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PLANNING A NEW FACTORY? 


Build in the benefits of an 



STRUCTURAL FRAME 


, ATCOST INDUSTRIAL DIVISION 
22 OLD BOND ST, LONDON W1. 
Tel: 01-493 0802 



No. 27,651 


Friday September 1 1978 


***I5p 


TWS 



BEARINGS 
FROM 
POLAND 


FLT & METALS LTD. Tel.(01)-568 5125/4 


CONmuHTAL SELLING PRICES: AUSTRIA Sdi 15; BELGIUM Fr 25; DENMARK K r 3.S; FRANCE Fr 3J; CERMANT DM 2.0; ITALY L 500; NETHERLANDS R 2.0; NORWAY K ir 3J; PORTUGAL &c 20.- SPAIN Of. 40; SWEDPj Kr -3J5.-:, SWiVAfcwLANp Fr XO; BRE IS* 


NEWS SUMMARY 


GINERAL 


BUSINESS 


African 

States 

summit 

today 

The five African frontline states 
are to hold a summit meeting 
in Lusaka today following a 
series of contacts between the 
principals in the Rhodesia dis- 
pute in Nairobi, where world 
leaders attended President 
Kenya tta’s funeral. 

Dr. David Owen. UK Foreign 
Secretary, and Mr. Andrew 
Young, U.S. ambassador -to the 
UN. talked in Nairobi late last 
night but they will not be 
attending the Lusaka summit. 

Meanwhile, the Rev. Sithole’s 
ZANU party claimed in Salisbury 
that Mr. Ian Smith had met 
President Kaunda and Mr. 
Joshua Nkomo. Patriotic Front 
leader, at secret talks in Zambia 
two weeks ago. Bade Page 

Prince Charles turned his back 
on President Amin as the 
Ugandan leader passed down a 
line of visiting heads- of state at 
President Kenyatta's funeral. 
Amin gazed at the Royal back for 
a few seconds, then walked away. 

Vaccinemuddle 

The World Health .Organisation 
told countries there was no need 
to alter vaccination requirements 
in spite of the Birmingham small- 
pox case. A number of countries 
which had demanded certificates 
from UK citizens later withdrew 
the requirement. 

Express launch 

Express Newspapers confirmed 
that it would launch a tabloid 
daily based in Manchester as 
soon as agreement was reached 
with the unions. The paper 
could start publication next 
month. Back Page 

Bonn T spy probe 

Tl»c- West German "• Parliament 
has been summoned to an 
emergency session in Bonn today 
amid a fresh spy scandal in which 
Social Democratic MP is 


Equities 

uncertain; 

Gilts 

ease 


• EQUITIES were uncertain, 
adversely influenced by the 
decision to refer the Bingham 
report on Rhodesian sanction 
breaking to the DPP. The FT 
Industrial Ordinary share index 
closed 4.5 down at 498.5. 

• GILTS continued on the 
down-tack, unsettled by com- 
ment on the outlook for funds 
and lessened chances of a eut 
in MLR. The Government 
Securities Index closed 0-23 
down at 70.19. 

• GOLD rose $U to finish at 
$208 i in moderately active trad- 
ing. The New York Comex 
September settlement price was 
205.90 ( 206.90). 

• STERLING traded qnietly to 
dose at $1.9435. np 25 points. 
The pound's trade weighted 
Index was unchanged at 62.4. 
while the dollar’s depredation 
narrowed to 9.1 (9.2) per cent 

• TIN prices rose further on 
the London Metal Exchange. 
The cash price for standard 


Ministers announce £700m. aerospace decisions 



17.500 


£ PER TONNE 


frOODl— 


,6,500 


TIN 


M 


a . l 1 — i : 

STANBaiB cm — 

1. 1~ L ra 


v 


MAR APR Mfi? JUS JUL AUG 


to be a Soviet agent 


alleged 
Page 2 

Flight ‘chaos’ 

Holiday flights this weekend 
face the worst delays since -the 
French air traffic controllers' 
dispute started. Madrid airport 
warned of long delays as the 
peak summer period ended and 
British Airways in Palma, 
Majorca, said it expected “ com- 
plete chaos.'’ 

Aid for divers 

A special medical unit to treat 
divers hurt in North Sea oil work 
is to be set up iu Aberdeen. Tbe 
-move responds to a Scottish 
Office report which says present 
arrangements for dealing with 
casual* s are “fragmented and 
hapha- 1’’ Page 8 

Geiwtte phone-in 

Police searching far missing 
Devon schoolgirl Genette Tate 
are studying tape recordings of 
nearly 500 telephone calls 
receivea by the Rev. Denis Large 
during a 24-hour phone~in< 

Post haste 

Elsie Axon, 58, who runs the 
post off -e at Nevheravon, ‘Wilts., 
.Army base, was being given a 
5 ride to work by helicopter when 
pt crash landed in a cornfield. As 
she awaited a rescue helicopter, 
Elsie said: “ T thought they 
always came down as fast as 
that" 

Prison trial 'I 

twelve prison officers accused of 
conspiring to assault and beat 
prisoners in Hull jail two years 
■go were committed for trial to 
ork crov=-n court by Hull magis- 
.-ales. 

Jrief ly - - - 

Ylncess Caroline of Monaco flew 
ito Glasgow en route to the 
;Ie of Arran for a boliday with 
er new husband, M. Philippe 
inoL 

.ail strike in Zambia's northern 
:opperbelt spread to the rest of 
Lhe country. 

Actor John Cleese is seeking a 
divorce from Connie Booth. 
Canoeist Dr. Michael Jones of 
Keighly, Yorks., drowned in the 
■ Himalayas. 

September will be cool at first, 
changeable and wanner later. 
Weather, Back Page 


grade metal increased by £5&| 
a tonne — following a £105 rise 
on Wednesday— 4o dose at 
£6,815. 

• WALL STREET was 5.29 
down at 875.43 near the dose. 

Japan’s GNP 
growth slows 

• JAPAN'S GNP grew by 1.1 per 
cent in real terms during the 
second quarter of this year, com- 
pared with a 2.5 per cent growth 
ia the flipt quarter. The country's 
policy of restraining its exports 
to last year's level may soon be 
suspended, because exports are 
falling anyway as a result of yen 
revaluation. Back and Page 6 

• GOVERNMENT job creation 
measures in the present financial 
year cost an estimated net £115m 
and many oF these may have to 
become permanent, according to 
an ail-party Commons Select 
Committee. Page 8 and Editorial 
Comment Page 16 

• BOOK value oF manufacturers' 
and distributors’ stocks rose by 
£1.35bn between early April and 
the end of June, compared with 
a £6S3m rise in the previous 
quarter, according to official 
figures in the Trade and Industry 
magazine. Page 7 

• NTT MOTORCYCLES, which 
emerged from the former Norton 
VilHers Triumph and BSA Group, 
has signed a deal to make and 
distribute Wankel rotary motor- 
cycle engines. 

• SOUTHAMPTON dockers’ 
leaders are planning renewed 
action to black container traffic 
handled at the Didcot trading 
centre near Oxford, News 
Analysis Page 8 

• BRITISH jobbers Wedd 
Durlacher and Smith Brothers 
have asked the London Stock 
Exchange for permission to 
apply for joint membership of 
the European Options Exchange. 
Page 6 

COMPANIES 

• MATTHEWS WRIGHTSON 
Holdings taxable profit advanced 
41 per cent to £48m for the half- 
year to June 30, 197S. Page 19 
and Lex 

• LADBROKE GROUP pre-tax 
profits for the half-year to July 
4, 297S, increased from £10^3m 
to £13.8m, on higher turnover of 
£221.37m against £170.62 m. Page 
19 and Lex 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise 
indicated) 


RISES 

Compton and Webb.-. 43 
Electrocomponents ... 585 
F,\TC UnsXn. *92-97 £32 
Laing (J.) A 226 

Liberty 178 

Matthews Wrighlson 200 
Mis concrete — 75 


Slebens (UK) 388 

Carr Boyd Minerals..: 44 

Conzlnc Riotinto 307 

De Beers Dfd, 426 

Southvaal 574 


5 

7 

31 

13 

5 

5 

4 

G 

4 

17 

11 

16 



.FALLS 

Trees, 9_ l pc 1080 ...£9814 “ * 


Alginate 

Barclays Bank =: 
Brown (J.) 

Church ... 

Davy IntpL 
Decca A 

ERF 

Eagle Star .... 

Glaxo 

ICI 

I Cl 

Ibstock Joh risen ...... 

Pearl Ass u ra n ce ...... 

Reed Intnl 

Rountree Mackintosh 
Scottish A gric. lads. 

Tarmac 

WhcMoc . 


- 12 
345 — 7 
45S - 10 
180 - 11 
27S - 6 
460 - 15 
115 - 5 
147 — S 
608 -7 
393 -3 
376 — 9 
181 - 15 
248 -4 
138 - 4 
417 - 11 
207-13 
136-6 
63—5 


UK agrees to join 
Airbus as Rolls 


engine goes 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

Decisions affecting the long-term future of a substantial part of the UK aero- 
space industry, costing upwards of £700m to implement and provide 
continuity of employment tor more than 17,000 workers, were announced 
yesterday by the Government They were: 

1 — British Aerospace, - the after many months of discussion British Airways and Eastern 
* nationalised aircraft grouD, is with the French and West Ger- will start to take delivery of their 
ro be allowed to join the Euro- man Governments to try to find 757s in mid-10S3. Both deals still 

an Airbus Industrie group a satisfactory formula which are contingent on detailed 
m January 1, subject to the would allow Britain to rejoin the contract negotiations, 
approval of the French and European Airbus Industrie The 757 will, have two engines. 
West German Governments, to manufacturing group. and will fly over distances of 

help develop the new A-310 ver- Mr. Varley said the decision i^o m iles. In- British Airways' 
sion of tiie increasingly success- to approve the 535 engine would fl ee t, it will replace ageing 
ful A-800 Airbus. This is strengthen considerably Roils- Trident Three jets on short-haul 
expected to cost upwards of Royce's position in world markets European routes. 

5°“* „ ■ * v, f0 ^Thl RSil 5 in y S r D a sh 22 and ™ decision to allow British 

2 ~:u R °?~ R ? yCe i 15 t0 *° ^ D^sh 5W vTreSrS afready Aerospace to Join the Airbus 

with the development of the uasn m versions aireaay g^p t0 j, elp develop 


new 535 version of thet RE-211 _ .... ~~~~T , - ~ the new A-310 aircraft' is based 

f^?5? «A ch .5l»>y the 


the new twin-engin Boeing 757 
narrow - bodied jet airliner. 


FT conference Page 9 


UK nationalised body with Aero- 
spatiale of France and Deutsche 


British Airways will buy 19 of represents at least 10.000 jobs in Airbus of West Germany, both 
these jets, costing £400m. Rolls-Royce and around a similar already members of Airbus 
Together with an order number in suppliers. Employ- Industrie 
announced in Miami by Eastern ment on the 535 should buildup ; • . *. 

Air Lines of the UB. for 21 over the next few years to ™e ’ ■PProval of th* s French 

Boeing 757s with 535 engines, represent up to 5,000 jobs in 

— with options on 24 more Rolls-Royce and at least that J? nee „5?..:» ecause t ° ey - 4 ^ av ® 

— Boeing wili have enough number at suppliers,” he said. ° een B ®?, e .b? n § . * itment 

orders to launch the 757 on to British Airways is being t0 ,. buy ^f 

world markets. This will be its allowed to buy the new UJS. jet Jr 200 T 

second major new airliner with the Rolls-Royce engines, i e |L d fi 1 r h*s Ve of the 25(kseat 

venture this year, following the because the airline regards it as A-JOU rtjruui - 


launch of the bigger 200-seat the best aircraft for its iuunedi- 


But the UK Government has 


I11UUU Ul LUC vUVJCAl L11C U»L HU U.U iUL - U lUUUCUi- . , ,, 

767 wide -bodied jet this summer, ate needs in tbe broad 170-200 b T ? eet . ^ 

These decisions were announced seat, category of aircraft supple- 
yesterday by Mr. Eric Varley, menting the 19 smaller 114-seater 

Industry Secretary and Mr. Boeing 737 jets ordered earlier commercial freedom to choose 
Edmund Dell, Trade Secretary, this summer. Continued on Back Page 


Ministers urge Callaghan 
to postpone election 


BY RICHARD EVANS, LOBBY EDITOR 


SOME SENIOR ministers are still 
advising Mr. James Callaghan to 
postpone a general election until 
next year, despite tbe confident 
belief of all three party organisa- 
tions that polling will take place 
in early October. 

The notably cautious Mr. 
Callaghan will not make up his 
mind until he has studied further 
opinion polls and j>arty reports 
over the next fortnight but his 
close advisers believe he now 
sees no alternative to October 
for both parliamentary and 
economic reasons. 

Leading the powerful group of 
ministers who remain uncon- 
vinced that October is the best 
choice is Mr. Michael Foot, 
Labour's deputy leader. Among 
his supporters are Mr. Merlyn 
Rees, Home Secretary, and Dr. 
David Owen. Foreign Secretary. 
But both Mr. Denis Healey, 
Chancellor of the Exchequer, 
and Ur. Roy Hattersley. Pj»ees 
Secretary, are thought to accept 
that an autumn election is now 
virtually certain. 

A possible explanation for the 
latest surge of rumours is the 
desire of some ministers to un- 
settle the Tory camp following 


the party’s recent 'launch of 
expensive post and publicity 
campaigns on the assumption of 
an October poll. 

The Prime Minister's personal 
inclination earlier in the 
summer, was to continue in 
office into next year, but with 
lhe ending of the Liberal- Labour 
pack and the lack of any reliable 
alternative support among the 
other minority groups, there 

Unions plan big effort to win 
vote for Labour Back Page 
Callaghan and jobs and Mrs. 

Thatcher campaigns Page 8 

would be too great a danger of 
a Government defeat in the 
Queen's Speech in November. 

A major argument for soldier- 
ing on is the attraction to 
Labour of fighting on a new elec- 
toral register next spring, but 
the worst possible outcome 
would be to be forced into an 
election in mid-winter through a 
parliamentary defeat. 

Following reports that the 
Prime Minister was being ad- 
vised to hold on for . another 
session. Mrs. Margaret Thatcher 


the Conservative leader, 
attempted yesterday to close his 
options over dates. She warned 
that the Conservatives would 
seek support from ail minority 
parties, to bring the Government 
down over the Queen’s Speech. 

The Tory leader will make a 
major speech in Glasgow tonight 
with tbe aim of pre-empting Mr. 
Callaghan's speech to the TUC 
next Tuesday. 

Tbe main problem facing the 
advocates of a delayed election 
is how the Government could re- 
tain power until the spring. Mr. 
David Steel. Liberal .leader, has 
said there should be an autumn 
election and he has no wish to 
enter a new, short term pact 
with Labour. 

There is no indication that the 
Nationalists or the Ulster 
Unionists would be in favour of 
an agreement and on past ex- 
perience they would not provide 
the most reliable of parliamen- 
tary allies. 

The likelihood remains that 
Mr. Callaghan, after addressing 
tbe TUC with a rallying speech, 
will announce the General Elec- 
tion date a few days after he 
sees the Queen at Balmoral on 
September 9 and 10. 


Bingham report going to DPP 


BY MARTIN DICKSON 

THE controversial Bingham 
report on allegations that British 
oil companies have broken UK 
sanctions against Rhodesia is 
being sent to the Director of 
Public . Prosecutions to see 
whether there is a case for 
criminal proceedings. 

Announcing this yesterday, the 
Foreign Office also said the 
report would be published as 
soon as possible. But officials 
indicated that, for a variety of 
reasons, publication might not 
take place before November. 

Evidence presented by British 
Petroleum to the inquiry held 
by Mr. Thomas Bingham, QC, 
allegedly implicated the com- 
pany in breaking ail sanctions 
and went on to allege that some 
members of past British Govern- 


ments were aware that sanctions 
were being broken. 

Other reports have also 
accused Shell of involvement in 
sanctions breaking, together 
with other international oil 
companies. 

The Foreign Office yesterday- 
refused to comment on any of 
these allegations or to outline 
the contents of the Bingham 
report, which was commissioned 
by Dr. David Owen, the Foreign 
Secretary, last ApriL Mr. 
Bingham presented his findings 
to the Foreign Secretary early 
last week. 

One reason given by the 
Government for the delay in 
publishing the report is that, 
under UK sanctions regulations, 
the Government Feels obliged to 


obtain the consent of all those 
who have given evidence to Mr. 
Bingham-^aboiit 50 people 
before publication. 

In principle, however, publi- 
cation should be passible by the 
time that the Commons holds its 
annual debate on the Govern- 
ment's sanctions policy in mid- 
November. . 

From the Government’s point 
of view, such a long delay might 
have the fortunate effect of 
preventing a major row over 
alleged sanctions-b listing during 
an autumn election campaign. 

Conviction for an offence under 
tbe UK sanctions orders can 
mean a terra of imprisonment 
for up to two .years, or a fine, 
or both. 


CONTENTS OF TODAY'S ISSUE 


European news — rr— .2,3 

American news 4 

Overseas news 4 

World trade news ...... 6 

Home news — general t _6, 7, S 
— labour .«««. 8 


Technical page 12 

Management page 33 

Arts page 15 

Leader page 16 

UK Companies 18,19,24 

Mining _ 24 


Intnl- Companies .....ras.. .20-22 

Euromarkets a.... 20 

Money and Exchanges ...... 21 

World Markets ............... 26 

Fanning, raw materials M 27 
UK stock markets 28 


Britain’s grand design for 

tomorrow’s Jets 

China's second front in 

Europe 

Energy review: Norway's 
difficult debut 


FEATURES 


16 


How a merchant bank 
handles entrepreneurs ... 
Around Britain: Safety in 

the Dover Straits ..." 

Hong Kong economy: The 
internal boom 


Joergensen defies the unions 

13 in Denmark 

The Australian economy: 

14 Prospects for energy 

Timber spin-off from power 

23 plan in Brazil 


Appotatmants — _ 
A ppoi a u n g im Aehrg. 

Bank Return .... 

Bucks 

(•■tracts .............. 

Cranford ..... 

EnttnatoneBt Oatfe 
Eoro-optiMs 

Food Prices — 


v 

2J 

» 

25 

21 

U 

U 

a 

23 


FT Actuaries lattices 

Letters 

Lex. — _ 

Lombard ..... . 

Men aad Matters 
Pi np e rty 

Racing 


a TV and Radio 14 

IT Unit Trusts n 

32 Woalher S2T 

?? Base Lending Rates 2* 

„ » INTERIM STATEMENTS 
2X12 Aug. Aracr. Union 

M Steel 6 

»TR » 

Cement Road done . 34 


ANNUAL STATEMENTS 
Bonn Bran. a 


Share In f er ntatlnw _ 30-31 
Today's Events 17 

For latest Share Fndcr 'phono OJ-246 S026 


CH Industrials ..... 

Dobarah Servian _ 
Marshall (Halifax) . 
Orenstchi & Koppet 
Fro p. Sccurtur Inv. 
Stoddard Holdings — 


U 

n 

is 

7 

U 

28 


Pan Am 



National 

merger 

By John Wyles 

NEW YORK, August 3L 
PAN AMERICAN .World Air- 
ways and National Airlines 
have started negotiations on a 
$359m merger. National Air- 
lines announced today. 

Pan Ant’s Interest in acquir- 
ing National Airlines • first 
emerged last week when tt 
proposed a tender offer of $35 
for National's stock. The subse- 
quent move towards a friendly 
merger on the basis bf $41 a 
share could save National Air- 
lines from au unwelcome bid 
to control it- by. the . small 
regional airline, Texas Inter- 
national Airlines. 

- However, all combinations fn- 
Ihe airline Industry require 
the approval of- the Civil Aero- 
nautics Board, which will 
probably try to reach a judg- 
ment on the matter, by next 
March. ■ ' 

The board is very anxious to 
maximise competition, within 
the industry and Is thought not 
to be anxious to see any con- 
solidation before airlines have 
had a greater experience of. 
competing on each other’s 
hitherto exclusive routes. 

Mr. L. B. Maytag, chairman 
of National' Airlines, said in 
Miami today that substantive 
negotiations were now under 
way on the basis of an offer of 
$41 a share and that a meeting 
of National's board had been 
fixed for September 5 to con- 
sider the results of the dis- 
cussions and the manage- 
ment’s recommendations. 

Mr. William Sea we 11, chair- 
man of Pan Am, has .also 
announced a meeting of his 
board for September 5, when 
he thought Pan Am manage- 
ment would, be la a position 
to recommend action. . 

The Civil Aeronautics Board 
has already started proceedings 
to . consider . - Texas Inter- . 
national’s . request to acquire 
control of National. It has given 
the regional airline .and 
Pan Am both permission to buy 
up to 25- per cent of National’s 
Stock in the open market: ' . 

last night Texas . Inter- 
national disclosed that if bad 
spent- S4£2m purchasing 1&2 
per cent of National's stock for. 
an average price of $27 a share. 

Host CAB statements on the 
subject of airline mergers have 
given ho great cause for hope 
that either a Pan Am /National 
merger or a Texas Inter-. 
national/National combination 
would be approved 

Pan Am and National will 
tell the CAB that Mnce there la 
virtually no overlap between 
their rente structures, a merger 
cannot be antteompetitive. 

Moreover, Pan Am Is stress- 
ing its need, for a domestic 
route system to feed its inter- 
national services 



BY DAVti>. CURRY 


PARIS* August 31. 


PEUGEOT CTTROEaM firtnly-ewn- aare^of the UK role in the worid- 
mitted itself today to restoring wide scheme of Chrysler 
the fortunes of Chrysler UK, end operations. . 
spelled., out its .long-term !,■ Employment at Citroen ...had 
ambitions of creating an effecr -expanded from 73,000 in 1975 to 
trve European . challenge to^ the 32,000 this year., the period . 
giant U.S. and Japanese.- motor- covered, by the PcugeolrCitroeu 
manufacturers. ' -merger. 

ML Jean-Pani Parayre, chairman It was not intended to. ellmni- 
of Peugeot Citroen, said in cor- ate Chrysler _ models which 
po ration of Chrysler UK into competed wtth..Pengeot products- 
Europe’s. \ largest . motor- Our to delete 

manufacturers would offer tt tnodels. We. believe tbe. diversity 
“new opportunities for recovery of models is an advantage for 
and therefore of expansion and our customers. . 
prosperity for its employefes and -M. Parayre .defined, three main 


its dealer network;' 

. In the company’s most detailed 
comment fhe deaiL sagas*- 
Parayre promised tfcarthe Xanys- 
far operations m -Europer’ being 
acquired for $230m (£U9m) in 
cash and a 15-5 -per cent -stake 
in -the capital of tbe Peugeot' 
Citroen parent company PSA. 
would, be- treated on; terms of 
strict equality with those of the 
Peugeot and Citroen operating 
subsidiaries, . 

Full Support 

Chrysler UK, said hL Parayre, 
would enjoy- the parent com- . 
patty's total support in', its 
recovery. 

“We consider that this under- 
taking, is worth more than: all 
the formal guarantees which *csih 
be written provided that evety-_ 
one worker together to make the 
most of oiir opportunities. 1 * 

He declined to _ give an 
“absolute guarantee”. • about 
employment In the UK . because 
so smeh depended on .general 
economic : .conditions. . “Our 
interest is to maintain activities 
in .the UK but this (tovel$pment 


principles of group. : organ tsa- 


frnci-mum decentralisation of 
each . . cbfttpafly’e management 
: in - a.'- framework of . close 


BL warning 

Workers at. BL's strikebound 
'Bathgate- in ■ Scotland plaqt. 
were warned yesterday that it 
win hot reopen even after the 
dispute ends without union 
commitments on maintaining 
production as Mr. Michael . 
Edward es, BL chairman, said 
the company was being led to 
dtemter by industrial disrup- 
tion. Further, talks on the. 
BWtfrgate dispute "will take - 
’ p^aee in -London today. 

BariE< Page 


co-o rdin.ati pp and supervision 
by the-p&rent concerned. The 
ihcngtfe in group raze would 
maktf ' necessary more - dele- 
ft responsibility.';. 

of “indepen- 
and. personality of each 



,is subordinated to pou- ^^miirfisctorer; ' its. - sales 

sideratioiffi of productivity.*^ .qrgai^ation, product line and 


Once the Government had - ' "image, 
authorised ithe purchase -'ife. j- Development of rednomies- of 
plpms. , seated including -improved use 


would visit 


especially the 
£actpry.-in 4 Scol 
eittplayeeS dfrout 
company’s 



tt facilities and 
estabtishmeqt of a 
coherent and efficient in- 
^P^ilEBftrai-'OOniidex’’; a 
^"G attffdKttlteatiou of vehicle eom- 
com^Kments not linked to the 
- spetdfic.fwand image;- 
_ 1 And -‘Sortrujiatlon of -a “group 
strategy ” providttng each 
per- - «ajes .network with, models to 
“satisfy the -demands -of -Its 
e ltt r i rt Me while . avoiding un-^. 
productive - competition., iu 
sundl segments of the market. 
Acquisition of Ghrysler’s iiianu- 


bn 

with British twAse* 

Parayre snid: 

develop -the' company in 
interests- of our .-cM*ts,- . 
sojmel, shareholdes^ iuad the X3K. 
economy. We are xdi8y to-lalftr 
to all those who ahare 'the -same 
objectives.* , ; 

Peugeot Citroen would assume. 

all the commitments^^Chrysler faoturog and .sales activities in 
had made to the -Govepmeuf at France/^Stmiu and the UK; was- 
..time of ; the ^mj^tiois of a/t^eferve step 11 towards con- 
public funds into tiie BR oprra- - - - 

tion. This included Wjffingness 
to have Government J^^enta- . 
tipti on the board 0 f;^~British-' . — 1 — ; ■ 
smffiidiary. -- ' New- York 

He would 'be willlne$> Mgn a ' 


Continued on Baek .Phge 
Kirinro. Paw ' 


“declaration of inteoft^^iudogotas 
to " that by Chryslqtt - Ttps . 
covered employment;^' official- 
representation -an (be hoard,, use. 
of UK components as af primary . 


Spot 
Imaottr 

m . Z noMb* 

source .of supply, ffitifmahiteai- 




Trevtouo. - 


SL§38Ot0to I S1O44&0*® 
0.650*7 di* 0LSBO2B dla I 

uM.aeio.1 nsa-ijisaio » 
*6fr*.«6<u k I OjKUrodls 




When you choose a Hystsr lift track, you efrobse e 
builtto meet Reacting standaftfe erf performancedrt 
in the most demanding materials handling s 
That’s because every tnjck, Weryt»rnponenT, 
is subjected to rigotous-quality assurance 
stage of production. Nothing is leftto cl 
Quality is the manufacturing star da 
plants world wide.The mostmoefem 
and the necessary produ 
plant output is matched to 
For a profitable diffwe; 
ct^osetiie truck 












Financial Times Friday SepteiiiberT i97S 



Fl ROPEAN N EWS 


THE PEUGEOT-CITROEN BID FOR CHRYSLER 


-f *1* ^ 




A suitable case for treatment 


BY TERRY DOD5WORTH IN PARIS 

-WE ABE in an industry which sible. or when the first strike Chroiert .UK l»t lerests. As a no^PPreciatc ^ apP^tnniUe, the JWj. But thejuh- 

■T^^'svai.u, KSM ffig“ — sura -rasas 

Pa ray re. the president of tion. however, .delivered quietly sue. without the UK^f-eiUtJes. conjpan^. Qf pSA>s interest and cow ChryslerUarc 


Pe ugeoi-Ci 1 roe n. yesterday: His So. prided the British work- On the wta of PSA’s to iSanage their^c 

words neatly underline the threat whn had flooded into Paris from force delivers the goods and M. ability to control the Bntts business 

which banes over Chrysler all over Europe, has a signifl- Parayre made a special point of unions, he stressed that both ™ ss - . ^ 

Europe, a company which has cantly different emphasis. talking about Peugeot s ^ English sides had a common goal Jo . model ranee and 

grown sicadjl.v weaker in ihc last First. Peugeot will lake over and Scottish friends the develop the company. Once an — „,su I— 


will be retained. 


szsrsz sar 


MADRID, August 31. 

TWO SENIOR Interior Ministry men were shot dead last Mon.' 
officials were dismissed today as day . in separate but apparently 
the Government of Sr. Aldofo co-ordinated attacks across nor- 
Suarez cracked down on dissent them Spain, 
within the security forces. The so-called political wing of 

Government orders appeared the Basque separatist group 

Cupped in with its 5430m lane- world of , noTor industry. It will the French company is wining io unions. j>u C me .«».« •“™u'fictariM ~'em^ If* in the official state bulletin re- ETA last night claimed responsi- 

over hid three weeks ago. then proceed steadily to develop go a long way towards giving bility for running the Chrysler a neront manu acni ^ moving Sr. Gonzalo Cerririo bility for one Of the murders and 

Chrvsler Europe Is small in an this capacity, much of which the kind of guarantees which su b s!di ary. would remain with Jg“y“ t his concept ls^ Sat ItfliSs - WjMZw from his * ob ** Commissioner- said it would join the group’s 

age of ciants and the vultures exists, under-utilised, in the UK. the British Government is the subsi diary J®* in the face of much of the con- General of Documentation, and military faction in an offensive 

have been gathering Tor the kill. Gradually, common activities in likely to press for before it had no intention of taking over n e ace_of « “ ; Sr. Jose Luis Fernadez Dopico against, the repressive (security) 

But Peugeot believes it can be ihe components field will be allows the deal to go ahead* this role. industry where Ford, with - ' from Us post as technical head forces which will last until they 

restored to health, basically by undertaken to take advantage of Most significantly, be said Indeed, one of the main P ruthlesslv rationalised ranee in the Public Order Secretariat. . are dissolved." 

developin’ its present resources the potential economies of scale unequivocally that PSA would be messages to emerge from the ‘r .Li" T; ,? ,X“omb ted as Interior Ministry officials Said. The extremist group GRAPO 

and without unv radical surgery, presented by the takeover. But prepared to sign a similar news conference was the fir* T “ ^ H M nn * the two men had been dismissed has claimed two of the other 

This message of hope came the Chrysler activities will be declaration of intent to the one strength of Peugeot s commit- » 0 *"“ it not eliminate where ^ Uecnminnv hemed even- for writing an article In a police killings, and a previously up- 

across with resounding chnty kept strictly separate from which Chrysler signed w 3976. meat of decentralised manage- m J£j£ ? „ 5J’ a f Uae oDeratixss tualS S sel^its y <ara toroimh magazine in defence of a right- known “ anti-capitalist group 

at the news conference given by Peugeot’s and Citroen’s in terms This would commit the French ment. The organisational struc- “?J£*2 H e ? s tts nStSiifcffl win « police chief Backed some ** foarth - 

M. Parayre in Paris yesterday. of ma rque identity, day-to-day company to maintaining the posi- ture which M. Parayre outlined Sr'm* in ft? riSinf”?^ Sd^that “at ’the® aunronriate time ag0 - , , The attacks outraged sectors of 

He went much further, in effecr. management, and the sales net- tion of the UK facilities within for the new group is designed to cars _ in JJJ smd. that at me appropn^e ^ d]STni g Sals eo i nci ded witii the police, and the Policemen’s 


Chrvsler Europe Is small in an his "caparity^much of whlc£ the kind "of grantees which jS JSSTi thisconcipt hSS iS 

s gMsara a SSS 

But Peugeot believes it can be the components field will be allows the deal to go ahead, mis roie. industry where Ford, with 

restored to health, basically by undertaken to take advantage of Most significantly, be said Indeed, one of the main P* ruihli^slv 'rationalised ranee 



quell dissent in 
security forces 




11. Parayre in Paris yesterday. of marque identity, day-to-day company to maintaining the posi- hire which M. Parayre outlined J" « a f' the annrnpriate 

He went much further, in effecr, management, and the sales net- tion of the UK facilities within for the new group is designed to „ ,. M p araV re “We time - we shall seek^ut > the 

than most observers expected w0 rk the new group and to allowing maintain Chrysler in very much p™“P» ^ oul ™ e the suspension of five senior Association, which represents 

towards committing Peugeot to Gj veo this, concept of estab- some degree or Government sur- its present form for the ume riSSJn 1 d a?thi?.?h Jppr0pnate e s - police officers for publicly criti- about 85. per cent of the 40,000 

the retention of Chrysler Europe Hshing Chrysler as a free- veillance. The Department of being. This is similar to the Jl*™ • The PSA group is already cising the Government's alleged strong force. accused the 

in iis present form. In particu- standing subsidiary of the larger Industry is believed to be work- process which was followed cnacisea ror our large raise, piking w iu, Chrysler about failure to combat guerrilla Government of weakness and 
lar. he stressed the company's group there is a very strong case ing towards demands of this when Citroen was recently accept cn is wue range contracts on the components side, violence. Two policemen and leniency, 
holier that Chrysler’* UK f or psa. the Peugeol-Citrocn nature at the moment absorbed into the . group. •2S u f e 1 , we «« , At same lime * the two para-military Civil Guards- Reuter 

interests, the weakest link in parent company, doing every- He could not believe he added. At the centre there is a strong aavamae.e in raeeung me needs company i s very Interested in - - 

this highly vulnerable company, thing possible to bang on to that the British Government did staff function, particularly on w our clientele ana in the chrysler’s work in the develop- 

can he saved. :®y elo f 5/ 1 ?, ent 0[ our n,arKeUo ® ment - of micro-processing for • _ .- • 

srS-SS-swS Agreement is ‘firm and definite’ swS'fHp’rv HS! MtBVS * Bonn bid to lift immunity 

ihc UK in the last few days. MO JXM. JMM HUH- %/UXU. !/%✓ • Tbo Chrysler truck interests in f Contracts which both Chrysler . • 

According to these criticisms, the “? ain an “ 0,6 UK „ we J*. a . n UK and Peugeot have at present -^4* /|T TM rmiflndY nintm 

UK interests nf Chrysler Europe REFERRING TO the details of share ownership or the M. Parayre said that he ““portant^ resource, which it ^ se t l ears j a ia t form to Iran ||JL lYiX ll-Vcl Nlfy IllH 

i ra n n oinhirriwmpnl In PpiI2L'flt Hin tabpiu-ur. M. Paravrp ran. r.hmslpr F.iirnwan aiH>ratlan* hannri fur Mrlv HE Rnvern- WSS raAS intention to support unil ho maintained On their * » ■ ■ 


These statements fly in the 
face of many of the suspicions of A 

the deal which have emerged in IX | II §^11 

the UK in the last few days. X J 

According to these criticisms, the 

UK interests nf Chrysler Europe REFERRING TO the details of 
□ re an embarrassment to Peugeot the takeover, M. Parayre con- 
and are only heing taken on firmed that: 
because they are Part of the total i — The I.Sih new shares in 
package. PSA corresponded to ihe sale 

Critics have been suggesting of Chrysler Frauce. They 
lhat the Peugeot deal has been would enjoy dividend rights 
prompted by three main criteria from January I, 1980. The 15.5 
—namely to bring back all p* r cent stake the Chrysler 
French vehicle production under Corporation would acquire had 
French control, to give Peugeot io be set against the 41 per 
a strong commercial arm capable cent remaining iu Peugeot 
of taking nn the other big Euro- hands and the 7 per cent held 
pcan companies, and to consol i- by the French lyre group, 
dale the healthy French position Mjrhclin: 
in the Spanish vehicle market 2 — The $230m cash payment 

None of these criteria, say the would come oat of cash 
critics, suggests a significant reserves. No call would be 
position for Chryslor’s UK in- made on shareholders or on 
lercsts, apart from the truck ihe money market: 
manufacturing plant at Dun- 3 — a transitional period would 
stable. Therefore, the most the last nnlil October 31, 1980, 
British Government cun hope for during which Chrysler would 
is a limited commitment tn the be associated in the manage- 
UK interests which will be jetti- ment and results of its former 
soned as soon as decently pos- European operations. WhUe 

Italian Cabinet to review 
economic recovery plan 

BY PAUL BETTS ROME. August 31, 

THE NEXT few weeks arc likely country's pensions system and 


Agreement is ‘firm and definite’ s 


share ownership or the 
Chrysler European operations 
would pass to PSA by the start 
of next year at the latest, the 
Chrysler Corporation would 
retain all benefits deriving 
from 49 per cent of the shares 
until the end of October 1980. 
An economic interest group 
would be formed which would 
receive the profits from the 
operations being sold until 
November L, 1980. In this 
interest group PSA would hold 
31 per cent and the Chrysler 
Corporation 49 per cent “ This 
transitional period is not a 
trial period," M. Parayre 
emphasised. “ The agreement 
between Chrysler and the PSA 
Group is Brin and definite sub- 
ject only to completion of the 
stated conditions which are. 
basically, the approvals of the 
various Governments con- 
cerned." 


Dutch wages 
rising faster 
than forecast 


M. Parayre said that be 


network." automotive uses, where it is one 

Among the other points 0 f leaders in the world 
covered by M. Parayre were: industry 

• Tho Chrysler truck interests in # Contracts which both Chrysler 
Spain and the U*\ a . n UK and Peugeot have at present 

“ important^ resource,’* which it ^ se ii. ea rs in kit form to Iran 


hoped for early UK Govern- ** will be maintained on their 


BY JONATHAN CARR 


BONN, August 31. 


since “periods of uncertainly viithin the Chrysler subsidiary n ' anu '. a v ui 7 n * cumpcuiy con- 

are not helpful to anybody and fSttc 5L bS'oTat tfifS d t ?™ 0 u^f ™ mhhL?h°" Kj" 

particularly not ,0 Chrysler which M. £&*%££ ieT?? 

U 5L. . . 4fc r JSI 01 r Thi 1 ^ Parayrc ““W not answer yester; ^ meet tomorrow in special has been a member of the 

Explamins the reasons Tor b ^ e pen day was how soon deal would session to discuss raising the Bundestag since 1972 and is 

the purchase nf Chrysler’s aeaj between Peugeot and Fiat k e consummated. Kiat depends p,ri; 5 m fl nf=n- ,.e nn« rhsimnn 


r ties ^ ^^ntlvinnouncpri Parayrc not a J ,s ^ er , yeste ^ to meet tomorrow in special hag been a member of the 
Explaining the reasons Tor b ^ e _ en day was how soon deal would s^aa to discuss raising the Bundestag since 1972 and is 

the purchase of Chrysler’s deal between Peugeot and Fiat be consummated.. That -depends Parliamentary immunity of one chairman of its committee ou 

British, French and Spanish on the manufacturing of a new on the British Government and, i£ SemKn development aid matters 

operations, M. Parayre said sma j 1 , van , in southern Italy poss jbly t the Intervention of a .. H Yesterday the SPD announced 

S3 1 , Ue m r° t0r wSv- n ** affected in any political element in tlie/affair if S?aT ^tto^iey g^ner^l’s that toe^Ssonat aide to its bus? 

industry suffered from frag- w “>- the UK runs into an election “ e S ness manaeer Herr Eaon Bahr 

meotation, although It could • The intention is to expand period. °i^ ice '4- whl fp lwe sti 0 ating - investigation in 

compete on the technological the group’s activities in Spain, But, in his own quiet way, this jJSSSJS d tn e H! na S-!l 1 connection with the 8 suyinc 
level. New challenges— energy where it already has a combined former French bureaucrat could J'" d 5 I v£X d iewi ufnmalSSn allesatlons. -The aide ^FLerr 

conservation, ecological con- market share of well over 30 per hardly have gone fu«her to- t by a J A ' JoShim^liiiuSirSgff SSd 

sideratlons and the growth of cent. Peugeot’s arrangements to wards reassuring British interests innrnvil « «. 34. was uivmE authorities all 

the Third World manufaclur- make and sell its 504 model about Peugeot's intentions in the „IS3fS^SLSS^JlS: nLibte aSfl meaSvhile 

ing capacity-demanded that through the Spanish Citroen UIC He clearly indicated that a ? rt nir ® d ^ a fSfl' Itirf « Swt 

companies should be “big company will continue, . . British element is an important 


enough and competitive 
enough " to be able to under- 
take necessary research and 
Investment programmes. 


absorption of Chrysler Europe, industry. 


* 

France to ease controls on o|l 


By Charles Batchelor 


BY DAVID CURRY PARIS, Aufust 31. 

THE FRENCH Government has The measures, announced by January 1, 1980, thew will be 
plans to dismantle much of the M. Andre Giraud, the Industry freed also. 

50-y ear-aid system of tight state Minister, and M. Rene Monory m rp Q j, e iD netrol oriteA come 


The deputy whose immunity is ment official who vanished in 
involved. Dr. Uwc Holtz, a mem- Cologne in -early August, has 
ber of the ruling Social Democrat passed information on to the 
Party (SPD), said he was CIA about Romanian secret 
astonished at tbe news. ** I service activity In Bonn.. 


Icelandic coalition formed 


mu i’dai iyw news jiv iimtij tuuuirj s a«aLt:m auu AMSTERDAM Aug 

tn he crucial ones fnr ihe social welfare structure. At the WAGES ARE risina f 

“sie„{ :i " 1 „"f Un si 5 “ "ml 10 


To help petrol p 


BY jON H. MAGNUSSON 


REYKJAVIK, August 31. 


The Government now has only T o r( 

30 days to submit to Parliament Ji r ti ” . J a f bou contracts 
its ihree-vear economic pro- nal,ondl IaD0Ur tonlracto - 
gramme and next year's pm- These contracts involve 
visional budget However, there 6m workers, including the 


It is ready to arrindop wie Prime -Minister Raymond Barre maximum, permitted rebdtes-of -nine-week old political crisis on part personally in tba new 

isistencc that half the French of introducing price freedom Tor 3 centimes per litre on oniinary the island, the smallest member Government - after his own 

larket be reserved for French industrial goods to make industry gra de petrol and. 6 centimes on of -the NATO alliance. - attempt to form a- radical lefi- 

il companies: it is introducing more competitive. . super. * The new Prime Minister, Mr. wing GoverxMneat-faiiet! Several 

ie system of automatic adjust- They_also respond in part to ' 1mnnet mtMa% ^ h . oiafur Johannesson. leader of days* ago when the Social 


^idinuiv ana uv.^i \wr> urn- * ilLSC contraccs invoive some worker*, Finsnrc 1 . ^vvefneni, airii it is ^uiiiuumiuiI. nc wpII tn itnnnrf w* uivuuuk ui uic-uuuutuuu ul uie • * -11 

visional budceL However, there 6m workers, including the metal AUnistrv said liberating petrol and fuel prices The main steps are: fined " products directly will be n ^ w Cabinet which is. to hold its 

are already sign* or di&gree- and engmeerins workers whose origihallv, wages were ex- *I^ ol i. C inn lr0 10 eneourage •0°. September 1, 1973, all easier ? to obtain. French com- first formal; meeting tomorow. Se and^ndi^o °AU of them 
ment over the detailed economic national contract has tradi- lq rise b y 7 per cent this competition. restrictions on the prices of pan ies wiU no longer have the Three of Iceland's four parties are? anti-NATtKand aea3i«t the 

proposals among Cabinet tionally been regarded as setting year but the increase mav now ^^be. Government is, however, heavy oil and naphtha are protection of a formal guarah- ■"’the. Progressive Party, the it s. air bast* at Keflavik but the 
ministers, .the political parlies course for the ^^negrdia lions pe r ^ ta dr 2P?tf’,. feed market share. ^ SociaT Democrats ,.,and the 




control 


directly supporting tbe Govern- in other important sectors, 
ment and the trade union move- Although some union 1< 
ni cut. have recentlv indicated 


due tn the effect of nromotions a P annual quota for oil imports. « On January 1 nexl year, for 
? nh oh, ineraases although the implementation of 12 months, domestic fuels, diesel 


encourage r «OnSep l ^oriWS, all ^i er 7oob^ French com- fin* fonqar meeting tomorow. ^ nd Td^. AHfS 
restrictions on the prices of panies will no -longer have the Three of Iceland s four parties anti-NATO “and a gai nst the 
STSE JSSUl” 1 and napbtha are ot a formai n SiarSi- ~lhe Progressive Par^, the .{&' SfawTtt 

sSS sas&msW&£s 


• Although some union leaders jo h changes and ot£ increases and" 1 ^^ wTbiS..? ^ 53 per cent of tbe market n this coalition which is Ice, f£i„d aS-^SEi>Si 

have recently indicated their on top of rates negotiated in L^bY/^ b h 0fe !ari«h£ t0 n ® (CFP-Total 26.7 per cent); Eif- land s second, lowing govern- naTO. This has been one of 

i willingness to meet some of the central wage agreements. The “ e ' variable maximum price. On 25.3 j»er cent; and Inde- raent s»nce 1971- ^a^party has . ^ mewt -important policies and 


BY JIMMY BURNS 


LISBON. August 31. 


In its broad outline, the plan willingness to meet some of tbe central wage agreements. The ' " c Antar 233 per cent; and Inde- sinre iu/ 1. i^am party has its most important policies and 

emails Steps lo reduce Italy's Government's requests. the Finance Ministry forecast Iasi pendents 33 per ceoX Tttie main * roisters m tflg Cabinet j S ^ne 0 f the most heated issues 

substantial public sector deficit. Labour movement as a whole September that income tax B _ foreagu companies were Shell JflS?}. v 111 ■ ■ “• in Icelandic politics, 

keeping it within a L35.000bn still appears divided ovc-r a revenues would be FI 35.3bn I lchnn MllUCforC* rloniol (about 15 per cent), Esso (12 3 “ru-pJiSf nn tV. nf thi. 

limit for 1979 acceptable to the Dumber of controversial issues. (Sifi^bn) this year. lVJLIIllijlvFij) 11 Vi 11 ^11 per cent), BP (102 per cent) 3 n, ^ er A Was , a ' 0 ne «°ii ^ 1? 

international Monetary Fund. si". Andreotti is Lo hold talks . The Ministry recently raised Sod Mobil {5 ier 41S). SAfiSSS' 0U i: Sf’ «SSSS!?ViSS 

The plan also aims at encuurag- during the next few weeks with a □ a rea u ire m e n ^^1978^ BY JIMMY BURNS LISBON. August 31. . Ha d the new system of price and S fbrtme MinistM- fro^^971 —probably by about IS per’ cent 

the current annual inflation rate economic programme and the hniiw»r°thit rif^nAt F ® rtugals . administration previous Government, said that meant a reduction of 8.85 Mr. Benedikt Grondal wiH^be banks - since Monday The 

Of between 12 and 13 per cent. . 1979 budRtfl . ‘ SeT'S? *£ Wth 0,6 Sde^nlnf ForeilS ter!° H? is a GovSn^S pouS Stil^e made 

j" .s5™^ sssi™. pr “~ {Messrs mkt“ ,or ihU 37 §3 -sra «. « jsssss. “* ,o 

s-a r fcsss. gas Sms. ^ s w jss 

ns pro^rainnic approveu in view budget deficit— which is forecast an d Sr. Acacio Pereira Magro pursued by the previous admioi- 
«f the arrival in October of an tn be about 51 per cent of (Social Affairsi— were inter- stratum. lo increase tile resnOurces of the 


Airtar 23.3 i>er cent; and Inde- i? its most important policies and 

pendents 33 percent T?ie main JJ?® is one of the most heated issues 

foreign companies were SfreB hoId - in Icelandic politics. 

(about 15 per cent), Esso (12J „ nn «r tk» tadre nf *hi» 

hat RP /ifli nor Awif) The Prime Minister \ was a . One of tne first tfisks of this 

wmmi 147 lir cent) of j us tj ce j n (W. out- new coalition Government will 

a u a rf lt Si ^ ffolns right-of-centre Government be to devalue the Iceland krona 

»s ■ ad of pr ^ and Prime Minister frotn\1971 — probably by about 15 per cent 

fixsng been appiued_ now, accord- (01974, The leader of the ^qcial Foreign currency dealings have 





\ Mr. Johannesson. 


of tho arrival in October of an tn be about 5J per cent of (Social Affairsi— were inter- 
IMF team 10 finalise a standby national income this year — would viewed by the State-owned news- 


national agency for energy 
Sr. Gago, chairman of PelrogaT, savings. After the end of this 


Timih. pihfwiicd fiuTi Sun- facility for Italy and subsequent help. But high wage costs hasjp a pe r Diario de Noticias and the hr. Gngo, chairman of PelrogaT, savings. After tne end of this 
:‘'V Ivnum. negotiations with the European I been a major factor in the P rob- j conservative right-wing weekly lfle nationalised oil company year, the f>roduct.of tfMS 4Jix will 


hj'.i;,'- in-.u'ic rji.i m Ng- >-rk, n i ! Community for a further loan. I lems facing Dutch exporters. 

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claimed that they bad “ pro- ^ ,p ° r . fJ^TO and fraiu its future omte prices. 

Communist sympathies," which emp y ml ° toe tbe. The ceiling prices to apply in 

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political neutrality nf: Portugal’s certain Ministries led to the basis of currency movements 

recently formed Government of collapse of their six-month every two months and the world 

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1 078 all of the 6% per cent Convertible Ddjentures 
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against surrender of the Debentures with a® on- .. 
matured coupons attached. 

Pursuant to the provisions of article -4. of toe Trust 
Deed Debentures called tor redem ptfon may be 
converted into shares of Common Stock of Pioneer 
Electronic Corporation up to and including, but 1 
not after the close of business on. the date set 
for redemption. Surrender of Debentures for the 
purpose of conversion shafl be made at the Paying J 
Agent or any of the Sub-Paying Agents. - - j 

No Debentures wilt be accepted for conversion ffV 
presented for that' purpose after the dose, of 
business on 20ib September, 1978. - . 

The .current conversion price is yen 730. The 
- closing price of the shares of Common Slock of . 
Pioneer Electronic Corporation on iffe' Tokyo- . 
Stock Exchange on 24th July. 1978 wos-yM T750 
and the -high end low closing prices- in 1978 • 
through 24th July were yen 1940 and' yen 1218 • 

respectively. 

Amsterdam. 7th August. 1978 
NX. Voortmrgwal 326-328 

The Trustee 

Amsfodterach TmtSee’t Ksnteor &V. v 










lliiaiiaal'iTiiiies Friday Septetaber l 1978 


EUROPEAN NEWS 


Protest strikes shut Danish shipyards 


CQKR£SPONDENT 

se5 S°J£ over ^ ***** to 
t& 'f onriatidn ye5rday jncreas- 

Sodral'rDemoeratic-Libmi - Jr?- e ln 2 vaiUfr atWe <* tax from 18 per 

TbSe ^ S^r.h? S r Ce ^ t - With - €ffect 

calls- from a variPtv from 9? tober lj 31,(1 imposing an 

and sS^Bteward^r^i - 0113 ImEQe ^ ate for six months. 

riSiw,?h^S Bon 5 0IL pnces *** margins. 

•/ active opposition ^^to 8 ISp f reeze ^ mean ‘that only 

goyenunent Conenh^^ ^ ^creases ^ed in last 

tog workers pUrfa year ? co J* ectiv ? seule- 

stration • oSb p£i?™£ JSB* **? be P 3SSed M m Prices, 

tomorrow. ° ™ian*nt while the employers must bear. 
Prime Minn**.. i . . me cost of any other wage 

Sy»«. ^wi,, JS»T by a " e *■* 

Sri ar >f i,wl * 111 w ® s P e ecb today, the Prime 

JP* 1 ?" a P^ aled & ecK.pera- 
o£ a basis tion from other parties as well 

Pariiam^^^ii^S^n ?? from labour market organ isa- 
wll renum in bong for implementing the new 


COPENHAGENr.August 31. ‘ 

Government's economic stabilisa- 
tion programme. 

He stated that Denmark sup- 
ported. the European currency 
snake and intended to work for 
the. furtherance of European 
monetary co-operation, which 
was seen, here as following up 
the statement by the Prime 
Minister last week in which he 
categorically denied that -the 
Government was considering a 
devaluation. 

The strike wave which appears 
to be developing is likely to be 
short-lived. Under the terms of 
the collective wage agreements, 
workers will be subject to fines 
if they stay out for more than 
two days. 


Joergensen defies unions 




.. .-PRIME MINISTER Anker 
Joergensen's formation of a 
Social Democratic-Liberal coali- 
;tion has transformed Danish 
politics. He- has not only brought 
■ together for the first time this 
century, the two chief antagon- 
- ists of Danish politics, he has 
also acted in the teeth of bitter 
’'opposition from the union raove- 
. menL. Implicitly he has declared 
.... -that it is the SDP parliamentary 
. - ' party and not the powerful TUC 
’. -which is going to run ihe 
.... ...country.; 

' ' : • . - .. ‘ ; • “ 1 will not deposit my freedom 

• :j .■of manoeuvre with any pressure 

• ;•?■'* &roop ■Whatever.” Mr. Joergensen 
-declared at the start of the 
• -negotiations. 

T'-.v :. By comparison with his stand 
against tiie unions, the fact that 
'. --. : h4e alliance with the Liberals 
.'•fia® '-also split the- non-Sacialist 

• I,". -. opposition wide open appears 
r .- < r less 'epMh-making, but it clearly 

• •.•f- represents another victory for 

the Prime Minister. 

.'..r ; . The average Dane appears to 
.-he somOWhat amazed by Mr. HT. 
Joergensen’s move and many are 
‘ n N.cmwineed that he’ has formed the 
. £ ' •- ‘kind: of Government which the 
% 'vj-s -country* needs. 'But there is 
^- .■'another . view, which suggests 
' -!£■ ' - that ther Prime Minister's troubles 
• . '.• .are «ily just .beginning. 

• ■ J r’v: r -The : TUC chairman. Mr. 

Tbbmarf HIelsen has predicted 
. ._ -Government will sur- 

- rife for jio more than six months 

i* ' ' " Ad has- promised trouble on the 

\ 7* T <; - tebQnr market in connection with 
- . >' . ■: n tim'redewal of the two-year col- 
. . - . • nertire : wage. - agreements next 

. : . ’ t :'•• • ‘mvmg' 

: . Atieast half a dozen left-wing 
- f '-- 1 ? mewbeK ;of the parliamentary 


«Y HILARY BARNES IN COPB4HAGEN 


with the unions are also deeply 
concerned at the breach with 
the union movement One of 
them is Mr. Jens Riisgaazd 
Knudseo, who resigned his job 
as chairman of the group, 
although he was one of the SOP’S 
four-man negotiating fpam with 
the Liberals. 

The. background to the show- 
down with the unions, or more 
specifically with the TUC. is 


The Danish trade union 
leader, Mr. Thomas 
Nielsen, has predicted 
that the new 
Government will 
survive for no more 
than six months and ' 
has promised trouble 
on the labour market 
over the renewal of the 
two-year collective 
wage agreements next 
spring. 


‘ . group are. known to have very 
— serious -.reservations about the 
-> • - ^ ' ^ the Liberals. but 

■ ^Vri&lfltdy become clear in the 
• the .- coming weeks 

5 are also prepared 

: ';V .-.-td express their reservations in 
, . , - IrtjaS; .at votes against the 

.i - Other members of 
■ ^ . have dose ties 


M 

iL.-v-JS 
's. 


partly . a well-known ’ personal 
animosity between Mr. Niejsen 
and Mr. Joergensen. who is him- 
self an ex-chairman of the 
General Workers Union. It also 
partly reflects the increasing 
politicisation of the TUC which 
has built up its own staff of 
experts and taken to initiating 
and promoting policies on a wide 
range of topics. ... 

In the deal with, the Liberals, 
the SDP dropped union-inspired 
tax reform and bousing reform 
plans, the one anti-business the 
other anti-home owner, .as well 
as ignoring a union demand for 
a start to a scheme for com- 
pulsory workers’ co-ownership. 
These three plans were the union 


movement’s conditions 
accepting wage-restrajnL 

In the end the relationship 
will have to be patched up, if 
only because the SDP is depen- 
dent on the unions for fin ancial 
support. But in the meantime 
Mr. Joergensen’s strength is that 
neither the unions nor the left- 
wingers in the party group have 
any other place to go. 

Although the SPD-Uberal 
Government has the support 
of only 88 members, one short 
of an. absolute majority, it can 
count on the backing of the four 
remaining Right-Centre opposi- 
tion parties. The coalitoh there- 
fore looks invincible until the 
election-in about two years’ time. 
Unless^ of course, there is a 
revolt T : among the- Social 
Democrats, but at this stage that 
aeems pn Likely. . 

- ■ Assuzfiing that Mr. Joergensen 
can ride out the wrath of. the 
unions, jhe and Liberal leader, 
Mr. Henning Christoffeisen (who 
at 38 ^becomes the youngest 
Foreign Minister for at least 60 
years) will bring a newr element 
of political stability to the 
political, scene, enabling the 
Government to pursue a medium- 
term .^economic stabilisation 
programme without fear of being 
trippeiaap at every turn. Since 
the 197$eJection there have been 
11 parties in the* Folketing, 
including the anti-tax Progress 
Party tin the Right and three 
extreme^ Left-wing parties. The 
lack ofla natural majority of 
either JEfeft or Right has made 
the business of 'Government 
extremely difficult 
The coalition was formed for 
the specific and limited purpose 
of “ restoring a better economic 
balance $s a basis for a more 
satisfactory growth in output 
and employment" as a .joint 
statement from the parties put 

.Absolute priority goes to 
reducing the persistent current 
felance of payments deficit and 
atabilpsing the net foreign debt. 


East-West 
arms gap 
continues 
to widen 

By Our Foreign Staff . 

THE SOVIET UNION and its 
Warsaw Pact allies have con- 
tinned their build-up of arma- 
ments and the modernisation 
of weapons systems, both 
nuclear and conventional, 
during the past year, and have 
thus left NATO further behind 
In some categories. 

But in spite of the East-West 
arms gap, most notable in the 
European theatre, the Inter- 
national Institute for Strategic 
Studies (USS) still reckons, in 
its annual report The Military 
Balance 1978-79, that the 
overall balance is such as to 
make military aggression in 
Europe an unattractive option 
for the Soviet Union. 

The main reason for this 
assessment is that the risks 
for an aggressor, including that 
of nuclear escalation, remain 
incalculable. Bar NATO’s tradi- 
tional superiority in technology 
and in training, which in the 
past has been thought to offset 
its numerical inferiority. Is 
now much less marked, since, 
the Soviet Union is catching 
up in a number of areas. 

At least 370 new Intercon- 
tinental Ballistic Missiles 
(ICBM) have been deployed by 
the Soviet Union in the past 
year, some of them with 
multiple independently tar- 
geted warheads (MIRV), and' 
the accuracy of the SS-19 
reportedly approaches that of 
U.S. missiles. ' 

Deployment of tbe SS-20 as 
mobile intermediate range 
ballistic missile (IRBM) has 
begun, and development work 
appears to have started on a 
new family of ICBMs, for 
deployment in the late 1980s v 
Tbe deployment of the 
SS-N-18 means that tbe Soviet 
Union now has, for the first 
time, multiple warheads at sep. 
While the total number of 
missiles has remained fairly 
constant, under strategic arms, 
agreements with the UJS„ the 
mastery of MIRV technology 
has meant a rapid increase in 
the namber of warheads on 
the Soviet side. If the entire 
ICBM force ps MIRVed, the 
number of Spviet warheads 
could rise ixm& 4,500 now to 
7,500 In the early 1980s. 

The discrepancy between 
Warsaw Pact aud.NATO tank 
strengths continued to widen, 
with tbe Soviet Union adding 
7,000 tanks over the yrtr, to 
bring tbe total to 50,000. 

The Military Balance IP75- 
I07P. International Institute 
for Strategic Studies, 18 Adorn 
Street. London \VC2 , £3. 


ERSEAS NEWS 


THE AUSTRALIAN ECONOMY 


Searching for the golden days 


IT HAS been some 18 years 
since Australia last had a reces- 
sion as bad as tbe prolonged 
slow-down that has been affecting 
the country’s economy since 
1974. The compareion with the 
1960/61 recession is important 
because senior officials in 
Canberra recall that it was -the 
restrictive measures taken then 
that paved the way for the 
golden days ” of tbe 1960s. 

Mr. Malcolm Fraser’s Govern- 
ment is under no illusion that 
there will be a return to tbe 
booming minerals investment of 
tbe Menzies era. But it is the 
prospect of the foreign invest- 
ment that could flow from an 
energy scarce world turning to 
Australia in the 1380s above all 
for its coal and uranium supplies 
— which largely lies behind Mr. 
Fraser's determination to ride 
out the present trough with a 
tough fiscal and monetary policy. 

Only eight months after his 
return .to power following a 
massive electoral victory, Mr. 
Fraser’s popularity as Prime 
Minister is lower than it ever 
has been during his two and 
a-fcalf years in office. The recent 
budget brought a series of noisy 
street demonstrations against 
increases in personal and In- 
direct taxes which Mr. Fraser 
in his election campaign had 
promised to reduce. 

His credibility in the Cabinet 
and in his own Liberal Party has 
for the moment been under- 
mined by bis mishandling of tbe 
sacking of Senator Withers from 
the Government- and accusations 
of disloyalty to' colleagues. The 
Telecom strike— which disrupted 
telephone and telex communica- 
tions lately— seems likely to be 
the prelude to further con- 
frontations with tbe unions. 

If these controversies have 
caught Mr. Fraser by surprise, 
tbe hostile reaction to the 
budget was predictable. In man- 
aging the economy his first 
priority has remained tbe cutting 
away of what he sees as tbe 
ballast left by tbe Whitlam years 
of high public spending and of 
increases in wages well above 
the level of increases in pro- 
dnetivity. 

Inflation has -been brought 
down from 13.4 per cent on an 
annual rate in mid-1977 to 7A 
per cent in June this year. The 
Government is looking for a 
drop to 5 per cent by mid-1979 
and an even lower rate after 
that Interest rates as measured 
by 20-year CtMnmonwealtfa hoods 
have fallen from 10.49 per cent 
in June 1977 to 9.10 per cent in 
June this year with expectations 
of a further decline. 

This has been achieved by 
keeping tbe budget deficit to 
significantly below last year's 
level at A3L67bn ’ through a 
pruning .of capital and current 


BY DAVID HOUSfiqO, RECENTLY IN CANSBIRA 

expenditure and increases of being resisted on the grounds has come under fire on the 
revenue from higher taxes. that it was Hr. 'Whitiain’s expan- grounds that foreign investment 
Tbe cost is that the registered sionary measures that have on the major resource project 
unemployed reached a record priced so many Australians out on which Mr. Fraser is countins 

411,700 at- the end of June — that of their jobs. for sustained recovery will be- 

is 6.5 *per cent of the labour Mr. Hayden's attack, however, determined more by tbe state of; 
force. reflects growing criticism of this world demand for energy and for 

Behind this stringent package strategy as offering only limited minerals than by nudging infla-j 
lies Mr. Fraser's faith in the prospects of recovery at the cost tion and interest rates down by v 
view that once tbe ** underlying of an unacceptably high rate of further point or two. Should! 
factors “ of the economy (low unemployment. The Government such investment take place on ^ 
inflation and interest rates) have Is pinning its hopes on a modest substantial scale, it would jo any 4 
been corrected, then consumer revival of consumer demand and case carry -with it inflationary; 
and investor confidence will a slJghly larger pick-up in invest- pressures that could overwhelm, 
pick up. He was pleased by the ment to achieve -a 4 per cent the Government’s present tough; 
favourable response given to the growth in non-farm product this anti-inflationary stance. It would! 
budget on the Sydney stock financial year as against L8 per also result in an appreciation ol : 
exchange and above all in the cent in 1977-78. the currency that would make; 

overseas financial markets. He This could be optimistic, much of Australia’s manufacture 
is looking to a large inflow of Melbourne University’s Institute ing sector even more uncompeti-; 
private capital to help offset a of Applied Economic and Social tive. A striking feature of the' 
current aroount deficit that for Research, which believes that budget that has attracted hostile'; 
the financial year conld run to Australia could be heading for criticism In the nearby Asian- 
A^bn compared to A$2.4bn in a long-term recession of present region is the increase in protec-! 
1977/78). The charge of policies, is forecasting a 2.5 per tive tariffs— in spite of the; 
economic m ismana gement that ^ growth in non-farm GDP Government’s claims that no in-' 
bf most heavily against vvith unemployment climbing to crease in protection is Intended. ' 

HL 500,000. In any case any pick-up Whatever Mr. Fraser might say 

^ “ growth would run into two publicly, over the next year there 

thTSSw Mi m Slow $ t “? iliar ?°“ tra “' s - .. .. . . "ill be strong pressures on him; 


Nixon visit ‘inopportune’ 


Any pick up in activity is to reflate beyond the reduction in! 
ofXSntf^ ' w to be accompanied by taxes bnitt into the budget. 1 
tthe balance of payments. further pressure for wage in- state governments sensitive; 

To judge from his public creases to restore the differen- about their electoral prospects' 
utterances, Mr. Fraser is deter- tiaJs between jobs and between are worried about the level of 
mined to keep the screws firmly manufacturing sectors eroded by unemployment. Officials speak of : 
on the economy — a policy the present policy of indexation, the possibility of an A$400*500in ' 
characterised by Mr. Bill Hayden, It is also likely to be accompanied public works programme empha-; 
the Labour opposition leader, in by an increase in imports putting rising infrastructure projects like 
his reply to the Budget as “a renewed strains on the current roads. And further tax coo- 
crippfing pattern of ever more account Of the two dangers, it cessions cannot be ruled out. A ' 
severe contraction.” The unions is the strain on the balance of faction within tbe Liberal Partv 
have been told that there will payments that worries officials (and certainly within the'- 
be no adjustment ih monetary most Treasury) would like to see cuts; 

policy to accommodate excessive But beyond these immediate in welfare payments to make: 
wage settlements. Reflation is concerns, Mir. Fraser’s strategy room for more capital expendi-- 

ture. ■ 

At the same time, the] 
Government-sponsored commis-i 
sion on the restructuring of* 
industry under Sir John Craw- 
ford is expected to argue force-! 
fully that continuing recession - 
will make more difficult rhe ; 
adjustments which all parties! 
agree are necessary. Tbe un-j 
competitiveness of much of the 
manufacturing sector — cars, 
textiles and footwear in parti-i 
cular— is a major liability to the, 
rest of the economy. 

The pace at which neighbour-j 
ing Asian economies have been 
growing and the speed at which . ; 
their industries have been ■ 
absorbing new technology has 
come as a shock to many • 
Australians. This is not only ' 
making irrelevant present 
policies over aid and security in • 
South East Asia — it is also pro- ! 
viding a frightening glimpse of' 
how far areas of Australian ; 
industry are slipping behind. - 
The resources boom that Mr. | 
Fraser anticipates for the 1980s 
is matched by growing anxieties • 
about the future of Australia's 
labour-intensive, high cost and ' 
overprotected manufacturing 
sector. 


Tbe Australian Government 
has turned down a request by 
former U.S. President Richard 
Nixon to make an official visit 
to Australia in September 
because it would be inoppor- 
tune, according to officials. 
Renter reports from Canberra. 
Mr. Nixon; who resigned at 
the height of the Watergate 
scandal in 1974, made . the 
approach about tbe Australian 
trip through the Australian 
Embassy. In Washington last 
month. 

But he has been told that 
a visit to Australia next month 
would be inopportune because 
of a heavy programme of 
official visits from overseas 
dignatories, the officials said. 
The proposed trip would have 
been classed as an official visit 
as the ex-President had asked 
for meetings with the Prime 
Minister, Mr. Malcolm - Fraser 
and the Foreign Minister, Mr. 
Andrew Peacock. 

Australia’s reply to Mr. 
Nixon's request was made 


after consulting the present 
Administration in Washington 
which indicated it was not 
concerned either way, the 
officials said. Mr. Nixon had 
planned to risit Sydney and 
Canberra with bis wife Pat 
daring their stay of two or 
three days. He may also have 
visited New Zealand and other 
Pacific countries, according to 
diplomats. 

A spokesman for the U.S. 
Embassy in Canberra said that 
although Hr. Nixon’s request 
to make an official risit had 
been turned down, it was open 
to the former President to 
apply to come here through 
normal channels as a tourist. 
An Invitation to make an 
official risit- is sometimes 
extended to former heads of 
government, and means the 
host government is Involved 
in arranging hotels, travel, 
security, and official functions. 
The Embassy spokesman de- 
clined to make any comment 
on the Government’s decision. 


i,- 


r.-s -yi± 






! • 








■ 








iFr- m-ziiC \ x v " 

v ' 

September 1, 1928, Singapore; 

P 6 ! “ H JU4 of D" Ba -* AG) 


Deutsche Bank, a century of universal banking 


Singapore is an important 
financial center. 


Therefore, it stands to 
reason that we would want to 
make our banking services 
available to you in Singapore. 
The thrust of our business 
here will be in the areas of 
syndicated loans, loans at 
short, medium and longterm 
ih all Euro-currendes, foreign 
exchange (spot and forward) 
and money market trans- 
actions. 

In addition, our specialists 
in Singapore make the whole 
range of Deutsche Bank ser- 
vices available to you. 


If you’re looking for more 
than the usual, come to the 
Deutsche Bank in Singapore: 

4301/4 OCBC-Building 
Chulia Street . Singapore 1 

'Ttsl ■ 

- Tfelex: RS 26117 deubas 


Deutsche Bank 

Central office; Frankfurt (Main)/Diisseldoif 


i 




Financial Times Friday September i 1978 



President Kenyatta's coffin Is esco rted during the funeral ceremony. 

Full military honours for Kenyatta 


BY QUENTIN PEEL 

PRESIDENT .loino Kenyalta. 
first and only leader of inde- 
pendent Kenya jnd the lather 
figure of African nationalism, 
was buried here today with a 
maximum of ceremony and 
military honours before several 
hundred thousand of his people. 

The man who was detained by 
the British colonial government 
for eight years, and described us 
“ a leader unto darkness and 
death " by the British Governor 
General, was rewarded today 
with the biggest funeral in 
modern African history. Among 
the dignitaries who attended 
were eight heads of government 
or state, senior delegations from 
all the major world powers and 
for Britain. Prince Charles, the 
Prince or Wales and Dr. David 
Owen, the Foreign Secretary. 

It was a slate funeral closely 


following ihe we.-lcm pattern, 
perhaps in keeping with Kenya's 
pro-western stance in Africa, 
with advice on precede re from 
both British and American 
experts, ft went off with con- 
siderable precision and impres- 
sive calm from the huge crowd 
of mourners which gathered in 
IJhuru park, opposite the site of 
the burial in the grounds of the 
Kenyan parliament. 

The crowds lined ihe 1A mile 
route from Stale House to the 
Parliament along which the lafe 
President's coffin was borne on 
a gun carriage loaned by- 
Britain's Royal Horse Artillery 
fur the occasion. They watched 
largely in silence as the cortege 
passed with full military escort 
from all three wings of the 
diminutive Kenyan armed forces, 
and followed by a licet of 
Mercedes, iwn Kolls-Koyces and 
an open Lincoln Continental, 


carrying President Kenyatta's 
family, the Acting President, 
Daniel Arap Mai, and members 
or the cabinet. It was President 
Kenyatta’s last cavalcade, in a 
style which he himself loved. 

Among the other heads of 
stale to attend was President 
Julius iVyererc of Tanzania. the 
third member of the ill-fated 
East African Community, whose, 
border with Kenya has been 
closed since the community dis- 
solved. President Kaunda of 
Zambia attended to pay tribute 
to a fellow nationalist leader 
who has led his country con- 
tinuously since winning indepen- 
dence from Britain. 

Several African heads - of 
stale were notable for Ihwr 
absence, possibly a reflection of 
the unsettled state of African 
politics, including President. 
Mobutu of Zaire and the beads 
of stale of neighbouring 


NAIROBI August 31. 

Somalia and Ethiopia. However 
tbc co-president of the Comoro 
islands, Ahmed . Abdullah 
recently successful in a coup 
backed by French mercenaries, 
was one surprising guest. 

It may have been a service 
lacking in real African character 
but it was an example of the 
calm and dignified way In whit-h 
the young state of Kenya has 
reacted to the death of its father- 
figure and hero. 

But there was one reference in 
the service to the political un 
certainties lacing- the country 
after President Kenyatta's death 
A Presbyterian clergyman quoted 
the words of St. Paul: “I know 
that after my • departure fierce 
wolves will come In among you 
not sparing the flock And from 
your own selves will arrive men. 
speaking perverst? things to draw 
away disciples after them. There- 
fore he alert." 


Boeing deal 
charge 
in Sudan 


By Alan Darby 

KHARTOUM. August St. 


Security Council reviews plan 
for Namibia transition force 


BY OUR OWN CORRESPONDENT 


UNITED NATIONS. Aug. 31. 


THE UN Security Council mei Mr. Botha expressed surprise at alarm 
behind dosed doors today to 


yesterday at 
that 


the recoin 
transition 


SUDAN'S 
prosecutions 


tlwwtl _, u . today to the large size of the military mendalian that the 

riirtwnr nf m.hii.-l rcview ihe recommendations for tune. Dr. Waldheim himself had plan should be permitted to run 
> a United Nations operation in earlier spokco of 5.000 troops the full seven months con- 

inr-.i J Namibia (South West Africa i to and the South Africans felt even templaled in the original pro- 

' nt is u. iwThJIlrf' 1,21 , Help in the territory's transition that figure was too great. posals instead of telescoping Ihe 

the Unlawful Enrichment Act* in J .‘"dependence from South 1 Their owl -force egfmutd >t process Into the remaining four 

connection with the sale lu Sudan Afrka ‘ J* 1 *®* 11 J 0 -®"/ 1 ®? S!° niinLt *?ta?f hi 55 

Airways of four Boeing jet air-; Members must decide when to J* 11 he Jnrn med to 1-50° troops. the ih n in f SnfnH»n d ? f0r 

liners in 1HT4. it has been begin public debalu on the pro- *« he toofined to one or two ^Mnibun > . ^peodenee. 

■»'»“»«<'■ i I’”* 1 - -»'“l - >»™ * Dr ' SSSW B .£ rSSrfTta jtftta. n-b,ck C d 

Democratic Turnhalle Alliance, 
also the group which has been most 
large active in the field since prospects 

.nm* "i u-a ,l,_ I tniivp tir Marni Ahncinri civilian operation to arrange, lor national elections became 

faced some two yiui, ,. S o in theitatixe. Mr. Marti. Ahlisuari. supervise £j d eonlrol e i ei . U ons. clear about a year ago. objects 

South Africa lias already At jt s peak, more than 1,200 pro- to the revised election time 



United States. 



Hua signs agreement with Shah 


BY MICHAEL TINGAY 


"I i*! 1 .. : ‘” rec "i elections, which lie said could assessed on all the membership. People s Organisation ISWAPU) 

vi ■;, (« l iu e ' i- c? '1. * fi! r * u i ni " ;takc place seven months after John Stewart adds from Cape said the organisation had no 
by e Sudjn0se ; 1,IC council approves Ills Town: The South African quarrel wilh ' the broad outline 
tv. e j 1 r {proposals. Government's concern about con- of Dr. Watdbcim's proposals. 

Inc Nurtan Government alleges) Mr. Pik Boiiia. the South Hi cling elements in Dr. Wald- although there might be aspects 
dial ine documents *h«r.\ that ■ Arrivan Foreign Minister, was heini's Namibian settlement pro- of disagreement in the floe print. 
Kowny v agent in Sudan. Mr. El I due in New fork later today for posals is shared by only one of SWAPO agrees there should be 
« V ,y , sa c '" >"eprc 1 talks with Dr. Waldheim and key the four major Namibian a large peace-keeping force to 
si'maiive in biiilan (i-r a nunt he i i delegates amt to address the political groups. ensure u free and fair political 

. i'll voj>i;»anjp* and u no I c-oiitfHJ in i/ic debate. Before Ur. Pik Botha. South African campaign in the run- ap to dec- 
»- n? ,i ivnanoum travel i.gency. ; leaving Juh.-i nut:* burg yesterday. Foreign Minister. expressed lions. j 

had signed iwo agreements with. . ! 

Boeing. _ One. marked "cnnfl-i ! 

dential." stipulated inat his, • ; 

Shko.noo rninnii>si<in r<n the S'JTm 
sale of the four aircraft would 
be paid by Boeing in accounts 
outside Sudan designated l>\ Mr. 

El Sir. 

\«vnr<l;ng tu informal ion re - 
leased hv the director of jmblii • (CHAIRMAN" IIUA Kuu-funz. the imperial 

prosecution's ■ >fn. «\ Mr. F.i Sir. Chinese leader, continued his vi*u lu t ...... ... 

de.-lared and oroughi in :o Sudan , talks m Tehran today with the museum Observers concluded of mourning since the dealh in 

l pJV ' 1 second private meeting wiili the that the Chinese preferred lo a car accident or a prominent 
•Shah in the imperial summer keep their relationship with Iran religions leader — an incident 

re.-idencc. In the morning, the un a strictly businesslike basis, which triggered off four days of 

two leaders signed a cultural A widely publicised visit by the violent rioting. In an obvious 

cu-operatinn a-jrccmcni. A second leader of the Chnese Com- attempt to appease Meshed’s 

agreement for scientific and inunfot party to such overt religious community, the Shah 

technical co-n pc ration was still symbols of Iran's imperial heri- last week asked for .the resigna- 

- being wurl.cd on ami it was not tage might have exposed Chair- lion of .Mr. Abdel Azim Valian. 

. . . .. ; clear whe»I 

A three-day strike by Zambian : beror c Cha 

bave a ' V p«rah-cr the "Wf 1 rail ' fo ‘ r f ek i?K ? ,umor / ow - w . world. Holy Shrines who had carried out 

s-yMem. write- our Lusaka cor re*-: i'I IW! leader changed Meanwhile sporadic troubles number of rodfcal changes 

P-indent. The croppage over 1 “ ,s !Bth £“ lll v today choosing to continued elsewhere in Iran around the .shrine urea including 

delay* in granting pay rise*, seems ] h, J P riva '"- talks w ith the with violent demonstrations and the demolition nr tlie bazaar and 

likely to increase copper Mock-} Shah and aioid seeing Iran's clash in Meshed, the holy city a large number of houses, 
piles at ihe refineries np the- 
northern copper bo It and add ml 
Zambia'- already grave transport 
problems. The vfrifco has spread 
from ihe copperbcll. where it 1 
began on Tuesday. 


TEHRAN. August 31. 

crown jewels and a uf ihe Moslem Shi "He sect, 
the Pablavi dynasty Today marks the end of 40 dal's 


ing the other half abroad. 

Zambian rail 
strike grows 


1 clear whether it would be signed man Hua to slights from some of governor of Khoraeah province 
c Chairman Hita's departure his opponents in the Communist and Deputy Grand Thistee of the 


Heavy Syrian losses claimed 


US S 30,000,000 
8% Bonds due 1988 
issued by 

Natlonale-Nederlanden 
Finance Corporation 
(Curasao) N.V., established 
at Willemstad (Curasao) 
unconditionally guaranteed 
by Nationale-Nederianden 
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(Netherlands). 

The Report and Accounts 
1977 of Nalionale-Nederlan- 
den Finance Corporation 
(Curasao) N.V.. which in- 
cludes the Report by the 
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Report 1977 of Nationale- 
Mederlanden N.V. are ob- 
ainable free of charge by 
bondholders at the office of 
e last-mentioned Company, 
*4 Minervalaan, Amsterdam 
Netherlands). 


BY RICHARD JOHNS 

SYRIAN TROOPS or a joini 
Arab peace-keeping force hare 
lust 1.000 to 1.300 (lead since 
July 1 when they came into 
open conflict «l(li the (.liri>- 
tian znilllias. according lo Mr. 
Dory Chamoun. Secretary- . 
General or the National Liberal 
Party, the second leading 
Maronilf faction. 

The son or the former Presi- 
dent of Lebanon. Mr. Camille 
Clianiuun. esiiniaicd that even 
with their heavier weapons, an 
attempt by the Syrians (o sub- 
jugate fully the mountainous 
Christian heartland would cost 
(hem *' not less than another 
5,000.'' 

The death toll suffered by 
the Phalantdsts and (he 
“Tigers**— the militia of his 
own Parly — uauld be “\er> 
heart y.” he said. 

fir calvulaleri civilian 
casualties in llir mainly 
Christian sector of East Beirut 



as 1,000 dead and probably 
twice as many •wounded dur- 
ing the past eight weeks. In 
addition, he claimed that no 
Irv> than 20.000 families had 
been made homelen* by tlie 
bombardment — including his 
own. 

Mr. Chamoun described 
President Elias Sarkis as an 
“American stooge” who des- 
pite his threat io resign last 
month was participating in a 
U.S. -Syrian plan to bring Ihe 
Lebanon completely under con- 
trol of Damascus as pari of 
Washington's plans to bring 
about a peace settlement in Ibe 
Middle East. 

