

166 [86 Albright Wilson- 164 -2 44.61 3.: 


84 - 295 253 ffi7m -3 21 82 74 103 87 PlessejSlp 99 14 91 20 7.5 8.7 50 42 WeUmanEng'; 

fc? _ 97 M 92 -1 t575 23 95 55 92 70 PressaclOp 92 12.7 3 5 4 5 9.6 31% 18 W Broo5pg 1( 

li - 90 61 AU'drmfflto 73 -1 rthlM 44 32 309 U4 90 PyeWdgs 108 +2 3.57 45 5.0 68 49 ■ 40% WestlaadL- 

8 6 79 60 AncborChML 72 d4M Z4 67 55 242 196 Raal dktncs._ 237 *3 §3 88 5.0 2.511.7 98 79 Wm'mDnnsa 

63 — £57 £M* a BSraAaDMfiO: £S aoi7% L4 Z9237 97 88 RedjBusion 91 +1% 435 L9 7.3 1L2 97 73 W hessoe-- 

4 9 5 6 246 U2 230 +i" Bo LI 79 99 55 44 Hotaflex CLR IOp 55 +5 J.6 3.8 4.4 7J 17*a 12h WhenyWliaL 

S-7l.?-S 246 _ va tl K3J2 60 2.1 155 295 253 SrlwieiGHi 262 .... 16.65 L3 9.6 123 132 22% Witehousca] 

19 toSLBeozonOD 21 5.2 5 6 1 3 1 740 456 Sony Co. I'M 635 +1 Q50% 6 0.9 * 25 21 WWlamstTO*. 

45 BriLTirPrtLlSn Ifflj 154 29 41 1L5 » 33 5oundDiffai.5p 47 L09 5.1 3.5 59 84 52 wriirofcJonw 

10% BuireUSn ^ 10%d 0 92 0.9 13.3 iDJ- 41 33 TdeJuriw5p._ 35 11.17 3.6 53 itW 101 88 WoUElecLTm 

27 2 ScSeTrC it +1" « 83 42 3| 95 39 33 » *U7 3.6 .4 .57, 200 176 ^ 


965 TIC Philip* Lp ) 

I — I | — HI 86 Pifco Bldgs 

*451.1 3.?1 4j| 9.2 U? 86 


M3. +1 ego. 6 2 6 6 4 10.0 72% 55 WardiT.W. 68 

3%ri+% Q5%°« - QD8 — 52 38 WaraeWnshilOp.. 52 +1 264 

195 -15 Q179® 4 4.8 * 33 28 WmckEn*.20p 28 -1 *2.3 

94 t2.7 4 9 4.4 7.1 36 27% Weeks .Assoc. 10p 29 

90 12.7 4.9 4.5 68 129 103 Weir Group 121 


68 4 08 15 « 1)11 

52 +1 264 3« 7J\ ‘ 


! s 330 230 PvLaRue 330 §9.9 

? 0 67 68 Denbywarc--. 83 3.44 

S ? £87*. £82 BMUrt-fhO P)-M £Clm 01° 

H 21 16 DiamundSiTlOp 20 rdO.8 1 

IB Dinkio Heel Sp .. 32 ‘ " 


9 612313? 22% WtSS 89m +1 8129 * 39j * % 5SS3SK7 ^48 

0.9 * 25 21 Williams 21*Jd fl3 ♦ 8.1* ?? 7| SSStataKo " 13 

3.5 5.9 84 52 Wins 4 James - M 2.45 4.9 4.6 6.7 £7 £ P " ' ini 

53 (681 101 88 Woll Elect. Tools 88m hL27 7.6 2.3 9.1 1 I III- If mil! nmnlKn l Q 


95 91 Sih Africa 9%pi TM1 

70 £2 Sih Kh.M :*.-pc'C3TD 

«*6 81 ItoGpcTWl 


Cariess Cupel LOp. J 33 
Catalm 47 


11.17 3.« 53 (681101 
! 11.17 3.H 5.4[i5.7,|200 


— a -I - * ,• J— AO uiiibic nrei ju .. 32 0.78 

lii" H S’ H H 164 138 Dipl lima Ilirs . 160 ■■ ■ 345 

a 8 bib** a ±ay 

1 = : | s m ops* iL w i.r« 

16 li " V li I -4 152 122 DnnbeeCom Wp 136 +2 5 58 

1 * ni £ 53 42 Dundboum 20p _ 48 F213 

iil Ja fi f 7 14 12 Duple 1m. 5p- . 13% ... 0.59 

*-45 4.9 4.0 6.7 in* 71 


61% 


8.39 

81 %m 


1288 

790 


10.50 

131 MJ 

-3 

6.07 

89m 

+% 

10.11 


LOANS 

Public Board ar.d Ind. 

64% ] 59 ] Agn.;.Mt 3pi W» _ I 61% I . .| 


Financial 

107% 102% "FF1 !3[\ W ] 

110 102 tv-. Mpc T9 1 

114% 103 ft» MpcMJ 10 

65 79*; tCFi: &*ipc Deb JD« . 

81% 73% Do ftpcPb SI-SL 

99 95* j Do. ItVjpr V ns.Lc. 'B8 .. 

=«< 95% C*e nwt'niLn.m... 

101*2 °6 Do U%pc t'ns Lji. W .. 

71% 65 tV*. TvpeAIV'b m92_ 

71% 62 Do 7%peA Dt> '91-H — 

8-**; 74 DoBpc'.VBI Oi 

81% 70% Do S-ircLn TC V. 


20 4.6116.4 35 
B.0 3 MIL 7 


64*i 56 Minster Assets ~ 63 -1% 335 * 88 * 49 44 Catalm — 47 ..2 86 * 92*134 111 Tele. Rentals — 126m .... 5.84 * 7.0 * 

W* 11031 J IL66I235 - 172 SSWsaT 232 * 3.9 * £95 £89 CibaG’gyTVtui £92% Q7% * f|l - 392 326 ThornDwi 330 +2 1MJ7 5.7 J1 9.0 

54 I I - I - I 81 66 Nat. Gun Grp— 75xd t5.63 4.6 5 3 61 £99 £90% DolMCMUM. £93 .... Q 8% * (8.7 - 67 g2 fli roc FW. 10pl 66 ... 1L47 53 MM 

i°0 254 Nat. West £»-.— 272 -6 1L49 42 6.4 5.6 £»a% £91% Dp8%V7nv.ffiV05 £93 . 08%% * F9.0 - 123 88 I rniwh IOp - lg ^1 t3 62 2.0 4.6 16.4 

45 350 5ehmwcs£l 400 1155 - 4.4 - 77 64 CoaiUeChcm— 77 +3 fZ7B 3S 55 8.0 322 260 lid S<«Biific.-. 2Wm Mfi.O B.0 311L7 

55 190 SeccwnbeMCtI 220 13.34 - 9.6 - 75 59 CoalwBrw— 63nl . . 2.32 3 B 5.6 7.2 105 86 Ward i Crtd W 11*407 3.6 6.6 63 

92 70 SmithSLAub— 82 5.01 - 93 - 74 57 Dfc'A'NV — .. 62»tf . 2 32 3 8 5 7 7.0 *25% 20% Welle* Hide. 5p.. 25*a . • tL13 8.1 6.8 5.7 

1 27 378 Stain'd Chart £1. 398 tl739 3.9 6.7 52 20% 19% OnyiHorawiap 20 .. 0.67 5 3 5.1 S3 5s 42 Wesroijhouse . 50 213 33 6.4 5.^ 

10 8% Trade Dev. $150. S10 Q55c * 53 * 60% 43% Crodalnt IOp— 49 -el Z11 3.1 68 5.9,1? 14 WJirirorhE15p 17 066 3.7 5 7.1 

156 M GniooDiscEl — 300 U5B1 - 80 - -31% 16 CrysTalaie5p._. 25 L0.66 6.2 4 0 7.6 133 122 njf*MRtnp- fSJi.lf 

48 32 UDT- 39 - - - 1L5 57 46 Enahm Plasties. 56 4.51 1.212.210^2/6 1*6 Wisfill h.; — 194 N135 U|10.5|>V5> 


ifV ‘il MM Titf li \l 11 | % ::::: 

1? H SI S aSBtafc If.. «F M1MJ1 & m 


Wcodi&W.i20p.. 38 43.87 2413.4 41 Tte"*” Si, -1 

Iwh'seRixn I2%p 31% 2.32 | 0 6ill.2 .4LBi ^ 

|YoungA'st'n&Y 83 *03.07 1 bill S.fi] 12 8 ^ J5 gSSpSffc; j# 2 -? 


|*?55 220 |E?!*arlnd,.5</p...| Z55«lj 


16% 12% [Flbicf 5p 

44% 3°% E«v Wp 

■18 36 Elci’t (ni Sec . 


42% ... td!75 


e4 79 2« 5.9M 
N135 L8110.5|.195. 


al 38*' 131% 

lC3*a +*« 1259 11.53 “a 2 

103ul 13.59 11.40 ill as 

103%d+U 1339 12B2 30 

iA 6J3» U.OO li J q 

76m 8.2 2 11.60 1 02 85 

96 1L39 12.00 w, 53 

96% LL94 1ZJ5 Jog im, 

97 12 75 U 00 4 K 391 ? 

66 1LD1 12.40 * - 

63 11.80 13.00 

74% 12.36 13 10 

71% 12.90 13 45! 



£22% SL40 - 35 — 44 36 Farm Feed 40 ..±362 11 t 10.6 

62 3.03 J— 7.4- 394 325 Rmnsfl 364 +4 12 85 30 5.3 7.2 

19% 131* HalsteadiJ ilOp 18m . . 10.32 37 27 rlU, 

„ , . 223 156 Hkan. Welch 50p 223 +15 hl.46 8.7 24 6.0 

Hire Purchase, etc. 532 376 HoechstDMso. 522 -3 gi6% * 4.0 * FNf.rvFI 

£124 012% DurnlOSUBla.. £122 -1 Q10% - fS fc - BmUitK,! 

34 h2.ro L7 9.110.0 3B8 328 Imp.Cbem.fl.- 388 +10 16 52 2.8 64 7.B MArUTNE 

£54*; Q12% - 2.8 - 49 44 Do.5%Pf £1 44 3.5 W7 12.1 - • 

91^ +l‘ 13.% 2.4 6.7 95 107 91 U^todsMp.l 103rt +2 .. 677 15 lOlO ?llU UgS tt.CE 3bctaa?-J 1M 

42 gL87 3.0 6.7 6.4 £30*2 £22% NorstH KrW ... £26% -% Q12* 15 3.7 4 223 180 A.P.V30p 211 


FOOD, GROCERIES, ETC. 


10 - 

97 4.87 

27 MU 

17 - 

44 +1 b2.06 


ENGINEERING 
MACHINE TOOLS 


66 53 (Ass BriL Fds Sp £6 +1 121 


71 43 Ass. Fsheries _ 58 3.0 3 5 7.fi 5 6 43 34 Erode Hldfo Mp 35 hl.l( 

37 28% Arana Group 5p . 36*j 10 98 46 4 1 B.2 30% 24% Ewer Genre v ] ftp 30% L21 

A 7 u 4 78 72 Banks i Sidney C.i 74 td3.6 3.3 7.4 5.9 105 90 Eilel _ 98 5.42 

41 7 8 11 EtorkcrfcD IOp.. 12% -*« — — — — c>3 53 FiirbaimUiraiii 58m M5.0J 

,1 li * 83 b6 Bairi.A.G.1 82 h215 4.1 4.0 92 34 28 Feftiea IDp 30m 138 

a* 9? 95 68 Barrow Milling.- 69 -1 tqi3J4 1714 3 48 151 127 FcnncriJ.Ri...- 133 6 7 

5 9 7B 157 124 Bassett I 'Seei _ 137 5.15 3.1 5.7)r6Ji 1G6 87 Fenm-on tnd. - 1D6 §6 0 

■5 8 _ 73 48 BalJcj-sYorilOp SO fd331 3.9 10.0 8.2 58 27 FertJcnun 30p „ 30 rdl 2, 


23 17 Ellina rb'ro IOp. _ 19 M.19 1 

87 t? Elsonfcltabhms 87 3.13 i 

17TV* 22% 18 Elswick H'perSp 21% . .. 10.82 1 

, UiiV. £3<J*i £18% EmhartiVirp II f30 -% $2.0 I 

. M 11% Enpres' 5c rt IOp . 12%4 . dO 2 

124 1112 I.Alpme Soft DlOp. .1124 I.. ..{Ft. 5 4.1 7.9f 9.3 33 20% Eng fcOter'flBp 30 +% 20 35 

M 70 BivallXp . Mrt +2 319 3.6 58(5 J/ 84 75 Eng. China flAfs 30 +1 3.55 , 

?1 46 48 65 163 U1 Espcranra 13jp- 140 1508 

178 19.4 05 15 0 124% 99 Eon Ferro* . . 119m 2.8 


273 205 I Ass. Dairies 228 +1 b07B 19.S 05 15.0 124% 99 EaroFBirtee.. U9d 


7.ffl 5 6 43 34 E:odeHld to Mp 35 hl.14 


6.7 6.4 £30*2 £22% Norstfl Kr 80 £26% -% Q12% 15 3.7 * 223 1M +3 | « \\ 2| Jj 53 

— - U.1 85 74 Plys-j lOp 74 ...... tdl.26 6.2 16 9.6 U6 Ag** . ^ IS l i I , q? « 

7\ M 190 140 Ransom Km. IOp 190 12 79 75 L2 9:1 ,?3 68 PaA -— “ -j || 93 157 

73 t7.4i 62 4fl RentekJ IOp — 58 . — 151 2.6 4.2 13.4 ?25 Mw*G»0P— 258 -1 F10.0 3.3 5.9 7.B 73 


- — 95 82 Rerorles 95 5.16 

71| 4.6 215 190 Scot At Ind. £1. 215 12.0 


FOREIGN BONDS & RAILS 


BEERS, WINES AND SPIRITS 


150 108 Sttwari Plastic* 146 -4 td2.81 5.. 

15 5% Duut^Binhiliki 14*j 0.68 3.1 

23% li% RamiciBerilOp 21% 127 1 

303 162 ttoluenhglrac . 203 7.82 3J 

99 80 Yorks Chens 99 +1 4.77 li 


i'Z 7-ir€i56 ni6 Alcan SpcCni.-. £156 +% £4% S3 (5.8 _ " P M ^2 thl 4^ 4 fflTa S 1 « 

SI (i s 15 ““'Fp*"" « ‘j" i! "Sj !■! 2«‘ dS^XiSi— M -.. tiT H H g 


52 2 9 9 3 56 57 Allen W.G..—.— 56 CiB 

t'3 71 72 134 108 Amal PWser.— 131 J.2S 

2 S 9 0 4 7 57 46 Andsn.Selvde- 57 257 

5 8 7 3 43 32 Anglo-Swiss 37 — 

7% lie 124 111 AshfcLacj 124 46 6 

8% 5% Afs. British I2%p. 7 B- 

38 25 .Vimc Tooling.. 37 2 3 


- — ■ ■ -- ... — — _ _ — - - 25 Findlay i A R_> , — .. 

c?B2 ^ 5 7 6 t2 247 I® Bithr(J.i£I.. __ 228 6 60 6 7 4.4 4 4 51 37 Fira C*.ile IOp 44m.... 198 

?2S 5 4 6 1 3 5 200 155 Bishop's acres-. 185 1d2.36 8 5 1 9 9 2 45 39 Kittmlton. .. 45 HJ:3 

?£? fcaia'6 170 115 Do "A"N.Vg_. 147 tii236 85 24 73 56 48 Fle-riMl." *W 55 ...276 

_ _ _ _ 183 130 BlirchirtlConr . 166 4 62 4 5 4 2 6.5 195 71 FogarMEi . l^S .... 340 

db 63 24 81 78 124 1 ® 4 BnLSiuurMn - 113m tW75 49 6 4 3 5 lb5 128 FoMCPMinsep:. 154nl +1 4 58 

&U _ 1 to 33 £5 Bni Amdg IOp- 30% 0.51 7.5 26 80 94 31 FochersjUHar*. 93 ... 6.21 


9.4 28 7 eo 1 * 1 4 ,o J E ™^.— -I S' 2 


)S & RAILS U 3 

1K8 I I Price 1+ arlffitO) Red. 171 137 

High Ln \ 5Mk | I | — I Gras 1 Held 258 196 

l q % 17 AntofacirtaRlr. - 19 — — ny! 138 

34 33 Do 5pc Frel 34 — — 76 66 

°8 °S '.'hilean Mined... - 98 3 (3.10 122 100 

415 350 'kmunYn£4%pc. 415 4% 47 40 

5J 46 Greek Tuc .As* 54m 3% (6.48 157 134 

50 46 Deepens Sub. .Vis *9 » 1625 i*n 140 

+4 40 ftHpc 5b*ed Asr... 43 4 (4.76 l\ 55 

55 42 HuntHl.kM- .. 55 4% SOP ** 

77 67 [ceLind6i;pc«MB 67 - 12« 

88 84 lrr!dndT%pr '81-83 84% +»4 7*i 12.41 

■*i 80 rtosvipcsi ao*j +% 95 ua 

375 265 lapaD4pc'K*.\si— 365 — — 

67 70 Dodpc ’E3-03 72 6 1091 

160 145 Peru issJpr 155 3 l.« 

75p 75p i?i7F.6iiiT IPSO.— 75 6% 5-^' 

S99 S94% TunnOpc 1991. 594% .* ,?.5, 

p;r81 rarir6*jrcl3M— DM8I 6*: W-7j 

94 ®4 Cniguaj San _ 94 3*s 3 81 

U.S. S Jt DM prices csclude in*". S premium 


4 H.76 63 55 

41 * ,122 ^ 2 i» 

- J 2 ™ 1B7 163 

7% 12.47 ?6 18 

91, 12.85 54 « 

- — liq 93 

6 1090 255 213 

3 1.95 i9i 154 

*'J 8-| 7 158 129 

9 9.5Z im 83 

ft W I« B 

3»s 3 80 320 270 

iremium 470 360 

70 52 

71% 62 
107 95 

121 94 


IKS , 

High Low ] Stuck ) 

17 13*! lASA 

60% 60% .\MF5'oCunv.R7_ 

31 22 Anas Si 

31-'« 21-^ .unencanExprea. 
33*! 11 Amer. Medic. Im.— 

15% 969p .Asarcolnc — 

44% 28*4 Baker Intnl Carp. 31. 
19% 11% Rarne, Grp 36*i— 
32*j 22 Pcndit Corp. SS — 
201- 13 Beih. Steel SB-.-. 
11% t>25p Brown gFer.clIPj.. 
13*2 857n BmnswickCoronll 
61% 4l-j Snn*HighiCi)il>.S 



AMERICANS 101 82*; Iffhitbread'.V 100 

I 1+ er| Wr. j Ikrid '206 1H5 W(4i Pudle;- 206 

J £ _ | Gre» |cn|Grt|172 145 \ mmE Brew 'A‘50p| 172 


92 

+2 

3.9 . 3 

43 


m025 

170 

+b 

T4.B1 

254 

-2 

b4.7B 

43 




162 


3.91 

74m 

+2 

3.50 

116 


t3.92 

46 

+2 

1L64 

150 


U6 6 

147 

+1 

3.10 

62 

+2 

2.4 

132 


15.21 

182 

+2 

654 

25 



50 


b2.8 



12.62 

255 

+3 

T653 

182 

+3 

702 

142 

+3 

2.9 

99 


tZ.03 

142 


3 55 

310 


462 

470 

*10 

12.45 

(A 


£31 

69% 

*2 

t33 

107 

-1 

1 no 

121 

*1 

t4.02 

100 

*2 

3.97 

206 

+1 

5.74 

172 



1239 


£ w,£nl -nft" 20%+VtlOl 2.9 7.5 71 » g SSB**- g ~{ 

100 79 Aurora HH, 92 5.2B 3 8 8 7 4.2 4 | 4 1 nSwS' S +1 

15 92 AurtiniJamesi— 107 .. .. 15.3 22 75 9 3 f? S " 

M iaa Inm ... I6i.rt +1 10 9 9.99 li w — _3* L91 


h 


7.2 * 90 71 

5J 111 IM 98 

5.4 10J. « 

75 82 M 55 

3 3 9.0 “% ,l®a 


95 -1 1391 44| 62 5 71^®" 104% Danish Ben V£I U4 +1 664 
«m .. .. L76 ifl 6l.4a> 7 S Etot^UP-ip- .88 3 93 


m.0.25 - 0.9 _ 115 92 Ausin.Jamesi- 107 .. .. 15.3 22 75 9 3 72 at 

14.84 3.2 4.4 10.7 166 142 Arayt 166m +1 5.81 3.0 5.3 95 l\ “ft * » 

b4_7» » uju CINEMAS, THEATRES AND TV “ “J BKM.- ^ =1 of H f:J il 1 ,™, » 

,0 ’ ” ,2 * BSSSR: tlVa? 11 till™ g “ 

"* “-I 5 b P ll 7 * 59 42% BanroCtm£20p. 59m +2 hi 16 3.7 5.6 73 I4 i 

=' Z „ J 5 ?:l J, 66 46 Barton fcSons _ 65 3 21 3.5 7.6 5.6 ^ ?? England U Erap 29 

25 ®- 5 2-1 53 43 Beanfard 10p-_ 51 ri3.34 1.8 41 B.S ! S’ ^"v $6 

119 7r 7, H l 7 'i 16 Bevan.DfSp- 17 tl 33 23U.9 6.0 ” ^ S 

U2 ts6-6 2.5 8.9 §970% 59 Birrod Qnalcaa . 65 4.46 L6 10 4 9.4 7 J il SSrCj??^ « 

1 53, JW 9 iH-rlg 7 8 84 58 Bonghm. Mint ._ ffl -2 4.42 0 9 3.3 198 & £ 51 


J2 76 3.3 92 37 800 485 Franklin Mintl.. 715 -15 Q30c 

3.04 1.9 9 0i7.2i 70 W FrtuthTh^ IOp 64 ....2.55 

2.63 35 9.3 3 4 93 85 Fnedlan-iDgl _. 91 3.13 

L91 4.6 6J 52 480 410 G R. (Hdgsi 50p_ 455m U8 99, 

L91 46 80 4 0 197 149 GnMnrr.Y . 197 . ... 3.95 I 

4.57 1 3 7 4 18 5 8 3 53 Gibbons Dudlw. 81 2.53 j 

4 57 1 3 7.6 18.2 190 160 Gibbon* (Si. -.- 169 .... 3 3 I 


38m 2.2 * 8.8 * 

65S 0423 2.5 6.5 9.3 

25 10.33 — - 93 


124 i?i* II 76 1:1 S M S5SSS& « 

ij 89 1 Wal 7 | Vj 1 2^3 1 A 6 ^6 j T 101 58 Ibam^UetlOp « 

I * J2 55 ISgftLTV 7A Wpl -57 ...... 2J8 * 6J * w 71 Blackwd Hodge 87 

133 AlOp. 50 -1 783 2.8 8.6 ^ 56 35 Blnkoi,___,._ 52 


6 64 3.41 8. ffl 4.9 1U4 
392 6.S 6.812.4 64 


35 (Gieu-sGiMup. . 87m [. ..Ice .'uh 

46 GiH^mrlftp , 64 1+4 [t2t>4 

58 Gla.-,fc tidal IOp. 71 . . 3 03 


1.42 3.11 7.4 U 610 515 telunSOp 585 +2 tl0’7 


35 U.4 52 UWerTV-.r 

39143 26% I 23% |*S«stwardTV 1C 
52 8.6 
3.1 19.7 


oi - * «« sa m 56 35 ■“«?» 52 *ii.98 1 ' 

S" ’J fSKoS 35 21 8onserEne.2Dp.. 31 -1 L44 3. 