“ The U.S. would like to 
crush (he Christian sects in 
order to establish a Palestinian 
presence permanently in the 
Lebanou and thereby ease the 
way towards a solution lo the 
Ar.ih-Isnieli problem.'' he said. 
At st recent meeiias »Hh his 

■J 


BEIRUT. August 31. 

rather. Mr. Richard Parker, 
the _L : .S. Ambassador, has 
explained tbal one reason why 
his Government was trying to 
pressure Israel into not help- 
ing the Christian paramilitary 
groups was because or its fear 
that they might escalate con- 
flict io the point of provoking 
a Middle East war. 

Mr. Chamonn denied that 
Israeli military experts were 
in Lebanon helping the right- 
wing militias anil declined to 
say what material support had 
been provided. But he paid 

fulkomr tribute to (hr Jewish 
Slate not only for its public 
relations effort publicising (he 
plight of the Christians and 
actively supporting (be militias 
along the Lebanon's southern 
border bur also for resisting 
V.S. pressure aimed at bring- 
ing an end (u its iolcreference 
In ibc Lebanon. 


AMERICAN NEWS 


NICARAGUA 

Rebels and 
troops in 
conflict 

BY JOSEPH MANN 

MATA GAL PA, August 31. 

CIVIL WAR has erupted in 
several provinces of Nicaragua 
this week and this northern 
city of some 45,000 residents is 
now the centre of bloody, daily 
combat between young rebels 
and the Nicaraguan army. 

In a desperate attempt to put 
down a rebellion in this agri- 
cultural community 130 kilo- 
metres north of the capital, 
the ring-wing President Gen. 
Aoast&sio Sorfloza. bas ordered 
air attacks on the town and 
bas sent in hundreds of 
heavily-armed national guards- 
men. Anti-Government rebels 
in the cities of -linotepe. 
M a say a. Estcli and Leon have 
also taken control of down- 
town areas and arc engaging 
in fierce exchanges of fire with 
superior numbers of beltcr- 
arrned Government units. The 
capital city or Managua has 
remained quiet, due to the 
heavy concentration of troops 
and police who guard the 
President there. 

In Matagalpa,' more than 
score of civilians have died 
and hundreds have been 
wounded over the past two 
days. Three helicopters and 
two light aircraft armed with 
machine guns and rockets 
began attacking ihe town 
early on Tuesday afternoon 
and' returned again yesterday 
morning. 

In addition, the National Guard, 
the only military force in the 
country, has sent forays into 
rebel-held districts 

Arriving here vesterday. I found 
badly - wounded civilians, 
mostly women and children, 
packed into the city hospitals. 
Hundreds of persons were 
fleeing the town, carrying 
bundles of clothes and food 
on their heads or packing 
essential belongings into cars. 
Most of the towm was fully 
under the control of rebels, 
who crouched behind piles of 
fertiliser sacks placed at key 
inter - sections. or ■ who 
wandered the streets in small 
bands. • 

Most of these aoti-Somoza rebels 
are from 12 to 20 years of 
age. They wear' masks and are 
aimed with pistols, shotguns, 
light calibre rifles, and home- 
made bombs. 

The re-enforced garrison of 
National Guard troops, who 
numbered about 400 yesterday, 
sent occasional patrols through 
the city to attack rebel out- 
posts. In one of the sorties; 
the Guard attacked the Hotel 
Sosa when a young rebel ran 
inside. Helmeted troops bad 
entered the building from two 
sides, firing U.S.-made rifles. 

Besides killing the youth, the 
soldiers cut down two men and 
a young woman who were stay- 
ing at tbc botcL Their bodies, 
tom by high-calibre rifle 
bullets, were grotesquely 
twisted and lying io pools of 
blood in one of the main 
rooms. 

The Archbishop of Managua 
talked with rebels and Ihe 
military most of the day 
yesterday in Matagalpa and 
set up a temporary cease-fire 
which provided the town with 
a few hours of relief. The 
archbishop, however, told me 
"the truce was broken. 
Soldiers surrounded several 
districts in order to take up 
better positions while the 
truce was in effect. You could 
see them surrounding the area 
while the people were still 
negotiating." ' 

The military commander in 
Malagalpa. Col. Rafael 
Martinez, told newsmen that, 
if the rebels were to turn all 
their weapons over to the Red 
Cross, ** we would have no 
problems." Although he had 
seen the archbishop only 
moments before,' be Was not 
disposed to support . a truce 
and refused to answer directly 
reporters' questions. 

The conflict in Matagalpa will 
not be resolved without much 
more violence. Rebel youths 
in several parts of the city 
told me earnestly. " we're not 
going to leave. We want 
Somoza's repression to end.” 
The National Guard, qn the 
other hand, generally views the 
rebels as agents of “inter- 
national communism " and as 
a menace to be eliminated 
violently. 

The threat of uprisings in Mata- 
galpa and other Nicaraguan 
cities faas never been greater 
for the regime of Gen. Somoza. 
The 52-year-old strung man is 
aLo facing a widely-supported 
general strike which has closed 
many businesses in the capital 
and halted most commercial 
activity in the provinces. 

His Government was humiliated 
last week when Left-wing 
guerrillas seized the Congress 
in Managua and took some 
1.000 hostages. The guerrillas, 
members ot the Sand mist 
Liberation Front, have 
mounted increasing pressure 
on the Government since laic 
last year. 

Gen. Somoza has had relatively 
little success in controlling 
Ihein. they enjoy considerable 
popularity among Nicaraguans. 
Last week, after the Govern- 
ment had agreed to allow -the 
guerrillas to leave the count ry 
with a number of colleagues 
newly freed from jail, 
thousand* of people stood by 
the airport road and cheered 
the rebels on. shoutng. 
"Somora must go." 

The Somoza regime was also 
rocked early in tbc year by a 
two-week national strike 
backed by most businessmen, 
workers, and even some Gov- 
ernment employees. The 
strike, along with street 
violence in the capital and 
provincial rilies . followed ihe 
murder of a liberal newspaper 



Further sign 
in U.S. economic 



BY JUREK MARTIN^ U* EDITOR WASHINGTON, August 31. 

FURTHER evidence of the Only vesterda'*, for example- American trade deficit, which,. It 
riS rate^Scan eco tbe ckSfeni anoounced that was announced *r Tuesday, 
nomic growth was provided lo- factory orders last month had "early doubled last month, 
day with the announcement that fatfen by 3.S per cent. This thereby knocking the dollar 
the index of leading economic foreshadows a drop in wdtin- sharply dowm wants, 
indicators fell last month by 0.7 trial production in the months Conscious of thi is. Adimnistra- 
per ceat according to provisional ahead. ^on officials have, dropped their 

estimates. - Morcver. today's data con- criticism of the Feds monetary 

Thiais the first drop in this fi rme H curlier evidence of a a PP roae & wwks. How- 

index, which is designed to point ““ , e . ^number of ^* r a “° r « traditional view can 

to future activity in the eco- ^arp fall in the manner or ^ be hear ^ in congress: 
nomy, iincc January, when the building permits sought, me congressman Henry Keuss of 
severeVwtnter was an overriding construction industry has been Wisconsin, one of the most 
factor’ and the largest not moving ahead apace throughout economically literate members 
directly attributable to the the summer but the drop in per- on Capitol Hill, again ibis week 
weather since the depths of the nuts presages a tailing off in bemoaned the effect tlmt higher 
1974-75 recession. activity and probably reflects the interest rates were having on tne 

A one-month swing in the fact that higher interest rates domestic economy. . . 

index, .which rose by 0.5 per arc now beginning to be felL For the record, the Administra- 
cent in June, is not normally A slower rate of American tibn is still projecting real 
considered significant However, growth, whether or not directly economic growth tor both the 
ample economic data has been induced by tighter monetary full year and the last six months 
published recently to suggest policies is. of course, by no of 3.5 to 4 per cent. But any 
that the spring boom (in the means detrimental; to the health progressive slowdown -as the y.ear 
second quarter Gross National of the dollar. A narrowing of comes to an end is bound to 
Product rose at an annual rate of growth differentials between tbc make much more difficult the 
S per cent in real terms) had UB. and its principal trading attainment nf the promised 4 per 
burnt itself out. • partners would help tcducc the cent real expansion ih 1979. 


Legal move threatened on steel 


BY DAVID BUCHAN 


WASHINGTON/ 'August Jto ■ 


STEEL COMPANIES in the U.S. reach 20m tonnes, a new record. • The dan get bf. .Jetting Euro- 
will reihstitute their anti-dump- compared with the 1977 level of peans get away with wJial Mr. 
Lug suits against foreign pro- I9.3m. For the first seven. months Foy persistently : referred to as 
ducers, particularly those in the of I97S, imports were running at dumping!, was! that Japan might 
EEC, if the flow of Steel imports 30 per cent above those of last react to. seeing Its share of the 
to the U.S. Is not curbed. soon, year. ■ US stefel market -taken by EEC 

the chairman of the American' ^ The domestic industry was prodncen P niid ,i retaliate with 
iron and Steel Institute warned initially encouraged about the similacTi^etHbEls: ,^F the dumping 
today. " effect of the trigger price system. ' provtti^affjof -tbe 1 1974 US Trade 

Mr. Lewis Foy put the ^jlame- as reflected in the May and June Act 'werr'^trietiy ^enforced. Mr. 
for the big jump in July Imports* import figures, and Mr; Foy was Fb v doubted- whelher “ any EEC 
to nearly L8m tonnes squarely pot ready yet to call for the com- ste'el. and. any thorp ; than a much- 
on EEC producers, whose ship- plete .scrapping of the trigger, reduced ■ volume ■‘of "Japanese 
ments to the U.S. in July rose to system, introduced to alert the would cntet“the US. ’ 

72 per cent above the. Juno leveL U.S. Treasury more quickly to « recognised : jhai ~ thin was 

By contrast, he commended the ca«es of possible dumping. .. huooShie ” - but 

“responsible" behaviour' of the But. be said, a separate.; and P° r '“ cal % ■’SerSabdinS 
Japanese, whose exports- to the probably -lower. level of minimum 
U.S. rose by only 15 percent trigger prices for EEC producers £tor Mr 
Mr. Foy, also chairman of should be considered by (he U.S. J at ° c ' “ ad EEC thS pr£ 
Bethlehem Steel, told news The rise in the Japanese yen (on *£Pf ? tn ali rorSTmaiof stect 
conference that steel companies which the trigger paeps are • JrJS^S-ould ■ betave 

in gener^J had held anti-dumping based) against the dpUar bad lrSS ^ soman rtfieS 

suits in abeyance, while, waiting meant a nse in Ihe overall level JJJJJ?*.™ £2?-” 
to see the effects of the 'trigger of the trigger prices, giving ."mi • S l tl, '° 0U d 

price system which came into umbrella of protection to lush- be T ^ r 7? ( , r t ? u I t ' ri " ' " A . 
effect on April 1. But Bethlehem cost European producers.". The _Thc AlSI ^today « 

Steel for one, was now" likely, trigger pnees arc due to nse by “P results of which 

he said, to file a masstfe suit "another 4 per cent on October L c |a™Cd to show tM dmnped 
which it bad prepared last to bnng the increase for the year ipiports in 1977 cwit tlie US 
autumn against various^^C pro- to some 10 per cent. ' Ste ^I,J t n * lst T 

ducers He also cited Eoneres- • He ruled out imposing quotas markets and deposed prices. 
shnal' pressure on UUS. steel on imports of foreign steei. According to 
companies to take court action This, he said, had been tried in officials, steel company profite 
2Tme2s of protecting jobs in 1969-70 but had been eventually ond shipments this Sjiyre:?jfl 
tber U S industry- ’ y- • evaded by foreign suppliers .who up on those or. last year, ana 
At present rates tie AlSI re-routed shipments to- the US inventories are not at. jiotfuly 
chairman said imports would .Through quota-exempt countries, high .levels. . 



BY K. K. SHARMA 

t 

K PROPOSAL (o establish-, a- by the UN. 


technical co- the. Third 

developing with which it is concerned. 


Mexico political murder 


BY WILLIAM CMlSU-TT. 


ALEXfCO- CITY, August 3L 


• ■ '• v. -. . BEUNOS' 

; countries, this mandate, 'would 
bermwenr«crtUri:r?o7‘iii its functions; would give it sufficient scope \o tone*™ 

Si- 1 'Llf-rn S. Formally be limited to servicing as. a permanent secretariat for 
Third World, pn the pattern of grogyairimes on technical co- the Third World on ail the issues 
the OECD scc&tariat in Paris, is Sfrhtiori amon' 

being discussed by delegates of ' . v • 

the Groui* of 77 developing 
countries..-It is expected lo come 
before yk Conference on 
Technical Co-operation - among 
Developing Countries (TCDC) on 

Monday, and a decision should THE BODY of • Sr. Hugo- liberate aUempt W try Jo. press 
be liken next week, -‘ afargaln. the son of the Mexican Ihe Mexican Government hilo 

Third World countries have . Ambassador to the tt/iS.. was granting an amnesty to political 
been meeting at various levels, found la^t night on a^ide road prisoners. , V c 

and discussing a variety of sub- in Ihe south-easi part of Mexico - Tomorrow,, the PresiUenl, Sr. 
jeets. over the past few years. City. Sr. Margain. a 36^ear-old JosC Lopea Portillo, wtll ^make 
but have been handicapped by professor Of philosophy, Wose kid- his- annual state of the. nation 
the lack of a professional secr*^. napped near his home ort .Tues- address, and. there .have been 
tariat to service and. . process -day evening. \ reports' that he may grant a 

discussions and decisions taken Police believe that the vidiini, general amnesty, .The official 
by them. whose father was Finance Government line is Uwt -there 

The main problem is finani-f*. Minister before going to Wash- "are ho people miprisonetf in. 
A way to overcome that is being ington. was shot by the Loagup -Mesich for their ^political belters, 
sought through a proposal for oS Ihe 23rd of Sepiember. al^ but only, for polilloat activities, 
formation of a small but repre- though this has not been. The left-wing opposition; now- 
sentative commission of Ministers officially confirmed. ever; say that, there are several 

of the Group of 77 (which ft was not known whether the hundred political ^prisoners 
actually consists now of about 'kidnappers demanded anything ■ including political .exiles. The 
120 members >. If the proposal for ihe release of Sr. Marsala, opposition also claims; that there 
succeeds, the commission will be Obbcn'ers interpreted the kid-- are many people who - have 
serviced by a secretariat financed .napping and killing as a de- "disappeared.” 


GENERAL SERVICES ADMINISTRATION AFFAIR 

Bribery and fraud alleged 

BY JUREK MARTIN, US. EDITOR WASHINGTON, August 31- 

VOR ALL its 35,000 employees dealings between the Gorern- Massachusse Us— which happen* 
and multi-billion dollar budget, ment and the commercial sector to be Mr. O'Neill’s home slate — 
the General Services Adminis- not only in the U.S. but else- and upgraded in rank-' .two 
(ration has been one nf Wash- wborp in the world. . . officials who bad bees demoted 

ington's more anonymous insli- A Washington Tost invesliiga- by Mr. Griffin, 
lutions. But its obscurity is io lion last week Found. Tor xhis presents sometbibg of a 
the process oF being broken wide example, that the GSA, although delicate problem for President 
open by a series of revelations buying supplies in bulk, was Carter, though one over which 
and allegations of financial im- actually paying more for such he may have minimal control 
propriety and outright bribery items as typewriters, calculators now the I *gal processes are 
on a truly grand scale, and video cassette machines than thoroughly under way " If 

The GSA is basically ihe average citizen would by O’Neill take umbrage again, as 
Federal Government's house- patronising one of Ihe many local he did earlier this month, he may 
keeper, office manager, purchas- duscuunt retail stores ana pur- not pull his much needed weight 
ing agent and record keeper ult eflasmg Just one piece of as Speaker aw Congress gels down 
rolled inio one. It buys any- merchandise. to considering such critical 

thing from pocket calculators to ‘In political terms, the case, as matters as the natural gas Bill, 
buildings for Government use. details are disseminated round the defence Bill veto antf a host 
Now. according lo the agency’s l " e country, is certain to of appropriations measures next 
own chief local investigator, as 'K r ^!L^ C r P « U ite™i2t tal ” rt ° f m0nth ' 

many as 50 of Its employees may h R,f, cd . c _? „ Tbe President .has himself 

be indicted on charges of rcoeiv- L“ U J_ °P* made much uf reforming the 

ing kickbacks for artificially high mi1 - oc ® "‘tie uneasj about bureaucrat v and his civil service 
cost cootracis.. Swiss / baSk g* W™, reform bIu. designed S n“ke it 
accounts arc suspected or being *• JJ; . “P „ ^cU. he htirdt!l . for Government cn»- 
UMd ' sSSiaScl This is Lr P | W* hide behind tiietr 

Four or five repair and main- Sr^O'Nrlil is h nr onS sccunt - v of lenure, is part way 

nance contractors are under- l*zT: .77 F 1 : 1 i* suspected of any through Congress, Its dinners 


lciiuikc suMtinsivin die uiiuii- imiiKinriniv. htmuir i,„. u. ihiwmkii vunsress. ils ci u» 

stood to have agreed to plead I,# of final passage may have been 

guilty Tor having defrauded the A h o|d w22 , ^i* rcn " of »mP ri > v ed by the unfolding 

Government for work cither ^ o&tEt f o in . *i ea “ «and«Is « mb GSA. 
under done or never done and / J2 t . en, ‘ 1, house-] 

are co-operating . with the Cl K a ^iicr this Siw » , 

authorities in their inquiries. M . r - Jay 


An unspecified number nf annuinle'e as h»-irf «r »k* a™ J r9 
GSA staiT are reportedly about K S Mr Robert ffl' 

£ ^ s 

) bureaucracy.. the GSA is actually Kp.yuas hincklnc mterm. 1 rot"**!* 
re-hiring several former employ- « r O'Neill thtinriprH^ 
ees who hud been dismissed f<ir S Mr Cartlr fo.m^, 
blowing the whistle un assn rted « r nrimVin^i 
malfeasance. Tbc wm-d around Robex-t Strauss his* 
town is that the GSA scandal 3SSS- ff whhe Hoi ^ 
could, in financial terms, he the Vinmim ?' 

largest affecting the Federal ^ in tCnroceTof'SJ 
Covernmeiit in many years. the -Iasi. word. P He has -rehired 
... , ; . . .. the surlacc, it appear'd tiiat two men from the Boston oflicc 

editor and outspoken critic of i milch of the finagling ha* been of ( ,f the GSA who had been 
Somctfa, Sr. Joaquin Cbamorro. j a type that Is only too common in investigating allowed abuses in 

V A ' 


Hambros Limited 

US. 525JWOJJOO 
H% Bonds, 1987 

Huiuluurtn inS TriS«n Trim-Ce»- 
poiy (lamer if F,r»i Empire B*nl— 
New YorMJ hereby iH>m notion due, in 
Euertfatiu With the.sermi of the «bo*» 
manttosed lain, Die rHsaipdon- 01 : 
JI, 000.000 4a* on lit October. •! 970, 
ku bt«n completes by purthaie. 

►OmAciiiferi JrTrSdtn v 
Tent Cnmpofiy 
ftrtfK-pil Fiymg Agent . 

September 1, JS7*. 





Af K 







T 


' K 


Financial Times Friday September-;! 1978 


6 


WORLD TRADE 



I 


Japanese may end export restramt En gj“ eers 


BY CHARLES SMITH 

JAPAN'S POLICY of deliberately 
restraining the volume of its 
e\ports to the same level of last 
year will be reconsidered and 
possibly suspended within a few 
months because e.vports are fall- 
ing anyway as a result of yen 
revaluation. 

This is the substance of state- 
ments made during the past 24 
hours by the Minister of Inter- 
national Trade and Industry. Mr. 
Toshio Komoto. and by M1TI 
officials concerned with exports. 

The background to the state- 
ment is a 2.5 per cent fall in 
Japan's export volume during the 
first quarter of the current fiscal 
year (April-Junei followed by an 
exceedingly sharp 7.6 per cent 
fail in July. 

Officials say they think the 
July figure may turn out to have 
been a freak. The figures for the 
next few months will therefore 
be watched closely before a trend 
is assumed in have been estab- 


lished. By the autumn however 
MITI may well be in a position to 
lift the formal restraint policy 
currently in force. 

Apart from limiting the overall 
volume of exports, the Govern- 
ment has been keeping a particu- 
larly close watch on four items 
which have caused trouble in the 
past: cars, ships, steel and TV 
sets. 

With the exception of cars, 
which saw a 16;2 per cent export 
gain (in volume terms) during 
the April-June quarter, all the 
other sensitive items on the 
MITI list have been declining 
rapidly. 

Steel exports fell 9.5 per cent 
from year-ago levels in the April- 
June quarter, and 19.7 per cent 
in July alone. Ship exports 
were down, 43.3 per cent in 
April-Juoe and by 52.1 per cent 
in July. TV exports fell 15.3 
per cent in April-June but only 
6.0 per cent in July (the smaller 


July fall is attributed to the fact 
that an orderly marketing agree- 
ment restricting Japanese TV 
sales to the U.S. began to operate 
in July, 1977 so that sales were 
already low in that month). 

Car sales fell 1.7 per cent in 
July and MITI officials think 
they will continue to decline 
later in the year, reducing the 
overall export figure below the 
level for fiscal 1977. The decline 
in export volume does not, of 
course, mean Japan's dollar- 
de nominated export earnings 
have been falling. 

These are in fact sharply up 
owing to the effects of yen 
revaluation and dollar devalua- 
tion on the prices of Japanese 
exports. In yen terms, however, 
Japanese export earnings have 
been dropping; indeed, the fall 
in some months has been faster 
than the decline in volume 
(indicating that some exporters 
have cut their prices in yen). 


TOKYO, August 31, 

The lifting of the overall ex- 
port restraint policy is not likely 
to cause any serious problems 
with Japan's trade partners, 
several of whom (the U.S. ana 
West Germany) have made it 
clear that they dislike the policy 
anyway, except as a very tem- 
porary expedient. 

What will continue to cause 
problems is the stagnation of 
Japanese imports. . These have 
been running well below year-ago 
levels in volume terms during 
some recent months and the 
latest indicators suggest that 
there is little chance of an upturn 
in the near future. 

A particularly depressing 
advance indicator released today 
was the value of export contracts 
signed in July by the major 
trading companies. The contracts 
were worth Y5l6bn. down 22 per 
cent from July 1977. and the 
smallest monthly figure since 
April 1973. 


Britain lags on manufactures 

BY LORNE BARUNG 

BRITAIN' 15 nuwr maintaining its is more dependent than either on growth had tended to increase 
competitive position in world world trade. at rates closer to competitor 

merlon; hut "rnwth in pvnnri* Britain’s share in the value of countries, and the UK had been 
' * . , p manufactured goods exported by hodling its own in market share 

or manufactured goods is still lhe industria f countries had by value. 

lagsins behind other countries. f a |ien from about 16.5 per cent It is claimed that the steady 
according to a Department of i960 to less than 9 per cent decline in Britain's effective 
Trade survey. i n 1973. During the same period exchange rate has not resulted 

li points out that after a lone there bad been a lesser decline in any turn-round in export per- 
period uf decline in Britain's in the U.S. share and little formance, and done little more 
sharp of world markets grow th change- in the shares of West than compensate for a higher 
in expnrt volume during 'recent Germany and France. inflation rate and lower produc- 

years has been much closer 10 _ Japan had won a marked tivity growth, 
that of our competitor countries, increase in the share from 7 per f g; r Frederick Catherwood, 

Rut nf manufac cent 15 per chairman of the British Overseas 

But overseas sales of mamiiac firowt h in exports of British Trade Board, said vestredav that 
tured goods are seen as crucial manu f ac t u red goods was about : t was necessary to invest far 
to total UK export performance. h lf that ot ot h er countries, and L in the m ar ket sector rather 
as in competing countries, even a third of Japan’s “ 01 re 4 J ° “f.wur 

though this varies according to pattern is similar to ^j a ^an ? s ^xp^daure on its 

the nature of each economy. lhat of gr0 wth rates of GDP and has gleo e«e pU anal. 

The report. Export Perform- industrial production, illustrating * * , h with West 

- I*: 2L*MB SrtS » ~ 

performance, me £1(J0bn ^ market 


while S3 per cent of UK exports trade, 
in 1976 were manufactured, the economic 


comparable figure for West report observes. 

Germany was 89 per cent and However, over tne past rour *•* T^^Vtin oh^rrT U n Tversitv 
Japan 96 per cent, while Britain to five years UK export volume at Nottingham University. 


Gas plant 
tenders 


By Pearl Marshall 
A GERMAN utility has invited 
tenders for what it believes could 
be the world’s first floating 
generating plant to exploit off- 
shore gas wells too uneconomic 
to link to the shore by pipeline. 

Norrtwestdeutiscbe Kraftwerke 
(NWK), mainly owned by the 
partly slate-owned Vcba. is 
planning construction of a 
350 MW prototype power station 
using gas turbines, at a cost it 
estimates at DM SOOm-DM 600m 
(about £I25m-£150m). 

The barge-mounted station 
would be towed ro the gas pocket 
and its electricity sent ashore by 
submarine cable. 

NWK plans to harness its proto- 
type to a field off Helgoland in 
the German sector of the North 
Sea. 

The utility believes it a good 
commercial opportunity to go 
ahead quickly with the ideas of 
Dr. Erhard Keltseh, an NWK 
Board member. 

It aims to have the project 
operating by I9S1— some years 
earlier than plans being studied 
by Britain. Norway. France and 
nihers 

The German gas also hat, a high 
nitrogen content, compared with 
gas m the British or Norwegian 
sectors, which would make it 
expensive to purify if u were 
brought ashore as gas 

According to XVVKV 


Greek deficit increases 
but invisibles improve 

BY OUR OWN CORRESPONDENT ATHENS. August 31. 

GREECE had a trade deficit of predicted that gross domestic 
$2.6bn in the first seven months product will increase by more 
of this year, compared with a than 5 per cent m lfltti, while 
deficit of $2J2bn in January-July, the consumer price Index W,1J 
ig77 rise by less than the 13.5 per 

According to figures released cent predicted in the OECD 
hv tin* Rank nf Greece imports economic survey for Greece. 

ii i«u « r a e J? 

by 12.I per cent to a total of in principle to help build an alu 
■vi^hn while exports increased minium plant in Greec with a 
by "only 'four pefS 5sf.l5i. capacity of 600.000 tons, the gov- 

The trade deficit was largely "^"so^et ' “uition will instal 
covered by a 14 per cent increase aU ™ e JK- ? n d Srovide ?ecb- 

Utaited IS 52^b n eari These ’came nol °8 ical know-how for the plant 
totalled S-.-bn. Th®fe came and W jn accept the plant's output 


mainly from tourism which was 


as payment It must also con- 


up 302! per cent at S611m, ship- 5^0 buv its products after 
ping which was down one per U.„ i*Acte ava ronn id 
cent to S652m and 


JJJ the costs are’ repaid. 

. . . . Soviet absorption of the alu- 

remittances which increased 7.6 miniura plam in Greece with a 

per cent to $5-0m. have to distribute it on foreign 

Invisible payments totalled mar fc e ts against the desires of 
8569m leaving a deficit on cur- international cartels, the govern- 
rent account of S991m in men t sa id. 

January-July this year, and in- The company's administration 
crease of 235 per cent over the w ju be all Greek and the plant 
same period of 1977. will be bniit in the central part 

The Minister of co-ordination of the country near its major 
Air. Constantine Mitsotakis, has bauxite reserves. 


Oslo hosts oil seminar 


Abu Dhabi 
award for 
UK concern 

By Rhys David 
AMES CROSTA BABCOCK of 
Hey wood in Greater Manchester 
has signed a £9m contract to 
supply a new sewage treatment 
plant for Al Ain. the proposed 
new administration centre for 
the Emirate of Abu Dhabi. 

The company will be principal 
sub-contractor in the project, 
civil engineering work for which 
is being carried out by a Korean 
group — Keang Nam Enterprises 
of Seoul. The design for the 
complete project, which is 
expected to take 2\ years to 
complete, has been undertaken 
by Balfours. London-based con 
suiting engineers. 

The contract represents 
further Middle East success for 
Antes Cro*ta Babcock, part of 
the Babcock and Wilcox Group 
and follows a £72ra turnkey 
project currently under way in 
Riyadh. Saudi Arabia. This 
involves construction of a treat- 
ment plant capable of delivering 
to the city 60 tonnes of potable 
water a day. from blackish water 
located in the Buwayh field 
70 km north east of the city. 
Civil engineering work on this 
project is now nearing comple- 
tion and installation of the 
water treatment plant will be 
taking place over the nest 12 
months. 

Until 1973. Ames Crosia Bab- 
cock was dependent for about 
90 per cent of its business on 
the UK market, but at the open- 
ing of a new office complex in 
Heywood yesterday the chair- 
man of Babcock and Wilcox, Mr. 
John King, said lhat in the 
current year 93 per cent of turn 
over would be m export markets, 
most of it accounted for by the 
Riyadh contract. 

The company which specialises 
in the whole field of water treat- 
ment from drinking water to 
sewage was forced to turn to 
export markets because of the 
severe U.K. public expenditure 
cutbacks. Exports this year are 
expected to reach £43m. 

For the Al Ain project the 
company will supply ail 
mechanical equipment associated 
with the treatment plant and 
pumping stations, diesel powered 
electrical generated facilities and 
the electrical and control equip- 
ment for the entire installation, 
together with the oxygen genera- 
tion plant, air conditioning and 
plumbing. Two other Babcock 
companies will also supply 
equipment: Babcock - Moxey 
(electrical equipment) and BV 
Machinefabriek Spuans of 


BY JAME5 MCDONALD 

THE FIRST seminar between the conference, from the Norwegian | 

(Organisation of Arab Petroleum point of view, will be to sell 
,-n 1 Exporting Countries (OAPEC) Scandinavian ' ‘Know and 

estimates, the electricity trom Us | and a Western oil exporting 50 A lCe ^ ec0 nd phase ^of "this 
floating plant would he cnmpeii- j nation, Norway, will be held in Norwegian attempt to increase 
ti\e with oil- or coal-fired elec- ; Oslo from September 27 to 29. its sales of know-how and equip- 

Tfikh «,*, fur j froT^EC^“d“ SI.VSSM 

Offshore Supplies Office on the [from Scandinavian countries. October 2 and 6 j past two years, being for over- 

reasibihty nf generating electri- 1 No British observers have been Explaining the project in 

W-Vs U ?nmnti! n J P ‘rpr^'K“ ll0 htfi invitod ' northe muIUnaUonal oW Lond ° n >«sterday, Mr. Einar 
«*n-’ineerin" cn^Miliacts Prcece ^ c0n,pailieS ' althou 8 h there will Risa. Councilor at the 
Cartcw and Rvder. Prcece * , be international press repre- Norwegian : Ministry of Foreign 

- ■ mentation. Affairs, stressed that Norway 

The theme of the reference ‘°K de I < ;!Sf.'™ n0 S. , . C .iit, s 


TU ....... ... . 1 rcuwiiiuu. Affairs, stressed that 

The NWK project will need! 

approval from both iIit- Bonn j ^ ,™ DC ' with Arab countries. Sweden. 

Government and the EEl in be how North Sea oil rw, n ,-„-tr Wn ,.iw 


Siorno announced orders 
worth £2.7in to supply Saudi 
Arabian Government depart- 
ments with a wide range of radio 
communications equipment. The 
Cam berley- based company has 
achieved record exports in the 


seas markets. 


Danish bid to 
help business 

By Hilary Barnes 



have been removed from the , developed Arab countries. international seminars organised 

Arab boycott list. i One of the objectives of the since 1974. 


FORESTRY IN BRAZIL 


Timber spin-off from power plan 


THE ELMLD1NG of 


the full 540.000 acres. in this pioneer project) are wel-i borrow the money at roughly 10 

Since Brazilian law prohibits come to join the bidding — as 1 Per cent with no fear of revalua- 

long as they associate with Brazi-! Dons compared with loans on the 
^ — — — Uan gapitai t domestic bond market which 


loan allocation or the State Mort- 
gage Bank. According to 
information available so far the 
loan allocation will be raised 
from about Kr 200m (S36m) to 
about Kr Ibn fSISOm) a year. 

The Mortgage Bank normnlly 
rc lends the money by means or 
| private placements for industrial 
t investment purposes. A Bank 
! official said today, however, that 

BY DIANA SMITH IN RIO DE JANEIRO ’ r . not VL ’ 1 b * ea informed of 

thp Government s plans and he 

Brazil's it vrould involve production of foreign lumber companies could not confirm reports that the 
Tucurm hydroelectric scheme on 4.5m cubic metres a year for (which apparently already in- 'Joans will carry a guarantee 
the Tucanlms River in Para three years—at an estimated cost dude West Germany. Canadian against exchange rate losses, 
state involves an unusual coin- of $600 per acre — $3J34bn for and Finnish concerns interested ; This would enable companies to 
mcrcial spin-off. 

The S1.5bn project, for which 
Creusot Loire and Schneider of 
France is supplying a major part 
of the equipment (financed by a 
S250m loan led by the Credit 
Commercial de France 1. entails 
the flooding, three years from 
now, of a 540.000 acre, densely- 
wooded area — -a total nf some 
2Sm cubic metres of timber, over 
a third of which is of high, ex- 
portable quality. 

Rather than wa-te fully burn 
off the forests — part or which 
can also be used for domestic 
timber consumption or for 
making vegetable coal — Eletro- 
norte. the regional electricity 
authority responsible for 
Tucurui. "nu> decided to offer 
commercial exploration of the 
wooded areas to Brazilian or 
foreign bidders. Eien before the 
tender has been opened 34 lum- 


Yolvo is finalising plans to 
manufacture heavy lorries and 
urban or long-distance buses 
In BraziL Diana Smith reports 
from Rio de Janeiro. If all 
goes to plan, hns production 
will begin at the end o[ 1979 
and lorry production six 
mouths later. Tbe total invest- 
ment involved is Slllm. 

Tbe success of the operation 


The impact on the world lum- 
ber market of the Tucurui area's 
4.5m cubic metres a year is 
bound to be considerable. No 
one yet knows how it will affect 
today’s major suppliers in Africa ■ 
and Malaysia. 


carry :m interest rate of roughly 
16! per cent. 


Siemens order 

MUNICH, August 3L 


; SIEMENS said Lhat it bad re- 
The building of Tucurui — and : ceived a DAI 50m order to deliver 
the flooding — involves another | electrical components for a new 
major operation — detouring of a {television centre in Saudi Arabia, 
15km stretch oF the traos-i Reuter reported, 
hinges on radipil re-thinfclng Amazon highway, and uprooting! Siemens will supply control 
l»y Brazil's hauliers and public of members of the Paracanaj panels, transformers and an 

Indian tribe whose reservations I emergency' electrical supply sys- 
are located in the area- Through ! tem for the 'Riyadh-based centre. 
Brazil’s National Indian Founda- Work un the project has begun 
tion, the Indians affected will j and the centre is due tn start 
be offered alternative pieces of 1 operations at the end uf 19S1. the 
land equal to those that wilt 1 spokesman said, 
either be flooded or affected by;# Britain is to contribute £4.32in 
the new stretch of the highway. 

When completed, Tucuryi will 


Iran sport operators — mainly 
small, independent concerns 
who opt for medium-sized 
lorries or smaller buses on the 
grounds that the; cannot 
afford larger or more up-to- 
date vehicles. 


bor companies bane export of trunks, it will be neces- provide electric emergy Tor the 

registered as prospect ne bidders. sary l0 fift up at j east go large- Albras/AIunorte alumina-alum- 
The uaderlakinjj is vast: in the scale lumber mills to process the inium projects planned for Para 
area of exportable tinker alone wood. Eletronorte maintains that state. 


from the aid programme to the 
World Bank's second Maternal 
and Child Health and Family 
Planning Project in Egypt, the 
Ministry's larccst contribution so 
far iu a population project.. 


HOME NEWS 



employers 
to query 
election 
candidates 

By Kenneth Goading, 

Industrial Correspondent 

IN A significant change of policy, 
the Engineering Employers’ 
Federation is to take an active 
role for the first time in the run- 
up to the General Election. 

The federation, whose 6,300 
member companies employ more 
than 2m people, is asking 
engineering employers’ associa- 
tions throughout the country to 
contact party candidates .and 
press the key issues which the 
Federation claims are vital to 
Britain's industrial success. 

The issues selected are: indus- 
trial policy; industrial relations 
and employment law: the future 
of pay bargaining; and taxation. 

Mr. Anthony Frodsham, direc- 
tor general of tbe federation, 
said yesterday: -** Unlike the 
trade unions, whose objective is 
to seek the election of another 
Labour government, our mem- 
bers do hot wish to enter party 
politics. 

“Victim” 

“However, they believe that 
they must now draw tbe atten- 
tion of politicians to the real 
industrial problems and ensure 
that industry ceases to be the 
victim of polical .dogma and 
experiment. 

** Many candidates from all 
political parties will accept that 
the record of post-war British 
government industrial policies 
has proved to be disastrous. 

“ Many. too. will agree that it 
is time to see the problems as 
national ones that depend upon 
wide consensus for their 
resolution.” 

The federation has produced a 
pamphlet. Key Issues fora New 
Government, which wilt be distri- 
buted to all federated companies, 
members of both Houses of Par- 
liament, to industrial and trade 
union leaders. Copies are avail- 
able, free, from the Federation. 

.Sterling fall 
is forecast 

Financial Times Reporter 
STERLING IS likely to fall by 
about 4 per cent on a trade- 
weighted basis by early next 
year, according to City stock- 
brokers Montagu, Loebi, 
Stanley. 

Tbe firm says that sterling has 
risen 6 per cent over the last 
year on a real trade-weighted 
average basis and this loss of 
competitiveness will further 
impair the UK’s non-oil trade 
unless it is quickly reversed. 

The negotiations , over a 
revitalised snake are likely to 
make the UK authorities more 
amenable to a degree of 
devaluation in order to avoid 
entering a relatively fixed parity 
system with an overvalued 
currency. 

Safety service 
for executives 

A NEW division of the British 
Safety Council has been formed' 
to enable executives to find the 
vital safety factors for their 
businesses amid the "explo- 
sion “ of information on tbe sub- 
ject 

Called Senior Executive Brief- 
ings, the division will give the 
sort of information needed to 
keep companies out of . tbe 
courts, protected from civil 
claims and realistically insured. 


Jobbers seek to deal 

in European options 


BY JAMES BARTHOLOMEW 

LEADING JOBBERS Wedd 
Durlacher and Smith Brothers 
have asked the London Stock 
Exchange Council for permission 
to apply for joint membership 
of ~ the European - Options 
Exchange. 

They are explicitly not asking 
for permission to deal in options 
whose underlying securities are 
British companies, since this 
might damage the London 
market. 

If the Council agrees. Wedd 
Durlacher aod Smith Brothers 
will ; become the first British 
jobbers to join the European 
Options Exchange and the first 
members of the London Stock 
Exchange to become market 
makers there. 


So far three London brokers 
have joined the European 
Exchange— W. I. Carr and Sons, 
Joseph Sebag. and P6ill ‘ 

Drew— bot all these are public 
order members. A market maker 
operates like a jobber, whereas 
a public order member is roughly 
equivalent to a broker. 

Mr. David Heath, a director 
of Smith Brothers, said that 
the jobbers plan to set up a 
joint overseas company which 
would initially have two or three, 
employees on the Amsterdam 
exchange. They would not deal 
in options based on British 
securities- “because we don’t 
want to compete with ourselves,” 
be said. 

“ We believe in the London 


central market and do not want 
to do anything which would be 
potentially damaging to iL" 

Is any case, business on the ; 
European Options Exchange 
based on British companies his 
been negligible, because of teeb- 
nical problems and tbe rivalry 
of the London traded options' 
market. 

Trading in Amsterdam Is 
primarily based on Dutch and 
then American securities. In the 
last few weeks, volume has im- 
proved considerably- The record 
□umber of contracts in a day has 
topped 3,000 recently. 

Membership of these leading 
UK jobbers would gjve another 
fillip to the market 


Publishing industry sales 
up by 5.4% in first quarter 


FINANCIAL TIMES REPORTER 

SALES FOR the printing' and 
publishing -industry during the 
first three months of -the year 
were up on the same period last 
year. , 

However, British printers are 
worried about imports of cheap 
printed- material, nod are 
demanding an extensioB^af tbe 
quotas on some grades of paper 
— even though paper , manu- 
facturers ere being badly; hit by 
imports. • 

The latest issue of Business 
Monitor, covering the:; general 
printing and publishing industry, 
shows that total sales;. for the 
first quarter of 197S amounted 
to £585 .6m, compared with 
£515.4m in the same period last 
year. 

After adjusting for 4he effects 
of inflation, sales were 5.4 per 
cent higher over the three- 
month period. 

The increase m ihejfolue of 
sales was due mainly te nses of 
12 per cent in bt'ok praiiting, 
5.3 per cent in other. - printing, 
13.5 per cent in book publish io? 


and S.3 per cent in other 
publishing. 

The British Printing Industries 
Federation will ask the Govern- 
ment to increase the amount of 
paper allowed ter enter the UK 
.from countries in the European 
Free Trade Area, free of duties. 

Imports 

Quotas for the present year 
were fixed below the maximum 
permitted under EEC/EFTA 
agreements, and tbe federation 
claims that they are already 
exhausted. All paper imported 
from EFTA now has duty, cm it. 

Certain grades of paper are 
not available in the UK, or are 
available in insufficient quantity, 
and therefore must be imported. 

Tbe federation claims that 
since many EEC countries are 
self-sufficient in paper, they can 
export printed material free of 
duty to the UK and thus under- 
cut UK printers’ rates. 

However, the Paper and Board 
Federation produced figures last 
week which showed that imports 


of paper and board were taking 
over 46 per cent of the UK 
market, even though there was 
spare capacity in UK paper mills. 
• Imports are taking an increas- 
ing share of the UK paper and 
board market. Consumption is 
up, but domestic production is 
down. 

Figures from tbe British Paper 
and Board Industry Federation 
for tbe first six months of 1978 
show that domestic consumption 
rose by Z5 per cent - over the 
same period in 1977 (from 3.59m 
tonnes to 3.68m tonnes), while 
production from UK mills was 
down by 2.2 per cent (from 2.18m 
tonnes to 2.13m tonnes). ' 

For the first time since 1974, 
overseas suppliers have taken 
more than 46 per cent of the' 
UK market, 1.72m tonnes com- 
pared with 1.59m tonnes in the 
first half of 1977. The federa- 
tion says that this is “uncom- 
fortably close to the alt-time 
record of 47-2 per cent, which 
was registered in 1974 when very 
different conditions prevailed.* 


Life assurance funds up 50% 


BY ADRIENNE GLEESDN 


THROUGH^.the 


life achieved despite unfavourable Phase Three of the wage res- 


SAVINGS . 

assurance industry ' produced conditions during the first six traint policy between them per- 
£4.12bn for new investment last months, when the squeeze on mitted net income to rise, 
year. This is the amount .by nei incomes made many people New business written under, 
which premium income end reluctant to take on new long pension and life assurance 
investment income exceeded out- term savings contracts. The schemes was buoyant, reflecting 
goings such as ? payments to associations attribute the in- the review and adjustment of 
policyholders, expenses and taxa- crease to an improvement In the .occupational schemes ahead of 
tion. * second half, when reductions in the introduction of tbe new state 

The new rabney^-and some tax *»non and the introduction of scheme in April this year, 
revaluation of assets— -pushed the] 
funds under the- industry's 
management at the end of the 
year up to' £30.7bn. This was 
50 per cent higher than that 
recorded it the end of 1973. 

Thesc-'figures are contained in 
Life Assurance in the United 
Kingdom 1973-77, the annual 
review of the Industry which is 
published by the Life Offices’ 

Association. Associated Scottish 
Life Offices, and the Industrial 
Life Offices Association. 

The review shows that in 
aggregate the industry's funds at 
the end of 1977 were split as 
29.5 per cent in equities, just over 
20 per cent in property, and 
24.4 per cent in gilts and local 
authority- securities. Mortgages 
(9.7 per cent) accounted for the 
largest part of the rest. 

Last year's increase in busi- 
ness — new yearly premiums 
amounted to fl.lbn — was 


Cook lets London HQ 
to Esso Europe 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

ESSO EUROPE, after more Exxon Corporation's European 
than a year's search for suitable regional, co-ordination company, 
London offices, has agreed To signed to take the space at a 
move into Thonias Cook and rent of over £lm a year several 
Son's 112,000 sq ft former head- weeks ago. 
quarters at 45, Berkeley Street, Esso had previously innfced at 
WL tbe Euston Square offices and 

The lotting, coining after news at the Electricity Supply Nonti- 
of Fluor'** (Great Britain) rent- nees’ “southside" offices in 
mg of British Rail’s 237,000 sq ft Victoria. 

Euston Square development. Cook, which holds a lo<c 
underlines the strength of lease on the Berkeley Street 
demand for large office units in building Front Prudential Assur- 

ance. has been extensively re- 
Cooks agents. Jones Lang furbishing the 1930s block since 
Wootton. never publicly adver- moving its headquarters slaff to 
tised the building. Esso Europe, Peterborough. 


Company August profits 
confirm recovery trend 


FINANCIAL TIMES REPORTER 

THE 131 enmpanies from which 
annual reports were received 
during August presented overall 
pre-tax profits 15.$ per cent up 
on last year's comparable figure. 

This confirmed the recovery 
trend wrhich was set in July 
reports following two months 


too: 

— 


75C; 

- 

PRE-TAX 

PROFITS 

AT I 

SO', 

- 


25. 


. J iLi- 

+ 


k 4 V 

25*. 

DmuulDS 

t t i 

1975 1976 1977 1978 


during which the rise had 
slowed from the nuar-18 j>er cent 
increase recorded over the first 
four months of tbe year. 

Taxable profit increases from 
some of the major companies 
ranged to nearly 23 per cunt, as 
in Distillers; General Electric 
and Beecham came In with rises 
or about 17 and 21 per cent 
respectively. Dowty, up 39 per 
cent, and Unigate, up about 30 
per cent, were also prominent. 

Dividend costs in the reports 
showed the biggest monthly 
jump for many years being 35 4 
per cent up on previous year 
costs. The rise compares with 
average overall increases for the 
first two quarters of lhe year of 
16.3 and 19.6 per cent 
respectively. 

The pace-setter in Jast month’* 
reports as far as dividend 
growth was . concerned was 
Beecham, the group's 1977/78 
ordinary dividend cost being 
more than treble the previous 
year’s. 


THE UNION STEEL CORPORATION 
(OF SOUTH AFRICA) LIMITED 

. ( Incorporated in the Republic of South Africa) 

INTERIM REPORT FOR THE SIX MONTHS 
ENDED 36TH JUNE, 1978 
Trading Results \ 

The unaudited consolidated profit after tax for 'the six months 
amounted to R2 307 1)00. compared with a profit of R32OO0O for 
the corresponding period of 1977. This represents an increase 
in profit after tax of R1987 000. 

The improved . profit position in comparison with the corres- 
ponding period last year is mainly due to the profit realised 
by the steel division compared to a loss for the corresponding 
period the previous year. The demand for steel increased and 
despatches of the product .improved by 33 per cent. Unlike 
steel, the profits for copper; castings and aluminium conductor 
were lower, which ts attributed to a deterioration in the demand 
for these products and profits were adversely, .affected. 
Veldraaster again sustained a loss for the first six months 
of the year. 

Compared with the first six months of 1977, interest paid 
decreased by R314 000. Improved cash flow resulted in the 
lower utilisation of short terra borrowings. 

Group profits for tbe remaining six months of 1978 wii! be 
considerably lower than that realised during the first six 
ntnnths. mainly as a result of salary and wage increments 
which came into effect in July. ' 

Interim Preferent Dividend 

Notice is hereby given that a dividend of 8 cents per R2.00 
share has bpen declared on the cumulative participating 
preferent “A” and “B" shares for the six months ended 30th 
June, 197S payable to shareholders registered in the books of 
the corporation 3t the close of business on the 15th September. 
1978. 

Tbe transfer books and registers of members will be closed 
from 16th September, 197S to 29th September, I97S both days 
inclusive, and warrants will he posted from Johannesburg and 
London nn or about 18th October, 1978. Registered share- 
L holders paid from London will receive the United Kingdom 
currency equivalent on nth October, 1978 of the rand value 
of their dividends, less appropriate taxes. Any change of 
address or dividend instructions must be received by the 
transfer secretaries on or before 15th September. 1978. 
Non-resident shareholders’ tax of 15 per cent will be deducted 
p from dividends payable to shareholders whose addresses in the 
~ share registers are outside the. Republic of South Africa. 

- By Order of the Board 
P. E. Brink. 
Secretary. 

29th August. 1978 
Registered Office: 

General Hertzes Road, 

P.O. Box 4S, 

Vereeniging 1930. 

CONSOLIDATED INCOME STATEMENT 


Turnover 65 192 


^ Operating surplus 

-Income from in vest, mentis 

Depreciation 

Interest on borrowings ... 

Profit before taxation 

Taxation 


Group profit 

Earnings per ordinary share 
Dividend per ordinary share 
Capital commitments 


London Secretaries 
Anglo American Corporation 
nf South Africa Limited, 
40 JHtolborn Viaduct, 
London. EC1P 1AJ. 


Six 

Six 

Twelve 

Months 

Months 

Months 

ended 

ended 

ended 

30.fi.2973 

30-6. J 977 

3L12.197: 

R'000 

R’000 

R’000 

65 192 

64 639 

126 046 

7 614 

4 926 

9 428 

219 

1SS 

372 

2 033 

2 01S 

4160 

2 019 

2 432 

4 516 

3 776 

664 

1124 

1469 

344 

41 

2 307 

320 

1083 

13.63c 

0.96c 

3.59c 

— - 



2.50c 

407 

1800 

404 


vuiiru a • - * 

Secretaries 
Charter Consolidated Limited 
Charter House, 
P.O. Box 102. 
Park Street, 

• Ashford. * 
Kent, TN24 8EQ. \ 










liaison 


output falls as Stocks finance 

ictivity rises rises sharply 


Rmn.cnl Timer Reporter. . 

ARGUMENTS IN fa? our of non* 
‘ executive directors and the 
related subject of- audit com- 
. mittees " on which they would 
serve have been challenged , in a 
study of’ the working b of British 
companies published, yesterday. . 

The study, by Mr. Bob Tricker, 
director of the Oxford Centre, for 
Management Studies, is the latest 
contribution to the debate about 
mandatory introduction of audit 
committees, which would liaise 
between -auditors and manage- 
ment. These committees are 
common In the -U.S. and Canada, 
and have recently been estab- 
lished by several large British 
companies. 

Mr. Tricker, in a book entitled 
The Independent Director, says 
that the subject is insufficiently 
understood and that proposals 
for legislation are premature and 
naive. 

He concludes that in non- 
proprietary companies non- 1 
executive directors should be i 
completely independent to be ! 
effective. While . there are 
appropriate opportunities for 
introducing audit committees, 
there was no case for universal 
acclaim.. 

Audit committees could, be 
useful as part -of- an effective 
company organisation, but would 
not prevent abuses. There were 
alternatives which might be 
equally effective in fostering 
good- corporate direction and 
securing the position of outside 
directors and auditors. 

Research for Mr. Trieker’s 
book was commissioned by the 
accountants Deloitte Wasirin^ 
and Sells. 

The Independent Director, bu 
JT. I. Tricker, Tolley , £4J0. 


Volunteers 
will boost 
worker 
co-ops 

By John Elliott, Industrial Editor 

A CAMPAIGN to encourage 
creation of worker cooperatives 
has been launched by the Scottish 
Cooperatives Development Com- 
mittee. ' 

It coincides with the 'national 
Co - operative Development 
Agency, set up by the Govern- 
ment. formally starting its work 
today. The agency is intended 
to cover all forms of cooperatives 
but twill be' concentrating os 
worker enterprises. 

The Scottish . .committee, 
formed by Scottish supporters of 
the co-operative movement, is 
one of several regional organisa- 
tions being established by 
volunteers around the country. 

Its campaign, which will in- 
clude setting up a 44 register of 
talents,' 1 is aimed at finding 
people who are interested In 
starting co-operatively owned 
ventures. 

“The campaign: will bring to- 
gether able people with comple- 
mentary skills and -will provide 
them with advice and practical 
help,” Mr.- Cairns Campbell, the 
committee's development officer, 
said yesterday. 


BY JOHN LLOYD • 

OUTPUT OF coal is still falling 
after nearly- nine months of what 
the*. National Coal Board 
describes as successful operation 
of the .miners*, productivity 
scheme. However, fewer miners 
are employed and fewer pits axe 
in operation. 

Figures from the Department 
of. Energy show production in the 
three months- from May to July 
of 29.7m tonnes, nearly 1 per 
cent lower .than the: 30m tonnes 
produced over the same period 
last year. 

Deep-mined output fell by 
nearly 2 per cent, or 500.000 
tonnes. Opencast production 
increased by 4.1 per cent, or 
200,000 tonnes. 

The board confirmed the trend 
with figures over a longer period, 
from April 1 to August 12. show- 
ing total output in that period 
of 43.2m tonnes, as against 43-7 in 
tonnes in the -same period last 
year. 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


It attributes the reduction to 
a sharp fall in the numbers of 
mine workers employed— from 
243,269 in August 1977 to 238^03 
now. Also, six fewer pits are 
being worked this year. 

Less used 

Overall output per manshift 
has increased over the year, but 
only marginally. The average 
over the April-August period was 
219 tonnes, against 2.15 tonnes 
last year. 

Face output per shift has in- 
creased more sharply, from 751 
tonnes last year to 8.52 tonnes 
this. Tbe board says that the 
trend continues. 

Energy Department figures 
show that coal consumption fell 
even more sharply than produc- 
tion in tbe May-July period — by 
800.000 tonnes, or 2,9 per cent 
Power station consumption in- 
creased by 200.000 tonnes but 
coke oven use continued to de- 


cline, by 700,000 tonnes dr over 
15 per cent. 

As a result stocks have con* 
tinued to rise, and now stand at 
over S2m tonnes (distributed 
and undistributed), up 3a 
tonnes on last year. 

Elsewhere in the energy sec- 
tor, figures show- that: 

• North Sea oil production 
for the first six months of the 
year reached 245m tonnes, up 
40 per cent on the same period 
last year. 

• Electricity supplied in the 
first half of 1978 was up 1.7 per 
cent on last year’s first half. 

0 Natural gas supplied to the 
public system in the three- 
month period May-July was 
2J3bn therms, down 1.5 per cent 
on last year. Supplies from the 
UK sector of the. North Sea, 
down by 6.9 per cent I91m 
therms, were aided by gas im-, 
ported from the Norwegian sec- 
tor of the Frigg Field. 


Deadline problem 
costs British 
Shipbuilders £4m 

BY -f AN HARGREAVES. SHIPPING CORRESPONDENT 


BRITISH SHIPBUILDERS has 
been forced to turn down a 
possible £4m ' contract to refit 
a cruise . liner for the 
Peninsular and Oriental Steam 
Navigation Company because 
it conld not meet tbe ship- 
owner's delivery deadline. 

Instead, the: refit contract, 
subject to detailed negotia- 
tions, has gone to Bremer 
Vulkan, tbe Bremen-based Ger- 
man shipyard. - 

P & O said yesterday that it 
would have preferred the work 
to have been done la a British 
yard — because this would have 
made supervision of tbe con- 
tract, simpler, but offers were 
not forthcoming. 

The British Shipbuilders 
repair yard with which P&O 
has its closest relationship, 
Vospcr - Shiprepairers. 
Southampton, said it was 
unable to meet the required 
completion date for refitting 
the -Sea Princess next January 
because of contracts under- 
taken on. two other P & O 
liners and on tbe QE2. 

P & O also talked to 
British Shipbuilders centrally 


about finding a yard for the 
work, but even shipyards such 
as Swan Hunter on Tyneside, 
which Is -desperately short of 
work, were unable to take on 
a contract almost entirely In- 
volving outfitting work. Swan 
Hunter, although facing the 
prospect of more redundancies 
among Steelworkers, has a 
heavy programme of outfitting 
on the ships It Is building for 
the Navy. . 

The Sea Princess, formerly 
the Kungsholm, is due to make 
its maiden voyage for P and O 
from Hong Kong to Sydney on 
February 16. 

P and O Is studying options 
for its next generation of 
passenger liners and has held 
talks with shipbuilders in 
Italy and Finland about con- 
struction contracts.' 

These discussions are at au 
early stage, with most o ftbe 
Initiative coming from the 
order-hungry yards. The ship- 
yards see the possibility of 
a series of passenger ships as 
one way of s arriving the 
deepening crisis In world 
merchant shipbuilding. 


University to 
study ferries 

THE WELSH OFFICE has 
agreed to sponsor a . study of 
the economic benefits to Wales 
of the ferry services linking 
Wales and Ireland. 

The project, which will be 
carried out over two years at 
University College, Bangor, -will 
cost. £13,000. It will analyse-tbe 
direct employment and trading 
effects which result from the 
ferry activities and the impact 
on the surrounding regions. 


Machine tool industry 
has work to year end 

. BY OUR INDUSTRIAL CORRESPONDENT 

GOVERNMENT statistics pub- Compared with a year earlier, 
fished - today showk. that by the home new orders were S per cent 
end May the machine tool up while new export business was 
industry's order ‘books, worth 12 per cent down in the three 
£270m, were sufficient to keep months under review, 
it occupied until the end of the Department of Industry 

yea?- ' . ' . . points out that in volume terms 

However, there remains a wide new on j ers probably fell slightly 
variation between individual { Q tjj e period compared with the 
compani es and employment in previous three months and were 
the industry, which rose steadily significantly lower than in the 
during 1977, was failing back same mon ths of 1977. 

SttiHSr m ° athS t0 ** the end of May, home order 
According to the statistics, had 44,“*?®™ 

published in Trade' and Industry were 40 per cent a he fl d of 

magazine, order books almost at the same -tune last year, 

wererm changed compared with £xp ort ord . ers ^ D - han f- however. 
February. B • hy comparison were 18 per cent 

But, ih'eye were 13. per cent dcrwn at £91m - 
higber than at the same time a After allowing for inflation, 
year earlier, reflecting the steady the fall in volume terms would 
recovery in .demand the industry be even greater, 
has experienced so far this year. Employment in the industry in 
The figures continueto reflect May bad jUpped to 51,400 com- 
the relative buoyancy oftheUb. pared with the recent peak of 
market compared- with those 52200 Tea ched in December, 
abroad. . In: the-three_months to . on . fhir 

May. new orders from the home department suggest this 

market rose 2 per centto £85m M “W he a reflection of the 
while there was a further 3 per 

■cent fall in new export orders * 10n shown by the latest figures, 
to £35m. • The major problem area is the 

Home demand is being lifted by State-owned Alfred Herbert 
demand from car companies’ Nearly 500 jobs went in the first 
investment programmes — both half of the year at Herbert plants 
BL arid Ford have major capital apd a further 1.600 can be 
projects in hand. expected in the second half. | 


APOLLO 


Edited by Denys Sutton 


The world’s 
leading magazine 

of 

Arts and Antiques 


SEIfe"-* 

£v 5?®^?^^ EC4MBY. Tel: 01-24* MOO. 


Weather 
blamed 
for beer 
outputfall 

By Kenneth Gooding 
BEER PRODUCTION fell 7.8 pet 
cent in July compared with the 
same month last year. It was 
the worst performance in any 
July since 1972 and the Brewers 
Society last night put the blame 
on tbe poor weather. 

However, the society said: 
“August production is likely to 
be better because sales in holiday 
resorts are expected to com- 
pensate for the gloomy perform- 
ance elsewhere.” 

Production in July was 
3,409.069 bulk barrels (roughly 
979m pints). A big downturn 
was expected after the improve- 
ment in June when output 
jumped nearly 9 per cent That 
reflected stocking up ahead of. 
the holiday period and hopes for : 
better weather. 

In the first seven months of 
this year, beer production 
reached 23.220,557 barrels : 
(around 6.69bn pints) aad was 
2.2 per cent ahead of the same 
period last year. 

The brewers would be satisfied 
to sustain this percentage in- 
crease this year in view of the 
poor summer and the fact that 
last year production fell by 
0.6 per cent— the first drop since 
1965. 

Newcastle 
plant for 
brewers 

By Our Industrial Correspondent 
SCOTTISH AND NEWCASTLE 
BREWERIES is to spend £9m 
on a bulk packaging plant at its 
Tyne brewery in Newcastle. 

The group had an option on 
a site at Washington, County 
Durham, for tbe plant but this 
has now been dropped. Changes 
in road development plans in 
Newcastle have made space avail- 
able at the brewery. 

Scottish and Newcastle, sixth- 
largest of the UK brewers, also 
revealed yesterday that it was 
looking for a site for a south 
Tyne retail distribution depot. 

But it refused to be drawn 
about any plans’ for a new 
breweiy in the south east of 
England: “We have adequate 
brewing capacity to see us 
through to the mid-1980s,” the 
group said. 

This suggests, however, that 
Scottish and Newcastle will have 
to start work on a new brewery 
in about 1980. 

The £9m packaging project will 
he started in the autumn and is 
dub for completion by 19S1. It 
will give the group more flexi- 
bility in bulk packaging as it 
will be able to handle 11-, 26- 
and 32-gallon containers. 


' Scots council 
scales down 
marina plan 

A Elm MARINA project on the 
Clyde estuary suffered a setback 
after a council refused planning 
permission. 

Mr. Bill Hackay, a Glasgow 
bus i nessman, and unnamed 
associates, proposed a 300-berth 
marina at Craigendoran pier, 
□ear Helensburgh. 

Dumbarton District Council 
refused permission because tbe 
development “would cause addi- 
tional road congestion." An 
alternative plan by Craigendoran 
Harbour Company for a smaller 
80-berth marina was approved. 


More profit 
in forwarding 

By Our Transport Correspondent 

FREIGHT FORWARDERS can 
expect higher profit in the next 
three years, according to a re- 
port on the industry from Inter 
1 Company Comparisons, which 
examines the performance of 
60 companies in the three years 
ended April 1977. 

Profitability, as measured by 
profit on- total assets, fell by 23 
per cent to 7 per cent. Fixed 
assets expanded by over 50 per 
cent 

Average return on capital was 
27.6 per cent but only nine of 
the companies showed profit mar- 
gins exceeding 5 per cent in the 
last year of the survey. 

Freight Forwarders. ICC. 81 
City Road, London EC1 1BD. £44. 


THE AMOUNT of additional 
money needed by industry to 
finance its holdings of stocks of 
finished goods and raw mate rials 
has risen sharply during the 
summer. 

This goes a long way towards 
explaining the recent strength of 
bank lending to industry. 

Official figures published in the 
latest issue of Trade and Indus- 
try magazine indicate that the 
book value of manufacturers* and 
distributors’ stocks rose by 
£L35bn between early April and 
the end of June. This compares 
with a rise of £6S3m in the 
previous three months, and an 
increase of £5.09bn during last 
year as a whole. 

Drain 

The sharp rise in tbe amount 
required for financing stocks 
implies a substantial drain on the 
cash resources of industry and 
probably means that the company 
sector remained in financial 
deficit in the April-tp-June period. 
This is consistent with the rise 
in bank lending to industry. 

The change principally 
reflects the continued large rise 
in the volume of stocks held by 
industry. As announced last 
week, the physical level of indus- 
try’s stocks rose by £27Sm at 
constant 1975 prices in the 
second quarter, compared with 
an increase of £266m in the 
previous three months. 

The continuing rise in stocks 
has been slightly puzzling in 
view of the sharp pick-up in 
consumer demand. Most fore- 


casters have suggested that the 
increase in th e physical level of 
stocks will be smaller in the 
second half of this year, not 
least because of the current 
squeeze on hank lending. 

The main change in the second 
quarter occurred in manufactur- 
ing industry where the increase 
in the book value of stocks was 
£99 2m compared wtih £4S?jn in 
the previous three months. This 
in turn reflected rises in the 
volume of stocks of £191m and 
£71m respectively. 

Fixed capital spending- by 
industry showed a much smaller 
change at current prices during 
the first half. The manufactur- 
ing, distributive and service 
industries spent £3.03bn on new 
buildings, vehicles and plant- and 
machinery in the April-to-June 
period, compared with £3.03bn . 
In tbe previous three months and 
a total of £lL03bn in 1977. Spend- 
ing by manufacturing rose from 
£1.32bn to £L38bn at current 
prices. 


Call to abolish 
double-pricing 
on cost of beds 

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRE5FONDEN 


Projected 


The view of many city analysts 
is that the financial deficit of 
tbe company sector will rise 
during the next year because 
the increased amount needed to 
finance the rise in capital invest- 
ment and stocks is projected to 
outstrip the growth of retained 
profits. 

Although the increase in 
physical stocks is expected to be 
modest, book values at current i 
prices may be boosted by - the 
forecast acceleration in the 
inflation rates. i 


THE PRICE COMMISSION 
called yesterday for the banning 
of manufacturers’ recommended 
retail prices for beds to end the 
common practice among retailers 
of selling them at apparently 
large discounts. 

The commission, in a report on 
the price of beds, found that 
“ many recommended retail 
prices for beds have become so 
widely detached from actual 
selling- prices that they are 
rarely, if ever, charged.” Dis- 
counts claimed by retailers of 
between 40 and 50 per cent were 
commonplace, the commission 
found, with no apparent reduc- 
tion in the profit margin earned 
by retailers. 

The report says that nearly 
half the beds sold in the UK are 
subject to double pricing — 
a recommended price and an 
actual selling price. This was 
“ detrimental to the consumer in- 
terest in that they are likely to 
mislead bed purchasers into 
making false price comparisons 
either between manufacturers or 
between shops ” 

The commission’s survey of 
prices for beds found that in only 
$ per cent of cases was tbe full 
recommended retail price 
charged and. in nearly half of 
cases, the claimed ills count was 
30 per cent or more. Yet, the 
commission found that “no one 
shop type was consistently 
cheaper than the others either for 
any particular model of bed or. 
more generally, across a range of 
beds” 

Investigation by the commis- 
sion also revealed that most 


retailers did not pay the tra 
list price for beds. Tbe avera 
discount for retailers on tra 
price varied from 2 to 51 p 
cent, the commission establish* 

The bedding industry is wor 
about £144m at manufacture 
prices and between £160m a) 
£180m at selling prices. T 
industry is dominated by ni: 
manufacturers who have abo 
63 per cent of the markt 
although no single company b 
more than a 10 per cent mark 
share. Gross profit margins- 
sales less material and dire 
labour costs — for eight of the 
companies have remained steal 
at about 40 per cent for the pa 
three years. Net profit margh 
before tax averaged 10 per cei 
over the past three years. 

The report found that mar 
consumers still trusted pri< 
comparisons with manufacturer 
recommended prices as a “re I 
able and independent guide t 
value.” In this they are m\sle< 
the commission says. 

While the commission foun 
that many manufacturers an 
retailers acknowledged that th 
present system brought th 
industry into disrepute, man 
felt they were “locked in” to th 
situation. 

The only practicable solutior 
the Price Commission believe: 
would be complete banning 0 
recommended retail prices b 
manufacturers for beds. Only f 
closely defined exceptions, sue 
as genuine sale periods. shoul> 
price comparisons be publishei 
by retailers. 





O&K since 1876^E= 


A range 
remember: 

p Earth moving equipment 
I Large mining plants. 
^Processing plants 
land machines, 
jjipranes. 

llllkC argo handling vehicles. 
Mlfcpassenger conveying 
^fcsystems. 

^Rail vehicles. 
Shipbuilding. 


Highlights of the Report and Accounts submitted 
by the Board of Management of O&K Orenstein 
& Koppel AG to shareholders at the Annual 
General Meeting on 29th June, 1978: 

Review 

1977 was a year of modest growth for the 
Federal Republic of Germany; the long expected 
economic upturn did not materialise; demand by 
investors and consumers fell far short of expecta- 
tions and the sluggish economy in Western 
industrialised countries failed to stimulate 
German exports. 

The wide range of the Company’s products 
once again proved its worth during the business 
year 1977 and helped to offset weaknesses in 
individual customers and markets. Though 
exports played a major role in the Company’s 
business, export orders dropped towards the end 
of the year under review mainly because of the 
steep rise in the value of the D-mark. 

Turnover rose by 15.4% to DM l.Ollbn 
during the year, domestic turnover falling by 
4% and exports increasing by 30%. As a result 
exports accounted for 62%, of the Company’s 
business during the year compared with 55% 
in 1976. 

Group turnover at DM l.lSbn, including. the 
figures of our export company and our foreign 
production and distribution companies but 
excluding inter-company business, was 7.5% up 
on 1976. 

At DM 870m the total of orders received by 
the Company in 1977 was only marginally above 
the figure for the previous year; 53% of orders 
booked in 1977 came from abroad. 

Eartfvmoving machinery once again repre- 
sented the largest component of turnover as a 
whole, accounting as it did for 51%. Tumdver 
in this sector rose by 17% to DM 519m during 
the year, largely because of increased exports to 
countries outside Europe. 

Shipbuilding: turnover was up by 14% on the 
previous year. Though a few repeat orders were 
secured during the year, the prices that had to 
be accepted to maintain employment in the ship- 
yard were substantially below overall costs. 
Whilst internationally the situation of the ship- 
building industry gives rise to particular concern, 
the extensive know-how of the Company’s own 
yard in building specialised vessels and floating 
dredgers will, it is hoped, enable it to continue 
operating, though at a substantially lower level. 

Turnover in general engineering rose by 18% 
to DM 258m, mainly because of progress in the 
field of open-cast mining equipment and forklift 
trucks. Sales of escalators remained at the level 
of the previous year with an increase in foreign 
business. 

Turnover in locomotives and rolling stock was 
just below the level of 1976, with the order book 


at the end of the year showing an increase over 
the previous year. 

In December 1977 O&K acquired the 
United Lift Company Ltd. of Keighley, in West 
Yorkshire. This company, which has been active 
in the field of lifts and hoists for decades, 
currently employs 600 people. Since 1972 they 
have acted as distributors and provided mainten- 
ance for the escalators and travellators manufac- 
tured in Britain by O&K Escalators Ltd-, 
Keighley The range of lifts manufactured by 
United Lift represents a valuable complement to 
our own production range, and the marketing 
of escalators in Britain can be streamlined as a 
result. Apart from the network of foreign 
distributors, together with O&K Orenstein & 
Koppel Canada Ltd., Dundas. and O&K 
Escalators Ltd., Keighley, the company now has 
a total of three manufacturing plants outside 
Germany. . 

The rise in turnover thanks to the improve- 
ment in the Company’s export business, the high 
level of employment maintained in its plants and 
further 1 successes in streamlining production 
have produced a satisfactory result overall. 

Finance, Profit, Dividend - 

Finance needed in 1977 totalled DM 232.2m, 
including investments of DM 60m, and was 
covered mainly by increases in capital and 
reserves and by depreciation of DM 35.8m. The 
disposable profit for the year totalled DM 7.26m 
and it is accordingly proposed to distribute a 
dividend of 11% on the old share capital of 
DM 60m together with a dividend of 5.5% on the 
new shares relating to the DM 12m capital 
increase in 1977. 

For shareholders resident in the FRG the 
amount increases due to the reform of corporation 
tax by the tax credit, to PM 17.19 per share, and 
DM S.59 for the new share. 

Staff 

The number of people employed rose by 515, 
or 6%, to 9,569 at the end of the year under 
review. In view of the situation on the labour 
market the proportion of foreign workers showed 
a steep drop. Tbe number of training places was 
raised by 11% to 562 during the year under 
review, and wage and salary scales were 
increased by 6.9% on 1st January 1977. Expendi- 
ture under this heading accordingly rose bv 
DM 46.3m, or 14.7%, from DM 315.3 in 1976 
to DM 361.6m last year. 

Prospects 

At the end of 1977 the order book totalled 
around DM 770m, ensuring satisfactory employ- 
ment for the Company’s plants during the first 
few months of 1978. What happens later will 
depend largely on the anticipated revival of 
demand for the Company’s products both at home 
and abroad. 


1917 1976 1975 19M 1TO 


Turnover .... 

Export ratio 

Total 00 root - 

Group turnover* 


Wares and salaries . 
Employees 



investment 
Depredation 
Depredation oa V» of investments 


Share capltat 

Reserves ............................ 

Trading strains 

Total dividend payments 

Cash dividend — 


Tax credit A 

Gross oardufs ..... 


14 IS 


■ Turnover of O&K Orenstein & Koppd AG Including turnover of domestic distribution—; and production companies evettming- reciprocal deliveries* 

•• Dividend + but Credit 8,18*. 

O&K Orenstein & Koppel 
Aktiengesellsehaft 

Head Office: 

D-4600 Dortmund 1 

Subsidiaries: 

O&K Orenstein & Koppel Ltd. 
Watford/Northampton 

NN67XN 

O&K Escalators Lid. 

Kelghley/Yorkshire 

BD214YA 

O&K Lift Co. Ltd. 
Keighley /Yorkshire 

BD21 4YN 








Financial- Times. Friday September T 1978 



HOME NEWS 


, Callaghan plans 
j to keep another 
100,000 off dole 


LABOUR NEWS 


BY RICHARD EVANS, LOBBY EDITOR 



Job creation cost 

£ 115 m for year could give average 

BY DAVID FREUD 1 OW N DRl d 30 /Q only £1,725 

tmp net COST of the Govern- It said tbe assistance offered should be taken in time to M.nW Y * ***■*■ ^^ - 

meat’s job creation measures in by the Connell for Small Indus- provide tfaiung and alternative Labour Staff 

the present financial year Is tries in Rural Areas was more employment BY WCK GARNETT, LABOUR STAFF By Our Lanou 

dSti? an ^party 1 *' Common? DepStoSfoPtaitastry IndUiat ed^tio^d'^lSUSg THE SPECIAL PROVISIONS on ^The Government says in its BRm SH 

Coffitee report* its approach should be applied 3ong er appropriate at local level, wage rises for the lowest-paid in White Paper that it would be expect ^at 

^ in urban areas. The committee recommended the Government’* White Paper ready to approve rises above 5 under ^ sb^^ld^g redun- 

* tm* fteure supplied to tbe The priority given by the that the Department of Educa- on pay policy seem likely to form per cent where the resutln^ dancy scheme to worfcersmade 

hv the PP GovermnenL Government to the encourage- tion and Science and the Man- a mam target in claims for them earnings were no mQre thaii redundant slnce tfae naboualK 

waT lesTth^n a sYSTthe meat of small businesses should ° ower services Commission in the present pay round. £4*50 for a normal full-time ^n of s^yaxds last year 

was jess man a . h» Mntinnpd and extended. said -u — u -rbi* i*n> nmhahlo he fASte/i week. will reach onjy Jb.0 per cent 


Catering award , redimdancy 


could give 
low-paid 30% 

BY NICK GARNETT, LABOUR STAFF 


Expenditure Committee report ThT commi^ rammed* WUtePapeV read^te approve rises above 5 

fiaure suoDlied to tbe The priority given by the that the Department of Educa- on pay policy seem likely to form per cent where the resu tin^ 

hv the Government Government to the encourage- tj 0Q and Science and the Man- a mam target in claims for them earnings were no more than | 

S7S meat of small businesses should p 0Wer Services Commission in tbe present pay round. £4*50 for a normal full-time 

was U1 “ B “ Q “ Kn iHintimiul onH evtanrickri u d . . . .1 nfhio ..111 Ka tactorl Wppfc 


- — &-s=tsf ".™of„r r sss J? »«. «.«n. « T 

^.ssssMiS asswstA;?*.ia feSSSffia me. sm 

I? 6 SUSSES* if thl greater opportunities existed for JS&eSPof SStber the?YJere have widespread implications Paper’s special provisions as pro- rediindanci^ in the indu^ry. 
MWdSftelPrftad becoSl *“» 2 *“— to »■«*«*“ Zg2S£r t ? i SSj& “r oth^.wSge. coanfil vtdtag some anm.un.tion for Bntah StaptaUera omd y& 


localities. 


unemployed. 11H ‘^“inner city areas care should n^cVino^'Ton °L.J{ workers] - ?^ 1 a ^ ect almost ta to' £44.50 for non-service The maximum ^payment a worker 

According to their calculations . tnton ♦« ensure that even shortage of skilled men could .,. nr i. _ unrirprs whose Dresent minimum who is made red un da n t can 

the tl* e smallest company received { I0t *JY^ S j , _ e _.f| > r !* ed i V ir0 ^Q trade 6 led- by 1 the General and rates range from about £3* receive" is £10,400 — £7 ,400 from 

or retaining each job tos onfc o^tance and advice, while co- to™* 0 * training, it to Workers’ Union. has would approach 30 per cent the shipbuilding scheme and 

£260 compared with the gross operatton between local autbori- obviously essential said the ^X e d k : ^iSmum rate of £50 This wages council is the first £3,000 from the state redun- 

«*tof £1,590. ties, educational establishments report, to encourage enough * a section of tbe major one to settle iu the pre- dancy scheme. 

The net total was reached d businessmen should be people to enter apprenticeships licensed sent round. It could set a broad British Shipbuilders - expects 

» ft SLS'S.'SS ILTSSSS ... pattero for the otherTOe _coun- «r. however, 1M J«i» 


employraent and supplementary 

benefit into account as well as Unemployment 

the income tax and insurance _ _ 


training to meet the expected 
demand in the future. 


The claim was rejected by cils for workers in clothing, fur- 
management niture and other industries. • 


hSEm ** whteh The problem of large-scale Every encouragement should At "the Licensed Residential The employers’ side or the 

rhpm pr ^nche^p would not closures should be tackled be given to making apprentice- and Licensed Restaurant Wages wages council says it is cx- 

0 d ot through closer Co-ordination ships more flexible and better Council meeting today, tile tremely worried about the effects 

Hr. Callaghan reads the Financial Times on his way to J?L *' ptar taten into among employers, local authori- abie to respond to technological union side is almost certain to on the industry of large m- 

Birmingham: -Concern is to preserve and create jobs . . JSu, estimating “e net ^es, development agencies, the changes. revise its claim to about £4*50 creases m minimum .rate Wte 

cost was the “ displacement Manpower Services Commission The committee found that the for workers not usually in union side claims that manage- 

N OPTIMLSTIC assessment of “We are told that these factor.” whereby jobs preserved and tbe Department of Employ- Traning Opportunities Scheme direct contact with CJJJJ2 “ e “ t m prices Md 

ri tain's -industrial role in the measures should be swept away, affected jobs in other companies ment . . was short of instructors, mainly and something a little lower for pact of tbe claim o pr c 

180s once the world recession but the simple-minded recipe of or in different areas of the same w rth the continuing recession because pay was uncompetitive those who are. . promaouiiy. 

is been weathered was given leaving firms to sink or swim un- company. and tmemploy- with local industry. 

.‘sterday by the Prime Minister aided in the free market in a The committee pointed out that meat, such closures were* likely It recommended that the Pay 
jring a visit tn the Midlands, world trading recession, where Qj e nece ssary simplifying asurnp- to continue and to present in- Research Unit give priority to 

Mr. James Callaghan, opening every country is scrambling for fions Qn the displacement effect creasingly difficult problems. considering the pay of instruc- 

TripJex windscreen plant at orders, would mean bankruptcy mc ant that the gross figures were The committee arid: “It is tors at Skillcentres. “We believe 

ings Norton, Birmingham, said for many firms and unemploy- i^jv to be more reliable than vitally important, both from it is a false economy not to pay 

le Government’s biggest con- ment for thousands of workers. lh ^ et oneS- the point of view of reducing for good instructors." 

-rn during the recession was to ** So. ue take action to help, committee made 58 unemployment and for the well- * The 13th Report from the 

ipport the preservation and the firms through this period so specific recommendations in Its being of the communities con- Expenditure Committee, 1977-78 

eation o£ effective and produc- that they can emerge healthy and import that it felt would help cerned, that closures of this Session. People and Work, 

ve jobs. viable at the end of it.” t0 re duce the level of unemploy- kind should as far as possible Volume 1. Commons Paper 647-1. 


dancy payments under the 
shipbuilding scheme will 
average £1,725". 