ZSa, l ITL65I L9|10.0| 7.9 21% 18% Rouhnn Wmlflp- 21% +% 11.37 2. 

39 31 BrabaniMilIlOp. 37 .... thl.«5 3.: 


5 6 Ll arilS 4 50 44 •mldrei Foucaid 45 

ZW 4 t| 5160 « S 6 Itate-V.PAk 65 


-1 +16 0 2 
... 064 1. 

+1 §4 OS I. 
+1 1.23 1 


2 8 * 3.2 42 40 Gao me Photo IOp 42 ... 12.54 

1.4 8.E12.0 24% 17 Goldman iH»10p. 20 ... 0.57 

1.6 9.9 9.7 86 72 Gomnu-Hlds 72 -3*Jl,02 

29 7 4 6.9 58 50 Grampian Nigs . 57 +1 (399 


td?.43 2W 8.21 7.1 100 84 Granada ',Y. 100 

g3.05| — J 71112.1 1 54 37 UnppcrralslOp 45 


5«13 9 “ ,53 ,IS -t-- *4 06 2.6 10.4 5.3 Zb 18 Gro.ebvIICp.5p 2«,U 100 

7 0 6 9 2 3? HlHard-Uip ._ Z33 +1 4.41 6.0 2.9 61 27% 19 liall+oiNlJjrtJOp 27*- .... ZP26 


0 7 16I1 5 * jHinion iA,i IOp ..I 87% 


£o fcllLO 


DRAPERY AND STORES 


150 129 6railh»niie£l .. 135 

37 3l ErasiraylOp 31 -1 

37 32 Bfiouse Dorl IOp 37 

9*i 5** Bristol Chancel . 6% -% 


thi.45 U 5:9 5.2 ^ KraJtSZSO _ £38> 4 -% IVS2 32 2Jd 34^127 -7 17 Hamllbonic'bin'' 

th-87 5.2 4.3 38 ^J 13 IS •vmkSaielCp COm +3 th2b 23 49jl23|104 34 HamraiCpac 

dD52 b9J 2.3 71,5? Al IOp. M +1 rttl 5 i«l 6.5 1L7154 124 Hau«m Trust . . 


1216 2.S 8.91 7.5 


ii 176 128 Unfood 


9*2 5*# Bristol Chancel . 6% -% h0 26 0 9 6 5 <Z72> l J2 l /0Cfc S p ? 1 4 

104 85 Erilish Northrop 86m +1 b 00 9 10 6 * -If tS f^" 1 ' 

93 75 BriL Steam 3>p . 88 . . h4 67 1 9 B.0 10.2 }?? 21 'Wta.' JOp — 98 

70 53*2 Broekb>juse 70 +2 t3 62 2 5 81i57. ?1\ Lwhw J ■-.! , 93 


L38 +10 (9.39 1 22 10.3 . 5 8> CS9 C7? | f»>*C;p-Chv 


50 Halm.iiOp-. 60 

17 Hamll borne I3jp 27 0, . 

34 llnnirnnCpse 95 

24 Haii^n Trust. . 146 

77 (kifC ; p'C nvfiMC CSS 

51 Hnr:n.wtsa)p 57 

65 llam' Ph i'J)p. 68 

45 Ilarrtr A- Sh-Miion 59 4 




1U 41 33 [Amber Day IOp.. 38* 2 +1 fdl.95 3.0 7.7 53 38 25 Bronr&ig 10^'.' 30 


lbrt | 80c I — | - 8 

60% .. 5*J- «4S 

2fim -I I SL75 1 — I 3.5 


3074 ^4 
2(M -1 
14. d -% 
43rt -% 
18 -% 


5L40 - 26 
30c - 0.8 


62| 6J. 40 33 AquaseutumSp. 

4-3121 40 33 Do.\VSp.. 

2.5)15.9 37 30 AudiotrOnic 1 Op- 

31 18% Baker's Sire. Hfp. 

107 84 Beattie -Jr.V 

34 25 Ben tall* IOp. 

19 33 aftmafcC«u2Dp 


157 4J 


mini 7 5 1 152 120 Matthew* 'B> 135 

3 4.5 91 75 Meal Trado Sup . 77 


37' 153 3.11 621 79 38 17 Brooke Tool . 35 'fo 3 9 43 64 47 S .Mnrci>n Ed> IOp. 44 

35%+% L53 3.1| 6.51 7.6 U4 9? Brmiwrti'dP 54p. r 146 -1 b6.35 21 6.610 3 i? SS Morri- mW-lOp 77 m 

31 433 l2 l| 7.7 100 82 BromifcTavse- IDO +2 t4.38 3.7 fib 62 ,2f H >w*J*’-'m Fends. 89 +1 

ia LMCI £71 2 11 in m 711 , T-t- r- -t-i . t 77. - - - - . . mo 7R VniY?in trL m,. 


31 03 12 4 7.7 IM 82 BrornilsTawe- 100 +2 14.38 3.7 fib 62 ,» 77 Nwhen, Foods. 89 +1 h2’l 3 9 3.3116 114 % Hotair. .. 97 

28 ht«57 6.7 3 1 7 4 372 231 Brown John £1 _ 372 +fi T8.58 79 3.5 49 I? N*«*nMtWp- TBm . ..0184 5.1 3b 85 24 20 HewitliJ i3p 21 

107 ...._ 2.32 4.6 3.4 9.9 *143 100 BuU«igh!0p..„ 143 +7 itlfi s.Q fis 54 27 21 Panto. Pililp „ 24 .154 * 101 * 41 35 Ilirinaiitnn |rt P 35 

34 ...... JJ8 25 5.31L6 41 30 Burecss Prod 36 *2.33 4.4 98 Z9 3 25 PnrkParm.MOp_ 666 -2 *d250 * 5.8 * 115 92 Hill.Gha.sifl . 108 

15*i ...... L04 0.4 10J 34.0 69 59% Buirertlild Rw„ 59t 2 t2.13 28 5^4 103 ll S JJtaiWJ.»i«p_. 30 dO.oe 04 3.3 W9 38 28 Hire Mai mn:3H'- 36 


Jg H BUILDING INDUSTRY, TIMBER 51 2 47 iBr mner.„-_. 
ft - SS AND ROADS ^ S lBntHfl “ art 


13 |BihnafcC«i.20p„ 15* z ...... L04 0.4jlOJ|34.ij 69 59%lBntreTfleldBw™| 59*? ^ ^ t213 1 28| 5 4lloi I 30 P*keiWJ .iOp_. 30 

Ilf lBoardnunSOap 12% 0.98 ■ 3.l|lL9l 3.01 69 50 pmfnrtEacHSpJ 69 +1 b3.5lj 21] 7 !t 1(7 Ji| 20 14 RaknvccGrp.lOp 19% 


3.69 50 51 60 bl 51 Hnr;n.wtsap 

— - — — 76 65 llamt-Ph >20p. 

5.5 24 8 5 5b bl 43 HarfiffcSh.4ifcfi 

17 69 14 12 5 7 9 7b% bfi llaukuui Tii»-in 

d9 15 3 410 3 <14 ]Vi 7’j lhKtm5p. . . 

td7.2b 1 2 14 5 9 0 51 34 (fan •Sitmii- Wt 

1191 _ i - lfr4 120 Hai .tFharfCl 

h*10 75 7.5 1.5 13 7 89 72% llep^-nnhCTiik; . 

h2’l 3“ 3.3116 114 96 Hwtair . 

dl 84 5.1 3 b 85 24 20 Heiviltii i3p 

1 54 * 10 1 * 41 35 lliriuaicnn m P 

W750 * 5.8 * 115 92 Hill.Gha.tin . 


19% ll“a RameiGrp S6*i..— g. hi La i ill and roads 

IS? 13 vw -? SJ J? — ’ f H « 81 AbmfeenCijnst- 95m +1 4.61 7., 

Il4 b25p Brown jrFcr.cl(?j- ll% •••• • 4 5 c — 164 138 AbenhawCan... 142al . ... 676 3.9 7. 

I3ij 857p BransmckCoitMlI +1 = ~ IS -ei « AUiedW artlOp - -‘■it |h0.7 61 6 

61% 41% BnTTtKighsCilrp.S5 g.00 - 10 -5% 59 .Vp gageSh nkE. M +1 1 : 426 L2 10, 

45 30*a CBS 5250 436 -% 52 43 — 31 272 220 A,P.Cema4£l_ 249 +1 934 35 5. 

41i, 23% nttt 39 -2% 5250 - 3.6 251 203 BPBIockMto_ 233 16.93 45 4. 

+k 45* ? m -% SI |0 - 2.2 34 31 Bafigeridge fefc . 31 231 L41L 

2?C 17n Chaw MTilnillA- »*i -1% S2.y0 — 4.9 15 10 Bcffo-Ben IOp— 10 fdO-55 1.8 

21% 13*1 ChffebnuighSl — 204 -% ~ =-6 50 44 — “ Mai „ a 

11 765p OmsierSfl.- 9Zlg*d +7 SLOT - fi. f 13 100 

21V 13*- (VicorpW ... 19% frSs — 31 27% 20*, 

12^ 7 r.p file Ini Sirs 12% +Ji SIM — 9 5 31 17 

26 14% Im Cm t rf ESI .- 22 -Ji S2 — 57 57 47 

IS*. 12% C-lealeP.Sl — - . 17% -‘a fl-™ — 3.3 69 t* 

i7V 24 Colt Ind- SI . 46%-% i? 15 — 3.8 7b (rf 


21% 13% iVirorpS* — 

12% 7”.p OieJni 1)25 

25 14% ImC.T. rrfESl.. 

18% 12% r-IealeP.il — - 
S7*s 24 GoiUnd-SI.— 
25% 15'r Coni lliiwisllu— 
25% 17 CtmUMISS 


17% -% Si 00 — 3.3 69 
46% -% £315 — 3.6 7b 


SI 32 - 3 0 67% 61 
- 3J 68 75 


233 16.93 

31 231 

10 |d0.5J 

SO 71 9 

106 -2 tfl.06 


4.61 4 J 7.3j * 130 99 

6.76 3.9 7.2 62 35 28 

th0.7 6J 6.3 5.4 45 40' 

426 12 10-L (115) log 151 

934 35 5.7 7.7 « 73 

16.93 45 45 73 96 75 

231 L41L4 95 w, 8h 

JdO.55 1.8 J10.2 105 54 

12.9 33 8.S 5.7 217 162 



12% 0.98 ■ 3.11L9I 3.0 69 50 Fandom Esc. IOp. J 69 +1 b3.51 2.11 7 71(73,1 20 14 Raku>cnGrp.lOp 19% . . - — — — 67 61 Holden . 

M'i 0.62 1.1 9.0 14.9 75 53 Capper-NeiU IOp] 73 +1 thL92 5.0| 4.0| 77|.|H* -’S. 1 * — 54 +1 5 t329 bl.gj 9.5J 8.7 73 54 MolINBrw.. 


51*d 3.32 

zoom +1- 627 

32 . d<L55 1. Si 12.4 8.7 48 

120+2 L5 — 1.9 — 70 

114 L5 - 2.0 - 48 

31 -1 12.04 15 10.0 iM. 76 

42m fi2JL5 4.4 7.7 4.9 92 

169 3.37 7.3 3.0 6.9 162 


146 +2 14.95 
85 +5 *3 3 

97 -1 1684 
21 1.03 

35 .... W107 
108m . . 7.26 

36 LB 

63 . . b33 

64 +1 14.0a 


5.3i67i 148 119*s Hull Uwd Im Wp 138 +1 700 ' 

5 0 9.7 3« 315 Homer A 323 ... 14.C 

i 4.9 7.3 *99 71% HoriiunJMU 5p 98*4 .... M5.64 

1 21.4 6 6 173 122 HvAimtellSOp 168 ' ' 


iini Tc-inS n ft OiriayBro? 45 12.31 1 5.9 7.8 55 32 Sl,ll|,T fv 26%rf +% 135 * 7.7 * 31% 25 Howard Troctij, 28% tl.71 

t^04 1510.0 i&4i 76 61 Clayton S«i 50p . 74 4.39 3.9 9Q 44 39 34 SqnmelHnlSjp. 36 _... 154 3.6 61 68 235 183 Hunting .Assoc. . 235 295 

$2 ll f* R 81 OftartiOuEft. 92 _ _ 69 182 140 StocteiJosephi- 140 3 52 6? 3.8 59 119 82 Huntleigh IOp - 102 2.35 

3-37 7.3 3.0 6.9162 140 Cohen iA|2Dp 160 14.98 b.0 47 3 7 a ? 168 Talefc41e£l.- 168 1314 2.411.6 4.1 81 49 liirieh tth aapIHKI 81 +1 y2tt‘ 

3.24 3 7 5 2 7.6 104*! 88 Comp\ir._,_ 95 3.62 3 3 5 8 71 ^ 97 TavwurRuifflp 98 -1 dS.Bl 1.5 90 95 38 21 HitnantUJ.tSp 37 -1 11.9 1 

d0.48 * 0.8 * 45 38 Concentric IOp,,, 39 +% 1239 3 4 9 6 34 «b M TescoSp 41% tl 48 3.0 5.4 1.3 £21 £14% I.C. IndustneS ' £20?* -% 125152 

- - - 22-9 27% 24 i'«*P Siff ZOp.. 26 tdL55 29 9 8 5 7 57% 47 Unlpne 57% +3 1 21 8.2 8.1 298 20b JCLU . . 297 -1 t?.42 


95 3.62 3 3 5 9 71 US 97 Tav«*erRuL20p 98 -1 d5.81 1.9 9 0 95 38 

39 +% 1239 3 4 9 ffl 34 98»j 38 TescoSp 41% 1148 3.0 5.4 9.3 E21 

26 fdi.55 29 9 ffl 57 57% 47 iinlgate 57% t31 2.1 52 8.1 298 


2 ** 4.7 t '3 14 Custtmwgjc lflp 

'• 20 4 5 3W 89 Dcbenhams. 

- , 1 %Z 5 T. S J t - , "2 54 Dewhlrstlftp 

-y| H | f “ 176 128 Dixons Photo IOp 

• * li P 17 a«sttaW5pJ. Z3 190 

m 1 Ipo $» ?- 1*6 136 Bn pirt Stores.^ 171 +2 4.82 

-• 5 Jfi 17 9 -S ,J 19 15 F>irtaieTen.5p 18 1.06 


- 18 15 Do. ‘A 1 


17 1.06 


40 Ewonil .. 

12 &70n FirestoneTunil — 
16% 11% FlrrtCbkapi— _ 




-% !S3. 201-j 4 7)177 


(Bryant 
Burnett & 


61 +i G03 IS iLU ^ StSAStei 48*a-%"l.ro 

55 ga U 1 7 lLo ,2?% FWiBtiivJflP- 30 * . 1MB 

!2 -Mill II m5S 95 SSSSL”!: SS 


26 4 3 125 iS ,J H Oamn'ihlni.ap. 10a .... tO 8 2 8 6b 9.1 

“ - 287 26 12 Draft 3ICL.VI0P 20 . .. fa0.6b 65 50 4.2 

So S2 247 +3 t9.9 2.8 6.2 8 2 

L9 9.4 55 25 IB DclamlOp 25 . . dl.51 0 6 4 3iU8i 


HOTELS AND CATERERS 


SSs|:hlSL5!|r|15FSS|’Ste|-| 1 SS SSflmiSfS 2 I 1 iffl 


32% 23% Jendquo 25 . . riii 0 

*11% 10 JoSt^lEanirt 11% ... — 

108 76% JobiuiHiClnr- 94 -3 389 

480 375 Johiucn Win £1 440 + 3 Tl'38 

42 32 JounlaiiiT , li)n 39 2.89 

31 28 KatanurtM Kip 30 -h *1.95 

118 92 Keiscylrhk 101 -1 3.23 

31 23 Kennedy Sm, lup 29 ... §1 58 

£10% 900 KerdiawiAiRp. 975 15.9 

72% M Own FZ-HldjW. 72 . 3.02 

95 . 7» LCF Hi* 94 +1 14.36 


2.« 7 8 47 

* 5« * 

44 69 SJ 
4 3 79 36 
S.i 05 474 
63 4.V 51 

* 44 * 

* 202 * 
47 63 il 
3.0 92 52 
L8 a? (77) 
* 121 * 
IT a.9 45 
16102 92 
18 3.7 (M« 

* 62 b 

3.0 64 80 

42 65 51 

43 Bfl 45 
4 6 45 7.4 
46 JJ 7fi 

1.9 99 1422 
94.7 2413.7 

- 4.0 - 

2.1 7i U 

20 Bl 57 

8.9 14.1116 
35 48 93 

16 93 95 
02 36 67 
4J 62 Si 

34 34 132 

t !H 
1L2 3.1 3J 
20 81 SI 
IS 24 35t 

* 95 • 
23 43 73 

35 5.7 71 
15 10.2 9.7 
£6 96 77 
26 i3 7J 
49 51 Si 

* 8.0 * 
60 92 3« 
S3 23 Si 

30 88 SI 
13 91 Si 
34 10.4 i32 
3.4 7.4 5( 

45 9b 17 

3.6 3.4 73 
34 37183 
57 19 7.1 

4.7 7.8 41 
* 6.4 « 
45 b5 53 
18 93 4.9 

3.1 67 66 


25* 9.2 67 
3.3 5.MB.9 

36 3.gi0.1 

3 4 4«95 

26 || 75 

IS S ?! 

* 11.7 6 
« a.i » 

* 5.4 6 

3.1 5.9 11 

5.0 5.7 38 

37 81 51 

22 62 9? 

43 Si 61 
0.9 84iai 
L9 fialu* 
41 4 j| 54 
02 49 751 
124 11L* - 
SJ 6.8 67 
4.B 3 7 Bl 

5.1 33 

b27 66 6.i 
L4 9.11LI 
- 20 - 
LB 93 065 

L9 67ttJ 

32 67 7. 
3.8 53 5- 1 

0^9 "m 

26 8.7 7. 

2.6 9.2 7- 

* 66 » 
54 48 5. 

14 100 9. 

23 62 J 

21 9rf 7, 

If hi 

19 5i 9.' 

- Ji - 

- 25 - 

- 1SM- 

25 47 f 
30 55 7. 

* 36 4. 

4.7 49 5. 

22 6.0 1L 

* 87 * 

2 4 13.1 IL* 

* 6‘ jf 

2.2 7.7 « 
L5 86 tt 

10.1 64 3 
0 96 * 
L7 6812- 
_ 8.1 r 
29 77 * 
96 26 5- 

* 45 * 
11 10.1 7. 

- ri- 
ii 60 5} 

4 4 5i 4 

51 til ¥• 

77 3.0 6j 
M 47 41 

* 31 

15 ;i y 

3? 27U1 

L9 °2 67 

- *f 

LO 10.6 46 

c ti 

v a t 

h a n 

11 % i\ 

1 ? 21 

« ”ui 

* 4“ ♦ 

1.1 

35 64 ‘i 
3J lll'tt 

4i 7 -ji« 

l J ioiV 

36 7.9 57 

i 7 ?! J! 

2.0 7.011-| 
3d 871W 
A 4.7 ♦ 

* 90 - 

* L9 *. 
70 35 6^ 

J S?{ 

52 3« j! 
28 36 J|a 

ivii** 

h fi tj 

1.2 l^J ^ 
M 63 J j 

43 JI 

ihi fi 

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22 7-01 








iQimiHnriJ 


[+ orj Wv 

fru 

1 — 1 Net 

CitIgfs 


WllfTTFrai 






[+ o\ 

HU 

J YM 

Price | - 

Net 

[Clr CF9 



o fully integrated banking service 




unolfta 



0115 


Head Otticc: Osaka. Japan 


'••>'• “'••a- t 


EIMES— Continued 

CENTRAL AFRICAN 

I Start | Prtit | + -"| Set 


IKS + « M*. 

Hi* let Start Prtr* — Set 

:i3 1155 Falcon Rh-Wr — . 168 . — Q50e 

'i I 25 RM'nCorp lt?]p. 15 — 056 

75 I E2 RiJanCtnr.M ... 75+3 — 

36» 1122 T.'flWHVikjSJp. .. 162 +7 Q11JI 


oP 73 I*> Piet A>p EO — . Of**"' 

■il 52 IVinkiei'ii Hh 1 _ 35 

Is 10 lirniCp.'.StrxCI- 16 +1 — 


rtf 

Cwfe* 


U 68 
164 4.0 
14 ISJ 


ia» 64 

*» 63 

148 
:: 4a 
:» B1 
•7 30 

:i<j 125 
:■» 30 

«!; l*j 

j]- 79 

i:ij 8t a 
if.t. 11 ? 
JJ 30 
L'-?\ 750 

:.o 12 

4^4 510 
15o £4 

70 35 


?3 24 

7 oft 240 
60 45 

~0 200 
IJ4 HI 


130 
73 
10 
t«8 
450 
280 
40 
50 
210 165 


205 140 
383 230 
:o5 134 
75 55 

10.) 85 

IN 74 
220 148 


AUSTRALIAN 

MrorxSc 13 

BriiciinnUrsCiToca 126 *5 

PH>MJlhW 99-4 

I'dnrincftiouac.Vk:. 243 +17 

i?M KaJfiocrticSl. 55 

ilrmptn.’dxa.'f.** 134 -3 

Metals El Sue - 37 *10 

Ml ft Hide* Sue . 210 -6 

Mount Lvtdl 3c. . 27 . ... 

Xnmulin- 5 1 * +1 

N-niiKHdlMc .. 114 id *6 

Nth Kiilcurli. _ 13>; + •; 

• ‘□kmdjeS VI 152 

T'anlicvorp-f 43 .. . 