Details of the scheme will be 
distributed •throughout the 
industry in the form of a 
q u estion- an d-answ<? r booklet, 

•which covers eligibility, lump- 
sum benefits, weekly support 


•«£ A'ZoA s & ss SsiMJstsssa of E “ Ploy ‘ A'Kgss ?n e s js 

Sion but the Simple-minded recipe of or in different areas of thesame Wxth tihe rontinrang recession because pay was uncompetitive those who are. Profitability. JffJS^fSSmpSSnent in S? 

iven leaving firms to sink or swim un- comp any. and iev ^ s °* unemploy- with local industry. — SSSteJ and tiie effect on 

ister aided in the free market in a The committee pointed out that ment, such closures were- likely It recommended that the Pay inousny, -aua yu 

ids. world trading recession where the necessary simplifying asump- to continue and to present in- Research Unit give priority to TT /Vrt i.L 1 , rk ™ T AnftiviAAW 

mng every country is scrambling for « ons Qn the displacement effect creasingly difficult problems. considering the pay of mstruc- f— I PQ||irilW §-»I|0 8 fiPHrS 

t at orders, would mean bankruptcy mca nt that the gross figures were The committee said: “It is tors at Skillcentres. “We believe JLXvUUli vtt V'AR tw fc ■ 1 U 

Fnr m-iHii R IITlATltrilnV. .... t _ ** Ka4Ii fwim if Ip 4 failed BMtTI AII1V T1 tit Ift V\UU 


seek parity payment 


This was central to industrial Britain was at the beginning ment 
rategy and. so far, measures of a new industrial advance, 
ere saving 300,000 people from “ Only our own fears, or a 1 
le dole. There was still a great stubborn conservatism in the 
eal to do and special employ- face of the opportunities that 
tent measures probably would lie ahead, can stand in tbe w-ay 
g protecting another 100,000 by of a successful Britain in tbe 
aster. ’80s.” 

Thatcher in push 
for quick election 


be .foreseen and that measures £2.10. 


THE COST OF SPECIAL MEASURES FOR 1978-79 


Scheme 


Net cos c 

as Number 
p ercentage of 
Gross Nee gross places/ 

cost cost cost jobs 

£m £m • 


BY PHILIP BASSETT, LABOUR STAFF 

SHOP STEWARDS representing anomalies claim will be con- 
4,000 British Airways engineers sidered at a mass meeting of 
at Heathrow Airport decided Heathrow engineers, to be 
yesterday to press for interim called not later than September 
.payments to cover parity 14, _ depending on the outcome of 
I anomalies with British Cale- negotiations. 

Approx. Approx, jdonian workers at Gatwick vroTk- . British Airways said that tbe 


effect of re-employment ia the 
industry, and tbe effect on 
personal taxation and the 
overall benefit limits. 

A worker aged 42, for example, 
with 20 years* service on a 
weekly wage of £50 who was 
unemployed throughout the 
period of entitlement to 
redundancy benefits, would 
get a total lump sum payment 
Of £2,625, comprising £1,025 
from the state scheme, £100 
age benefit and £1,500 service 
benefit, phis weekly support 
payments of £2*43 per week 
for 104 weeks, giving a total 
payment of £4,125. 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 

IRS. MARGARET THATCHER Nationalist voles, the Conserva- 
t temp ted yesterday to close the lives could take the seat, 
rime Minister's options over the The Press is following the 
eneral Election date with a Opposition Leader in force. At a 
treat to bring the Government golf club factory there were puns 
own if it tried to run for about swings as she posed for 
nother session. pictures with a putter, and at 

1 During a visit to the Scottish 

I -orders she repeatedly stressed l ° llfeboal 

-j come and said that if Mr She was to "have boarded tbe 
allaJhan L , L^' lifeboat— named Margaret— but 

[ EnLlS 21 „ 2 those who planned her tour had 

t nice the Conservatives would f»»Mottpn in ^hpek thp tidp 

- arti«?s S to P defeat Th^rnw^rJ^’nt tab * es - The water wa s too low 
i rt ihS 0„pp f n^ cSpppH 1 fnr The craft t0 be ^ugbt 

n .,^ e Queens Speech. alongside the quay. 

“Then wc would see who F ,Si. w 


Youth Opportunities Programme 


Special Temporary Employment Programme 


Small Firms Employment Subsidy 


Temporary Employment Subsidy 


TOTAL 


45 U 30 


475 nil — 


7105 115.3 — 


8050 


470,000 


591.250 


25,000 


2,700 


330,000 


445.700 


Approx. Approx, noman worsers av uaiwitiv. wv»x- . ouwu 1 1 

•’SaS-rJTi- ■»- &S Bank employees 

iob/ £ ph “ iSSS A C ‘TJ^ .SSSHj A 'J82S? await lead on 

&Z£ih£, ws new guideline 

££ 01 •*“ mI? cSUu at 6, Oar Labour Staff 

. . ir i-ri nini* Gatwick. though it <^ a J ms the A SPECIAL executive meeting of 

A meeting of tbe engmen daspMity is about £2. The the Natioal Union of Bank Em- 

shop stewards yesterday decided Heathrow engineers claim it D i oveas decided vesterdav that it 

to approach British Airways varies between almost £4 and ESaS^bra5ftrTSE»5JS5 
management and the ™mag* more than £6. pay suid eiine at the present 

ment side of the engineers' and — — - timn tnH that it« atiitudn wm.id 


Industry in 
need of 
more skill 
says Prior 

MR. JAMES PRIOR, the Opposi 


Barnett calls for 
better productivity 


maintenance negotiating panel 
for the unspecified interim- .pay- 
ment 

Tbe trade unions would then 


Tape control 
system 


pay guideline at tbe present 
time, and that its attitude would 
eventually be governed by the 
extent to which settlements 
achieved by other unions 
observed guideline. 

Before fixing pay claims for 


FINANCIAL TIMES REPORTER 


be prepared to enter into nego- the GRAPHICAL Numerical Before fixing pay claims for 
tiations for an increase ’o ■ Control part-programmin'- system next year, the union would also 
productivity. Some shop stewards . (GNO developed by the Com- take into account changes in the 
see a productivity deal as a way .-. puter Aided Design Centre, cost of living aad would consider 
round the parity problem with- jjadingley, near Cambridge, for introducing retrospective claims 
out infringing Government pay numerical con trol of machine if it thought them justified, 
guidelines. tools has been acquired by The union will be seeking im- 

lndustrial action/ on the Morfax, of Mitcham. provements in existing produc- 

tivity agreements. The -English 
clearing banks are due to settle 
id July, the Scrftish banks in 
April and the Trustee Savings 
Bank in May. 


Prior seeks TUC ideas 


be electorate.” promising 

Talking to parly workers, she the Natic 
Uroduced the notion of the and fishe 
entitlement society," a new who are 
loss on the old theme of too intentions. 


low on uir oiu i.oeme o» too intentions. dn^kinn at a seminar at Br * tain . he said, had been poor vpars i n j** hi^ni-v “ t * 1 “***“ « 

rnch emphasis on state hand- she will spend most of today Nottingham UniverSri Mr. for along time. Promises of un- Seethe 1973 oil crisis aSd-SS « re <* repetition of old demands 

uts and too httle on building in Roxburgh. Selkirk and Prior «id that to fi^ht un- h?“S taSS shTpi Ihlo Vie ^oom- £ "JF? «5ST "SS? *5SS 

ndmdual self-reliance. Peebles, the constituency of Mr. employment Britain needed a raueb hot^^unlL^th^ trend mongers were predicting. g M? b 0DMsltion 

Her visit to Berwick aDd East David Steel, the Liberal Leader, biebiy skilled workforce. SSd ^iSmrsed ^ ^ ^ Inflation had been broughl JJ? Vpfiert 

.nthian. a Labour marginal, was and is In make a maior snpprh •• a* n »mnt ud cnfTer hntb coum oe reverseu. j.u,„ spoKesman on employment, 


BY OUR LABOUR STAFF 
BRITAIN WAX be looking for 
constructive suggestions on 
unemployment from the TUC 
next week, rather than “ a 


Her visit id Berwick and East David SteeJ, the Liberal Leader, faiebly skilled workforce. 

•nthian. a Labour marginal, was and is lu make a major speech 1 *• *- * — — te - 

lanned in the spring. With to Young Conservatives in 
issaffecled Liberal and Scottish Glasgow tonight. 


■J. Oleary swue a woi-muiw. . . ^ reversed lunauon aaa oeen orougai ^Oflkpsiiuin on 

£ v.«“ At pre * ent we s f er *?!?? Mr. Baroett was speaking in down into single figures, and ISdsSSdny. 
in unemp^yment ^d a senons ^ conrtituency at ^ opraing would stay there, providing we S p2SSg at 


7^SSSl«S , tSSS •■oDorthrow^way-.heiubillb- jflSK ■hrMSS 

: 0f lhar hoth by Ames Crosta Babcock. He achieved. Money supply was jedged the industrial experi- 

J nf lndu^- oFnuff work te said he undersT . ood fears that under control he balance of ea £ knowledge of the 

sides of Industry should work to w hcr prod uctivity would mean payments would be iu surplus tradp un^ns, but backed Ihe 

Iniprovc tlw ritual ioo. In pa^ {gUr rather than more job* i.But this year. SSS55S reasons fo5 

ncular. hr looked to nert weex s lhese fears were ** misplaced. While there were solid grounds rejecting trade union calls for 


Another 230 to lose 
jobs at Whessoe 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


should not increase relative to . - 

other countries. He also called xOTOi'V nlPnOP 
for increased productivity. piCUS^C 

Government ^1'"““^ in WLndscale 

5S“ S lTl5tMS t,, 5m ! w?'2J A WORK-TO-RULE and over- 
longer open to try to reduce time ban is being imposed by 
unemployment. tbe Scientific engineering and 

There could be no speedy administrative staff at Windscale 
return to the low levels or atomic plant in support of a pay 
unemployment of tbe 1956s award. 


sides of industry should work to productivity would mean payments 

improve the situation. Inpai^ fewer rather than more jobs. But this year, 
ncular. brooked to nert week s lhese fears were « misplaced.” While ti 


and early 1960s, and reslstihg 
change, refusing to develop 
new techniques, resorting id 


But they have given assurances 
that safely will be guaranteed. 
The staff want to underline 


increased subsidies and whole- 1 their determination to be paid 


« nfiiiv#" 1 ciimmstians and He said: “Not only will it be for optimism, however. Mr. Bar- 1 a shorter working week by “ prove fatal ” (or tbe economy I which is given to industrial 

consiruciivv nu„.raiiuw A. ..11 .r not* unrnail Untni. ...... rtnrrl.a null l.iun. mcI. In tka Iflna (arm .u n .L-.« a* Ik. “ ' 


.protectionism 


the 5p an hour "hostility money" 


[workers at tbe plant' 


uoi<to*c •* rather than • a possible to sell more of our goods nett warned that Britain must stressing that unit labour costs In the long term. I workers at tbe plant 

"?5cd repSSSnn S old demands in competition with those abroad take advantage of the improve- 

f, ' r . ZSJKE'S&Z oS insecurity may be key to port’s disputes 


edundant. 


m.u.iiiiiiii 9 at niucMon me sman more iohs 

would he kept in operation industries where there was con- * 


trate on the expansion of indus- BY PAULINE CLARK, LABOUR STAFF 


Sntish Stud Corporation's :n- 
'estment programme has Inr 
lemand for the heavy iron ami 


A MASS meeting of 2,000 strik- The Southampton dockers have management has talked of an 
ing dockers in Southampton, little time for those who accuse “ unco-operative " attitude whieh 

uxuf.ie nrotit tur tne «ix mnnihc — — — j --- j, — . Britain's sixth largest cargo them of being trouble makers, has led to a series of disputes. 

id" March *ii had f-Tii-n rrnm save jobs, but in the Iona run productivity, a dectinuig share of investment; "in the main, pro- handling port, will decide today If the Department of Employ- According to Mr. Pearce, the 

1 -, » 3 n] m ri rhn mamiv hnoaii^ they would make a country un- world trade and a. declining ductiv tty growth stems Tram whether to accept new proposals ment yielded to Mr. Adley’s shop stewards accept that “a 

of* Iiroblonis in the lwm competitive and could put tbe number of jobs." . making the best use of both new for a return to work. request and ordered an inquiry smalt minority" the workforce 

.•miinPAr.nn sh-.re economy into a vicious circle. He argued that the “gloom- and existing plant." With tbe week-old strike over into disruption at the port it “ do not have the right attitude." 

a safety dispute possibly draw- would find do evidence of any Tb . , caU ci n a 

ing to a ff end. strike leaders fundamental industrial relations dfflof tas rith 

arc already drawing up new problems they say. ,L Sru j' l 'v l ? a5 .. ,ncr ? a ®?“ J vl l, n 

hattlr nianq on a wnaratp hut v ^ mechanisation of the port, 

familiar issue/ in the recent Their insistence that they have It had led to dockers working 
history of Southampton dockers' 50 ? d Cn^ ons ^ 1 - h ,nana sement less often in gangs, where they 

activities lu,im P lou inay app^ curious when set impose discipline on each other. 


■.VeTJ-rtAV - hnt engineering division. Share- 

1 1 d jl 1,olders were warned that earlier 

.. . , expectations of some profits | 

At Inc same tunc Inerc has increase in the full year were 
men a slump in orders for - no longer justified.” 
ileelworks fabrication for the 

irocess industries. This kind of 

lardware is being imported from 
France. Germany and Italy rather I\| AW rlSinlr 

:fian ordered in the L'K because. 1 k/a.lxlV. 

of the cheap steel available in i v 

Ibose countries. DrSnCll 

Tbe Process Piant Association 

has claimed that continental HONGKONG and Shanghai Bank- 


He argued that the “gloom- and existing plant." 


Gar drivers can collect fares 


RNANCfAL TIMES REPORTER 


name plans on a separate but 
familiar issue in the recent 
history of Southampton dockers' 
activities. 


The target will again b e the SSSS 5 TeC ° rd and raore as iQ dividuals. 

«lf r>*« tiNi/IInn U OV^f tfae PflSt IS Oiooths. rpiMi 


CAR ‘ OWNERS from today tional bus and train services TUC had the right to reconi- f? 1 . 1 !? 11 - esta J i e * n , Ber K- ’ openfog 3 ^ the Uew *berth for . stewams ^ would 

legal'y >re eoliUed to collect have declined or diooppettrei mend one party or mother. k „ 0 w'n eisht momhe “go 2™° Sr^fraffi^ee' ‘'tefV'd ft”' <o5gher .teod'™? dil^Sn" 
fares from passengers who travel The Act also places upon Although non political, he added, "Didcot affair." ,am t r i ,raffi £ de3 L d for caused bv the . unco-operative 

in their vehicles. '-owiiy councils the. PMponsi- the TUC was in politics. “ So The plan for new action even ®*i ve { a “biority. ‘but that in choosing 

This is an»» of the nrovUinns bility to publish rolhac five-year the rni- =« ; e ..«« ™.ffon!e,. before the current strike is over S-LI the safety dispute the employers 

seems likely to reinforce the ^ a „ JJKL” 8 a ®*" k ® had miscalculated, 

opinions of those* who ortf ylrcsdy msint^nsnee engin- 

efforts hlrSithESniSTdSLS pay restraint policy. straddle carrier that led. as the 

leaders to black the traffic of The dockers, currently accused s^Ned^n^T ^foot 1 ladder^o 
containers handled by traders oh of irresponsible militancy, lake ,?j e i Dn tbl " -^toot ladder to 

reiaien to tnosc ot me worm uvr u. me wjh»« group in tne j lacklo public transnort oroblems facilities. ^hnivino »h" ,, £l thc estate because they con- thp riew that [he insecurity felt 

industry and wc cannot Midlands. Mn rur^l ISSTSSSb^SSS. Mr. Murrev said »h. 2fi£« S P ° I,tlcaI <K>1 t0 thwr sWered it was the rightful work «n the^radustry^ecau.e jobs cut c f ^ ; 

of dockers. fronrSLOQQ to 24.000 since 1968- issue. 

Their metBods were described 69 has thrown up a new brand Mana 2 ement has stood firm 
as a public outrage when the of professional shop stewards that ftltre was no me?haniS 

issue was debated in Parliament wf »o take very seriously the pro- fault and tha? the tedder was 

some eight months ago. and led ot their interests. s ^e and. a] a rSnlt The 

•mrt C !S«i - lhe T 7 r v5? p0rl Tbt . Didcot problems are stewards’ " request for a Joint 
fisln.. ^ ffrSi^ n, ? n Wa ? tipi cal ^Of the stewards' efforts, safety committee to judge the 
SnS S '(h . °/ U S1 " ce they centre on the deter- issue was not taken up. 

pressure on th c Didcot traders, imitation of dockers’ leaders to The row was broadened to a 

niW . ni „.. r ^ prevent any further loss of con- dispute over the general issue of 

A PURPOSE-BUILT medical unit uiented and haphazard- lions cF North Sea oil develop- no uniform provision for the the cost of the centre would be , ' vrecKer » tainer work from tbe docks— a whether management was abid- 

10 treat the growing number of Risks faced by divers could merits for the National Health care of patients. about £750,000 with annual run- Aocordlnc tn Mr Ritchie d ®! er, ? ln atinn which has inevit- ing by iaid-down safety pro- 

divers injured in the North Sea also be reduced by a new set of Service. The report suggests that the ning costs of some £120,000. He Pearce, chairman of ihe South- *il. Ule . recent cednrcs. It Is Imped that its 

is to be set up in Aberdeen. safety regulations, issued yester- u says ^ ri . is no single |? e ^ al Un,t sh ~*i d h !° ped , the P^cad cculd be amplan shop stewards and gr Dn J 

, , Kr> j „. jfh _ pon-rt, day by the Health and Safety recoenlsed centrp in Smtianri l ,nk ed compartments which given for work to be "in hv p-irlv prominent ficure In la<;t vmi-’e ■ L,ab ® ur Scheme stands by tbe procedures will 

fn^olfSnS medteine’ Commission in a consultative ^ffiti« f^th^S next year when , e ^n t «S BBSmSwK &*££*! through ParlramenL ’ m the dockers back to work 

estate can expect another visit Minnritv But other issue*; still simmer 

medical staff. This is ethe first time rompre- been treated in pressure chain- "-TL interested Dodtes. from the stewards soon. raunwuy 

_ hensive safety' standards have bers owned by universities, com- ro c,de ? c * ..°f decompres- The new code will simplify Mr. Pearce and his colleagues The ■ manning dispute earlier 

^ShlkhMi vnSrttev ’ been Produced to cover all paaies or the Royal Navy. " iSPSS5£ Jefuslation where wore sharply rebuked on Wednes- this year was similarly ^founded docks 8 P 1 Southampton 

SiVS d Th” ^‘report released JSSJTlSZ ^ SSSV S^ng ^ < SU!S "S^SSK S 

djvtef casualties, particularly StW "S °* «*?**£ US: ^5** ^ will whether a div?r w^Skfag “ “v^c&^nt on mSi5| SJSSftSiS $£ 

^ la ^ k W ?a>. «o 12° last year as a ment that more invent in 
spot and for using pretests to result of modernisation. new machinery is needed at the 

strike. In the recent row over safety,' port. - - 


The stewards say they would 
support management in taking a 


iiara. Although established as aj The authorities accept that Advertising 


non-profit- bers of that organisation. 


steel industry — and wc cannot Midlands. 


tackle public transport problems 
1 in rural areas where conven- 


Mr. Murray said yesterday the members.” 


Aberdeen to have medical unit for divers 


BY KEVIN DONE 




ch°M 




ifjjpp 


iu 


e »i w 









a 




Financial Times Friday September 1 1978 


ENERGY REVIEW: PETROCHEMICALS 


BY KEVIN DONE 


Norway’s difficult debut 


THE VISION of petrochemicals 
plants springing up around the 
shores of the North Sea, 
founded on the sudden and 
surprising access to local 
sources of oil aod gas, has been 
stimulated ever since the first 
offshore discoveries were made 
more than 10 years ago. But 
only in one case, at Bamble in 
southern Norway, have ambi- 
tious plans become reality. 

The chemical industry already 
takes about 8 per cent of all 
the petroleum consumed in 
Western Europe, and its share 
is increasing. Traditionally, 
naphtha — a light oil product — 
has been the most important 
petrochemical feedstock. 

A naphtha-based petrochemi- 
cals industry has existed in 
Europe for many years, but it 
was the particular discovery oF 
quantities of natural gas liquids 
in the North Sea that excited 
expectations in the UK and Nor- 
way of a sudden surge of petro- 
chemicals development. 

In the UK, many plans and 
studies have been drawn up. 

But in reality nothing has 
gone beyond the planning stage. 

The UK, of course, already 
has a well-developed petro- 
chemicals industry based largely 
on naphtha, and the possibility 
nf using ethane and propane as 
feedstocks is less attractive for 
that reason. The range of pro- 
ducts from these gases is more 
limited than those derived from 
naphtha. 

But perhaps most crucially 
there is uncertainty as tD the 
cost benefits of using ethane 
in the UK. No clear decisions 
have been taken as to how 
ethane would be priced — it is 
not a market commodity — so 
chemicals producers remain 
unsure how much cheaper these 
gas liquid feedstocks would be, 
if at all.- 

But in Norway, petrochemi- 
cals development, stimulated 
solely by the discovery of North 
Sea feedstocks, has followed a 
very different course. 

Some of Norway's biggest 
companies are engaged in bring- 
ing into production a £500m 
petrochemicals complex that has 
hoen under construction since 
1974. The collection of six 
plants at Bamble in southern 
Norway marks the country's 
first real debut in the modern 
petrochemicals and plastics 
industry. 

Fundamental lo the country's 
move into mainstream petro- 



chemicals was the availability of 
cheap feedstocks. As Mr. Hans 
Bjontegaard, managing director 
of Norsk Hydro’s petrochemicals 
division explains: “It was only 
these low-priced natural gas 
liquids that made the plants 
possible. Without the feedstock 
agreement we would not have 
had this complex " 

The agreement was Teached 
in the early 1970s between the 
Norwegian Government and the 
group of companies that were 
seeking lo develop the Ekofisk 
Field led by Phillips Petroleum 
of the U.S. Phillips wanted per- 
mission to land the crude oil 
from the field at Teesside in the 
UK and the natural gas at 
Emden in northern Germany. 

As a compromise, the Nor- 
wegian Government wrung a 
deal out of the oil companies 
which did indeed allow the oil 
(o flow to the UK and the gas 
to Germany. But iu return the 
Phillips group had to agree to 
ship back to Norway from Tees- 
side sufficient supplies of wet 
gas. ethane and propane to pro- 
duce at least 250.000 tonnes of 
ethylene. The wet gas would 
also be supplied at sucb an 
attractive price that not only 
would it cancel out Norway’s 
disadvantage of being located 
so far from the main West 
European markets, but it would 
also give Norway a decided ad- 


Source 1 SAGA FETiiOKJEMI 


vantage over existing ethylene 
manufacturers using naphtha. 
Downstream products, sucb as 
plastics, could then compete in 
West European markets on an 
equal footing with existing pro- 
ducers. 

As it turns out, the Nor- 
wegians could hardly have 
chosen a worse time to launch 
themselves into the once 
glamorous field of petrochemi- 
cals. But when the project was 
planned in 1973-74 future 
growth rates seemed to be set 
fair and the only constraint to 
development, thanks to the 
Arab oil embargo, seemed to 
be the shortage of feedstocks. 
And these the Norwegians had 
discovered on their awn door- 
step. 

According to Mr. Bjonte- 
gaard: ** In 1973 everyone 
thought we were getting a gold- 
mine. with feedstock and advan- 
tageous prices. Everyone 
wanted to put his hand in and 
take out some ducats/’ 

The Government, having made 
the feedstock agreement with 
Phillips, then led talks between 
three companies to decide on 
the division of the spoils. The 
parties to the negotiations were 
Norsk Hydro, Saga Petrokjemi 
and Statoil. 

Mr. Od Gothe. general direc- 
tor of negotiations and planning 
in the Department of Industry. 


who led the company negotia- 
tions. explains the Govern- 
ment's thinking in 1974: “The 
philosophy in the Ministry was 
shaped by tbe fact that many of 
the Saga companies were in- 
volved in metals and we saw 
that expansion possibilities for 
the electro-metallurgical indus- 
tries were limited. They need 
to change over to new fields 
which bad to be based on North 
Sea feedstocks. We have a long 
tradition of using natural re- 
sources in Norway. We had to 
aim at achieving as much added 
value from the oil and gas as 
possible, on a competitive 
basis.” 

The approach of the Nor- 
wegian Department of Indus- 
try ruled out a project by 
Norsk Hydro on its own. “We 
wanted a fair distribution of 
assets because it was a project 
of national importance,” says 
Mr. Gothe. 

But how well has the philo- 
sophy of expanding into a whole 
new industry worked in prac- 
tice? 

The cheap feedstock contract 
was supposed to be the one fac- 
tor that made it all viable. The 
gas liquids must be delivered 
for at least 15 years by the 
Phillips group. 

According to a paper 
delivered to the Norwegian 
Parliament, the feedstock price 
will remain particularly attrac- 
tive because any increases are 
limited to 80 per cent of any 
increases in the price of crude 
nil. The overall price is linked 
to a complicated formula. About 
20 per cent of the price must 
stay at an averaged price of 
crude oil in 1973. The other 
80 per cent can escalate along 
with oil prices, but not at the 
full rate. So the more the price 


of oil rises, the better off the 
Norwegians are and the more 
competitive their petro- 
chemicals industry will be 
against the rest of Europe. 

For the moment it hasn't 
worked out quite like that, 
however. 

According to Mr. Bjontegaard, 
the Bamble partners felt in 
1974 that they would have a 
10 to 20 per cent advantage 
in producing a tonne of eythlene 
from ethane and propane, com- 
pared with production from 
naphtha. 

But oil prices have not con- 
tinued to escalate. Indeed, the 
cost of naphtha has often fallen 
to very low levels in recent 
months and plastics prices have 
fallen even more dramatically. 
But by far the worst factor 
has been the unforeseen delay 
in actually obtaining the 
cheap feedstocks. The Phillips 
.terminal at Teesside is three 
■years behind schedule. 
Deliveries of gas liquids to 
Norway cannot begin before the 
second quarter of next year, but 
the cracker at Bamble had been 
ready since August last year. 

Since then, as tbe ethy- 
lene plant has been brought 
onstream, Norsk Hydro has had 
to buy propane feedstocks on 
the world market It has had to 
pay up to twice as much as tbe 
anticipated price for the Eko- 
flsk wet gas. Faced by a court 
action, Phillips has agreed to 
pay compensation. But it does 
not ease the Bamble partners* 
problems in the short-term. 

Just as importantly, Norway 
has seen all the projections of 
growth in West European petro- 
chemicals markets collapsing 
dramatically since construction 
on the plants began in 1974.' 

Mr. Jan Wennesland, vice- 


president for business develop- 
ment at Saga Petrokjemi, says 
nonetheless that he is confident 
that Saga will find its niche in 
the European market, especially 
in Scandinavia, which be con- 
siders as a home market. 

For Saga to 
gain its share as a borne pro- 
ducer, it will mean that tradi- 
tional suppliers such as ICI, 
Hoechst. BASF and IJnifos will 
all have to surrender some 
market share. 

But despite Saga’s apparent 
optimism, Bamble faces a hard 
struggle for life in its early 
years. According to Mr. Arve 
Jobosen, managing director of 
Statoil. the plants are now 
expected to run at a loss as far 
ahead as 1983-84. Some of his 
partners are not quite so pessi- 
mistic, but they all admit that 
the economic climate has 
changed dramatically since 
Norway's first petrochemicals 
complex was originally 
conceived. 

Mr. Torvild Aakvaag, execu- 
tive vice-president of Norsk 
Hydro, admits: “ In today’s 
market, faced with today's costs 
and today’s falling prices for 
the products, I doubt whether 
we would have taken this 
decision." 

Undismayed, others are plan- 
ning for Norway’s second 
petrochemicals complex based 
on wet gas from the Statfjord 
Field and other discoveries that 
might be made in the area. 
More reserves must first be 
found and above all the markets 
must heal; but in the late 
2980s the Norwegian petro- 
chemicals industry could again 
be expanding, stimulated 
chiefly by the prospect of more 
cheap feedstocks from the 
North Sea. 


Plant 

CRACKER: 

Ethylene 

Propylene 


BAMBLE PETROCHEMICALS COMPLEX 
(Cost £500m) 

Annual Capacity Ownership 


300.0011 tonnes 
70,000 tonnes 


, Norsk Hydro 51% 
.’Statoil 33% 

I Saga Petrokjemi 16% 


Start-op date 
August 1977 


CHLOR- ALKALI COMPLEX: 

Chlorine 

Caustic Soda 

Vinyl Chloride Monomer 


120.000 toiuies 

130.000 tonnes 

300.000 tonnes 


i Norsk Hydro 50% 

I Borregaard 50% 
Norsk Hydro 100% 


May 1978 
June 1978 


POLYOLEFLNS: 

Low Density Polyethylene 
High Density Polyethylene 
Polypropylene 


110,000 tonnes 
50.000 tonnes 
60^000 tonnes. 


• Norsk Hydro 33% 

- Saga Petrokjemi 33% 
I Statoil 33% 


July 1978 
Spring 1979 
August 1978 


APPOINTMENTS 


Brown Shipley 
group posts 


Mr. James A. Keyden and Mr. 
Douglas N. Hinckley ha ve joi ned 
the board of BROWN. SHIPLEY 
AND CO. as non-executive direc- 
tors. They have been associated 
with the company for a number 
of years as regional advisers iu 
Scotland and Sheffield, respec- 
tively. Tbe parent concern is 
Brown Shipley Holdings. 

* 

Mr. J. JB. Davies and Mr.- P. F. 
Hook have been appointed 
assistant manag in g directors of 
BOWMAKKR. a member of the 
Bowing Group. 

Mr. B. ‘Storr and Me J. 35. R, 
Padgett have been appointed to 
full board membership of Allen 
Rowland and Co. Mr. D. W. 
Jamieson has been made a full 
board director of J. Saville Gor- 
don Ltd. Tbe companies are sub- 
sidiaries of J. SAVILLE GORDON 
GROUP. 

-*■ 

Mr. Stephen Sykes has been 
appointed a director- of. FINAN- 
CIAL TRAINING (LONDON), a 
subsidiary of Park Place Invest- 
ments. 

* 

The Council of the BRITISH 
INSURANCE BROKERS' ASSO- 
CIATION bas appointed as 
honorary rice-presidents Mr. 
Edward du Cano. MP, formerly 
Patron of the Association of In- 
surance Brokers, and Mr. John 
Page. MP, the ' sponsor of tbe 
Insurance Brokers (Registration) 
AcL 

* 

Hr. P. M. Heron has been 
appointed manager of the newly- 
formed occupational health safety 
and environment division of BP 
CHEMICALS. Dr. J. T. Carter has 
been made senior medical officer 
of the medical group. 

* 

Mr. David R. Stone has been 
appoint ed m an aging dire ctor of 
DONCASTERS SHEFFIELD from 
September 11 and will report to 
Mr. David Batch lo. group director 
operations. Mr. Stone is at pre- 
sent works director at Firth 
Brown. 

* 

Mr. H. W. Paine has been 
appointed a technical director of 
NORMAN FRIZZELL UK. 

* 

Mr. D. IL McMurtrie has become 
commercial director or MARTIN- 
BLACK AND CO. (WIRE ROPES) 
and is succeeded In the board post 
of UK. sales director by Mr. E. K. 
Jenkins, currently managing direc- 
tor of the group's lifting division. 
★ 

Mr. Charles. Hargreaves, 
assistant managing director of 
Burton Retail and ah alternate 
director of tbe main board of the 
BURTON GROUP, has retired. 

* 

Mr. Alain de Saint-Victor Is to 
become managing director of 
RENAULT next month in succes- 
sion to Mr. Pierre Acelas. who 
returns to Paris for family reasons 
and will be taking a senior position 
at the Regie . Renault. Mr. de 
Saint-Victor comes to Britain from 


Sweden, where be has headed th : 
Renault subsidiary for the pa* 
three years. ’ 

★ 

Mr. Robert W. Frick has bee 
appointed senior vice-president i 
BANK OF AMERICA NT AND S. 
and continues as the managin 
director of Bank of America Intel 
national in London. 

* 

Mr. Ronald Day is to becom 
managing director of BRITISI 
TISSUES from tomorrow on th 
retirement of Mr. Fred WUso* 

Mr. Day was formerly grou 
managing director of SAPPL th 
South African paper manufactut 
ing subsidiary of Union Corpora 
tion. 

•k 

Mr. Christopher G. Ross ha 
joined LAKE AND ELLIOT a 
valve division chief executive. Mi 
Ross, who moves lo the grou 
after three years as genera 
manager of GECs industrial an- 
marine steam turbine division, wa 
also a director of GEC Turbin . 
Generators. ■ - 
★ 

Mr. Joseph V. Vittorla has ben 
appointed vice-president an> 
general ' manager of HERT: 
EUROPE. Mr. Craig Koch cor 
ttnues as division vice-presidem 
Hertz Europe Operations. Mr. Vil 
toria, who was previously stai 
vice-president, marketing, fo 
Hertz Europe, resides sea 
London. 

* 

Mr. Alex Dibbs. deput; 
chairman and lately group chie 
executive of National Westminste 
Bank, has joined the Board o— 
MUIRHKAD. . . 

* j 

Mr. C. R. Van der Heljden ha 
been appointed a director o - 
POWELL DUFFRYN ENGINEER 
ING. He is tbe managing direct o 
of Geesink B. V, the Dutch sub 
si diary. Mr. John Carroll ha 
become Midlands area manage 
of Powell Duffryn Engineering. 

★ 

The MINISTRY of DEFEND, 
states that Mr. K. F. Slater ha 
been appointed as Director of th* 
Admiralty Surface Weapon 
Establishment, Cos ham, Pori? 
mouth, from October 1. He wil 
succeed Mr. C. C. Fielding, wh> 
has become Deputy Controlie 
R. and D. Establishments am 
Research A and Chief Scientis 
(Royal Navy). 

★ 

Mr. A. H. Ogden has beef 
appointed a director o 
EDWARDS and PAYNE (Under 
writing Agencies). 

* 

Mr. Robert L Cromer bas beei 
appointed assistant general man 
ager (resident in Glasgow) of th« 
BANK of SCOTLAND . Iron 
September 16. Mr. John D. Logie 
district manager (Glasgm 
North), has become manager - 
Glasgow chief office, in successioi 
to Mr. Cromar. 


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Airline passengers face ‘intolerable’ 
conditions on the ground 


FT WORLD 
AEROSPACE 
CONFERENCE 

REPORTS BY 
LYNTON McLAIN 


WORLD AIRLINES had shown 
"Olympian indifference” to the 
fate of air travellers wailing in 
intolerable conditions at British 
airports this summer. Sir Henry 
Marking, chairman of the British 
Tourist Authority, said in London 
yesterday. 

The airlines concerned should 
hr condemned for the “callous 
indifference ” they showed to 
passengers, he said. " They could 
and should have done something 
to alieviale the hardships suf- 
fered by their would-be passer* 
jrers. hut they had done nothing,” 
he said at the second and final 
day of the Financial Times World 
Aerospace conference held in 
London. 

This had done some airlines no 
credit. Sir Henry asked whether 
or not it was right that they 
should deny all moral and legal 
responsibility before passengers 
had boarded their aircraft. 

He accepted that not all air- 
lines which made the regulations 
hail caused the passenger queues, 
but in many respects the consu- 
mer now received a raw deal 
from airlines. 

Poor treatment or airline 
passengers on the ground con- 
trasted with their treatment once 
in the air. As a general rule, 
this was of a high standard and 
passengers had little cause for 
serious complaint. 

Standards on the ground were 
all [no often tow. This was not 
always a result of faults in the 
airlines, as in the present case 
which was due to the impact nf 
Hie French air traffic controllers' 
dispute. 


As the chairman of a tourist 
authority, Sir Henry said he 
applauded tbe cheaper air fares 
which had already come into 
force across the North Atlantic 
and which would inevitably 
spread to other routes. 

Cheap air fares generated 
more traffic, and there was no 
doubht that the public would put 
up with some inconvenience and 
hardship to travel more cheaply. 
But cheap travel raised two 
issues of vital importance lo the 
future. In the longer term, 
cheap fares would be no good 
for tbe tourist industry if they 
became so low as to jeopardise 
the stability' of scheduled ser- 
vices. 

Normal scheduled services 
were essential to the well-being 
of a stable tourist industry. But 
If new fares were so low that 
they resulted in airlines selling 
dollars for 75 cents each, the 
long-term stability of scheduled 
operations would be at risk. 

The second issue was the 
“huge queues*' or people trying 
to get lo New York on the Laker 
Skytrain and trying to buy- 
stand-by tickets on scheduled 
services this summer. 

Sir Henry said present regula- 
tions had resulted in people 
queueing for several days in 
London and at Heathrow and 
Gatwick airports. 

Such regulations were not 
acceptable if they resulted in the 
public having * to submit to 
ordeals, be said. He had 
Authority that the regulations for 
Skytrain passengers in Britain 
and for stand-by passengers on 


scheduled services now had to be 
reveiwed to prevent a recurrence 
of the intolerable conditions at 
peak periods. 

Air traffic was going to 
continue to grow and air fares 
were getting cheaper. but 
Britain had to make sure that 
there would be adequate accom- 
niodalirm for the rising number 
of foreign visitors, Britain bad 
to have hotels that would not 
lake advantage of the cheaper 
air fares to increase their prices, 
perhaps unnoticed in total pack- 
age costs. 

Airlines had to u«e their 
influence with hoteliers to ensure 
that the growth in air traffic 
which lower fares was generating 
was not put i n jeopardy by 
unreasonable increases in hotel 
prices and in the cost of ground 
arrangements. 

Sir Henry said that a passenger 
who had paid $160 i£S2» tn 
cross the Atlantic would not be 
willing to pay $S0 nr more a 
night tor a hotel room. There 
was a vital need tor more accom- 
modation in major tourist cities. 

Tourism in Britain would 
account for £3bn of foreign 
currency earnings this year. It 
was one of the fastest growing 
of all international industries 
since the Second "World War. 

U also provided jobs at a lime 
of high unemployment and 
Governments had to recognise 
that they had a part to play in 
nurturing an industry so that 
tourism was commercially viable 
and could nourish. Sir Henry- 
said. 


‘Rising costs will be passed 
on to the passengers’ 


Air terminals not planned 
to deal with strike chaos 



M. Henri Ziegler, chairman of France's Socictc Natiouale Industriellc Aerospatiale talking to 
Mr. Edmund Dell, Secretary or State for Trade, at the conference. 

Terra Etrk 


THERE WERE many elements 
in the British airports system 
which were so sensitive to 
industrial action that they re- 
sulted in chaotic consequences. 
Mr. Norman Payne, chairman of 
l lie British Airports Authority 
told the delegates. 

The problem highlighted one 
nr the difficulties nbw facing 
airport operators during fore- 
casting and the provision of 
facilities. Mr. Payne said that 
the BAA had been able to make 
a good assessment nf the effect 
nf weather and technical snags 
and to allow For these. The 
frequency of short-term over- 
load in the system could be 
assessed and airports could he 
modified to cope with these 
peaks of activity. 

But coping wiLh the uncertain 
frequency of industrial disputes 
was another problem. There 
would always he some element 
of industrial action iu the inter- 


national air transport business 
that would cause delays and 
congestion much greater than the 
BAA had allowed for in the past. 

This would mean that new ter- 
minals would have to be larger 
and more expensive, while exist- 
ing terminals would have to he 
rated at lower capacities to he 
able to cope in the event of dis- 
ruptive industrial, action. 

These rising costs .would even- 
tually he passed onto the airline 
passenger, unless airports could 
improve their efficiency. 

Faster 

Tbe speed with which airlines 
had reacted to the explosion in 
1 ravel at the low-price end nf 
the scale was much faster than 
ilial with which airport authori- 
ties could react with provision 
of increased rapacity in new ter- 
minals. he said. 

It was not a problem to pro- 
vide temporary accommodation, 
but these facilities bad a habit 


nr becoming permanent. A fur- 
ther problem was ihai the tem- 
porary accommodation was often 
sited where permanent facilities 
were needed. 

There was al.m a growing ten- 
dency tor space allocated tor 
emergency use to lie used for 
normal airport operations. 

Mr. Payne defined an airport 
as the place where, ideally, one 
snends I he minimum of time. 
He suggested that llic tow-tore 
paying passenger was much less 
sensitive tn time. This summer 
the most a low -fa re passenger 
spent at a British airport was 
tour days. 

Tt was a paradox Ilia*, the pas- 
sengers who paid the highest 
fare tor Concorde. u=ed airpons 
the least, and once at the airport 
he or she spent only a minimum 
nf time arriving nr departing. 
The same did not apply to those 
paying lower fares. 

It was possible that airports 


would have to provide special 
facilities at a lower standard 
ihan for normal traffic tor alt 
stand-by passengers. These 
lower-grade facilities would help 
avoid sonic of I he discontent felt 
this summer by passengers with 
scheduled airline ticks Is who 
were affected by much of the 
congestion created by waiting 
stand-by passengers. 

FLEXIBILITY 

Airports hud iu increase the 
flexibility r»r the service they 
provided, hut in the long term 
ali passengers would have to 
receive equality of service. Mr. 
Payne said. 

He forecast that l,y the mid- 
1950s there wnuld he a dramatic 
decline in the area of noise dis- 
turbance around Heathrow air- 
port. London. By thr next decade 
the majority or aircraft using 
British airports would he certi- 
fied in accordance with tbe 


i 


International Civil Aviation 
Index 16. which set a maximum 
permissible noise limit tor ali 
civil aircraft in Ihe mid-1980s. 

But be warned that for older 
airports in locations which had 
extensive urban development 
there would be a long-term resi- 
dual noise problem as air traffic 
bad grown. 

He also warned that eventually 
when all aircrail had been certi- 
fied to meet maximum noise 
levels. Britain ami other indus- 
trial nations would have reached 
the limit of improvements. After 
that, there would lie little that 
could be done lo reduce noise 
torthcr. 

The only way Tor a rutrher 
reduction would be to reduce 
capacity at airport terminals at 
an ultimate cost to air travellers. 

In a paper on the technical 
spin-off from European Space 
Agency projects, Mr. Roy Gibson, 
director-general, said the agency 


had tried tor many years to 
assess the effect of agency con- 
tracts on the aerospace industry. 
A study group from Strasbourg 
University bad concluded that it 
was possible to quantify the 
“total amount of usefulness “ in 
space contract work. 

For each ESA contract of 100- 
units, a manufacturing company 
had received another 270 units 
in the form of consequential 
benefits. Mr. Gibson said. A 
detailed account of the methods 
used in reaching this conclusion 

watt contained in Mr. Gibson's 

paper. 

Tbe European Space Agency 
had a total budget last year of 
485m units or account (each one 
worth $1.13). This year the total 
would rise to 605m units, but 
was likely to fall by around 
SlOOm as the Space lab anff 
Ariane rocket launcher., pro- 
grammes reached their peak. 


Sit-in Indian seamen 
accept $700 and 
agree to go home 


THE 16 Indian seamen held for 
26 days since staging a pay 
claim sit-in aboard their ship 
will be going home within the 
next few days. 

The Indian Workers’ Associ- 
ation, who took up tbe case 
after the mea were taken into 
custody by immigration officials 
at Tilbury on August 5. said 
yesterday that they would be 
flying back to India as soon as 
travel arrangements could be 
made. 

“The dispute between the 
men and their employers bas 
been resolved and they have 
accepted a $700 ex-gratia pay- 
ment offered to them.” •' 

The 16 were taken ' off the 
Greek cruise ship Calypso when 
it docked. They claimed the 
company owed them money. 


After refusing to be flown home, 
they were taken to FentonviliE 
prison in handcuffs. 

The ship owners, Ulysses, last 
week offered the men a sum oi 
money and a free ticket back tc 
India but that was rejected. This 
week the 16 were moved, to 
Hannoudsworth Immigration' 
detention centre near Heathrow. 

As tbe move was made, the 
-Home Office granted the men a 
“further and final” seven-day 
extension of stay in Britain. 

Representatives of tbe 
association and of the Joint 
Council for the Welfare of 
Immigrants met Mr. Brynmor 
John, Home. Office Minister, for 
“urgent discussions ” yesterday. 
The joint council bad claimed 
there were grounds for believing 
the action of the immigration 
service was unlawfuL 


Prep schools’ leader 
warns on state control 


FINANCIAL TIMES REPORTER 

PREP SCHOOLS’ LEADER 
WARNS ON STATE CONTROL 
EDUCATION IN Britain is fast 
faeadiBg towards state' control 
under the Labour Government, 
according to tbe leader of the 
organisation representing . tbe 
country’s 442 independent fee- 
paying preparatory scbools. 

Mr. James Hornby, chairman 
of tbe Incorporated Association 
of Preparatory Schools, war 
speaking at tbe opening of tbe 
association's annual conference 
in Cambridge yesterday. 

He said: “ If we ever reach tbe 
stage where all children are. 
educated by the state, . by 


teachers trained by the state to 
a curriculum dictated by the 
state, we shall have abnegated 
a very important part or what 
constitutes a democracy.” - - 

Mr. Hornby .said that merger 
talks were.-taking place between 
his organisation, whose 72,058 
pupils . are. mostly .;4n boys’ 
schools: and "the Association of 
Head Mistresses of Girls' Pre- 
paratory Schools, which caters, 
for 17452 pupils. 

He said that'one association of 1 
90,000 pupils- would be a much 
stronger, bargaih&g force than, 
two smaller units and that -fur- 
ther talks would take "place soon 
between- the two. associations. 


"Whitehall defenders 


FINANCIAL TIMES REPORTER 

GROWING SENSITIVITY in 
Whitehall about.. what the civil 
service sees as its poor public 
image has led to the formation 
of a Press watchdog team.- '• 

The Civil Servfcc Department- 
based team meets every morning 
to read the day’s, newspapers and 
transcripts of broadcasts' ' for 
stories, critical of Government, 
departments. If as attack is^felt 
to be unfair, the result is a letter' 
to- the editor xesponsib& and 


rebuttal of the charges. 

. The three-man group 
prises Mr. Michael Power 
undersecretary at the 
Service Department. Mr. SI 
Cursley, the department's i 
Information.: officer, and 
Timothy Sutton. 

.■The group was establl 
throe months ago as one 
series of- proposals in a rt 
.which examined low. 'moral 
the service brought about b% 
publicity*. 


iy«wii)S tiuutt 






\iSO. 


r 


i 









In space. 


The Rockwell Space Shuttle Orbiter. 
It's the first major step toward a new capa- 
bility for work in space for the benefit of ail 
on earth. 

Though advanced and complex, it will 
be a practical, versatile space transport 
and work platform-designed and built for 
NASA by Rockwell International. 

We also make products that work for 


man on earth. For instance, the world's 
widest range of power tools for consumer 
and industrial use. 

What do they have in common with 
the Space Shuttle? Our determination to 
make products that are the most efficient 
the most productive and the most reliable 
available today. To meet the needs of 
businesses and industries of all kinds. 


Btambsr Sngneknng Co Lid. tendon; RockweB-CcUins i Uhj LUJ Hcunsiwt Me EvcyCKffci arjiprer,! . Ssrad ard tvsdon. MGD GracAr Screws -y (w*. 

S A . SOUS?’ 


On the ground 


Rockwell International applies its 
technology to micro-electronics, energy, 
automotive products, communications 
systems, printing presses, industrial sewing 
machines, industrial valves and aerospace 
systems.And, of course, products in space 
and on the ground. 

Rockwell International. Putting 
technology to work-foryou. 


If you would like to know more about 
us, please write to The Communications 
Director, Rockwell International Limited, 
Rockwell House, 23 Grafton Street, 
London W1P5LG, England. • 


f 


Rockwell Internationa! 


RMfcweO Infer national Ltd. London: Pjxkwefl-Mawfeay Lfd . Atester; RockweH-Rimoidi [Gist Biittn] LM.. Lacestec Ra^wSThopipa* Ua .VUbkigrtHrTjptan; 
Automutw Ofjera&crfc. Wfotertamptan: Rubey Owen-^tockweS Ud, Uavi iNarftVfeles. 




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autostrade 

Concession! e Costruzioni Autostrade S*p.A. 


US$50000000 

five- Year-Tom Loan 
Guaranteed by 


Istituto per la Ricostruzume Industriale 
Managed by 

Ultrafin AG Bank of Montreal 

Hypobank International S. A. Nippon European Bank S. A. 

J. Henry Schroder Wagg & Co* Ltd. 

and 

J. Henry Schroder Bank & Trust Company 


Ambrosiano Group 
Banco Comercial S. A. 

BfG Luxemburg 

Banqne Canadierme Nationale 
(Bahamas) Limited 

Gotthard Bank 
Nassau Branch 

Japan International Bank 
Limited 

Nippon European Bank S. A 

J. Henry Schroder 
Bank & Trust Company 

The Yasuda Trust and 
Banking Company Limited 
London 


Provided by 

Associated Japanese Bank 
(International) Limited 

Bank of Montreal 

Banque Continental© 
du Luxembourg S A. 

Hypobank International S. A. 

KredietbankS A. 
Luxeinbouigeoise 

PKbanken International 
(Luxembourg) S. A. 

J. Henry Schroder 
Wagg & Co Ltd. 


Agent 


Banco de Bilbao S. A. 

Bank Oppenheim Pierson 
Internationa] S. A. - 

Banque Commercial© 
pour PEurope chi Nord 
(Eurobank) 

Italian International Bank 
limited . . 

Lavoro Bank Overseas N.V. 

Privatbanken International 
(Denmark) S. A. Luxembourg 

The Bank of Yokohama 
Limited 

Ultrafin AG 


Ultrafin AG 


Financial Times Friday September 1 197? . ; 

Somalia: aid comes in 

ravages of war 


BY A SPECIAL CORRESPONDENT 


SOMALIA’S EXPULSION of 
Russian experts last autumn 
and the abrupt discontinuation 
of all Soviet aid is posing 
serious problems for the 
economy as it recovers from a 
disastrous war with Ethiopia 
which officially ended in. March. 

Somalia is one of the poorest 
countries in the world. No less 
than 70 per cent of the popu- 
lation of 3.2 m are nomads who 
graze cattle, sheep and camels 
and earn the majority of the 
country’s foreign exchange from 
low ■ quality meat exports. 
There are about 8m hectares 
of fertile soil in the area of the 
Juba and Webi Sbebelle rivers 
in the south, of which only about 
lm hectares are cultivated, with 
development being hampered by 
a desperate shortage of skilled 
manpower. 

Tbe government’s strategy is 
to develop the arable areas of 
tbe country, gradually resettle 
some of the nomads and try to 
improve the quality of the 
rangeland. After the terrible 
drought of 1974-75 about 120,000 
nomads were resettled in farm- 
ing and fishing settlements. The 
Soviet Union provided the air- 
craft and lorries for this opera- 
tion and helped run the fishing 
settlements, and though it was 
by no means tbe only country 
giving aid to Somalia, it was 
involved in several other pro- 
jects, most of them fairly big. 

Somalia had mixed feelings 
about Soviet economic aid. 
While they readily admit that 
the Russians did much useful 
work in developing infrastruc- 
ture, such as the port of Berbera 
(where the Soviet navy enjoyed 
facilities), and they appreciated 
their help during the drought, 

| Soviet shipments tended to be 
slow in coming and lack of 
spare parts was a common com- 
plaint Tbe Russians frequently 
used their economic aid as a 
lever on the Somali Government 
— for example to obtain the 
release of Somalis jailed for 
activities on behalf of Russia. 

Soviet aid was often waste- 
ful: of some 700 civilians work- 
ing in Somalia half were inter- 
preters. Many Soviet-assisted 
schemes were ill-conceived, in- 
cluding two major industrial 
establishments, tbe meat pack- 
ing factory at Kismayu and the 
fish canning plant at Las Koray. 
Both have been operating far 
below capacity and incurred 
heavy losses for the state. Now 
they are coming to a standstill 
for lack of spare parts. 


The Russians, and indeed 
those Somalis whom they 
trained : -or influenced, had a 
marked' preference far the 
grandiose or. spectacular rather 
than the', strictly practical, and 
for new schemes rather than the 
improvement of existing ones. 
The most important scheme, on 
which about 200 Soviet people 
were working at the lime of 
their expulsion, was the Fanole 
irrigation project in Lower 
Juba, designed to irrigate 50,000 
acres. So far only 5,000 acres 
have been prepared for irriga- 
tion and; work on the river 
barrage was only half completed 
when tiie Russians left, taking 
with them the plans needed to 

finish it,. - 


President Siad Barre of Somalia 

The most promising scheme 
was a deep sea fishing venture, 
called Somalfish, which Vthe 
Russians provided with factory 
ships, trawlers and expertise. 
In 1976 it produced more than 
4,000 tons of frozen fish, lobster 
and fishmeal, compared .with 
1,700 tons the previous year. 
Most of the catches were sold 
to Russia but there was a grow- 
ing demand from the Middle 
East. When the Russians pulled' 
out they took all their vessels 
and equipment with them,*- • 

The Russians also helped with 
coastal fisheries, assisting with 
the resettlement of . ffi.OOO 
former nomads as fishermen in 
three large co-operatives. This 
pioneering work started with a 
United Nations project to pro- 
vide motor boats, modenr fish- 
ing gear and training. 'Then* 


the - Russians took over, and 
now the UN has resumed train- 
ing. So far, however, fewer than 

4.000 nomads have done much 
fishings - 

. Aid from the UN, the Arab 
world and the EEC countries 
has at least been, equal to the 
Russian effort, and the Somali 
Government is looking to these 
sources to make up for the Rus- 
sians' departure. The Chinese, 
who have been helping to build 
roads, a hospital, a sports 
stadium and other large 
projects, are also assisting, and 
are expected to provide spare 
parts for Russian-made equip- 
ment. 

• Western countries are 
naturally keen to step up their 
assistance to Somalia, and West 
Germany owes Somalia a par- 
ticular debt of gratitude for 
allowing its commandos to 
attack the hijacked Lufthansa 
jet at Mogadishu last October. 
But -the large Russian projects 
are difficult and expensive to 
take over and in many cases 
there is the problem of provid- 
ing spare parts. Iraq, however, 
has- expressed interest in tbe 
Somalfish scheme and Britain 
is to provide engines for fishing 
boats' on the inshore fishing 
projects. But some aid agencies 
find that despite the official 
ideology of self-help it can be 
difficult to obtain full co-opera- 
tion; from Somali bureaucrats 
and. officials, some of them 
apparently used to the Russians 
running their own projects with 
little contact with the Govern- 
ment. 

Britain has said it will pro- 
vide project aid and has been 
asked to look at the possibility 
of building a dam; it is hoping 
to set up a tsetse fly research 
project and to provide poly- 
technic teachers. Apart from 
marine engines Britain is pro- 
viding cemeot from a £2m pro- 
gramme aid grant. The pro- 
gramme is also paying for 
housing on the Juba sugar pro- 
ject. where Booker McConnell 
is building a factory and sugar 
estate with about $200m pro- 
vided by Abu Dhabi and Saudi 
Arabia. When fully operational, 
the scheme should provide 

100.000 tons of sugar a year for 
home consumption and export 

The World Food Programme 
has to provide about half tbe 
food for the former nomads 
living in agricultural settle- 
ments on Juba and Shebelle 


rivers. About 83,000 people in 
the three settlements still pro- 
duce only a fraction of their 
food requirements, though 
important development schemes 
for their benefit, through the 
construction of housing as well 
as expert training and supply 
of farm implements, are now 
under way with the help of the 
World Bank and Arab money. 
The resettlement .schemes are 
regarded as something of a 
political and social triumph, but 
given their enormous cost and 
technical problems there are no 
immediate plans for further 
large-scale resettlement. 

While crop farming in the 
south is to provide the main 
thrust of Somalia’s development 
—with nearly 30 per cent of the 
revised 1974-78 development 
plan (entailing spending 
SoSh 4-5 bn) being allocated to 
it — it is now feK that more 
should be done to . assist the 
nomads on their grazing areas 
rather than trying to change 
their occupations. A large 
rangeland conservation project 
has begun in . the north cover- 
ing an area of 140,000 square- 
miles and a population of 
300,000 nomads. . Financed with 
a soft loan from the Kuwait 
Fund, it is designed to improve 
badly overgrazed pastures, pro- 
vide good water and develop 
nomadic communities socially 
and educationally. Another 
scheme assisted by the World 
Bank, and Arab financial re- 
sources will start next year. 
Eventually, all the nomads 
Should become semi-settled: - 

But development prospects 
are far from glittering in a 
country where few 1 mineral 
resources have so far been 
found in commercial quantities 
(though uranium is a pos- 
sibility). The country is at the 
mercy of drought and is pre- 
sently suffering from swarms of 
locusts in the north. The war 
with Ethiopia was largely 
financed by Saudi Arabia but it 
left about 150,000 refugees wbo 
must be cared for. Foreign ex- 
change reserves, at $174ia. are 
relatively high but there is 
expected to be a had trade 
deficit this year. 

However, with its strategic 
position in the Horn of Africa. 
Somalia can reasonably expect 
some balance of payments sup- 
port from its rich, conservative, 
fellow members of the Arab 
League. 








* 





i-Fbianri£L-'^£s ; Friday’.S^tember i 1978 



BY JOHN BRENNAN 


The Euston backwash 


11 

-J wpsrt?." road damage, :ahd could: that after the public meeting: the and British Rail .haveibeer 
result in -’‘all adjoining . Jan tU -developers sat back to await the tnering away in one corner, 
scape— 1 Deluding trees— (being) council's decision may be British Rail and local pn 
coveted in a layer of white surprised to learn that in fact, groups battle it out in the 
dust,” It produced counter argu- the gloves have been off in a Next week's council meetin 
"raents to every element of British fierce lobbying match. Hanover decide who takes the 
LIKE THE swan, developments Local residents unhappy about Rail's Pro- 
tend to look serene on the sur*- the effects of the scheme on Hanover wrote that council 

face with frenzied wAddline . Ioc ^ traffic, and of the superstore acquisition of the land, using In J Street problem.. But Strut 


Behind the scenes 
at Neasden 


prize. 


unri«mp»rh finiv ° n ,ocal traders. did not go along Community Land Aet powers.. ; - Parker is still casting aroun 

ernMth. Only rarely does e u, e 0 flj cers , But could result in a 75-acre indus- WEDNESDAY nraved. toJie a 5, ^°° to 7.000 sq ft for 

public facade slip. Documents the public eye their only recourse" trial site worth £10m— or £7.35m schizophrenic day for ‘observers histitute of Strategic Sn 
passing within the London was to lobby the council ahead of a . hypermarket— provide of property company annual preferably in Covent Gardei 
‘ Flour (Great Britain’s) 237,000 former First National Finance Erdraan anff Comoanv Britts Bo «>ush of Brent in recent weeks Its decision on September 7. In " at least" '3,000 jobs i and .gjye._n,eermgs. -Stock- Conversion- }f e “ s I ? Eis ; er 5 d lt *J a ? 
sq ft ■ letting ofc British BaH's. Building.- And it will also he Rail’s letting aeent earlie^tSs Provide one such glimpse. behind Jact * scenes lobbying unrivalled opportunity for the Investment Trust and Great Port- f an t JjjJ 

Staton sgare development leaviSgl 30,600 sq ft gap on three yearahorthf bLS the scenes of a major develop- {£«£■ b * the Brent documents Borough to create a tQP-quaJity land Estates both held simul- c ° n 

means tha^TJ-S. engineering floors of Blackfria^ House. Jut of ® Jtaf men V in. this ca£ the Sita Sffi ** ge^Sf indS^Wouchoat' !FK5*£*S T fi00rS • 5 

service group, will be vaca^ng The remaining space is 15,000 bulling. Having taken the whole Neasden freight complex and North wIst SJn ? rougboat of London's Cafe Royal. EUSTON SQUARE has ri; 

180,000 sq ft of mainly central sq ft at 54, Wilson btreet, EC2; 237,000 sq ft on offer, Fluor suoeistore . .. a tettet posted to councillors wo m est lj0dtm ' As.it happened, a race up and st0 ] en much of ^ Umciici 

City of London offices. . . 8,400 sq ft at 87, Wilson Street; estimates that it now has the a . .' . this week the British Rati eon* n. . jj.-,- dt >wa the stairs, apart from irri- ! he Lo n d on offiS? market 

White Dnice and Brown, who 12,000 sq ft at 32. City Road, ECl; room for around a 30 per cent J 5 * publlc event Jn ^ sortium lays out the events of KesidentS . - -taung the Cafe staff, merely L ee t But this vear even ir 

negotiated Fiuofs £3m a year and 8,000 sq ft at 11, Stanhope expansion in staff numbers. schemes progress was the open recent weeks. British p-i,.- team was active ^ traditional sight traditionillv ouiet ho 

- J55S9* «* room for «•*«. of Development 0 n July 21. uiue day, after ft. at to eeto toe ? SSJSSU iLS?2$lJS&5i *S? SrtSfSSy InS « to « 


Euston Square letting, has been Gate. respite this one-third room for meenng or urenrs Development On July 21. nine days after the at the sariie' time, considering « CJ,eei, uiiy uncritical share. per i od ; eve ' ryle ’ e j' ofth ^ 

retained to dispose of the group's . Fluor, which first came to ®J p ^fi 0 L Elu 2£ has no intention Committee on July 12. At that council officers’ favourable local residents’ views about the !S^ S t ? e,r boaj ?’ s letting marieet has been 

existing builiUngs. And- as Fluor T/mdon in: 1957, has been trylag pulton Square. time Brent officials' report on report, Kyle Stewart’s John scale of the superstore. On h an ! ntL nf i 0 ,. r seasonally active. De 

ernfinr,., tor rt «U ta_nav ;a *« «paa_dft_s staff J™**";.* ftL™t orjeaaa «. e pnwoaaia were ddsauatoaud tbat, "Mr. A. J. August IT British Rail wrote to ”Xto“nIy nSble ev“nt ™ has J ie . d u 

of Develop- Brent’s development director Sr® «ShlSnS2S* w S 200,000 sq ft of lettings 

ti.o nfFavinrr tn AAA>vA»,t A «« o -?“C ■ informal enthronement of u/,ik nni »lflW L P iMfTDIil4«« 


De c 
up 

in 


'Sk eff orts. Neither meeting ran for 

^ _____ more than a quarter of an hour, e sonany active. 

all of its L300 London. staff into under one’ roof for nearly 10 ■sreemem have been released by Beckett." ‘Director ** ~ " ' 

.the Euston blocks next spring, years. It looked at and rejected £ Int J r ?r British Rail. But it is IL %¥ a ^ eea tne council ment) indicated t 0 the oonsnr- offerinc to cooperate on a re- ' e “ mron ^ ine n T <« Holborn and Kincsway are 

the agent will .hive an impressive all the traditional relocation ? r J 1 e 1 J r ,> |?|2 d a t ^Si t «?’ rt &m would make a final decision os tium that although be had think about the store, Tesco at P Ml few weeKs - 

range of Oty space on offer. .- sites- And- at one time it held J JJJJ* {g*?.* ^ ft - h» been September 7. signed (the recommendation) this time compromised by con- SSti aLSfrJ a ^ r L n ; In a two part d^al the a 

The largest of Fluor s existing the. Office Development Permit js ^s° believed to in their .report the officials for acceptance of the scheme, he sidering the idea of reducing o* 1 Sanluel s heir apparent. assiened National Insur- 

offices is fte -70,000 sqftFuweU on the Albert Embankment sire SJJ^SSEI? ? S «5* ditl0 ? by looked at industrial estate now had rais-givings about the the area of the store amn*AZ ■ Replying * to . -a shareholder's .1^ 


House by*FiDstury Square. - jurt “TOfaif ."*m3S™ “SL “fto^Ue* “liEKfS SStfS t “sfooo 

down ft, tod ft Finsbuiy Ek» tiou rucenUy ..Id to the United ctause^iu it, lease. ? ut “L 2S2 SSSgSS? St : Efe. ™2"B? »£* S ““ «S» Km'V^uct'ECl 3 '.. 1 


Post Office. It has moved 


JSSi Peskin was young enough and 
It also moved « perfec0y suitable to take over 


*r— «"r-L-w-y. y imro 



ajswwv- S"» ~ as flraa Ttrasri,,’-^ „ saas.'aunfs aesiSSsS s*”-* 

view a single letting at this rent s&ddj^s r . had sJafted ttirough 57 additional road traffic resulted in ^fvt 12 ®^ 0 ^ 6 ^ 00 ^ sa ^ es depart ' easiiv" nr«. a * Pahi^h m t — 
is clearly excellent news. ‘ It before backing «be pack- iJ^ 0r T S 0D i e “ ion by-the -Rail- £S 

comes close enough to 


easily." Great Portland bid fans 
can mull that one over.- ■ - ■ - 


Easton Square, for jpm a year' the hew “'Fluor House. 


to Lazard Property Unit Tn 
43,700 sq ft building at i 
______ ___ .... Fetter Lane. EC4. 

the *fi« put forward by Tesco ~ for It wrote to the council week Mr. Disley e Lazards, advised by Pei 

£13.50 asking rent "to set new a 100,000 sq ft superstore — and .«yl»s that, as a separate pro- THE LIQUIDATOR appointed An J 1, ^ s and Y ®rwood and A1 

standards for Euston Road offices a 550,000 sq fit freight complex P9®*1> might be of assistance after ^ collapse- of the London - ?, pd E . C i > ,'' *?* b? ® n 

The letting, coming with new fiWed LegafSS gSS ta Members of the Planning Com- ** Scho ° l o{ Accountancy has ,ts F . ette t r Lane development 

(reported elsewhere) that Esso Assurance (PeSsUra Manage- know that the Board “Acisms^f th^sfhem^ raised fiM.ogO from the sale of yea 5±_ an ?_i t . 

has taken Thomas Cook’s 110.000 ment) and to be built bytottd wouId be *iutte prepared to 25n£ft«S tte schoo,s o^OO-saft freehold 

s ? offlees .(45. Berkeley sSSSE deyetopS. IwTteSLt ^51 ■ ■ -.A" "«* ?J._ 2 A ™ Glouce.ler Street. 


W.l. also augers- well for the few the development direction -of 


— . . . 1U - uuw Having repeated the strengths at 04 

at a Wembley by-nass of ^ P Ifl h -Mr- Di sle y spells out w.C.l. 
— - the .alternative in no uncertain — 


and countering 

believed to have accei 
significantly less than its £ 
a sq ft asking rent De Gi 

assE** - »-p— « . ass «3l«4 1 s;E^?m 

itan Sr acsf co ss^sasttos: &r> s KstKS; ESSS^S^ii^ 3 ! 1 £H s Si 

.succfissful of British application dfl The developer dismissed esti- pursued the result would be . . . the U:l. researclfers a . vise Holborn.^ 


property, if not financial projecL the benefits of the proposals out- mates of 1.000 new jobs in the a 
Peachey Property Corporation’s weigh their disadvantages which freight complex as “a .wildly ci 


battle with Britisb Rail which 


researchers. 

Property zoned for educational 


Acting for the Abbey Prope 


could be seen as a test case by. use or available to charities but Fund, De Groot is also to be 


i976 re when British 6 to be limited in optimistic figure.*; 1 It- said- that -sir other nationalised- industries- nor outright office users, forms', 'marketing the 56,000 sq ft Stat 

?n" 6 No™% Bn un s L R3 ?J^ fftsjsax. ujiuse: E. rop °jf.i res s j . , is a*aK < s « l i5l»~s!k« «*•«*-- *»• *&»»*. * - 


accommodation, 
in the market. 


Hall refurbishment 
House Court EC3. 


at St< 
The 


.y?? 0 and.KI’s SL Gedrge planning applications works was “inappropriate." delays which could be measured a grev area in me raarnet nouse court. me : 

EwforthS * l ®y c beneflts soa S ht - w ®Tnins that.sui*. works mean in years rather than months "jMatchjng; ecologist to accountant conditioned space is on offer 

g tor tne fcizm development • from the site: - - concrete seepage on to adjoining Brent residents who thought resolved the Old Gloucester £550,000 a year. 


INDUSTRIAL AND BUSINESS PROPERTY 




75 Gr os venor Street, W1XGJB 
.01-^990404 


For Sale 

Entire Freehold Office Building, 
Cromwell Road, S.W.7 

Ideal for owner occupation and/or refurblshmenL 

Offices on Basement, Ground & Four Upper Floors 
totalling 5,420 Sg.FL approximately. 

* Automatic Passenger Lift 

* Oil-fired Central Heating 

* Telephones installed . v " 

[^fice ion application fo the Sol0 Agents 


Chartered Surveyors 




ift- 


9 Wood Sti^LCheaiJslde; EC2V7AR 01-606 3055 


High quality air-conditioned building 
for Sale Freehold • 

10,650 Sq. Ft 

Curtain Road, London EC2 

Amenities include: 

* Carpeting throughout 

* Excellent Toilet Accommodation 

*Iift 

* Air-conditioning, etc. 


Chartered Surveyors 




Hie 
properway 
to go about 
property 

No 1- Co to the professionals 

With Farebrother Ellis, you know your affairs 
• are in good hands ...with property experts who 

have over n85 years of experience. 

Their service covers every aspect- 

investment : Budding Design : 
Acquisitions : Letting : valuation : 
Property Development : Management : 
Rating : Rent Review : Project Management: 

Whether your needs are large or small... in 
London or anywhere in the UX... consult 
• Farebrother Ellis. 

. The professionals. 

Farebrother Ellis & Co.. Chartered Surveyors. 

29 Fleet Street, London EC4Y / !ALTeI: 01-353 9544 


TO LET ^sex M 



• NOW AVAILABLE THE FIRST PHASE OF OhU-Y 5 

• NEW SMALL JNDUSTRIAL/WA REHOUSE UNITS 

• SIZES FROM. 3,000 to 6.800 sq. fc. 22 ft. height to eves 
. with ground floor loading half a ton per sq ft 

• EXCEPTIONAL POSITION with access to A 12 trunk 
road and only. minutes from main line railway station. 

Write or telephone Mr. N. McCallom 

OOHALD MOODY LIP. jr'i. 

Industrial Buflding Division 

WWB ROAD ' BOTTON . 

^MEimaraM-tssEX 
Tel: Breotwaid 


RIVERSIDE FACTORY 
FOR SALE 

PENRYN, CORNWALL 

For sale freehold factory of 23,500 sq. ft. on 
riverside between Penryn and Falmouth, 
previously used as shipyard and now available 
for that purpose or any other industrial use. 
The 2 acre site has a frontage of 260 ft and 
average depth of 400 ft, with a large concrete 
slipway, adequate office accommodation and 
ancillary buildings. 

R. J. HARRIS 

PEAT, MARWICK, MITCHELL & CO. 
PHOENIX HOUSE 

NOTTE STREET, PLYMOUTH PL1 2RT 



MILFORD HAVEN 

108 ACRES, DALE AERODROME, DALE 

Of puricutir jftttrest co pendn IrMcremd in Celtic 5ea OU Exploration. 

5 Aircraft Hangars, Substantial Areas of Concrete and Hard&tandings. 
113 ACRES, VALE FARM, HOUGHTON ’ 

With Planning Consent for Residential Development on part 

FOR SALE BY 

CLOSING DATE — 27a SEPTEMBER 1*7* 

J. R. EVE, Chartered Surveyors, 

(in urn. with GRANT ft PARTNERS) 

37 Queen Square, Bristol '.ESI 4QS (0272) 20409 
(and I, Dan’s Yard, Watmbntar, Loodon SW1) 




Clients' urgent requirements 

Westiqnd0n-Ware r htrase...8-2O.OOO sq.ft. 
‘Westtondon-lndustrial 25,000 sq.ft. 
West London-Industrial ...40-50,000 sq.ft. 
South London-Warehouse 5,000 sq.ft. 

To let 

Twickenham-Warehouse 16,500 sq.ft. 

Tunbridge Wells-Warehouse...14,400 sq.ft. 
Milton Keynes- 

Factory & warehouse 3,500-25,000 sq.ft. 
Norwich, IMorfolk- 

Warehouse 3,500-20,000 sq.ft. 



Mr* 


for Industry 

BRISTOL CENTRAL 

New Warehouses 
TO LET from 5,030 sq- fc. 

IMMEDIATE OCCUPATION 

CAMBERLEY 

10.000 sq. ft. Warehouse 

TO LET— IMMEDIATE OCCUPATION 

HARLOW, Essex 

Warehouse sice over $ acre 
With modem offices 1,670 sq. ft. 

FOR. SALE 

HAYES, Middlesex 

First floor factory 
5.800 sq. ft. 

Close to Town Centre 

LONDON, E.C.2 

Headquarters building with offices, 
stores, showroom and workshops 
28.500 sq. ft. TO LET 

ORPINGTON 

Single Storey Factory 
23.000 sq. ft. 

TO LET— IMMEDIATE OCCUPATION 

WATFORD 

New Warehouse Units 
3 x 10,137 sq. ft. and 34.033 sq. fc. 

IMMEDIATE OCCUPATION— TO LET ' 

WOLVERTON, Milton Keynes 

New Warehouses and factories 
3.700 sq. fc.— 15,000 sq. ft. 

TO LET or FOR SALE— AVAILABLE NOW 

ICing &Co 

Chartered Surveyors 
1 Snow Hill, London, ECt 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


Exceptional Retail Premises 

25 Brompton Road 
Knightsbridge 
London SW3 

Ground floor 1,210 sq ft approx. 
Basement 1,296 sq ft approx. 
Gross frontage 18 ft 5 ins approx. 

To Be Let By Tender 

Closing Date 12.00 Noon 
Friday 29th September 1978 


Debenham Tewson 
& Chinnocks 

Chart'.- red Surveyor 

•*r4-*i0 Brook Street London VviY 1 YB 
01-4081161 Tl-.-jx 22105 


THE SPECIALITY CHOCOLATE AND 
CONFECTIONERY RETAILERS 

A FAMILY BUSINESS SINCE I9II 

We are expanding our business -in England and into Scotland 
and are keen to acquire stops or groups of -shops of approx. 
500-750 sq, ft sales area on prime sites in towns having shop- 
ping population of SO.OOO'pJus. Where possible we prefer to 
purchase freehold or heritable interest of shop property. 

Please write or ring A. H. Thornton Esq. 

J. W. Thornton Ltd., Archer fld, Sheffield SS 0JW. 07 43 583751 


T® LET 

CITY 

2.000 sq. ft. 

SELF-CONTAINED 

BUILDING 

MAYFAIR 

5,300 sq. ft. 

ENTIRE BUILDING 

W.l. 

STUDIOS/OFFICES 
1,500 sq. ft. to let 

Shaftesbury Avenue 

Restaurant for Sale 


EMBASSIES 

(a) 1,500 sq. ft to let 

(b) 12,000 sq. ft 
purchase 

(c) 16,000 sq. ft. 
purchase 

(d) 22,000 sq. ft. to rent 

SOLICITORS — W.l. 

20.000 sq. ft. to rent or 
buy 

WINE BARS 


Derek Reddin-CIancy 
, B.Sc.(Est. Man.), A.RJ.C.S, A.S.V.A. 

JAMES & JACOBS 

94 Jermyn Street, London, SW1. 01-930 0261 


Peterborough 


OFFICE STIES !fe» 


Ring John Case 








Financial Times Friday Septemocr ^ 


12 


: 9 
'? 


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 Full Details 
Apply Joint Sole Agents 


Stiles Horton Ledger 


18, Gildredgc Road, 
Eastbourne 
Eastbourne 38244 


Ij.trevor] 


58. Grosvenor Street, 
London W1X ODD 
01-829 8151 


! / INTERNATIONAL PROPERTY 


- I 


c ; 


( i 

i 


i i 



Prime Shopping Space 

To Let 
Approx. 

10,000 Sq.Ft. 

Ostergade 



Chestertons 



Chartered Surveyors 



_T IT LT 'rj 

9 Wood Street, Cheapside, EC2V TAR 
01-606 3055 Telex 8S1279S 

anil inMnvlair ■ lvTisinslun • llvdu Hark- Lit lie Venice • Clv.lsea. 


MIDTOWN 
NEW YORK CITY 

400,000 sq. ft. FREEHOLD 
OFFICE BUILDING 
GOOD REVERSIONARY ELEMENT 

Offers in excess of US$ 25 million 


Hampton & Sons 


(Ref. RMW) 


6 ARLINGTON ST, LONDON SW1A LRB 
TEL: 01-493 8222 TLX: 23341 

Onr Tier Vnrfc rfprvacuKillr.? is in 17. K. Hitlil sfpxembcr JJtft. 



WhyisCIwyd 
ten times more 
interesting? 

inquiries about industrial 
ami LLtnimcrcial expansion in 
Clwvd have increased 10 fold 
oser lhe ]a>( two years. Why? 
Because with its lull Develop- 
ment Area status, its Janie, 
inulti-skillcd workforce, prox- 
imity to major markets ami 
nalionaJ/intenMiional comm- 
unications networks, this pro- 
gressive Welsh county dom- 
inates the zeeional develop- 
ment scene. The news in 
Clwyd js about sales, not 
strikes — and it’s a gicui place 
to live' too. 

Talk to us about the low- 
cost sites, the factories and the 
extensive financial aid avail- 
able lo incoming industries- 
we'll make you a deal you 
can’t refuse. 

Contact Wayne S. Morgan. 
County industrial Officer. 
Clwvd County Council, Shire 
llall. Mold (tel. Mold 2121 > 
for free colour brochure. 



FOR INVESTMENT 


HIGH YIELDING 
ENTERTAINMENT 
INVESTMENT 

Crown Hill, Croydon 

The freehold property provides 
a triple Cinema. Discotheque. 
Restaurant and Sauna let cn 
modern leases F.R. & I. to 
tenants including Brent Walker 
Limited at a current income of 
£37.100 per annum subject to 
review in part in December 
1978. 

PRICE: £3003100 
Subject to contract 
CONRAD RITBLAT & CO. 

14 Manchester Square, London W1 
01-935 4499 


NEW MALDEN 

HIGH STREET 
FREEHOLD COMMERCIAL 
INVESTMENT 

Shops/Ulficn Producing 4.V.6QU p.a. 
from the end of this year. 

£87J0Q 

COTTON COMMERCIAL 01.543 1331 



Beefburgers 
on the move 

MCDONALD'S high street in- 
vasion is running into problems. 
The beefburger group’s British 
launch has been an unqualified 
trading success — “ We take in 
pounds what the others take in 
dollars," says property director 
Philip Cnbden, comparing the 
UK tn McDonald’s other markets. 
But suitable restaurant sites are 
becoming harder to find. 

Bob Khea. the former 
McDonald Corooration franchisee 
who set up McDonald's Golden 
Arches Restaurants Limited in 
Britain four years ago. opened 
his first restaurant in Wool- 
wich late in 1974. (Why Wool- 
wich ? "I wondered about that, 
it seems that it was just the first 
suitable prooerty to come up,’* 
says Mr. Cobden.) 

Mr. Rhea, and his finance 
director Jpffery Wade, who to- 
gether hold a majority of the 
equity in the McDonald Corpora- 
tion's' UK associate, now have IS 
restaurants in oneration with 
another seven ready to open by 
the year-end. 

In this first phase of its move 
to Britain the group has stuck 
to prime or near prime high 
street sites within the London 
television area. But with a 
turnover now touchine FTOin a 
year and plans for another 20 
restaurant® in this areq hv the 
end of J9SO Mr. Cohden is 
.nirpadv looking beyond the 
South East. 

No firm plans have been agreed. 
But after 1980 the Midlands 
seems the most probable target 
for the next marketing drive. 

Demand for McDonald’s beef- 
burgers is strong enough to fuel 
the expansion. But Mr. Cobden, 
who moved over from Green 
Shield last year, is finding it 
progressively more difficult to 
tie up suitable restaurant space. 
He explains that, “when we 
started the economic situation 
was working for as ... in the 
depression it was possible to wait 
three months until we got a 
change of use " (from retail to 
restaurant space) “before sign- 
ing, but now we may have to 
take up offers unconditionally." 

Change of use applications are 
common because in most cases 
existing restaurants are too small 
for a McDonald conversion. Mr. 
Cobden now looks for a mini- 
mum area of 4,000 sq ft, making 
smaller High Street super- 
markets an ideal choice. 

Defining space requirements is 
easier than satisfying them, and 
as councils become increasingly 
conscious of the loss of retail 
frontage in high streets. Mc- 
Donald's need for retail rather 
than restaurant sized units is 
beginning to make life difficult 
for its property team. 

So far. the group has had only 
two blank refusals for change of 
use. But. as shops are swamped 
by building societies and other 
service organisations moving to 
high street outlets, and this loss 
of retailing begins to be recog- 
nised as a long term planning 


problem, that refusal rate -Is 
expected to rise. 

Tenure requirements also act 
as a bar to many otherwise suit- 
able properties. Mr. Cobden's 
brief means that .nothing is 
looked at unless there is at least 
a 30-year lease available, and 
although only eight of the exist- 
ing restaurants are owned out- 
right, freehold units are 
preferred. 

Problems apart, tire budgeted 
growth to 45 restaurants by the 
end of 1980 makes McDonald's 
one of the more active smaller 
retail unit buyers in the market 
And its penchant for the size of 
supermarket now being shed by 
the larger stores groups provides 
a reasonable source of property- 

In one such deal announced 
this week, Conway Relf, which 
bas acted for McDonald’s on all 
its restaurant acquisitions, bas 
taken a 25-year lease on Tesco's 
8.000 sq ft former supermarket 
in Wood Green. N22. 

The restaurant, at 97/99 High 
Street, - Wood Green in the 
shadow of the ESN's 500,000 sq ft 
Wood Green Shopping. Centre, 
will cost McDonalds an initial 
£35,000 a year and give It a two- 
floor unit with a 31 ft 6 ins 
frontage. Healey and Baker 
acted for Tesco, which retains 
the freehold. 


DEMAND for private hospital 
beds helped Knight Frank and 
Rutley to sell the Bushley Mater- 
nity Hospital at Heathboume 
Road. Bushey Heath, Hertford- 
shire before auction. A consor- 
tium of consultants and doctors 
from Watford bought the 20.000 
sq ft hospital for around £125,000. 
They have set up a Charitable 
Trust to re-equip and refurbish 
building, wbicb rambles over 52 
rooms. 5 wards and 3} acres of 
grounds. 


ENGLISH PROPERTY Corpora- 
tion has raised around £1.3xn 
from the sale of its Garden 
House buildings in Covent 
Garden. A £400,000 refurbish- 
ment turned the delapidatcd 
offices and builders yard off 
Long Acre next to the Royal 
Opera House, into 9,800 sq It of 
offices and 24300 sq ft of light 
industrial space occupied by the 
publishers Hamish Hamilton. 
Now EPC, through E. A. Shaw 
and Partners, has sold the free- 
hold to HITs parent the Thom- 
son Organisation, advised by 
Leavers. 


HEINE MANN, Thomas Tilling 
Group's publishing subsidiary, 
has taken over the Association 
of Certified Accountants’ 1L055 
sq ft offices at 21 and 22 Bedford 
Square. WC1. Heinemann, which 
is spilling over from its existing 
offices next door, takes, without 
premium, the remaining 7 years 
of the accountants* lease from 
the Bedford Estate at £55,000 a 
year. Strutt and Parker advised 
the accountants, who have now 
moved to tbe Royal Institution 
of - Chartered Surveyor’s old 
building at 23 Lincoln's Inn 
Fields, WC2. 

JB 


EDITED BY ARTHUR BENNETT AND TBJ SCH0ETERS 


• ENGINES 

Fetters’ new diesel 


EXTENSIVE redesign of one of 
the most widely used of the 
Petter diesel engine series, the 
PAZ 1, of which many thousands 
have been sold over the past 
25 years, has enabled the com- 
pany to reduce unit cost while 
providing the same power per- 
formance in a new engine given 
its world launch yesterday. 

This is an exceptional move 
in current economic conditions 
and it has been made possible 
through re-tb in king the design 
of the camshaft cylinder head 
assembly, fan and cylinder cowl- 
ing and reversing direction of 
rotation of. engine. 

The company has tooled up for 
large-scale production and this is 
already running at a rate equiva- 
lent to 40,000 units a year. 

Although the new type has 


been code-uaraed the ACIZS. it 
is likely to be known very widely 
as titer* 4 PAZ 1 " in deference to 
the world reputation won by its 
predecessor. 

It is --presented in two speed 
ranees— 1,000 to 1,250 rpm and 
14250 up to 1.S00 rpm with 
respective continuous rated out- 
puts of- -1.1/JJ5 kW and L5/ 
2.25 kW -within the provisions of 
British Standard 849. 

The Improved model is an 
aluminium rather than a cast 
iron engine, is smaller and 
lighter and has a lower centre of 
gravity. It -is intended for the 
tough concrete mixer market and 
also for any. application where an 
engine is needed to run for 
extended ; periods under light 
loading /with minimum super- 
vision, such as in traffic light sets 


arid pumps. _ „ 

For other equipment manufac- 
turers the compactness ana 
lighter weight of this engine 

will prove a boon. Blit the com- 
pany, which is a major Hawker 
Siddeley subsidiary, by launch- 
ing. Its new engine is at the same 
time seeking to - stabilise tne 
market for it. 

In the past, market movements 
have been virtually unpredict- 
able, partly due to the many 
ups and downs in the constroc- 
fion Industry and partly to the 
way of operating of the Ohi*! 
users who have generally been 
very reluctant to order far 
ahead. 

The company is therefore 
bringing in an incentive scheme 
(.taking the form of a bonus 
linked with the number or 
engines purchased) to Induce tne 
manufacturers, who buy-Jn the 
Petter engines to build into their 
equipment, to look themselves 
more closely at future market 
patterns. 



i THORN 
flUTOMQTION 

Roqeley, Staffs, England 


FOR SALE 

Substantial Portfolio of ground rent* 
anting out of severil modem 
EXECUTIVE DEVELOPMENTS through- 
out CHESHIRE. Receivable Rent* 
£23,000-!- (leeeral rent reviews). 
HI Detoils and Pricer 





■Auctioneer! & Estate ngc/iU 
Surveyors & Valuers 
P.O. Box 10. THa Crescent. 
Oierdic, Cheshire. 
061.491 0111 


FACTORIES AND 
WAREHOUSES 


FLORIDA PROPERTIES. Inmtmen:. In- 
cptH! Commercial. Residential, Slrublc 
Realty Inc.. RcaHor. 4799 N. Federal 

5l0Br’392^S072? ! ° n - F ' S ' 33451 ■ T "' 

Puroo’-e Built block 
comprising 3 shoon. aihccs and 5 S.C. 
ais. Income of £6.433 p.a. r. early 
rocrsllom. Price LOO OOO Frerfinld 
OVMtS.MuJ'ct Booker and Co/sse?; 

<;ouTM n, rn°*!S n '.i W2 - 01**02 6191. 
s iSE” motfcrn shoo office 

freehold for sale, oroduclng £ 75.000 
‘mainly Wanro^-i to Show 

'’i n r ■ T «i3. FinancfjJ 

Time*. 10 Cannon Street. EC4P 4 BY. 


Bv Order ol The Receiver and hiauaocr 
o' Tne Dean Croon ol Companies 

MODERN MOTEL/ FUNCTION 
CENTRE/DEVELOPMENT 
PROPERTY 

Mid Devon Town MS — & Mile* 
Nearly 25.000 so.lt. of modern build- 
ings ibuilt 1974 75 on two floors. 
Equallr divided between entertainment* 
buildings and bedroom block >29 suite* 
each with NltirryKni Planning Per. 
mission for further flat dcreloomcnti. 
In all 2-ird acres. 

FREEHOLD. FOR SALE BY TENDER 
3rd OCTOBER 197B. 

PRICE GUIDE £1 SO 1 250.00 Q 




22 Cathedral Yard. EjccUr 
Td 103921 SI 571 
50 Oniccs In the South a West o< 
England. 


WANTED 


WANTED 

COMMERCIAL INVESTMENT 
PROPERTY 

BRISTOL OR S.W. ENGLAND 
First-class leasehold cenants or 
Sale/ Leaseback. 

Prices Q0 . 000 /£ 100,000 
BEST WESTERN 
ENTERPRISES LTD., 
WALFORD CROSS. TAUNTON. 
0B23 41246S 


BASIN6ST0KE 

A MODERN FREEHOLD 
' INDUSTRIAL UNIT 
SHOWROOM AND -OFFICES 

22,700 sq ft on 0.95 acre site 
Close M3 

SCAMMELL & SMITH 
8 High Street, Eastleigh 
Teli Eastleigh 612201 


BUILDING LAND 
AND SITES 


BRISTOL] 

Office Site Available 
for 98,700 sq. ft net 
Detailed Planning 
Consent. 

Central Location. 
Pleasant Waterside 
Position. 

Car Parking. 

For details 'contact Sole 
Agents: 

-WStujge 

24 Berkeley Square 
Bristol BSStHU Tet 26681 


CANTO ISLAND— 4 800 So. Ft. Factory. 
Freehold for Sale Or Tender — For lull 

Mrtbcoijrj apply EMMITT RATHBONE 
COMMERCIAL. 15 Clarence Street. 
Swines. Middlesex. Telephone Staines 
59321 - 

NEWBURGH. FIFE — Factory 7.000 so. ft. 
with ofhcc bloc*. lor sale or rent. 
Contact Mr. Watt. 03374 530. 

NEW MINI FACTORIES. Cambridgeshire. 
Irom £1.00 SO. ft. Contact Reg Mayen, 
asz’l ** District Council, March '035 427 

N-22 — G. F Modcrn>sed warehouse, 
sprinklers. C.K. 4 OOG ft. For sale free- 
hold. 01-343 9111. 


WANTED 


A HNANCJAITXMES SURVEY 

Industrial Property 

will now be published on 
WEDNESDAY, 27th SEPTEMBER. 1U78 
for further information regarding 
the editorial synopsis and advertising 
rates contact 
Cliff Caunter 

01-24S SOOO extension 204 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


WANTED 

AN INTERNATIONAL 
MANUFACTURING COMPANY 
BASED IN THE UJC. 

wrthes to acquire an industrial 
property of approximately 80,000 sq 
It with id equate car parfctns facility. 
The building should be i in tab It lor 
medium size engineering manofactar- 
tng. Alternative!/, a four acre sire 
zoned for industrial purposes would 

be of interest. 

The building or land should be in the 
South East London sector within 5/6 
miles of the River Thames. 

Write Box T492J. Financial Times. . 
10. Cannon Street. £C4P 4BV. 


ST. ALBANS 


Site noar city centre and station. 
Hitii dL-uiicd consent for 3.500 ». il 
officer-. Scope for extension. Possible 
Hotel consent flS rooms). - 

Offers In the realm of homo. 
Box T.4936. Financial. Times. 

10 , Cannon Street. EC4P 4BY. 


Jj w* Residential Building 
7m fc,nrti^. et ol5? , permission 

1B_ sunerlor bouses and bungalows. Just 

Street. EC4P 4 BY. 


'V|WWMi T*rnc 0UA 

Times. 10 Cannon 


WANTED 


hAND- Su^ey Hampshire 

slde^Li * iStrSJi , ” totln 9 premises con- 
’L?£ red - ccunmoilor avail- 

ROF T.4944. Financial 
Tunes. 10. Cannon Street. EC4P 4»Y. 


SHOPS AND 
OFFICES 


FULLY FURNISHED OFFICES 
675 SQ. FT. 

IN TWO ROOMS 

ON SUNNY FIRST FLOOR 
LIVERPOOL STREET 

8 Telephone Lines with key and lamp 
system. To he Let for just under 
D months at El. 200 p.m. int. rates. 
Phone Mrs. Stewart 01-629 SSS9 


INTERNATIONAL 

PROPERTY 


FOR SALE! 

NEAR CANNES, 

COTE D’AZIH 

bt-cLarcj. of Tanrf 
ovi.-rlootns Stf-dilcrtanee 

RARE! 

For cmnncrcul dcv-:Unnn*-ni or 
pnralc es-Mti: or ;nr raiment 
Wrilc Box Financial TIutra. 

m. cannon Ehp 4BY 


nfllODR.—d.OUQ 3a. ft. prntlor omccs In 
Firmer. Mid- 
% cr „5? c « .35 mins. I mousing 
Ilf*, car parking. Good natural 
IfRhtiog. Rent £6J,n p, eyri unfil 
| ; I, JlST 1 r? R3S.DOO. Chamberlain 
flB1 £ " W ° Commercial. Tel: 01-866 

«• t*ce. 

UJ Wj- _rull» hues, car parsino. Full 
Sm,ln * Cd Tel: High Wrcomoe 
WINDSOR. 2. BOO sa. It. new nicttign afhrn 
bu'loing to let. lift, ample toilet 'kltr hen 
1 fPeldd. ready lor wmn 


oceuDutioii. AojyVi A." cT' frost 


A CO. WlaOSOr *545! 


OFHCE PARTITIONING 
AND CEILINGS 


I ^SlfTlONS pea mane nt demount- 

s7 Lt Sta2tort l!,e M^r S ho on tiers, 

[ oi^0252M? H '"’ Laak,a ’ N - ,6 ‘ 

l 


• METALWORKING 

More advice 
on worker 
protection 

LATEST code of practice on 
machine-tool safety and third in 
a series of seven from MTTA, is 
concerned with . safeguarding 
broaching machines and like the 
two previous codes, which 
covered sawing and cutting-off 
and grinding and honing 
machines, sets out to eliminate 
or minimise the dangers arising 
from mechanical hazards of the 
machines and tbe working pro- 
cesses. Reference is also made 
to other sources of risk causing 
injury or ill-health such as 
coolant swarf, dust and fumes. 

Tbe code includes advice on 
types of guards and their con- 
struction; controls and the 
prevention of Inadvertent opera- 
tion; on power-operated rotating 
chucks and the prevention of 
accidental unclamping of work- 
pieces. The text is supported by 
clear line and two-colour draw- 
ings and includes a bibliography. 

The publication has been 
prepared under the authority of 
the MTTA Standards Policy 
Committee and is devised to 
assist all those concerned with 
safety from top management to 
the machine tool operator. 

Code of Practice for Safeguard- 
ing Broaching Machines is obtain- 
able price £5 (including post and 
packing) direct from Secretary, 
MTTA, 62, Bayswater Road, 
London W2 3PH. 01-402 6674. 

Lightweight 

sander 

SAID TO be ideally suited 4o 
heavy-duty sanding operations as 
well as lighter grinding and 
fettling applications, is a light- 
weight sander/grinder, the NL3 
from Murron Machines, 37, 

• INSTRUMENTS 

Sees broken 
strands in 
power lines 

DEVELOPED BY Biccotest, the 
T218 partial break detector has 
been designed specifically for 
tbe detection and location of 
broken strands within the multi- 
stranded cores of flexible and 
trailing power cables. 

Such cables, connected for 
example to coal cutters id mines, 
are subject to constant flexing 
and fatigue breaks of some of 
the strands will eventually occur, 
Inferring regular inspection. 

The T21S is used to detect the 
amount of resistance change .that 
occurs when the frayed -ends 
brush . across each other a .as a 
result of mechanical agitation at 
the point in question. 

Testing consists of connecting 
tbe instrument and then progres- 
sively agitating the cable along 
its length until a point is found 
at which the comparator lamps 
on the instrument light up. Then, 
tbe numbvr of lamps that light 
give an indication of the extent 
of the fraying. Basic technique 
involves the detection of current 
transients at Lhe break iu the 
looped cable. 

More from the company at 
Delaraare Road. Cheshunt, Herts.. 
ENS 9TA (Waltham Cross 
29011). 

• PRINTING 

Aids the 
designer 

FOR USE in the. design or photo- 
graphic studio, on site at exhibi- 
tions. displays, or at clients' 
premises, is an adhesive transfer 
applicator, the ATG 277, from 
3M United Kingdom. PO Box 1, 
Bracknell, RG12 1JU (0344 
5S452). 

This is a lightweight, hand- 
held tool which can dispense 
either a strip of adhesive only, 
or a strip of adhesive complete 
with protective liner. 

On one setting the blade is 
withdrawn and a built-in roller 
feeds tape liner on to a rewind 
spindle bo that only an even, con- 
trolled strip of adhesive is 
transferred to the artwork or 
photographic print. The other 
setting allows both adhesive and 
tape liner to be dispensed to- 
gether. the blade cutting the 
liner after application. In this 
case, the adhesive remains pro- 
tected and the item can be taken 
to lhe point of assembly where 
the liner can be removed and 
the artwork mounted, joined or 
spliced oo the spot 


Queensbury Station Parade, 
Edgware; Middx. HA8 5NN (OX- 
952 5642). 

The 1} hp motor is doubly 
insulated to international stan- 
dard, is air-cooled by means of 
special air flow baffles and is 
designed for continuous opera- 
tion on normal sanding duties. - - 
The machine has an impact- 
resistant body in glass-filled resin 
material and is supplied with a 
backing pad for use with a 7-inch 
diameter sanding disc. It is avail- 
able for operation from 240,. 110 
or 50 volts supply. 

Remelting 3 
furnaces 

TRADITIONALLY. induction 
furnaces have been employed in- 
iron and steel (oundries,: 
although some Scandinavian 
steelworks have empioyed induc- 
tion remelting of Internal - alloy 
scrap. The common arguments 
agaljist the use of induction 
furnaces have been relatively 
modest production capa city, and, 
compared with arc furnaces, 
limited refining capabilities. -' 
However, the induction furnace 
does offer a solution to environ- 
mental problems such as poise, 
dust and interference on power 
networks. These factors together 
with favourable process . 
economics have resulted in : two 
orders, from Fagersta AB tuid 
the British Steel Corporation for 
very large induction furnaces 
from ASEA, the Swedisb-based 
manufacturer of electrical equip- 
ment -■ 

The - furnaces, among- - the 
largest of tbeir type in the/ 
world, will be used for remelting 
ingot moulds weighing up' to 32 
tonnes. The furnace vat and root. 
have been designed In a similar 
fashion to those ' of an arc; 
furnace, thus allowing the 
moulds to be charged whole 
instead of having to; be broken 
up and cupola -. melted as 
previously. ) 

ASEA (CJK). Yilliers House, 
41 Strand. London WC2N 5JX. 
01-930 8411. 


Control of 
a grinding 
wheel 

STANDARD numerical control 
equipment cannot easily be used 
in conjunction with grinduig 
machines because the grinding 
wheel dimensions continually 
change as work progresses. 
Siemens ha§ therefore produced 
the Sinumerik 7S, a modification 
of the standard Sinumerik 7, 
specially for grinding machine 
users. 

Diameters constantly diminish.' 
while work continues, which 
makes it impossible to include 
the grinding wheel in NC path 
calculations as though it were a 
tool of constant dimensions. 
Moreover, the wheel is very 
quickly blunted, with the result 
that tbe NC unit must allow the 
wheel to be withdrawn for true- 
ing at any time. Grinding feed 
rates are very small. The grind- 
ing wheel therefore needs to be 
brought as close as possible to 
the workpiece in one movement, 
even though the exact dimen- 
sions of workpiece and wheel 
are unknown. 

This control problem is solved 
by means of the "safety line.” 
i.e.. the blunt grinding wheel is 
withdrawn to a specified dist- 
ance known to be clear of tbe 
workpiece. After truelng, tbe 
grinding wheel Is rapidly 
returned to the safety line, the 
position of which is constantly 
updated and stored. When it 
reaches this line, the wheel is 
moved on at an increased feed 
rate until it makes contact with 
the workpiece. The workpiece 
program of the new Sinumerik 
7S is composed of a number of 
subprograms activated in the 
required sequence by a main 
program. The cycle is repeated 
until the workpiece has been 
machined to size. 

Siemens AG. Postfach 303. 
D-8000. Munich 3, German 
Federal Republic. 


• materials 

Tough soles 
from scrap 
leather 

COMPLETE EQUIPMENT and 
manufacturing know-how is 
offered for the production of a 
new external shoe sating 
material: “ Solex." 

Made from recycled natural 
chrome tanned leather scrap or 
waste from tbe shoe and leather 
industries, it is a. Belgian 
development. 

Solex has much higher, abra- 
sion resistance and better water 
repellent properties than 
natural leather while -still 
retaining its “ breathing ” quali- 
ties. the inventor company 
claims. 

Soles made from it can be 
supplied in various finishes at 
prices competitive with synthetic 
materials at about half the cost 
of natural leather. 

One of the advantages of this 
system is that it will readily 
accept scrap Solex leather as 
part of its raw material input 

The manufacturer. Machine 
Constructie -L. Grossman n, 
Terbekbofdreef 55. 2610 'Wilrijk 
(Antwerpen), .Belgium. will 
supply Solex in form of sheets, 
or as ready-cut soles. . _ 

The company is also ready to 
supply plant and, operating 
experience. 

Banishes 
soluble oil 
pollution 

DISPOSAL DOWN the drain of 
soluble oils and emulsions used 
in industry is becoming-inhibited 
by increasingly stringent regula- 
tions imposed by water authori- 
ties. An alternative is disposal 
by tanker 'which is expensive. 
Now comes a system which tbe 
company claims to be cheap and 
simple to operate, and* can also 
be used to treat other chemical 
waste problems. 

This is tbe soluble oil plant 
from FSP (Filtration and 
Seoaration Products). Gillmans 
Industrial Estate, Billings hurst. 
West Sussex (Billingshiirst 
3741). . - * 

The plants split soluble oils 
and emulsions used in the engin- 
eering industry on cutting, grind- 
ing. honing apollcations', etc.. into 
a waste sludge which can be 
burnt- (and is often sold) and 
water which cab be disposed of 
to drain. The system does not 
require heat energy and is not 
sensitive to metal swarfs (which 
can tear delicate membrane 
filters) or to ' hardness or 
chemicals in the water. 





Available from Teduiomark, Maidstone. Kent 
(0622 670022), is this drill stand, specially 
designed for drilling small quantities of printed 
circuit boards, prototypes, one-off production 
specials, and missed holes. 

The motor body is supported on a canti- 
lever spring system which, when depressed, 
switches the motor on, and off when released. 
If the drill motor body is adjusted so that the 




motor switches on with the driU just touching 
the hoard surface drill wander can be 
eliminated to enable accurate drilling of plain 
copper surfaces. 

The drill stand is 315 nun long x 115 wide 
and 150 high weighs 2.5 kg and has an integral 
32V DC power supply. A damp allows full 
drill height adjustment and there is a throat 
depth of 168 mm. 


• TEXTILES 

Sensitive tension tester 


WHEN PROCESSING the rela- 
tively sensitive fine filament 
synthetic yarns to convert them 
into textured yams the slightest 
variation in tension can have 
serious repercussions, not feast 
of which is a variation in dye- 
uhxlity that will later be reflected 
in stripes in the knitted or woven 
fabric. 

An even bigger problem is that 
of monitoring the tensions of 
yams without disturbing that 
tension and yet be assured of an 
accurate and instant measure- 
ment. In textu rising, a false- 
twist system using friction heads 
is now taking processing speeds 
from around 400 up to and even 
beyond 1.000 metres/ minute, so 
that constant checking is vital. 

A new tension measuring 
system which gives constant 
digital read-out of Lhe tension 
values bas been developed in 
England by FMK Manufacturing 
(London and Manchester House, 
PO Box S, Macclesfield SK11 7Q.T. 
Tel. 0625 294331 and is being 
marketed as Tenscan. It is 
claimed that lhe now system is 
nut only suitable Tor application 
in draw-texturislng of filament 
yarns, hut that it can also be 


used in open-end spinning where 
tension consistency is most 
critical. 

lhe system used is simple, 
inexpensive and extremely sensi- 
tive. Two pins arc positioned 
on. each side of the running 
yarn and when the tension is to 
be measured these rotate and 
much the running yarn. In only 
5 seconds a small tension trans- 
ducer interrogates the tension 
values. and this is then amplified 
and transmitted to the data 
logger at the end of the process- 
ing frame where it is compared 
with' pre-set tolerances. In the 
event' that a position is not 
operating correctly the fault is 


signalled to the operative. 

This system of checking and 
comparing continues constantly 
round the maebine so that a 
regular check is made of all 
tensions nn say 240 positions 
every 5 minutes as each Interro- 
gation checks four positions at 
a time. Once a position has been, 
found to be outside the limits 
this is indicated by a lamp uver 
the position. 

If a tension in a particular 
position is to be chucked it is a 
simple matter for the operative 
to enter the position of the thread 
line by push buttons and at once 
!he unit will check the tension 
ol a particular unit 


electrical wire & cable? 


• HO MINIMUM 
OBDERH 


mom 


NO MINIMUM 
LENOTH 


Thousandsof types and sizeshstockfey-imroetfiafederwery 

LONDON 01-561 SUB ABERDEEN$m3S!355/2 
MANCHESTER 061-872 4915 

■ TRANSFER CALL CHARGES GLADLY ACCEPTED 
24 HR. EMERGENCY NUMBER 0)437 3567 Ek. 40» . 


C 


C 













c^rr i vt<ac i 


X 1978 



he Management Page 


EDITED BY CHRISTOPHER LORENZ 


THEREIS a "host of reasons 
wfcy the finances . of small com- 
.^ameszcan get ont of halance. 
One isthat toe (Erectors fire 
simply unaware of what Ys-iap- 
pening to their resonrces. An- 
other is that, ■while, they may 
be aware of '-a'- deterioration, 
they do not know what to do 
about it or where to look for 
funds, to remedy ft.* Similarly, 
they may recognise the need for 
an injection of medium or long- 
term money, if they are to com- 
plete a programme of-expansion, 
but are nervous about- approach- 
ing. a finance company . because 
they do not know what reception 
they will get, or what they will 
be required to do before they 
get any cash,- 

The .latter factor— a fear o? 
the unknown — is a common 
enough problem. It is an 
attitude . which helped- generate 
the widespread, and cynical, 
view among many industrialists 
in small and medium-sized com- 
panies that the people holding 
the . strings of the medium and 
longtferm purses live in ivGry 
towers in the City of London. 
These people, so it is believed, 
do not understand the nitty- 
gritty of, say, manufacturing, 
will . want to pry into a com- 
pany’s business and will then 
try to get a large slice of its 
action. 

An increasing number of 
steps have been taken, over the 
last year or. so to counteract the 
ignorance that exists about the 
role of banks and other financial 
institutions. Many institutions 
have made it abundantly clear 
in. evidence, to the Wilson Com-, 
mittee (currently looking into, 
the role of the City and its finan- 
cial institutions) that they con- 
sider there is no shortage of 
money. 

Elsewhere, efforts have been 
made to identify where different 
types of mopvy can be found.: 
Recently, the Bank of England, 
and the City Communications 
Centre have produced Money 
for Business, a booklet listing 
British and foreign financial 




bank 
entrepreneurs 


BY NICHOLAS LESLIE 


..organisations and the sort of 
money they, provide. And, as 
disclosed on this page on July 
11 . several . banking organisa- 
tions have produced a standard 
agreement to assist potential 
cheats 

But, for the small indus- 
trialist, - -this still leaves un- 
answered some basic questions. 
What, kind of reception is he 
going to get if he approaches a 
finance bouse ? Win he have to 
divulge' all . sorts of informa- 
tion, which he has tried for so 
long to keep to himself ? Will 
be be “ grilled ” about what 
plans he ha? for his company ? 
And will he have to .give up a 
large chunk of, his company’s 
equity as . a prerequisite to 
getting any cash, with the 
possibility also of having some- 
body appointed to his Board of 
directors? 

Such apprehension may seem 
of minor importance in relation 
to the wider problem of ensur- 
ing that companies get the right 
amount of money at the right 
time to guarantee -their com- 
petitiveness and stability. But 
it would be a mistake to ignore 
it, since such worries stop a 
great many., small company 
entrepreneurs and industrialists 
from ever funding their com- 
panies either properly, or at 
the most appropriate time in 
their development 

Not only that, but their fears 
are partly justified, since the 
answer to many of the above 
questions is “yes.** 

Norman Baldock, managing 
director of Gresham Trust, 
maintains that most financiers 
would acknowledge that they 


GRESHAM TRUST is the merchant banking 
subsidiary -of Gresham Investment Trust, a 
publicly quoted company. In the past 15 years 
ft has invested in around 90 companies. Ten 
of these have been start-up situations, and the 
number may very soon be swollen, if current 
negotiations are successful. It sees its market 
as the smaller company and aims to fill a gap 
between the clearing banks and finance bouses 
— which provide largely short-term funds — and 
the big merchant banks, which are involved 


financing- of 


demand for funds comes from 
people who want to realise 
some capital. Gresham’s insis- 
tence on an equity stake stems 
from the existence of so many 
small and medium sized com- 
panies which M really do need to 
increase their capital base.” 

Gresham decides whether it 
can take things beyond the 
earliest stages within a day or 
two (“in our judgment the 
essence is speed; the cbap 
doesn’t want us to take six 
months to deride”). Then comes 
a second meeting, most prob- 
larger ably at the client's premises. 
Gresham will be looking to see 
whether our impressions 
from the financial in- 


! .T" 'V ' ■ ’ ■v rr 

mm 


more in long-term 
com panies. 

It will consider backing a project from 
scratch, including the setting up of a new gained 
company, but also finds a large part of its formation are borne out on the 
business with private companies where family ground.” 
shareholders wish, to realise all or part of their .“You also find out whether 
Investment. the man understands, his busi- 

It raises funds through the money markets, ness properly; for example, he 
dividends from investments and capital profits may have said that he is stuck 
from the sale of investments. for factoiy space when clearly 

he is not,” remarks Mr. Baldock. 

An offer is likely to be made 



Peter W reford: u We make it dear at the first meeting that \ 
probably want equity.” 


have a rather, daunting “ivory partner or a director in a by profits Gresham is talking at this point, subject to contract 
tower” image. He is equally private company to realise some of pre-tax earnings and sot 81111 P roliaW y to an accountants’ 
convinced, though, that this is of his capital while still retain- some vague percentage in r ®P°ri- A marketing investiga- 
generally unjustified and that so ing active management role the relation to sales, and before **on m *y 4150 he required. The 
far as he and his co-directors finance company has basically interest payments on borrowings m °ney may be made up of all 
are concerned great efforts are to decide only whether the have been accounted for. It is ot part equity and part 

made to put potential customers concern is viable. Of course, if also not much good putting ^°. an stock. The precise package 
at their ease. He also reckons the capital is being realised forward a figure of, say, £50,000 depend on the company's 

that sufficient explanation is prior to a retirement, the for the year if this is before circumstances. management would obviously general lack of ere 

provided by them to convince financier must also assess the directors have taken their Gresham will also want to “cur any organisation in among people putting f 

customers that any private whether this means the best of salaries and fees, which may meet the client's top manage- Gresham in considerably ventures which requir 

information his company may the management will be quitting well swallow up £40,000. ment team at the second meet- increased overheads. capital. The risk capit- 

want is relevant in reac h i n g a the company, leaving it in a A dispassionate analysis by mg — this usually means barely The anxieties felt by small hires Gresham is most li 

decision on fi n anc i ng. weakened position. Gresham of all such information a handful of people, since lie company owners are not, consider seriously are 

It is clear that any company is the ideal, so as to answer the smaller companies tend to have apparently, without foundation, where somebody who h 

hop ing to tap Gresham for T^rpctimnilC basic questions of whether the the owner as the dominant Preparation of a financial report a * ot experience in 

medium- or long-term funds A ICMlglUUb company or proposition is force, with management spread is “often a traumatic experi- large company and want* 

(either as venture capital or Then again, if the money is sound, has a good product or thinly, 

development capital) will get a required for. say, capital expen- range of products, aimed at large 

better- reception if it makes an diture on new production enou S h markets to guarantee lflVOiV6Tn£nf 
approach via a firm of facilities, it is important that -Bawth* and has adequate. facili- 
accountants or solicitors, or ,at the company can clearly justify T ies eit ^ er available or planned 

the very least gets advice from such an expense. It is no good in detaU t0 meet tie expected it is for very dIverse reasons 


ence” for the company's U P l 1 * 5 own in a 
management, according to Mr. sphere. Their credibilit 
Baldock. The owner “ feels he Mr. Baldock, is that 
has bared his soul to us, but he greater. 


Llstif y UC5 diner avauaoie or planned tv nronositionc are reier+erf does Dot tal0W what has hit him 0ne of 1110 P r °blems 
good in detail t0 mee t the expected it 7 s fo/very diverse reasons ™ h ? n ^ acc . ountant s have eone financiers such as G 


It may be because the product 


in. 


But this does not happen Trust, particularly 
and is not an aspiring client is 


whe 


them, This is because “they putting up a factory extension expansion 

know . the fundamentals or establishing a new produc- This is best done in advance is not considered sufficiently in evei T 5 s 56 15 not an aspiri ° g F Ueat a 

required in putting together a tion line just because it seems a of any meeting, according to viable; management may be unexpected reaction ^ among pany. is amplyjhe cost : u 
presentation about a company,” prestigious move and gives an ^ eter Wreford, Gresham’s chair- inadequate; or, typically, an peope w “° have * * ~ 



Gato V 

HeathrawT^ianiTTam 

m\fi®rti^<JailyatlL15am; 

81 Piccadilly London, 
W1V9HF (01-6298272). 

Americans sunshine aid ine. 



probably in mounting the operati 
investigation e 

An introduction, then, is use- The sequence of events lead- mg “ we try to make a judgment that the company’s systems and bSzits for a number of mg “J* *55?™ ° f a nri C °a 

fill, but not absolutely necessary. in § U P t0 a company getting on man as to whether we financial controls are very weak. yea f s ‘ 

The advantase of it is that the 1110 money it requires from 6811 worfc with hrm, he says. For example, costings may be Gresham is reluctant to dis- and tben tp incorporate t 

financier is given some assur- Gresham is relatively straight- At the meeting “we would 'completely inadequate and it dose the minimum amount of a prospectus, means^tha 

ancA that the annroacb is heine forward. At the outset, be talking over what ideally emerges that while eight pro- loans it is prepared to extend, ™ enormous, sa 
marie hv a comoartv with eredi- Gresham prefers to have a they want and why they want ducts are being made only one largely, it seems, so that it can Baldock. Gresham is tin 

hiiitv without ithfith Kidec nre potted description of the com- it. We would say what we or two are profitable. retain greater flexibility in its working on a formula 

na “SSa? Tone pa ?J. giving its history, share- might be able to offer and what There is dearly a possibility “n process However it 

another ^until toe ice haa been ?«“!”• _We™ieit that some of these situations £« »»•“.!! Ll? jS* ,!!.?! c.al cist c^ L kept m^ 

But of prime initial 

# - o j. f fh lto yuxpuiic ouu uuif iuuui ttfc uixj pwmvf oajsiux. mciUlU. Baldock says that this is not iess * 011 °ccasionj Dy way or tance to any banking inst 

finance comp^v° ?»“«* customer itself feels Like other financial institu- Gresham's policy. “We invest medium- and long-term funds. is getting the customers 

tf , . . is needed. tions of its ' type, Gresham in the people who run a Whatever the sum, the finance door, .and breaking dowi 

it is obviously important for Financial details are essen- generally insists on taking an business,” he says. And is generally for development ingrained apprehensions 
. company to be able tial, including the company^ equity stake, not only for although he and his colleagues purposes or to buy out a share- prejudices. Here N 

to justify dearly why it wants sales and profits record and, security reasons, but also be- do hold directorships with a holder, although the door has Baldock maintains that 

money.. If it is to enable a ideally, a profits forecast. And cause it is the only way it is number of dient companies, not been closed entirely on ven- body who approach* 

likely to get an adequate return they are there purely in a rure capital projects. Its reluc- merchant bank for this s 

on the money it is lending, “financial, guiding sense.” Any tance to back start-up situations service won't be faced ’ 
Equally, while much of the more direct involvement in is due to what it considers is a reception he cannot cope 


neafni It will also want to know in dear that we will probably want would be via hie if new manage very few institutional lenders 

is f i rs ivc oTnrnpnda t?r»n detail what ^ Proposition is. equity. We lose a lot of people m ent were put in but Normtm Prepared to lend £25,000 (even 

is for . re commen dation to come lt> purpose Md how muth at this point.- siy, Mr. wSfort. less, on occasion) by way of 


Small business : 
new challenge to 
pension funds 


\Litioml#\iriincs 


M.E NORTH 
LIMITED 

Notice is Hereby given of the appointment 
of Lloyds Bank Limited as Registrar 

• _ All documents for registration and 
correspondence should in future be sent to 
r the address below. 

- D. J, DOWDS, Secretary- 





v- - v — ^*37 -.^vJussex, BN12 6DA- 

. 7 ' Worthing 502541 

"l 7 7^^7^lT>Gode 0903) 




MORE MONEY should be chan, 
nelled by pension funds into 
the small company sector, 
according to a report by the 
Business Graduates Association.- 
It is also felt that financial 
institutions should be more pre- 
pared to provide management 
expertise for such companies 
in early stages of their devel- 
opment. 

Within the'- context of a 
general need to encourage an 
expanding small company 
sector (at present it is contract- 
ing), the BGA report points to 
tibie potential of large indus- 
trial groups hiving off small 
subsidiary companies by, for 
example, .selling them to toe 
senior executives concerned. 
Tax incentives should also be 
introduced by the Government, 
it is argued. 

To bring about a small com- 
pany resurgence also requires 
changes in social attitudes, it is 
maintained. In the U.S., more 
businesses continue to thrive 
and multiply than in the UK 
“We believe this is largely 
because the U.S. has had a con- 
sistent public polici’ of foster- 
ing private enterprise, and the 
American who starts up a small 
business from scratch and 
builds it up into a livelihood 
for himself and his family is 
generally held in high regard 
by his local community. This is 
far from being true at the 
present time in this country." 

Deterioration 

On the position of financial 
institutions, the BGA report- 
pointing to the deterioration in 
the small company climate since 
the Bolton Committee report on 
small firms to 1971 — maintains 
that “ the future role of pension 
funds will be critical as they 
will contain the major reservoir 
of ‘forced’ private longterm 
savings.” It is also argued that 
it seems “ economically myopic 
that pension fund managers feel 
obliged by their trustee status 
to invest the vast majority of 
their funds in the larger public 
companies.” 

Given the right opportunity 
and conditions, small companies 
can play an important part in 
developing national self-suffici- 
ency, energy conservation, and 
the formation of intermediate 
technology to assist developing 
nations, says the -report. 

The report does not believe 
there will be a demand in the 
future for new technology pro- 
ducts at the rate experienced 
up to now. But it does see 
technological innovation as 
imnortant to Britain’s present 


need to develop new industries 
to replace those being killed 
off by competition abroad. But 
to get individuals or institutions 
to back such innovation will 
require “special, enlightened 
tax rules.” 

Even so, says toe report, there 
is still a problem of grafting 
suitable management expertise 
on to entrepreneurial inventors. 
It is suggested that institutions 
providing the financial backing 
“must be prepared to partici- 
pate in the Management of these 
ventures, certainly daring the 
early stages of toe commercial 
exploitation.” 

Such a view is. in marked 
contrast to the past and current 
practice of toe financial institu- 
tions. For the most part they 
have deliberately avoided such 
an involvement, preferring to 
maintain contact largely by 
means of formalised reporting 
systems and informal contacts. 

The report is critical of the 
lack of action following the 
Bolton report. Tax reforms 
were ignored by Government, 
as were recommendations for 
local small firm advisory 
bureaux with expert person neL 
toe small firms sector, while 
Department of Industry does 
not have the necessary quali- 
fied staff or resources to 
adequately monitor the prob- 
lems of small firms, says the 
BGA report Equally, little has 
been done to co-ordinate and 
publish results of research into 
the small firms sector and 
secondary schools and further 
education colleges have done 
little to identify the tr aining 
needs of those wishing to start 
and run their own businesses. 

Banks and finance institutions 
are also criticised for not pro- 
viding small firms with com- 
parative information about the 
whole range of various invest- 
ment criteria adopted by indi- 
vidual institutions; they are also 
attacked for not giving advice 
on how to apply for funds. The 
report also blames the account- 
ancy and legal professions for 
not training their members suf- 
ficiently to specialise in advis- 
ing small firm clients, making 
tiie point that their advice Is 
“ vitally important as the advice 
of bank managers and represen- 
tatives of finance institutions, 
however, helpful, is inevitably 
biased.” 

The report. Small Firms, was 
produced earlier this year, but 
has only recently been pub- 
lished by the Business Gradu- 
ates Association. 87 Jermyn 
Street, London SWL' . 

Nicholas Leslie 



This announcement appears 
as a matter of record only. 



COMISION FEDERAL DE ELECTRICIDAD 

(CFE) 

U.S. $ 600,000,000 

MEDIUM TERM LOAN 


managed by 


WESTDSJTSCHE LANDES BANK GIROZENTRALE 
CREDIT COMMERCIAL DE FRANCE 

DG BANK DEUTSCHE GENOSSENSCHAFTSB ANK 
KREDIETBANKN.V. 

THE ROYAL BANK OF CANADA 

BANK FOR GEMBNW1RTSCHAFT AKTIENGESELLSCH AFT 
BANOUE CANADIBfNE NATIONALE 
COMMERZBANK AKTIENGESELLSCHAFT 
MANUFACTURERS HANOVER LIMITED 
THBMITSUI BANK, LIMITED 
THE NIPPON CREDIT BANK, LTD.' 

THESANWA BANK LIMITED 


co -managed by 


AlaNi Bank of Kuwait (K.S.C.) 

Allied Irish Investment Bank Limited 
Banco de la Nacion Argentina 
BanoomerSA 

The Bank of Nova Scotia International Limited 
Thetiank of Yokohama Limited 
Banque Bruxelles Lambert S A. 

Banque Canadienne Nationals 
Banque Franco Allemande S.A. 

Banque Generate du Luxembourg S. A. 

Banque Internationale & Luxembourg 
SoctCteAngnyme 

Banque Internationale pour L’Atrique Occidenlale 
-B.IAO.’ 

Bayerischa Hypotheken- und Wechsel-Bank 
Bayerische Landesbank international SA 
BfG Luxemburg. SA. 

Canadian Commercial and Industrial Bank 
Citibank, NA. 

Commerzbank AktiengaseRachall 
CrAdtt Commercial dB France 
Credit du Nord 
Credlto Italians 
Crocker National Bank 


THE TAIYO KOBE BANK, LIMITED 

provided by 

DG Bank international 
Societe Anonyme 

. Dow Banking Corporation 
The First National Bank of Chicago 
First National Bank of Oregon 
First Pennsylvania Bank NA 
The Fufi Bank. Limited 
Gulf International Bank 6.S.C. 

Internationale Qenossenschafisbank AG 

international Westminster Bank Limited 
Iran Overseas Investment Bank Limited 
Kansallis International Bank S.A. 

Kre diet Dank N.V. 

Landesbank Rheinland-Pfate und Saar 
International 5. A. 

Lloyds Bank imemationai Limited 

London Interstate Bank Limited 

The Long-Term Credit Bank of Japan, Limited 

Manufacturers Hanover Thrsi Company 

The Mercantile Bank of Canada 

Mercantile Trust Company NA 

The Mitsubishi Bank, Limited 

The Mitsui Bank, Limited 

Trie Mitsui Thist and Banking Co., Ltd. 


CITICORP INTERNATIONAL GROUP 

MORGAN GUARANTY TRUST COMPANY 
OF NEW YORK 


THE FUJI BANK, LIMITED 

NATIONAL WESTMINSTER BANK LIMITED 

TORONTO DOMINION BANK 

THE BANK OF NOVA SCOTIA GROUP 
BAYERISCHE LANDESBANK GIROZENTRALE 
FIRST CHICAGO PANAMA SJL 
THE MITSUBISHI BANK, LIMITED 
THE MITSUI ^ TRUST AND BANKING CO, LTD. 
NORDDEUTSCHE LANDESBANK GIROZENTRALE 
SWISS BANK CORPORATION 


Morgan Guaranty Trust Company of New York 

National Bank of Abu Dhabi 

The National Bank of Kuwait SLA.K. 

The Nippon Credit Bank, Ltd. 

Norddeutsehe Landesbank International SA 

Orion Bank Limited 

Overseas Union Bank Limited 

Pierson, Heldring & Pierson (Curacao)N.U 

The Royal Bankot Canada Group 

The Saltama Bank, Limned 

The Sanwa Bank Limited 

Scandinavian Bank Limited 

Skand'maviska EnskUda Banken (Luxembourg) SA 

Socieie Generate de Banque SA 

Sohs Limited 

State Bank of India 

The Sumitomo Trust and Banking Co, Ltd. 

Swiss Bank Corporation (Overseas) SA, Panama 
The Taiyo Kobe Bank,-Limiled 
Toronto Dominion Bank 
The Toyo Trust and Banking Co. Ltd. 

Verafns-und Weslbank International SA 
WfeslLB international SA 


Agent 

MORGAN GUARANTY TRUST COMPANY OF NEW YORK 








14 

LOMBARD 


Duty galore 
on whisky 


Safety on the Ml 


-■*«!* Times Friday^ 


10 : ' = 


seas 


BY IAN HARGREAVES 


mi 


MMsnnt 


*1 a ■ J 
st -£■¥** ,.j 


• - omer jun«s w u«“kv»- r-— -- 

BY DAVID FREUD mainly functional appeal. 

Few people, however, would 
... take a trip on a cross-Channel 

OUR tax system has become too ing purposes. The maximum. . ■ iust f 0r th e fun of it, 

complicated. Inland Revenue allowed is a tenth of a gallon. -SLi, hv ernwth- 


complicated. Inland Revenue allowed is a tenm or a gauon. ' h ■ udfiin „ by the growth 

Officials freely, admit that junior equivalent to 0J1 per S' 311 . 0 / " g DU / ari r° 0 f Se ferry 
staff do not understand all the average 4S-gallOD casks. Underpin popmanty of jne £ 


regard taxation as a no-go area ing back" that part of the sample j,_ £f not exclusive! v devo- 
for the amateur. not wholly consumed in the teste. tgd ^ getting there and back. 

This means that a small pro- certainly safety is not at the 

Cardinal tZ, 1 ™* o?°E forefront ?f 


is one reason why cruising at Sg this year tte nearby gives . the navigator simple 

sea continues to be as erf ^ ®pa * -t*,* got Amoco Cataoil tanker and visual: and if necessary audible <- 

a pleasure w its^f.whereas m ]{j2 tJaffi^para- Eleni V oil spill accidents, the warning of any possible collision 

other for^ of trermpjrt possess first of whichtook place inside paths.; 

mainly functional app • following decade this has been a traffic-zoning scheme, have P c 0 *s Dover-Boulogne ferry. 

Few people. howwr would in , proved at the same time as pricked the authorities in many ^ h been a test bed for 

take a trip on a cross-Channel " European countries into new JgsSS i. n ™r“*h«TSw 

* erIy i“‘ for *>“ ■*“ 0f S’ — * of actio* ^o favounte “> ^ ££ '£5£SX , 

response has_ been to forcetan- sperryT Marine Systems, which 1 

kers and other is part of the American Sperry U 

dangerous cargoes further away Sperry has supplied « 

from the shore. There has been ene P third of the 400 

or- TOmputer^bued integrated 

^“tieTw it is irking of kit, 

_ well and partly because the nar- operation through- gtuatio 

Certainly safety is not at the .. rowness of the Channel at this The 








ARaurdD 

BRITAIN 



DOVER STRAIT 


kers and other s hi ps ramin| partof the American Sperry I MAVFMENTS \ u ' 

srgfirssag s-MW-srs MS 5 ”* !: 

aajar jtsj; m 

well and partly because the nar- rt“^wjj2a 0peratl0n thr0Ugh ‘ situation. believe, we shall see virtually 

rowness of the Channel at this ou worlfl * The strongest advocates oj automated ships ploughing 

point makes provision of Captain John Robinson, one CAS internationally have oe e “ a i on g set routes, able to 1 dea] 
separate ' lanes for differing of the lion's team of masters — the U.S. maritime authorities, rap id changes pi sea-state 


VvdUUliai nas nw i naa owy paiu notl'S®^* mind 85 he makes the — : — separate ' lanes for differing of the lion's team Of masters— the US maritime anthonu**. rap id changes in septate 

There are several reasons for JJJ* b comparison with the fch a nnel crossing. To him. the supervision from the Masses of vessel ImpracticaL the ship operates round the but ^ Americans have so fa as well as avoidance. - ^ 

_ nn . Mn iSrtnrinn Prnhahlv the j..... M „h mnvai> Strait Tnnkc wide. raQar _ super\i«on. _ xxora ui . *_ clock. 3fl4 davK a vear. -niacin? ( A nw CAS into any „hat5fles 


* the complication. Probably the £ 4 so m whisky duty paid each Dover Strait looks wide. has intensified. Even so Just as traffic separation came * locfc » ^ da y s a year,'. -placing failed to force CAS ino 

. most important has been the r Even u aIi the samples sparsely populated and even STwL onlv a vmt So that the late to shipping, so too have heav * demands on its equip- international convenuon 


obstacles. 

on For the meantime, thotjg^; 
ferry captains will contbpe tp 


increased state spending 


committee makes out? 


the power to punish rogue ships training 


training of airline pilots, but cuimaenuy which wou i d have to nnu sopnisuw^ ^ s-«w 

only in. the past few years, have '“Js** <Hb * nvise OV er £100,000 a vessel to equjP seamen bJandiy deserve as 

ship sunulators been developed. , to dfGW J 501 ™ t0 Lion's standards. Shell, “close Q 

The larger shipping companies direction and nsk ■ falling ^ cyn mnie. funded research Threading their wfi y betvtr-a 
now possess a variety of elec- behind^- its _ extremely tight at Liverpool Polytechnic which supertankers and sailing boats, 
tronic systems designed to schedule. CAS also makes a comjuded that there was no men like Captain Robmson. am 


,V| P MpiHp Renort- that toe taistoms ana dkik oners JUST aver au nmes »miu whose snips oreax me sepaxa- now possess a vanety oi eiec- * at Liverpool ; , 

f S smicture should be simple procedure to bring the practice of sea and on a normal sum- tion rules. tronic systems designed to schedule. CAS also makes a ^dueled that there was no men like Captmn Robmson.am 

to^erS and cheap to jun. of " pouring hack to an « nd mer’s day accommodates well The Department of Trade synthesise bridge conditions on “J?*** 1 * evidence for CAS’s claimed con- full of ,?bo^ IJJ- 

1 B^rine the unlikely event of win require ^ISr^samole OTer 300 P assin ^ « nd .claims great success for the traf- ^ sizes of ship and in all ™“* **■ tedious giving basic ^hution to maritime safety, h an d ^ Charb es ^ who^ disregard 

a thorough-going reform of the Ev a piece ? if another 200. chiefly ferries, the flc sc hS^ which was the first manner of locations and ^formation at a glance. l, the end, it is much accepted 

ta ^, it a S S | , n m !ive m wiS, paper- That documentation, business of which involves of its kind in the world. A weather. As for preventing accidents, more likely to be *“2 rtrtfSS' 

5*” h ? v ,Li? . ° niuL tiSi Which Will he kept by the trade, crossing the main shipping lanes recently published survey by The area of greatest con- Captain Robinson points to two -for lower manning levels and manoeuvres .otpnrare^y^b.. . 


- ■ ih-it WHICH Will ne Kepi urc whuc, ....... reccuuy puuuaueu S.iurvcj' u y *UM Ui ginmt »-uir ouuiu«iu pumu LU two-iw lower . . 

rornnii pat ions are will have to show what propor- to get between England and the Anglo-French Safety of troversy, however, surrounds crucial limitations: the fact that better ship productivity wh 

not added tn it ^ titm of *® ph samn,e ^ f ? n T the Continent Navigation Group r-* itself a pro- the marine equipment on the other ships unequipped With drives owners m*° m< 

n„ ,hp nrincinle that one man's sume ^ ThJnenart- ^ recent years, much effort duct of the trend towards ship’s bridge itself, in particular collision avoidance may -mis- advanced and automated si 

convenient arrangement is an- thin Sndnm has been put into creating greater maritime supervision of the question of computer-based interpret a manoeuvre by a ship control systems rather than « 

Other man’s tax ahuse the SEJl-Tn ensure that the rules motor-style regimentation for the Channel— showed that there collision avoidance systems which is .so equipped, and the straightforward requirement 

evstera is under constant pres- S*-- observed this Ml of the oceans. Before are six infringements a day — (CAS). Again a number of rival fundamental maritime principle improve already reasons 


sure for changes whose impact 
on net revenue is minimal. 
Ironically, it is the tax authori- 
ties. Tearful of being over- 
burdened. who represent the 
opposition to these changes. The 


Equitable 


mauir-aiyie legiureuiauuu iui mt vuaauu wvnvu ui»i lusis “J- 1 '- 111 " uie 8U«Mguuuin«*“ .. ■« .mnns tha <> v»u 

this Ml of the oceans. Before are six infringements a day — (CAS). Again a number of rival fundamental maritime principle improve already reasonable remain among tne : saiesi aa. wji 

1967, there were no rules of about 2 per cent of all ships — designs are available, but the that exclusive trust should not navigational safety standards. as being toe _ onsiesr snipping 

the road at all in the Strait compared with 22 a day in 1972. function of a CAS is to process be placed in ady particular bit One day, some of the more highway in ine worm. 


Is this paper-work really 
■ccssary? If the Department 


pressure comes from officious necessary? tf toe weparuneut 
politicians and professional wants to recoup the du^ it feels 
scrutineers, including the all- it is losing it could far more 


Boden’s Ride should win again 


I VI i K! VI NM ENT GUI DE 


rlmnnT winrt ™ iimnlv ^ raiM the overall rate by THERE COULD be no more disadvantage of racing on the far Two other possible winnere for 

party Commons select commit- f ra ctioii a pereeii- appropriate winner of today’s side of the course after pulling trainer Ryan Price, who makes 

lee ®- , . . . . . iSLooiS Sre “ ™ inSnity IntenJaft Solario Stakes at San- a shoulder muscle on leaving the a habit of picking up nrizes on 

A good example is contained toge point, ijere is no inwiu v dQwQ the sponsoring com . BtaUs. this course from midsummer OPERA & BALLET 

m a recent report by the Com- g “e _ p , ^whisky distillers pany’s Intercraft Boy. Off the course fbr ten weeks onwards, are Newmatie and * 258 - 

mon.s Comrainee of Public . ^ eains The Bill Marshall-trained colt after that,, he -reappeared at Kerkorian. mStionai! omra 

Accounts. ^ .The, , _ committee ““ n °,£"ntaM* over® the deserves a good win. Highly ' Newmarket on Saturday and • Novice hurdle races will no ^"tL'cmSi tthiii'nSiSS 


finished a respectable sixth longer be divided at the over- jmnnetta cochuane. oi- 2 «z wo. sHAFTMBimv. 

behind Warmingtoo. night stage, and no jumping £*£^cSw?i£rt^ p^^i f ^M*ER e Bor. n e^£ 7.3a. 7. ; i s.^* 

Although that run will have meeting will normally include Thw last two pays ^draci^^- 


brought him on a good deal, it more than seven races a day, 
may be asking too much of as a result of a revised system 
Intercraft Boy to expect him to of balloting and division to be 


mons tiomminee oi fuduc ‘ ^ - ns Tbe EiU Marshall-trained colt after that,, he -reappeared at Kerkorian. englisM national omh* 

Accounts. The committee “ s ® advan tafie over the deserves a good win. Highly ' Newmarket on Saturday and • Novice- hurdle races will no JgSSSff of " tiw ‘TLwSi r «his "mim 

claimed that the whisky distillers ® r _ other -r *y.* Meade rated fr om the start of the finished a respectable sixth longer be divided at the over- ^ 

fr&es^s ^t iLrlnS be behind Warmingtoo. night stage, and 00 jumping 

menu ‘ for .«? 5 emp,io 3 . tL treated as like RACING tf .WLf" SSSWJS’Si A fc lUB M 

^ni'iffwsra'as: jsi « a^^d 6 , B y ^.c w«*m -n « .. u-* - . 

the committee’s chairman, re- wa y of ensuring that sampling InterwaftBoy^expectliimto royal remYAL^HAu- « 1 ;i 

vealed that as a result of com- can be undertaken fairly and season, this inexpensive Virginia °f^ l tl,e i TSv* HnSn— on November I “reaii vS? iSiSait. 

mittee pressure the Customs and with the minimum of paperwork Boy colt, a 4.600-uulneas year- today's Jme^jp— on Novemner 1 . u, pmi-.swan 

Excise had agreed to end the and accounting. It could be ling purchase, got off the mark top™™* L*!**™!* Wish ~~~ tST**——- • 

system. argued that the long-standing in striking style at Newmarket an r 7 ° , ' . SAIWOvyN i-L 

The committee's ire had been arrangement is part of the in May when comfortably out- Bodcns Rjde, a- half-brother 2.00 — Music by Hand tmitatopc 

aroused by an arrangement structure of the duty and was pacing Twice Rich over five by Grey Dawn 11 to Delta sierra, 275ft—' Newmatie ihiwukm • 

which has operated for the last taken into account when the rate furlongs. impressed whan S e “j0R 3.05— Baden's Bide*? ^SSTV weeks'*^ ust‘ end* «?t 

120 years. The distillers are was fixed. Such simple and There came a considerably less better or spitneaa neyiew at SO— Kerkorian Thuc*. s-iLsat, 

allowed to extract a small equitable arrangements should happy venture to Royal Ascot Goodwood in July despite run- ■ cjB??r ' - '""thb BEsf*R«iCAtG 

amount of whisky duty-free be encouraged and promoted, for the Coventry Stakes. Inter- ning extremely green, and he ^w-*oui linger lSnoonV eeIt niqht s Sut 

from each cask for essential test- not attacked as tax fiddles. craft Boy suffered the severe must be my selection. 4.45— Martingale R® Sl *^ 4f pwp< t - 


THEATRES 

HER MAJESTY'S. CC. 01 ^ 3 9.. 6B 9Sj 

#&r»T MSSt&J; 

A Oomed»™ E Tho?nton Wlloer " » |IM 


THEATRES, 

SAVOY THEATRE. 01-B3B 8M87 

Credit urds 734 477Z. Tom CodH )■ 
WHOSE LIFE IS IT ANYWAY? 
wttii JANE ASHER . 

I A MOMENTOUS PLAY I URGE YOU 
TO SEE IT." Guardian. 

Evgs. at 8.0. Fri. and Sat. 5.45 A 845. 


Tlirwa. with Batin' SenftxM. I DAtaJomv king's ROAD THEATRE. OI-35Z 7488. 
seats araltabkt for all Berfs from 10.00 on *o Tr!u“. g o Frl.. Sat. 7.30. 3-JO. 


SANDOWN 
2 . 00 — Music by Hand 
275ft — Newmatie 
3.05— Baden's Side** 
3.30— Kerkorian*** 
4.10— Soul Singer 
4.45— Martingale* 


Last Parts: swan 
R uannt. ScAauftus. 
Mixed BIIL 


«28 Srtl- 


Tamatrtr 

M 8 


THE ROCKY HORROR SHOW 

PONT OREAM IT, SEE IT. 

LONDON PALLADIUM! 01-437 7373. I 
Seatcmiwr 4. For Ono Week Only. 

THE MAX BYGRAVES SHOW ■ ■ 

LONDON PALLADIUM. 01-437 7373. 
Sept. 25. i-or One Week Only. 

LENA MARTELL 

MICHAEL 8ENTINE. WAYNE KING 


THEATRES • 

rr m LYRIC THEATRE. 01-437 3686. E*BS. 8.0. 

ADFLPHI THEATRE. C C. 01-B3€v7pi t- Mat. Thun 3.0- Sat. S.O «ana a 30. 

LAST 7 WEEKS. MUST END odt. 14. JOAN FRANK 

£tga - PLOWRIGHT FINLAY 

IRENE IRENE IRINC FILUMENA 

THE BEST -MUSICAL- .. eauim-T STwinoo. 



6X0 European Athletics Cham- 7.15 Crwydro Clawdd Offa f4). . . 

pionships. 7.45-8.10 Dr. Who. 11.00 Saskat- 12 M am Close— A speech froi 

6.50 Hoe-Down. - chewan— Y Wad Fawr. 1130-1 LSI one of Shakespeare’s kmi 

7J20 Youn 2 Dan'l Boone. News for Wales. , .. read by Michael BuirelL 

8.10 Miss United Kingdom 1978. Scotland— 345-6.20 pm Report- AJ! 1B.V Regions as Unde 

goo News ins Scotland. 11.00 The Beech- «ccpt at the foHoMng times:— 

9X5 Petrocclli. S? ScotianT' lWllM 

10.15 European Athletics Cham- Northern Ireland — 1.18-4.20 pm 
pionships. Nnrlhem Trplrmrl \w< 5 X54550 


10 45 Tpn Vrars aFLWT 5^5 Crossroflil3. 6JW Report- WcsL 6.15 

fmn, He port Wales. 6J0 Somerset for tb- Cup. 
12J0 am Close— A speecn frorn ^ “Fantasy Island" starring Sandra 
one Of Shakespeare’s kings Deo and Peter Lawford. 103S Letter to 
read by Michael BurreU. tetwr. lias Qniacy. 


THE BEST -MU5ICAU •• 
of 1976,- 1977 and 19781 
“LONDON'S BEST NIGHT OUT 
Sunday People. - 

CREDIT CA RD BOOKINGS aqS'7811. 
ALBSRY. 838 3878. Credit card Okas. 


DRACULA . 
with DEREK GODFREY-- ; 

SHAW 01-588 1394. NeSoul Yoatt 
Theatre m a new play trv Peter Tew 
ENGLAND MY OWN. E¥Bi 7J0.. LAST 
TWO DAYS . 

STRAND. 01-836 2660. EveMasa 8^9. 
Mat Tbars iii 3.O0 bc S«j :S wS.30 A a JO 

WE'RE BRITISH 

" LONDON'S LONGEST LAUGH— r 
OVER 3.000 PERFORMANCES 
GOOD SEAT5 £4 JtHEI JQ 

ST. MARTIN'S. CC. 01-836 1^43. Evgi. 
8.00. Matinee Tup. 2,45. Sats. S and >. 
AGATHA CHRISTIE'S ; 

THE MOUSETRAP 
WORLD'S LONGEST-EVEfi. RUN 

26th year: . 


JOAN FRANK 8.00. Matinee m * «« ■- 

PLOWRIGHT FINLAY ''ftJJMflomFTBAB* : 

eh URiFNA THE MOUSETKAP • 

by Eduarao ne rillDoa. WORLD'S LONGKT- EVER, RUN 

Directed by FRANCO ZEFFIRELLI. 26th YEAR. 

■■total triumph." Ev. News. -AN — . *' t . - 

EVENT TO TREASURE.'' □. Mir. "MAY TALK OF THE TOWN. CC.CH -734' 5081. 


IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times 


read, by Mich&Gl Burrell mjjj; 2? p niag y- . ■ ■■miraculoos musical." Tits.' Timei. 

in \ Rrtfinrvt sm VAndiHi HTV Cywra/WilBi As HTV General uu.m, rqy hudd and JOAN TURNER. 

t ’ lh u_„.- Sorvlue except: lJfl-1.25 pm Penawdau .^CONSIDER -YOURSELF LUCKY -TO 

at the foUowing times.— j'Mvrddion y Urdd. Comau jAletoseb. it again." Daily. Mtrrot 

. ., rr « . ' CantauuL E«LfcJ5 Y Dydd. : 

AINOLIA HTV Weib-Aa HTV General Semen alowych. 836 6404- Mrt SM2T- 


836 1071-3 .am. P«» ram MAYFAIR. 629 3036. Air cant). E*s. BO. 

Ixn S.30 and 8.30. Wed. Mat 3.00. 

iP^L?niie^km > 'Tna 3 PC wtimiU IS WELSH NATIONAL THEATRE CO. 

A THOUSAND TIM K WE ICO ME IS DYLAN THOMAS'S 

LIONEL T s . V. 1 UNDER MILK WOOD 

wm,*^ Y^DO “^04 N ' TURN m E*^ MMMAID. 01-248 TbS^'^slaur'^l 

SconSoer'yoursKflucky -to be 34B ““every r «5od 7 BOY ,nd 9,1 5 ’ 
ABLE TO 5EB..IT AGAIN." Dally. Mtrror, . SkewkiSv^ 


. ? DESERVES FAVOUR 

A fllay_ i or actorj jna orchestra by TOM 


10 JO am Djaomutt-Mhi- Dos Wonder, except: uo-uo cm Report West Head- 1 


t Indicates programme 9X5 Petrocclli. cnSd*"' NeWS ANGUA ^H^e^^HTV^&ral Semico ALOWYCH. _ 816 M04.JP<o 7 «* 5*3* -.AaVABS "a^VN"g,r».^ 3££M 

in block and white 10.15 European Athletics Cham- a • f o , - n 10 - 20 am DjnomuK^-tiiu Do* Wonder, except: L3HJ9 wn Report West Head- boyal f s“h1kespe5S^compAny « w and ez. ■■ no' one who loves 

BBC i SKEE ' „ SJS'M J.TJS “ “^5,“ SS* fifcC'SiW'St’ft'i? 

.mwj* » ON. Ih« ,w * 25*8^^.^ ‘ifSJfS ss*- 3 ^- u. , 5SS?»£ s ». -1g£2322 , t, wwr. sssgr&*J?&arJ£ 

«isj: i« bm«- asras- « »as iurMATS ma2S3&®3 &*~ - 

Grange Hill 1035 Bi" John. Little 11.31 The Lale Film: “Barefoot England— o-os-6.20 pm Look East trwA Qucauon. U-OO The Streets of San News ud Hoad Bepon. 140-Rmueiwny. --- 1 ,,,, "oiVvier 11 TJ n 9 ifr 

s,arrtas Jaoe iuShSw. m&sstJtisa “ -r 

News for England (except AH Regions as BBC -1 except al Points West A TV sjo Scotland Today. «o Ueenw and MwlwT'ta ' TWnmr o- 3 o F^dar are icro^eniurn .suae ■ Tompht 

London). 420 Play School. 4.45 tile mi lowing times:- pS SJuM&SSS^ Z SS&& ^/^ixbT^’creS Saturday « 7 .oo .ndj-is. 2&T|||TftJL«A5f nV^SJCS 

Aca'on Sax. 5.10 Play Away. \Vai c S~-l.S(M--1j pm (Plymouth) = 1100-11^0 E'ist 1J0 pm NewbdesV.. US General Emcrauons. XUH FesUcal TS— Mulam A £JS{^ A a °°B S oo Matlneef T Tu“ V.Zsi C° T TE3LOE .(small audiioHum.: p r0 m. 

5.40 .News. Mor. n.10 TehfTant. S-M* 8 * 10 /Jci^VnhV h- Hoeplui. 4J0 Chrlyumher Cruxnpers Karlin. UjCLatcUaU. lUO Poltee ; N,Blrt * v V-,'“n *t 5^ a pa^u®*' *' ^ 2 «" s - m* 

5.55 Nationwide (London and Crystal Tipps «nd Ali<lair. 5-i5- On Camera. Mid piaymaie. 5-» B-w** jo rtic Land, mo surgeon. . fathiciC^argilI *« tony anhalt ***•' ehM D 

South East only). 5,U Wa.es Today. «*> Hedtiiw. 3S SOUTHERN - SBsSnABT 

Makers: North East (Newcastle) OTshl Fllm: De ** ls ‘' Woman. i*JB WCJ2 

FT CROSSWORD PUZZLE No 3 759 Friday North: North West (Man- BORDER Circle, i U« Tlw World clJolle Green. E^o^d and tOD-nnee 010 prospect at the 0 L 0 9 v^r T616 ' 

LIVVJOo TTUIVD rULLLEi ivu. J./J7 Chester) Northwest oF West- lOJS am brnorami— lln* DOS Wonder. U 20 pm Sonthcni News. US Ten Times »«at *7.50. phospect AT the OLD Vic 


ROYAL F SH E5p| 3^E OI COMPAN r . 

AS - WM , «aasw l a 

^^eASK^Tni^wS.*'” 81 


MtTS THEATRE. - a’ 836 21 “■ 

’ T °m*rr linen 

' Tiitlt^Y ^.3^* J'rtgaY 'ami 
Saturday at 7.00 and 9.15. 


STOPPARD and ANDRE PREVIN. Sean 
*4 63 and £2. " NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
Kg" COMIC ART CAN POSSIBLY 
MISS THIS PLAY.- S Times. - At last 
? ond_ brilliant and serious 

a political play. CINc Guncs. NY PosL 
Run e xtenaed to September 30. 

■oLnP.C* 1 ' "WBATW- „ S2E 2252. 
OLIVIER 'Open staBCi: Tomght 7.10 
7 Za THE CHERRl- 
ORCHARD by Cneieho# tram py Michael 
frayn. 


Air Conditioned from 8 Dinlnp-DaKIng 
9-30 SUPER REVIEWS- ' 
RAZZLE DAZZLE 

At 11 PETER GORDENO 

THEATRE UPSTAIRS. 730 1554.. Eh 7_3Q 
PRAYER FOR MY OAUQHTTSt . 
by Thomas Babe “extraordiiunr-rfetmeM 
and complenltv.- GuanHin. - 
VAUDEVILLE. 836 9988. CC. . EigaT ILO. 
Mat. Tues. 2.4S. Sat. 5-00 and BJML 
Dinah SHERIDAN.. Dolde'.GRAY 
A MURDER IS. ANNOUNCED 
The nenes: whodunnit by- Agatha ChrWe. 

- Re-enter Agatha Christie -With anodn- 
whaotinnlt hit. Agatha Christie is- stag- 
ing the West End yet wain Mtb aoethcr. 
Qf her fiendishly Ingenious W iatner 
mvstones," Felix Barber. Erenteg -Neu*. 

Year’s run must end Sept -30. ' 
Limited Season: Onober 2-December a, 
_ A N EVENING WITH PAVE ALLEN , 

VICTORIA PALACE. „ ■ . • _ 


0I-82B 4735-6. 01-834 1517. 

'Open Stager: Tomght 7.10 I STRATFORD JOHNS 

SS52TKH. i' 45 - * na 730 ™ E CHERRY SHEILA HANCOCK 

ORCHARD by CneKhor tram by Michael ANNIE' . „ 

F rayn . ! Evenings 7.30. Mats. Wed. * SaL E45. 

WffSSI ssas-'.JSrtSS 


7.45 -Twnarraw 3 and 7 45 Hew once: 
prevsi THE PHILANDERERS by Bernard | 
bnaw. 


Garden. 836 6808. Royal Shakesoean 
Company, Tonight 8.00. David Edgart 
THE JAIL DIARY OF A LOSE 3ACHS. 4B 
seats 61.80. Ad». bkgs. Aldwych. Student 


F 

.T. 

CROSSWORI 

D I 

>UZZLE Nc 

). 

3759 

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Friday North: North West ("Man- 
chester) Northwest of West- 


| minster: South iSouthampton) HI-® T cil Me Why. Ui» M«yc Circle- Emoty. 2Un Women Only. 4J» Cartoon 
One Mnn*« '\Iiicin- «:riiith uw M- 3 ® Th ‘' World or Julie Green. 12JII pm Time. 5.0S Weekend. 5JS Crossroads, 
unc Jian ■> UiisiC. ftnuin west nc S|OIT Df Wlne B „ rter News . fc00 Day by Dw. MO Scone Sontb Bast. 


(Plymouth) Peninsula: 


Survival. 2.00 


Alter MO TUI Me Another. 


(Bristol) Chinese Riddle: Cots- Noon. 4.00 cartoon Time. 5J0 The Island.” 10.30 A Southern Report 


woldkey. 


BBC 2 


6.4B-7.33 am Open University. 
11.00 Play School (;\s EBC-1 
4.2U pmi. 

4-55 Open University, 

7.00 News on 2 Headlines. 

7.D5 Children’s Wardrobe. 

7.1# News on 2. 

7.33 Six English Towns. 

R.03 Arabian Fanias.v. 

OJDO Jazz from Montreux. 

9J3 Horizon. 

1050 Don't Forget To Write! 

1 1.10 Late News on 2. 

11-20 Closedown (Reading). 

LONDON 


Saturday* at 5 and 8 PASSION ““ - «"*■ 01 ™ E swndbVEi 

PATRICtfCARGILt^nd^TD Many _ cxmUCiii . cheap ioari alt = ..hfatres I WHITEHALL. 

STie Worid-Fanious Thriller Sill oeff- Car pari. Rcviauranc 928 E«3S. 8 30. 

by ANTHONY SHAFFER Cd2rf.» SXSn* £ * ,fl bk9S Jas2 - *"■ Paul Ra e vmo 

—Seeing die *lav Main Is In last an LOddibanliig. Se» 

uu«r and total loy," Punch. Sou prices rrr~~~ _ 

EidO and 64.40. Dinner and too-pnee OLn VIC. 928 7616. t lJ 

MUt £7.50. PROSPECT AT THE OLD VIC ‘WINDMILL 1 

Anthony Oiuvlc in • iwr. 

ifffl ld 01-427 2663. Evenings 8.00. ■ . ™ e RIVALS i 5 

Mats. Thurs. 3.00. Sat. S.00 and B.00. TzIY 11 Jf. n 1 5 8rnefl, t James Aubrey PAUI 

DONALD SINDEN 'SSattSSl ' «5K nCl 5 G 'i b ? rt - . C;,r 4l Clll-os. 

-■‘Actor ol the vear.” Evening, Sundaro """new Gumncsi. Mel Martin. Trevor THE ERD 
-IS SUPERB.” N.o.W. MariUn. Christopher Ncame. 

SHUT YOUR EYES AND Senl 4 7.00. Talcs to t 

THINK OF ENGLAND Previews Today and Tomorrow 7.30. permissible 


•n^rrnilu APOLLO. 01-437 2663. Everting* 8.ag. 

Macs- Tnuri> 3.00- Sat. 5.00 and 5.00- 
nth East. W DONALD SINDEN 

"Fantasy -"Actor ol the year," Evening, Standard 


THE JAIL DIARY OF ALB1E SACHS. M 
seals £1.80. Adv. bkgs. Aidwych. Student 
standby £ 1 ■ ' 

VHITEHALL. CC. 01-930 669Z-77ES. 
E,gs. 8.30. Frl. and Sat. 6.45 and 9 00. 
Paul Raymond n resents the- SensatUMM ' 
Sea Revue ol the Century 
DEEP THROAT 
7th GREAT MONTH 


•IS SUPERB.” N.o.W. 


Panridc' 1 Family. 6.00 Loo V a round Frl- Southern Mews Extra. lUd Quincy. In^land 

day. BUS Film: "Fanias? - Island." UJB TSVILIC TCCC "Wickedly funny." Times. 

Festival. 11.00 The Law CctHT*. UN TYNE TEES ■ . ■■ - 

Border Summary. ,j5 T6c G(Wd Vort muowed by HSgfaJSgMBSl 8 C pm? 

nUNNP! North E«SI News Headlines. Tamn. 6 00 and e.45. tBuhet 

Vn.-LIULL nos SlaKin r.lrrtr IL3S The Work! Of ,«ui »»llahii>i. 


WINDMILL THEATRE. CC. . 01-437 . 6JT2. 
Twice Niahliy 8.0 and 10.0 . 

Sunday 6.0 and S.O j. . 
PAUL RAYMOND present* 

THE EROTIC EXPERIENCE Of THE 
MODERN ERA. - 
Tales to unprecedented, limits w«t H 
permissible on our stage ” Evg. NW1. 
THIRD GREAT YEAR 


fHANIVFI Noriii Ran News Headline ®. jut Tamm, fh and s 

UlAillYLL 1L0S Made Clrdc. UJ5 TU»r Work! of f 

UO pm Channel Lunchtime News and Jolie Green. L20 pm North East Newt 
Wbai's un where. UO This Snort uw and Lookaround. L30 Father DMr " InlecD ou*. 
Land. 2.00' Summer Alter Noon. 4-00 Father. 2.00 Summer Afternoon. AM jwri-unmipi 
t'atioon Time. SJU Friends, ol Man. UB Car loan TUoc. 5iD Gambll. 680 JScieou' 
Channel News. 6 JO Valley uf the Dmo- Northern Ufa. US " Fantasy Island.' 1 
saurs. S.15 TV Movie: "Famasy Island.” 10 JO sportMime. 11.00 Celebrity Concert BEST w 

1Q^B Channel Late Nevis. 10.32 Summer —Jack Jones. X2JW Epklamc. tvtNlN 

of -W. ll.w haffeni - . UJ5 News and y rTrD Cambridge! 

weather in French. ULSTER SrIK 

rn iimi i v ,a -* * m Thr Secrer Lives or Waldo 

GRAMPIAN Kuy. 10.40 Tell Me Why. UJ» Maaic - ■SEiS" - 

9.3 am First Thl=s. 1DJ0 The Beach- CM*. Ta ° tt ’ orW ^ JuU"! Green. ^^seat 

combers 10.45 Tell Me Why. UJB ^ nm LuncMime. L30 The -fllory ol TH 

Masie Circle. UJO The World of Julie w,ne - ^ The Blectrie Tboatre Show. Dinner and 
Hre.u. 1J0 pm Grampian News Head- 4?^°°“:. A13 Ulwcr News HeadllQCB. 
lines. Utt survival, loo Summer After £“ The v MUNM 6.00 Utater Tele- CHIC rSfl i l Jr?: 
'innn. 4.00 Cartoon Tim-’. 5 JO Flair. Ylalon News. I.(S Crossroads. *J0 the 

LBO Crampiaii Today. L10 Partners. « PoUc . c Sl *’ 2 M .r 

1.15 Feature Film: "Fantasy Island." l stend- M UJO Dan Ausun. 1130 Bedtime. U 


Frl. and Sat. 6.00 and 8.45. (Outlet 
food avallabtci. 

ELVIS 

" Intectlous. appealing, toot sUmpim and I 
heart -Un-mping." bsermr. Scats 62.00. 
66.00. Hali-tKjur before show best avail- 
able seats £3.00. Moh^Thurs. and Frl. 
€ jwt .«*rf. only. ... _ 

BEST MUSICAL OF THE YEAR 
EVENING ST ANDARD AWARD 

CAMBRIDGE. CC. 836 6056. MOB. Ip 
Thurs. 8.00. Fri. and LaL 545 and 6.30. 
ipi roMBi 

Exciting Black . Atrtxan Musical 
. '■ Packed with vartqtVi” Dailv Mirror. 
Seat Pricey &2-00-&5.DO. 

THIRD GREAT YEAR 
Dinner and top- price seats £8.75 IncJ. 


PICCADILLY. From 3 30 am. 437 a SOB. I — 

c!7 -, » -I 07 . 1 Mon.-Thur. 8. WYNDHAM'S. 01-836 30ZB. Cradil Cart 

L. 5 15 .' A,r co ' w - "Dom:n- Bkgs. 336 1071 tram 8.30 P«".-<|Joa - 

Humour Thur. B.O. Fri. and SaL S.iS.and 840. 
the BROADWAY STAR" C. E»p. "ENORMOUSLY RICH -' 

-v . SYLVIA MILES VERY FUNNY." Evening N»4»s: 

Towering performances ” D. Mall. Mary O'Malley's smasfilfcit ComedV 

. „ V1EUX CARRE ONCE A CATHOUC ' 

ny .TENNESSEE WILLIAMS ” Supreme comedy on sex and reWion, 

■ _WorKs IIFe magic. ■ Financial Times, Dally Telegraph 

There has hardly been a more saliUvng "MAKES YOU SHAKE WITH 

evening ,n Uio West End . . . ibe BEST LAUGHTEP.” Guardian. 

COMIC WRITING IN LONDON. ' oSs 

: _«* running like an electric current YOUNG VtC. 928 6363. Opens 17 5cpt. 
Annirrri VINE INSPIRATION— lor 2 weehs only. PETER BROOK'S 
MVBMnTir ,.*U 5 HUMOUR — ta-noirs Paris or eduction ol -ARred 

JirpNOTIC EFFE C T, O. Ma .f Jarry's Farce UBU In French!. Em 74J 

FALACl. CC. 01-417 6624. * '^l' 50} ,5> ' A " W “ K ' i ° 

Mon.-Thurs. 8 0. Fri. a. Sat. £ 4 a.CQ ^ L»-50>. 

. JESUS CHRIST SUPERSTAR ! 

nr Tim Rice and Anorcw Lto-d- Webber i 


CINEMAS 


1.15 Fra i lire Film: "Fantasy Island.” tsisno." ifljo Dan Austin. 1L» Hediime. 

9 JO am Elusive Butterflies. 9.55 io.» Dan aususi. u.» National Film wcCTU/ADn 

Talking Bikes. 10 JO Oscar. 10.30 I:p ' ,rd of ,Canada. i:j» ltcdcctloiu. lYCSlWAKU 

Animated Classics 11.15 Focus nn ^" 0S r’H Head- lOJB am Clasr,lcji rain - Talus iRtunpeL 

Wildlife 11 40 FNi» ito ftiiwm S ‘ f8l,#lw<l "* Rojd Rcpon - suliskln.. UM Tell Mr why. UJB 

*2 |J * Uie 1200 r o Iiwim hum- Circle. 11.30 The World of Julie 

The Lejrnms Tree. 12.10 pm uKAINAUA- Green. lUrpm qk Honey bun’s Birth. 

Rainbow. 13.30 Look Who's Talk- 1B,S Sesame 5irn.-i. 1L2B Tlir Jei- days. 1-20 Westward News Headlines, 
ine. 1.00 News nine PT inriev *°'«- A Haiulful nr Sdpsk. 130 pn LJ This SpurthiE Land. 2JH summer 

i -»n pKtfAnii i 71,14 lj * VoDr 1{ w a[ - !■» Gambll. 2.M After Noon. 4J8 Cartoon Time. ilO 

tZT?; &rni L. 1 , P amily. 2.25 After Noon. 4.00 Cartoon. 5.85 Tlw Friends of Man. ftJ» Westward Diary and 

„.... 3 ,rorn f*anuovn Park. 4.10 Undersea Adrenriircs uf Capioiu Nemo. 5puns Desk. 1.15 TV Movie: “Famasy 


L 0243 81312 PHOENIX. 01-836 2294. Evenings a IS L— . 

t. Mb > IM ill 7.00. Matt Wed. 3.0. Saturdays earn i a In * BC 2 SHAFTESBURY AV. B3£ 5B6I 

IE ASPCRN PAPERS _ f'T|M BROOKE TAYLOR GRAEME Sep Peril.. ALL SEATS SKBLE „ 

2.00. Scpi. 5 and 6 at 7.00. GARDEN make us laugh ■' OaHv mw 6 3.' A SPACE ODYSSEY fUVTOmni 


tmes. fallowed t»» Road Report. 