Panmnl'lSc £1T« -rl, 

I’nniiiaMlExsp- 29'; +3 

ft.L.-fc\if!;Midf*t. 495 *13 

Vtc*tiL ViniivMc 131 +4 

Wlum Creek ah- . . 70 +10 


' TINS 

Amal Nicer u 26 

AvcrHiiaraSMl- - 360 

teraltTm . 57 

BerjunUiSMl. ... 290 

Geff.ir _ 145 

GnM 6 Bose 13 ji . 10 

Gopcnc Curs 290 

HencLunc 165 

Mru>10p. 90 

JnnUr 13;p 10*; 

KamuntibCsMOTal. 68 

KiiliniUiall 480 

SU*!lRnlSHKSMt. 400 

Al'atum:- _ 66 

P. n.'kaJenlOii. . 62 

PdaWsUl 210 

tofhni ..... 55 

i»thn Matoim SMI . 305 

Sungoi Best SMI - 205 

SiifTvmei'oni SM; 75 

Tanjonc Up 92 

Tonekth Hrtir SMI 100 

ItonohWI 220 


4151 

+5 relate 
-2 3 75 
+5 ajUOc 


...... zasse 

0125 

*10 t09Sc 

:::::: W 

m 

B377J8c 

+10 @3L3e 
+5 — 

ZQlOc 
65 


bHRS 




COPPER 

% 1 70 )3teamRaao | 95 1+2 ]«Q30c) 19f * 

MSCELLANEOUS 

17 9 Duran MuwlTi-p. 16 — — — 

300 220 Cm. Mur* 10c- 240 -10 Q30e 26 75 

3(.5 245 NertbcateCJl 350 -5 — - — 

210 1M R.TZ 218 -1 95 28 6.6 

4ab 30 Sabina Ind«.C51— 42 — — — 

£31 75D TaraExMiLS] £10'; — — - I 

45 43 rehKtflfineraUlOp. 45 L33 4 45 

167 120 Yukon Cons. CS1 165 -2 Q7c 2.9 20 


[Highlands 
1 Kuala KeponR MSI 

Kidin: 130: 

Sumatra 10 p 
taflMSl- 

I jv-t m.uarRiie’lOp 
55 fflanuAioofflijs. »j> 
37 [SungeiKnanltip- 


TEAS 

India and Bangladesh 

213 1175 lAsdin Dewars £1_ | ’ 208 L....U9.51I 5.9| 6.9 
385 280 [Assam Frontier £1_ I 303 hl6.25 45 8.1 


118 . 104 
264 2012 
300 212 
320 222 
ZJ5 ISO 
420 390 
25 22 

228 181 
172 138 


Invs.a 

Plants ICipu 
£1 



118 7 0 3.7 9.0 

26U +lj 41.38 Lb 113 

300 *12.00 35 61 

315 *10 00 65 4.8 

235 ...... tl3.5 7J 8.7 

390 15.08 4 9 5.9 

24 1 ; -u #F1.72 :-2 113 
222 +f P13.0 3.5 8.9 
169 9.0 47 83 


Sri EaiAa 1 

210 [123 [LnmrcaCI 1 135 |-5 1 55 | I5| 45! 

Africa 

520 [390 [Wzrfyretl [ 520 |+lfl[50.0 [ 6 [14.6 

170 [130 


520 *10 50.0 [ 6 [14.6 

170 13.0 1 * Ills 


MINES 

CENTRAL RAND 

385 pflO [Durian DecpW— 235 *9 — 1 - - 

416 K44 East Rand FmRI. 284 ±$5*16.4 ± 

£36';[e 29 1 « Waaiiomn Eft R2. £33^ $3=0c 25 6.1 

178 [ 78>2 (WestRanii R1 126 y 13c 5.7 6.2 


EASTERN SAND 


93 571; 
33 18 

366 235 
152 76 

391 271 
52lj 35 
1M 67 
731; 37 
60 37 

730 517 

63 31 


Bracken B1 
EastDagcaf.l 
RRGO. 
GrootvleiSOc 
Kinross Rl 
LeaUcSSc. 
MarieraieSOJO. 
i African 14 36c 
TaifcmianRl 

I'mkelhaakRO 

.It Med 25c 


651; I .... n?25r 
26 -llJtO20c 
357 -5 N25c 
95-; -2 Q19c 

353 fw34r 

«i; ... tQ3c 

91 -It Q46c 

431; -1; — 

50 Q25* 

6?2 -t tv36c 
42 - 


FAR WEST RAND 

328 -5 ♦«¥ 

912 -i2 *yi 

79U +11; - 

304 -1 VOl 

705 -b Q7! 
- 195 . .. - 

109 -1 081 
£12J 4 . ... *31 
511 -9 <331 
535 -1 
450 —9 Q2 
235 -1 QZ 

£12ig $U 

199 -4 tQ! 
£21 -i„ QM 

172 -3 QL 
790 -2 

204 -3 


NOTES 


SjIrtoVaa allMrvrivp indicated, prlrea aal net Ji Mm Ji am in 
£ Aj rra« and dmeoafnaUciu an- 2Spi Eallmawd p+*i »«nliy 
rrloa rod coven are beard an latest annual rrfnrti and acoamita 
ati «han paslbtr. an- updated n hall-rtartr tifpnn. FlEa an 
nlroUud on Uk taaaia af net dlatrltadtro; tn c faa t flpaa 
hCMi It per Rd. nr mn d tgn enee If calculated au “nil" 
dlctrtbnUbn. Covtn. are baaed on “n udwn i~ ttUMn. 
j Yields are bard on talddlr prices, arenwa. adjunad te ACT af 
*-• - per cent, tua! allmr far nine at Retired AUrlhotkaa and 
4 o rlRiita. Securlttea artlb deoaotoatloua olbtx than ttey ara 

3.0 qtUpted Indnsltr of the lmeatamt doOar pmtdnm. 

U Sterling denominated securlues which intdude lmeatamt 
dollar premium. 

• "Top” Stock. 

’ and L*»w» marked Urns hate been adptned to aQow 

for rights issues for cult, 
t lRtenm tlnce increased or resumed. 
t ltucrlni since reduced, passed or deferred. 

6.9 tt T-vtfree to nms-residenw on application. 

8.1 • Ft purrs or report enrolled, 
a 0 Tt Vnlisted security. 

ll't a Pnc-c 3i ume of suspension. 

u 9 I otlicj ted dividend after pcixflpf: scrip and/or rights bauer 
ecner relates lo previous dividend or foiecoat. 
o'? ■” Free of SUunp SHitj-. 

P-Q ♦ Merger hid or n»r«aiuaaUon In progress. 

♦ Not comparable 

*L3 a Sra-7 inuuim: reduced final and/or reduced “"■'■r 
89 tr.it. rated 

fij * Fou*asi dividend; cover on rarnuigs updated by latest 
interim staictnenL 

r Co- cr aJUnrr. for conversion of shores not now Tanking for 
dividends or rar.tanK only for restricted dividend 
43 A C J»er does not allow for shares which mar also rank for 
dividend at n (uiuit dale. No P"E ratio usually provided. 
V E- 'hidinr a final dividend declaration. 

* Regional pm-3. 

>1 c fl No r-ar vulur 

,! “«Tulreo h Fipuiei based on prespectm or other official 
u -° ntimaie r l>nU. d Dividend rate paid or payable on part' 
of cnpJul. cover based on dividend on full capital, 
e Re-lcmpnon yield, f Flat yield, c Assumed tbrideml and 
yield h .burned dividend and yield after scrip issue. 

1 Payment from capital sources, k Kenya- m Interim higher 
'ban previous total, n Rights Issue pending q E^nungi 
based on preliminary figures. r Australian c u rrency, 
a Dividend and yield exclude a special payment, t indicated 
dividend, cover relates to previous dividend, P.T ratio based 
on I aieu m-tiuaj cnnUnm. n Force on dividend, conn- based 
oa previous year's canungs. * Tax free up to 30p In the £. • 
4. w Yield allows [or cumuqr clause. V Dividend and yield 
V baser) on merger terms = Dividend and yield Include m 
Bpcci.il ruymsni. rover does not apply to special payment. 

6.2 A Net dividend and yield, ft Preference dividend passed or 
defence r I’anwlian. n Cover and P?E ratio exclude profits 
of D.K- nemepaer robs idinnes. E Issue price. F Dtvidand 
and yield haiW im proapecius or other official estimates tor 
JOTT-To r. .Vssumed dividend and yield after pending scrip 
on.i'or nchu- irsuc H Dhlrtrnd and yield baaed on 

£ 5 prospornii or otner official rshnuios for 1070-77 K Figures 
buaed "S omsprclus nr r-lber odicinl eMimnles for 1S7B. 
42 ** DiVnlvn.l -ind vielil hated oti prospectus or Mlwr official 
iv ^ a esUmates lor IPTfc N Dividend and yield based on pcospecrus 
qp or oth-’r official csttmaies lor 10TB. P Dividend and yield 
vr based on piwpertoj- or .'dher official estimates for 107! 
.JJ-2 Q Grr'-v 7 Figures r.-'umed I 1 Nu significant Corporation 
if-*- Tax pj; iblc Z Divideml utfal to dale i* Yield based on 
— essumption Ttcasuc DUI Hate stars undumged until moiuniy 

59.9 of nod. 

8.1 

— Abbrcvi.it mr-v «cv dividend, «rex scrip nvue; vex rights: n ex 
Oil; & <-x urilsJ <1 mm hut ion. 

“ Brcent Issues " and •* Rights " Page 36 



DrieBl 
eseniAreasKI 
reMentDeepR2 
ZandpsnRl^— 


23 3.4 This stvw is available to every Company dealt 1 b ob 
_ _ Stock F.kchansw thmuRhout the United Kingdom hr a 
51 24 f , ’c "1 £400 per annum Tor each security 
1.7 6.b 


ESGIONAL MARKETS 

The fnll.<rm; is a selection of London quolatioim ci obare* 
previcurlv li.«cd only in rvpional ra.irliels. Prices of Irish 
issues iw'i of u hicti arc not oftlciitlly listed In DObdon. 
are as quoted on the lnsh cxchnnce 


O.F.S. 


95 75 

£17% £111; 
121 59 , 

413 279 
134 66 

£104, 750 
789 582 
S83 703 
199 144 I 

30? 190 
£19J, £131, 


Free Slate Dev 50c 80 .... 

FSiJeddd50c — £15^ .... 

F5. Saaipiaafi R1 _ 81 .. . 

Rimwnyanr 303 -1 

LoraineRl B3t; -1 

Pres. Brand 50c 892 -2 

Pres. &cyn 50c 721 -1 

Si Helena R1 790 -2 

Vuet. - 167 -2 

Wei torn SOr 259 -1 

WHoldinss.5uc — £17>4 


Albtuu ! m 2t*P 23 

.V-hSpi-minc. 45 

Bertoin. — 22 . . 

RdeVtr Mr 272 .... 

Clover Croft . 22 

Crain* Rone £1 420 

Dyson iH \ - A. 34 

Ellixi- BlrHdy. 62 

Evanc Fr’L IVp 57* .... 

Evcrv J 16al . 

Fife For.;c ... 50 ... 

Flnlav 5p . 24 *1 

GratcShip £1... 145 +5 

HigsonsBrcw 82id .... 

LOU. Sun il.. 150 .... 

HoitiJos '’i r 'P . 263 

N"lhn fk-lilvnuihl 55 

I'earten" 1 1 ■ . 155uf .. . 

PeelMIllr .... 20 ... 

: Sheffield Hrick 46uf .... 


Shelf Refrehmt.l 
Sind ail (Wm. I. ..( 


fi ■■■■ Conv. 0% *80 82. E«H* +^ 

Hi • • All lance GBs^ — 68nf 

?/* .Aruoa 340 

^ ■ Carroll <PJ i__ 88 

|S Ctandalldn 96 

iac c ‘-’onercte Prods.. 133 

Lff, + 5 Helton l Rides > 41 

Ins.Corp 248 

ifS Irish Ropes 12ftd 

,|L - Sunbeam 33 

3?.- ■■■ Unldarew. 90 ...... 


FINANCE 


548 4?4 Ana, An. Coal 50c- 
3U 246 Ansta.lner 10c— 
£17V, £14U Aog.AnGfidRl- 

750 621 ABS-VaalJOe 

137 119 Charter Cot* 

204 163 Co%(^ldFidd£... 
25 17> 4 East Rand Con. 10p 

£16); £14 Cen. MuungIC . .. 
an, £L03* MdFwl4.SA.2ac . 
£13i* £10 Joturg Ctms KL_ 
185 138 Bddle*it25e — 

29b 18 Ifinmrp 

176 126 Minor® 3BDI40— 

122 95 Neu8i[5<fr 

£215, 860 Patino AT Flt3 _ 
58 50 Hand London 15c_ 

412 375 SeJeftionTrus — 

213 161 SentnaiHfc 

57 29 SilienninesSm.. 

£13^i £11 TiaalGnuLdm- 

232 152 IX Invert SI 

292 238 I niofi lofpo 63c. 
55 40 [\'dccIsj-.< .. _ 


530 -It 
302 +2 

£17 

750 

135 .... 

172 

13 

£16 

£ 121 ; 

£121; +1, 
185 *5 
20; +1 
176 +2 


-10 j OWc J 34] 68 

+2 Uiffiy. 2.(4 63 


OPTIONS 
S-month Call Rates 


|j || j-fflontii Call Rates 

905 2 6 8 0 ICl 30 Tub* lure*. J 30 

05 * 66 A. Brew . . 6>; "lmpfi" 6 Umlew 35 

£25c ft 54 A.P. Cement... IS [f.L — 20 Utd. Drapery „ 7ii 

tTQe 15 c; BS.R 9 Invensslt — _ 3 Vickers.^ 15 

il70c 2.2 ni Babcock 11 RCA--.—— 3 Wuulwortha— 5 

h S S Bardav-sBank 35 Lcrtbroke 17 

iif i « H Beecham.-. . 35 Lcjal 4 Gen. _ 14 Fropeny 


L'ta. L>r*peiy_ nj 

Vickers. 15 
WuolworthsJZ] 5 ] 


I? 3 ii Bardav-sBank 25 Led broke 17 

ji) H Beecfiam.-.. 35 U^Ral A Gen. „ M Property 

-i & ii I p 

O'. 58c 6 I 2.7 British Ocven 6 London Brick. 5 wr^mriT^ir* a. 

tOlOc J.(«iL3 Brown r.r,: - 20 Lowbn 5 » 

! 1-0 19 5.2 Burton 'A'- |2 iawMlptb.™ 25 R 5 ” 3 -" 

.._. 1028c 11 7.9 Codburys... . 5 Umk'J 10 g 

li 1.7 7.i;Fottrtauldfi- . 1C tasuim 7 samuelPra^ 9 


Imre mo peon 

Land Secs. 

MF-FF- 

ftuchsy - u , 


DSClsJi.t- .. .. _| 


Z *2 Q3Cc 1.2 3.5 UC.™** 4= -• k , 

ii pjbiintH 


DIAMOND AND PLATINUM 


J7^,!£30 Undn-Aiolnv^On. 
90 64 Bi^p-^tePJtlDf- 

156 285 DeBHssW.Se_ 

Oils 925 DaWpePf W — 
74 54 Lydenhargl^c— 

98 70 Eus.Fla.lOc 


CW; 

82 -1 

350 

£ 111 ; 

64 

82 -1 


)00c Ui 9 E Guardian . 

Me 10 UigK.x - g ttoco 1, Charter Goas-1 32 1 

-St S3 9.0; Hawker Suid. 23 iTtrorn-.— — ) tt [com. tkAd . I la t 
0c. Ivii lO^j'lotuvolFriiMJ 1 12 IT™** Hobacs-1 15 iRtoT.ZlBc^j 16] 

iS i'2 r A selection of Options t«ded fs ouen on the 
« *Jn- Luaiiun Stack Eichaase Report page 


Fame star 11 N« Wen. Bank 22 _ , 

EMI ._ ... 14 Do. Warrants 10 gnLFetrotoaml 45 
Gen. Accident 17 P* O Did. „.... 8 Runuhl Oil — 5 

‘■wt-aicclnc 18 Hcssty .... B CJuuytrttaU _J 3 ] 

■ ilava . .. 40 fi 11.51 . — .... 5 Shell — 11] 28 

Grand Vet 9 Rank rtre. *.V.. IB Ultramar 20 

f :.U.S. -A' 20 HeedlntoL— 12 

Guardian. .. 18 Spillers 3 

E-K-N - 22 Two a charter Cota.! 32 1 


























































































































































40 


FAB 

keep tilings rolling 


FINANCI ALT1MES 


|^QBe,ar!ng Go'Etd. 
^^olySr^Smptor^- 


Friday May 26 1978 


•^1^09077:4114 


n 

B 

e: 

i 

’ 1 

1 

;s 

SCOTCH WHISKY j 

« 

B 

e: 

i 

w * 

1 

;s 


ill' 11 : 



investment 


down 3 per cent. 


BY DAYID FREUD 


New attack fear 
as legionnaires 
leave Zaire 


THE LEX COLUMN 


The market turns 


CAPITAL SPENDING by manu- 
fadurins industry slipped back 
in the first rhree months of the 
year after the encouraainj; rise 
in the second half of 1977. 

According to provisional esti- 
mates released yesterday by the 


facto re rs invested 3 per cent. 


tile previous quarter. At I9«0 1976 Jsc 90S 39 

prices, seasonally adjusted, the 2nd 895 40 

fall was from £457m to £-H3m. 3rd 976 41 

The Department said that 4 t h 95S 42 

unless there was a substantial - 01l0 

pick-up in April- June, total 1977 " e 9 * 9 

investment for the year would £na vv/ HX 

fall well below the rate nre- 3rd 1,044 45 

dieted in its last investment 4th 1,059 45 

intentions survey. 1978 i st - 1,023 44 

A large rise in (lie level of - _ . . . 

stocks during the first quarter Provisional 

provided another ominous indr- 

cator for the health of the - — 

manufacturing sector. 

While hair this rise was 

accounted for by materials and comparison to remove this pos- 



CAPITAL SPENDING 

AND STOCKS 



(£m, seasonally adjusted at 1970 prices) 



Fixed Capital 


Changes in physical 


Expenditure 


stacks 



Total 

Manufctring 

Total 

Manufctring Retailers 

1976 

3,735 

1,633 

37 

5 

9 

1977 

4,090 

1.764 

359 

234 

17 

1976 I sc 

90S 

397 

59 

0 

33 

2nd 

895 

400 

-131 

—66 

-45 

3rd 

976 

414 

28 

- 2 

16 

4th 

955 

422 

81 

73 

5 

1977 1st 

989 

418 

277 

125 

102 

2nd 

997 

433 

199 

164 

- 5 

3rd 

1.044 

456 

— 70 

-31 

-44 

4eh 

1,059 

457 

— 48 

-25 

36 

1978 1st - 

1,023 

443 

175 

67 

61 

* Provisional 





Source.- Ocporunent of Induitry. 


BY MARK WEBSTER 


KINSHASA. May 25. 


political 


DIPLOMATS in Zaire fear believe that some of the dead are • w in olher 1bMn po ii tical 
another rebel attack on Sbaba civilians. p hefore the news- 

province following the announce- Tb c French withdrawal posea ■ formal end to 

ment that 800 French the major problem oi who is <.dme nut of the rormaJ ena to 
Legionnaires are being with- going to fill the security cap. The the Lib-Lab pact, the City had 
drawn. Belgians still have 600 troops jumped to the conclusion that 

y. =’ m n stationed at Kamina but the the election will come sooner 

Jf X ™ * Sf^S ,X £ ra,her tha " laler - 

move back into the copper town jjj* g e * v £i “olweii mining In morning the 1962 


It is hard to make sense of and export sales in sterling 

yesterday's monetary develop- T n/ I pv r nsfi 1 S to 477.5 ,crms wcre nua f*y a filth lower 
ments in other than political ‘ * in the six months. Strikes were 


I.G.I. Pre-tax profits 


wnci of osiMa imuum 

wmaainimra 


morning the 


of Kolwezi as soon as the cora p [ex wou jj Pe vulnerable to Variable Rate stock had become 


2D0ri:'‘i 

■ ■»">* 


legionnaires leave. another rebel attack. exhausted, which might have 

According to the French, 100 The U.S. has said it will not foreshadowed the introduction 
Moroccan soldiers have arrived commit combat troops to Zaire 0 f some new funding instru- 
to replace the legionnaires and Today it began withdrawing its me nt. At 12.30 the announce- 
reinforce the Zairean garrison transport aircraft, which have ment ‘ catne 0 f the droppin 0 
stationed there. been ferrying petrol to the of {he market . retated MLR 

The legionnaires have been the Belgians and French. formula. and the market 


Uicic. occ.. ll,c of the market-related MLR 

The legionnaires have been the Belgians and French. formula, and the market 

only effective force P«Y en JJ”S M-eQUipped jumped to the conclusion that 

vtnee. Diplomats^re^now worried A which President there was some link with a 

about the remainin'’ white Mobutu is bettered to have put statement to be made in con- 

workers who still ’ number to fellow African heads of state nection with the IMF letter 


a problem, as were stock losses H 
and substantial short-line i'! 
working brought about by the 
need to cut back inventories. 
Over the year, volume fell by V , 
about a tenth in hoth home and ir 
overseas markets. ' 

The profitability of exports . 
has recovered a little in recent 
months but Courtaulds says that 
sterling will have to fall a bit 
further if the group is to be - 
fully competitive. The UK fibre 
business lias not yet seen the 
restocking that might have been 
expected from the upturn at 
the retail end of the textile 1 
chain, and prices generally are 
still flat. Profits in the first half j 
will be nothing to shout about, 
and the extent of the likely 


accounted for by materials and comparison to remove this pos- Manufacturers' and dlstrlbu- workers who still number o lenow Atman neausoi state necuon i wiin uit «« iucr | - - 1W5 n976 wtt -ts! wiU be nothing to shout about, 

fuel— and therefore could have 5 ,hle irregularity-, ihe volume of tors' stocks rose by £175m at several hundred. of a rnMnaa mne of intent dunng the afternoon. and ^ ^ Qf the ]ik 

been voluntary— the other half investment in the last six months 1970 prices, seasonally adjusted, The French embassy here n> vnprts nni nt^tn ^the There was ' nod r f sT business In recovery' later in the vear k 

was due to an increase in is l per cent, above that of the in the first quarter. would make no official comment Mibtaiy experts pomt to the the sh(>rt tap after the Govern- lively devalued by oi per cent. ^ “ 

finished goods, which is more nrcedmg half-year. Wholesalers and retailers were on why the decision had been difficulty of ora ms in 0 such a ment broker had cut his price Rather surprisingly therefore, n n( J ,.£f 

likely to have been involuntary. On this kind of trend the find- responsible for £107m of the in- taken. But military observers be- loree. z - armv by H points, and also some is the appearance of a £7in J1Bia OI p« eem. at l-bp 


yield of per cent, at 126p 


men LU fl*l • lyrci! Jiivyiuium *. «.»u uu^ ivaiau v* ut.nu %***. . .. . 1 , A DV 11 puilllb* nuu diau ouuic ill v (tuuciUiillLt: ui a aiiu - , . , 