GRANADA .. 


Tonlgtit. S*pt. 2 and 4 at 7.00. 

THE ASPCRN PAPERS 
Sept. 2 at 2-00. Scpi. 5 and 6 at 7.00. 
L O OK A F TER LU LU _ 

COM COY. ' 01-930 2578 

bvga. Mon.- Fri 5.00. Sat. S.UO and a. 30 
Mat. Tnurj. 3.00- 
EDWhnD WwOuvvARO 
BARBARA JEFFORD In 
THE DARK HORSE 
by KOuenwY A»w iiuon 
*• Excellent family entertainment anyone 
ol any aob is likely to cn|oy." 5, Tci. 
■■ Damned good theatre.” Sun. Times 


I “'WOFN- make us laugh.' Daily Mail. 
THE UNVARNISHED TRUTH 
.. . Comedy Lv Hover Rvion 

HA^r ,G ni C i?'” Y v ' th OUGHT I WOULD 
K&y.LJL 1 ?. 0 . Sunday Times. - SHEER 
PCLIGHT. Erg. Standard GLORIOUS 
CONTINUOU S LAUGHTE R " Times ° 

yjJJJ^HD. CC. ifornierly Casinol. 




him Wk. & Sun: 1.30. 4.35- 7.55. Ult 
'.how Sa:. 11. OS. 

2- CONVOY iAi 

WL-. A Sun- 2.00 5.20. 8.20. L«e ***** 

Ton r Bht_i_ SJ t. 1 1.2 0 

CAMDEN PLAZA mpp. CaRlder* TowS 
Twbei aB5 244 3. Mar Ophuls greatest 
him LOLA MONTES >AI. 4.20. 6.30. 


" Americana wllllortW,"’ Gdo.” A fauqn by TiinR.ce and Andrew Llcm-Webanr 
a minute," D.. Tel. ”6pportumtles br.l- Directed by Hjrrtd Pr'nt, ^ 

liatiily sclreo by nrst-iate cast. A most — — —2 _■ 


ACROSS 5 Commission removal uf leaves 

1 Bob kept short by Surrey $4, 3) 
extremes (6i 6 Boxing News seems suitable 

4 Sea trip oITering Dedestrian for random jottings (5, 5 1 
protection iS) « Pub (The Queen Elizabeth) 

10 Shady property dealer set to „ ^ 

catch bis fl’sh (4, 5) 5 ! ie ^ and w . c h ear •ft' 

11 New beginning ln social 9 p ? 1 * !>™ a prize Tor fiery 

advancement i< a wash-out (5) . weapon 

12 Skilful newsman returns to 14 P^sh fuss upset girl lead 

paper (41 - singer (5. 5) 

13 All-rounder, actor or spares 1( wbi ?o. a craftsman feeis al 

dealer" (3 ” 5) home (9) 

23 Two 'creatures producing 18 Salesman takes on the French 
tungsten (7) knight turning up for revenge 


Children of the Slones. 4.40 Run- ?■?? fc - 00 Granada Nctw. island" man-ins Bill Blxby. WJ* West- 1 cwteriopi.' gso 32lb. CC BiViofi-s. 

around 5.10 Balm-in b - 1D Kk '-' niT - Cartoon Time. U5 ward Ljic Kpu-u. UJB Summer Of 73. 1 Evas. 8.0. 5aL 5.ao. 8 -U. mun. jo. 


around. 5.10 Batman. 

5.40 News. 

6.00 After Noon in Action. 

6.25 Cartoon Time. 

6- 35 Crossroads. 

7- *>0 Athletics: European Cham- 

pionshins. 

8.15 Backs to the Land. 

5.15 McCloud. 

10.00 Ncus. 

10—0 What’s on LWT. 


at tr active and gWtrwHUwB eymunB.*' 
CRITERION. 830 32(6. CC B36'l0' 
Evas. 8.0. SaL S.JO. 8 .ill. niur>. 
NOW IN ITS SECOND YEAR 
LE5LIE PHILLIPS 


LESLIE PHILLIPS 
in SIX OF ONE 

A HALF DOZEN HILARIOUS YEARS 

"Ve f T fimny." Sun, .Tel. 

DRURY LANE. 01-536 BIOS. Man. la 


RADIO l 


klD. Kkv n/T. 6.05 Cartoon Time. 815 ward Ljfe Neu-S. UJS Summer OT '7S. Evgs. 8.0. SaL S.jo. 8 jiI. mure. 30. 

"Fanlnsy IMand” uatTlns Eill Bueby. ILBO Haffcny. 11J5 Fgllb Wr Ufe. NOW- IN ITS SECOND YEAR 

C«.lobri|y Com.-en— Henry MaiiaiU. vAnr/cninr in^ix of one 

tU^O -TThc Love Goddesses." U55 am V ORKSHXRE A HALF DOZEI? HILARUJU5 YEARS 

A Li.de Nish. Jtae. KL20 « Tanun . uia The While Slone. s ssSF^ SSrv Ss^^ SSSTlia 

HTV oF Jtnhkinmaha All. B OO. Marliwfi Wed. and' SaL S.Oo" 

inlSj^r r„ Dl S,r U,I T :I ^ l,0? M» Summer After Noon. A« U &m<wn "A rare. dMaSSnof^lovtjtii a*tofiiU| ^n B 

i?"S ti' , ‘ Why ‘ 11-05 Mas,t ' Clrcle - Time. 5JA Calciidnr Sport. 6JM Calen- Munne r." Su n. Tim«. 3rd great year. 

n7-SJ" f. ulic <iro S ,| L roi flar fE»lC7 Moor and Belmont edlUonsi. DUCHESS. 836 ,8243. Mon. to Thu re. 
u-?T. HMUJWWV' Report 805 " Fantasy Island" a airing Bin Blxbr Evenings 8.00. Fii., Sat. bos and 9.oo 

Lurt.-reea Adremgr,, u f Cagla.u Memo. c,-rt^,cK Jones. dJke OF YORK *S.~~~CCT~ pi«‘836~5122~. 

"FANTASTIC” 

' 1 1 1 GODSELL 


SaL 5.00. Marliws Wed. and SaL 3.00. °ElSf N ? - o f , Cr 3j 1 ' 1 , *-arm 01-734 1166. 

. A CHORUS LINE ■ 1^- ->•00- Sj( 5.00. BJO. 

•• A .rare. jievastaHno. ^hmw^astofliunnR SS-ii.o?/ GEORGE _CHAk iris 


Kunfwr." Sun. Times. 


ijo auunds uf Britain, and Peter Lawford. 1836 An Audience 
2^\i«nen Onl y 4.69 Popcj'c. 500 The with Jasper Carron. U-08 Celebrity Con- 
Luii’.rspa Ad7i>vmircb uf CapUiu ^emo, a-rt-^Jidc Jorina. 


hr Tim R.ce and^An rbevi Llor d-Wi>hn^r i ASSIC 1. 2. 3. 4. O-lord Street ‘Jy®" 
Directed bv Harold Print.. 0 ! J'Srten.hari Coun. R_d. Tube?. 636 0310; 

Saaoal Season cl Film Emerlainmcni ..or 

PRINCE OF WALES, CC 01-030 3697 ! Ch.lftren 'an,j Adului. One or»cr MB- 

LAST 6 WEEKS MUST END DCT r 1 Mon -Fri 1 1 a.m Doar« 10 45 a.m 
Evgs. 8 0. Saturdays S 30 r nd J js j T ,i* E GYPSY lU). THE SKY 

THE HILARIOUS I r. ,RATE ^ ‘ U *- 

BROADWAY COMEDY Mll'tl.-Ai ’ u an0 A ariWS Children hall-prlCC. 

1 LOVE MV WIFE I THE BURNING POINT iA». Full Slefrt- 

Starring ROBIN askwith I g'W'v Sound Progs. 1.05. 3-30, A9& 

CREDIT CARD BOOKINGS M oV j ^aU'/ S.T S^WlSB 

STfeffi 5 - Vi!: SS!«^iCT^ 0 ^TO. l *■ prc ^ 

RICH aRD H V r C L P w * e ??Sl, C .H. Afc| R | S 3: FM .a.. THE WAITERS iU>. PrOO* 
RICHARD VERNON J-JMES VILLIERS 1 00. 3.30. E.00 3.30. Laic- Show .1 1 O.m. 

er°o^“ n o^ a-Rsfcjaw. m rs£ i^.« 

ch s A,n?s°a 5 w M^AcV^xSfa^ 


RICHARD VERNCN JAMES VILLIERS 
.. THE PASSION OF DRACULA 

EROTIC -‘’ok- E '.. S J?.M« TH, * a L«NGLY 
O' 1 - HIDEOUSLY" ENJOY. 

A '-goo G o eN C U L'^ N T ^ R R R Y°% UN S : 

CULAR 


16 Briiliant to take plane round 
wood (6) 

19 Cricket hall found in the deep 
here and in France (6) 

21 Quietly continue to venture 

("i 


247m ^';?r u -*» Hm&:ilS!rin and Elcar US Woman's Hour Irom Cardiff, tm.-ludmc 


GODSELL RAYMONORtVUEBAK.CC 31 -tsi iw 

"BURSTING WITH ENJOYMENT." O.Tel. At 7 ocn. 9 gm. 11 am. Odm Sui- 


, . . , «» SmTeytonlc bruadast ETgJSf Ustcn ™ 

kmght turning up for revenge SJI11 , m w 7 ”% 3u! Burnc(t . uk* bKISS' SSLSnffU K tt '^Sj^dma^ 

•>0 f., l,] . ■ 480 Simon Bates, ujo Dave Lee Trails ( ,,j. cl:a J' N«?ws. L85 Play- TribBtc to the A ml rail an baistnan. capiabi Saiwday 5.00 aiw 5 " 8?i»0. 

20 Cattle blushing over parrot ;rt£. me Radio 1 Roadshow from Toniuar. Northern Symphony and admimsfralor an his 79rt birthday. Murioi aviow •« miss Marple in 

(7) ms Pe:.T Powell. 1^1" ,Sl ; “ Snog RfcoUI (S>- 4J5 Story Time. S.00 PM Repona.. 5 j» ™ u £8?S T f r a £$ir VI $8& GE 

01 Ctnnnail Hail satiinn amnlnvaH 2 - w Tony Blackburn. 4J1 Kid Jensen, m 1 ™ \?“S B , A ? m * Bedtal 1S>. -4JM Enquire Within. 5J5 Weal her: programme B!S5 L c j! S L ? E M- 

~ L 7c? PPCd dad setting employed tjo Snorts Desk I Jains Radio 21 10.02 ^ ,Sl - «« Ttur Voung Idea news. «J8 News. IJH Golrus ptaeey. 7.BQ c TH EAI R ^i n CC i.. 0, V a 3S J «PS 

(6> John Peel (Si. 12.80-2.82 am As Rsdtu i «« Homeward Bound. 36to NevrtL Ncxi. 7JS The Archers. 7la Pick oflhe ^^1 Mh?H YWESTGE MMA 5 jOri t!' 3 

22 Humiliated by sailor like RADIO 2 l-jOOm and VUF ^ I ’ rofllc ' 1 micmaIl 1 KiTCHf n 10 

Edward c 6 > ^ „ v “ p nZT™ - D Lelwe and mxmtWL 7 JO why. *JS Letter From Aimdra. 930 in haroCd piNTer-s 

cAtwaro »o» 5.00 am News Summary. 5.02 Ton* *8. part 1: Uourr 1S1. *-ii Gdlnbiirab Fmital- Tbe Zurt,-b Si-aimi- the homecoming 

Brand 00 <S> tnciodine b is tu« c . °IW Shakespeare’S Marnare oaib .“J!!, .1 1 . ■■BRILLIANT. A TAUT AND. EXCEL- 


Prtcn 62 to £5. Best seats £3. 't-hour 
Beliwe Uiow at Bax Office Mon -Thurs. 
Frl. Mar. all « 3Cts £2.50. Ev&X 8.15. Fri. 

and Sil. 3.30 and H.30 

FORTUNE. 830 2238. Evs. 8. TFlUrv 3. 
Saturday 5.00 and 8.00. 

Muriel avlow as MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


•EATRE. CC. 01-836 aaoi . 
wed- 3.0. sat. 5.30. e.30. 
Y WEST. GEMMA JONES, 
ICHAEL KITCHEN 
HAROLD PINTER'S 


INEXHAUSTIBLY 


Scotch (51 

28 The firs! clue to be united by 
a vote (3. til 

29 Consternation about two 
beginners found in miserable 
fashion (S' 

30 Soldiers (Territorials) left in 
tbc mind lti> 

DOWN 

1 Invoke visit to the ground 
1 4, 4) 

2 The call over oddly perform- 
ing fleas may sound wrong 
(4. 5) 

3 Scarf that's waisted (1) 


BGjEJBQ.Hnn 
EEEsa EEsaciaan^ 
anEssPEE 
nnnnnEEEE cieqee 
EBB m s 
ESBB5 EEQEG3EaS 

m h s a n a . 
EBEannana edese 
s rasas 
sranEES EEHEEaass 
n E-rasEnsra 
sasaEEnnB ranass 
b a -s m m m a n 
araEES-Hfi 


nSS jnSnJl LiclmUns I.4S Spons XSSE.' UJ64U5 ai Bedtime. 1U! The Financial World 

Desk, zjo David Hamiton <Si Including ‘onisni s Sebubcn Son* I3i. T>inleii:. lljo New*. 

tja WaMonors' - ” a -' r ® 1 V J IF am and DRf Ratlin Tnntlnn 

Walk. (L/S Sports Desk. 4-50 John Dunn Wn Open Unlveralty. IWIUO fjOEOOU 

JSI including S.53 sports Desk, fc.33 Sporia „ 20fim and 94£ VII F 

25^- PET-we Your Partners at the RADIO 4 5J» are As Radio 2. *30 Rush Rout. 

5“!S» 'Si indadlng 7.30 wiu. ,J " London Lire. JiOl pro Coll In. 

. 1 *- 02 „ J '^ n Foa condocis 434m. 330m. 285m md VHF 2i» 206 Showcase. C03 Home Ron. 600 

„°r«* , esr r a 1 S 1 . B.4S oni New* Briefing, boo Farming London Sports Desk. *J5 Good Ki shins. 

SS f i? l ? t J3,J?“2, ,C N ‘** 1 lS1 - 7-SS T 0 * 1 *!- y® Today including MS Prayer 7.80 Rocks off: 7 JO blade Londoner:. 

i«« i-r. ^7,f Games Pewlc Play. Day. 7410 and 8.00 Today's New*. «J* Track Record. ULM Late Night 

i wkfi P«le Winstow'B JJO and, *J0 News Headline*: Tj 45 London. Uto-Clote: As Radio 2. 

KSrSSiSi Sporu Desk. XUS Jtowhi for :be Day. UM Daisy Hiller. 1 o„don Hroadl-aif 
■I^h? .{Ti?*?? 6 ” RouDd Mhi- *■» News. 44B Local Time. 9JS Hk- Ufe ^ V “ UUB Dl wa Mr asll H5 . 

ti.M .News, 2J0-2J12'am and Times of the Plano <S». »J» News. Sftltti and S7JS VflF 

18-05 Checkpoint. 10 JO Dally Service. UL45 5JH am Morning Mitttc. LN A.M . 
RADIO 3 464m, Stereo & VHF **««>*« Story. UJM News. 1U5 Manny nonstop news, uronnariaa. trawl, apart. 

JUS w Weather TAO v™, iR* r,, ?« 1 of >-«* SblnwaUi. UJB Old Brian Hayea Show. LOO pwi LBC 

Orerrarc isi i-Jf 0 a* 5;. J -05 lJ i n 01 Gardcaag. U00 News. Reports. 3.oo Ceorge Calc's 1 O'Ctedi 

Conc«t IS< ‘ b£4i‘ «h'S.i, forn J^ H* 2 •!" v ™ “4 YoBfs. 12.27 My Music Call. 480 LBC Reports luoniluuM-. LOO 

S MS T^c , ' M '9* 12.K Weather: projranme new*. After K«bi. 9 JO Nlghtllflc. LN am , 

***“■ ”** Composer: UO The World ai One. UO The Archers. MIsM Extra. 


Guardian . " NOT T O BE MIS SED 

Fve3 E 3.0. B 3 iO CHANGELING. riir«to"r VcTEr'* G rLL. ,r,t 

ALAN KCKBOURN-S NjjW Comedy PLTT, CO AT 'rebe l t-ION'^t^ ^ ‘ n 

■■ Thi* must be the haopiest lauotnrr- • — ■ — 

L^nvlDn." O. Tel. " An KreslM- ROYAL court. 730 174S. Air Cond 
IWy enlovablc evening," Sunday Time,. From Seat. 6. ere. a: 8 v " no - 

■ - — - — - — - Nlcol William. an in jann OiMrM 1 , 

»BE*»“’irH THEATRE. 01-890 7755. INADMISSIBLE EVIDENCE 


ai v am. g gm, 1 1 pm. Oacns Suns 
PAUL RAYMOND omcnl: 

THE FESTIVAL OF EROTICA 
Full* a;r-ccniji(rtrwj 
21-( SENSATIONAL YEA R < 

REGENT •Otrore Cireu*>. ai-Si; (lit:., 
Evg*. 8.30 Mats. Frt. and Sat. fitoo 
JAKE . TTHE^FAM(LY TO ° 

THE GREAT AMERICAN 
. a , B ^ CKSTA .°. E musical 
.. c Financial Time*. 

Smart swell show.” Oaiir Ennroii. 

So eniovahlc. ' Suniu, T.irn-.. 
Lvrtcs have more cieaancc 
Wan those lor EVITA 
movie more 

inan that lor ANNIE." Sundav T-H-nr 

Gre en Card bo okimt— S eats Wm £?; 


Time*. I RIVERSIDE STUDIOS. 


CURZON, Crmn Slrccl. W.1 499 S7J7; 

' Air-Conditioned). LAST WEEKS OURZU 
UZAL A ' U> (n 70 mm itngliih iUk-JHlM* 

A Km bv AKIRA KUROSAWA. 
"MASTERPIECE." Tim«. "MASTER- 
WORK. Observer. MASTERPIECE.” *■ 
Newt Film 2.0. 5 45. B.20. Sun. 4 * 7. 

LEICESTER SQUARE THEATRE i9M S2Sj? 
J.IAT.' IAI. Sea. Pert*. Son. 3 30. 

T 45. Wij 1 00. 4.30. 8.10- . Lm* * 
Night Show Frl. £ sat. 11 46 pm. •■1° 
perl, bkblc Mon -Fri. AM pert*, bfcbje. 
Sat & Sun. etccpl Lale Nlgni Show. ■ 

OOEON. HAYMARKXT. >930 273BI277H. _ 
MIDNIGHT EXPRESS iXl. . Sflpu PW-' 
OW. ai 2.30. 5 SO. a. so am. Late shw* . 
Thure.. Frts Sail and Sunt, dofla* open 
11.15 am arog at 11-45 pm. All .scan 
bkble. 


!. 6 JO Rush Hour. IMv w,| w*ble e vening. 

JiOJ PM Call In. GREEF^'irH THEATRE. 


■ NEWEST PLAY 

™E MITOR REGRETS 
E venin gs 8.00. 5aiurflay» 3 and 8 . 

HAYMARKET. 930 9832. EYgi. 800 

Wednesday 2.30 Saturday 4.2a & a.oo. 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR BRON. TREVOR PEACOCK 
and IRENE HANDL in 
A FAMILY 

A new play by RONALD HARWOOD 
DIrrtlW by CASPER WREDE 
" An adnlrible play, h on ret, well eon- 
teived properly war b ed am. fmhly and 

fittingly! written, richly satisfying. Paul 
Scofield at hi* be*t.” B. Lovm. S. Tbnu. 


Preview? 29 Aug.-!' Sop.°V JO® am'rHC OpEON. LEICESTER SQUARE. i930 61111 
CHANGELING. Director PETER GILL, 1 REVENGE OF THE PINK PANTHER (A*. 

■ ~ - — — — — — SfD. Progs, Dlv . Poors odoo 1 .45, 4-50 

2J”! DHe !V Sfi DOWNSTAIRS 0T-ZH7 7 - 4S - Lai ^ aioort Thurs.. Fr*.. Sit. Do Ort 
. Yprnn Theatre In S 1 **" 1 ' 15 Pm. All seal* bkWO. at me 
PETTICOAT REBELLION. Ev* 7 30. HIP Office or by Post, except ITnire. 

OYAL COURT 730 1745. Air~C^7 -- — — 

„ , From Sept. 6. ere. a! 8 " ODEON. MARBLE ARCH W 7 <723 

_ Cl iJBsaaaiaa 

Mg^yTrinjred?^ "f’ndar * -Ts' V.as'. Sun. 0D j.ob. 7 '7.JD S» 

USAUT Sr«! s- Daon ootn 1 * ,s 


ROYALTV. Credit Card*. Ql-aoG BOOJ 
MomLu-Thuridj* LKilin; 8.00 Frida. 
j-SD and 8 4 5. Saturday 3.00 and a 00 
London critics «nte miLr DANIEL'-, til 
. BUBBLING BROWN SUGAR: 

Brer Musical or igrr 
,l2l Bapkin9> aeccphmf. Maior credit 
l*NI. Redtaaranr Reservationk 01*405 


S 52“""*„? l,E ya THEATRE. RaMhery bkble. 
Avenue EC1 <837 lG72i. last thoei ! — — 


PRINCE CHARLES. ‘Lelc. Sq. 437 BW- 
Mel BroiLS" 

HIGH ANXIETY <AI 
5cp. perts. dally Unci. Sun.l. U9. 6.15. 
9 00. Late show Frl. & 5at. 11.45. SOW. 
bLble. Lic'd. Bar. 


« venue EC1 1B37 1G72i. last THREE — 

PERFS. Xo " l ||« J * J-50. and T 0 n, 3r al STUDIO 4. Oxford Circus. -457 3 3 ? 0 


_ . 2-30 and 7 30. 

CHANGEOF PROGRAMME 
MARCEL MARCCAU 
SHOULD NOT BE M ISCED." obs 
Sow. 4-9 r«o Pena's Flamenco Co. 


Jill Clavbur-gh, Alan Bales 
„ . Paul Mazursk v*s _ 

an UNMARRIED WOMAN D O, ... 

&K'M. 3-M. G-00..8JS5. lkle-S«l« 
5at- I0J0, 










lt t : i *rrvn i 


Financial- Times Fild^ September 1 1978 


t Cinema 





/; i>; by:^IGEi: ANDREWS -.. 

£<Un^argh nizn Festival. ~ ^P lSSa? 16 Puente *”and ^ 

FIST (A) Leicester Square gtaodparentfi. m a beautifully the fllm—wlth half Lte lcngtSsSu 

Theatre offbeat and, affe^ tm ate film. _ to go — -virtually grinds to a halt. 

Workins administrative ?eter ^^5 WorA Jf. 0ut » Douglas finds no imagery in 

miracteTJitb a grant of £25,000, ? J^f s ^°^ri<S 8y 8 ™ eVQke underscore 

Edinburgh offers' the beet value ® / m S flim 8 k S* 1 * 1 - 08 “ystenous emotional 

ssmuis m 

sar sr. ass Sfeisras SKaEr*”-® 

festival comes nearer to the ideal ^J^jgnne to a gay San Fran- W *f n . 

mixture of seriousness and enjoy- SSSSSS&S (whoseearly life .Emotional paralysis is also the 
meat than Edinburgh. .. . ^JggStSE ^fluffed an S^ e of it e German «” -A 

Ironically. although ... the enforced spell of ECT. treatment) dieted “ifv 0 
political slant of the festival is t0 a 70-year-old male couple heroine is an - 1 ? 

left-wing, well over half the new } lvill g happily ever after in rural a^mLtsfiS 2S?£lL y “f™* 
films t£s year came from that, jjjg* JiSiWH-andr the film S5 h ” ent S y wife and 

bastion of capitalism, America, aeser/es a lond ovation for a in J? f ?f” sl 

A further 30 per cent or so. came prD .homosexuaJ pnhlic relations hL^ee?sM^hv g /rWWhw 
from Free World countries like £ ct w. overdue. ?5L? ee * **?*» a childhood 




:~Vrc'. 


J V* 


.T“ 

4iw*y,- 


<• ..- 7. ' 

Zb'- 

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Vi-/-. 

.•.-I '■.■■■" 


'! - - 


•»/>£ 


from behind me uou uureuu. ffi OT , written and directed by Kon s ^v hp : .77^ 7^ 
one from Hungary, one from Pec £ MtJ p au i HaUam. has a SSSjLf* L doo I rkz, P b 

Poland. I'm not sure how the f or j or h and down-at-heel charm trimiine and 

organisers . reconcile these ^ vou either instantly warm JL.JL5® K^ ent 

statistics with their socialist t0 instantly resist Resisters ' Md a blSkMfnJJII P !f 
beliefs: but perhaps they are end the story of a young ^ ® Weak> ca « tl ouaJ , y comedy, 
deliberately focusing on coup- sr hool teacher (Ken Robertson) « another 

tries where- political debate is w ho -spends his nights running Hetfce binder's An 

still alive and relevant, and th(! ^i-e gaBll rt of London gay PersonaMy. 

where the revolutionary prize discos, and his days nervously Godard tract of awful 

has not yet been won. disguising his sexual propensities S®“ : m te “* “5“*. a 

What the selection proves is from his colleagues, erainentiy , red b v ML* 

that America is still a county unalluring. But I warmed to it; dltlSned to JZSt H2, W J!KJJ 
of matchless vitality hi the not- least to the -accuracy with BerliSS d a nV h S 0 fc JS 
cinema. What other nation which the- small talk of gay pfieSSat-b^tha^iife 
could have produced a crop of encounters is .seen to mask a ^ ^ „ ?* bfc on this 

movies - from left, right and gnawing .emotional insecurity. “ a d e “ {gf 

centre — as rich and diverse as and to the. power of a scene near other Si^a she is oraSeSS 
those seen at Edinburgh? ... the end in which the school- jg;2f “222J 

documentaries like Family Par- children confront the hero with JeSSf* S?e almSt JL253?* 
tmzt Sittings and Word Is Out. the question “Sir. are you Stmt wfthoM toe S ^of 
“ B-movies " like.Ouhnde Chnnce. bent? M and when he answers much wiLitiSj SoSoeic^Srt a 
political fables like The BoiWs -yes - sublert him to an explo- hSSaShoS 

Son and On The Yard. sive . barrage of sarcasm, a^erity wnrthy of J«n of 

Outside Chance is a film of. ribaldries and frontal, interroga- A^ eniy wortny 01 Joan ot 
unrepentant absurdity, but it dfr tipm ' Finally, two movie events 

serves top billing in this import Wv Way Home is toe last aim th at London is about to share 
for its sheer exuberance. ' Edin-: : m -Bill Douglas s -attiobiographj- Edinburgh. Shuji Tera- 

burgh has maintainfed its, loyalty pal toil oftr of 4 Scottish' boyhood, y am a’s The Boxer was seen at 

(Va I'atanasn 1 MnlflrfatlOfl Tha THaterre'wn ATertOOPS. Or Mu V 1^.* 

at 1 
It i 

“serious crracs": u auuuuieu orano ot e*px«*»ivui»i uiiui- f 0r flj a t tal!e y 0 nr choice 
Sam Fuller and Roger Corman rnalisro — gaunt, static camera- between Throw Away Your 
with retrospectives and it- has work, strong contrasts of black Boobs and Pastoral Hidetuid- 
regularly. included art anthology and white— is. more stylised than Seek — and a Hollywood- 

of B-movies from the year's offer- ever But something vital is sentimental air surrounds this 
ings. as a counterpoint of .the /missing- The early scenes of the story of a retired boxing Cham- 
ridiculous to the sublime- . young hero's misadventures in pion who coaches a talented but 

Outside Chance is so ridicu- and out of a Scottish children’s hotheaded newcomer to success, 
lous that it almost is sublime, home are staged with a bleak, But there -are occasional out- 
This sequel . to Jackson County wry intensity; but when Douglas breaks of Terayama surrealism 
Jntl shamelessly regurgitates the 
first 15 minutes of toe' earlier 
film — in which chic business- 
woman Yvette Mimieux sets out- 
to cross America by car and fell 
victim en- route to assault, 
wrongful arrest and rape — and. 
then tacks on a quite different 
continuation. Nothing so won-, 
drously absurd as Miss 
Mimieux’s cliffhanging adven- 
tures here on escaping from a 
woman’s prison (including terror 
at the hands of a family of bear- 
skinners and romance with a 
forest-dwelling concert pianist) 
has been seen since Beyond The 
Valley of the Dolls; and although- 
as a pilot for a TV series Outside 
Chance is not scheduled to reach 
your movie screens. I suggest- 
yon hope and pray that some" 
enterprising . British distributor 
wili-show it. ; 

Tt certainly knocks the shine 
off that much-praised slice of 
comic-strip Americana Ctfizen's 
Band: soon to open . In London, 
and it shows up the iiecent-but- 
dull American-' films like The 
Boss's Son --(worker discontent 
in . a carpet ’factory)" and ‘ Oh 
The Yard (the micro-politics 
of prison life) . for the well- 
intentioned -also-rans they are. 

- It does not however, out- 
shine toe two documentaries 
mentioned above. Fdmtlp 
Portrait Sittings is a photograph 
album come, to life. Leafing 
through the pages of the- past, 
film-maker Paul Guzzetti has 
recreated — with 'photographs, 
home movies and interviews — 


that give the film a -needed 
vitality. 

The commercial cinema, has 
only one new offering in London 
this, week, F7ST. This is the 
second film scripted by and 
starring Sylvester Stallone, and 
It specialises in much the same 
rough charm and homespun 
moralising as Rocky. Stallone 
plays an immigrant worker who 
rises from small beginnings, as 
a union organiser in Cleveland, 
Ohio, . (circa 1937) to become 
head of the national union 
“FIST" (Federation of Inter- 
State Truckers). The road to 
success is paved with corruption, 
however, and hardly has be 
reached his coveted eminence 
before he is- hauled up before a 
Senate investigative committee* 
headed .by Hod Steiger, and 
charged with abusing union 
funds and union power. 

The early part of the film Is 
shot- in burnished browns (photo- 
graphy by Laszlo Kovacs) as if to 
set a tone of earthy, reverential 
simplicity; one is briefly alarmed 
that what is to unFold is a holy 
parable about toe Heroism of tbe 
early trade unions. Both Stal- 
lone’s adenoidal moron -you- love 
and Henry Wilcoxon’s haughty 
factory manager seem like oppo- 
site ends of the same caricatural 
spectrum, and director Norman 
Jewison looks as if he is drastic- 
ally limiting his didactic options 
to a straight choice between Dp 
The Workers or Hands Across 
Tbe Boardroom Table. 

But while keeping in' stylist! 
terms to the straight and nar- 
row of Hollywood melodrama, 
tbe film starts to vary its poli- 
tical viewpoints and mix its 
perspectives. The Stallone 
character, while not losing his 
credibility as toe tougb guy with 
a heart, gradually succumbs to 
the temptations- of using strong- 
arm union tactics and .of forging 
alliances tfth dubious local 
racketeers. A ten-year leap in 
the narrative shows us Stallone 
at the crest of his power, as a 
grey-haired Union President 
Then right on cue Rod Steiger 
enters as Nemesis. The ending is 
ambivalent— -are we to see Stal- 
lone's downfall as an indictment 
of the unions themselves or of 
the Whole Capitalist System?— 
but ambivalence is a big advance 
on the picture-book simplicity of 
tbe early scenes. 


It is a sad sign of tbe times that 
a modest, under-cast touring pro- 
duction of Thornton Wilder’s gem 
of a play is brought in to fill a 
few weeks at a theatre that 
screams out for something hold, 
brash and preferably musical. In 
fact,' for most of the evening, -one 
Is reminded what a wonderful 
book was made of this, play for 
Hello, Dolly ! Dolly Levi’s 
entrance in the Harinonia Res- 
taurant was a magic moment in 
post-war. American musicals. 
Here, : Maria ' Charles- sidles 
almost' 'apologetically'' into a 
cramped, charmless cafe where 
white trellis and perfunctory 
furniture makes eating, let alone 
dancing, a positive risk opera- 
tion. 

it is not the sort of play that 
can survive under-designing, 
which is what Saul Radomsky, on 
a limited budget; provides. The 
milliner’s shop is an unatmo- 
spberic, candy pink hide-out more 
typical, probably, of provincial 
Yonkers whence the company 
have arrived in search of city 
lights and romance. The essential 
tension between Horace Vander- 
gelder’s hay, feed and provision 
store and the land of milk and 

honey in New York counts for 
little. Even the famous set 
pieces, such as the explosive 
shutting up of shop, amidst a 
shower . of tomato cans t achieve 
only a bathetic effect; you can 
almost see a stage manager pitch- 
ing a few desultory Jumfuls of toe 
stuff into the playing area. 

The Cambridge Theatre- Com- 
pany’s production garnered some 
glowing reviews out of town.-. I 
can only gness -that "the" replace- 
; c hnent of Vivienne Martin by 
- 'Maria Charles in the central role 
has, surprisingly, resulted in a 



Ken taro Shimizn in ‘The Boxer’ 


tier Majesty's 


The Matchmaker 


15 


by MICHAEU COVENEY 



dissipation of stage energy. Miss 
Charles is husky and frivolous 
but not at all dominating. She 
has, in truth, very little to dom- 
inate. for toe surrounding cast 
are about at home in tbe play 
as a tramp in Macy’S. -And for 
so American a piece, with its 
relentless pursuit of toe material- 
istic and Big City values, this 
lack of confidential swagger 
proves more than debilitating. 

Jonathan Lynn's production is 


Bernard Spear and Maria Charles 

happier when downright corny 
and sentimental. Vandergelder’s 
two adventurous clerks make off 
with toe milliners after a splen- 
didly sung refrain or two of an 
old camping song, and the 
youngest of them. Barn a by 
Tucker (Tom Kleb). scores con- 
sistently with expressions of doe- 
eyed- innocence beset by tempta- 
tion. As Vandergelder, Bernard 
Spear (who appeared in the same 
part in the Drury Lane take-over 


cast of Hello. Dolly/ opposit* 
Dora Bryan) is secure but, lik) 
so much else in the evening 
lacking in oomph. 

I always thought this Wilde 
was softer on the awful home 
spinning philosophy of Our Torn 
and The 5fcin of Our Teeth, bu 
what there is of it is hard to take 
especially as you feel that i 
diluted theory of actor/a u a ienw 
relations is being perpetratec 
under a cloak of cosy familiarity 


Torre del Lago 


Remembering Puccini 


When Giacomo Puccini first 
came here, towards tbe end of 
the last century, there was no 
road from the seaside to Lake 
Massaciuccoli. His -villa, built 
a few years later, was at the 
water’s edge: and, crossing the 
brief garden, he could step 
straight into one of his boats 
and set out hunting wild ducks 
and other water-fowl. For a 
decade or more his tetters were 
filled with the joy of the remote 
place when he was there and 
with home-sickness when his 


Book reviews are on 
Page 25 


work called him elsewhere. Then 
civilisation — in the form of a 
peat-processing plant — drove 
him away. He settled in nearby 
Viareggio for his last years, 
though he kept his Torre del 
Lago house-and often visited it 

Now Torre del Lago has be- 
come a popular vacation resort 
Part of the lake around the Villa 
Puccini has been filled in to 
make a paved area, and there is 
the Bar Lib, next to the villa, 
and the Ristoranfe Pensione 
Butterfly. Souvenir stands clus- 
ter near the gates of toe 
maestro’s house (open to the 
public) and you can reach it 
directly by bus from the Viareg- 
gio station. 

But in all this inevitable com- 
mercialisation, Puccini’s music 
has not been forgotten; In sum- 
mer an outdoor theatre is set up 
on a curve of the lake, and opera 
performances delight the tempo- 
rary settlers and attract further 
visitors from other resorts along 


the Versitia coast. The Puccini 
Celebrations began here in 1830, 
with a memorable Boheme con- 
ducted by Pietro Mascagni, star- 
ring Rosetta Pam pan ini and 
Margherita Carosio. There were 
two operas the following year 
(with Gigli in Boh&me, and Pam- 
panini as Butterfly). Then per- 
formances became sporadic, 
until 1953, when the Torre sea- 
sons began again. 

There have been gaps fa long 
one, between 1966 and 1971, for 
example); but now tbe local and 
regional authorities seem deter- 
mined to put Torre del Lago’s 
Puccini performances on a 
regular footing. One Florentine 
critic insists that the town should 
be turned into a “Puceiuian 
Bayreuth.” 

From the beginning, the Torre 
del Lago performances have 
obviously attracted stars, and 
this summer was no exception. 
For its two productions — La 
Boh&me and Madoma Butterfly — 
it bad Maria Chiara, Katia Riccia- 
relli, and Rain a Kabaiwanska. I 
heard Chiara as Cio-cio san and 
Ricci&relli as Mimi . (later 
Kabaiwanska sang some Mi mis), 
and both artists were in excel- 
lent form, well-supported, too, by 
their colleagues. 

Maria Chiara's range is a bit 
limited. Naturally, she did not 
attempt the optional D-flat in 
Butterfly’s entrance song, but 
even less arduous high notes 
gave her trouble and sounded 
unsteady. Otherwise, she was 
splendid, phrasing sensitively, 
giving words their proper value, 
and presenting a plausible, 
touching heroine of unusual 
stature, more tragic than pathe- 
tic. Ottavio Garaventa was a 
sound Pinkerton, and Antonio 
Boyer a dignified Sharpless. 



Katia 


opera — of 
general, for 
well known. 


The drawbacks of outdoor Nino Bonavoibnla, an expert- 


by WILLIAM WEAVER 


enced veteran, obviously knows 
them too, and be kept toe per- 
formance together by setting a 
fairly brisk pace and maintaining 
it- Giovanni Miglioli designed an 
attractive set, which served for 
all three acts, thus creating 
some incongruities in Acts II and 
III, meant to take place indoors. 
As producer, the same Miglioli 
did not solve all these problems 
(and he overdid his use of 
supers), but in general the 
staging was unobtrusive and 
pleasant. 

Miglioli created even more 
handsome sets for Boheme, 
which was deftly staged by Dario 
Micheli. Edoardo MO Her. chief 
repetiteur of La Scala. conducted, 
employing subtie and flexible 
tempi, though sometimes at the 
expense of ensemble. Katia 
Ricciarelli, who has shed a few 
pounds, was a Mimi convincing 
to tbe eye and delightful to the 
ear. Unlike most singers faced 
with an open array of seats, with 
no resonant walls, she did not 
force her voice. Her singing was 
fluent, but almost subdues, 
deeply felt. Launched abruptly, 
and too soon, on her career a 
few years agD, she has been 
remarkably able to grow and 
mature while following the 
familiar jet-track from one great 
opera house to another. 

Giuseppe Giauomini was a 
generous-voiced, somewhat pro- 
vincial Rodolfo. He is certainly 
a useful singer, however, and 
one would like to hear him In a 
roofed, walled theatre. As 
Musetta, Marieila Devia used her 
clear, soubrette’s voice with 
charm and brio; and Angelo 
Romero was a musical Marcello. 
Gianni De Angelis (Scbaunard) 
and Silvano Pagliuca (Col line) 
admirably completed the quartet 
of Bohemians. ' 


Ricciarelli as Mimi at 
Covent Garden 


outdoor music in 
that matter — are 
The conductor 


Worcester Cathedral 


Three Choirs Festival 

by NICHOLAS KENYON 


■Worcester is the host town 
this year for. the 251st annual 
meeting of the Three Choirs of 
Worcester, Hereford and 
Gloucester. The west end of 
the Cathedral is banked up With 
row open row of seating- to 
accommodate the serried ranks 
of local - choirs and chorus^. 
The audiences,' as dutifully 
open-minded as ever to the bold 
mixture of ancient and modern 
which this festival has tradi- 
tionally provided, throng the 
town— which celebrates the 
event with bunting on the 
roundabouts, a flurry of art 
exhibitions in i-very spare 
space, and The Sound of Musw 
at the Odeon. 

But the time-honoured .affirm- 
ations are muted. There is Tittle 
triumphalism in this years 
Three Choirs .programme: no 

Messiah, no Elijah, no Pomp and 
Circumstance- The temper of the 
times is reflected in a moodor 
turu-cf-century uncertainty. The 
Dream of Gerontxus, with its still- 
potent mixture of doubt and 
faltering faith, seems to have 
become the 'Festival’s central 
work (it opened this event on 
Saturday. - mid will begin ’ tbe 
1979 Festival in Hereford); the 
'Faustian . mystery of Mahler's 
Eighth Symphony will end the 
Festival tomorrow evening, and 
in between, there will have been 
the predominantly pagan splen- 
dours of Belshazzar's Feast and 
Janacek’s Glagolithic Mass. Most 
mealingly,. the :one liturgical 
work written for the Festival is 
a motet by- Roger Hemingway, 
setting Mattoew Arnold’s pro-, 
foundly disbelieving sentiments: 
“The sea of faith was once, -too. 
at the fall ... but now I only 
hear its melancholy,' long, with- 
drawing roar. ., 

Several of the' Festival's 
themes came together in Tues- 
day evening’s marathon concert 
.of music by. "Schubert, Lennox 
Berkeley, Messiaen and Anthony, 
Payne. New British, choral music; 
with a religious, though - not 


liturgical, intent was repre- 
sented ‘ by Anthony Payne s 
striking pair of mini-cantatas for- 
Asceusiontide and Whitsuntide 
(sequels to his uncommonly 
effective Little* Passiontide Can- 
tata Spurning conventional 
texts, he turned to toe famous 
Anglo-Saxon poem" which may 
be by Cynewulf for his Ascension 
narrative, and to Emily Bronte’s 
The Prisoner for a Whitsun 
meditation. Each was : set for 
four-part chorus with occasional, 
semi -chorus — unaccompanied, 
though on ihi.n occasion the per- 
formances were helped by an 
intelligent and discreet prompt- 
ing from tbe organ. 

. Payne's music in both these 
works is angular, jerky: very 
well paced, but in need of power- 
ful direction if it is not to seem 
discontinuous. I thought the 
verse - refrain structure of 
Bronte's poem, with its recurrent 
“Veni Creator spiritus” (de- 
veloped with beautiful subtlety) 
worked better than the straight-, 
forward narrative of the Anglo- 
Saxon—in a slow performance, 
whieh failed to cohere. In the 
BrontB, too, the balance of melJs- 
matic, homophonic and frag- 
mentary contrapuntal writing 
was tellingly contrived: its one 
climactic passage was far more 
effective than the diffuse high- 
lights of the Ascensiontide piece. 

That . the boys of the Cathe- 
dral choirs could go straight on 
to give an ecstatic account; of 
Messiaen's glorious Troia Petites 
Liturgies de la Presence Dim* 
which was in many ways the near 
performance of the evimng js a 
tribute to their stamina, and to 
the ability of the Festival Con- 
ductor. Donald Hunt to draw 
the very best From his forces. 
The rhythmic impetus of 
Messiaen's naive refrain II est 
parti le Bien-Aime” was 
irresistible, and apart from one 
brief hiatus, the third section 
made its rhapsodical^ sensual 
effect ; very powerfully. 
hours and fifty minutes from toe 


start, the audience was under- 
standably a little restless; this 
-concert would have worked well 
without Hunt’s new edition of 
Schubert’s charming but scarcely 
significant B flat Mass— a pretty 
teenage concoction with some 
fine lyricism in the Kyrie and 
Credo weighed down by a very 
-conventional Sanctus and Bene- 
dicts. Lennox Berkeley's Anli- 
pium for string orchestra could 
have started the concert; this 
1973 Cheltenham commission has 
worn well, though its variations 
on a plainsong theme now seem 
less powerful than the splendid 
free fantasia which precedes 
them. The BBC Symphony 
Orchestra played with sympa- 
thetic warmth; they had over- 
whelmed the light Cathedral 
voices in the Schubert, 

Wednesday brought a wholly 

English afternoon, concert, well 

complemented by aa Evensong 
which * included Tippett's 
pungent Magnificent and Nunc 
Dvmittis. and his lovely Plebs 
Angelica. Only Finn's Dtea 
Natalis, in which English 
pastoral is so curiously fused 
with the introverted mysticism 
of Traherne, provided a 
challenge to Tippett's strength: 
Neil Jenkins was in excellent 
voice. Vaughan Williams’ Oboe 
Concerto, played by Richard 
WeigalJ, echoed atraos- 
■phericaily a round the Cathedral, 
■without making any great 
effect . Rubbra's choral suite 
Inscupe began toe concert with 
its four settings of ' Gerard 
Manley Hopkins, adding to tbe 
feast of religious poetry in the 
Festival and Britten's Cantata 
Misericordium ended it. 

This uneasy combination of 
Siravinskian detachment (in 
its Latin text and ritoalisation 
of the Good Samaritan story) 
with expressive compassion (in 
the singing of the Traveller 
Christopher Keyte) 'made for a 
milk - and - water centenary 
tribute to the Red Cress, in 
1963, and .time has not un- 
proved it j 


This announcement appears as matter of record only. 



AB STATENS SKOGSINDUSTRIER 

U 5^45,000,000 

Ten year floating rate loan facility 


Managed by 


PKbanken 


Hambros Bank Limited 

Provided by 

Associated Japanese Bank (International) Limited 
Banque Continentale du Luxembourg S A* 

Citibank, N A. 

Hambros Bank Limited 

PKbanken 

Sundsvalbbanken 


Svenska Handelsbanken 

Bank of Montreal 

Canadian Imperial Bank of Commerce 

Dresdner Bank Aktiengesellschaft 

London branch 

Hypobank International S A* 
Spazbankemas Bank 
Svenska Handelsbanken 


The Long-Term Credit Bank of Japan, Limited 

Agent 

PKbanken 


August, 1978 


4 • 




16 


Financial Tmies moay 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON ECU* 4BY 
Telegrams: Flnantimo, London PS4. T(te! 886341/2, 883897 
Telephone: 61-248 8000 

Friday September 1 1978 



h : 


*) 


Muffling the 
jobs debate 

THE FUTURE of employment which are by British standards 
in this country is no longer a astronomical shows that this is 
'subject which can be left to logical nonsense: high tech- 
experts, officials and academics, nology under proper manage- 
in one sense this shows a merit should bring correspond 1 
') remarkable growth of public ingly high growth. 

J understanding. It is now what is urgently needed if 
(generally appreciated that this debate is not to be left 
(demand management, as prac- to a damaging struggle between 
Otised up to the end of the 1960s. fear and prejudice is more 
can no longer be used by this understanding; and in this con- 
country in isolation to puli the text the Expenditure Committee 
economy up by its own boot- is entirely right to have 
straps: that option is not avail- demanded to know the 
able in a small open economy. Treasury's thinking on this sub- 
ject. The Chancellor, after 
wavering for a time, decided to 
Protection keep the Treasury's medium- 

This understanding, however, term work seiret on the grounds 
has simply made people more that to release necessarily 
worried about the prospect, and inaccurate and presumably 
potentially more impatient with alarming figures would do more 
■ the existing order of things, harm than good. 

'The trade unions now show a attitude of not-m-front- 


■ more obsessive concern with the-children is understandable, 
£ job protection than with any !> ecause medium-term forecast- 

U other issue, and have put a as 

» campaign for shorter hours, d,ffiLUlt and P* 011 ® t0 error, as 


* with the aim of spreading the «« f Pasture Committee 
t available work, at the top of ““J i? entire,y 


their list of objectives — a 


wrong-headed, however. 


‘ demand which has so far been AJt*rn/ttivvK 
! turned down flatly by the ^ irenunnes 
"n employers. On another tack a The danger of misunderstand- 
■t Cambridge group which has the ing could be avoided by publish 
v ear of Mr. Anthony Wedgwood ing a really adequate amount 
Benn is campaigning tirelessly of information, in which the 
r to persuade the Government in whole range of alternative 
e effect to abolish the open assumptions and relationships 
i* econorav, and revert to demand was displayed. The admirable 
u management behind trade working papers which the 
c harriers. Yesterday the Public Treasury has already published 
a Expenditure Committee added have not alarmed lay opinion, 
one more to the list of cures because lay opinion cannot 
which might prove worse than understand them. At least, 
the disease, in a call— or though, those involved in the 
perhaps it is a forecast — that technical debate would have 
existing temporary measures of so™® frame into which to fit 
job creation should become their own ideas— and against 
permanent. which, incidentally, to measure 

„ ' .... . . what Ministers say. That is 

One trouble with this whole what open government is all 
set of arguments is that we about 

are still very far from under- *j , h e projections may be 
standing the underlying forces gloomy— indeed, they are 
at work. A predominant fear bound to be. The economy has 
at the moment is that tech- performed badly, and if it goes 
nological development, which on doing so, the outcome will 
tends to raise labour produc- be bad. In other senses it 

0 tivity, will ensure that no could be heartening, both in 
n foreseeable growth of demand showing what might be 

will in fact contribute anything achieved with a better 
c to employment. This is the performance, and in isolating 
i* rationale of the TUC s demands: those parts of the problem 
> increasing productivity is seen which are at root social, and 
£ as offering little beyond may require what the 
n increased leisure, which should American’s call “ targeted 
® be shared out. The record measures, from the general 
of dynamic economies such as malaise. Even a faltering light 
: Japan, in which productivity is better than fighting in the 
1 1 has for years risen at rates dark, 
cj 

Progress on 
;! Namibia 

i ■ 

'{ . I* 1 ALL 8° es according to Rhodesian dispute will see that 
! Plans originated by five Western a western backed, UN-sponsored 

1 nations, including Britain, the agreement can work in Namibia, 
United Nations Security Council and will thus have fewer 
will within the next few days qualms about a similar arrange- 
autliorise the formation of the meat for Rhodesia itself, 
biggest peacekeeping force in But if the prizes are great, 
the UN s history with the single obstacles to their achievement 
exception of that sent to the remain. The South .African 
Congo in the early Iwfifls. The Government has alrcadv de- 
force. or some 7.500 men. backed clared that a force of 7,500 UN 
up by civilian and police con- troops is too big: just as impor- 
tingents of at least 1,500 people, tant. they have objected to the 

*' w ! u 3° Namibia, where _it statement by Dr. Kurt Wald- 
v will .supervise the end nr the 50 heiui. the UN Secretary-General, 

• year; certainly Mr. R. F. Botha, that the deadline of December 
aQd organise a handover to an 31 this year for Namibian 
{ elected majority government, independence cannot be met — 
The plan for Namibia, con- the UN plan, involving a cease- 
i, ceived IS months ago by the fire, the gradual reduction of 
.. U.S., Britain. France, Canada South African troops to 1,500 
i. and West Germany, is bold and within three months, elections 
imaginative. Its primary aim and then the formulation of a 
5 is to stop the guerrilla war being constitution by a Constituent 
waged by Swapo. the main Assembly, envisages indepen- 
I Namibian nationalist move- dence about the middle of next 
;■ ment. against the South African year. 

contiolled administration and j t , nav he lhat lhese n bjee- 

.. , Arr ™ tion. mirror divisions within the 

and thereafter to hold South African cabinet which 

* Pe ^ U L tr3n ^ been evident in the past 

M , e - , jwr certainly Mr. R. F. Botha, 

accomplished, would already be the Forcicn Minister, who is 
a major achievement. now in New York, can be ex- 

Implications - P* eted P«t u p a fi e h * to have 

implications the UN force reduced and the 

^ But a peaceful settlement in interim period before independ- 
Namibia. as the five Western ence shortened. But the western 
powers are well aware, would powers seem confident that, hav- 
bc likely to have implications ing come so far. South Africa 
beyond Namibia itself. It wiil not now withdraw its sup- 


far 

could, for example, ensure much port for the agreement 
more stable governments in The main difficulties may in 
western and central .Africa. The fact arise when the UN comes 
Cubans are m Angola at least to fund the operation, estimated 
partly because of the unsettled t o CO st at least £150m, and 
Angola-Namibian border: their when the UN soldiers and 
numbers might be reduced if civilians arrive in Namibia 
the border is peaceful, while itself. Despite their agreement 
the main Angolan opposition on the plan, there is a depth 
movement. Unita. is likely to of bitterness and mistrust 
find less support from South between South Africa and 
Africa in those circumstances. Swapo which will be bound to 
A more stable Angola would make the UN’s task, as it tries 
also be m a much better posi- j 0 supervise a ceasefire, the 
tion to maintain the promising repeal of discriminatory legis- 
recent agreements with its lation, the release of political 
northerly neighbour Zaire, a prisoners, the return of political 
development which could only exiles and the election campaign 
help Zambia, which borders itself, a very difficult and deii- 
Angola. Zaire and Namibia. cate one. But it is a measure 
Clearly, too, Ihe western of the achievement of the five 
powers hope that a Namibian western powers, and those. like 
settlement could help promote the front line African states, 
a solution to the even more who have backed them, that 
intractable Rhodesian problem, such a task can now be 
The hope — however faint— is discussed as a practical 
that all the parties to the proposition. 



for tomorrow s 



By MICHAEL DONNE, Aerospace Correspondent 


T HE MAJOR decisions 
approved by the British 
Government yesterday will 
settle much of the future civil 
aircraft work-load of the British 
aerospace industry for the rest 
of this decade. They will cost 
upwards of £750m to implement, 
provide upwards of 17,000 jobs, 
and should ensure a place for 
Britain in most of the short-to- 
medium range airliner markets 
of the next 20 years or more. 

The decisions are two-fold. 
First, British Aerospace is to 
be allowed to join Airbus 
Industrie, the European manu- 
facturing group, to help develop 
the new A-310 200-seat twin- 
engined wide-body version of 
the A-300 Airbus, subject to 
approval from the French and 
West German Governments. 

Second, Rolls-Royce can go 
ahead with the £2 50 in full-scale 
development of the 535 version 
of the RB-211 engine, for use 
in the .new Boeing 757 twin- 
engined airliner. British Air- 
ways will place an order for 
19 of the aircraft worth over 
£400m. Together with an order 
from Eastern Air lanes of the 
U.S. for another 21 of the 757s 
with 535 engines, Boeing will 
have enough orders on hand 
to launch the 757 on to world 
markets — its second new air- 
liner venture this year, follow- 
ing the- launch of the bigger 
767 twin-engined airliner earlier 
this summer. 

The vital question still await- . 
ing an answer on the British 
resumption of membership of 



t ... . . Aihlcv Ashwoud 

Sir Kenneth Keith, (left) chairman of Rolls-Royce, with Mr. Tex Boutiion, president ->£; Boeing, in London yesterday with 
a model of the RB-211 535-powcrcd Boeing 757. The twinjet airliner project has launching orders from British Airways and 

Eastern Airli nes of the U.S. 


category, and so could not get 
a share of either of the JET 
ventures even if it wished -to. 

do -so. ; 

Rolls-Royce sees -its future 
firmly hitched to the U.S., air- 
frame industry, and to Boeing, 
and wants to see its 535 engine 
offered around the ..world, .not 
only in the 757 but also in', the 
ATMR if possible. The til? 
Government has recognised 
this, and has deliberately left; 
the question of what to do- about 
the smaller JET ventures'- fe- 
Airbus Industrie -to British 
Aerospace to settle, once it is 
back In the Airbus Industrie 
club. Iis strategy is based on 
the belief that once back in the. 
dub, it might be possible to 
steer Airbus Industrie away. . 
from the JET ventures towards 
an airliner more closely akin 
to the ATMR, using the 535 
engine and probably bringing 
in McDonnell Douglas also. 

What is dear is that the 
British Government., has 
accepted British Aerospace's 
bask: dislike of the Boeing 
company's own original offer of 
a direct risk-sharing collabora- 
tion on the 757 airframe (the 
U.S. company had offered 
British Aerospace up to about 
40 per cent of the 757 airframe 
work). While some members 
of the Government had been 
in favour of picking up that 
original Boeing offer; the politi- 
cal repercussions . of joining 
Boeing and rejecting Western 
Europe have been regarded as 
outweighing any • long-term 
benefits that might have 


Airbus Industrie is whether the wor j5 programme on the 757 air- 535 version of the RB-211 other, smaller types of aircraft membership of Airbus Industrie accrne( j f rom direct risk-sharin 

French and west German f rame . engine — the cost involved is already proposed by Airbu# In- on the A-310, leaving the ques- wor j ? on the 757 airframe. 

Governments will accept the But ^ ^ G overnmeat j S likely to be in the region of dustrie beneath the A-310. in tion of work on the smaller Boeing it se lf will still go 

. . . w “| e demonstrating its belief that £250ra, and provide up to size — the so-called Joint - Euro-, programmes to be settled later. jj ea£ , w j^ 757 with tb e 

British Aerospace can jom the w jjjj e j t sees British Aero- another 5,000 jobs directly at pean Transport (JET)-*pro- This view still prevails. D h 535 en m ne . but wiil now 

club there can be no question S p ae e’s airframe activity wedded Rolls-Royce, and at least n gramme for two airliner^ the This does not mean that one eel mos t of its airframe partners 

o£ ^Lsh Airways being t0 Western Europe, it is pre- similar number in various JET-1 seating 136 and the or another of the smaller JET f group of U.S. sub- 

ordered to buy the A-310 pared t0 allow Its engine manu _ cquipment and C0mpO nent sub- JET-2 seating about 160; While, ventures will not he built, but crjntractor g 

th! factnrer t0 find its markets contractors. This engine, whose much discussion has beep in it does mean that they could h to b<? d eter- 

being made clear to > the warWwide where It can. and to power ranges between 32,000 Progress tins past summer- on now be substantial changed m 1 . h t McDonnell 

Continental members of Airbus ensure th at British Airways u, s an d 39000 lbs thrust is a these *** aircraft, there is character. British Aerospace '• ... , it has already 

Industrie that while British itfieU is also aUowed ^ of Sie iiSto hirtd? much less P ressure to-Jaunch itself is not in favour of the To abandon 

Airways must be allowed to fill raercial free dom to buy what i lc<x * sSu i RB ite des P jte fact }t is JET-1 and JET-2 designs as ***** Lrtiner 

its immediate needs with the Miners it considers best for S^Srurt retinlfof SwQ recognised that there is .likely they now stand, and would “jmed DC-V-00 

Boeing 75/, it is nevertheless its task . k'S to be a big demand for- aircraft reaUy like to see a much design in the -00-seat category 

ready to consider the possibility tf thp Hritish in these categories over the improved design emereinn in because 


competition 


SRSSttu ZBbZ offered in this market by .both 




40,000-lb thrust At present, the nrobably building the winesT as butiOS : which is why it is such twin-engined short-range, jet of the longer-term possibility of with the (57 as weU. and 
A-310 is planned around the JJ does a i rea dy (under sub-con- a s ! litable candidate for the which over 600 have he^n sold eventually achieving one of it is expected that McDonnell 

U.S. General Electric CF6-45 tract) for the existing highly Bpeing 757 aircraft _ already world-wide, andtwhieft British Aerospace's own dreams Douglas will announce very 

engine. successful B-2 and B-4 versions Rolls-Royce "and’ Boeing~be- is likely to continue in produc-— a tripartite collaborative quickly a deewion of Its own to 

On the assumption that the of the Airbus. lieve strongly lhat upwards of tion for another decade at least veoture with Airbus Industrie push snead^witii ^the mso 

French and West 
would really prefer 

British Aerospace engaged «. — 

the A-310, rather than outside and Germans engines in them alone could be on a direct collision .. - . - — „ . . . . 

it. the hope is that they will at itVnealTworic in British wonh upwards of £1 bn. While world markets »ith the new engine. coming Farnbornugh air show, 

accept the formula now pro- the AilO cnSd ^ RB ' 211 Da sh 535 is being Boeing 757, seating from 170 One of the reasons for this starting on Sunday. If it does 

posed, and welcome British T ram I rkpr? offered by Boeing, and has been up to about 200 passengers, trend of thinking is that it so. the scene will be set for 

participation. From the British “JJJ* witfi-iHJnhPrfpr accepted by Eastern Air Lines Thus, there, would not seem to would enable Rolls-Royce to get two titanic battles for future 

point of view, there is now no ™. a, .. y 10 ,“ e ^ameia-^nesjer and British Airways, the other be much scope for the two JET a more direct share of the pro- world airliner markets — be-, 

doubt that the Government ( “ vlsl0ri wner ^ _ u,e . lor big engine nianufacturers, projects, apd it must be con* posed European aerospace tween the Airbus - Industrie 

itself firmly wants to see British exist ^ ng .“"f, ana , ’i ir ' General Electric and Pratt and sidered questionable whether manufacturing business than is A-310 and the Boeing 767 in 

Aerospace in the Airbus “ us are a " eady bem S built But vvhitney, also have engines in Airbus Industrie; with or with- currently likely. The existing the 200-seater category, and 

Industries group, and that it has ° r “ e work also this broad class, and will be try- out British Aerospace participa- JET proposals are based round between McDonnell Douglas, 
ruled out any form of direct subcontracted throughout the se jj to other pros- tion, would choose to launch the use of a French-American with the ATMR and the Boeing 

airframe collaboration with British Aerospace group. peclive airline customers of the them, at least in their present engine, the Snecma-General 757 in the smaller category. 

Boeing of the U.S. in the So far as the other major 757. -The British view on this Electric CFM-56, which is a new Between them, these four aero- 

development of new short-to- decision is concerned — the One of the major questions issue has always been that the power-plant of upwards of planes are likely to dominate 

medium range civil airliners, full-scale go-ahead for develop- now posed by these develop- most urgent requirement has 22,000 lbs of thnist Rolls-Royce the world airliner scene- for 

such as financing a share of the ment of the Rolls-Royce Dash merits is what will happen to the been to settle basic British does not have an engine in this many years to come. 


MEN AND MATTERS 




■ OMnMlWE 



suddenly goes fascist" 


Printing money 

Any mention of the Japanese 
is calculated to spread gloom 
and despondency in British 
business circles, so it ishearten- 
in, 


Fresh look 
at tolerance 

Britain, together with Denmark 
and Norway, apparently leads 
Europe in a curious field — that 
of tolerance towards Nari-style 
activities. A recent survey found 
that just flashing a Fascist 
salute can be against the law in 
Italy, while in the Netherlands 
publisher was blocked last 
year from publishing Hitler’s 
Mein Karapf. One French mayor 
has just blocked the sale of the 
Nazi memorabilia which sell re- 
latively well In London's Porto- 
bello Road, while it seems that 
some of the Nazi uniforms being 
sold in Paris were made in 
Britain with insignia from Hong 
Kong. 

Changing the law in Britain is 
not apparently planned by the 
Conservative Party’, but the 

Labour Party tells me that it . - . . . 

is about to finalise a policy docu- “■"> P r ‘" 1 “ a Ceram mas,- isajoint ven- 

ment which would lead to zine Professor Dahrendorf turu uf the Thai banks and 


might go it certainly would not my colleague that be feared that 
be the U.S. — unless Europe joining the queues outside 


State House, Nairobi, would 
have been considered hypo- 
critical. But others frankly 
admitted that they were 
daunted by the prospect 


Pressing on 

» that wa have for Guessing how IonB ^ New 

““ 10 d,splace them York newspaper strike will last 

_ " 1 lllallan ‘>- could Win you *1,000 in a com- 


’’After all we sell sand to 


petition started 
one 


by the City 


the Arabs,” says Jeff Moss. 34. of threp 

who has just been appointed f' 6 ™ 5, ° nt - ot ^ T" e 
general manager of th? newly- .*5! 


formed Thai British Security been fiRing the g*P for 

Printers. From next April its Ne .X orkLr ?’ ThoU8 *i hop ® s 
,»PW fnrtorv Lii rising of progress towards 


■It’s a present From 
Denis Healey.” 


new factory in Bangkok will be 
servicing four of Thailand's 16 

banks with modern magnetic . . ■„ 

character recognition cheques, in ® ,^ e ^- ,e ’ P 1 **®** Wl ^ 
and also business forms. In ?, ot ,_ be ro ! ing . for a w ^ . e yet * 


rising 

a settlement. City News is 
hedging its bets, perhaps hop- 


«•**** uiuu vunmv JC* lUlUta. Ill T . 1 1 1 _ m 

the past the cheques have been » 

When the rumour hardened imported from Japan. 


feature called Law for the Lay 
man — and assuring readers 
that this '• will appear every two 


changes in the Race Relations de rn n ' ed lt WIlh an off ha " d: SSTi • fS 5 f thSTIrV 
\ c f_ “The trmihle «riih ‘Her pnnl» about a third o( t, 


which wcckfi hereafter.’ 


B4 The trouble with ‘ Der pnms aooui a tmra 01 cheques 

The document was discussed Spiegel V he said. - is that they e' oth ' h -,nkf AIK In m : nr | 

the last meeting of the always get things just half- r ?nI... Th J..S All 111 the mind 


at uic iaai iiicem/g u» uie ”■ — o-* ‘-'■•-•o-' j— •- . Tnllnu' suit /huv cn _, 

, ^®" aI Executive nghu” cheques by hand at the moment Th e GPO tells me that expert- 

Council but tnere was some dis- He mamiaios that as a _ and forwecs s i mi i ar pro- ments with dog-repelling spray 

agreement op the exact proce- member of the senate of the j et .| A j n y, c p ar ant j Middle on postmen’s trousers have been 


dure by which a local march institute be would know if such Bait, 
could be banned if it might lead an appointment were in the 
to “ racial disharmony.” It is offing. It is not, he says, though .. 

now to he discussed at the next he would not rule out a return ki— i 

NEC meeting. This is only due to mainland Europe. lUneral nOLc 

on September 29 tbough the "It is true that I am at a The future nf ihe no non 

.r ““-i «« » f «"»«•*»• 1 a "> Iwu, wf.“ ^ f a 


something of a curate's egg. 
“The stuff smells nasty." said 
a spokesman. 41 In some cases 
the postmen objected to the 
smell, and in some cases their 
wives did.” ■ The GPO is now 
analysing the results or the 
tests carried out in the south- 


will be brought forward if an mensely grateful to the British > ? , on tn 

election is declared ” *»raieiui to the Bnusn post-mdepcndence Kenya now , „ . , .. _ . . 

15 aeciart - a - people for making me feel one partially depends on the wcst ’ and says lts flrst 

of them — there are only two benevolence uf Keny alias s j on is th « , the » 

-- - , . or three people who cannot successor but aiuon" leadin'* stTon S psychological effect If 

Magic mountain »«. ,0 mrm i ara Gera.... ° { * em »*» 

_ , One of them is Margaret vulencp is mn the maud ur the ^ on * Experts are still 

Rumours have been flying Thatcher, who cannot resist moment tr y iD 3 t0 work ou t h ° w to deal 

around at the European Forum shaking me by the hand and a . uilcaeue whu flew in wiHr d ° ss wbi . ch attack P 051 ' 

Pr °‘ askin3 ' And how are things in yesterday from Nairobi tells mu raen from ® fron L door ^ 

fessor Raif Dahrendorf. 49-year- Germany?’ The other is Enoch | lat the Africans are quietly ? s P^h letters through 
old director of the London Powell... f min™ at fhat milv a ^tterboxCB. Presumably it is 

School of Economies, is to be “But there comes a time | 1:in dfuJ of white joined the ?= rd for ?°,f 5 to * eI J whether 

>0U 1,aVe 10 hundreds «f thouinda wll0 man at the end of the hand 

sh‘p of one of the Max Planck whether you want to be British thronged to pay their last 

w nix native or not and where you wan! to respects tn Kenyalta’s embalmed 

end }our Gas's. Wherever I body. One white farmer told 


is afraid or not 


Institutes 

Germany, 


Observer 


The exception 
that could prove 
\ to be your rule. 





mmmm * 


.. ... 


|fiNESTSC0TCH^ffl®i 

WHISKIES BitrJOEQ&BOnUii? 

c Matthew Glaqg&SmJMh 
Perth . Scotland 




XT 


I.^rrirr Vr?*cl 




'■ iij'- ;.-_ •/ -^'V.::^;';'.’//. . f, 1 '.. 

^ :U i , .:i?-'',;-.>r 1- - -- '•, / • V" '=- : 





- A 


11978 


If. China has won two friends in the Balkans it has lost its erstwhile bastion on the Adriatic, tiny Albania' 




s s 




m 


CH/tffiMAN HUA KUO-EBNG’S 
trip . to Romania, '■ Yugoslavia, 
and Iran, coming after a atxing 
of . diplomatic successes .via Asia, 
has. raised . the., spectre . for 
Moscow of a global strategy of 
encirclement' with hostile forces 
on both of its flanks; The recent 
statement issued by the PoKt- 
bureau; the Soviet Union’s 
supreme poMcyniaking /body, 
timed to coincide .with the 
Chinese leader’s concluding 
round of talks with Marshal Tito 
of Yugoslavia, said that China 
was •“ a serious threat ” to peace 
and that , it was involved in 
expansionist activities. China’s 
emergence as a: major hew 
factor In Balkan politics has 
clearly ' aroused Soviet -concern 
about a possible adverse shift 
of the strategic and political 
balance. ' •'.* ' 

The 18-day-long Chinese- visit 
to the two independent-minded 
Communist . countries ' has 
brought a new' element '"of 
tension to one of 'the most 
volatile regions in. the world. 
A Soviet diplomat told me in 
Belgrade: “ Look at Hua. He 
keeps visiting eitherourneigh- 
bours such as Romania and 
Iran, or countries .of great 
strategic importance to ns, such 
as North Korea and Yugoslavia. 
Do not take our warnings'. loo 
lightly. The Chinese are” fuel- 
ling international' ' tensions. 
Those who encourage them in 
Bucharest or Brioni are playing 
with fire. 

A West .German observer 
went so far as to regard Hua’s 
fetip as the single greatest de- 
feat suffered by the Kremlin 
since the lifting of the Berlin 
blockade in 1949. The fact that 
Hua was welcomed by enthn- 
siastic, and genuinely friendly 
Romanians and Yugoslavs and 
that international attention was 


BY PAUL LENDVAI 


ibcusedpn the Chinese mission 
symbohsod the’ failure of the 
diplomatic and pplitical stra- 
tegy intended to isolate China 
that lhe Soviet leadership has 
toiiowed for znasy years. Ever 
since. Yugoslavia in 1948 
directed its deadly Wow at the 
dogma' that Communism - im- 
plied unconditional support for 
the Soviet Union* -'the Balkans 
have, become the centre of a 
search for external indepen- 
dence and internal autonomy. 
Without Yugoslavia there would 
have been neither a Hungarian 
uprising or a Polish- October in 
1956, nor the Prague Spring of 
1968. . .. The breaking away of 
Albania from the Woe in 1961 
and the. gradual emancipation of 
Romania from absolute Soviet 
control, both intimately con- 
nected with the SmoSoviet coo- 
filet,; were significant steps on 
the -way towards the fragmenta- 
tion: of Moscow’s postwar «s> 
pirn.'- = v> ; 

Strange as it' may -seem to- 
day, Jt. .was .the seemingly 
abstract controversy . . whether 
Yugoslavia was: a .= Socialist 
country at alTthat served as the 
fuse explodtog accumulated re- 
sentments between. Peking and 
Moscow in the early 1960s. “ A 
dwarf kneeling in ’ toe mud and 
trying with aH itsmight to spit 
at a giant standing on a lofty 
mountain "—that is. how the 
Peking People's- Daily spoke of 
Titoism in those- days: 

It is against tius- background 
that the long-term significance 
of the ideologicaJ^politica] rap- 
prochement ■ be^imen ..Belgrade 
and Peking- can be.graspoL -It 
was made possible by the prag- 
matic course* on.' which the 
Chinese leaders have embarked. 
Hua; in his. first, public state- 
ment -in Belgrade showered 
praise on Yugoslavia as “a 
heroic country” ’ where “the 


League .of Communists; on. the 
basis of Marxist scientific theory 
. . . has built up a system of 
socialist self -management,” ■ < 

The acceptance of a pluralism 
of ideas and policies coupled 
with a dialogue based on the 
full independence and equality, 
of each partner may open a new 
page not only in interparty 
relations; but also in the tur- 
bulent history of the inter- 
national Co mmun ist movement 
Some well-informed Yugoslav 
sources claim that both Marshal 
Tito and Mr. Stane Dolanc, the 
secretary of the Yugoslav Party, 
in the talks dealt also with 
Eurocommunism, explaining to 
their Chinese listeners the im- 
plications of the new line of 
theltalian, French, and Spanish 
Communist Parties. The many 
hours of informal and intimate 
talks therefore may well con- 
tribute to a kind of “bridge- 
building” between some Euro- 
communists and * the new 
Chinese leadership. 

Both before and after the 
Chinese visit, Mr. Ceausescu 
reaffirmed his party's deter- 
mination to cultivate good rela- 
tions with all Communist coun- 
tries. The Romanian leader is 
an experienced realist, keenly 
aware of ~ his 1.500 mile long 
common border with the Soviet 
Union, Hungary and Bulgaria 
as well as a virtually indefen- 
sible 150 mile coastline on the 
Black Seai 

Romania's only hope lies in 
deft manoeuvring and in avoid- 
ing provocations that may 
appear great enough to bring 
retaliation from its powerful 
neighbour;.' The Chinese visit 
— both welcome and feared — 
has given the Romanian leader- 
ship a good deal to worry about 
Chairman Hua fired his open- 


v 


‘‘ 



A toast the Xussians did not like: Tito (left) and Hua clink glasses In Belgrade. 


mg salvo on the first evening: 
“In Asia and Africa, Latin 
America and Europe, imperia- 
lism and hegemonisra are 
spreading out their hands to 
infiltrate, undermine, and 
commit aggression and expan- 
sion.” 

The Russians were furious. 
Tass, the official Soviet news 
agency bluntly announced that 
the term “ hegemonism ” was 
in fact a code-word for 
“anti-Soviet slanders.” 

The Romanians had to tone 
down the coverage of the visit, 
and concluded the official talks 
48 hours after Mr. Hua’s arrival, 
though he stayed on for three 
more days. Nevertheless the 
second such highly publicised 
encounter between President 
Ceausescu and Hua within three 
months— they had also met in 
Peking in May — is bound to 


be regarded as a disquieting 

development by Soviet 

strategists. 

Meanwhile if China has won 
two friends in the Balkans it 
has lost its erstwhile bastion on 
the Adriatic, tiny Albania. 
Nothing could better illustrate 
the baffling changes in align- 
ments than Albania’s public 
break with Ch vhich in 1961 

replaced the ./jets as the 

main protector of 2.5m “Sons 
erf the Eagles.” 

Not only ideological con- 
siderations but also the ever- 
present fear of the Yugoslav 
neighbour has ' .turned the 
poorest and smallest but 
strategically important Balkan 
country against China, which in 
turn stopped all aid to Albania. 

As long as Mr Enver Hoxha, 
the 70-year-old party leader is 
alive, no complete reconciliation 
with Moscow is possible. But 


the Albanians have so often 
surprised their friends and foes, 
that a limited normalisation of 
inter-government relations can 
no longer be excluded. Albania, 
however, is unlikely to rejoin 
the Warsaw pact 

On the eve of Hua’s visit to 
the Balkans, Mr. Todor Zhivkov, 
the Bulgarian leader, and Mr. 
Leonid Brezhnev issued in the 
Crimea a joint warning that the 
peoples of the Balkan countries 
would -not allow their region to 
become a playground for forces 
hostile to detente and peace. 
Hua and his Yugoslav hosts 
ignored the warning. The 
Chinese leader spent a much 
publicised day in Skopje, capital 
of Macedonia. His visit was 
widely regarded as a demonstra- 
tion of support for the Yugoslav 
side in the old dispute with 
Bulgaria about Macedonia. 

An authoritative statement 


issued by BTA, the official 
Bulgarian news agency, attacked 
Hua for sowing dissension and 
mistrust and trying to drive a 
wedge between the Balkan 
states and to destroy the 
atmosphere of good neighbour!!- 
ness. 

The Balkans are full of other 
complex minority and territorial 
problems. Disputed Bessarabia 
puts Romania and the Soviet 
Union at odds, Transylvania is 
at issue between Hungary and 
Romania, Kosovo between Yugo- 
slavia and Albania. At the very 
least, the repercussions from 
the Chinese intrusion are likely 
to put paid to what is left of 
hopes for regional co-operation 
in the wider Balkan region. 

Yugoslavia 4s of pivotal 
strategic importance both to 
west and east Moscow’s 
ultimate aim as to bring 
Yugoslavia in one form or 
another back into the Soviet 
sphere. That would provide 
the Soviets with permanent 
bases along the Adriatic and 
with air routes to the Middle 
East and Africa. It was Mr. 
Brezhnev himself who less than 
two years ago renewed the 
request for the use of Yugoslav 
ports and airspace in his talks 
with President Tito, convincing 
(he Yugoslavs that basic Soviet 
objectives have remained the 
same. Soviet officials in their 
turn are angry and concerned 
about a potential widening 
cooperation between China on 
the one hand and Romania and 
Yugoslavia on the other. 

These irritations must be 
seen in the general context of 
Soviet perception of the rela- 
tive increase of Ctanese power. 
The latest statement issued by 
the Politbureau explicitly said 
that China was trying to “ gain 
access to Nato’s military 
arsenals.” Reports from 
Belgrade that Hua had told his 


Yugoslav host that he vn 
planning trips later this year t 
France, ■ West Germany an 
possibly other countries ca. 
only strengthen Soviet fear 
that China may soon acquit* 
Western military equipment am 
advanced technology. 

A Soviet official complainei 
privately an Belgrade: “Wlh; 
should we supply the Yugoslavs 
with heavy weapons if the; 
are willing to strengthen, ir 
whatever form, a potentia 
aggressor?” 

What is particularly worrying 
to Moscow is the growing 
Chinese rivalry for influence on 
the non-aligned countries oi 
Africa, Asia and Latin America- 
Here the Chinese came out 
publicly in favour of what Hua 
called “Yugoslavia’s struggle to 
safeguard the unity and to 
preserve the fundamental 
orientation of the non-aligned 
movement.” It was not acci- 
dental that this statement was 
particularly stressed in the 
Yugoslav newspapers. China 
and Yugoslavia are united in 
their opposition to Cuban-Soviet 
activities in Africa. 


The high sounding state- 
ments about economic co-opera- 
tion with China are unlikely to 
yield major or tangible benefits 
in the foreseeable future. But 
the Soviet propaganda counter- 
offensive. already followed by 
such relatively moderate 
regimes, as those in Hungary 
and Poland, indicates the 
existence of genuine concern in 
the Kremlin about the intrinsic- 
ally anti-Soviet implications of 
Hua's unusually long tour. In 
a political sense, the Chinese 
leader may well have opened 
a “second front” in south-east 
Europe with consequences that 
are likely to affect Sino-Soviet 
rivalry world wide. 


Letters to the Editor 


PriAA rtf ;• at alL This is . what Iberia 

A lltC UI mean when they ;-say they will 

t •" i-— lose" business, and I. have not 

aluminium found theSpanishvery illogical 

- - in their economics: 

From the Ouarman, It takes; for instance, at least 

Garfield Lewis' Ltd. • . four hburs to get to Gatwick 

Sir, — I cannot allow the article from Bristol by road and some- 
on metals (August 25) to pass times -five: -as against lj hours 
without some Comment ori what “ ¥ 4 

you say about ; the aluminium ^ (f ou f^hmns). WouW 
futures . market No matter suggest, that if. there is any 
through what intermediate stages doubt, ^ that Mr. . Scott samples 
the metal might pass it is. used t he jou rney . back, from Gatwick 

only in the form of semis forgings J*.00 

w l-.i-J.'- Pto) to Bristol either by road 
and castingr. by the final con- 0I ; ' yaji with a couple of 

sumer who has over the past twa.<aiiJdren to improve things. . 
years seen such unstable pricing : He would then realise how 
conditions that 1 betieve .it Vo T>e disastrous and unfair this move 
no exaggeration to say that alu- ~*rtllbe to- thousands of people 
m ini um has fluctuated more than .in., the above men- 

caouer ' ■ honed areas as I would confi- 

~ fc-Z i; . .if dently say that there is no air- 
Were your graph to record the port - in the country so inaeces- 
movement oftbtr entire, -as sihle to 70 to *5 per cent of the 
opposed to - the offinal, alu* population as Gatwick. R is a 
mi n iu m . sheet price which- is the. -dream . travel point -for -people 
largest single -form in '-which in IS. E." England but i night- 
aluminium Is used, then it would- mare journey for thef rest of 
show a . very different, picture, us--^north, south and west. 
Sorely the main inaction of ‘a obviously for the reason that 
futures market is. to hedge London and outer; London are 
against fluctuations— it removes in the way" of direct access on 
speculation - for the consumers three sides, 
and, stockholders and it could The overcrowding of Heatb- 
alleviate the worst excesses of row . only ‘ highlights the 
flucttating_; prices for the .pro- necessityfor a new airport well 
aucersL if they were to abandon west of -London which wJll 


potential risk. We have not yet 
found that can since the Birming- 
ham incident arose from a 
damaged can. 