Although the investment mss of the Department's January crease; and it is possible that Ueve it is primanly because the This . jw j* the zaire ai^. S ;, itcbins lnt0 the long tap . B ut exchange loss on net currem ® eon '* reasonably appropriate 
figures are disappointing, there investment intentions survey are they were stocking up m readi- so ldiers are not proving very The u>tai numoer is aoout l/.uw. event the letter and assets which was annarentlv due for the moment, 

are several mitigating factor, un likely to be fulfilled, . ness for the consumer boom ex- effective, in hunting down re- -AlthouSb the } h.ie been .vM J UM Jvent the otter and The best news is that the 


Thev are likelv to have been That' survey pointed to an pected later in the year. maining bands of rebels, 

heavii'v inlluenced by the invest- increase In manufacturing invest- Materials and fuel held by Reports from Kolwezi suggest 


IlCilVllY milUC-IICCI.1 U.» me imi-ai- lliuvd^ III U iauuiaMU>m 3 ----- r I ucpuua iju.m ii'in-i- 7^ "7 . ^1 

ment cuts nf Lhe British Steel ment in 197S of between 10 and manufacturers increased by rJl!ll the legionnaires morale is organised to patrol the ooraere. new i 
Corporation. 15 per cent over the 1977 level. £37 in. supporting the theory. .that | !ow ant j ^hey have beenme .^Aiter rapid from tions. 


ijv rhe Belgians they are not the associated Parliamentary to the translation of the results \ Sr* 1 “ . at ^ 

sufficiently well equipped or answers were lacking in any of the Australian subsidiary ^ “ Cash 


,• commitmenis and explana- which has a different year end. surp, . U! ’ ° r £30.3nt over the yeat 


More important, ICI reckons 


— a dramatic change from the 
£17m outflow in the first half. 


first three months of last year, so distributive and service Indus- the increase. At a period in YuJueraWg 
it is possible that a new pattern tries was more cheerful, with an which consumer spending i rose 2 ^ 

has' developed which has not been increase of £3m. to £544m. at per cent this build-up is disturb- Four legionnai 


accused President Kenneth I reverting to the basis for setting ing effect on the sterling value 


ha*' developed which has not been increase of am. to timm. ai per cent uns ouuu-up is uaiuiu - 1 Four legionnaires have ucen ms warnings ibbl rvaia«sau from September 1971 to October sunsiaianes' ^ net current assets. ««-h“ *» v-v«...aui «o? juai 

incorporated in the seasonal 1970 prices in the first three ing because it could suggest that , killed and up to 20 wounded, rebels were being trained m the whjch enc |ed with MLR Compared with the out-turn about maintained margins in fee 

adjustments. months compared with the last home-manufactured goods are j many of them picked off by rebel north of his country near the mG re than a point below money 12 months ago. the performance second half of 19// -78, leaving 

, .ll,l»l/ loa^r term un^mp^ Uve . j S X^ 8ionnairBS ha « onIy one that ha M t The option is is nn where near as impressive. 

'helicopter for aerial recon- had sent an envoy to inform huw flexibly the rale will in E\en ^ though slerlin.^ has „ \ d c Lnjrrenc .. d . f 
-j. • n . | /-T • Inainncc and are carrying only President Kaunda of .the pres- future be adjusted, each change dropped ba«A below its level f”?™' “ f 

{ OmiTIISSlOn high! arms and mortars. ence of rebel camps in his requiring the express approval then, pre-tax profits are a fifth ference* absorbed j.3m, but even 

ftp J Or* i! 3.1 a AVP UlcJ. IV V^VFlItlalJ.i3»31\/lA since lhey first dropped on country on several occasions last 0 f the Chancellor: the im- lower. Admittedly-, there are ,l I s tf, * ar lhat Rrou P 

& A- v ' | . Kolwezi last Friday, lhey claim year and that he had personally mediate suspicion is that lhe signs at last of a modest ha5 adjured to a more normal 


Kaunda. of Zambia,' of ignoring Bank rate during the period of export debts and overseas 
;e been his warnings that Katangan from September 1971 to October subsidiaries’ net current assets. 


ebts and overseas Stripping out the Caigoa 
net currem assets, acquisition, Beecham has just 


English Property 
in takeover talks 


[Commission 
!to check 
tiles bid 


to have killed about 300 rebels, repeated 


independent observers 


repeated these warnings to Government wishes 10 be able improvement in trading per- growth pattern after the spec- 
President Kaunda last December to hold down MLR of an fnrmam-e in the UK and Conti- ^ular performances of the 


THE £30m bid by Hep worth 
Ceramic for R. and R. Johnson- 
Richards Tiles lapsed 
yesterday within hours of the 
offer officially dosing. 

More than £6m was wiped off 
the value of J-R shares when 
It was learned that the merger 
is (o he referred to the 
Monopolies Commission. 

The case is- only the second 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 

ENGLISH Property Corporation, capital, any eventual bid would By Chr,stine Mo,r 
the country's second largest pro- be For 132m shares. THE £30m bid bv Henworth 

peny group with a £702 m inter English Property. shares ceramic for IL 'JuESh 
national portfolio, is in takeover closed 3p nrmei at 4ip before Ri _ hards TJ .„ laosed 

'»»>« "XK “ “»“■»*« Con, ‘- SX W l.hl"“ou re if P SSi 

nemal group. full conversion that price wouia officiailv dosing 

In a statement issued after ;i w i srouP *' ***** More tJan £6m 4s wiped off 

the close of he stock market »uon 01 04.1m , he value of J-R' shares when 

yesterday English Property said in 197^ U was Earned that the merger 

“Discussions with a continental a fifth Df lhe share price in 1S7-. . referred to the 

croup are in progress, which ^ Mon.po!iw SSE*£ 

mav not result m an offer hems record in recent years. . 

nude Tor the company's share The group has carried out a The case is- only the second 
capital " heavy property sales programme to he referred this year itlie 

Mr. David Llewellyn, chief since 297-1 to reduce borrowings . , other is Lonrbo’s offer for 
cxccuiive. said lhal the discus- which stood at a net £531 ra last SLiiSj. Both to the 

sions had reached a point where year against properties shown agreed offer Mid the move 
an announcement was m-cessary at £702m. That property hgvirel came su a complete surpnse. 
to forslall market rumours. takes no account of a possible- The market read led by mark- 
Mr. Llwellvn was not willing I33m sborrfali in the value of in* J-Rs shares down J9p to 
to give details of the negotia- the group’s Belgian develop- 1 Utop. 

lions. He dismissed suggestions ments, a point nigblightefl by 1 Hepwortb lias not yet 
that the bid talks were un- auditors of the last account and decided if it will fight its case 
wo leu me and said that the nego- sufficient lo clip reported fully through the Monopolies Coro- 
nations were friendly. diluted net assets per share of mission. There could be a 

He confirmed ihni the com- 91P 10 b'ss than 70p. number of deterrents to doing 

pam which is being advised by Eagle Star Insurance is the S o, not least (he five months 

Seiliuel Muiitagu.’ merchant largest single shareholder in the hefore the- Commission has to 

bankers, is discussing the sale corporation with 27.2 per cent report. 

■»r lhe whole- nf its 95.5m isued of its equity. It is understood. While He u worth and J-R 


election. Certainly this is not nenial Europe, but the second Patous two years. As expected 
__ _ _ the monetary' initiative which quarter’s figures will provide Calgon and another acquisition 

I' f*T4V O ATI nl 0/^17' the institutions have been the real test. contributed io<m to sales, 

IMOrmailOn Oil DlaCK impauenuy awaiting as a signal If they top 1130m. ICI < could i* 

to re-enter the gilt-edged market possibly match last year s pro- oeo^rapnicaiiy. the picture i> 
_ , y in force. fils of £4S3in. and when the °" e ° f abo ' e average growth in 

ATVmlA'R7AAC' rocuvery coines it will feed ' Vester rr Europe (which now 

ClUUlQVeeS SOUSni ICI ihroushq U i C klytop r ofit s . After accounts for 30 per cent of sales j 

VIUJJ1VJ VVU all. this time last year brokers 3 d per cent of profits). ’ 

The stock market still does werp p St i mat i ng that IPT would despite problems in bpam. Here , 

BY MARTIN DICKSON not fully appreciate the sensi- raa l B £750m in 1978 import restrictions have cut 

tivity of ICI's stated profits to phamtaceoucel sales by a third 

BRITISH companies with sub- frmn enmpanies and no dear currency movements. The sharp to £10ra. A smaller problem area 

sidiaries in South Afnca are formula was laid down for these downturn- in the third and LOUrtai/ldS 1S Brazil, w-bere consumer pro- 

UK* Government wTh "infer- Tr. Dell told Parliament last y “ r Courtaulds reports indications duct sales have not lived up to 

mation about iheir industrial December that the absence of ^ market by surprise as did of a slow improvement in its expectations. 

; relations practices and wage standardisation in past replies yesterday s results. Pre-tax trading conditions, but the out- Beecham should be able to 
rates for black employees bad made analysis of corporate profits have jumped from £69 qi. look for profits in the current achieve much better profit 

under a White Paper pul* performance "almost impos- to £112m between the fourth year is still highly uncertain, growth than this in the current 

lished yesterday. sible." quarter of last year and tbe first Prd fits for 1977-78 emerge at year. Analysts are talking of 


BY MARTIN DICKSON 


mission. There could be a 
number of deterrents 10 doing 
so, not leas! the five months 
hefore the - Commission has to 
report. 


EEC last September. ins machinery for blacks "and f" 3 ™ pnce ,“ ded ™ day a net 8 *? 11 of over a half 10 percentage points growth on 

The British document, the development of trade unions. ”P under zLom. top of inflation. At 655p the 

being circulated to company The White Paper emphasises the three months to the Export margins were slashed shares trade on a fully taxed 
chairmen with a letter from that- British subsidiaries should end of March sterling was. effec- by the strength of sterling, p/e of 11. 

Mr. Edmund Dell, the Trade not break South African law. - - ^ , 

Secretary, spels out the EEC While black trade unions are II I, 

code and gives explanatory frowned on by the Pretoria 


Ordinary share capital. He said that the insurance group hasj j nt H ^dually* control technical 


guidance on Jmw the broad Government, they are not illegal. 

While Hepworth and J-R principles could be impte The British document, -drawn 

individually control technical men><L up after talks with the Con. 

monopolies in their respective it Iso asks companies to federation of British Industry 

products — J-R is said to have provide the Government 3n fl l A e Trades Union Congress, UR TUuAl 

some 65 per cent of the annually with detailed informs- sa *’ s A 131 tb® EEC code does CLOUDY, but sunny intervals 

decorative tile market in tbe tian about a wide range of eni- not ask companies to “promote, developing. 