Most food poisoning problems 
which do arise are created not 
by the food manufacturer, but in 
the home or in catering estab- 
lishments, problems which wn 
be solved by- the application of 
an elementary knowledge of food 
hygiene. This would provide 
much greater benefit than the 
development of the sophisticated 
instrument, suggested by Mr. 
Entwistle. .. 

A W. Holmes. 

Randalls Road. 

Leatherhead, Surrey. 


Profit 


motive 


o i-'W'-T- 


From Mr. A. I. Ferguson 

Sir,— Years of socialism by 
governments of both hnes have 
severely dented the profit motive 
and diluted individual interest in 
enterprise. 

Hie profit motive ought to be 
a help in providing individual 
incentive and a means of earn- 
ing more for extra hard work. 
Everything these days conditions 
one towards the rate for the job 
regardless of ability and even 
top people have a tragically small 


increase in unemployment if my 
ideas were followed — when I 
first argued at Preston against 
their uncritical acceptance of 
pseudo-Keynesian inflationary de- 
ficit financing as a means of 
maintaining fall employment 

Sir Harold Wilson and Mr. 
Callaghan subsequently recanted. 
“Inflation is the father and 
mother of unemployment” said 
Sir Harold. Partly because of 
their change of heart and partly 
at IMF insistence, the govern- 
ment in which Mr. Foot is a lead- 
ing member implemented the 
monetarist elements — hut only 
the monetarist elements — of the 
prescription contained in my 
Preston speech, which was so 
savagely denounced when it was 
made. 

Because they ignored the other 
elements, emphasised again by 
me in “Monetarism is Not 
Enough ” — lower Government 
spending, lower personal taxa- 
tion, less legislation and controls 
— unemployment levels are far 
higher than any we experienced 
or which Mr. Foot and his col- 
leagues ever contemplated. 

They have carried out the 
policies which they assured the 
country would solve unemploy- 
ment and, yet, look at the on- 
employment results. Indeed, 
when one considers the passion 
with which Mr. Foot, as a back- 


GENERAL 

Mrs. Margaret Thatcher, 
Conservative Party Leader, tours 
Roxburgh. Selkirk and Peebles, 
seat of Mr. David Steel, Leader 
of the Liberal Party. 

Cutlery industry delegation 
expected to meet Mr. Roy Hatters- 
ley. Prices Secretary, to seek 
Government action for all cutlery 
in this country to have mark of 
origin to overcome import threat. 

British Airways receives 
delivery in Britain of Boeing 
747 Jumbo jet. Its first aircraft . 
leased under new programme 
launched by the Japan Leasing 
Corporation. 


Today’s Events 


Marks and Spencer new credit 
scheme for customers comes into 
operation at six stores in the 
south east through Citibank Trust 

Conservative Party launches 
cinema advertising campaign. 

President Carter may continue 
discussions on natural gas Bill 
with group of Governors and 
representatives of farm groups 
and major energy users. 

Peruvian military Government 
ultimatum to metal miners to end 
strike today. 

Final day of visit to Madrid by 
Mr. Ould Mohammed. Mauritanian 
Foreign Minister. 

Continuation of conference of 


16 tea producing and exporting 
countries, Colombo. 


OFFICIAL STATISTICS 
Central Statistical Office publi- 
cation of United Kingdom Balance 
of Payments 1967-77 (Pink Book). 


COMPANY RESULTS 
Final dividends: Amalgmated 
Tin Mines of Nigeria (Holdings). 
Leigh Mills. Parker Timber Group. 
Interim dividends'. L and J. 
Hyman. George Spencer. 
COMPANY MEETINGS 
PiJkington Brothers, Prescot 
Road, St. Helens, 2.30. Plessey 
Company, Millbank Tower, Mill- 
bank, S.W.1, 12. 


SPORT 

Golf: British seniors' champion- 
ship (amateur), Formby. Swim- 
ming: National diving champion- 
ships, Crystal Palace. Equestrian: 
Burghley horse trials. Basketball: 
Commonwealth championships, 
Coventry. Raring: Sand own. 
Think and Yarmouth. 


CITY ENTERTAINMENT 

Omphalos Street Theatre Com- 
pany gives lunchtime performance 
in open-air courtyard of W. H. 
Smith building. 30. New Fetter 
Lane. EC4 (1 pm-1.50 pm). 

Organ recital by Robert 
Crowley, St Paul's Cathedral, 
12.20 pm. 


witn- toe l ia e .~ i ne fact -that is . commons euse to everyone 
certain -speculators, will be who allows themselves to think 
attracted." is- '* surely...' irrelevant, freely mid sensibly. London 
since the successful, ones will- and for that matter Gatwick has 
tend- to stabilise' prices wheieas to give ^p its stranglehold on 
top -unsucifessfui; ones will not, toe mew development or «x- 
be ahle : to • be :;a ' long-term’ tended development of airports 
influence!, -; ; . --V in-.the rest of toe country to 

in any ."case the' really ‘large unable people to travel less 
tonnages -wBI-be dealt in "ottiy when they wish to use schedule 
by those with physical positrons. services 
to defend, such ias my own cam- F. E. Ripley, 
pany. I' appreciate .toaf\ virgin Cora Jjw, 
metal can never be' a . perfect. to , _ 

hedge against^ fluctuations in-. Bishop, Bristol. - 

semis bat it can .remove a cer- . . . • - 

tain amount of^ ^tbe risk axiiE m th .;! v V. ' 
toe willing .co-operation of >vP- ’ 

producers coiiia.dp so- to.an em - 521ciy ' ill. * -• 
greaterextent j e i 

l fihd that we' can stock cop^ ^ C3JH10CI IOOCI 
per 1 wish.' comparative . , v, " . _ „ ... . 

precisely because- we can’ hedge From The Director, The Br itis h, 
the^ risks. Tt' is-on ahrmini nm - Food. Manufacturing Industries 
semis' that - we are . suffering the Research Association. 
greatest fluctuations. 11118 has Sir,— Some years ago the 
caused iis to. shorten our order Leatherhead Food ; Research 

book to such an - - extent that we Association recognised the 
are living oh a month' to month challenge of the rapid demonstra- 
basis instead of committing ouis'tion of food quality posed by Mr. 
selves a year ahead as we. were Entwistle (August 29 ). Most con- 
wont -to <Jo some time ago. With ventional microbiological tests 
other stockholders • and- : 'con- -^require; several days before toe 
s timers doing the same n d Won- answer nan be obtained, but now, 
der the producers are submitting as a result of a largo scientific 
such-' erratic results. I wonder Input, we • have answers in a 
howarfariy of them have sat down matter -of. four hoars, a time 
wtth their customers and con- which we hope to be able to 
sulted tbem before deciding to redace to an hour or less. Un- 


burdens and responsibilities that 
come their way. 

Europe and ■ America were 
built on enterprise and profit and 
have only lost their economic 
way when these very has j c 
principles have been forsaken. 
Today it scarcely seems to matter 
whether you are a worker or a 
manager, whether you are in 
work or out of work, the conse- 
quences and differences are not 
all that great. In no . period of 
human history have policies of 
social expediency brought econo- 
mic success or happiness and 
theg. certainly won’t do so today. 
A, t Ferguson. 

4, Burns Court, 

Marine Parade, 

Dawiish- 


"Wilson Government for unem- 
ployment levels of only a frac- 
tion of today’s, one can only 
wonder why Mr. Foot is given 
such an easy ride. 

That is not alL The substance 
of my argument has been that 
excessive Government spending, 
including make-work subsidies, 
far from curing unemployment, 
actually destroys jobs and 
weakens the economy. Only 
buoyant profitable enterprise can 
sustain and extend employment 
levels. Mr. Foot evidently still 
has no grasp of either the 
analysis or the argument If be 
believes present policies are 
better, then how does he explain 
both toe present figures and toe 
forecast trends? 


Allied 


takeover 


■oppose the quotation? 

L. A Ghrfield, 

PO Box 21, Banbury, Oxon. 


Uapopularity 
of Gatwick 


Front' Mr. F E. RttAett 
Sir,— Xoiu- JCTtCT-Carw-.ck is 


fortunately these techniques will 
not deal with toe problem of 
botulinum toxin in a single can 
of - 'salmon which caused the 
Birmingham tragedy, for two 
reasons: 

(1) We. require to detect toe 
toxin (which is- deadly) not the 
organism (which itself is not 
harmful). Although we can 
identify nanogram (10®g) quanti- 


Frrnn Mr. G. S. D. Wolf. 

:■ Sir, — Mr. Robert Aries’ letter 
(August 80) surprised me. My 
impression from the media has 
been that the objection to 
Allied’s takeover of Lyons lies 
primarily with an inability of 
Allied to profit from toe merger. 
If Allied have not management 
expertise to put into Lyons what 
Is the point of taking them over? 
Were I a shareholder in Allied 
I should wish to be assured that 
Allied have toe capacity to make 
use of such an acquisition. 

G. S. D. Wolf. 

12, Conway Close, 

Stawmore, Middx. 


1 have published the full text 
of my speech so that readers can 
follow my argument in detail. 
They will then be able to com- 
pare them with Mr. Foot’s stale 
rhetoric. I- repeat the charge 
made in my speech that Mr. Foot 
and his colleagues are intellec- 
tually bankrupt on employment 
policy. . s 
Keith Joseph, 

House of Commons, 

' Westminster ; London- SW1. 



Concorde 


losses 


From Mr. B. A. Cole. 


Ready-built factories and warehouses 
are available smack in the middle of 


Employment 

policy 


surety. nighughts_‘ .compiew ^^, tn ^intdefies instro- 
seffish.' thinking^nd reasoning wdSSSwaQ 

mo ? e J° Gatwkk S^Sute assurance 

of toe ^chfidule airline services _ asefi 




SSmSS" thatevery single ^n.ie sele poses 

•StfS&S5.^SSd»S- 

Vitfwtunatefy -for toe passen- !™;^ U a bIe for saI e. 

§!!!? , kahPetf tfr reside . to e aT Sfe ty of food depends 

ab™ S else on toe high 
.Jg^^Starfh Wales. Devon and • . of tbe food industry 

and ; .itse these ® acainst a scientific and 

sgeiiute services because . there which pro- 


ji, 

.-V 


samto ^ services *eraura- -there pro- 

available to them ^owledge and control 

end«^d. bytoe ensure that 

autoorifira-.concertied who. have wuaaqu - d etbat canned 






^^fiK'.concerned who. have toat canned 

m /-■ alternative service sa fficiently 

KSW- ®i -'added TOurney . of f«»ds are l In i0« 

“^ery. : London . which to ensues less t m 

'least 10 per cent- probability of w. oviauw 

a^PqsSMy.ia : ; per ^ of the ? million 

.51 w-wi » 


From Sir- Ketik' Joseph, MJ*. 

Sir, *— I write to draw your 
attention to your differential 
treatment of my Bow Group 
speech on “ Conditions for Fuller 
Employment ” and Michael 
Foot’s stereotyped • reaction 
(August 25 and August 26 respec- 
tively). A report on what you 
called my “ major economic 
policy speech ” was tucked low 
down on toe back page. By con- 
trast, Michael Foot’s reaction was 
highlighted in a box on the front 
page, though I had replied In 
advance in my speech to antici- 
pated remarks of the sort he 
made.... 

I had noted, that Mr. Foot and 
his colleagues, including Sir 
Harold Wilson, made very mnch 
the same accusations — a vast 


Sin— Mary Littledaie (August 
29) is unfair to British Airways 
in suggesting -that they have in- 
dulged in a “ eover-up ” by show- 
ing operating losses on Concorde 
before charging interest on its 
capital cost. It is unfortunately 
still all too common in industry 
to confuse the source and the 
application of funds, but good 
modern practice distinguishes 
them sharply- . 


Britain’s motorway system. 


Walton Summit, near Preston in Central Lancashire New 
Town, is one of'tbe best placed industrial sites in Britain. 


llcady-built units a toavailableina rangcotsizes from 3,000to 
30,000 square feet, ac competitive rentals. And folly: serviced plots 


Ic has immediaic connection to Interchange 29 on the M6and . are ready now. All in an attractively landscaped setting. 


is only four miles from the M61. This gives a company based at Interme 

WaltwiSummittasr motorway access to every importantindustrial companies, 

region in the country. 


Intermediate Area Grants arc available for qualifying 


As with any industrial cor- 
poration, British Airways should 
earn a return on the assets it 
employs. 'TO at return should 
cover the interest cost .of bor- 
rowed capital and provide a 
reasonable reward for providers 
of equity. The return is there- 
fore correctly calculated without 
deducting interest costs. 

To do otherwise is to assume 
that equity capital is free — a 
very dangerous assumption i 
B. A Colei 
Drake Wood. 

Derowfoire Avenue, 

Amersham ,. ' 

Bucks. - 




( Foed^aittandbrocfaumon the. jmroc tk-vctupmcnL v-udihr coupon u W. McNib , ARICS, 

I GcmimeKul D ireoac Central Lanevhm.' Development Corporation, Cuadcn HiD. 

Biinbcr Bridge PnsJonPR5tiA,X.Td: Preston (D772) SCI I. FTS/78 


Company, 


Less than an hour away are major pons and an international . 
airport and within minutes a busy manager can be cm the I 

electrified Inter-City to London or Glasgow. f 

The Workforce is hi^ily skilled, with a. very good labour j 

relations record. As for young management, in addition to Preston J 
Polytechnic, there arc four universities ac hour or less away. i 


Central Lancashire 

The foundation for your future. . 











Mills & Allen expands 89% to near £5 




Profits for the year ended June 
.30. 3978, of Milk and Allen Inter* 
■ national rose 89 per cent to 
JE4.9Sin and the directors are 
•recommend in" a dividend of 5p 
per SOp share against a forecast 
2p 


HIGHLIGHTS 


other biR 
exchange 


cent to £2.6m. The 
contributor, foreign 
dealings, also did well, with OK 
profits 25 per cent higher although 
there was a small setback for the 


LADBROKES interim profit, ere nearly U :£f g^ Y m 

made at the growth from casmosand for the 7= charges will be further reduced 


till? ^ ^reorganisation laS forecast Matthews Wrlghtson has turned m half tune profits 40 ^ a^iit of more property sales. 
' number ^of KS J. H. per cent higher but the uncertainty caused by the re negotiation of increased consumer expenditure 
Vavasseur group. The directors the Norwegian shipping charter has not been removed m the wH further , 

now in Lend to make two dividend interim statement Shareholders in John Laing will this morning while i^Snefit 

(utmipnk an interim .ind a final ■ _ . * « n *aonievrinn and T dealings Will CDUUnue 10 OeneilL 


; 9 


- . and a final a document outlining the capital reorganisation and Lex 

ln r takes a look at the figures involved. Meanwhile on the issue va)ue ^ At 175p , shares (fully 

The directors point nut that front both Initial Services (£7.58m) and Dorada (£0.S5m) are taxed) are on a p/e of 6.2 before 

since dividends have not pre- raising finance by way of rights. Interim growth at BBA reflects extraordinary items, or 4.6 on the 

recovery overseas particularly in Germany while for the same actual tax charge. The rating is 

period Mixconcrete has performed better than expected. Property overshadowed by the pending 

sales have boosted Mills and Alien but Linfood continues to feel 
the effects of the price war. 


' viouslv been paid, the group is 
nnt subject to dividend restraint 
J for the current year. 

: Comparative figures for 1976-77 
i have been restated to reflect the 
acquisition of the outstanding 
‘ ordinary shares in the Mills and 
and Alien Group. 

1 The rise in pre-tax profits is 
1 attributable to a 35 per cent 
(increase In trading profit and a 
] marked reduction in interest 
charges, from 11.58m to £721,000. 


Monopolies Commission's investi- 
gation into outdoor advertising. 


reorganisation costs amounting to depreciated over six years and 
£255,000; realised profits on the the 197S results include additional 
disposal of fixed assets amounting depreciation of about £200,000. _ 
to £110,000 and reduction in The business of the group k 
provisions for unrealised Josses now money broking, outdoor and 
relating to the banking subsidiary, cinema advertising, printing and 


i rj ■ ; . . , - reiauuK to uie auusiuiiirjr, r**-* 

■ ^^u^ a ™ m \UrfbiIf a P bi^nrefi°K trading and investment properties, film studio managemenL 


. , p™*" fixed assets, companies in liquida- 

f re “P V* r cem from £I - Mm tion and investments of £211,000 
to X5-23RI. (£298,000 increase). 

riR«i S 4 V«n H Inri S %^B As part of the reorganisation 
at 3'Jlp against -3.9P and 38-ap majority of the groups 
tl9.»p) after extraordinary: items, ^rangements were 


comment 

Mills and Alien has 


Scottish 
Agricultural 
off £0.9m 

WITH TURNOVER up from I34Jim 
to JE35.6m profit of Scottish Agri- 


Year 


«■; 

t 

. .i 

i 
i 


i y 
: I 
l r 



1*77-73 

1976-77 

■ 

IU0O 

mn 

Turnprrr • 

ifl.SlO 

gJ.*+4 

. nwrannR proflr . . 

j.:<40 

3.IS5 

Associates pnjDls ... 

. . .-.H 

427 

• Interest payable . . .. 

?Jl 

1 iH 

Profit before tax .. 

. . . 0.97S 

4628 

Tax- 

1.761 

517 

Vet profit 

5.ZU 

2.III 

Esrraorf. credit .. 

5S 


M hrantics imercsis ... 

.. . 76 


AnnboAble 

3.236 

l.USB 

thvklpnds 

-US 

— 


2.779 



nf Iimocs tirrmcht 

forward and iiKtatb’s 

LhS.OOo 1‘lffi.mi 


iMcru'sn tax. t Debit. 
Extraordinary items 


ended the w ^ ^ 

year in fine style, wjth pre-tax fnimraj Industries, which is 62.4 
profits showing an 89 per cent per ^ owned by ICI, fell from 
jump. More than a third of the M m to n i m in the first half of 
tSTjaSTbSL" The a talance gain is due todies of property. resit ifsubRt to tJx 

S3t has tee “She? whlch he ^ reduce borrow- o£ £o. 6m against £lm. 
iScthened during the period m es and more than halve the Directors say adverse market 
Sth net ^ indebtedness reduced interest charge. The underlying conditions which had affected the 
from £9 4 m at June 3977 to £4L9m grading position has been buoyant animal feed business in the second 
atTuS 30 1978. I" «U divisions except cinema half of 1977 persisted and fertiliser 

Durin*» this period property advertising, which has suffered sales volume was lower, mainly in 
sales totalling £2m were completed fr” 010 increased competition, espe- exports. It is believed that some 
and the remaining properties to daily overseas. Outdoor adver- of this shortfall will be offset in 
be sold hare a total value based tising is becoming more popular the second half, 
on current market prices of some as an alternative publicity media The interim dividend is held at 
fOgni and this division's sales were 5p net per £1 share. Last year a 

With effect from July 1, 1977 nearly a third higher, with trading 7p final was paid on total pre-tax 
include advertising structures are now profits up by more than 50 per profits of £5.03m. 



Wiri-t MljlWSiy- 

ISSUE HEWS AHU 

Initial’s rights to 
raise over £7m 




-To raise £7.5Sm, 


-..“SSSSSssSSSg 


of years. 


P3Ch ■» -u 

shares slipped back lp to S9P- . „i i mimTT 
British Electric Traction, wtoch 
holds 3SBS per cent of Irn^aJs swr- 

*^ast March the »— «*« 


and since the latest 
announcement the 

Shares have risen from-.75Jf» .to 


. Freddie Mansfield. 

Sir Maurice Laing, present chairman of John Laing and 
Sous, who will head the company running the: construction 
homes and construction materials businesses under the 
proposed reconstruction scheme for the group. Retails, page 24. 


over £3 lm. Thebakuice of the was n^ bomrwmgs^ 

ITMTSSRAS^ ’SS 

br J^ e »e N S n «i s ^ce 3, T$. SSTvPJZl 

the wmpSry’s debt, provide extra of its 

working capital and enable it to year ts undoubtffaXy 

lake advantage of opportunities further Pressure gL?™*** 

for development capital demands. However the 

The company underlines the rights 
fact that It has not raised cash portion of debt to 
from its shareholders for 32 funds to a far more respectable 
years, but it has made substantial level around 25 pe r cen t. The 
developments in the range and dividend is being increased-, by 
territorial spread of its activities. a -tenth for an ex-wghts yield of 

Dividends for the year ended a£ per cent. 

March 31. '1978. totalled 4.57467P ? 

per share, equivalent to 6 . 8 o 6 G 12 p WIT XT AMS & 
gross. Consent has been received 
from the Treasury to increase 
the dividend to 7.55p gross this 
year. 

The directors intend to pay not 
less than this amount and in 
order to reduce disparity the 
interim wHl be increased to l.Sp 
net. 


JAMES 

The rights issue by Wiflianu 
and James (Engineers) of 9.5 
per cent convertible cumulative 


DIVIDENDS ANNOUNCED 


Pick up in Germany boosts BBA first half 


Current 

payment 

BBA Group int. OES 

Bowstead — int 9.7 

Bridgewater Ests. int- 4.5 

Church & Co. - int 1 

Crouch Group 2.07 

- n j| 


Date - Corre- 
ct - sponding 
payment . div. 
Jan. 8 


LARGELY ATTRIBUTABLE lo an pany customer. In that client's given at 24.Sp (28p) and. as pro- against £229.929. Earnings per jjj^r r^i r jnt 

improvement in it* German absence other outlets were built jected at the time of the merger aOp share rose slightly Trom 8.52p int gg 

operations, pre-tax profits of up and the bigger throughput has of the company with Wheatsheaf to 8J)7p. while the interim divi- pln(nl §spec, int. 15 

BBA Group rose some 19 per cent pushed overseas margins up by Distribution and Trading, the dend is kept as 4.5p net— the 1977 , .| nftMWl 2nd int. 6.39 


Qct. IS 
OcL 20 
Oct. IS 


Crouch 

advances 


.by Distribution 

from £3. 12m to £1.71 m 'for the one and a half points. But BBA dividend total is effectively lifted final was S.5p. 

first half of 197S, on turnover up is still not firing on all cylinders, from 8.495 p to 9.386Sp with a 

14.6 per cent to £60-2m. The U.S. company Scandura has second interim payment of 6.386Sp 

The directors are confident that again suffered from coal disputes net. 
ihe profit for the full year will and showed only a modest increase Turnover for the 52 weeks rose 
he substantially higher than the in profits. It is the UK perform- m £327.4m i£293.9m>. Again there 
previous year's £7m. ance, however, which appears the was no tax charge. 

Exports at the half-year were most disappointing; although sales The directors say that after 

higher at Ifi-Sfim <£R.34m). while are 20 per cent ahead, profits have taking into account the pre- 

group sales and profits were split only marked Lima The company trading costs of the hypermarket 
respectively as to: UK, £28.0Sm blames extra costs incurred in a t Bristol, opened in May. and 

<£25.46m) and £ 2 . 1 5m - . 

and overseas, £32. 13m t 

and £lJ58m UO.SSni). Automotive j n getting supplies moving in wheatsheaf to the end of May, 
activities accounted for .j. per advance of a new plant opening, the date of acquisition 
cent of turnover and Si per cent Both these problems have hit Unaudited management accounts 
of profits. margins but should largely dis- s how that since the end of May 

► Mti-ibulaWe profiLs advanced appear in the second half. The t h c Wheatsheaf group is trading 

?r°n S?r. SLS^JiZSriiE C ^ aay ta profits PWfit-Wy. The performance at 

nr £l.oam cfl.Ofim I and minorities, of £8m which I> ut f. Jhe_ shares _a = t Bristol is particularly encouraging. 

Trading conditions have con- vaTmobo 
tmued to be difficult and the Tu? n overfor the year rose from 

? ffe ?S- 7 0f the P» ce w ?. r m, il ated £9.97m to £10.4Sm. 
in 1977 are still making them- 


Oct. 31 
Sept 29 
OcL 9 
OcL 31 
Nov. 10 


0.S 

.0-7 - 
4.5 
0.7 
1 J12 
0.1 
3 


Total - 

for 

year 


2.98 


• comment 

During the last few years Initial 
has expanded its operations both 
geographically and its arnge of 
services. Most of this development 
mbhi has been financed from its own 
cash flow and bo rrow] ngs — f or 
example the latest purchase. Kex 
Industrial, for £2Jm was ahnost 
Total entirely financed by borrowings, 
list So it is not surprising that Initial 
has been tempted to trim its 
debt ratio, and chooses now to 
do so. At the end. of July it 


year 

!2.41 

L5 

33 

■3J37 

;2.72 

0.1 

ST-Ofi 


redeemable preference shares has 
been taken up as to 90.01; per 
cent. The balance has been sold 
at a premium, which will' be dis- 
tributed to shareholders entitled 
thereto, except that no payment 
will be made of any amount of 
less than £L - 

BLACKWOOD 

HODGE 

Blackwood Hodge’s rights issue 
has been taken up as to SS.7 per 
cent The balance has been sold 
and the net proceeds will be 
distributed to entitled share- 
holders. 


ao.»m piameq extra costs incurrea in a t Bristol, opened in May. and LO .v** .. u»i iiuiiwy ure usb «*wirej 

(£2.15m> meeting delivery dales to tbe Coal fosses in the Snanish subsidiaries .*■ ^creased by nghts and/or acquisition issues, flndudw additional be used to reduce borrowings but 

£29.08m) Board as well ^expenses involved ^ owM ScSSd “* FCLAOWNG A EW^OQ first-half 0 .0606p. | As forwast in uly, 1978 prospecLus. fl Includes 0.<B42p ; third ^ is not ^ objective. The 

»A(wAili«n x_ ^..ii iu_ ■Mj.i.lta.. ~ - rlnHina tn (vnQ !/lMl (Tfin^h liltHlD UltGrUD. 55 LOlTPClCd. I «» 4 a ntilAMM tl«n mhaiih 


*6 9.39 .>8.5 

Lonriio §§mt. 2.4 OcL 31 2.33 — '6.55 

Matthews Wrlghtson int.. 3.6 Nov. 10 3.22 — < 9J9 

Mills & Allen 5 — Nil 5 

Mix concrete int. 1.43. OcL 23 358 — -3.19 

Scottish Agricultural inL 5 Nov. 6 5 — T2 

Small & Tldraas int. 1.1 OcL 12 1 — ; 2 

Sobranie (Hildlngsl ..Jnt. 1.1 OcL 17 1.02 1.76 . 1.67 

Stoddard 051 Nov. 15 0.79 1.33 TJ1 

Dividends shown pence per share net except where otherwise stated. Thomas Kenny, chairman, says 
Equivalent after _ allowing for scrip issue- 5 J' On ^Capital that initially the new money will 


Dorada calls for £850,000; 
profits improve 


Dorada Holdings is proposing to Sizeable property profits will bte 
raise £850,000 from shareholders earned this year but they are not 
by a one -for- three rights issue at Included in the interim figures. 
65p each. Along with the Issue The chairman says that it is too 
comes the half year figures to early to forecast profits 1 for the 
June 30 showing a 35 per cent year, but the company is budget- 
jump in pre-tax profits to £550,000. ing for an improvement in the 
Commenting on the issue Mr. level of trading. 


comment 


decline to £259.200, Crouch Group 
recovered in the second half to 
lift taxable profit for the March 
31, 1978, year from £406,000 to 
£449 000. 

Last years profit was after a 
£234,000 exceptional loss, and in 
both years the interest charge 


Earnings per 25p share are 5.15p 61p on a prospective p/e of 5.5 
<4J(3p). t last year’s tax charge) and a 

The interim dividend is stepped yj e w 0 f 6 6 per cent 
up from 0.7979p to 0.8777p net. 
absorbing £400.000 (1360,000)— a 
third interim of 0.0242p is also 
payable in respect nf 1977, making 
last year’s total 2.4076p. 

At June 30, 1978, fixed assets 
stood at 129.67m ( £27.05 m at 

December 31. 19771 and net 

current assets were ahead from 
£ 15.14m to £17.17m. 

• comment 

RBA's profits rise of nearly one- AS FORECAST in April, pre-tax very much in line with the markei a total of 2575p l2.7225p)._Divi- 
fifth is entirely due to a 59 per profits of Linfood Holdings for expectations, however, and the dends will absorb 
cent increase in the overseas the year lo April 29, 197S, have shares closed 2p lower at I5Sp. after waivers of 
contribution. This largely reflects exceeded £5m; the figure turning Tbe retail side (more than 40 per . 

the recovery nf the West German in at £5.16m compared with cent of group sales) has held up • Comment 
subsidiary Textar, which 
recaptured a major motor com 


Mixconcrete recovery at 
midway-peak year seen 


Linfood 
turns in 
£5.16m 


_ _ - -n THE ANTICIPATED improvement affected the results of the same better. 

Sy^add 1 in PreSSUrc °" mareinSl an « rakes *224 •(079.0001. but ^ ^ 

• comment 


intention is to enlarge the group 
and open new outlets. 

Turning to the half year figures, 
he reports both the motor and 
the engineering divisions im- 
proved their profits despite con- 
tinuing losses at the Bo'nees 
Foundry. These losses are at a 
much reduced scale and the pros- 
pects for this foundry are much 


directors say rh^ ^y owing TaTS • comment a ' 

he ^tyPSSSSt -E476.000 to £626.000 in’ pre-tax Mixconcrete has had a better first 

iinf«wrrit Profit from increased turnover of half than its chairman anticipated 

L m foods 11 por cent sales rise For although provision has been made atrainst £U5Sm z»t ihp ARM in Aoril He said 

vnhi? includes a Mn^^are arc The im Pr°vement has continued then that figures should be ahead 

volume sain of a few points but Earnings per 2op .share arc . second half and Given «f iqt 7 \= Ann half hodine well 

the food price war has continued shown at 3.63p JfflguC 5.68 last Jeasonablc weather Snditlm for thTyeaJLawhoSlnthe 

iMst qU w e a a lfln J ?K 1S i p J^ ts are flnm i«rin OST^n^et 5 for P rofits for the 7 ear coulcl reach event the interim pre-tax figures 

just over a tenth lower. This was from L$2S7op to 2.0biap net for rtfCOr ^ i eve | S the directors say. a re more than four times to the 


Tumnver 


Motor 

27.095 

24.303 

Enclneeritut 

.. .'... 2.9K 

2.331 

Profits 

S41 

741 

Motor 

713 

M7 

Engineering 

114 

TO 

Property rentals 

14 

14 

Interest charges 

291 

333 

P«Max profit 

H» 

4K 

Tn$atton 

:w 

211 

Net profit 

284 

193 

The directors 

announce a 

half 


from 1.2789p to 1.4281p 


has £5fflm for the previous 53 weeks, reasonably well compared with c ra „„h nmnn » n a i^« wa f 3 - 194 fP* . „ 

— Earninss wr 25p share - Awarj 


PSIT 


Property Security 
Investment Trust 
Limited 


Revaluation Surplus Scrip Issue 

Extracts from the statement by the Chairman, Mr, A. R. Perry. 

■ Revaluation of UK properties shows £49m against 
£29m book value. 

■ Scrip issue 7 for 2 ordinary shares plus 2 £7 
S^o cum. pref. shares for 25 ordinary shares 

■ Potential renial value of UK properties €3. 9m 
compared with E2.7m received during year 

■ Improvementof E523.000 before extraordinary items 

■ Rental income up by £230,000 

■ Dividend increased from 1 .S755p to 2.09p per share 

■ Additional development sites in Aldershot and Fleet 

■ Assets in excess of £67m 

■ Agreement to develop large industrial site at " v 
Basingstoke 

Results for the year ended 31st March, 1978 


£000's 

1978 

1977 

1976 

Rents receivable 

3,177 

2,948 

2,734 

Net Property Income 

2,771 

2,569 

2,265 

Surplus 

577 

685 

545 

Dividend per share 

2.09p 

1.8755p 

1.6855p 

Share Capital and 


Reserves 

16,267 

13,815 

11,433 


Copies of the complete Report and Accounts may be 
obtained from the Secretaries, W. H. Stentiford St Co.. 
7 Love Lane, L ondttn EC2V 7JJ 


because Soar Galewav and J. VKW, . U - "« u v remm-nea £326.000 (£78,000) .... 

.-I, ?L* »os efficiency. Yel the new profits at £300,000 against £72.000 


US2p per share 

is raised recorded in 1973.; The improve- , an increase of 10 per cent over 
last year's ment Is based' on increased last year. In the context of the 
demand for ready mixed concrete rights issue ihe directors expect 
and a return, to more normal to pay a total of 3.1 p (4.57525p). 
trading in the concrete pipes 
division. Lapt year it was hit by 


under the same pressure as the The directors say the better tbe moratorjum'on regional water 


High Street superowkeT SafiS. £^077^^ fiSUrPS a T ^ 7 SUlt ? “J" 
But it is Linfood’s wholesale the alun dem , and for f eady m,xeQ 

activities which are being strained of ie lSst ScS S Jre roncn?te and a « ?recates - 
most Here, prices have been held alreadv nromisina atetmtiBiw This is combined with the bene- 
down in order to retain market profit Tn rife mTSSr. ™ of "? ore slable tradin 8 «n- 

share and allow Linfood’s major The at Mp X not take djtipn.s in the concrete pipes 


authority pontracts. The share 
price jumped 4p to 75p on the 
news and. assuming the record 
result is achieved, the p/e is 7.7, 
and the yield (given a lu per cent 
increase) is 72 per cent This 



Shaw 
Carpets 
begins well 


Dorada may claim that reducing 
borrowings' is not the objective 
of the rights issue but with the 
last accounts showing net debt of 
£3 ,96m compared with share- 
holders’ funds of £5.98zn the extra 
cash is going to come in handy. 
The Interest charge is looking 
rather heft? eating up 35 per cent 
of first half operating profits. 
Meantime, the interim figures 
look far from impressive at first 
unit-year glance. Turnover at the motor 
iro isTi division is only up 13 per cent at 
*}? a time when Ford registrations 

3IU1, jjfrA rose 2 q per cent and Vauxhall by 
14 per cent ■ About 40 per cent 
of Dorada's motor division is 
Vauxhall and some 35 to 40 per 
cent is Ford. However, this 
picture is distorted by the closure 
of some low profit outlets. Twelve 
have been closed over the past 
two years leaving 18 In operation. 
Adjusting for closures leaves 
sales up around 25 to 28 per cent 
Meantime, the engineering com- 
pany is making a steady recovery 
and with the continued buoyancy 
in car registrations full year 
profits could be around the 
£t.3m~£1.4m -mark .without much 
trouble. The dividend is only 
being increased by 10 per cent 
despite the historic cover or 5.7, 
but the ex-rights yield is still 10 
per cent — above average for the 
sector. 


lasts but the company is hoperul CTOUD^nv^mcnt' Tronertvi But 

low poinL wheatsheaf could lift i a <, financial war tn iiufiraie a 
the group’s sales to £S00m this uJEird re-rat “ng Addin? 

cruciaf° TT td ^hares^Tfnn'a back lhe exceptional item in the 
nr “S5 thr. vi-w it * JSiJS P^'ious year trading profits are 
n* nnr cln? lh ‘ ^ d in fat '« down from £711,000 to 

’ “ pcr ccnL £520,000, The revival in private 

housebuilding activity has nol 
worked, its way through to the 
croup's performance in (he last 
financial year. Cost inflation ran 
at a faster rate lhan the price or 
Crouch homes which showed an 
average increase of under 5 per 
cent. There is little in tbe way 
of a land bank although this is 
Reporting pre-tax profits ahead now being built up. It probably 
from £397,2(1(5 in £475.436 for the has an 18-mouth life. Rcplace- 
first half or 1978, the directors of ment land is expensive and the 
Bridgewater Estates say that the group’s borrowings have trebled 
group is continuing to make pro- tn £1.7m over the year. The 
gross. shares stand on a p/e of nearly 

This year’s half-yearly tax 12 and yield 6.6 per cenL covered 
charge was £233210 i£167Jl77) nearly twice. The Tcape slake is 
leaving, jict profits at £242,226 the prop for the price.. 


CHI budgeting for higher 
second half profits 


_ Progress for 
Bridgewater 
Estates 


Redland makes promising start 


THE CURRENT year at Redland In saying this, the chairman is 
shows increasing promise as it. conscious of the fact that the con- 
develops. Mr. C. R. Cor ness, the Lincntal European businesses 
chairman, says in his annual re- work to a calendar accounting 
port. This is particularly so in year l o that directors are already 
the UK and in continental Europe aware of their performance for 
following an adverse winter, and the first half-year trading, 
he is hopeful (hat the group will in 1977-78. the group committed 
at least be able to maintain the £16m to capital expenditure in 
worthwhile advances already' the UK alnnc and has sanctioned 


Sales for tbe first quarter at 
Shaw Carpets were well ahead of 
those last year and Mr. J. V. H. 
Hartley, the chairman, told x the 
. annual meeting he remained con- 
/fidezit that there would be a re- 
'•warding outcome for 1978-79. 

- He said that in part, this 
success had been due to returning 
-trade confidence in the company 

__ - .. . .’and the early launch of five new 

organisation of the i? ain j- product ranges previewed by 
interests, which have persisted . major buyers before the Harrogate 
longer than anticipated into the -exhibition. 

first half, and no further order position at Vbiten 

deterioration in the trading of Group remained strong and profits 
With the exception of the paint the major automotive customer, for the current year would show a 
company the divisions - were Particularly in view of the current satisfactory improvement, said Mr. 

uncertainties surrounding the C. M. Brown, the chairman, at the 
S.U. Carburettors dispute. AGM. 

Trading during the year to '• The group's technical develop- 
date at H. and R. Johnson- ment in the fields of recon- 
Rlehards Tiles had been sails fa c- naissanue systems and advanced 
tnry said Air. J. Alee Done, the electronics was proving success- 
chairman at the AGM and ful and it was now looking closely 
he saw no rcasou to modify the at' new ranges of product?, he 
statement in his annual review added, 
where he hoped Jo report a year 
of steady progress. PONTIINTS 

Regarding dividends, the addi- * vri " ^ 

tinnal exemption to cover costs Pon tin’s, a subsidiary or Coral 

where dividend cover exceeds Uie Leisure Group, proposes to repay 
highest level achieved since 1972 the outstanding £552.162 of 
appeared to oiler no immediate 7.75 per rent debenture stock 
alleviation, he said 19S7-92 al £95 per cent 


Budget.? for 1978-79 at C II. 
Industrials look fnr slgnificantly 
higher profits in the second half. 
Air. T. M. Hearley, chairman, 
told yesterday’s annual meeting. 


trading in line with expectations, 
he added. He confirmed his fore- 
cast in the annual statement thal 
first half profits were expected lo 
be lower. 

However, for Uie year as a 
whole, futrher progress depended 
nn the swift resolution oF the 
difficulties surrounding the re- 


made. 


Marshalls Halifax Limited 

Financial Results for the year ending 31st March, 1978 
Another Record Year 

Profits before lax £2,1 64.000 up 20? □ 

Exports £4,253.000 up 29% 

Earnings per Share 34.28p up 45% 

Compound Growth Rate over past 5 years 1 6% 

A comment from Mr: David R. Marshall, Chairman. 

"We are cautiously optimistic, although afirm forecast would be 
foolhardy, l do not expect Shareholders to be disappointed with the 
results for the current year." 

Copies of the Report and Accounts are available on request from 
Mr: G. B. Taylor Company Secretary Marshalls Halifax Limited, 

Hall Ings, Southowram, Halifax HX3 97W 


industry are being .studied in the 
hope that a group can be 
constructed capable of making a 
significant and progressive contri- 
bution to earnings. 

The croup consolidated balance 
sheet shows tbe stronc financial 
position which has been built up 
in recent years. Net assets 
employed increased by 16 per cent 
£22m in the current over last year and this was 
financed by an increase in 
ordinary shareholders' funds 
through retentions, increases in 
minority interests and long-term 
provisions. Loan capital plus bank 
overdrafts less cash and deposit* 
now stand at the low level of 
£5. 53m. down 64 per cent on last 
year’s £15.52m. 

Since the year end. lone-term 
debt has been further reduced 
by the redemption oF the 7£ per 
cent DM Bearer Bonds, the 


a further 
year. 

New- projects include a brick 
works, a roof lilc works and rail 
handling facilities which will 
enable output to be increased at 
the Euddon Wood quarry in 
Leicestershire. 

Nearly all the businesses over- 
seas are similarly financing 
increases in working capital a* 
well as growth out of their own 
resources. 

Some examples of the group's 


diversity of development during necessary currency being 


the past year are the opening nf 
a new tile works in Norway, the 
resurfacing of airports In the 
Middle East, the engineering of a 
new stone quarry in Tanvama and 
the provision of industrial 
cleaning services in Singapore. 
Fnr the year ended March 25, 


purchased with sterling at official 
rates nf exchange for a total cost 
of £ 1.136m. Substantial expansion 
can be financed through increased 
debt and (his source of finance is 
expected to be utilised in the U.S. 
acquisition programme. 

Fixed assets expenditure ai 


1U..S, profits before lax rose from £22.12m in total was 22 per rent 
ln !£»W-44m on >ales of above the previous year. Funds 
ELTOjOttm i£2.“.*!.nmi. Profit earned generated Trom operations covered 
m ine UK account* for slightly this expenditure as well as all 
more than one-third or the total, other costs of operating the 
Pro iiJ?. W u rc - educed to 130.28m business, taxes, over 13 m on 
on a CCA basis nflcr adjustment* acquisitions and Ihe distribution 
for additional depreciation of to «harehalders. 

! ’ 3lCS ' f3 02m and Capital expenditure plans fnr 

i 1978-79 envisage substantially 

roiiovvtng the agrccmrnr In buy increased investment with the 
iinomaictj building Components nrcojsary finance coming partly 
i ' Florida, for $27ni. from increased borrowings, 

the chairman .says several other Meeting, j London Wall, E.C-, 
businesses in the U.S. construction September 28 at 12,15 p.m. 


OLIVER RIX LTD. 

SHAREHOLDERS 

The proposed merger 
with Manchester Garages 
should be ignored when 
acceptance forms are 
received. 

Oliver Rix shareholders 
are being unfairly 
treated and are offered 
but a fraction of the 
shares offered to Man- 
chester Garages share- 
holders (plus some loan 
stock as a red herring) . 
Fellow shareholders, the 
remedy is in your hands. 
REJECT THE OFFER 

Serd proxy cards to address 
below: 

HARRY WAKELY 
Peng am, 

Bargoed, 

Mid Glam. 


^ During the year to March 1978, we manufactured: 

• soft tops and snnshine roofe for sports cars, 

• decorative trim for consumer products, 

• prnnts and cement additives. 

• synthetic foam for soft furnishings and 

• managed industrial property. 

We made record operating profits of£908, 000-up 46% 
and we were able to increase net dividends per share by 74%. 

Ournet tangible assets, at the year-end, were almost 

xj / 1 million. ^ 

This year; we look for even further progress.^” 

Tim Hearley Chairman 


\I 5 i 


C H Industrials Limited 

Copies c/tba Report and Accounts and product 
brochures arc available from The Company Secretary 
at 26 Mfcw Street. Dunstable. 6edfonishueLU6 ISX. 


C 


JjoJJ 








■ y I . i nn i 



Fdd^r Ssp temper T 1978 




: 19 




so far 


£1.4lm midway 


V • 4f 




-V. ^ 

1 * ’.P-*v: 


WITH ITS tradlag profit up from sajs 'dbe- underlying trend of the talks which micht i* a ,i «♦« 

£2. 84 m to £8 58 m. and interest and’ groups' . business is one of changes in rhe ANNOUNCING FIRST-HALF 1978 importer and distributor to 'the For the half rear to Julv 4 

investment income some' £ 0 Alm rimKrovemem and that currency hoard ^ were at P m U a2i£wS {od£?'*^eRS '“Sf ^ ead fron 2 trade . Md he expects 1978 • - profits before tax of the 

higher at £1.05m, taxable profit of mown Hits are unlikely to hare stag? A father a ^ *? d^ors of positive results t0 flow from these ugwta aiw» hicrSLd frorb 

WnHhaiw. TOriaiitcnn Vnitlinn u Mnnite an.bmuu* ae )<.» . »u«ner announcement KCA International, formerly development ernenses tri th* maS 0 .. ifSo increased irora 

Berry Wiggins.. say the results second half and 1 tocoxitiiiue tl S2JS? mfSffi fftoWSiSl!' 
show- a continuing improvement close in the 1978-79 financial year 5? 1 m«? ? £a S st ^ 7 . 0 - 82m * 

in the fortunes of the. company The motor subsidiary traded sues ffS-JH* S 1 *? ? ’ £? e , ci,air ™ ao : 

and they expect this situation win cessfully hi the first half He Svs hl i Ju3y profit f o™cast of 

continue -.throughout the ■ re- that directors have decided to 5 l^J 0 ? l KJ tBr «>“Pared with 
-mam3er of the year. retain its property assets and re. in 1^77. 

They add that they are hopeful development plans are under L 13 reasonable to expect the 
the upward trend will continue consideration yearns profit figure, taking into 

into 1979. Turnover i n the period was accoun t higher turnover associ- 

Earnings per 25p share are £JL25m (12.02m) and after tax of ated with 1116 second half, says 

— shown to have risen from Ip to BJM O23.60S) net profit came *** c***™* 1 *- 

WITH 'Moot a# a— ? ,lp \ T here “ m "Merim dlvi- out at £1518 (£20,649). Last year Tas 111 the half year is £fi25m 

coming in the first 1 ha ?f re wh*£ 0 3 de ? d ' ye , ar ’ a interi ™ of 0.1p a total pre-tax profit of £108.707 a8 ’ aip ?L £415m siving earnings 

coming in the hrsr half, when a nP r «« th ff «t. »»»»* «» i «7 was reported and a 0 5 p final P er Inshore of 16.lp compared 

dividend was paid. wlth 14 7 " ' r, *“ “* — J; ”-* — ■ 



r -- V 


V«. r V 


' "■ji; 


Matthews- XVrightson -Holdings as; serious an -impact as last year, is expected b? the weeK? 
advanced 41 per cent to.£4.77m in. The full year results wifi depend P DJ we weekend, 
th e Jun e 30, 3978, half year. . . to some .degree on exchange rate 
' Turnover rase Trom £30m- to movements and also on the out. 

£33,lm and the. -profit' is ala) after come of any' new arrangements 
interest- charges of £05m (£0.6lra) which may be concluded with the 
and associate profits 'of £ 21,000 Notwegiau Shipowners, 
compared , wth" losses of SBSjOTO After tax of ■ £2.35m (£L56mi, 
previously '- .■'* '■ minority V interests of £05m 

Mr. Gordon Henry, the chair- 0 . 51 m) and extraordinary profits 
man, says woridwtte jnsurance # 59,000 (£163,000 lossj attribu- 
profits; Of... ™»£S.»bto.p 2 B «™-™t »t rns m 


BOARD MEETINGS 


Stoddard 
arrests 
decline 


i---— -- t. •— . . - — — hoib urow cauie i/ul at 1&M 

showed . a si^ufleant Improvement ■ Spared with £U5m last lime. — _ 

- The interim dividend is raised coming in the firsr half, when a net was the sole Daymen 
froTn 3-2197P. net per 20p Share decI ™ Trom £734.000 to £410,000 when iESmmr P S3S 
raS^Jed^o to-ASSSSp And will absorb Kl.onm £ as « ported, pre-tax profits of £l9Sra • p 18 

^ year 3 5 - aM5p Sf0daar ^- H ?' din » Sashed the The romnanv *««*„ 


u I 1 IH 1 UU Ui, V.XII 

net was the sole payment for 1977. 

totalled 


Operating expenses were con- profit of £8.4im. 


See Lex 


T> 




(£0.3301): Last year a 59SG5p finished the The company announced on 

® na L' V T^L 0Q t0Ul taiable ?owSr a^7(Sooo 80nie W -°°° 29 ^TrewmSTof Its 

p,L.i‘ * 'Os. 000 . loan of ,823.4m advanced to it by 

stated* at* 44» ?h C Manufacturers Hanover Leasing 

rfir n -!i!L j - * A K ( 6 “P* and th ® Intematiooal Inc. Of New Ybrk 
f ilolS d to 1 -iS e ?-hK UP ^ f0T an Algerian drSun?wnt^L 

The directors of this manufac- 
turer of Axminster, Wilton and - 

bonded carpets say its ranges " 

e a Z no T Q T ?- raarket *£2w£Stnm 

leaders both in the UK aud abroad Share aw. losses 
and full employment has been before tax _ 

come neia up. prom was rower. ™ — maintained. 

As indicated -at. the ACM. talks Jffl; ■ ■■ Pattern cost® arc now being SP5J?- *“ 

with Norwegian shipowners-, re- 2? LI 6 ™. t ' en . off against the year m Min^ iosa ' ""'.- 
tankers P^IWO. (£190,000) .and does not which they arc cut. This change szmiort. credit 
include any coolrnniuon from the m arrountin ? 1 hnsie Vine nn.itiui Pn-f. divHifemte 


tained well In. the UK but ■ some 
overseas operations were affected 
by higher costs associated with 
new. developmepts. The renewed 
strife in Lebanon affected results 
there and is leading to operating . 
difficulties,- he says. 

The profit of the Uoyd'-S under-: 
writing agency increased substan- 
tially, in line with results from the 

19 rL L Wriohfnn'e >u„ With turnover ahead from 
brokto'^suIB to bi &'** 10 of 

affected by the depressed shipping £ 3 fBM 4 ^tn 

markets, and although brokerage ihe° 3 une^?i^ half 

income held up. profit was lower, s 391 * 014 ™ tlie June 30 > 1078 half 


Halftime rise 
at Thomas 
Robinson 


Church 
down at 
halfway 


fi mounts 
U78 Ifi77 
AMO £000 
9.531 1S.4SS 
lass on 


Year ALTHOUGH INCLUDING 


a ) 


wo* 

760 


SI 

6 

63* 

423 


MS 213 


garding the three tankers i** w '*™Y£.*i*“ tney arc cut. This change Kxrraon!. cmlft ... 

chartered to them bv Galbraith include any contribution from the jn accounting basis has resulted Pnrf. dividends . — 
; « ‘ -v . SouHi African associated comnsnv. in .in oh-irnn n r cmnnn Anrlbntable 






i uy viai Qraiin i—t** r — * — ... — 

are progressing. All sub-charter Sou® African, associated company, 
payments due from the owners- The interim dividend js lifted 
continue to be received and" full J?* E ^P s ^ a /f y> to 

provision is made in the' results -for 0-S63Sp, a mciudmg a O.MOlp 
all Tosses accruing to Galbraith additlonaJ payment for last year 
under the existing arrangements, following the. tax change. Last 
r»n,_ time a 25446Sp final was paid on 

The groups air broking eom- ^record profit of XO.flflm. 
pany conrinues to progress satis- H L ^ 




’or% 


ls 


fsctorily ' and .while Fountain 
Forestry had a good half, year, 
results at Fountain Fanning were 
Jess - satisfactory owing partly to 
tower than expected prices. How- 
ever, results are no longer emrtzm 


in an extra charge of £92.000 in Awh wtob le . 
the year under review with an - ! slTWeiu ! 
adjustment of £110.000 in the 3977 
comparison. 

The products of The group win 
be widened by new ranges and 
by the acquisition later in the 
current trading year of a tufted 
carpet plant. 


16 


16 

197 

20 

177 


BOARD MOVES 
AT RAKUSEN 

The liklihood of board changes 


SANGER S 

Sangers Optics, a wholly owned 


Development 
cost trim 
Grovebell 


with 14.7p. The interim dividend 
is stepped up from 3p to 9£tp and 
following the tax change; lost 
year’s final of 4p is increased by 

0.0606p. 

The directors would also wish 
to increase subs tantially this 
year's final but this wOJ depend 
on external factors, says the 
chairman. 

First half available profit is 
£8.59m (£&94m) after crediting 
, minorities, £ 81,000 against 

J ^ n ;a^ d "& pr l' 

81 dipped from £958.905 to £827 089 fl en . era ^y buoyant although the 

- mSe fi^thauof 1978 ^ ,089 f asui ° d,vls ? on 1s “Ot expected to 

-ins , 1 lV >i ' increase more than marginally its 

ijoo Profits of R. p. Allen have been contribution to group profits 
iS7 included since February 8 and of above last year’s figures, says the 
Ellens from April L In March, Mr. chairman. 

42 L B. Church, t)m chairman, <iaid This is in line with expectations 
33 that the acquisitions would add following the extraordinary 
643 materially to profits. increases in the previous year. 

633 Sa^ in the period rose from the^orofit^Bn™^ ^ Jat .. ail ? ost , a]1 
£999m to £ll.l3ra and after a tax l e , a ™ ed by the London 

charge down from £ 455.094 to f ™ ra overseas clients 

JE3S3586 and minorities, attribut- ^ j^^fPey earned 

able profit came out slightly down d Indirectiy by the 

from £502,219 to £501,460 ^ va "°.^ s casinos in the capital 

Mr. Church now says results P rm 2 de an .important contribution 
reflect a ™re °£ma” SStag “ 00 t n J| 

pattern than that which existed ♦v“ roI i 8h ^ development of 
in the early months of 1977 when ?*. cu ?7 e . nt operations_ with 


Ttie follow hut comiMiues have notified 
dates of Board moetiogs to Uie Slocfc 
Kxrfiange , Such meetings are usually 
heW for the purpose of considering 
dividends. Official indications are not 
available whether dividends concerned are 
Interims or finals and the snlxtivisions 
shown below are based mainly on tan 
year’s timetable. . 

TODAY 

interim*— Anglo American Industrial 

Corp.. Desoutter Bros., Ceorse Spencer. 

Finale— Amalgamared Tin Mines of 
Nigeria, Leigh Mills, Parker Timber. 

FUTURE DATES 

Interim — 

Abbey Panels Sopt. 7 

Babcock and Wflcor Sepu 13 

Costaln fRicfaanU ,_j tSem. 7 

bewhlrst <1. J.) Sept, s 

Jersey Electricity Sept 35 

P40 — Sept B 

Phoenix Assurance Sept, a 

Sbakespeare fJoaepb) Sent. 8 

Tilling iThos.) 1. Sept 13 

Wwdward (H.) 7 

rUI?us— 

Copsou IP.) Sept & 

Esperanza Trade and Transport.. Sent 4 
t A men ded. 


It is pointed out that this p 
chase was made in - the per 
prior to... the abortive discussit 
on Lhe possibility of Vantona b 
ding. for Compton. 


Boustead 

midteim 


progress 


. s--— - - - Continued development costs at ^ *a ^xceptlJn™ 01 iJSeSL 1 h7 ?roflt good Browth and the 

subsidiary of bangers Group, has Grovebell Group cut taxable profit of 60 per cent was achieved expansion mto additional areas of 

a. * -«i- -afl-iisisrs EwSSf reS|d m preflt « o u«, f i ai 

'msssfri' aowr s s*' ® ggaarsa IHSESw 

■ - - - - - 1* food mMuftchirinc. dta- Th- — ... a &*.. ,'L . SSSffiJS ■W* - " and SotiThre um“ S in"S5‘ 


aim i$ to eventually have some 50 
per cent of group profits coming 
from interests outside of betting 
and casinos, Mr. Stein says. 

The profits contribution from 

casinos over the opening half of 
current year was virtually un- 
changed on last time's returns. 
For the full year. Ladbroke is 
hoping -for . possibly £18fim in 
casino profits against £13m for 
the previous year. 

Behind the improvement in 
interim results were good results 
on retail betting, and entertain- 
ments. and big improvements from 
hotel interests. The Cashcade 
lottery business is expected to 
produce profits of some £500,000 
this year. 

See Lex 




the period adversely affected the : The food manufacturing, dis- The acmrisition is in further “'STv t aa™-. 

sterling value of its substantial tribution and property develop- ance of til^grSSp's planncd^ei- sa^thrt^ i‘ SSr mhrid^^StS th “ Iasty ! ar - ment in property development^ 

dollar revenues. But Mr. Henry ment concern, said yesterday that pansion into retail optics bmnraff to « *5 ^ 0wm > s t0 ^ eice Pti on aI mainly industrial and residentiaL 

6 K an demand early in 1977. warehouse As an example of the progress 

stocks of shoes were run down to that has been achieved business 

unacceptably low levels and the plans indicate that some £ 25 m 

group has had to rebuild these should be earned excluding the 

stocks this year, and the tourist profits of the casino division in 

business, particularly in London, 1979. 

ss s 'sss 'aurass sar ft ,o *• ra>p w jasm 


Better trend 
at Small 
& Tidmas 


WITH TURNOVER for the fit 
half of 1978 up from £12 ,25m - 
£142 lm, pre-tax profits 
Boustead advanced from £826,0 
to £920,000. 

The net interim dividend is he 
at 0.7p on earnings per lOp sba 
of 2.67p (1.45p). Last year’s tot 
dividend was l.5p from taxab 
profits of £l£9m. 

Tax for the half year tot 
£411,000 (£515,000) and minori 
profits £203,000 (£145,000). Tl 
attributable balance was ^38, 6( 
(£97,000) and. £357,000 (£1B,0(H 
was retained. 

Book profit on sale of ti: 
Windsor Estate in June is show 
- as an extraordinary credit < 
£132.000 (£69,000 debt) afte 

writing off £ 800,000 goodwi 
included in the cost of an inves 
ment in a subsidiary. 

Proceeds from the sale of th 
■estate have been applied large! 
to taking up the company's right 
entitlement in Boustead Sing; 
pore. 

The Singapore group record e 
an increase of 15 per cent in ii 
operating profits. Plantation 
however were lower primarily du 
to drought conditions affecting o. 
palm crops. - 

In the UK the metal brokin; 
and metal trading operations con 
tinued to show improvement. 


Improvement for Marshalls (Halifax) 


year.' Mr. Darid R. Marshall, the few years is planned. Petroc Drill- Mr. Marshall says the group's 
chairman, says to Ws annual tog. Equipment began operations positive investment policy is to 

statement last year and contributed a small continue * * 

While directors are cautiously- profit and with H£P (Powder 
optimistic they cannot be sure Metals), which ~ began trading 
that this trend will continue to tliis' year, directors intend estab- 
the end of the year. Bat Mr. lishing : a highly technical hot 
Marshall, does not expect that, isostatic pressing- facility. At 
shareholders will be disappointed Halifax Tool (South Africa) steps 
with' the final result; '- . hare beep taken to remedy the 
He is confident the . concrete ■S“ 1 n Jw incurred last year, 
and quarrying division will con- ' while -' there .are signs of tmprove- 
tinue to improve profits to- real men * a * Marshalls (France), 
terms in the next few years.' Last As previously reported taxable 

year, when it contributed " ' ' _ 


* K* 414 UiC J0UCI UCLil UL U 1C J 

a satisfactory return. It now has last year in anticipation of con- Gambling, 
substantial cash resources and a ttouing high levels of trade. Singling out its recommendation 

materially improved liquid posi- He says that although the two for a swin S* In B increase in the 

Hen companies traded welL their amount casino duty currently 


tion. 


Assd. Tooling 
sells more 
assets 


. . . „ EUen companies traded well, their ® 0,0 “ , ? t ° f e*** 10 ^ currently 

The Board is considering ah contribution to profits in the first P ayaWe he ^ “ sufficient 

available alternatives to utilise half is small, since these can only t0 comment that these proposals 

this cash surolus mrlndlnp h n I . are impractical, unrealistic and 


Mr. A. G. Pratt, the chairman 


si no juuvji fway reponeu raxaoic vncm uuui 

year, wnen u. mmnmma- a profit of the group In the March of Associated Tooling Industries, 
trading profit of £144m (£L03m), 31, £978 year dimbed from £lBm s ? i ' s in annual statement that 
trading conditions tyere not good, to £2.16m on turnover up from ine already announced sale of the 
although there were some en- £18-57m -to £22fi9m. The group is Tnna Property resulted in net 
couragtog signs of improvement prtiposing a scrip issue of one 30 Profit of about £70.000 which will 
in the latter half of the year. per cent cumulative preference included in the interim figures. 

In the engtoeering : division the share for every •*" CT,Kc! ''^" ac 

p rod net range at H a l i f a x ' Tool is shares held. «*■ !*««»»•*■ «««/«&« snwm distribution of 34.77P to be made 

being improved, - while • at - At ; .balance date fixed assets ®™ 8 ®, .® e ** company’s industry on September 6. This compares 

Relian ce-ftlercuxy _the- level of^tood- gt £353ra (£32Sm) ahd.net “ rocoveitogjrom vjt h an estimate of between lp 

enquiries and the-, lumber of current assets were £L9»m ^ re cession. Overall the Board and 7p contained in the liquida- 

orders rereived suggest the com- (£4.1in). Bank borrowings are v If M \ the future more optimistic- tor’s letter dated March 21, 1978. 

will perform well in the- shown ahead from £LWm to a, ly than when i last reporting. a final EGM has been called for 

Sinrp t nP pnn Af iinonciil V- — - 


, surplus including be brouehtin from the^y^r enef. ? re ^Practical, unrealistic and 

acquisitions and the feasibility of This will change in future vears. “Capable of implementation 
making a substantial cash pay- .There m%ils thSt tnSSS 'wthout badlydamagi; og the fabric 
ment to members by way of capi- conditions are at last improving °U h 1 f tfc . , 
tal reduction, he says. in Cgruda and retail trade to the ftl ShSW"J5H.I a ?T deals 

As previously reported pre-tax UK continues to be good. Pro- SF* mvoiving a total of some 
profit in the February 28, 1978, vided this situation is maintained. £lf m .? re ^e announced 

year rose from £72,665. to £109,356. he thinks profits for the full rear 2?“ the P° ntl1 85 P 311 of 

win ta StiSSor? the mansion of the group’s hotel 

win D e satisfactory. ^ motor inns . interests. 

The interim dividend is up from In separate moves the group 
0.7p to lp, and directors say that has already agreed terms to buy 
had dividend controls ended in a further hotel and two motor 
July a higher payment would nave inns in London, the south-east 
been made. Last year a 2.67p net and Yorkshire, 
per 25p share final was paid. As part of long-term plans the 


A tnrnround from a- £17,215 
deficit to a pre-tax profit of 
£127,316 for the first six months 
of 1978 is reported by John C. 
Small and Tidmas, manufacturer 
and finisher of warp- knitted 
fabrics, bobbin nets and mosquito 
netting. 

For all 1977, profit was lower 
at £78,665 (£93,228) after reaching 
a peak £224,756 in 1974. 

Half-year turnover advanced 
from £L78m to £lJ92m and profit 
was struck after lower interest of 
£13496 (£26,616). Tax took 

£66.000 (nil) leaving earnings per 
25p share at 5.Up and the interim 
dividend is lifted from lp to lJp 
net-last year’s total was 2p. 

The directors say they are con- 
fident that their policy of substan- 
tial reinvestment ensures that the 
company's plant remains one of 
the most modern in the industry. 


Sobranie 
down to 
£ 64,093 


FINAL PAYMENT 
FROM MALTON 
TRUST 


The liquidator of Mallon Invest- 
„ . — - f° ment Trust announces a final cash- 

a P r0 £5 ^though certain distribution of 24,77p to be made 


COMPTON WEBB 

J. Compton Sons and Webb 
(Holdings) has been informed that 
on August 3 Vantona Group 
bought 35.000 shares giving it a 
total holding of L552.500 shares 
(9.12 per cent). 


. After falling from £71,383 ti 
£31,059 in the first half, taxabh 
profit of Sobranie (Holdings] 
ended the February 28, 1978 yeai 
down from £116,699 to £84,093. 

Turnover of the cigarette anc 
tobacco group was £8.87zr 
(£8,67m) including a £2.25u 
(£2.61m) draw back of duly on 
exports. 

After tax of £20,911 (£68,161) 
minority interests of £L382 
(£541) and extraordinary profits 
of £53,630 (£72,359) attributable 
profit came out down from 
£120.356 to £95.430. 

Earnings per lOp share are 
shown at 1.37p (1.57p), aud after 
extraordinary items at 3.13p 
against 3.95p. A final dividend of 
Lip lifts the total from L666p 
net to 1.7Bp. Holders of 322,440 
ordinary shares and 204,335 non- 
voting shares have waived final 
dividends totalling £5,794. 


P* n y , - 

cu J r . e « ?5 ar ' v i ' . -£2*lm, -.reflecting the £3m spent 

At ridden Engjnecrs-.there are on plant, machinery and buildings 


Since the end of financial year October 4. 


)i 


Dei' 





SERVICES LIMITED 


Jh*. Sf 0U P provides a specialist scaffolding and 
insulation service primarily used in process plant 
. maintenance programmes. 


GROUP RESULTS 



- - ■* 

Year to end March 

1978 

1977 

- _ 



£000 

£000 



Turnover 

9,062 

6,723 



Profit befpre taxation . . 

1,036 

746 

m Jr 


Prof ft after taxation 

432 

330 



Earnings per share 

16.1p 

12.4p 



Dividends per share— gross 

5.6p 

5.2p 



—net 

3.7p 

3.4p 


Points from the statement by the 
- Chairman Mr. A . L. Britton 
i Record year. Pretax profits exceed £1 million 
for the first time. 


'Useful contribution from Group’s North Sea 
activities. ■ 


i Current year has started well, 
increase in profits anticipated. 


Further 


The Company's shares are traded on The OveMhe-Counter 
Market. Details of this market together with copies of the full 
Report and Accounts are available trom the Secretary, 
Deborah Services Limited, 10 South Parade, Wakefield, 
Yorkshire. Telephone: 0924-78222. ■ 


London Intercontinental 


Judgment on London Inter- 
continental Trust's claim for 
£195,000 against Barclays Bank for 
alleged breach of mandate instruc- 
tions will not be available until 
[at least September 13, Lhe 
company has said. 

London Intercontinental, which 
j was floated by stockbroker Mitton 
Butler Priest which collapsed in 
1974,- said that judgment on the 
claim had been reserved, and 
[would not be available until the 
court reconvenes after the 
summer recess. 

The company, whose share price 
was suspended at lhe lime of 
[MBP’s collapse, said that the 
liquidators of the stockbrokers 
intend to make a distribution 
before Christmas. 

In its last annual accounts 
London Intercontinental said that 
[it was owed £34,500 by MBP. 

After providing £14,000 for liti- 
gation costs in the six months to 
March 31. 1978, the group’s net 
loss For the period came out at 
£13,194 compared with £923 in 
the same period last year. For 
the September 30.' 1977, year its 
loss came to £5.989 after litiga- 
tion costs of £4.500. 

Directors say the accumulated 
[losses on the parent company's 


investments stood at March 31 at 
£505,711, compared with £499,167 
six months previously and 
£504,859 a year before. 


Midway jump 
for Thurgar 
Bardex 


After interest down from 
£37.787 to £29,226 taxable profit of 
Thurgar Bardex jumped from 
£83,675 to £221,794 in the 24 
weeks to June 17, 1978. 

Directors say trading continues 
at a satisfactory level and that 
the result for the full year will 
comfortably exceed last year's 
record £307,995. 

The Interim dividend Is stepped 
up from OJZp to 0.3p net per lOp 
share. Last year a 0.48375 p final 
was paid. 

Sales of the plastics products 
group rose from £>.09m to £2. 59m 
and the result came after depreci- 
ation and amortisation of £79,545 
(£72,2501. After tax OF £113.000 
(£37,000) net profit was £108,794 
(£46,675). 



OIL AND GAS NEWS 


c-“«- 








J&NatWest 

%OT Registrars Department 


National Westminster Bank Limited has 
been-appointed Registrar of ' 


GLAXO HOLDINGS LISHTEO 
GLAXO GAOUP LIMITED 


Ai! documents for registration and 
correspondence should in future be sent to: 


Nationaf Westminster Bank Limited 
Registrar’s Department 
POBox No 82 

National Westminster Court 
. 37 Broad Street ' 

Bristol BS997NH. . 


Telephone Bristol (STD Code 0272) 
Register enquiries 290711 
- .. Other-matters 297144 . 


Bridge Oil makes strike 
in Queensland 


OIL AND gas exploration issues series of exploration wells 
rose strongly on Australian stock designed to test new structures 
markets yesterday, following news west of the Halibut field offshore 
of an oil and gas find to southern Victoria. 

Queensland by a consortium of The Seahorse 1 oil find does 
exploration companies consisting not Justify a production platform 
of Bridge Oil. Offshore Oil and owing to the small size of its 
Allgas Energy- structure and the well Is being 

Bridge Oil announced that the suspended as a possible future 
Boggo Creek No. 2 well flowed subsea completion, 
oil to the surface. An open-hole , The well flowed 2,000 baxrels a 
drill stem test over the toteml day of p7 degree gravity oil and 
6.155 feet to 6.277 feet flowed *wcj*ic feet of gas a day on 
,47 degree API gravity oil with a half-inch choke from a zone 
[associated gas, although flow rates °f. mt ^ r ! >edd ® d 


were not disclosed. 


siltstones and shales between 


Equipment is now on location • a ?w , *?K„ m 5? res ’ n'^w r 

to allow the oil and gas flow to to *3511 

be measured. Flow tests were J LW. 

due to be conducted yesterday. ' ^ sene * 

The well is located on a new ' vere fou " d t0 > ** 
structure 4.5 km northeast of the «... 

csftroF Snrino'u ®as structure “opes of a commercial gas find 

Ailgas Energy owns the remain- 01 1110 waCKett N0 - 1 

“th? Mws Cnt sent Bridge Oil P e **!!• siluated abont 112 

Tne news sent enoge uii n,,]^ north-east of the Moomba 

sharply higher m Sydney and Plant and M mth 

Meiboume markers Wolgolla, the nearest natural gas 

shares finally oo cents up at $1.48. fl e j d fl 0we rf 2JLm cubic feet of 

after touching $L52 at one point. ^ day * 

Offshore Ofl climbed 4 cents to However, it was not comaleted 

11 cents following a turnover of as a producer because of its 

ljm shares in Sydney, while on remoteness from arreting and 

the Brisbane market Allgas planned gathering facilities and 

Energy shot up 4o cents to $2. th e low deliverabflity of the 

* * * productive sands. 

Esso Exploration and Broken Partners hr the well are Delhi 

Hill Proprietory have had a International Oil, Santos, Austra- 

furthcr disappointment, in the lian Aquitaine Petrotenm. Total 

third- 61 their four to six well Exploration Australia and Vamgas. 


Sales 


up36% 



up 34% 


up 60% 


Earnings up21% 


Sales 

Profits 

Earnings 


1978 

1977 

kali year 

half year 

£m 

£m 

166.4 - 

122.3 

17-9 

13.4 

9.9 

8.2 


1977 

full year 

£m 

240.7 

29.0 

17-7 


Profits pre-tax 


32 

28 

24 

20 

16 

J2 

6 

4 

£m 


71 72 





' 



"" 







, 




















ii 





- 






„ 






^‘iiK 





*.A,i 





il 74 75 76 77 


For a copy of die full interim statement please write to the 
Company Secretary, BTRLimited, Silvertown House, Vincent Square, London SW1P 2PL 


wb- 




y 




Financial Times Fri&y .September 


20 


!• a 
t 


■T 

r 

: h 
! i 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


I NORTH AMERICAN NEWS 


Reorganisation at Eaton 
following takeover spree 


BY JOHN WYLES 

EATON CORPORATION has 
announced a major management 
and structural reorganisation 
following its acquisition of more 
than $300m of new businesses 
tbis year. 

The diversification exercise 
will significantly reduce Eaton's 
dependence on sales to the auto- 
motive market and should there- 
fore make it less vulnerable to 
the market's cyclical peaks and 
.troughs. Since the start of the 
year, the Cleveland. Ohio com- 
pany has taken over Kenway. a 
Utah producer of automated 
storage and retrieval systems. 
Samuel Moore, a manufacturer 
of industrial tubing and bose, 
and most recently has spent 
$327m acquiring a 62 per cent 
stake in Cutler-Hammer, a manu- 
facturer of electronic controls. 

Mr. E. M. De WindL chairman 
and chief executive officer, said 


yesterday that the three new 
companies will have combined 
sales this year of about $750m. 
As a result the company was 
being reorganised to reflect the 
increasing significance of the 
industrial and .capital goods 
markets to Eaton. 

Broadly the oew structure, 
which comes into effect to- 
morrow, consolidates all opera- 
tions into two areas, transporta- 
tion products and industrial pro- 
ducts. Each will be headed by 
newly-created vice-chairmen of 
the Board. Mr. James Stover, 
currently executive vice-presi- 
dent operations, will oversee the 
transportation products group, 
and Mr. Edmund Fitzgerald, 
currently chairman and chief 
executive of Cutler-Hammer, will 
bead the industrial products 
group. 

Three operating groups Will 
report to jlr. Stover — materials 


NEW YORK, August 3L 

handling, truck components and 
automotive components — and two 
to Mr. Fitzgerald — the general 
products group and the Cutler- 
Hammer group. Each major 
operating group will be headed 
by a president. 

The new acquisitions will 
broaden Eaton's activities at 
borne and abroad since Cutler- 
Hammer in particular has 33 U.S. 
plants and IS in 13 other 
countries including the UK and 
Latin America. Vehicle pro- 
ducts sales, which last year- 
accounted for about 59 per cent 
of Eaton’s total sales, may weH 
fall to between 45 and 50 per 
cent this year as a result of the 
diversification. 

Mr. De Windt also announced 
that he would be taking over the 
office o[ President following the 
retirement tomorrow of Mr. Paul 
Miller. 


Goodrich to build up tyre side 


B. F. GOODRICH is making 
good progress in its diversifica- 
tion efforts but profit increases 
will be hard to achieve during 
J97S and 1979, according io Mr. 
O. Pendleton Thomas, chairman, 
and Mr. John D. Ong. president. 

They state that they plan to 
continue to expand the chemical 
and industrial products groups, 
both through acquisitions and 
internally developed products, 
reducing reliance on tyres, but 
they strongly rejected industry 
reports that 'Goodrich intends to 
gradually withdraw from the tyre 
business. Goodrich intends to 
restore its share of the original 
equipment tyre business and 
strengthen replacement tyre 
sales by promoting lines where 
the company has a strong 
position. 

Tyres accounted for 46 per 
cent of sales in 1977 and again 
in the 197S first half. Chemical 
products, including plastics, 
synthetic rubber and certain 
chemicals, account for nearly 35 
per cent of sales. Industrial pro- 
ducts, which include conveyor 


and drive bells, aircraft wheels 
and brakes, and a wide range of 
other products from adhesives to 
wail coverings, bring in almost 
20 per cent of sales. 

The Goodrich executives said 
they expect slower economic 
activity In the 197S second half 
than in the first “and in 1979 
probably a complete levelling off 
of economic growth." Under 
those conditions it will be hard 
to realise earnings gains, they 
said. They have not given up on 
profit improvements in 1979, but 
would make no specific estimate 
of earnings. 

As already reported, Good- 
rich's first half net earnings 
dropped to S33.ini or $2.19 a 
share from 33S.6m or S2.56 a 
share, in large part because of 
lower tyre earnings. Operating 
profit from tyres before taxes, 
interest and corporate expenses 
fell from SSilm to S41.9m with 
ail the decline in the first 
quarter. 

Original equipment auto tyre 
sales remained strong through 
the end of the 197S model year. 


AKRON. August 31. 
But both Mr. Ong and Mr. 
Thomas forecast a decline of 
about 5 per cent in 1979 model 
car sales with a commensurate 
decline in tyre sales to Detroit. 

They said the company is hop- 
ing for price increases for 1979 
original equipment tyres, but 
added that the bargaining in 
Detroit has not been completed. 
Goodrich announced price in- 
creases of 1 per cent to 5 per 
cent on some car tyre and most 
truck construction equipment, 
farm and industrial tyres, 
effective from September IS. 

The industrial products group 
will benefit for the remainder of 
the year from operations of 
Continental Conveyor and Equip- 
ment, purchased in July. The 
unit will add $30m to $35m to 
1978 sales. 

Capital spending for 1978 will 
be $110m to 8115m, down from 
estimates of S120m to $140m at 
the start of the year, but still 
above the 105m of 1977. Good- 
rich has no plans for any 
significant amount of additional 
borrowing. 

AP-DJ 


Servomation 

accepts 

offer 

from GDV 

By David Lasceffes 

NEW YORK, August 31. 
LIGGETT GROUP, the tobacco 
concern, appeared today to 
have lost the battle for Servo- 
mation, the vending and cater- 
ing company It has been 
bidding for in die past two 
weeks. 

Servomation announced today 
that it had accepted a compet- 
ing offer from GDV, a home- 
building subsidiary or City 
Investing. the California- 
based diversified concern. The 
offer Is $49 per share, just 
capping Liggetfs $48.50, with 
the option for shareholders 
wanting to avoid tax to swap 
their shares for 9 per cent five 
year -notes of GDV. 

In accepting the offer. Servo- 
mat iou agreed to end all 
litigation against GDV, and 
said it would break off negotia- 
tions with Liggett group. 

GDV*s final offer pots the 
total value of the deal at 
around $190m. The company 
said today that it expected the 
merger to result in a near 
doubling of its sales to Slbn. 
These had already risen from 
some $100m last year as a 
result of acquisitions of other 
homebnildlng concerns from 
other City Investing units. 


Earnings fall 
at Southern 

By Our Financial Staff 
SOUTHERN COMPANY, the 
major utility holding company 
based in Atlanta, experienced a 
27 per cent earnings slump in 
the seven months to July 31 
from 8l43Jm, or $1.16 a share, 
to S104j>m, or 76 cents. 

Southern, which supplies elec- 
tricity to most of Georgia and 
Alabama and parts of Florida 
and Mississippi is engaged in a 
large and costly construction 
programme. 

Revenues moved up from 
S1.5bn to $1.66bn. For the rull 
year, however, they were down 
to $2bn from $2.15bn. with earn- 
ings nearly 15 per cent lower at 
$206.4m, or S1.54 a share/ 


Cuts in capital spending 


A SURVEY of 1,000 of the largest 
U.S. manufacturers showed 
capital spending authorisations 
were sharply reduced in the 
second quarter while actual 
spending rose, says ^he Confer 
ence Board, a private business 
research group. 

Second quarter appropriations 
for new plant and equipment 
totalled $14.4bn, seasonally 
adjusted, down 18 per cent from 
the $17.5bn authorised in the 
first quarter and 4 per cent down 
from the $l4.99bn authorised in 
the 1977 second quarter. 

The Conference Board it said 
actual spending was $148 bn. up 
13 per cent from the SI 3.0b □ 
spent in the first quarter, and 


NEW YORK. August 31. 

added this rise was due, in part 
to a catch-up of losses caused by 
bad weather in the first quarter. 

The Board said capital appro- 
priations by the petroleum in- 
dustry, which accounts for about 
25 per cent of all authorisations 
fell 32 per cent In the second 
quarter from the first quarter, 
and was the third quarterly 
decline in a row. 

Additionally, the Board said 
current indications point to 
little Increase in 1979 capital 
appropriations, and while there 
is no investment boom in pro- 
gress. manufacturing capacity is 
growing well. 

Reuter 


Heavy buying 
of Abitibi 
Paper 

By Robert Gibbens 

MONTREAL, August 31. 

A MYSTERY buyer has 
acquired about 600,000 shares 
or Abitibi Paper which, with 
58 per eent-owned Price Com- 
pany, is the world’s largest 
newsprint producer. Major 
blocks of Abitibi stocks have 
been sold through the Van- 
couver and Toronto stock 
exchanges in the past two days, 
including one of over 500,000 
shares at C$17 a share. 

Abitibi said In Toronto It 
does not know who has been 
buying its stock. ** All we know 
Is that an undisclosed par- 
chaser was seeking 600,000 
shares for investment purposes 
and that it got the shares." 

Earlier, Thomson Kemagh&n, 
a member firm of the Toronto 
Stock Exchange, said an un- 
disclosed client was seeking 
up to 600,000 Abitibi shares 
at C$17 a share for investment 
purposes and would not 
acquire more than' 10 per cent 
of Abitibi's stock. 

The 600,000 shares would 
represent between 3 and 4 
per cent of outstanding stock. 
Abitibi shares are widely held 
and it is believed there is no 
single holding of more than 5 
per cent of outstanding stock. 

There have been vague 
takeover rumours about 
Abitibi all this summer and 
the shares have traded actively 
on a rising market. The com- 
pany’s newsprint business has 
been doing well and earlier 
this week Abitibi estimated 
earnings of between C$3.20 
and C$3.40 a share for the 
whole of 1978 against C$1.83 in 
1977. 


CANADIAN COMPANIES 


More likely 

Bank of Nova Scotia earnings increase f r ? m .. L aaPac 


MONTEDISON'S DEAL WITH KUWAIT 

Lifeline for an ailing 



BY PAUL BETTS IN ROME 


THERE has -been a sudden 
revival of interest on the Milan 
Stock Exchange in the wake of 
reports of advanced negotiations 
involving the possible purchase 
of a 10 per cent equity stake in 
Italy's ailing chemical giant, 
Montedison, by a group of Arab 
banks led by Kuwaiti financial 
Interests. 

In many respects, this venture 
could well offer an ideal solution 
to the immense financial prob- 
lems of Montedison, by giving 
the chemical conglomerate both 
credit and credibility, much in 
the same way as the celebrated 
deal which saw the Libyan Arab 
Foreign . Bank take a substantial 
stake in the Turin Fiat car group 
two years ago. 

Montedison, Italy’s largest 
chemical group, crippled by 
accumulated debts now totalling 
more than L3,400bn and continu- 
ing losses, is now seeking to 
increase its capital from L1524Sbn 
to L355-7bn through a rights 
issue. A further L175bn will 
then be raised through a bond 
issue. 

The chemical group, which has 
been at the centre of a pro- 
tracted political controversy, has 
already received formal approval 
by the Italian authorities for 
its capital increase. While most 
of its large private and state 
shareholders — including Bastogi, 
the Monti and Pesenti groups in 
the private sector, and the state 
ENI and IRI holdings in the 
public sector — are expected to 
subscribe to the capital increase, 
Montedison’s dismal past divi- 
dend and bourse performance is, 
however, unlikely to lure its size- 
able number of small share- 
holders to support the operation. 

Mediobanca, the state medium- 
term credit institute with share- 
holding interests in Montedison, 
is now setting up a consortium 
of Italian banks to underwrite 
the Issue. However, its manag- 
ing director, Sig. Enrico Cucda, 


is reported to have been- looking: 
around for some time for oat- 
side ..support ■ to carry out 
successfully the. Montedison 
capital increase. 

In recent years, Sig.. Cucda 
has acted as a sort of “financial 
troubleshooter” for Italy's major 
private enterprises. Indeed, he 
was. b ehin d both the Dunlop- 
PireDi union and the Fjat-Libya 
deaL 

The deal between Montedison 
and the Arab banks is thought 
to Involve a participation o£ the 
Arab Interests of L35bn in 
Montedison’s new share issue 
and of a further L15bn in the 
subsequent bond issue. In 


in the chemical group would 
clearly affect Montedison s 
present complex mixed state- 
private shareholding structure. 
The deal would enhance the 
private character of the group at 
the -expense of the public sector, 
■with all the political implications 
this would have. For years, 
Montedison has been a battle- 
ground between private and 
public interests in Italy, and also 
a source of constant conflict 
between the country's main 
political forces. 

Nonetheless, it is argued here 
that the injection of foreign 
capital would not only help 
Montedison's recovery, out also 


The deal between Montedison and the Arab banks is thought 
to involve a participation of the Arab interests of" 3 ®” 11 j™ 
Montedison’s new store issue and of a further L15bn in the 
subsequent bond issue. In return, the Kuwaiti-led consortium 
is understood to be asking for control of Montedisons oil 
imports and the chemicals group's product sales to Buddie 
East oil producing countries 


return, however, the Kuwait-led 
banking consortium is under- 
stood to he asking for control 
of Montedison's oil imports and 
the chemical group's product 
sales to Middle East oil produc- 
ing countries. 

This -has now led to specula- 
tion on the source of the leak of 
the so-far secret talks between 
Montedison and the Arab, group. 
The finger , appears to be pointed 
at the Italian state hydrocarbons 
group, ENI, itself the major 
public ahareb older in Monte- 
dison. ENI is believed not. to. 
favour the .operation, since Its 
oil subsidiary, AGIP. currently 
supplies Montedison’s substantial 
yearly oil requirements of some 
5m to 6m tons, or the equivalent 
of some L500bn a year in cash 
terms. 

The presence of 'Arab interests- 


strengthen its image both in 
Italy and overseas. At the same 
time, despite its current state 
of financial disarray, Monte- 
dison is viewed as a convenient 
investment for Middle East oil 
interests. 

Montedison has long had ties 
with the oil producing countries, 
and is quite active In these 
developing markets. For their 
part, the oil countries have been 
increasingly building oil 
refineries, and it is likely that 
within three or four years they 
will be seeking Western outlets 
for their semi-finished products. 

Montedison has established 
over the years a sizeable 
presence on foreign markets, 
which now effectively account 
for as much as 40 per cent of 
the Italian group's Lire 5,472bn 
consolidated sales last year, and 


would provide such an outlet 4* 
would also become a; steady 
customer for Middle East oil, 
and at this particular moment 
of turmoil on the foreign 
exchange markets the purchase 
of a shareholding in an ItalUm 
company is clearly more afctrac-' 
tive for Arab financial interests 
than in a Swiss or West German 
group. . . • ‘ 1 . 

The negotiations between 
Montedison and the Arab, group 
also come at a time when there 
are tentative signs that the long- 
overdue restructuring of the 
Italian chemicals and fibres 
sector, one of the country's 
principal industrial sectors, ia 
beginning to take shape. Monte-- 
dlson is now finalising: ft e 
rationalisation programme for 
its heavy loss-making synthetic 
fibres sector. 

The plan involves the merger 
and rationalisation of the fibres 
activities of Montedison’s, main 
subsidiary in this troubled 
sector, Montefibre, which lost 
last year more than Lire 100b n. 
and of Snia Viscosa, in which 
Montedison holds the largest 
single stake of 29 per cent. 

At the same time, major 
developments are also taking 
place In Bastogi, the Rome-based 
financial group which holds the 
largest private shareholding of 
7.5 per cent iD Montedison. The 
proposals for a merger between 
Bastogi and Beni Stabtii, the 
property group in which Bastogi 
holds a 51 per cent controlling 
interest, and a capital increase 
operation expected to be an- 
nounced to -Bastogi shareholders 
during the first weeks of Sep- 
tember are bound "to affect 
Montedison. It is not entirely 
coincidental that the new chair- 
man of Bastogi, Sig. Alberto 
Grand i. who has ambitious plans 
for relaunching the financial 
group's activities, was _ until a 
year or so ago vice-chairman of 
Montedison. 


BY ROBERT GIBBENS 

BANK OF NOVA SCOTIA raised 
its earnings to CS37.5m in the 
third quarter from C$33ra on 
revenues of C$54Sm against 
CS427m. 

For the nine months to the 
end of July, earnings amounted 
la C$106.4 m against C$95 .6m on 
revenues up from CS125bn to 
C$lfi2bn. 

Mercantile Bank of Canada, 
which is effectively controlled by 
Citicorp of the U.S.. earned 
CS4.5m in the third quarter on 
revenues of C$50.5m, an increase 
from the C$3.5m on revenues of 
C$41. ltn reported for the same 
period a year ago. 

Banque Canadicnne National? 
earned CS 19.5m on revenues of 
C$493m in the nine months ended 
July 31 against CSIS.lm on 
revenues of C-5429m a year 
earlier. 

Bank or Montreal, meanwhile, 
is offering CS75m of 91 per cent 
debentures in Canada maturing 
in October. 19S4. 

Canadian Reynold Metals, 
consisting mainly of the Quebec 
aluminium smelting operations 
of the U.S. Reynolds metals 
group by whom it is wholly- 
owned. earned C$6.7m in the 
first half against CS62m a year 
earlier on revenues of C$91m 
compared with CSS5m. 


Higher interest costs and 
operating expenses brought 
about lower earnings at Ranger 
Oil Canada, the Calgary based 
oil and gas firm with major 
North Sea and international 
interests. Second quarter earn- 
ings were down to C$651,000 or 
15 cents a share from C$lm. or 
24 cents, on revenues of CS2.4m 
against C$2 Am. First half earn- 
ings totalled CSl.Sra. or 43 cents 


a share against CS2.2m, or 50 
cents, on revenues of C$5.4m 
compared with C$5m. 

Westeel-Rosco, the major 
Toronto-based sleel products 


■Id 

Offer 

STRAIGHTS 



■Mean AUMnilu Slp L - 1KS9 

974 

9Si 

AMEV 9|k- 19S7 

94: 

934 

Aosiralid S.tn.- |WJ . . .. 

04 

s-i: 

Australian V. ft S. Sini- ‘02 

9B 

00: 

Barclays Bank *;pr 199: .. 

P54 

9fSj 

Bmrafvr Mnc 1992 .. 

PSi 

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Can. N. Railway S7 [k- IBM 

95< 

94 

Crodit Nation. 1! 5; re IMS .. 

97 

97i 

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994 

1001 

ECS SlPtr 1997 

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9ft 

EIB SJpc 199J . . 

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P; 

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9s: 

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102 ; 

103; 

Maontilljn Elkv.-dil 9 dc 1192 

97; 

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Masst-r t-'-rnUson 9*K 1991 

9t: 

9R4 


MONTREAL. August 31. 
group, earned C$2. 6m, or C$1.37 
a share, in the second quarter 
against CSL.Bm, or 95 cents a year 
earlier on revenues of C$50m 
against CS40m. First-half earn- 
ings totalled CS2.7m, or C$1.40 
a share, against CSL8m, or 91 
cents, on revenues of C$76m 
compared with C$64m. 

Jannock, the diversified hold- 
ing company which now owns 
76 per cent oF Westeel-Rosco, 
itself reported first-half earnings 
of CS7.5m. or C$1.40 a share, 
against C$5,601, or 96 cents 
restated. The results include 
Westeel for one month. 


Correspondent 
MONTREAL, August 31. 

A C$3 0m capital gain made 
oh the sale of its 13.4 per 
cent holding in Trans Can ad a 
Pipelines to Dome Petroleum 
could lead to the Canadian 
Pacific group Increasing its 
dividend payments, possibly 
beginning with the December 
distribution when Government 
controls will have ceased. 

Sir. Ian Sinclair, CanFac’s 
chairman, stating this, added 
that he expects both Canadian 
Pacific and Canadian Pacific 
Investments tthe non-rail 
Investment holding side of the 
business) to post peak earnings 
for all 1978. 


EUROBONDS 

Dollar sector 
holds steady 

By Mary Campbell 
THERE WAS little change in 
prices yesterday in either the 
dollar or D-Mark sectors of the 
market. The dollar sector in 
particular was holding surpris- 
ingly steady in view of the un- 
stable currency situation and 
rising dollar interest rates. 

In the D-Mark sector, the 
domestic market was more or 
less unchanged with prices 
remaining up on levels nf a week 
ago. 

Venezuela and Norway are 
each planning to float yen- 
denominated bonds in Japan in 
November, Reuter reports from 
Tokyo. There have also been 
reports of further plans by 
Japanese companies to issue 
D-Mark denominated con- 
vertibles. 

Konishiroku Photo Industry is 
reported to be planning a 
DM 60m convertible in Septem- 
ber via WestLB, while Jusco is 
said to be. studying plans for a 
DM 80m convertible and a 
SwFr 70m convertible in October. 

Sharp Corporation is scheduled 
to bring a DM 150m bond, while 
Nissan Diesel Motor Company 
and Olympus Optical Company 
are both planning DM 80m issues. 

Omron Tateisi Electronics Com- 
pany, Nippon Yusen KK (Japan 
Mail Steamship) and Marudai 
Food Company have reportedly 
scheduled DM 50m bonds. Tokyo 
Electric Company is down for 
DM 40m and Maruetsu for 
DM 30m. 


Nixdorf ahead 

Nlxdorf Computer, the privately- 
controlled West German compu- 
ter manufacturer, today reported 
a 19 per cent increase in turn- 
over in the first half of this year 
and a rise in orders in hand to 
DM 724m against DM 569m in 
mid-1977, writes Jonathan Carr 
in Bonn. Nixdorf attributes the 
growth to the increasing pressure 
for higher productivity and 
rationalisation in industry and 
the administrative apparatus as 
a whole. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


FOOD PRICE MOVEMENTS 


August 31 

L 

BACON 

Week ago 

Month ago 
£ 

Danish A.l per ton 

1. ii.i 

1.115 

1.115 

British A-l per Ion 

1 .as.-i 

1.0S5 

1.0S5 

Irish Special per ton 

LOSS 

I.OS.i 

1.085 

Ulster A.l per tonT, 

BUTTER 

l,0S3 

1.0S5 

1,085 

.YZ per 20 fca 

English per cwr* 

12.H3 12.72 

IL'JW 12.72 

12.59 12.72 


74.11 

74.11 

Danish salted per ewlr ... 
CHEESES 

76.9S 7B.S2 

7G.J1S 79.52 

77.22 7S.02 

NZ per tonne 

English cheddar trade per 

1.161.50 

1.161.50 

1.161.50 

tonne 

EGGS'* 

Home-produce: 

1.275 

1.275 

1^02.10 

Size 4 

— 

2.30-2.60 

2.50 2.73 

Size 2 

— 

3.00 3.40 

3.20 3 j0 

Aunusi ill 

P 

BEEF 

Scottish killed sides cz- 

Week ago 

P 

Month ago 
P 

KKCF 

54.0. 5S.0 

54,0 iS.n 

54.0.37.5 

Eire forequurters 

LAI4TB 

3IL0/3SJ0 

3 6,0.- 3 < .0 

35.0 37.0 


54.0 oS.fl 

52.0. 38.0 

50.0- 56.0 

NZ PLs/PMs 

50.0/34.0 

53.0,-54.0 

53.0/54.0 

PORK 1 all weights) 

56.0 44.0 

36.0/44.0 

35.0/44.0 

POULTRY — Broiler chicken* 

37.0 39.0 

34.0 41.5 

36-5-39.0 

* London Egg Exchange price per 
t Unavailable. For delivery September 

120 eggs. 
5-10. 

t Delivered. 


Micheltn 9ipc 19*S 

Midland Inr. Fin. s;pc V2 
National Coal Bd. spe 10*7 
National Wsunflslr. 9 pc 'W 
NHL Wstmnarr. 9 uc -?« - B' 
NVtrfoiindJaad 9pc 1933 ... 
Nordic Inv. Bank $;pc 19SM 
Norms Kdm. Bfc. Sjpc I9S5 

Norpips Sine im . 

Norsk Hrdro Sine 1S32 ... 

Oslo 9 pc IMS 

Ports Aotonom^i afl 1 
Pros. Qut-rwc 9 pc lms . . 
Pro*. SastcaJctrwn. Sjpc « 
Reed International 9pc 1957 

RUM 0pe IB9J 

Selection Trust k;u. Ilh-D .. 
Shell intL Fin. Sian two .. 
Stand. Enskilda 9pc 1091... 

SKF Spc IW7 

Sweden IK'dOm . Sjpc 1957 
United Biscuits Spc 1959 ... 
Volvo Spc J3S7 March 

NOTES 

Australia Tine 19&4 

Bell Canada Vine J9S7 

Br. Colombia Brd. 7.pv fj 

Can. Pac. ftpc 1941 

Dow Chemical ape ;9Su ... 

ECS Ti-pc 19S2 

ECS ftpc 13S9 

EEC 7>pc 1952 

EEC "Inc IBM 

Enw Cutzclt ftp*: :<i;l ., 

noi.irurken Tip-- I 5 S 2 

Kockums Spc 19K 

Micheltn S7pc 1953 .... 
Montreal Urban ftac 1951 
New Brunswick Spc WM 
New Brans. Prac. s;o« 'S3 
New Zealand Sipe 135» 
Nordic lnv. Bk. 7;pc 1954 

Norsk Hrdro 7jpv !&?J 

Norway 73pc T9?2 

Ontario Hydro Spc 1SST ... 

S incer ftpc 1942 

S. of Scot. Elec. Fjoc 19S1 
Sucden 'K'domi «'cc 1952 
Swedish State Co. r^oe 'SI 

TnJnirS SJpc 13*4 

Tconeco 7jpc 1957 May ... 
Volfcsvraeeu <Jpu 1957 ... . 

STERLING RONDS 

Allied Breweries Wipe '90 

Citicorp I Ope iBtn 

Courtaolds 9 .Tic 13S0 

ECS 9ioe IVQ _.... 

eib $-#<c im 

ei b n, pc ip?: 

Finance for tnd. 0> 1957 
Fmanec tor tnd. lope 1959 

Krwns 10;pc !9< 

C.ettctncr Upt tSSS 

INA Wpc 19 SS 


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1W 

97 

9FI 

9ft 

w: 

9nj 

95 

94} 

99} 

9B 

9«? 

991 

Mi 

9*1 


BM 

Rowturi-c KMpc IMS 92 

Scare ISlpc I95S .... pj; 

Total Oil 9ipc 1984 S3} 

DM BONDS 

Aslan Dev. Bank 5- pc OSS 931 

ENDS SJpc 1996 . 96: 

Canada 4, "pc 19F3 9a 4 

Den Nomke Ind. Bk. ■iDc‘91) 99} 

Deutsche Bank -lipc 13S3 ... 973 

ECS 31 Pc 1990 92} 

EIB Sspc 1990 92} 

Elf Aqoilainc aipc 195s ... 93 

Euraiotn 3: pc I9S7 97i 

1- Inland 3,’pc 19M 94* 

Forsmarfcs 3 Sdc 1994 94: 

llnico Spc 1935 93* 

N orcein 3'pc 1M» 9S 

XnnrJF 4JPC 19SJ 9Si 

Nnr*ray 4:»c lfti3 9ft 

PK Bankett 3}pc 19W 94} 

Prov. Quebec ftpc 19SM1 96} 

Hautaraukkl 51 pc 1993 93 

Spain 6 pc 1968 #1} 

Trondheim S-nc J3S» 944 

TVO Power Co. ftp c 19S8._ 9ft 

Venezuela Spc 19SB 94} 

World Bank 3;pc 1990 9ft 

FLOATING BATE NOTES 
Bank of Tokyo 19S4 Sine ... » 

BFCE 19R4 97|ftpc 99J 

BNP 19S1 9!>udc .. 99S 

BQE Worms 1985 9pc 99 

CCF 19*5 ?inc OK} 

Chase Wanhttc. 93»pc as 

nredKanxialt 1944 Sine 93 


94} 

92} 

904 

93} 

97: 
m: 
si ; 
93 
p?: 

93,* 


Dfi Bank 1992 9pc "....J 

fiZB t9n 9:pc 

Iml. Westminster 1964 See 
Lloyds 1D«3 SUkih.- 

LTRR tan 9I*„pc 

Midland Int. FS '57 S’ftpr 
Midland Im. FS *93 ?7 n pc 
Xat. WMimiuir. *90 9Si£pc 

OKB 1963 9Jpc 

SNCF 19S3 Si]* pe .... ... 

Stand, and Cbtrd. '114 slue 

Source: white Weld Securities. 
CONVERTIBLES 
American Express 4fnc ’S7 
Babcock ft Wilcox Ipc VI 
Beaino? Foods 4}pc 1992... 

Beatrice Foods 4ipc 1992... 

Beccham BJpc 19M 

Borden 3pc i»’ """ 

Broadway Hale 4|pc 19ST .. 

Carnal loo tpc 1SK7 

chevron jptr 19SS . 

Dan lipc 1967 

Eastman Kodak 4; pc ]9&8 
Economic Late. Lpc 1SS7 76 

Fir.-su>ne 5 pc J9SS ... 

Ford Spc IfcS Si} 

n*.-neral Ekvlrli,- 4;p t jusy 53 

Gillette 4;pv 19S7 76} 


99: 

99: 

Mi 

99} 

99} 

991 

9Sf 

ss: 

90J 

M 

TO 


81} 

lie* 

191} 

1174 

11m 

97} 

74} 

7« 

337j 

91} 

SS 


Offer 

93 

k: 

904 


941 

973 

Mt 

m; 

93; 

93} 

93} 

94 

pxt 

93} 

952 

962 

9* 

093 
97 
933 
97} 

94 
90} 
931 
97 
9M 
97} 

99} 

90i 

IBOt 

98} 

99: 

SSI 

99J 

1OT1 

IN} 

»: 

IWIi 

99? 

9s: 

991 

'JSC 

1004 

99} 

99} 


53 

1171 

1«3 

119 

116} 

99 

7S 

77} 

J3I 

St 

»i 

70S 

fJ 

Wi 


Could 3pc 19S7 

Gulf and Wc-srern Spc 1988 

Bams 5 -k 1992 

Honeywell ftpc 1986 

ICI BJpc 1992 

INA Spc 1997 

inchcapo 8i pc 1992 

ITT 4ipc 1 087 - 

Jusco Gpc 1093 

Kora ai so 7}pc ism 

J. Ray McDermott 4Jpc ‘87 
Matsushita «;pc 1090 

Mlisni 7HK me 

J. P. Morgan 4 Ipc 1087 ... 

Nabisco ftpc 1B8S 

Owens Illinois 44 pc 1987 ... 
J. C. Penney 41 DC 18S7 ... 

Revlon pc W87 

Reynolds Metals Spc 189S.., 

Saadv* ftpc 1088 

Sperry Rand 4]pc 1967 ..._ 

Squibb 43pc 1987 

Texaco 4 4 pc 1983 

Texas Int. Air. 7}pc 1093 ... 

Toshiba ftpc 1002 

Ty Co. Spc 1984 

Ty Co. SJpc 19SS 

Union Carbide 4 ipc 1992 . 
Warner Lambert 44nc 1987 
Warner Lambert ftpc 1988 

Xerox 3 pc IMS 

Source: Kidder. Peabody 


Bid 

Offer 

ISA} 


S0 

90S 

SID 

21S 

85} 

87 

93 

M . 

87} 

99 

113 

114} 

7S} 

89 

141} 

142} 

MU 

142} 

145 

147 

If® 

3004 

L3» 

733} 

100 

101} 

i m 

105 

1-43 

124} 

75} 

77 

183} 

164 

86 

87} 

ICI 

114 

08 

99} 

s a 

83} 

761 

’ 78 

1011 

1021 

335} 

130} 

131 

77 

103} 

IDO) 

88 

SO) 

80 

81} 

76} 

78 

754 

77 


Securities. 


Cut-price fares hit Air NZ 


BY DAI HAYWARD f 

DESPITE a big increase in the 
number of passengers carried, 
competition from cut-price air 
fares sent Air New Zealand’s 
earnings tumbling for the year 
ended March 31. Profits were 
down by three quarters from 
NZf 12.7m to NZS 3.3m <$^.5m). 

Air NZ carried 60,000 more 
passengers, but average fares 
dropped because of the intro- 
duction of cheap fares to match 
growing international competi- 
tion and cut price fares on 
Pacific routes. The airline had 
expected to make a profit of 
NZS 7m bat achieved only half 
of this. It is the first time that 
the airline's earnings have 
dropped. - , 

The airline carried 014,000 
passengers on international sur- 
faces — an increase of 6.7 per 
cent This compares with a pas- 
senger increase of only 2 per 
cent for each ofithe two previous 
yeare and reflects the result of 
cheap Pacific holiday flights. 
Passengers also travelled fur- 
ther, flying an average of 3,987 
kilometres. 

However, total passenger re- 
venue increased by only S.6 per 
cent. The effect of the cheap 


fars is reflected in figures which 
show that more than 60 per cent 
of Air NZ international passen- 
ger revenue came from cut rate 
fares requiring bookings well in 
advance. The airline has warned 
it is becoming increasingly diffi- 
cult to offer seats at short 
notice. 

Faced with greater competi- 
tion on international routes, par- 
ticularly from American airlines 
on the Auckland to Los Angeles 
service. Air NZ says it will try 
to hold international fares but 
warns that fares on the domestic 
section must go up. Even on 
international flights, the airline 
must carry more passengers and 
freight if it is to hold fares at 
their, present level 

Last year Air NZ’s overseas 
services had to absorb a cost 
increase of 17 per cent.. Against 
this, total revenue went up by 
only 10 per cent compared with 
26 per cent in the previous year. 

In contrast the internal ser- 
vices — formerly . operated by 
National Airways Corporation 
wbich was merged with Air NZ 
in April— showed a big jump in 
both passenger traffic and earn- 
ings. Profit was up 25 per cent. 


WELLINGTON, August 31. 

increasing from NZ$3.3m to 
NZS4ra. 

Internal freight business was 
buoyant in the first half of the 
year but fell away dramatically 
during the second six months 
because of New Zealand’s 
economic recession. 

Despite this, internal freight 
revenue was boosted by 23 per 
cent by NZ$40m for the year. 


KNSM in balance 

KNSM GROUP, the Dutch ship- 
ping line, managed to balance 
its profit and loss account in the 
first half of 1978 after reporting 
a loss in the first quarter, writes 
Charles Batchelor in Amsterdam. 
The company said that as far as 
can now be foreseen a modest 
profit will be made in the year 
as a whole. Net profit fell 
sharply last year to Fl lfira 
($875,000) fro mFl 8.7m in 1976. 
and the company did not pay a 
dividend. The transatlantic 
shipping division and the air 
transport division made a posi- 
tive contribution to the first half 
result, and this is expected to 
increase in the current period. 


A Year of Investment 



Group turnover up by nearly 22%, but trading margins reduced due to our decision 
to invest resources in longer-term Group publishing development and through rising 
costs. Higher non-trading income helped to increase profits before exceptional items. 
The land, factory and office premises of the Group’s printing subsidiary were sold 
for £360/100. Costs arising from the closure of the printing operation there have been 
written off under exceptional and extraordinary items. Effect on future external sales 
sales and on Group profits will be negligible. 

Summary of Group Results • 

Year to 30 June 

External sales 

Profit before exceptional and extraordinary items and before tax 
Exceptional item 

Profit before tax and extraordinary items 
Tax 

Extraordinary items 
Profit attributable to shareholders 
D tvidends (maximum permitted) 

Retained profit 


I97S 

1977 

£000 

£000 

9/202 

7,562 

940 

924 

226 

1 66 

714 

758 

2SS 

417 

16 

— 

410 

341 

m 

142 

251 

199 


The Directors are proposing a scrip issue of one TO n ’„ cnmulative preference share of 
£1 each for every 8 ordinary shares of 25 pence each, for approval by shareholders at 
on Extraordinary General Meeting to be held immediately after the Annual General 
Meeting cm 28 September 1978. 

To : The Secretary, Earn Brothers Ltd. 25 New Street Square, London EC4A 3JA 
Please send me a copy of you* 1 97S Annual Report. 

Name: 

Firm (or Occupation} 

Address . . 


Ready for the offiti the 

Electoral Gallop! Better bet C- fEral 


The Party returning the greater number of Members to Parliament 

4/5 Conservative. Evens Labour. 

/AlfTniacr*a«(T^«f (WlJieCctiCTaiEfei-uonaroftD^rjiicttolfiOitrptifatfnr. tiuraffNbttfvrnln-iandCTOdi'iiti-iajTd thc^pcaltcTTvffllx; irratciIa^'olW^ 


To open a Credit Account, Phone 01-591 5151 Ext 246 (South). COTCll RCKIHQ 
041-552 3626 (North & Scotland). 









sr i : i ~rr tt j 


^naTirlal fte ptfiTft ber. T 1978 


21 


8* 




Sharp increase in Volvo 


BY JOHN WALKS* . 

. .AN INCREASE -of . more than, a 

■ irth in sales for the first half of 
1978 and an even sharper rise 

.‘In' profits are. anaonneed by 
! Volvo, the Swedish car maker 
which is currently negotiating 
the sale of 40 per cent of itself 
to the Norwegian Government. 

"• After financial incomes and 
.' outgoings, group profits are "41 
per cent ahead at. SKr 395m 
following a gain of 38 per cent 
in -the opening three months of 
the year. The company reckons 
;o nave a “good chance” of 
emerging from. 1978 as a. whole 
vith profits higher than last 
-gear's SKr 465m. 

: Sales - for the . six months 
emerge at SKr 9.Zbn ($270m) 
which amounts to an Increase of 
21 per cent. Outside Sweden 

■ sales rose by 34 per cent -to 
SKr Tbn lifting the group 
proportion of foreign sales to 77 


per* cent to from the 70 percent 
of the opening -six months of 
1077.- ; 

By ^mntrast demand within 
Sweden shrank with the com- 
pany's home turnover dipping by 
9 per cent to SRr 2bn. 

Total-sales of cars amounted to 
13&000. units -during the first 
half of Z97S. In Sweden car 
sales dropped. in the first half 
of this year by. 10,000 units, while 
the markets outside Sweden went 
up by 1,000, or 1 per cent. 

Order intake for trucks and 
busses . during the -six months 
showed ah- increase over the 
same 1077 period. The order stock 
for busses at the -end of June 
was basically unchanged com- 
pared with the .first six months 
of last year. Truck sales in the 
UJS. are expected to show an 
increase since - Volvo - has con- 
cluded an agreement with the 


STOCKHOLM, August 3L 

U.S. company Freightliner Cor 
Poration which will lake care of 
truck sales in North ‘America as 
from January l next year. 

Nearly all the divisions showed 
a 9 per cent increase in sales 
daring the half year- Mr. Pehr 
Gyllenhammar the managing 
director forecasts that this year 
Volvo “will turn in a much im- 
proved balance sheet" 

. JP* balf-yearly report gives so 
indication of the progress being 
made in the deal to link 
financially with Norway. Tbei 
move, first unveiled in May of 
this year and at the time seen 
as a bold attempt to secure a 
sound future for Volvo, has run 
into stiff opposition both within 
Sweden and in Norway. 

Exactly one year ago the 
company abandoned plans to 
merge with its .fellow Swedish 
car manufacturer, Saab-Scania. 


GHH sees 
maintained 
earnings 
this year 


Dollar steadies in 
quiet trading 


THE POUND SPOT 


FORWARD AGAINST £ 



m i £> j VlU Activity in yesterday's foreign currencies sterling showed Kttle 

b Ajj-n-niriK exchange market .was at . a change, and on ‘Bank of England- - Wa 

By Adrian Oicta . . 31 generally low level ahead, of the figures, its trade weightedmdex | 

War r™tANY’S S ]arBest mont 5^f d £* Uar sbowed w as unchanged at 62.4 having SJ* 

1 VEST GEBiW^YS larger comparatively httle change against stood at 624 at noon and 623 m ^ «: 
mechanical e M* enDg «™Hdes. In early early dealings. iSnaSea S£ 

Guteholfnungsbuette . (GHH) trading the U^.- currency looked BRUSSELS— The Belgian franc s»wi*Fr. i 

expects to maintain earnings and slightly firmer although there was was fhcefl at its official wmr level 

4o pay an nnchanged cash some speculation as to whether against the D-mark within the Reiman rate is »r wtwrcatefaSi 
dividend on -the 1977/78 financial rates inay have been held Initially European “snake" at BFr 16.765. Financial a-anc eastMc^o. 


One mastfi 

%V*- 

h.42^i2c,pm 

2. 28 

0AMI.4flc.pin 

2.M 

21j-11 a c.pra 

5.72 

20-10 c.pm 

2.B6 

£-4 lire din 

— 3.5B 

STfl-lTspf pm 

7.87 

7Shl76c.dt" 

—17.0(1 

12 ft- 2 S) c.dis 

—14.24 

4-6 lire dfi» 

-S.70 

Inrepra-ldls 

per 

2i-lf p.pni 

2.B4 

s:-ti ore pm 

5.13 

2-90-2.50 vptn 

B.76 

15-S gro pm 

4J0 

S2r!«c-PW 

9.58 


're»rt 5Jw.'“F>r T97iH“cm to t* to | ™ E DOLLAR-SPOT 

paid DM 6 per DM 50 share, 2S!S55 kS 5 10 tbeda ?' ft* httle significance to this move. 

Khrtns W«t German residents avi 2*± 0 finI * ^ Franc’s return to Its lowest 

niw^SS with the tax credit. permitted level was seen not so canad’ns* (uumj 

mt. 1 i.-:_ i„ tter t 0 share- 1? ^ er ™ s P* Franc, much as a result of any renewed onstter uss-umi uE&iu 

. interim letter to snarj having touched SwFr 1.6500 at one speculation over a possible de- Belgian fv sumlsi slmjls 

holders gave no details pi pomt with a low for the day of valuation but more as a conse- Danifia » s»M!B sjhs&sa; 

earnings, but showed that in around SwFr 1.6270. quence of moramSt out «Mte «*«“ tggjUj 

terms both of sales and new . — dollar. Into the stranger Ennmann tj™ iu mm k mjt on n. 


Six-month forward dollar 2J»-i20c pm 
12-month 4 .35-4. 25c pm. 


FORWARD AGAINST S 


THUIIIUI 

tiniBiiii 


Dutch publishers lift profits 


BY CHARLES BATCHELOR 

START -UP COSTS, on new 
projects reduced the operating 
.profit of the largest Dutch pub- 
Tosher, VNU, is the first half of 
L978. However, lower provisions 
.. and I s y ted to a sharp imp move- 
ment at the net level ami for 
' tbe year as a whole the company 
.'is exposed to emerge with net 
profits almost -a third higher. . 

Work on an encyclopaedia 
which is due tp be launched on 

- the American market in 1980 

. and on a new Dutch news inaga- . 
. rine involved substantial costs. 
This led to a 6 per cent decline 

- in toe operating result -to 

"T"- Lafarge plans 
V rights issue 

By Our. Financial Staff . . 

LAFARGE appears set to become 
tbe next major French company 

- to tap shareholders for funds. 
The company, one of - the 
worlds “big three ** cement 

'groups, has announced that it is 
to increase its capital via . .a 
rights issue in the middle of 
* September. 

The move can 1 be seen 'as part 
:of the wave of rights Issues cur- 
rently taking place on the Parte 
Bourse. Over the pkst Few days. 
CFP and -Saint Gotain have 
between them raised some 9280m 
. . in this manner, : 

-* 

AUSTRIAN BANKING 


FI 41.7m '($19.2m). The tax 
charge was FI 1-Sm lower at 
FI 18.3m whale provisions for 
minority holdings fell to FI 2.8m 
from Fi YRm- Net profit rose 31 
per cent to F3 209m. 

VNlTs profit forecast for the 
year . nontheless indicates a 
slow-down in the recent strong 
growth in. the publishing sector. 
VTflTa net profit . rose 47 per 
cent in 1977 after a 77 per cent 
Increase in tbe r first-halC. 

.Meanwhile, another ’ .Dutch 
pubJasbang group. ...Elsevier, 
reports net profit 19 per cent 
father at FI 149m. (86.9m) in 


AMSTERDAM, August 31. 

the first-half of 1978. Turnover 
rose 10 per cent to F.1 309m 
($142m) due almost entirely to 
“ autonomous growth.” Operat- 
ing profit rose 13 per cent to 
FI 249m. 

The company reports that 
after-tax winding-up loss on its 
Sams joint venture with W. H. 
Smith which has been taken as 
a FI l.4m extraordinary tees. 
Tbe two companies ended their 
five-year old retailing venture 
earlier this': year after waiting 
losses wbocii. Elsevier said ran 
into ** many millions of 
guilders." 


!■■■■■■■■ 

wrau 


ntue significance to this move. D „- 8 

The Franc’s return to its lowest Aoutn spread owe 
permitted level was seen not so Canadas* 555 5 
ranch as a result of any renewed Gmid&r ubsumi Jicmmof 

speculation over a possible de- Belgian Fr sumut 30*3132 

valuation but more as a conse- 5““®*‘ Kr 
quence of movement out of the SSfg, L9C f^ 9928 
dollar. Into the stronger European Lira shjkhisjs S 34 JH 35 J 8 

currenc ies. Nrwgn. Kr mkwjw sansaasas 

FRANKFURT— The dollar was Frf ' nctJ Fr awdjseiB 

fixed at DM L9865 compared with |^ UflhKr “SmSS mSSmSI 

the previous fixing of DM 19855 jStmsdi ^ SS5S 

but was down against its earlier Swiss ft LftWM frffi? ummhw 


M. Tbree months 


level of DM 19880. Apart from 
the occasional brief finny, trading 
was generally quiet with end of 
month operations keeping most 


UNt-UttZ 


MOJB4KL20 

MJHSUAJSI 

USWdASa 


' U-S. cents per Cemflliin S. 


Special Ewwn> 
D rawing Unit at 
Rlphts Account 


earnings, out snoweu mat m arotmO a»wrr 1.6270. quence of movement out of the 28 

terms both of sales _ and new! ■ ■ dollar. Into the stronger European M m w .«5 ™miro:n 

orders, GHH as a whole grew 0 i - | i i i i i i currencies. Nrwan. Kr s^sulziu sjaauaas 

scarcely at all in 1977/7B. Sales r!*', FRANKFURT— The dollar was *■»«*»**■ issa m m augS'iJSflB 

were up 2.9 per cent on the ( V| fixed at DM L9865 compared with |. 1 ^ UflhKr SSSmSS 

home market and down 2.6 per -2 !. ~~ \ the previous fixing of DM 19855 Austria Seta TT 

cent abroad, giving an overall _ L 1 hut was down against its earlier Swiss ft UMO-Utt lbbmas a 

DM 12.1bn, just 0.4 per cent . \ ^9 m • U A cents per Cuadtan S. 

higher than in 1976/77. -42 “ 1 - 1 - 4 I’M the occasional brief flnrrv. tradlne 

New orders were up 13 per ■ ' ? V 

cent from abroad and down 09 _ 

P 6 ^, cent VI In later trading the dollar stood sjwcj«i Eanm 

customers, givjng “ overall — at DM 1.9S70 with little to prompt Ww » Drawtaa unit or 

total of DM 13.4bn, unchanged _ Y|OVV Alt |_ any real movement. nuftta acctw iade» chaaata 

from last year. . "WWUl t~ ZURICH— With little in the way sterima . — — oMtsn imbos steruos ' - — -*.9 

Tbe group’s order book, how- - **►*-»*» —. «■ U of fresh news to affect the market " c ' , " n ” 

ever, rose 10.6 per cent at June _ **■>«■£ ££?!£, Ir the dollar edged slightly firmer Austrian Bdiming”." itnc lgjs&so 

30, as compared with a year ^ 4 ■ against most major currencies. At Belgian franc 39 . 7 m 40.4345 

earlier, largely as a result of a - - mid-morning the U.S. currency 

few large orders. -f"-'! 1 1 1 < 1 1 t ■ < T ^ was quoted at SwFr L647D and cona^r" ^ 2 ^ 2 ^^ 

1 -BJ ^‘Vsflii n j fhamj j * m terms of the West German French franc"! 53929 iwrw 

The Board described demand v ISZ2 — !9Z« mark at DM 1.99223. Lfn mszw vms& 

for capital gootte of the type The West German mark was ' ^ 

the group builds— machinery, also firmer at DM 1.9875 com- }^ e wuarwjas stMdy pesca njm ujus 

TYinrhinp tnnlR and p lan t- as pared with Wednesdays dn«n nf spainst the lira in Ifgrht trsdib® Swfdish kron* M . ...... 5.wwo 5.T0M8 

WTum 0 iSS^TSffiSTitf SS SSL — - = 

ing upward drift of the Deutsche- *h® i^g 1 * dunng the ^ later l SSnt th? d S?‘ wu OTHER MARKETS 
mark opening the way to m- _ V” nnntni m 


Bank of Marsan 
England Guaranty 
Index ctiasaes m .' m 


US. dollar 8A» - 9JL 

Canadian dollar SLS9 — 15J5 

Austrian schilling ... 1*X3 +17.9 

Belgian franc US .77 +12J 

Danish krone U3J» + 4.0 

□raAchp Marie : ULU +3&A 

Swiss franc 20.12 +93J, 

Guilder — ... 1D7J0 +173 

French franc 993S — 4J) 

Lira 55JB -47.1 

Ven 153.61 +5L6 

Based on trade weighted changes from 
Washington agreement December. 1B71 
iBank of England Index=10D). 


creased Import ^ substituti on m we aker at Y1909?* from Y189.10 » AMSTCTUDAM— The dollar was , u “ * £ 

several Important areas of the previously. Using Morgan at ^ 2J555 compared with Aug. si Note Kate* 

home .market . There was no Guaranty fisnires at noon in Npw Wednesday’s firing of El 2.1518. ; — 

co^terbalajclng increase iu «- York, the dollar’s trade weighted . ™^V? sen ’?^ a i? ivebut lisaJ^Ss oiSSSw iSS»:r“ a «5SS° 

port demand, although individual average depreciation ■ narrowed nervous trading, the dollar rose Finland Markka.-. 7.^»s-7.9 , 7 9 . 0920 - 4.0900 Utumark 10 60-10 75 

product areas once again varied slightly to. 9.1 per cent from 99 against the Japanese yen to close Bou»i Crurciro 36.02 37.02 1 e.p 3 -iB .04 e.42-8.62 

widely. Sterling traded quietly for most at Y19 ° compared ivith Wednes- o recce iimdi"*.... 70. 949-7 2 ; 687 36.5p-37.40 Genn.uv 3.8u-3.90 

A more gloomy situaUon was or the day and opened at SI9410- day’s close of Y189.725. End of *‘iSSi!» 4 6^71 jL1«o jS° 

reported by the chairman of 1-8420. Early strength in the month considerations saw a late kuwir 0 . 525 - 0.335 0 . 2700 - 0.2750 xJuiprtk'&V!”""!; 4 . 15+^3 

RHdpTnpiuter the country’s dollar pushed the rate down to demand for the dollar after fairly Luxembourg Fmnc 60.80-60.90 51 . 30 - 31.33 w - ,. - 10 . 14 - 10.24 

UUUbUIUlWl, — — — — - M A4M ,ltk-....L J.L. a ntn.Jn ^ J— .1 U n.iu. 4 JC , ACI. 1 Dnnn O nillM nr 


quoted at FI 12 J 560. 


The problems at Okto 


68-71 .Julian 

.2700-0.2750 Nt-Uiwlan.1 


£ 

Note Kate* 


B.42-8.62 | 

3.8U-3.90 I 
1600-1630 - 
370-360 
4.13-4.23 


'machine $1-8365 although the pound «- steady conditions earlier in the siaiaym Dollar — 4.45-4.46 >2 70-2.2980 Formal — 1. 10 B5-92 -M 

largest producer of maemne * d j ea-iy Afternoon day. The UE currency onened Xe^eKtendUoiiw- i.e4m-i.aaao 3.9497-o.»a24 sjwioTT. I42.i4fii* 

tOOlB. Mr. Hans Barthelmeht ™ V V?JLJ. a ^ Sa»U Arabia Ulya] 6-38-6.48 3.88^.33 3.15-3^5 

told the annual meeting that V" 5 ^: ' re f5 ll S? < Jil ?«„pw vion^ t iuumpo™ Doii«r_ 4.3bi,-4.a7s 4 2 . 2530 - 2^560 init«i diauk.... 1 . 94 - 1 . 95 * 

ailriompicler would not be able so ? n »t W-WW and Y19D.75 before fallmg Soutij.Unoiiilhnil 1.6740-1.6999 io^6l34).B746 Yufti^luvra 39.00-42.00 

uiiaemeisier wouia not ne aoie dosed -at. SIiHS0-iii44O. a nse Df back towards the close on some — ■ - • ■— — . 

to resume dividend payments 25 points. Against other major slight selling. Rate uven tor Anrentina is uw rate, 

either for 1977 or for the current 

year, as bad been hoped under __ ^ mb mm _ M _• — ^ ^ M 
the consolidation plan which 

brought him in as chief executive EXCHANGE CROSS-RATES 

in 1975. • 


BY OUR OWN CORRESPONDENT 


THE extent of the losses at the 
Okto subsidiary of Kan. Nedeiv 
landse Papierfabrieken (KNP) 
have emerged from figures 
released by NOM, ' the state- 
owned development, company for 
Northern Holland. NOM said 
that, two-thirds of- its FI 44m 
($20.4m) provisions for minority 
holdings in the 15-month period 
ended December 1977 were to 
cover its 49 per cent stake in 
Okie. KNP holds the remaining 
51 per cent . 

. Okto was . not 7 . included in 
KNP’s consolidated accounts for 
the first half of 1978 published 


AMSTERDAM, August 31. 

earlier this-inanth because it is 
not yet operational. KNP said 
then. It did reveal that KNP’s 
share of FI 9.3m in the starting 
up costs of Okto had been set 
against special provisions made 
in 1977 and that FI 4m of these 
provisions remained. 

It also said that Okto was 
making considerable losses due 
to the poor- market for its pro- 
ducts and the long starting up 
period. KNP reported that net 
profit more than doubled to 
FI 3.7m (SI .7m) in the first half 
of this year from FI L4m in the 
same 1977 period 


Rate Riven (or Arsentina la tree rare. 


Gildemeister, which bas paid - .\ us .3i 

no dividend since 1973. has been - — - — 

hard hit by the weakness of 

export demand, and especially 

by the collapse of its business Ueut*-cbeM* r k 
with the Comecon states. Mr. w IAlC ' 

Barthelmeht reported that these French Fnm - 10 
now amounted to only 10 per cent 6iriw fmik- 
of the company’s exports, com- nutell 
pared with over half in the early Italian um 1.000 

im * ■ Caiw.lian Uull^ 

- Beb-jan Fnim- 100 


Pound atcrllugj DnIUu- i J-Vuluehcilirkl Ja[iautjaa l'eu I French Francl Svm l-rnm- [ flm i+, Gui Ulcrl llnlun Lira. I Uuuula L'l'llar I Beltran Fran 


0.259 

6.503 

1 . 

95.73 

2.188 

0.925 

2.703 

5.253 

10.45 

1000 . 

22.85 

8.615 

1.183 

2.299 

4.671 

437.6 

10 . 

3.770 

0.314 ■ 

0.610 

1.213 

116.1 

2.653 

- 

1 . 

0,238 

0.463 

0.921 

80-20 

2.015 

0.760 

0.616 

1.198 

3.382 

228.0 

&.2ii : 

L965 ; 

0.447 

0.869 

1.727 

165.4 

3.779 

1.425 

. 1.643 

3.194 

6.352 

608.1 

13.89 

5.238 


Expansion satisfies the majors 


EURO-CORRENCY INTEREST RATES 


BY PAUL LBNDVAI.iN VIENNA 


performance during the first half Meanwhile, the Association of as foreign exchange credits, half of 197S compared to the end six month* ....j 
jf 1978 and are prepared to Austrian baiiks and bankers has While loans for a period of over of 1977. >>nti ■ ve * r _~--:- 1 


Stniujji 

9-91; 


fshrat torn .1 9-9lj 

. THE MAJOR Austrian banks are structure ” after a period of two average expansion in the mort- increase m its consolidated -.wlf'*" not, n IC u’iti b 
jn the whole satisfied with their years. ' ' gage and communal bonds as well balance sheet during the -first iiia-c niSniiw!!! iisg-nij 


11J 4 -J2i b 

llVlSia 


Uuimluui 

Duller 

l .S. Dollar 

Uulcli Guilder 

Sunns Franc 

Wort German 
Marl, 

Fneudi Franc 

Italian Lira 

Aaian s 

•Tatanesc Yen 

8l4.9i« 

814-914 

8 r ir®i« 

9Ib-9i? 

914-968 

868 - 6 % 

saa-asa 

Btn -864 

9i a -9ie 

9.4-9.V 

4»*-46» 

4lj,-4l« 

4Ss-47« 

Sii-6're 

D-6U. 

61 b 65b 

>4-^ 

la-is 

IBS 

aa 

338-312 

368-512 

36ti-3l2 

3ib-aic 

.368-36* 

3?b-4 

718-768 

7 3g-77a 

3*4-9 

9U-912 

9T £ -iuia 

9-12 

12la- 13l» 

13- 14 

131?- 141; 

14- 15 
i4i*-ibi* 

Big-Sis 

Jik-irt 

iS! 


INTERNATIONAL MONEY MARKET 



issued its comprehensive, report fj® ■ nf^hnrt holdings, -compared nje- following nominal raiea wvre <raote<tlur London dollar certificates of deposit: One month SJ6-S.S5 per cent: three months S.B5-8.75 per mi:; six months 195-BJIS 

the 1 per cent cut in the discount f 0r 1977. It comprises the increase, the volume of short- the position a year ago, per mw one >ear mm.m p*t t»-t. 

rate which came into force at the bnlahce RhpptA nf lBlpnfnmpnrial term credits less than doubled, were UP by 26 per cent to Long-term EurodoDar deposit*- ram rears W-fll per cento tliree jears 9K» per wnt: four years per wif. flve yeari fli-W per cew nominal dnshie rates, 

end of. June this, year. • .-. baSS reran reioSl b!SS ^ report points out-.that trade s&imL By the Sd of June. ^ ,cs » re “ u ,Br KWllnt * us - ■* Canariian and Swis. tram*. Aaan rates «« dosin* rates m Singapore, 

As a result of this, interest three joint stock banks with indus^y^ accounted for But taking only the first six “ ’ 

dates' on credits went down to- special functioBS, four hire pur- 58 per cent of the growth in loans months of this yew, no expan- 

•at least” half a percentage chare institutes^ three joint by the member «« , was achieved . StVMB; INTERNATIONAL MONEY MARKET 

ooint while the basic interest on stock banks which are central institutes. ?S?o ats dl ^ rm f,“ e “TO half of 

irdinaiY savings deposits was institutes of their sectors (that All of the major banks have 1B *8 rose by ib per cent j s 1 • w 

also reduced (as of July 1) from is, .sayings banks and farmers published their half-yearly Oesterreichische Laenderbank B |nf-/%l| /in 1 1 YtlATIAlf Bii/tBiAl* 

L5 per cent to 4 per cent Money credit cooperatives). The con- reports. Creditanstalt Bank- also regards the earnings position B #11 1- i, IB l. /l I B IBItfllCw Bllyll rl 

narket rates ‘dropped to 6 per solidated balance sheet of the 36 vereto (CA), tbe Number One, as satisfactory, since it wa$ J 

lent and the yield on the capital institutes at tbe end of 1977 reports that total assets of the possible to offset higher costs 

narkets fell under ' S- .per cent totalled Seb 636bn, accounting foe Creditanstalt group rose Wjn- through expansion of credits and Sweden’s discount rate remained to 91 per cent yesterday, including unchanged at 5{ per cent, and 

vhicb was described by tbe 54.5 per cent of the entire bank- pared to the end of 1977 J>y 4 3. the services sector. The consoli- at 6i per cent yesterday, follow- Morgan Guaranty, following the overnight rising to 5g per cent 

"reditanstalt Bankvereib as a ing sector. per cent to Sch 162.6hn. Taking dated balance sheet rose by rag a Board meeting of tbe central move started by Chase Manhattan from 5i per cent 

"normal ivation of the interest The report stresses the over- only the Creditanstalt, that is 7 per cent txy Sch TSBbn as hank. Economic conditions may on Wednesday. Early Treasury PARIS— Money market rates 

u VIU i 0 | IM u V u without associated and regional against a growth of 3.5 per cent ,ead t0 a faJ1 ‘ to 6 per cent at hill rates were slightly lower, with were unchanged at 7 per cent for 

banks, tbe balance sheet during the same period last 50,1,6 time this year, possibly in 13-week bills easing to 7.43 per seven-day; 7A-7& per cent for 

• - ' - - expanded during the sis months nr Savinp* demwir* «n di* autumn. At the beginning cent, from 7.49 per cent late one-month; 7&-7A per cent for 


Dutch call money higher 

Sweden’s discount rate remained to 9i per cent yesterday, including unchanged at 5{ per cent, and i 


GOLD 


Further 

rise 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Comhill, London EC3V 3PB. Tel: 01-623 6314 

Index Guide as at September 2, 1978 

Capital Fixed . Interest Portfolio 10)0.00- 

Income Fixed Interest Portfolio 100.00 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London ECSV 3LU. TeL: 01-2S3 l: 
Index Guide as at August 30, 1976 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 129.40 

Clive Fixed Interest Income ; 1H.12 


Domestic business was mainly Deposits by domestic banks were 


per cent for Qoij continued to rise In yester- 
per cent tor ^>5 London bullion market and 
per cent finished at S207J-2084, a rise of 


— . — - •• conaitJons m ine money . marnet witn some early mrervenuon oy per cent tor can; s.a per cent j n « was moderately active with 

Demand for credit was slug- The n limber of Laenderbank following end of month with- the Federal Reserve In the form for .one-month; 3.7 per cent for most business raking place in 
gish. in the first quarter, but branch offices passed the 100- ^ ra '^ aJs : One-month mooey m of overnight repurchase orders, three^onth; and 4.15 per cent short sharp spe i ls . Movements 
became brisk in the second. In U p b/ seven during the Amsterdi ?“ rcBe t0 . 5I- 5 } On e-ra on ft 1 certificates of depost fir^ontt. were still basically tied to the 

alL outs tan din 2 loans rose by IS* P er oen 1 - from . 5-®* P^r cent rose to 8.15 per cent from. 8.05 1 BRUSSELS— Rates for the performance of the dollar and 


all, outstanding loans rose by 3rs t s iv m( Jntbs Including the pe L S ^ to 8.15 per cent from 8.05 ^ BRUSSELS Rates tor the performance of the dollar and 

9.6 per cent to Sch 64fibn tahvoi yesterday, bat three-month eased per cent, with two-month rising Belgian franc (commercial) were afternoon fixing saw an im- 

0.0 per cent to ora branches operated by OECI. to 6 J- 8 J per cent from 6 *- 6 l per to 8.25 per cent from 850 per unchanged at 6 J- 6 I per cent for ornvemerrt toV ^70 At one nnmt 

Glrozentrale, the central tasti- Mercurbai*, Efeenstaedter Bank cen L Six-month money was cent, and three-month to 8.38 per one-month: ?J per cent for three- B2 meS tmiSS MM 1 - 2 M Shite 

tute of the Austrian savings and WAG. the Laenderbank unchanged at £J -7 per cent cent from 8J4 per cent month; 7-7* per cent for sir- E! tew for til davww amSnd 

banks, reports a .seven per cent group currently has a total net- NEW YORK— More U.S, banks HONG KONG— The money month; and 7J-7J per cent for Som-toti y arouna 

... .... — - 1 work of 187 branch offices. As of lifted their prime lending. -rates market was tight with call money 12 -month. In Paris the 124 kilo har was 

IJoly 1,-the bank became a full fixed at Fr 29 J 50 oer kilo 1*20858 


fi«*r 

, %T bf 1 ' 


This advertisement appears as a matter of record only. 

US$7000,000 

Medium term loan to - 

General \Afarehouse 
and Cold Storage Complex 

f Jncoiporated in Iran ■' * . 

Guaranteed by 

Industrial Credit Bank 

airangedby . 

First National Boston Limited 

. . and provided by -- . 

THE RRST NATIONAL BANK OF BOSTON 
CANADIAN IMPERIAL BANK OF COMMERCE (INTERNATIONAL) SA. 
KREDIETBANK SA LUXEMBOURGEDISE 
J UNITED CALIFORNIA BANK 

Agent 


member of Abecor, the London- 
based international banking 
group^ 

- Zentralsparkasse, the largest 
Austrian savings bank, saw total 
■assets jump by 10.3 per cent to 
Sch68.7bn as against a growth of 
32 per cent during the same 
period in 1977. The growth was 
ascribed primarily to what the 
bank describes as an improved 
savings climate in Austria. Thus 
savings deposits were up by 4.8 
per cent to Sch34.7bn. By mid- 
1978 Zentralsparkasse operated 


UK MONEY MARKET 

Nervous trading 


In Paris the 12} kilo bar was 
fixed at Fr 29450 per kilo (*20828 
per ounce) compared with 
Fr 2S.960 (S208.53T In the morning 
and Fr 28,950 ( 8206.80) on Wed- 
nesday afternoon. 

In Frankfurt the 12} kilo bar 
was fixed at -DM 13.300 per kilo 
($207.98 per ounce) compared 
with DM 13,145 ($205.97) pre- 
viously. 


Bank of England Minimum 
Lending Kate 19 per cent 
(since June 8, 1978) 


more for deposit money s ester- The market was helped by *' u8 ‘ 

day, with the three-month rate modest surplus bank balances g pm Bunion i» line 

rising to 9} per cent in places, yesterday, plus a small excess of nuncej „ a 

but they were also rather reluc- Government- disbursements over - IsSSbSsS 


ripmest.LcaLte 

Krugerrand ...J*214 21G jg2I3-S]5 

ktll'MIlil (£1080-1192) 


1978 C ^ncralspartasse" operated Conditions were fairly quiet in tant to bid keenly for day-to^ay revenue payments to the 2SftnSSJt:Z sBjI" 4 sSb.’S 6 * 

369 000 nremium savines rtPnnsit<t the London money market yester-, money, prefenng to sell some of Exchequer, and a slight fall m kni-Miti itlM.MS) 

nthap day, but there is now a percept their existing stock of bills to the the note circulation. On the other Afternoon tiring.... >2 &m> $204.80 

t!? tible air of nervousness about authorities later in the day. hand there was a net take-up of u:i07.-39j (£i£B-685) 

5S Si!" 1 S ^S,5 n l‘ J ?L m sr - trading, with dittoum houses The amount of help w>s ova- Tnasuiy hills to finance. 1 

®' a A by 7-6 per probably looking towards im- done by the Bank of England on authorities bought a large KnwnMd J« 142 ie 5213-215 

cent to SchUbn. proved yields on Treasury -hills at Wednesday, and yesterday was nT1 „® a tin.Miiiurn 190 . 1 i 82 

Erste Oesterreichische Spar- today’s tender. A general feeling expected to produce a slight sur- nu “J >cr °* Tre ^ u f y *** . ® ?.5?jr 6 xV„ 

Casse reports that business in that Bank of England Minimum plus: The authorities bought a small amount of local authority 0 . d ^ , shmj 

1978 fulfilled expectations. Sav- Lending Rate j® unlikely to fall very large amount of bills from bills, and following this discount (caBi-tO* Saj-stj) 

lags deposits were up by 4,6 per 111 the near future now prevails, the houses once again however, houses picked up late balances at Gold Coin* [ 

cent to Sch264bn Deposits in particularly in the light of firmer and banks are expected to carry 5-6} per cenL In the interbank intermiwnaiiy I 

schilline were 'up "bv 6 ner cent u - s - “Wrest rates. Houses .were over further surplus balances market overnight rates fell to 3-5 Kn^erranri !^i+zib mimis 

to SdJsbn and total' deposits therefore prepared to pay slightly today. per cent at the close. ;\e«v Sovereigns „.J>5V4-a. i * jM7sf-si ; ^ 

including foreign exchange owaevi*** ...... St*** Sm* 

accounts rose by 4,4 per cent to u. 28 J , -iB?\ uaoj-ai?) 

Sch40.9bn. Since the takeover of Envies, 94 ^sefi-sosl 

toe “Roessler Bank-" the bank LONDON MONEY RATES - L"*? 

bas also begun cooperation talks ** **■**• * 1T1 *' 114 * sn1 ' 118 

With provincial Savings banks. steHlnc Local texl Aath. fuuuw ■ intL-otmt Kliglbl* ----- 

During thp'npTt vear nr cn it ic Aon. 31 Certificate latcotenk Authority negotiable How* Company market Treasury Bank ftneTnule HOMEY RATES 

1 ^ . to* 1 - fr- 1 - m» ”^Vor7 

of the “Roessler Bank,” which uvermgbt. - 3-9ta , — - - 94 3bj, — - - p^ne iuic mi 

acts as the merchant banking £«iavi notice- — — ‘94 — — 1 ' “ — — — — Fed Funds 8-375 

arrn 7 day* or — — — — — - — — — Treasuiv Bills M3-w«ki - 7M 

atui ' I day* iwtioe- — 84 -y >8 Btfl-94 — 9l B — 813-834 — — — Tressurr Bills (26* week j 7 M 

Bawag, toe Austrian union Sf# ^1* ajj • bi s b-j-b 84-aw 9 A-»a 95a GERMANY 


per cent at the close. 



growth in total assets to 
Sch44.4bn. Director general 
Walter. Floetti announced the 
projected opening of 23 branch 


ilx pumtb- ... 
Jims month' 1 > 


sterling 

Certificate 
of deposit 

Intethank 

M* 

96g 914 
BSfi^nr 
94*968 
9B 96 b 

3-9 1 B 

84*-9l 8 

V-Sl* 

W-bSg. 

9,^-firk 
»*■»» - 
SNr-STa 

913-91* ■ 


riepoeito 


Local hath. Finance 
DfiROttable Hcttaft 

bond 1 " Depwita 


- LUsrtont 

Uompany market Treasury 
Deposits deposit billed) 


958-104 
Big h4 

91fl £&8 
94-fil, 

91 Z 9T S 

934-104 


84-8W 9i-9,l- 


B7 B 

10 

10>b-104 


urn.* in; I*.i092-ni8) 

Xe«v Sovereign® _... 4 SB72-S9J 

iC 2 .i-.U 2 ) 

Old SovereiKns rSB42 66 SH I-; 

uaoj-ai?) 

S 2 Q Eagles. SOtBi-at ii SMB-SOSa 

PIOKaaiea ST 6 I 4 . ltd* Siui-itfl 

.■i^Earira. SIII 4 .II 44 Sill-118 

lljllah MONEY RATES 

NEW YORK 

— Prime Rale mi 

— Fed Funds 8-375 

— Treasury Bills M3-rr«ki 7M 

— Treasury Bills (28-weeki 7 hd 

GERMANY 

"*8 Discount Rate 3 

95s overnight 3.45 

*0 One 3s 

— Three moDths «... 3.7 

— Six months 4J5 

~ FRANCE 


faUV«l inw uHr anrno»*TW*U WUU OiJUM UJ LUUI I , . 

rue nomiaaiiv three years 1U-TU Mf cent; four years Ut-Ui ner emto Bve years 12 per cent. ❖Brink wn rates in taWel5 wrm *“ t 


THE FIRST NATIONAL BANK OF BOSTON 


4 - S.-L j; I nuc oyzmu^v uutt i«bj iurm no ran. iwaa mo vcm. f Dwa pm rates in buk 

Offices In addition to the existing I an- buying rate for prime paper. Baying rates for four-month bank bills W-B9ia per cent; four- month trade bins si per cent. 2“ momh 


34 branches. 'Loans were up by 


Approximate raffing rams tor one-month Treasury Mils gi>i« per crai; and two-month 8J-82S52 per cent; and three-month ^ irPe months 
S°i# per coot. Approximate seffins rate for one-month bank bills »>is per trot; two-month IPjs-fli per cenr. and three-month ss *“® n /“ 5 ■ 


JUiyS78 


M ___ . . rt . n ecv- r. 10 — - 1 “ km nan i,irui»iuu rx-ii, |ici ucui. muu 

per- cent- H) s>cn ^o-oon. bar. cent. Ous-month trade bills si per cent; two-month W per cenU and also three-month 94 per com. 

jnffi ripnasits rose bv 12 Der cent! Finance Haora Base Rotes (published by the Finance Booses Association) lu per cem from September t. 1978. Clearing Duroum Rale ........... 3-5 

, VV ‘ * Bwk Deposit Rates ifor small sums at seven days' nodes) 8-7 per cent Clearing Bank Base Rates for 10 per com. I Cau (Unconditional) <ts 

tO- SCO S.lbIL Tmtn Bili* Average tender .ntea of diEcount S.HIJ2 per cent. Bills- Oiscomit Rate .... U2S 


— M 

7-25 

737S 

7.SL25 


isroum Rate ... . 


wm 


■ V 


















Financial Tunes Friday Se ptember 1 1978 . i 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Asiadollar I Japanese shipbuilder to cut dividend I Mixed fortun . e * for 


expansion 

slows 

SINGAPORE. August 31. 

EXPANSION OF the Singapore 
Asiadollar market slowed 
significantly in July, when total 
assets grew by $US 41.5m after 
a SI.02bn rise in June, the 
Monetarv Authority of Singapore 
(MAS) said. 

Provisional MAS figures 
showed that total assets of the 
Asiadollar market rose to 
S23.1bn in July from $23.05 bn In 
June and $lS.43hn in July last 
year. 

MAS said the slowdown was 
mainly due to declines in inter* 
bank activity while non-bank 
customers’ borrowings and 
deposits increased. Activity in 
the non-bank sector was largely 
with non-residents. 

Interbank lending fell to 
SITbn in July from SlT.lbn in 
June compared with S13.?bn in 
July 1977. While loans to non- 
bank customers increased to 
S5.5bn from $5.4bn in June and 
$4^3bn in July last year. 

Non-bank customers' deposits 
rose to $2.6bn from $2.4bn and 
S2bn respectively, while inter- 
bank deposits fell to $l9-5bn 
from S19.?bn and S16.1bn. 

MAS said that during the 
month, another floating rate 
dollar negotiable certificate of 
deposit amounting to 3Z5tn was 
Issued. On the Asiadollar bond 
market, a floating rate note issue 
of. SVOm was made. 

Reuter 

Earnings growth 
at Elron 

8 y L Daniel 

HAIFA, August 31. 
THE ELRON group of companies 
— among Israel's largest elec- 
tronics producers — reports an S4 
per cent increase in sales during 
the past year to 536m, of which 
exports accounted for 65 per 
cent After-tax profits rose 136 
per cent to 8880,000, and it is 
proposed to pay a gross cash 
dividend of 10 per cent and 30 
per cent in bonus shares. 

The group includes Elbit 
Computers, Elsciut and SDSI. 
the first of these expects to 
broaden international markets 
for its mini-computers this year, 
while Elscint is concentrating on 
selling abroad its nuclear equip- 
ment. SDSI makes electronic 
irrigation equipment 

A new company recently set up 
in partnership with U.S. 
interests is to produce fibre 
optics. It will specialise in the 
application of glass fibre tech- 
nology in communications equip- 
ment 

Arabian Chevron 

Arabian Chevron, a subsidiary 
of Standard Oil of California, has 
bought a 20 per cent stake in 
Saudi Cable Company, becoming 
the eighth partner in the 83m 
Saudi-American venture, 

agencies report from Jeddah. 
Saudi Cable was established two 
years ago in participation with 
Atlantic Richfield's Anaconda 
Company which also holds a 
20 per cent share. The remain- 
ing 60 per cent is held by Saudi 
Arabian partners. 


BY CHARLES SMITH 

JAPAN'S leading shipbuilder 
Mitsubishi Heavy Industries, 
will probably suspend its interim 
dividend this autumn for the 
first time in the company's his- 
tory and is likely to reduce its 
normal Y12 dividend . next 
spring. 

This was revealed today by 
the company's vice-president. 
Mr. Masao Suzuki, who also gave 
figures for expected ship sales 
during the first half of the com- 
pany’s financial year (to the end 
of September). Sales of ships 
will probably reach only 
Y127bn during the six-month 
period compared with Y265bn in 


the same period of last year, 
Mr. Suzuki said. 

Mitsubishi's overall finance 
daring -the first half-year is put 
at Y570bn compared with 1978 
half-year figure of Y740bn. The 
shipbuilding division of Mitsu- 
bishi is currently operating at 
50 per cent of capacity and the 
company expects profits for the 
half year to be (virtually nil) 
though it is hot forecasting a 
loss. 

For the full year to April 1979 
Mitsubishi expects sales to reach 
Yl,310bn and after-tax profits to 
be In the neighbourhood of 


YlObn. The appearance of a profit 
in the second half of the year 
seems more likely to reflect 
accounting procedures than any 
real upturn in' the company’s 
business. 

There seems, in point of fact, 
to be no reason, to expect ship 
sales to improve before the end 
of the year. 

Although Mitsubishi Heavy 
Industries is the first big ship- 
builder to admit publicly that 
It may suspend Its interim divi- 
dend, Japan’s other big league 
shipbuilders seem almost certain 
to follow suit. The majority of 
the other companies are believed 


TOKYO, August 31. 

to be facing a worse business 
situation than Mitsubishi al- 
though their ' positions vary 

sharply depending on the share 
of shipbuilding in overall sales. 

• Tokyo Sanyo Electric Com- 
pany will isshe 20m shares of 
new capital stock tn the form 
of Continental Depositary Re- 
ceipts (CDR), each consisting of 
1,000 common shares. The issue 
will be made in Amsterdam on 
September 29 at a price yet to 
be set 

The Japanese sales company 
for Sanyo Electric issued 14m 
shares in CDR from last Feb- 
ruary. 


strike lifts s teel companies 


Bombay Dyeing spending plans 


Slight fall 
at Calcutta 


BY R. C. MURTHY 

BOMBAY Dyeing and manufac- 
turing Company is embarking on 
a massive investment plan both 
within and outside the country. 
The company proposes to set up 
a Rs ,340m ($44m) plant to manu- 
facture 60,000 toimes of dimethyl 
terephthlate (DMT) with a shift 
iu favour of synthetics. 

Under the new textile policy 
of the government, demand for 
polyester fibre and filament, for 
which DMT lx the raw material, 
is expected to rise sharply. 
And the screening committee 
appointed by the government has 
already cleared ' the DMT 
proposal. 

Bombay Dyeing is entering 
into technical collaboration and 
financial participation with Com- 
monwealth Textiles (Jakarta) to 
set up a textile unit at Bandung, 
Indonesia. The company intends 
to subscribe to 40 per cent of 


equity - capital, 40 per cent is 
coming . from Commonwealth 
Textiles and 20 per cent from 
local Indonesians. The total 
cost of the venture is placed at 
§12 m- Its gross annual turnover 
is expected to be SlOm during 
the first phase of the project 

The company, which exports 
more than 20 pet cent of textile 
production, is also undertaking 
a second modernisation plan. It 
is establishing a hew Rs 23m 
textile processing plant at Roha, 
120 km from Bombay,. to cope 
with the expanding require- 
ments. 

In the 15 months ended last 
March. Bombay Dyeing's sales 
crossed the Rs lbn mark. The 
improvement In sales an effective 
increase of 6.4 per cent was 
mainly due to a shift in product- 
mix towards bich-priced and 
high-margin fabrics, especially 


BOMBAY, August 3L COlOI! 


synthetic blends. Aa a result, 
profits before tax rose by 50 per 
cent — from Rs 32L2m In 1976 to 
Rs 56-2m, which included an 
excess provision made in pre- 
vious years. Profits after tax 
and other adjustments amounted 
to Rs 47.4m for the 15 months 
ended March, against Rs 17.8m 
for calendar 1976. 

The company recommends a 
Rs 5 dividend (20 per cent) and 
the prospects for the company 
which entered its centenary year 
on Augnst 23, look solid in view 
of the rising demand for textiles 
in home and export markets. 

However, optimism Is tem- 
pered given the impact of Lhe 
new government textile policy, 
which envisages the shifting of 
the responsibility of producing 
cloth from the private sector 
mills to the government owned 
National Textile Corporation. 


Indian Hotels moves to expand abroad 


BY OUR OWN CORRESPONDENT 


THE INDIAN Hotels Company, 
which operates the Taj Group 
of hotels. Is expanding abroad. 
But Mr. J. R. D. Tata, chair- 
man of the company, has good 
prospects to report on the home 
front as well. 

The number of foreign 
visitors to India has more than 
trebled to 640,000 over the past 
decade but the room capacity 
of the Government-approved 
287 hotels has only doubled to 

18.000 in that period. Accord- 
ing to the Hotel Review and 
Survey Committee appointed by 
the Government, an -additional 

28.000 rooms need to be provided 
by 1980 to accommodate the 

I million visitors from , abroad ex- 
pected by then. 

The tourist boom has improved 
the occupancy rate of Indian 
Hotels to a very noticeable 
degree. Its turnover rose from 
Rs 107.6m in 1976-77 to Rs 139.2m 
in 1977-78. while profits before 
tax doubled to Rs 36.3m. Due 
to India's “progressive taxation 
structure, profits after tax 
registered a 60 per rent rise. The 
company stepped up its dividend 
to shareholders by five per- 
centage points to 25 per cent. 

Its Fort Aguada beach resort 
in Goa has started operating at a 
profit and is expected this y-iar 
to dear the losses carried for- 
ward from earlier years. The 
performance of Taj Coromandel 
Hotel in Madras has improved, 
to the extent that a profit for 
the current year is expected 
after meeting interest and de- 
preciation charges. 


Its 350-room hotel in New 
Delhi is almost ready and is to 
go into operation this year. The 
competition will be Intense here 
since there are four hotels of 
international standard, including 
two Government-owned ones, 
already in existence there. 

The company is planning to 
construct a 100-room hotel in 
the holy city of Varanasi 
(Benares) for international 
tourists. It is also providing 


BOMBAY. August 31. 

management services to the West 
end hotel. Bangalore and the 
Savoy Hotel, Ootacamund. 

A plea is made to. the Govern- 
ment for priority status, which 
involves extension of fiscal and 
other benefits allowed to other 
industries. Industries now given 
priority status, says Mr. Tata, are 
of no greater importance to the 
country as regards their foreign 
exchange earnings and employ- 
ment potential. 


Israeli insurance company issues 

BY OUR OWN CORRESPONDENT - TEL AVIV. August 3L 


TWO MEDIUM-SIZED Israeli 
insurance companies are increas- 
ing their capital in order to keep 
pace with inflation which looks 
like reaching 40 per cent this 
year for the third year running. 
The Yardenia Insurance Com- 
pany intends to sell L£10m NV 


of shares so as to raise t£25ro. 
while the Phoenix Insurance 
Company is applying for regis- 
tration on the Tel Aviv stock 
exchange. It intends to float an 
issue consisting of 20ra shares of 
LEI each and 600,000 shares or 
a nominal value of 1X5 at an as 
yet undisclosed price. 


Israeli store group’s sales soar 

BY OUR OWN CORRESPONDENT 
HAMASHB1R leYarchan — the The second department store 
12 - department - store network chain in the country. Supersol, 
belonging to the Israeli Cooper- which . “ .Canadian-owned, is 
,h™ increasing its capital by the issue 

alive Consumers Association— of 0.81a registered 1X1 ordinary 
reports that its net profit in 1977 shart . s and 400.000 registered 
came to 1.5 per cent of turn- l£5 ordinary shares each, to be 
over which amounted to I£3S0m. sold in units of seven 1X1 and 
However, sales have soared since one I£5 shares. In addition the 
then, having risen to If 405m in company will offer 2m registered - 
the first half of this year, a rise TE5 ordinary share each to its 
of 110 per cent against the first employees, on as yet unpub- 
balf of 1977. lished terms. 


By P. C. Mahanti 

CALCUTTA August 31- 
CALCUTTA Colon, originally a 
British American Tobacco off- 
shoot but no longer a subsidiary 
of any foreign company, to quote 
the latest annual report, has been 
maintaining its record of sales 
growth. 

During the year ended March, 
turnover totalled Rs 3.85bn com- 
pared with Rs 3.67bn. However, 
the pretax profit for the year 
eased to Rs 84.4m from Rs 87.3m 
due to higher interest costs. A 
final dividend of 15' per cent has 
been declared the same as for 
the previous year. 

The annual report says that 
sales of tobacco products grew 
by 4 per cent desoite the stiff 
rates of excise levied, and leaf 
tobacco exports were a record 
Rs 2S4m com oared, with Rs 260m. 

The hotel division of the com- 
pany has launched three hotels 
at New Delhi. Agra and Madras 
and has been offering technical 
and- operations consultancy to six 
new hotels promoted by other 
interests. 

Vickers down 
in Australia 

VICKERS. MANUFACTURING 
of heavy mining and industrial 
equipment, suffered an 11.7 per 
cent dip in earnings, from 
ASl.ISm to AS1.04m in the June 
hatf-year writes James Forth 
from Sydney. Croup turnover 
I however, rose almost 37 per 
cent from A$30.7m to A$41.9m, 
-largely reflecting the inclusion 
of sales from Vackers Cockatoo 
Dockyard, acquired recently 
from the UK parent. 

The directors said that Vickers 
Cockatoo Dockyard's contribu- 
tion to profit since acquisition 
an January 2 was ASI73.00Q 
compared with A$268,000 for the 
same period last year. They 
said that the bu-Hc of -the dock- 
yard sales was made up of cost 
plus work for the navy, which 
resulted in a very satisfactory 
return on capital employed, but 
bad the effect of reducing the 
return on group sales. 

Profit was also down because 
or losses incurred by sections i>r 
the group’s steel foundry busi- 
ness as a result of inadequate 
shop loadings. The overall 
market situation remained ex- 
tremeiv competitive and profit 
margins in general were unsatis- 
factory. 


the market 

By Our Own Correspondent 

SYDNEY. August 3L 
BRIDGE OIL and its two 
partners tn the Boggo Creek 
No. 2 well in the Stmt basin 
in Southern Queensland have 
struck oil, it was announced 
in a report to stock, exchanges 
yesterday. 

Bridges partners In the pro- 
ject are- Offshore Oil N L and 
Allgas Energy. Bridge and 
Offshore Oil each have a 
37.5 per cent interest in the 
well with the remaining 25 per 
cent held by Ail gas, which Is a 
Brisbane gas utility. Allgas 
earned its interest in tills its 
first drilling venture with 
Bridge and Offshore by paying 
for the drilling. It has an agree- 
ment with Bridge, Offshore and 
International OH to boy np to 
566m cqbtc metres of natural, 
gas from' the' consortium’s 
Silver Springs-Boxlelgh, ' gas 
field if the reserves prove 'more 
than 1,132m cubic metres. 

News of the oil-find sparked a 
sharp flurry of activity on 
national sharemarkets. ; 

Both Bridge and Offshore 
shot ahead when the. hewn 
reached traders. Bridge traded 
strongly td surge to a high of 
A$152 before easing to. dose 
at 1.48— up 35 cents on tile day. 
Offshore also jumped from 
Wednesday’s close of 7 cents to. 
end the day at 11 cents on 
strong turnover. Allgas was 
nntraded in Sydney but 
stronger 00 th e quotes there. 
It soared 45 cents to Ation its 
home exchange 5 of Brisbane. 
The rally In the oil stocks took 
National markets to 1978 peaks 
. and held the Svdney exchange : 
-at a five-year high. 7 

McPherson’s 
decline slows 

By Our Own Correspondent 

SYDNEY, August 31. 
THE MELBOURNE based 
engineer and metal merchant, 
McPherson's Ltd, has reduced 
Its profit slide from a disastrous 
45 per cent drop in the first 1 
half to a 5 per cent dip in the 
latest half for a 26J9 per rent 
fall from A$5.18m to AJ3.79m 
in the year to Jane 30. '■ 

The directors propose to 
hold the dividend steady at 
5 cents a share after an (interim 
payout of 2 cents and '.a;, final 
of 3 cents a share. 

The latest result is x : sharp 
setback after the group's 
performance last year when 
profit rose 44 per cent to 
AS5.l8m. - Interim earnings 
fell 45 per cent from AS2.82nr 
to ASI-55m while the second- 
half profit slipped 5.2 per cent 
from A$2JH>m to A $2 .24m. 

-Sales Increased by 1.6 per 
cent from AfiI53m to AS155m. 
Commenting on the result, the 
directors said: “ Weak demand 
for most products and services 
prevailed daring the year, 
particularly In those businesses 
dependent on/ manufacturing 
and mclai - processing In- 
dustries. Safes in these areas 
were lower than anticipated 
and were farther depressed by 
the Victorian power strike. 


BY OUR OWN CORRESPOMDH4T >hannesburg ^ August 31 
Twn n f South Africa’s biggest in world steel and particularly to 

&SSSS 
S 3 SS 3 e 25 &V.& 

nrofit ^bite the marginally tone of pessHrism prevails. The 
profitable* Union Steel share .price 1 of 200 Wt the 

Unproved pre-tax profits 500 per company _on a sjeld of 8 per cent 

4 f ir pr0 fitg ssi rSndiL/rg 

atj substantul premium 

SnSSSS 

SS SS tesw s o? srrrs 
BIB — “ asss 

TMnStMl nrofited from a wage increases, mainly for black 
stiS °1n Stand far special - wSricers, are expected to cost an 
steds especially from the fast- additional Rim during the 
recovering 6 motor industry, and period. The mMagement com- 
increased pre-tax profits from plains that these are being 
R664J300 to K3.8m <$4m) in the granted across the industry for 
six months to end June. socio-poUti^I reasons and that 

Highveld’s production of vana- productivity has not kept np. 
dime and ferro-alloys largely for Union Steel passed its dividend 
the export market has shielded last year, hut is expected to pay 
it partially from the effects of about 3 cents this year even 
the domestic recession of the though cash wffl be needed for 
past three years, and profits have capital expenditure and the 
improved consistently over the repayment of borrowings. At 
period. Now export markets have 49 cents, it yields a prospective 
weakened owing to protectionism 6.1 per cent 

Anglo- Alpha profits down 

BY OUR OWN CO R « E SFOND E NT oHANNEsBuR(iAngust 3i 

FURTHER evidence that the fall -from R4J2m to RS00.000 and 
current mini-boom in consumer the attributable profit fall was 
spending has not been fully felt held to 23 per cent at R5.8 ul 
in the primary sector was pro- The dividend is held at 13 cents, 
vided by the result of Anglo- Main causes of the fall in 
Alpha Cement, South Africa's operating profits were weak 
second biggest cement producer, demand for cement and a slump 
and Cullinan, one of the major at the quarry operators Hippo 
suppliers of refractories and Holdings, 
electrical porcelain goods. A cement price increase was 

granted by the price controller 
Anglo-Alpha's operating profits towards the end of the financial 
declared 7 per cent to R29.5m in year and observers expect that 
the year to end June. Interest this, and a trend towards con- 
costs rose 97 per cent from crete freeways in South Africa. 
R3.9m to R7.7m and pre-tax should prevent profits and the 
profits took a 49 per cent dip share price falling far from cur- 
from R12.6m to R6.4m. Invest- rent levels. The current price 
ment allowances against new is 130 cents and the yield 10 per 
plant caused the tax charge to cent 

Cullinan Holdings increases profit 

BY OUR OWN CORRESPONDENT 

JOHANNESBURG, August 31. 