UK, and Hepwortb accounts ployment practices, including set U P or do the jobs, of trade London, S. and N. England, 

for almost ali the vitrified clay ; collective bargaining with unions." Midlands. Channel Isles, 

pipe market — the products do 1 trade unions ’ and otbei ® ut companies should ensure E. Anglia 

not overlap. | organisations, migrant labour. 11331 311 employees are allowed Dry, sunn intervals. Mar. 28C- 

Tbe Office of Fair Trading is 1 wage rates, black job ad t0 choose freely tbe type of 19C (64F-66F). 
believed to be concerned that I vancenient. fringe benefits and organisation to represent them. Wales, Lake District isle ofMan, 
the concentration of the two J desegration ar places of work. However. Sir George Burton. S.W. Scotland, Argyll, N. Ireland 
comnanies would create a A precise formula is laid down chairman of the CBIs Southern Cloudy with drizzle, becoming 
group with a strong position > for the provision of this informs- Airier steering -§™up. said brighter. Max. 15C-16C (59F-81F). 

in supplying clay-based .' tion and companies are asked to yesterday that the CBI had made Aberdeen. Glasgow, Moray Firth 

products to the construction submit their first report, cover- clear that an implant of trade areas. Highlands 

Industry. * ing tbe year to June 30. not iatei unionism as known tn Britain Dry, cloudy, becoming 

n ,.(. arc h„ invneii 1 Iha ° the end of September. will not work to the advantage brighter. Max. 15C t59F). 

ga t«J * In elude he pUtollity | ** lh > do > lioD of ^ EEC n C °f 1 ! ?be bl fn k teres?s 10> ' e or- Z %onjS 0r kne.v. Shetland, N.E. and 

Ihj 1 eilsti^ S rend^v n in n Tbe • ‘'"P 1 emendation wm be °volun- African industrial scene for it to Cloudy vrith rain. Max. 12C-13C 
me existing lenacncy in tbe tari> he extended in this wav.” <54F-55F) 

”^A C tive OI Ld^™cU«r J The White p aper replaces a B« ^eliev^ m«nbe« Outlook: Dry. warm and sunny 

The decorative tile market | Introduced In WT^^inder which scribing to the main provisions e coas't^fsiric^s C C °° ler ‘ D S0Die 
itself operates such a practice. ! f ar less information was required of the EEC code. uisincis. 


lhal as an offer for the shares been disappointed with the com-; 
would insaer conversion rights pany's" performance for some- 
nn the croup* remaining issued lime. I 


William Press tax probe 
costs ‘not above £2m’ 


monopolies in their respective 
products — J-R is said to have 
some 65 per cent of the 
decorative tile market in the 
UK, and Hepwortb accounts 
for almost ali the vitrified clay 
pipe market — the products do 
not overlap. 


principles could he 
menTv*. 

It Iso asks comp; 
provide the Co' 


Weather 


UK TODAY 


FINANCIAL TIMES REPORTER 


WILLIAM PRESS, the engineer- Mr. A. J. Gravelius. financial I 
ina q roll I’ raided by Inland director, said yesterday that, 1 
Revenue investigators in March, while the company was not. 
-aid yesterday costs arising as admitting anything, it had been 1 
a result of the invest! cation under pressure to identify all 
would not exceed Knt. the costs that might arise as a . 

In a note attached t>» the pre- result of the investigation, 
lmiinary profit figures. Ihe We aiienipted to do a form; 
i-omnanv .*aUl thal to ihc best 0 f calc illations that would- 

i-f us knnwlcilie the invesViga- include all tbe costs, including 


-We aiienipted to do a form; construction industry towards 
calculations that would restrictive trade practices. 


lion relates mainly lo the past a ny penalties that might arise, j itself operates such a practice, 
use of certain "labour only- an j gyi a range of figures; though this was officially 


Quilter Hilton Goodison & Co 

Stockbrokers 


Tomorrow 


products to the construct iou 
Industry. 

Other matters to he investi- 
gated include the possibility 
that the merger could Intcnsity 
Ihc existing tendency in tbe 


is always coming 


The decorative tile market 


N.W. Scotland I 

Cloudy with rain. Max. 12C-13C 1 
<54F-55F). | 

Outlook: Dry, warm and sunny , 
in most places but cooler in some ! 


WE believe you should plan for it 


WE have planned for it 


5 ub-i onira i-l nrs. beginning at zero. The £2m is I 

“The directors are naturally figure that overall costs are 
mn-u concerned about lhe unlikely in exceed.” 


cleared in 1964. 


Revenue inquiry and do not wish 
m underestimate ihc seriousness 
of the situation.” the company 

said. 

“However, it is in their view 


The tax authorities made their 
swoop on March fi and were 


Finally— and litis is regarded 
as a major deterrent for 
Hep worth — the referral Ls 
likely to bring under scrutiny 


acting under rarely used powers | Hepworth’s existing businesses. 


^ • Apart from its control of the 


Britain attracts offices 
of multinationals 


BUSINESS CENTRES 


Y'day Vday 

mkl-dar mid-day 

'C *F *C 4 F 

Alozndna S 29 84 Luxomb'K C 10- iO 

ARistvrdrn Dr a 4« Madrid F 17 u 

Aih.ins S 26 79 Manchatr K l j a 

Bahrain S 32 90 Melbourne C is a9 


If YOU have ideas for TOMORROW and want 
to develop them by joining us; whether you are 


that If ultimately there were Warrants* from* judaes"^ j dominie mar ^ t il “ lso . h ^ s a BY JAMES BARTHOLOMEW 

found to be any taxation liabi- rr. mlSTi W in' ?«nj»nant position In tndus- 


Bsreelona F 19 M Milan 


lilies, which arc not admitted. I h „ e nri ^ -,ni !hi rn,,rn i:'?l J l“ ds J ! .._ rpfrac,ones and 


>8 79 1 Montreal 
12 Ml Moscow 


ues. «nicn are nui Londn n and ihe Sheriff's Court, foundn™ resins 

then such liabilities would noi c l4 ,ii, n rf ivunary resins. 


men suen wnuiun. «qu.» .ul . Paisley. Scotian d 

he unduly material in relation “ . 


Hepwortb nas never been 


iiv unuuiy iiiaivi m, m iciuwvh , ... I nvpnurm uas never gecn 

tn the company's funds." The company s preliminary, referred to either the Prices 

The directors added that no figures show a group profit jjfter; or Monopolies Commissioners, 
provision was made in last year's taxation of £4. 56m. up 33.i pci . It claims thal a merger with 
figures for any costs that may cent nn ihc previous year despite ; J-R would result In wider 
arise, blit "if a prudent view a £I»6m loss by a subsidiary.) export markets and slgnlflo 
werc to be taken, the overall James Scott f Electrical Trans antiy beneficial exchanges of 
cosi in the company would be mission i. The loss resulted; clay technology which would 
unlikely tn exceed the sum of mainly from a contract in Iran. 1 slmigthon tlic group’s intcr- 
r»in. Results. Page 22 1 national competitiveness. 


J-R would result In wider 
export markets and slgnlflo- 


BRITAIN HAS attracted more families.” London is also said Berlin 
regional offices of multinational to have “ an excellent reputation 
companies than any other Euro- for telecommunications and bSiT 
pean country, according to a transport facilities.” Budapest 

report today in the official maga- The report claims that ia 1976 B - AJrea 
zin ^ Trade and T nA ustr y- the UK led Europe with 124 

The report, by Professor John regional headquarters compared caicwo 
, Dunning of Reading University, with 104 for Switzerland. 94 for Col,wne 


Belgrade R 21 70 1 Munich 


F 20 es 
S 23 74 
R 17 0.1 
C 1.1 35 


a Ff RM a TEAM or an INDIVIDUAL 


S 20 68 1 Newcastle S is 64 


S 17 S3 N. York R to 61 

S 16 62 Oslo C 13 59 

r. to so Paris c to 50 

C IS 64 Perth S ]9 66 

c 11 33 Prague Y 20 68 

S ns 100 Reykjavik F s 46 

S 13 39 j Rio dc J'o S 23 75 

S 22 72 Rome F 19 hf, 


whether you are 


12 54 Singapore S il w 


A FUND MANAGER 
A SALESMAN 
AN ANALYST 


Continued from Page 1 

Liberals withdraw from pact 


“imEMS. X , aU< ? n t n,a ?- C 1 However the report does agree 

A h international with Mr. Cleminson m saying b. ko^ 
companies such as ours wiU cease that the main complaints about j0 ‘“ ur8 

| to be managed in the UK. London “ Fon.s on nprKr.nal tnvn. I 


S 20 6S; Toronto 
C IS Vienna 


Mr riScon roTd ch„„ T J ondM ** focus 00 personal taxa- 
Cleminson roJd share- non and. in recent months. 


S 20 6v Zurich 
S 16 6li 


C 22 72 
S i; ki 
K tk 
C 13 S3 


Liberals witUdraw trom pact gj 

i-’dimiRS to end rhe pact while had achieved ihe main objective "As to ibe future, the Cnbinel successful people 1 (a^reto ra* for 2 m° fr0ra furlher 

iu reality continuing It till of ecuiiumic recovery, and pro- will consider the arrangements ■ an y lengthy period of time from 


HOLIDAY RESORTS 


write to 


October. vided the political stability for the next and final session those areas of the world in which 

Mrs Margaret Thatcher is as against the background nf_which of the present Parliament during they obtain much greater PriFIPPCS CAAC 

nil pi a cub tv imposed as ever to the Government could pursue its lhe early autumn. material benefits" A “HLCM 'CCS 

:hc introduction of PR . rounlcrjnflation policy. “The Governmenr is deter-; But according' to the Trade M a„. 


AJaccia 

Alfiien 

Biarritz 

Blacicponl 


Y'day | Vdis 

! oud-day 

C 1* I jf I 

F 19 66 Las Pirns F :n fit 

.C 19 66 ! Locarno r 


lc mlnufuction oi rn P"”‘ y- 1 “e wotcrnnieat is acicr- ; gut according to the Trade 

In a statement Mr. Steel said The Prime* Minister said thal mined to follow these same! and Industry report London HCW SlHHipS i; a ^ 

Liberal MPf. after considering the arr.ingcmem with the policies lhal have brought the I compares “ very well " with other NEW stainix fratorlno r Corfu 
whether to seek to extend lhe Liberals had generally worked country iu the present stage of centres. The lan"ua"e culture horse were HisHosId , a 5 ubro 
agreement inti, a third session, well, and he welcomed the mien- economic recovery . . . there l and ^ commercial^ ^ 1?»1 svstem are bv%rine««A^ - esterday UZy 

t ^ u r w-«p i« the hahii'i.TSSS as 

-o. and accordingly the agree- tmuc the present close consulta- against inflation, 
ment would lapso at the end nf tion and co-operation until the Government will iak* 
the session. legislative programme for the it believes necessary 

Ho said that the agreement session was completed. this." 


the liking of their London, 


the Tate Gallery, 

Jersey 


V 

16 

61 1 Luxor 

S 



c 

14 

S7 r Majorca 

R 



i n . 

H. 

El 1 Malapx 

S 

19 


c 

10 

M.iUz 



h 

19 

fib 1 N'lirohl 

s 



r 

16 

fil I Njii1h9 

s 



y 

21 

MU-c; 

s 



y 

IB 

«s; Nn-asla 

.V 



s 

20 

■H-, Oporto 

s 



r. 

IS 

64; Rhodes 

s 



s 

IS 

64 1 S»)*burc 

r. 


-- 

F 

11 

■■j . Tangier 

i- 

Li 


c 

17 




c 

17 

6il[ Tunis 

F 



c 

U 

5j| Valencia 

F 



& 

F 

23 

13 

71 Venice 

S5i 

F 

20 

61 


R. B. Blaxland 
Managing Partner 
Quilter Hilton Goodison & Co 
Garrard House 
31-45 Gresham Street 
London EC2V 7LH 


/•\ 



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