PRELIMINARY RESULTS for 17 per cent to R14fi3m in the 
the year to June 30 from year to end-June but operating 

Cullinan Holdings, South Africa’s P ro ® te feU 4 b * 2 P" cen ^ tol ^ l“: 

j A lower tax rate and reduced 

second largest refractories pro- losses by associates and minori- 

ducer. give the second indication ties slowed earnings to Increase 
this month that the local in- by 23 per cent to 35.6 cents and 
d us try is improving. After first- the dividend is incresaed from 
half turnover of R162m, better 13 to 14 cents. Margins 
export and domestic markets deteriorated due to start-up 
helped boost second-half torn- costs in he new electrical porce- 
over to R24m. (Operating profit lain factory and small losses in 
improved 75 per cent on the first the new Andalosite mine. With 
half to R3.5m for a total of R5.5m order boks full, as steel makers 
(at the pre-tax level. After two and electricity suppliers restock 
years of pegged dividends, the after the slump, the group is 
higher attributable taxed profit confident of restoring former 
of R2Bm against R2.4m have re- margins and this bodes well for 
suited in a l cent dividend in- future profits. At 195 cents the 
crease to 14 cents. shares yield 7.2 per cent and are 

Culli nan’s sales Improved by expected to go higber. 


NEW ISSUE 


These Notes hove been placed outside the United States of America. 
This announcement appears as a matter of record only. 




September 1, 1978 


The Republic of Panama 
U.S. $70,000,000 

Floating Rate Serial Notes due 1990 


Issue Price 100 per cent. 


Dillon, Read Orerseas Corporation 


IBJ International Limited 



Algemene Bank Nederland N.V. 
Banque Bruxelles Lambert S.A. 
Banque Nationale de Paris 
Fuji International Finance Limited 
Kredietbank S.A. Luxembourgeoise 
National Bank of Abu Dhabi 
Sanwa Bank (Underwriters) Limited 
Sodete Generate 

Bankers Trust International limited 
Dai-Ichi Kangyo Bank Nederland N.V. 


Bank of America International Limited 
Banque Internationale a Luxembourg S.A. 
Citicorp International Group Credit Lyonnais 

International Mexican Bank Limited 

—interm Ex- 

Mitsubishi Bank (Europe) S.A. 
The National Bank of Kuwait S.A.K. 
Smith Barney, Harris Upham & Co. Incorporated 
Sumitomo Finance International 


Charterhouse Japhet Limite d 
Den norske Cmtitbauk 


Dai-Idu Kangyo Bank Nederland N.V. Richard Dans &Co. Den norske Credfthank 

Bankiers 

Dow Banking Corporation First Boston (Europe) Limited Genossenschafdkhe Zentralbank AG - Vienna 

Kuwait Pacific finance Company Limited New Japan Securities Europe Limite d Nomura Europe N.V. 
Okasan Securities Co. Ltd. Privatbanken Aktiesdskab Taiyo Kobe finance Hongkong Limite d 

Yamakhi International (Nederland) N.V. 


ennia 

Flux 250,000,000 1978-1983 
PRIVATE PLACEMENT 


. Underwritten md placed by 

KREDIETBANK S A. LUXEMBOURGEOISE 


Luxembourg, July 4, 1978- 


All of these bonds haring been placed, this announcement appears as a matter of record onto 



B.A.T. INTERNATIONAL FINANCE LIMITED 

Flux 250,000,000 1978-1988 
PRIVATE PLACEMENT 

Guaranteed by 

B.A.T INDUSTRIES LIMITED 


Underwritten and placed by 

KREDIETBANK S.A LUXEMBOURGEOISE 

in cooperation with 

BANQUE INTERNATIONALE A LUXEMBOURG 
CREDIT INDUSTR1EL D’ALSACE ET DE LORRAINE (LUXEMBOURG) 
KANS ALLIS INTERNATIONAL BANK S.A. 

PKBANKEN INTERNATIONAL (LUXEMBOURG) S A. 

Luxembotag, July 18, 197S. 




5] \ 

} { t 


... 

- * - - j; ■ - - '■* 


r v 

l, 

• . . • ; V j . 








9 


V 1.1 ft s 


-Fiimdal- T^es;. Friday SepteinieE 1 ' 1978 

S^^Slaila^gK : 


~~ ..»-.' i r- "' -Y- ■ - •' 7 


' company wishes lo appoint a:- 


by a domestic boom 

By ANTHONY ROWLEY in Hong Kong 


Retail 


This is a chafienging appointment requiring. Y ROVEN company management 
. experience ay well as a comprehensive knowledge of retail. Although the product 
. jauge is entirely non-food, recoil ipvojvemen t in the development of mass 
me rchundisc operations such as Superstores, Large SciIeSupennnrtets or ' 
Hypermarket is a distinct advantage- The company plans to quadruple, as well as to 
upgrade the number of its outlets during 197$. . • • 

lire career prospects a re escettenL both within the job itself, and ala taler date 
■within the group as a whole. The remuneration package fc generous: ills negotiable 
lo aurac'L the mo^L experienced and ambitious executive. 


LIKE THE stock market and cause imports to fall — may not 
the properly market, the Hong ■work " so easily now that the 
Kong economy as a whole has domestic sector looms larger 

been booming this year, and against the traditional export f 

when the Financial Secretary, sector. -» 

Mr. Philip Haddon-Cave, makes The colon v'« evnnw 






West London 


- Age^tWO 


Salary circa £15,000 


Applications should Be forwarded as soan-as possible quoting VVFF 

[T \RMiRWiailey, i: 

gy INTERNA'nONAllAPPOINTMEI^ S (LONDON ) LTD 

p=-j (Executw* Uaxtutnu^ CoMUUcaits) . ',t. J Telephone: 02-629 6367,8 
|L} Colder Heme, 1, Dover Stnxt,Londan YflX 3PJ . 1 Cable: IntavtppL London. WM 




Profit^. 


MERCHANT BANKER 

A manager is required for the Merchant Banking subsidiary 
of a substantial Public -Company with international 
merchanting and : manufacturing interests. General 
merchant banking experience obtained in the City; a 
successful record of assessing and developing new business, 
particularly advances, and suitability for appointment to the 
Board in due course will be essential attributes of the 
successful applicant. Location London Wl. Remuneration 
and other benefits negotiable. Applications, stating any 
Bank to whom details should not he forwarded, to: 

The Deputy Chairman, c/o Hill Vellaeott (Ref. TH/273), 
Hanging Sword House, 21 Whitefriars Street, 
London, EC4Y 8AL. 


Mr. ruuip aaaoon-i-ave, mm The colony's export perform- 

hjs economic assessment speech ancc has been quite favourable 

f eP r ber , 9 4 he weU this year with domestic exports 
” eed 10 aV ° ld UVCT * {mida]y textUes ™d garments, 

□eaung. toys, and e ] ectronlc prod,^) 

The actions he can take at and entrepot re-exports rising 
his mid-term review of the .about one4enth by value in the 
economy (the annual budget is first half of the year. Imports $ 
presented in March) are likely, —mainly of raw materials, semi- 

to be circumscribed by the- manufactured goods, consumer 

relatively high level of activity goods, food and fuel — rose 
which the Government itself rather faster, with the result 
has engineered in the public that the visible trade deficit v ; 

sector. The Hong Kong economy widened ' to ¥HK5.4bn (about 
is traditionally export-led, £60Qm) in the first seven months 
although at the moment it is against $HK3.1bn hi the Corre- 
being sustained largely by sponding period of 1977. 
domestic activities. Apart from The big question is how the 
a substantial increase of social trends will move from here. 
services expenditure (funded Rising Imports of capital goods 
from revenue surpluses of pre- in th - Bret *„i r 

™"™* system. ‘ ^ " aaS,t „S %% 

Domestic activity in the ing and the related imports are * 
private sector too is high at also rising, lifted by increased '&gtr 
present with a substantial incomes. GDP per capita last 
number of major construction year comfortably exceeded 
projects— many oF them asso- the US$ 2.000 mark above 
ciated with the railway system which a pick-up in consumer ft 
—straining the labour market demand can be noted inter- & 
and helping to drive up employ- nationally. 
raent and wages to a point 

where inflation is accelerating t e /22F t ts ' P art,cu Jf rly 

and consumer spending is suck- °L 

ing in more imports. The trade J?! s yea f* the f* 

deficit continues lo widen as a f 1 * V 01 ** or 

regul, their equivalent in European 

__ . . . and U.S. markets win pose a 

Hongkong and Shanghai threat once recovery from the 
Banking Corporation — the slack performance in 1977 
colony s major financial institu- brings exports up against those 
tion and quasi central bank— quotas. There is also a sus- 
recently gave a warning about picion that export demand so 
Uie dangers of overheating far this year bas reflected 
implied by these symptoms, inventory replenishment rather 
What the bank says often goes than the healthy world trade 
in Hong Kong. For good outlook which the Hong Kong 
measure, the Hong Kong Bank’s economy depends on 

subsidiasy. Hang Seng Bank, , _ ' ' demonstrate 





CONTRACTS AND TENDERS 


IRAN 

ABADAN PETROCHEMICAL CO. 

Abadan Petrochemical Co. is interested in- the 
purchase of 15,000 tons of grade dO, 65 and 70- 
PVC resin suspension type monthly from 15th 
Nov., 197S, to 15th April, 1979, a total of 
90,000. MT in six. months’ closing date for offer-is 
Sept 23rd, 1978. - . 

: ■ For - further - ' information niaad terms’ oftender 
. please contact our main office at the following 
address;. 

. P.Q. Box 2925, 

Tehran, Iran. 

Telex; 212340 APCO IRAN . 


B I T I UT li* Til L’ nA« & a_ IV TP ■ m au . 

Haddon-Cave announced his 
controversial plans to catch 
.. r .. them in the corporate taxation 
net. In all. the outlook ’for 
external capital flows into these 
sectors' looks uncertain to say 
the least. 

The exchange rale of the 
Hong Kong dollar has been 
declining steadily, it. fell by 
around 5 per cent on a trade 
weighted basis in the first half 
of the year, leaving manufac- 
turers here lit foot a higher 
import hill for raw materials 
- and capital goods from mainly 
strong-ciirrcncy areas, while the 
hulk of their exports were to 
weak-currency areas. 

Those are the elements mak- 
ing for the conflicting options 

facing the Government A 
tighter money policy (which 
wuufri have to be achieved by 
increasing the prime lending 
J rale from its present 6 per cent. 
1 as there is virtually no domestic 
government borrowing lo in- 
fluence' money market rates) 
would probably damp down the 
boom which is driving up the 
price - oF land, one major factor 
of production, and also cool 
down the stock market. How- 
ever, dearer money might also 
stifle productive . investment, 
which has been sn encouraging 
this year. If it also strength- 
ened the Hnng Kong dollar, that 
in turn might adversely affect 
exports . and widen the trade- 
deficit. 

Some people in Hong'Kbog are 
of the view that the Government 
should abandon its traditional 
iaissej-/uirc policies in favour 
of more active intervention m 
the economy. Ah n IE dal com- 
mittee on diversification is cur- 

y wnattne Dank says often goes than the healthy world .trade ^ rcntlv looking at whether the 

outl ” 11 ' ,l,ich ^ H< "« K ""S Mr. Philip Haddon-Cavr. . prndi,Hve b»e nUhc eminnijr 

eam ° n ‘ y depends 0B - , , . , ... - , . needs brnadenm-. snmethinj: 

financial adviser muirtd. Eweri. u b One bright snot is that Hon® demonstrate that it is prepared thing approacJung a runaway . . . 4>rtill . . 0 

enced m advertising or other service added its own observations that - • i 1 none . Jrtia-nia e boom in the stock marker and coulil be expected to raise 

SSira UnS&SrSUB the current level of domestic . n>le “ « IS ® l v n t h , Urn ^r^eriy -market export output to the point where 

Si ffis TgfcSL.^ activity, “might prevent the «• “ ~ ,ts . door : it could absorb the sort nr social 





Hr. Philip Haddon-Cave. 


indSstri" to^^oS'jnivrjina nciai S strl^ curren t level d^pcHr. Kong's traditional role as an to toleraLe the existence of a boom in the stock market and 
tore of small, successful attwRhin? tne Current level of domestic -♦ e Wl.: .. _ — 1 s.„ j - file nrooerlv -markrl 


LEGAL NOTICES 


IN THE MATTER OF THE COMPANIES t. 

ACT. 194S 11 

Anri j* «n 

IN THE MATTER OF 
AOLQN ERECTORS LIMITED “ r> r 

Registered Offices . Lt 

Flrswaou House. ha 1 ; 

Kingston Vale. 

Loodon. S.W.15 the 

NOTICE IS HEREBY GIVEN pursuant c 
to Suction 293 of the Companies Act. IV OE 
19CB. that a MEETING ol the 
CREDITORS of the above named Com- CCOI 


aoenev. >ma« w «« A.S4S7. “SvST^mSS SJSt “S ***** STShiS trSe ta capitalist enclave on its door- *e property -market. « ^ «rIS 

Fmanciai -nmus. , 0 . cannon S cort-i^re sti5S from like,y to “ China step well beyond the expiry of The trouble is that these lUo,[l l , a “ thc hnrt ..r social 

3K«t2? : over- turns increasingly to foreign the official lease on the Hong events arc seen as further man i- expenditures now being made 

seas market demand trade to modernise its economy Kong New Territories in 1997. festations. of overheating in the aQ “ provide a hedge against 

making Hong Kong products®?? abandons self-reliance. Agents of the Chinese Govern- ‘* nnoiD y- ^Pendent partly. upon unemployment or wage ‘cmimg 

less competitive in price." Thls trend has caused the ment have i nvest ed quite fore 'SO -funds which could he in traditional export sectors. 

In other words, some people of r^xporfa. during heavily in Hong-Kong property withdrawn suddenly if the boom Labour has always - had In h P 

are afraid that the classical 19 Ht ? ns K , onS j invisible ve n tu res receotly. and Peking 15 not L,l,nlro,le u. ihc‘ , flpxibIe"faclnrorprodui'- 

*■ corrective mechanism’* which i ' dy begun to has indicated to its banks here The hectic activity in the timi. Mr. Haddon-Cave will 


RSw v 7ah£ i> i£S*>n aI EG«A ‘tAH^ s i 2 ui ploymeot rise to the point China has also done . just a liberal expansion of the Offshore hanking transactions projected 9 per cent, but a more 

mPm’mtntKmb % leeSon**^ *S Su where wage costs make exports about all it can recently (short money supply and the low cost conducted from Hongkong have diversified economy could mean 

01 DATED ld th^ 2 sni of Auansr i 97 B more competitive again andof saying ..so .. explicitly) . to of .money, have caused some- declined marked iy ' since Mr. more balanced growth. 


ta S? where W3 Se COStS U 

01 DATED lri thft C 25rji day of August. 1B7B. m0fe . Competitive 

. By Order Of the Board. — : 

■ ■ W. CH1LDES. Director. 

IN THE MATTO WTHE COMPANIES CONTRACTS 

- _ and 

IN THE MATTER OF A 

MILNER CHURCHILL LIMITED / „ 

(in Creditors’ Vriunurv Uduidaticm) ■ I Yl/fJOn Tali' 

„ NOTICE IS HEREBY GIVEN Pursuant to 
Suction 299 Ol the Compjnfcs Art. 194B. ^ 

that a General . Meeting of the Members 11^. a. _ __ _ 
of Uic above-named ComDUIV Will be btld K (flit 11/ *1 H I 

4 l «je “"'ces ol Floyd Nash and Co., S3 YT <111(1 

CRBortTs Ion. Fetter Lane. E.C.* in l he 

MonOa? the 2nd day Ain VDnilTTrTQ 


~ } of October. 1978 “at 3 ojnl"to be Toi rowed AAM PRODUCTS nas oeea 

I SL^-JS' to* Genwai Mewing oi me awarded a contract by BCL for 

■ ■ i ■ ■ ■■ 1 Creditors lor the purpose ol receiving an .l. j 

account oi the Liquidator's Arts and Deal- tne design ana manuiaciure OI 

to-date 11 ^ ** 60mlllrt 01 winding-up an oxygen producing, plant with 

. BLUE CIRCLE INDUSTRIES LIMITED ^ 23 rd*' (fav F j Ca * ,a 5 lly 7 20 ' DletriC tODS i per 

ttennerlv The Associated Portland — Dated mis Z3rd day ol Augus t. 1978. jay 0 f contained oxygen at 9a 

Cement Ma nrtactiire n Uraitod) ■ - per cent purity. The air separ- 

chMrerr “ dSJ ^SIbSEe J cSS^in at ?on piant valued at over ffira, 
NOTICE IS HEREBY GIVEN to the ^ Matter of PAN COMBINE LIMITED Will be USed for Oxygen enrlch- 
halders of the Company's Ordinary Stock and in the Hauer of The Companies ment, of air supplies to BCL's 

Diffld of 0 3.22^ on^coolK ’Jf'BB Notice is hereby GiVFv , copper and nickel smelting plant 

voar ended 31 St December. t97B will be piJElirL. .h.wKSSY ® W Ft a ? 1 a in Sell be Pikwe, Botswana, 
paid on or after Monday. 16tn October retlnon Jnr the Hindus np of the above- 1 

197B to holders of Bearer Warrants upon named Company by The Hish Conn or * 

O. t S? ^ British Airports Authority bas 

JOHn P ^d!' h-e'St UMJraDrt?^ awarded a £L2m contract lo 
the Instructions short ry to be displayed a company hi Voluntary Ugnidaiion and GEORGE WIMVEY AND COM- 
SSideS ,m £*hJ v a r k n c ot ■SSaSUs^SK ar Mr I s PANV for the construction of a 


COMPANY 

NOTICES 

CORRECTED NOTICE . 

." CREDIT LYONNAIS 
1977/1983 

l)ij80, 000^00— Floating Rates 

Bondholders arc horeby informed 
that coupon No. 4 of the above loan 
will be payable as from February IS. 
1979. at a price ol US>46.*S.Pcr 
coupon, representing I87|360th ol an 
Interest or 8 ':i«*'i> per annum and 
cohering the period from August 10. 
1978, to February 12. 1979. Inclu- 
sive. 

• ■ The Fiscal Agent. 

CREDIT LYONNAIS — LUXEMBOURG. 

IMPERIAL GROUP LIMITED 


BLUE CIRCLE INDUSTRIES LIMITED 
.formerly The Associated Portland 
Cement Maiurf actor era Limited) ; 

NOTICE TO HOLDERS OF 


QatetfrcA jHo&pdiand 


V.: .. 


Sn' ^v- 

yy { ■ 

fcVc 


holders who arc aol ‘ employees mi«t \Tlule 


gSg^S S“'SS^^i2fn’ t ^to5 owS- .line-uidi E SUS > .JlSi new 18,000 sq metre general 
rhrouan an Authorised Depositary, eg ihe'said Petliinn hi directed io be beard aviation apron to the north of the 

e ^ 1 P r , Stockbroker, on or befont ihc Coon slums at Ih.- Royal fuel farm at Galwick Airport. 

alter 1 6H ’ Bv 0 ^^ r o, 1 The exisUng 10,000 sq metre 

H. w. R. HAM, Secretary. -“J? ™ *"* . 1Bai da y of October. I9re. nMipni aviation aoron will he 

Portland House. snr cmlj/or or contributory of the ?:! aviaura apron win oe 

Stan Place, _ w . _ MM Company desuuas lo support or isolated from the taxiways 

i«. ci^SShir iqtb 5B,j ' • maUiiK or an Order on the because of the redevelopment of 

NU-SWIFT INDUSTRIES LTD. hffriff. 11 ' ™ SSSLFZ"*? & "ZlP 

^ forrtwt rurnosp- and a wide-body aircraft. It Is essential 

RcSSJJ C oi '&Jlb5i B Ind a Tra«ij?"log b «- jrnwhed bTSc under- t° provide an alternative parking 

Ol the Company will be closed from xhe nsnra lo any crvdbor or contributory or area for business and Other light 
15th September. 197B. to the 2Sth «e-_Kild Comnany requinns such «mr airfrafr hofnro Tho North Pior 

September 1970. bon. dates Inclusive/ on payment of Ihe reRuIaled diuU for j ral f °[ e lne ^ler 

b Ice%neth wooD^^retarv- **-■»■ redevelopment can begin. The 

- Nu-Swift Facto^ w - ■ sccret ?. rv WM. f. prior * co., construction, incorporating air- 

• * !T2 p,e . ® ar "««■ craft pavements, associated roads, 

Trawte- Office: ' LoSin* 'wcwiaL car parks and pedestrian subways, 

eS^Ku« C o " -should be completed by nest 

2S-35. Cttv Itoad. Tel: 01-333 3571. SUnUBer. 

London EC1Y i AR. Solidiors For i he Petitioner. 

*" . MIW Ann nnn..nn 1- _ ~ 


Portland House. 

Stag Place. 

London. SW1E 5BJ. 

1SI Seotember. 197B. 

NU-SWIFT INDUSTRIES LTD. 


NOTICE IS HEREBY GIVEN that the September. 1970. both dotes Inclusive 


Ulster Books of the S\j1 a Unsecured 
»an Slock 19B2IB5 ol Imperial Group 
mited will be cfosed - from 1 7th to 30th 
-Member. IS 78, both Bays Inclusive, for 
e preparation of interest warrants. 

By Order 

P. M. DAVIES. 


•ndon 

t September. 197B. 


Group Secretary. 


;M.rr&-Fb r 




By Order of the Board. 
KENNETH WOOD. Sccretarv- 
No-Swlft Factory. ■ 

Elland. 

West Yorkshire. 

Transfer Office: 

Hope. Agar A Co., 

Epwortti House. 

25-35. City Road. 

London EC1Y 1 AR. 


f A re you a Stock Exchange investor? 
Does your interest lie in the Far East 
or Europe? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry-forthe FT Index or 
• news headlines? 

Whatever your interest... 
Wherever you are... 

Ring London. Birmingham 
Liverpool or Manchester 

\ 246 8026 

11 for the 

f w FT INDEX 

r and 

Business News Summary 


wm. f. prior * co., cons true! ion, incorporating ajr- 

Ear room. craft pavements, associated roads, 

car parks and pedestrian subways, 
-should be completed by next 
Tel: Di-353 3571. summer. 

^Srtidiow Tor ihe Petitioner. jl. 

- NvTK.— Any perwm trtaa loic/vh? rn 

appear on ihe hearins of the said Petiuoa MILLER BUCKLEY CONSTRUC- 
rnw . serve on- or send by posi io. the TION Rugby has secured contracts 

sss’^rt-'KV sspgfis: * the , H1<il ^ ds «ii, h a ^ 

Ihe name and address of Uic person, or exceeding £lm. They include a 
If a firm ihc game and address of the new theatre at Stratford-on-Avon, 
firm and must be siamed by the person to be built for -Heritage Theatre 

SL I ^rb^^ 0 rt SO lf l,t Xi ,f ***** at a cost of JE3S0.000: a 
he sent by post in sufficient nnw ] 0 reach £300,000 model shop for Marconi 
ihe above-named not later than four at Leicester; office refurbishment 
, f«Bc aJlenM>00 ^ 13lh to for ^Ircd Herbert at Coventry 
or Ocwber ins. costing £323,000; and 23 Hals for 

' the elderly to be built for Rugby 

• ■ Corporation at Wolston at a cost 

BOND DRAWINGS 

~ rirv or OSLO Through its German suhsidiary, 

DOWTY HYDRAULIC UNITS has 
ua 25.0 no .ooo Loan secured a £850,000 export order 

boikh tor *ho amount of ua from Deutsche Bufidesbahn for 
2i? , !§7«"ffi''i»S^£S; n o” ffl?; the Oowty system of comioooos 

Public tor red emotion on October IS. W&gon speed Control. This 

13 rhe louoNing Bonds will he re- system, developed for use in rail- 

NW^ i BB^ ,,, s 1 .ssr p 1S - 3ri^ w e h n&i,^ s, H c H pl 7 s 

19JSQ to 20 609 met. multiple scu-coQUuned hydraulic 

Amount unamortizn'i: UA 22.750,000 rptarripre 
c»ift>t»KiiDu Dram. fcaA: reiaraers. 

1330 and 1839. 1975. 1990 to 4- 

1932 Incl- 2004 to 2016 Incl.. 2024 . _ 

‘Seu 20 2 G i 96 ClM ioMp , to 20 ioB 7 o A £540 ' 00fl roatI worb s contract in 

i loss to ' ness 5 inef.. 1 °uMx nC fo the Gorse Covert area of Warring- 

iiili i^"iiV72 52 i«3.. ”iVW“Js fan Development Corporation's 
mas inci.. 11186 to 1118 B inci. Birchwood district has been 

hKi? 7 112?4 to'^iar'hKl 1 .. TlMO^to CTVIL 

11047 inci.. 1T250 to. 11250 inci., ENGINEERING, Wythenshawe 

11444 Set. 1 Yi 6 « 3 . lBC li bsE 4 ? i M s Manchester. The extract will 
am. ii604, 11613, 11652 to 11661 take about a year lo complete. 

Luxembourg. W 

5 “ ten,b *THV FiSWL-AGENf IJESSER CONSTRUCTION is to 








•‘.Kr.-.y .. 




‘■J 


* .*•- VJ 1 

•'w.f - 


CITY or OSLO 

9<«% 197511985 
UA 254100,000 Loan 
.Bondi lor *he amount of UA 




wagon speed control. This 
system, developed for use in rail- 
way marshalling yards, employs 
multiple self-contained hydraufic 
retarders. 

•k 

A £540,000 road works contract in 
the Gorse Covert area of Warring- 
ton Development Corporation's 
Birchwood district has been 
awarded to KENNEDY CIVIL 
ENGINEERING, Wythenshawe, 
Manchester. The contract will 


IftM w fa, 

: tfa CUUtia 

WctftsO, &UU&&SH, 






ICAL- AGENT 
KREOIETBANK 
S.A. Luxcmbourgcoise 


STANDARD OIL' COMPANY 
UA 40.000.000 B*s 
1973/1938 

Oil August 21, 1978, Bonds tar 
(Me amount of UA 1. 600.000 have 
hecn drawn in the presence of a 
Notary Public- This amount rep re - 
unis the annual instaimcM ol UA 

800 000 oius a a repayment ol the 
nim; amount pursuant to the terms 
and conditions of tiio Bonds- 

The tallowing Sands will be re- 
imburse? coupon dnc Owober IS. 1979 
and toUowlng atuehedf 
' ZAS88 to 2 90 ST Ind., 29047 to 
20104 tael., 2913S ra 29291 Incl., 
29338 to 29819 Ind- 29879 to 
£9984 ind., 30019 to 30664 Ind.. 
Amount unar noi m od: UA 3SJ200.000 
Luxomoourg. 

SomuilNtr l. 1978. 

THE TRUSTEE _ 
P1N1MTRUST ff.A. 


IhJESSER CONSTRUCTION is to 
design and build a 3,09S sq metres 
steel-framed warehouse with 
integral offices for KHM Flour 
Mills at Theale, near Reading. 
Work on .the JW72.D00 project, for 
occupRtion by RHM Foods, should 
be completed in early July, 1979. 
* 

The digital systems division of 
BABCOCK CONTROLS has won 
a contract to supply an Abacus 
3/10 computer-based control 
system for the 80,000 tonnes per 
year tall oil fractionation plant 
under ' construction at Sandacne 
for Bergviks Hartsprodnkter AB 
of Soderbamn, .Sweden. Contract 
value is about £200,000. - 


malaysian airfine system 


Bangkok, as. Begawarv. Frankfurt. Haacfyal, Hong Kong. jairanarJeddah, Kuala Lumpuc Kuwait, London, Madras, Mania, Medan, Mel bourne, Perth. Singapore. 

Sydney Tfllpel. Tokyo and 34 destinations within Malaysia. . 

Reservations Telephone Nos. 01-629 E6B1/4 or ask your travel agent for details 


V 





24 


BIDS AND OEALS 


Lyons looking 

for recovery 

Mr. Neil Salmon, chairman or JOUm al the March year end to 
J. Lyons and Co., made it quite £21 im at the end of July. 


Tridant in 
more talks 

Williams. Glyn and Lazard 


clear yesterday in his letter 
recommending the offer from 
Allied Breweries, that he did not 
intend -to .forecast the years 
profits when he told shareholders 
of his hopes for the company at 
the annual meeting. 

At that meeting. only a week - . , „ 

before ihe announcement of Brothers announced that talks are 
Allied's bid, Mr. Salmon had mid taking place which could load to 
shareholders: “In the year ended an offer being made for Tndant 
March. 1977 vc reported pre-tax Group Printers, and this would 
profits of £10.4 m for the Tull year have the recommendation or the 
and £4.6m in the first 24 weeks; independent directors of Tridant. 
in the current year we expect lo With the consent of the Take- 
im prove significantly upon those over Panel, the Stanvesl Invest- 
resulis." ment Holdings’ second offer or 

Now Mr. Salmon says that his ggp announced on August 29 will 
earlier statement was only meant not now be posted tomorrow. 


to encourage shareholders to 
expect a restoration of dividend 
levels. " I was not intending to 
forecast the likely level of profits 
for the year." 

Apparently there are ton many 
variables to permit such a 
forecast although, one now pin- 
pointed — the weather — was taken 
into account in the earlier 
statement. 

Apart from this explanation 


A further announcement will 
be made early next week. 

WOODHOUSE AND 
RIXSON BUYS 
WICKER WIRE 

Woodtaouse and Rixson (Hold- 
ings) has acquired Wicker Wire 
Products of Sheffield for £175,000 

cash and a deferred consideration 

which it is believed involved dis- equivalent to two and a half times 
cussions with the Takeover Panel, the amount by which the average 
Mr. Salmon merely reiterates his 0 f the pre-tax profits of Wicker 
belief that Ihe merzer will f 0 r the three years endine Decern- 
“ accelerate an already encouras- her 31, 1051. exceeds £55,000. This 
in" trend ” in Lyons' profitability, deferred consideration is subject 
Mr Keith Showering, chairman to a maximum payment of £55.000. 
of Allied, seems also lo be count- Wicker mainly produces pre- 
in" on strong recovery in his cision springs used in the auto- 
coverin" letter when he says th3t motive and engineering trades, 
he is firmly of the opinion that For 1977 Wicker’s pro-lax profit 
the acquisition of Lyons would 
enable the company "to achieve 
... a higher return on capital for 
Allied's shareholders by the 
acquisition oF Lyons than wncfd 
otherwise have been possible." 

Mr. Showcring’s letter 


was £30.S96 and net assets 
balance date were £28,492. 

APPLEYARD SALE 


at 


of 


Group 

Carlisle 
British 


The Appleyard 
Companies has sold its 

Bir '„ ♦ho'arfvori subsidiary to another 

virtually idenncai to the adverUse- Ley]and motor dealer in the town, 
ment which Allied placed in Dj ^ s and C(} 

several national newspapers last dea L which was Tore- 

week at the ume when the pension fallowed in January, results from 
funds anger over the company s th concentration of outlets Tor 
refusal to consult shareholders BL - S riTlze& of cars . The price, 
was at its peak. . , J vhich will finally be based on 

Yesterday s documents include subsidiary’s assets at August 
Ihe recommended offers for Lyons ~j_ M .jjj represent net asset value, 
preference shares which will cost ,s; 0 r aP SO me £670,000 in cash has 
Allied just under £700.000 in cash, been received. The subsidiary 
Warrant holders. like the ordinary made pre-tax profits of £544110 in 
holders, are being offered new -the year to December. 

Allied shares. This wij? increase Appleyard, which has itself 


• LAING RECONSTRUCTION 

An impressive case 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


IlfKriSSIlpSI 

separately quoted construction to “^dually "shareholders, who are offered 

and property 1 0 V c} r SErice also feels tliat one^are in each of the new 

to shareholders today. But as the . - ima „ B ^ a construction companies for every existing La ing 

Laing family and its associates Laings ima^ as a <-°" SLru f cu jts shai £ ^ promised an effective 
plan to vote m Jkvrar of the iSi recognised dividend Increase of 6745 per cent 

scheme, the meetings on Sep- Jropeny^ ui«uib» ^ er 1Brrfi pa y-out. Instead of 

tember 2 fi should be little more actf Sana^Safiy^S fiSa^dall? a normal interim dividend, the 
than a formality. aremana^ei^y and finance uy vi „ ^ net per ahare 

The Larnga and family a sso- thoroughly ca^We ^ of stann^« on 0 *,,^,. 5> and nest June. 

eiated company control 60 per on owrM^..ttedivisio ^ the - absence of unforeseen 

cent of the ordinary shares and he s ^mmmy simple. circumstances, it plans to pay 

4S.3 per cent of the non-voting b^ Mauru* and Sir Kirn „ ol ]ess ^ j5p a share „et 

“A shares (which get a vote thl market- ft"" the new construction 

just for the reconstruction plan). ^%Vof Ve shares so tSat the company and l.TSp a share from 

With these n favour, and a firm »ih» of the so that tne th# p ty comoany . . That 


Sons, there should be no trouble 
attracting sufficient outside back- - 
ing to make up the three-quarters „ 

vote needed. 

Not that 1 

likely to object to the plan. In 
its commendably dear explana- 
tion of the proposals, Lain® P. uts company, John Laing Limited. to 
a cast iron case for the division - - ■ - 

of the business. 

Sir Maurice Lainc. the chair- 


The Inland Revenue has agreed 
that the proposals do not 
constitute a taxable disposal. And 
the Capital Gains Tax base for 


Speculation that the idea antici 
pates any future moves to 
the contracting 
industry may be nearer the mark. 

Not that minority holders are A SSSS- 

«_ -Ui — *«-- -I— Biimung, tnerase lor reconsiruc by an apportionment of base cost, 

01 JSf split in the ratio of the respective 

T7te plan is to furon one new market values of the new shares 

on their first day of trading. 

The timetable for the scheme 
has the shareholders’ meetings on 
September 26, the High Court 
petition on October 23, and 
October 27 as the operative date 
for the scheme. Monday October 
30 should be the first day of 
dealings in the new stock. Both 
companies will have December 31 
year-ends. 

Laing 's shares rose 13p to 226p 
yesterday, 22p below the up- 
dated. combined net assets of Its 
construction and property busi- 
nesses. Circulation of the 
reorganisation proposals should 


incorporate La log’s construction, 
homes and construction material 
• t .. . .. . . .. businesses. Sir Maurice would be 

man. explains that there is both ch^a,, oE the new company 
commercial and investment logic and Sir Frederick Cathcrwood has 
in the move. 

lo recent years Laing, in 
common with the rest of the 
construction industry, has had in 
agree to contract guarantees 
covering the whole of the group's 
buriness. 

Speaking about this yesterday 
he pointed to the stupidity of the 
situation where, as in a recent * iruci on 


agreed to become a non -executive 
director. Laing Properties, 
chaired by Sir Kirby and includ- 
ing Mr. Leopold de Rothschild 
among its non-executives, would 
run Laing's property investment 
and development activities. 

Based oo 1977 results, the con- 
company would have 
had a turnover of £41Sm and 
pre-tax profits of £J6m. On a 


tender for a £im project, con- 
tractors were expected to give w “ ■ reorgamsanon proposals snouiu 

across-the-board gtStees. iiuig wouW bi £ 49 ^ w Ed? shire 5 provide a f ditional sup, * r I t for the 
would have had to put on charge wourd Dc or a snarc * group, with one possible reser- 

ail its assets in exactly the same A worldwide revaluation or vation. and that is the conlro- 
way as a- £30.000 building firm Laing's properties boosts the gross vecsial decision to retain- a class 
competing for the job. Sir book worth from £47.9m (mainly of non -voting shares in the new 
Maurice feels that as guarantees on an eight-ycar-okl valuation) to companies. But then, with 65 per 
become standard, and contracting 1123.2m. Net a&seLs amount to cent of the voting, slock to hand, 
schemes larger, it is unreasonable £84.1 m or 156p a share, against the Laing family can afford to 
to leave the property operation total property debt of £33.4m. po against the City tide and, 
vulnerable to a contracting risk. The property side has 300,000 given the effect of the scheme on 
As an investment move he sq ft of completed but empty ihe share price, minority share 
argues for the reconstruction say- offices in Birmingham. Bristol holders are unlikely to objccL 
ing that, in his view, the range and Brentwood costing it £ 1.1 m See Lex 


Baird & Tatlock sale in hand 


BY ANDREW TAYLOR 


G. D. S carle, the U.S. pharma- the four UK operations. Searle totalling $63.Sm (£32£m) against 

„ ceutica! and hospital products said yesterday that it had already the businesses to be discontinued. 

Allied's ordinary capital by 12 per made several acquisitions in the croup which has announced plans disposed of one of its UK However, in the first , half of 

- - to unload around 20 of its busi- . - 

n e-sses— including four in ihe UK 
— is currently negotiating the sale 
of its British subsidiary Baird and 
Tatlock and its bioscience division 
10 a German group E. Merck. 

Searle when it announced the 
disposal programme — throuc 


cent. 

The documents also include a 
pro forma bahnee sheet based on 
the two companies’ year end 
positions. The financial advisers, 

Samuel Montagu for Allied and 

Morgan Grenfell and Rothschild 


past 12 months,' says the cash 
from the Carlisle sale will be 
used to reduce borrowings— 
£7 Jim in the last balance sheet. 

W. G. FRITH 


operations but declined 
further information. 

The UJS. group is in maintain 
its pharmaceutical and hospital 
products divisions in the UK. 

Baird and Tatlock based in 
Essex supplies laboratory equip 


to give the current year net earnings 
from the remaining businesses 
increased by 7 per cent to 333.4m 
(£17.2 rn). 

ASSOCIATE DEALS * 

Joseph Sebag on August 


- ------- -- - ovanv mien ll anuuuucm UlC nupttuva wwimvij CTIUIH' Jnannh __ 

Morgan Grenfell and Rothschild Tfl increased offers for XV. G. disposal programme— through a ment and fine chemicals, with net bou"ht P 25 0 <Hl sst 

for Lyons, point out. however that Frilh from rrith Foils wiU relliam combination Sr rales and windin- araets said to be £6Jm. Merck. SSfS.S?S So5?h 

this does not ouroort to cover r..—i .. u >hirh a marl u ° n peoau Ol dSSOClalCS 01 bourn 


this does not purport m cover 
the current financial position. 

Allied's total borrowings, for 
instance, were £242m at the year 
end. On July *2S they had risen 
to 1267m, but this was before the 
sale or the Trust House Forte 
stake for £4S.4m. 

Lyons' borrowings fell from 


open until further notice. 

Acceptances to date havr been 
received in respect of 307,030 
Frith ordinary shares t.58.5 per 
cent). These acceptances, 
together with the 197,376 Frilh 
ordinary shares owned by Foils 
represent 504.606 Frith ordinary 
shares (96.1 per cent). 


up— said that it wanted to con- 
centrate on its original and more 
.su-a-oxsful pharmaceutical in- 
terests. This puls into reverse 
the group's policy of diversifica- 
tion which was most active during 
the 1960s. 

Twelve or the businesses 
affected are in Europe, including 


which already has laboratory crnftv* 1 
equipment interests in the UK, E 
uticai eroun based fin ruin 

in Darmstadt. 


is a pharmaceutical group based 30 ^0 


ordinary 

shares at 15Sp and 10.008 at 157p 
Last year Searle incurred a net on August 29, and 15.000 at 157p 
loss of $2S.4m (£14.6m) but this on August 30 on behalf of John- 
was after write-offs and losses son and Firth Brown. 



Financial Times Friday September 11978 



Copper and zinc 
MIM earnings 


check 


BY KENNETH MARSTON, MINING EDITOR 

LOWER PRICES for copper and according to f "^{JJESSne StoS 
with reduced sales yesterday in the nieioou 


> s “arr! 


zinc coupled with reduced sales yesterday 
of those metals are reflected In a Exchange, 
fall in net profits of Australia’s The stake 
10 

„ .- — „„«.,~, rrt r«hlns and fro m 

an extraordinary 


, released Kamunting is paying a final ^ 

? l K!!KH l ™ s£3 12.3 cent, less to. 

N.W. MINING TO 
PROSPECT AT 
E. KIMBERLEYS 


\T\h7 leading up AllStra iian diamond 
. ewntroS Yucin indicated rusll ^ that North West Mining, 


Latest news from the Western 

” * prospecting 


(£2S38mj for the year to June 30 
The latest figure, which is before UnKed t0 £’ 
an extraordinary profit of cniss-d 
A$7JZ7m, compares with AS43.69m Golortone Holdi“?s- 
in 1976-77. A final dividend of In the ne; ^I at Y UC i n 

6 cents <3.Gp) makes an un- [o the transicr Con- H^lna* Gold, Metana MinerS 

changed total of 9 cents. 2 m?iSR ^exploration and gem uranium ConsoIWated have 

Costs rose in the past year with ggjj"® Activities. Yuzin has been been joint iy awarded otemmiraty 
wages and salaries increasing by jn j nd ia, Asia. South Africa reserV es in the east Kimberley, 

9.3 per cent and rail freight rates a n3 western Australia for a . j- nrh»r 

climbing by 18.5 per cent. Capital of ye ars. 


a for diamonds and other minerals. 
The current “hot” area of 


diamond prospecting is in the 

STHN* K1NTA AIND west Kimberleys. but the North 
7/, «* MTivr TIN West Mining group have decided 
KAMUNTING ,0 move away from the rest or 

Reflecting a higher P r °^ uc v j i 'J[J coiSd 1 ^ 8 ®!^ greater proS 

of tin concentrates together nearer to Coniine. Riotinio 

. fac Australia's Ashton venture. 


expenditure rose to A? 72.47m 
from A$45.42m in the previous 12 
months- as a result of continued 
spending on the Agnew nickel 
project in Western Australia, the 
new lead stack at Mount Ira, a 
copper rod line at the Townsville 

refinery and the purchase of the an increased pn« I | ecc,vcc v,:°V n r Austraita s asdiod venture, 

Newlands coal deposit in central sales, the Malaysian-incorporatea . iy e cf Alining were 43 n 

Queensland. Bonthem Kinta has made a pre- “ 

During the past 12 months tax profit of MSlS.5m (£2. 8m) in y 
HUM’S lead sales rose to 133,122 the year to March Sl^comparea — - — 
tonnes' from 146.540 tonnes in with MSl0.6m in 1976-<i. 

1976-77 while those of silver in- However, an increased lax 
creased to 401,173 kgs from charm? reduces the latest net 
358.080 kgs. Oil the other hand. pro c. lo MSAUSm. equal to 57 • - ---- 

copper sales dropped to 130.518 per share, against MS4.6lm in PaP«? ti ^ G n “Sg lax a ^S 

a 


tonnes from 147.609 tonnes and 


zinc rales fell to SO tonnes declared 8 of 7^ vents (15 ; 8p) less r ^ ne Ce Tj X ' n ,e vels 


PAPUA TAX ON 
NEW VENTURES 

New large-scale mining venture, 
— Papua New Guinea will attract 
dividend is an additional profits tax when 


from 90254 tonnes. MIM shares MVlavrian income tax of 40 per under the Income 
were 204p yesterday. "11, - and Petroleum) Bill 

YUGIN EXPANDS 
IN AUSTRALM 


(Mining 

just passed 


CC Kamunting Tin also more from by'the National ParliamenL 
its tin operations in the past year Mr. Barry Holloway, the Finance 
to March 31. But adverse. Minister, said the tax of *0 per 
nn n**t ppnt_ less standard tax of 334 per 


JS5Sf , ^rSSSd ”.h"» «n£ will apply when a venrim, 
Vagin, the Japanese affiUate or balancing charge for UK tax as more than 20 per cent after 

the Hong Kong precious atohes a result nf the transfer of con- standard 
trading group. Kunming Commcr- trol to Malaysia have left the J" *" y on t c y “. r 

cial Corporation, is to acquire 27 company with a net loss of extra tax would , n °f a PP . 
per centof Consolidated Etplora- 6iSI92,000 against a profit in the a project recovered its initial 
tion. an Australian company, previous year of fil$531,000. investment. 


funds 
The 

not apply until 


Marinduque’s debt revision 

The Manila-based Marlnduque previous debt restructuring had were roughly comparable 
M laing and Industrial Corporation pushed past years' payments inlo between ihe two periods jutnougb 
expects to complete negotiations 1979. revenue from nickel refining was 

next month on restructuring its As previously re ported,. Mar in- lower. However interest charges 
debt. The nickel, copper and duque appealed to the Philippine and foreign exchange costs were 
cement-producing company- also government to help it prevent also lower, 
reckons that rising cobalt prices default on repayment of its debts. ^ r c . . , . 

could boost its second-bail Marinduque proposed that the The Government of bn Lanka tv 
revenue substantially. Accord- government prepay much of the to invite foreign firms to help the 
incly. Marin duque is renegotiating company's foreign debt and com- stale . sem corporation to 
a contract with Sumitomo Metal bine the foreign- debt with modernise the island s precicui'' 
Mining, of Japan, that Would domestic borrowings in one big stones mdustryjAlthon^n exports 
allow Marinduque lo sell more 10-year loan with a three-year were 

of its metal at rising world prices. Brace period on principal and thought that gems worth half this 
.. interest sum are smuggled out of the 

Mr. J. E. Cabarrus, _«tecutive ^ Jo;|n * ou j rt |, e made country every year, reports Mer- 
vice Pnwident wid *“ ^fanfia that lhrouch lhe Development Bank of *7™ ** SUva from Colombo. 

” the Philippines, already a major 


niin C in n r^ shareholder in the company, and 

^ the Philippine National Bank. 

is gSE”" 1 ”? Both banks are government- 
the company s 18 Japanese and owncd 

h- mixi in«« I.™ Although optimistic about the 
cfFcc t higher cobalt prices could 
SS! have on the company’s revenue, 
" sSfm ^SSS yoi? ' Mr - Cabarrus emphasised that the 



Some people may regard most 
newspaper supplements as little 
more than a means of increasing 
revenue. 

We know differently. Judging 
by the amount of requests we get to 
produce an FT Survey on various 
industries and countries, we know 
our surveys are taken seriously by 
readers -and advertisers -around 
the world. 


analysis of all that is happening 
within a particular subject. 

Which explains why FT Surveys 
are highly regarded as an essential 
source of facts, figures and 
authoritative opinion. 

Why they’re so widely read, 
and often kept long after they've 
appeared in the paper. 

And why an increasing number 
of advertisers find them such good 
An FT Survey offers a once-a- value formoney. 

SSSSSSSSKSk FINANCIAL TIMES 

news, and present an in-depth EUROPE S BUSINESS NEWSPAPER 


SHARE STAKES 


w. Levcx — Men in Properties AGD Research— D. M. W. Arrie Yaw, director, i s deemed to be 
■ . £ are now interested and R. H. Gappcr, directora. have interested on August 23 disposed 

in J, 072 J0° shares. disposed of 5,000 and 10,000 shares of 15O.0D0 shares reducing holding 

British Borneo Petroleum respectively. to 2.14m. 

TStrSuSt STi Killott Group of Peterborough Hawkins and Tipson-Equi tabic 
170 786 sharS d holdrag lo —A. W. Houston, director, bought Assurance Society has disposed of 
4 . „ ^0-000 shares on August 24 and 10.000 shares reducing holding 

Cooper Industries — Cooper Mrs. Houston bought 20,000 also with subsidiary. University Life 
Finance, a company controlled by on August 24. T. H. Ison, director. Assurance .Society, to boiow 3 per 
Mr. John Charles Cooper, • has bought 2,000 shares on August 25. cent. 

acquired 3m ordinary shares <9.7 and P. E. Smecth, director, bought R, ia Mi an 

per cent). Mr. Cecil Charles 2,000 shares on August 23. Trad * lodemnily — Guardian 

Cooper has sold 3m ordinary Jardine. Japan Investment Trust fijfi,* 8 *?!® "/fuSS™!?* 
sharcs - —The Merchant Navy Officer’s *™’2S2 

Danish Bacon— Ess-Food, of p, *" B!nn cs,T,rf 7 8 s d p 6 

Copenhagen, has acquired 464,929 
“ B 

this Class ...u . ■ ■ — — ucuuuacii <i.n in buin;iiiMi;vi' .L. m __ .. 

total voting capital). bought further 140.000 sharcs Bhnres on August -9. 

Creilon Holdings — Nytronics making total holding 52L2Im (55.1 Sllverthorne Group— U nochrome 
Inc. acquired 2m 12 per cent percent). International has bought 39.500 

conv. cumulative participating Sime Darby Holdings— Holdings shares making total holding 
preferred red. shares on July is. by companies in which Wee Chn 2,205,875. 


hwaucp siiiHiwawu UKU 

company’s earnings would depend 
heavily on fluctuations in copper 
and nickel prices for the rest of 
the year, the bulk of Marinduque’s 
revenue comes from exports -or 
nickel. 


Bacon— Ess-Food, of Pension Fund now holds 7.45 per J 18e7 £ 

^.. 1 . has acquired 464,929 cent of company s sharcs. ’ V . . n „ a 

shares (10.23 per cent of Rentokil Group — Sophus "tiomi 

rlass and HJH per cent of Berendsen A/S of Copenhagen has nn d ° ht ' >0,OM 


ROUND-UP 


Electrocomponents sees more growth 


North Korea has purchased 
15.000 tons of manganese ore from 
Fakislan, of which one-third will 
be shipped this year and the 
remainder in 1970. 

* * + 

Iron ore mining and shipping 
from the Rio Tlnto-Zinc group’s 
Hamerslcy operation in Western 
Australia has returned to norma! 
after a series of industrial dis- 
putes which began on August 11. 
News oF the settlements was de- 
layed because of the Australian 
telecomm uni cat in ns dispute. 

★ + ★ 

Sherrtlt Gordon Mines, the 

Canadian metals and chemicals 

group, had net earnings of CS6m 
(£2.7m) in the 197S first half com- 
pared with C$o.48m in the same 
period of 1977. Operating profits 


COMPANY 

NOTICES 


CAS5A PER IL MEZZOOIORNO 
6-',% Guaranteed floods 1903 

S. G. Warburg & Co. Ltd.. «nrxHioc? 
that the rMemation instalment dot 
1st October. 1978 has been met B» but- 
chases In the market to the nominal raise 
ol U-S.S450.aoo and by a drawing ol 
Bonds to the nominal value of 
U.SJ1. 425.000 

The distinctive numbors ol the Bondi 
drawn in the presence ol a Notary Public, 
are as lollows:— 

1457 to 3744 
347«* to 2433® 

On 1st October, 1978 there will becomv 
due and navable unen each Bond drawn 
for redemption, the principal amount 
thereof together with accrued Interest to 
that date at the ofhco ol:— 

S. G. WARBURG A CO. LTD. 

e O. Gresham Street, 
ondon. EC2P 2ES. 

or with one ot the other paying agent* 
named on the boiku. 

Interest will cease to accrue on ts» 
Bonds called rer redemption on and after 
1st October. 1978. Bonos so nnssentrt 
for payment must have attached « 
coupons maturing subsequent to 1 st 
October. 1978. 

30. Gresham Street. 

London. EC2P 2EB. 

1st September. 197B. 

rr~AosnN -(ttvToi q)~UMiTCB 

NOTICE 15 HEREBY GIVEN that the 
Ordinary Share Transfer Books ol t»r 
above Com ua nr will be dosed from ISrn 
to the 20th September. 1978, both dab* 
inclusive. lor the preparation or dividend 
warrants. 

By Order of the Board. 

T. L. REES. Secretary. 

Argali Avenue. 

LcYton. 

London CIO 7PZ- 


The current year has started 
veil at Electro components and 
.Mr. R. A. .Harier, the chairman, 
says he has no doubt it will end 
with still further profitable 
development by the group. 

Members are told in his annual 
>iatcmem that growth during 
recent years has. been .substantial 
and the directors currently sec 
this growth continuing. 

The development of Electro- 
spares begins to take the group 
into new areas of distribution 
and the directors’ investigation 
into other distribution fields will 
continue. Mr. Marlor slates. 

AH subsidiaries, are eager to 
develop and expand product 
ranges and their initiative in 
such expansion is being 
encouraged, he adds. 

As already known, group pre- 
tax profit jumped from £4. 54m to 
rr.Gm for the March 31, IflTS 
year, on external sales of 133. 5b' m 
<£22.85m). including exports of 
£I.G2m f £1.1 7m ). A onc-for-onc 
scrip issue is also proposed. 

On a CCA basts, profit is 
reduced to iti.DSni. after adjust- 
ments for depreciation of £85,000, 


net 


few years, following its recent 
rapid growth rate. 

Despite the acquisition of a 
further 57,000 sq ft warehouse 
space In London for RS 
Components, the directors arc 

a mnrp 1 siii'l investigating additional accommo- 
a more sui datJon oiilside Undon in 

anticipation of further growth. 

Radio Resistor recorded a year 
or substantial sales expansion in 
its Geld or passive components 
and is in a good position to 
continue expanding rapidly over 
ihe next few years, says the 


BANK RETURN 


« i-mtJ'iii 

Aiis. jO 
197c 


Im - . (-f-i 
Her. i— i 

■ in rs-L 


BANKING DlfiPAKTMEJNT 


I.1MMI.IT1K* 

ini'ilai 

hiMii-ltiuu. 
-IHi'inl I lot, i. ii, 

Hi»nki-r: 

IJp-rripv /[ ■ hln 
A. 1-9 


j: e 

I1.HC.UW 

22.8SS.1M + l-Mfl.-MS 
n a i.7i«.£oo 

493,40^.763 , 70.527.039 
PFP.j4Ci.TIij , tf.341.3Ri 

1. 435.641.1 ,<i02 4- oU.404.67d 


\3si:i4 

f ,»-. I. 3Ci:urilu-,.. 1 . 02 « .Pit. 05, 
\'i« 4iii«>i AOtlli'i 


ol. 


A i-llinr -n i. . 



Lidn 


SMJ0I.3M * l.wMIa 


."jTt .279.2TO - - 
M».ti£).i57 -- 
2J5.3S3 - • 


1. >150.753 
7.FC|f.'i03 
!S.7l* 


1 .4e5.P40.P92 + EO.0je.b79 


• KPAPTML.NT 


_l**f. I. 
ttaui Ltii Li 


UHlirl.. . . o.hii.l>'X'.C>C'0 - V.U* <l.li>. 
In < in-u>eih>n. ?.3>XS.970Jla *■ bT.f £>3.709 
In tUuh's Up[4 13. , .U3 1 7o7— 7.ij05,7Cy 

Art?n*5 

f.n. 1 . m-14! ... . tl.yl&.l'M 
HII>lTfi.n1..«v. -.7.1 1 1.747. 123+ L-9.OT2.aS3 
Other fcrurii i«. Elrt.Cs7.771 - 


jfiab 


E.t-'Jt.-MJ.OOO i re.Oaii.W 


cost of sales £248.000, and 
monetary assets £285,000. 

Although sales during the year 
at the subsidiary. Doram Elec- 
tronics were disappointing, the 
directors are hopeful (hat it can 
now move towards 
cessful era. 

At Eleclroplan, both sales and 
profits rose sharply, while 
exports, although still relatively 
small. Increased more than three- 
fold. The directors see ample 
uopc for further development 
in this company over the next chairman. 


TO THE HOLDERS 

of 5% Guaranteed Convertible Dc ben lures, doe 1983 of 

Rockwood International, Inc. 

(Formerly Levin-Town rend International, Inc.) 

Notice is Hereby given pursuAnt to Lhe . In den lure dated as of Ararat L 
1883, aa amended and supplemented, ' the "Indenture” i under which the £*> 
Ouaranteed Convertible Debentures, doc 1988 flfce "Dobentures^ ol Kocfcywxt 
ZnlerpaUonal. lac. flatcraaihiaal"). ouaranteed as to payment of Principal, 
premium. If any, and interest by Rockwood Computer Corporation, a Delaware 
corporation (the ‘■Guairnior”). were Issued, that as a result of certain Adjusting 
Events and pursuant to the anil-dilation provisions of the Indenture, tta* 
Debentmcs are conrc rllble on and after June 24. 1973 at a conversion prlc* 
which has been reduced from S40-B2 per share to 310.35 per share. 

ROCKWOOD COMPUTER CORPORATION 

a Delaware corporation 


Ararat 31. 1378 


Cement- Roadstone 


INTERIM STATEMENT 


28 weeks to 
12 July! 978 


2 8 weeks to 
13 July 1977 


Increase 


Sales 

Pre-tax Profit 
Earnings per Share 
Dividend per Share (Net) 


£82. 8m £ 68 , 6 m 

£ 8.9m £ 6 . 6 m 

6.Q6p 4.71p* 

1 ,52p 1.17p 4 

(adjusted) 

* Rc-siatcd for 1978 bonus issue and change in Deferred Taxation policy. 


+ 20.7 r o 

+ 34.9% 
+ 28.7% 
+ 29.9; a 


Copies of the Interim Report may be obtained from the Secretary. 
. P.O. Sox 101 , 19 Lower Pembroke Street, Dublin 2. 


Cement-Raadstone Holdings Limited 


Gl 





1 1 i.: » 


M 


% 


1W 




Financial ®mes Friday: Septeniber. 1 1978 


vTT i .rr VT.^-C 1 




i ■“ . ■ * r fr S:-:y?v'» :::. Jl 

"S'?..: >. -VAT 






y&. 

*hii,; ‘i 


BY C. P. SNOW ", “ "••• • " 

— - ■ ■■ _ . ., likethat: they. need other quail- Many of these features nf the 

^4.95.^35^?^ -^ P ' the * N^iproeedure in. conquered 


■;K V- 

■ r -jr* f % \ jsj 


wouldn’t be great novels. It countries' Delghton ha*" adapted 
wont need any exhortation from from France after 1940. It 


"lli 



1 iij. 

H.Vh 


subjective indicationTDeiRhton's J S? "SSS^i hS gettin * 

literary manner, and possibly iis .£5SJ2ffrin ^fwarfocnioK SB? 1 *?*,. ? ,gh Cml Servants 
^St^oo^tg^r thonghf out. with his So C rS e cSb. 

connected— to get on ea^y with , 1S memories of cool-headed men, 

my own. " I felt that he was qi ^? t ““t .very fflung. with reason to believe that they 

Jacking to narrative glue or lub- a ®5 S iof| e )? 0 Ji ldl1 c be popular with the 

rication, for me an essential J*®* summer and autumn of 19*1. Gestapo, carrying means of self- 
element in high ■ readability— as The successfully disposal in their wallets, right 

evinced, say. by Winston invaded. The British surrender through that period, perhaps to 

Graham, that modest and for me was signed early in that year, the end of 1942. 

supremely readable writer. The Nazis have . occupied the The _ detail is done with 

This new novel of Deighton’s, counhTf, Jeav ing part , of the pointiZtiste accuracy. There is an tional structures — which, as pre- conspiracy and power grabbing 

however, has removed most of my native admmistranve apparatus ingenious story, something like sented by Deighton and on good but, when his attention is caught 

difficulties. 1 [enjoyed it, or most in being— a? i with Gotland Yard a political thriller. but the evidence, were so beset by be can say some deep and 

of it, and didn t find any reluct- and much of the ponce force, achievement, and the bitter internal friction that only original things. He has produced 

ance to turn from page x where we -find a charm, of the book rest in the Germans could have made them a German police boss called 

to page x-rl.. brilliant Detective -gomntrad-. atmosphere. Deighton is better work at alL KeUerman of whom, as a minia- 

It is only stupid intellectuals, ent continuing his mvestogation informed than most of us about Deighton’s interest in per- ture of character drawing, any 

who don't realise that ali the of murders very^ much as Though a whole range of subjects, from sonality isn’t as steady or com- novelist would be more than 

great novels impel one to turn the occupation hadn’t happened, small arms to the Nazi organisa- pelling as in the manoeuvres of pleased, 


Len Deighton: Occupation fantasy 


Fiction 




BY ISABEL QUIGLY 


■* the like. Frank, all irony as a bead-on with what most writers 


I ‘ &*■*: 


V?ii 


Ella’s Dream by Elizabeth Gunn, defence against the vicissitudes take sidelong, using irony, 
Hamish Hamilton, £4.95. 176. of his past, regards her with apology, every kind of inventive 
pages ! brotherly exasperation and or formal ploy to veil .the mere 

" “ ~ ~ masculine petulance, and into his recounting. None of that here. 

How Many. Years It Now? qj ^er story-weaves his own just the telling of banal inci- 
by Jennifer FitzWuliam. — that of his marriage to the dents in plain, flat statements, 
Goiiancz. £4_95. loo pages social-climbing Linda who used more or less from the viewpoint 

“ — “ T ' — Z — r— r - him to' get what she wanted of its adolescent heroine, cer- 

The Crow Goddess by ^tncia (eventually, a title). ' tainly from within her limitations 

Finney. - Collins, £5.50. • 33S Elizabeth Gunn , has a remark- of age and understanding. The 
Pogo® able way with dark (though never blurb speaks, truly, of its “fresh, 

, , _ - , . : * ,j vicious) - comedy, social and artless vigour”; and the tale is 

EZitfs Dream is Intricately told, psychological. This novel, her told so intensely, so convinc- 
Frank, the narrator, lives “0pe- 8e cond, is full of the most delicate ingly, with such gritty exactness, 
in a Yorkshire cottage, selhng observation, yet the strong, en- that somehow the whole thing is 
clogs by mail order; m worldly gaging way in which she sets it transmuted into art Mona, 
terms a ^failure, ia sp^al- a down makes for an almost throw- illegitimate, rejected by her 
recluse. His sister Ella, 10 years away" use of sharp eyes and ears mother, living with a loving but 
older, swoops down on him for ^ intuitions: cant and sent!- ■*<* aQ d aged grandmother in a 
a yearly fortnight from a life meot alitv are sent no with an Scottish village, is not particu- 
fiUed with friends, good works,. occa gj^ use ^ f 0 Bl ^^ ed . U j > . larly likeable hot is extra- 
efltertammg and money. A fortr n „«. ferocious 'and effective ordinarily real; so are the objects 
night’s dread precedes each visit, 'hurst* of which clear the air like she touches, the atmosphere con- 
* fo^htv es^tion irtHows Sfina hmelf is t Iei "““l *“■ l ie ■«* '<* 

it. EUa ha^ “a permanent obses- tram-comic, a sad woman whose ter her h *r aes * 

sion with inessentials,” one of _jT ,§ ecrfu i busfl „ , j® peration, the ardent love her 
which is her dream-view.Qf Frank Se of ferins W^d^Ld G rann >' feels for Her. inevitably 
not as a clogsellihg oddity but as «Lbine admirers. -sUlv but not disappointed.the ardent love she 
a solitary genius-a writer she f^Sh Sd fellome fefils for faer mother ’ M inevit ‘ 

can tell her friendsabouL ' mfwritinE b ably disaPPO^ d too. 

fiSdin- ifemiSSmSmStfiSrSF- ^PP 1 ^ companlomible; it Everything about her prepos- 
finding its narrative thread- in an :. XBms written inside Frank's terously ugly and unsatisfying 
imaginary visit, the aum ofmany„ head. a monologue rather than a life compels one to beUeve in iL 
earlier visits,. - and -swinging %airitive. to become Involved; it is a mar- 

ihrough time from meir early- There could hardly be a greater vellous example of treatment sub- 
S*®* t. 0 .. 111 ® nuddleraged present, contrast to this high-spirited duin S anbject-matter, of inten- 
with EIJa long widowed, Frank nove i f wh i c h sweeps one along, sity achieving its own pattern, 
divorced, at odds yet in • a sense' tlmn- Jennifer FitzWiUiani’s How conviction spinning its own spell. 

haKit Atonv Year*- Was W Now? which After these two originals, each 

habit, kinship, and. Ella s deter; as dour as its predecessor, with its exact and peculiar voice, 
Mm!* i'^ Anyway, This Particular Sunday , Patricia- Finney's The Crow 
u-ivvm U a im^ e ^ ^ a. similarly long, pointless Qoddess seems to lack such a 

, a . 1 P 10st incredulously, I title" and the same fat young voice; but since she was 19 when 
f 10 ® accurately .observed heroine, Mona. Everything about she wrote it and it is her second 
traits of people I knew. welt it, starting from the most un- novel, she deserves rather more 
,°£ nabits that drew appealing jacket it would be than a pat on the back for a 
ae Ii 8mea * re ^?® Uition; “ybtnot possible to. imagine, seemsvigorousefforttorecxeatesecond- 
surtace traite, mere ticks of designed to put off rather than century Britain. This is the 
personality,, bat movements' of entice the reader; and yet, so sequel to A Shadow of GiilLs 
the spirit, psychic conditions. She strange is the character of (winner of the David Higham 
lacks, totally, a sense of irony; is literary talent one is not fiction award last . year), which 
(therefore, perhaps) -unculti- repelled but curiously drawn to began the story of Lugh, an Irish- 
va ted; a ’’ good sort" the best, the its theoretically unpromising Roman harper, and the adven- 
kindest, endlessly involved with pages. tures that bring him to England 

friends, hangers-on, servants. You. could I. think caQ.it a. and in this novel, gain him the 
disaster: also, on occasion,^ a hard? primitive, si nee it takes the world friendship of the Emperor 
liner, supporter of birchings and and events at face value, it deals Hadrian. 



Philosopher’s touchstone 


BY REGINALD MAUDLING 


“ The Origin of the Gas-bag ” — one of the illustrations in “ Heath 
Robinson At War” (Duckworth, £3.95) which brings together in 
one volume all die drawings the master of lunatic invention made 
between 1915 and 1919 


Into the abyss 

BY GEORGE MALCOLM THOMSON 


the 



BY WILLIAM D. SHOLTO 



Take Nine Spies by Fitzroy 
Marie aa. We id wife Id and 

Nicolson, £6.95". "341 pages 

-The Plum bat Aff air Tjy Elaine 
Davenport; Paul ' Eddy '.and 
Peter Giilman. Andre Deutsch; 
£4.95. 191 pages • " 

In Take Nine Spies,. She 
author of Eastern Approaches 
gives us fascinating vignettes of 
eight notorious spies from Mata 
Hari -to O leg. Penkovsky,- executed 
in the 1960s. The ninth spy was 
a corpse bearing the name Major 
Martin who was dumped in Spain 
during the .war to- hoax. Naxi. 
intelligence. The book is well 
written and -the -stories, ; despite 
being factual, read like the b»t 
fiction. 

What makes spies so in' 
triguing? President Mobutu of 
Zaire gave me a likely answer 
recently when he said: “All 
journalists are spies. I know. I 
used to be one.” 

The loyalty of Moiodi, alias 
Gordon Lonsdale, was un- 
ambiguous. Not so the earlier 
generation of spies who were 
. double agents . transferring 
allegiance to one or other 
protagonist alternately as their 
feelings dictated. 

A few general conclusions may 
be drawn. Firstly, information 
provided by spies can be Im- 
mensely "valuable, like Richard 


forge's advance warning to 
Moscow that Hitler was about to 
attack ; the Soviet Union. 
^Secondly, this information is 
often disregarded by the reci- 
pdents. Thirdly, national security 
is too often handled by an 
Establishment determined not to 
cast a shred of suspicion on those- 
of similar background and 
suspicious of all foreigners. Kim 
Philby, born in the Punjab, 
educated at Westminster and 
-Trinity and son of an Arabist, 
was a pie to 'rise Id the top of the 
Secret Intelligence Service and- 
stay there for years, even picking 
up ah OBE while working for 
Sovierintelligence. 

- .Finally, it would seem that In 
.the spying game ; the Russians 
are far more motivated, as- 
siduous and successful than the 
British - and, certainly, the 
Americans. This must have 
Implications for the outcome of 
the world's major contemporary 
antagonism. 

We may smile at the way Mata 
Hari passed secrets in Madrid 
hotel rooms first to the German 
military attache and then to his 
French opposite number, depend- 
ing on which room she was 
sharing on. the particular night. 
But is it not equally farcical that 
an "entire generation of inlet 
iectuaJs could .be hoodwinked for 
a decade? 

The Plumbat Affair also con- 


cerns espionage, but is just not 
in the same class, being merely 
another Sunday Times scoop by 
. the Insight Team. . . Its subject 
is the plot by which the Israeli 
secret service -(MossadV allegedly 
finagled 200 tonnes of uranium 
.in 560 drums labelled “plum- 
bat” from Belgium aboard the 
ship Scheersberg A 10 years ago 
for their atomic reactor at 
Dimona, and how the secrets 
were revealed after the same 
agents shot Ahmed Bouchiki in 
Liliebammer in 1973 mistaking 
him for Ali Hassan SaJameh. 
who organised the" massacre of 
the Israeli athletics team at the 
Munich Olympics in 1972. Be- 
tween these events in 1969.; the 
book 'says, the Scheersberg A 
refuelled the paLrol. boats that 
Israel purchased from France 
and which her sailors finally re- 
moved from Cherbourg after de 
Gaulle had imposed an embargo 
on arms to Israel. 

Readers -will doubtless wonder 
whether this fantastic story Is 
true or false. I incline to be- 
lieve it in outline, but am 
sceptical about the particulars. 

One wonders .too why the 
authors chose to denigrate the 
Israeli secret service rather than 
tbeir notorious contemporaries in 
say,' Uganda, Cambodia, Chile or 
the Soviet Union? Is an attempt 
on the life of someone who has 
organised civilian massacres an 
unmitigated offence? 


Pastoral SF in orbit 


BY RAY LARSEN 


■ -■ ; : — — 1 — — - Joyce he tells of Finnegan’s 

The Road to Corby by Richard The Dosadi Experiment by voyage through a purgatorial 

Cowper. GoUancz, £3.95 15S Herbert,- Gollancz, j&95. 336 world in search of the Devil, Jt 

pages • ’ " : pagea win find ready admirers amongst 

- ■ those who like avant garde 

■*= u . . * Those who fell in love with the fantasy and who do not resent 

British writers seem to be f an )asv 0 f Frank Herbert's the absence of a plot. 

carving out a nicbe with S new Dune trilogy will love 1 3ns, -■ ■■■ ■ — ■ ■ .' ■■■■ 

style of pastoral science fiction. -one. Hocus-pocus about the Miracle Visitors by Ian "Watson, 

Cowper’s novel is very -mudh in.-adventures of a secret agent GoUancz, £195. 239 pages 
this vein. A rustic Britain- has amongst alien cultures. wake of Close 

been 'divided into small king- — — Encounters of a Third Kind it 

doms. Technology has collapsed The Devil is Dead by R- A: seems that we are in for spate 

and an intolerant Ouirch" 'is > Lafferty, Dobson. £4.25. 224 ..JjJfcf L h S2f^ in^everv 

perxcoting hereto. .It. .-*««■ ■ ^ on - 

enjoyed by those who are.seeking _ - ^Tteetiou are mysticism, ^psychic research and 

a ^acefolr^efromthe tech- .theme?which have preoccupied gace. ships dtaMM 
nological oyeriuH. of. Amer^aa .LafFerty -over -the years. In a Amenran cars. UFOrwatcners 
science fiction. ' " V - “ style reminiscent of Janies will lap it up. 


. — - same, Erskine’s brisk, 

Evelyn Baring. The Last soldierly ways (a contrast to 
Proconsul by Charles Douglas- Baring's long-winded, indecisive 
Home. Collins, £7.50, 344 conferences) were an. important 

pages factor in mastering the campaign 

of terrorism in the colony. 


The last preconsul had the -TJ 6 " • to ® B ^ tish eoverament, 
worst luck iu the world: he caSe f £ 

SSSJIftteJSSlL 1 * 

af i r , G t !5L^? t or <1 rt Cromers 8 What had happened to make 
as a Governor of vision and Harold Macmillan change his 

EPSfcjS min * 0D policy is still 

®i ESSu^SL^Ef not certaio. . Charles Douglas- 

g5 for the people ^ Home, in this excellent, balanced 

j*l r and well-documented life of 

u.irif thp <ra ^ki^?Isa e n™hiimi Je ^i Sariug, is not certain, although 
with the political problems of can single out various In- 

<«ivin 00 V ws« ° f fluences which were probably at 

change was blowing up into a wor ^ 

Macmillan", had heard From" 

i de Gaulle (1959) that Franc* 

dayS ° f ^ MaU ^ as about to give up her African 
w ,!„v,| empire. The Belgians, with 10 
*nx° h months' warning, scuttled from 

mid reported. Sir Evelyn £b e Congo in July 1960. It seemed 

S?th n f Ln ^ ***** Britain— with Portugal— was 

Tfrnmi about to be left holding the 

profile, strikingly like that of noinnial babv in Africa 

itSJSSSZS IU* SeaSi Sf’ Bariog* who had 0 foi^ years £ 
high-mmded and just . . . The (jured the contumely of the 

^rS ,h ^ re aimni ' Kenya settlers because of his 

“ weakness,” who bad tried to 
^rine 7 enS ure that there was some 

Barrnj' is the_ daughter of an future for the white man in 

-b P Mnei ^ private secre- Kenyan politics, now found him , 
tary is a Howard and one of the cgif reft behind bv events 
ADCs is a Ridley” It was all it was Sf second time that 

sotnethfeg of 4e Wnd had ba> 

1 fte M l a M oalb ‘ pened: when he was High Conv 
To be fair to Baring, he had misrioner in South Africa he had 
not . been adequately " briefed " opposed Seretse Khama because 
on the task that was likely to his marriage to a white woman 
face him. His- predecessor had would probably annoy the South 
waned him about the divorce Africans and Baring was hoping 
problem in the Colony: “It is of to keep South Africa in the 
somewhat unusual complexity. Commonwealth. This, h e thought, 
especially as we have the was a main object of British 
amateur champion out here who policy. 

has been divorced by five if not Rut, on that occasion too he 
six husbands. Hie Ddamere had guessed wrong. In the end 
household is another not very the British government backed 
simple one, particularly on the Seretse. 
occasion of royal visits ..... . it was no joke to be a pro- 
“Rough and ready rule; Take consul at a time when the 

no notice for garden parties empire was sliding into the 

unless an open scandal, but apply abyss at a speed . which in- 
the - rules for lunches and creased with every day. There is 
dinners” Good advice, as far- therefore, a strain of melan- 
as it went But not much help choly running through this bio- 
when it came to dealing with graphy of one of the leading 

Kenyatta. figures of the imperial silver 

What made matters worse was age. ■ 
that Baring suffered from bad Wide vistas of endeavour 
health, as his military chief, opened to him, delusively. Glam- 
General Erskine, was quick to orots responsibilities fell on his 
notice. Was the trouble shoulders but events, as they 
physical or psychological? Most workeb out, made it impossible 
likely both. to discharge them. His tempera- 

Kenya, just then, was not the ment worked against his success, 
place for a man liable to ‘bouts But the story is not wholly 
of depression. Erskine, a one of frustration. There is to- 
stronger character, detested it: day a. magnificent forest in 
“A sunny place for shady Swaziland, 100,000 acres in ex- 
people"; its- white womenfolk tent. Baring planned it Not 
“ middle-class Lsluts,” .which may many pro-consuls have a memoo 
have .been snobbish or -him. All ial so lasting and so satisfactory. 


— — way: “For more than'four years the astonishing range and dept! 

Idealist Epilogue by G. R. G. i had not read a philosophical of his reading and understand 

Mure. Oxford, £6.50. Ii5 pages book nor even thought much ing of both philosophy ant 

— — T — : — “ about philosophy, but I found literature, a cloak of Jearuins 
This is a difficult book to subject now less baffling and which he wears lightly, and th< 
review. It is notalways an easy muc h more exciting. So I unforced way in which he move: 

book to read. There are many QQfe^d upon the academic life, from example to example in thi 

passages where you have to j doubt whether I should have w'orld of poetry, music- am 
ponder every sentence, even done sa if i h a d not bad four philosophy. Second, the csst-n 
every word, such is the subtlety years 0 f war as a regimental tiat humanity and goodness of hi: 
of the author's mind, and the officer." philosophy. I remember ms orn 

Intensity of his understanding. ^ A of his pupils how Geoffrey' 'i 

Yet there are many other pas- t theme ^ that the good, tin 

sages where the dialogue, for the ^profSsor^ mUx S true aod the beautiful were one 

book takes the form of a hv ^ and that on the basic Hegelian 

dialogue between the author’s „ ° n n P n ^ principle the unity of the whole 

self and his other self, flows as in ° th» depended upon the differentia 

easily and as happily as Rupert Uo " of the parts. 

Brooke's Cambridge waters. But f^!; et f r uh He ends his dialogue with z 

though the reading of it may be J gked him a if hedid^otknoW account uf the future 

a strenuous task, it is immensely that yoS- men were out de I v ^°P raent u of *»»«» 
worthwhile, for this is the pro- Fr an crfi^ti“/ for cirili S ation ‘‘J don’t doubt that at least from 
duct of one of the outstanding T^whii* he ?enUed “ Madam’ the he § ,nnm S of th *s cenlur > 
intellects of our generation. j® not reahie that 1 am P erha P® ^rher. the human 
Not that Geoffrey Mure is any ^ ^JuSStaf fw which thev f pecies has declin ? d in qual, . t - v 
crusty or dusty academic gghtin- 2 Geoffrey Jlure ,a ,nversfc Proportion to us in- 
philosopher. Certainly the works both was The cSL VnS crease in quantity: declined in 
of Hegel, to which he accords ?,?u?ht for jl ® clvlUsaUon and thought and action, art and 
such high stature, and on which wi.k raoraht >’- , "^ ed by any standard 

he is the exoert are such as to Together with the extra- you can think oF except health 

hif^Stod" r d «'% The real 

In fact. Geoffrev Mure himself P ,s .. )na - ‘-'Ooiu-ey Mures danger with which :he uncon- 
admite that teitad! oarSof humanity adife to his remarkable trolled proliferation of mankind 
E hevond SSSirSSikm P e «o°®lity. He rowed bard and threateils us is not starvation. 
But hls b d«!riptlm Sf how £ weU (a P^sonaliy could Science for some time will pro- 

Sme nto the mate stream of 5 e ’ e r understand). He wrote duce a sufficient quantity of food 
teMJist Dhilosbohv from Plato de i lghtf ,V] stones He at the expense of its quality to 

, w.', , aW m ! enjoys life and people. He was balance Nature's continuing prtr 
SJJ superb tutor to the youns. fuff duction of more and more in- 
Ki “f °“ 1 fc,®! 8 ®??!. y:Z of tii at sceptical understanding ferior human beings. The danger 

tiiat counts so much in any tutor. i s that, after a little token blood- 
deep feeung for and enjoyment g ut certainly was not adverse shed and a great deal of dis- 
. .f ^T 15 ' beauty of hf®, controversy. He had- his honourable appeasement, man 
and its humanity, what, in fact, favourite dislikes, ranging from will lie flattened under the 
Soames Forsyte c <>uid never t ^e Germans to the modern tyrannies which egalitarianism 
grasp, the beauty and the loving logical positivists, such as inevitably begets.” 
of Jhe^worlo. A. J. Ayer, and he did not I have" an idea that Geoffrey’s 

Geoffrey Mure went to Oxford hesitate to express his views with tongue was a litlJe in his cheek 
jurt before the First World War, some vigour, e.g. when defending at the time he wrote that. .Per 
and his studies or philosophy i n this dialogue Hegel against haps he felt that it was incum- 
were interrupted when it started, any charge of militarism he says, bent upon him as now a very 
The war had a profound effect “it was after the Second World senior citizen, to express these 
on his thought, as he says: War that people who obviously views. Perhaps he had to 
“ When war was declared. I was had not read him — in primis disassociate himself from Rabbi 
thankful, first, that we were Popper with his notable contribu- Ben Ezra. “Grow' old alon" with 
fighting with France and against tion to ignorance in The Open me, the best is yet to be. Cer- 
Gennanv, and second, that I Society and Its Enemies — began tainly the simple fact is this. His 
should probably not have to sit -to abuse Hegel hysterically and dialogue taken as a whole does 
my final Sehool in 1915.” But he blindly.” nothing to create pessimism 

then goes on - to describe his I would not in this review about the progress of the human 
return to Merton in 1919, and the attempt to summarise Geoffrey race. It creates optimism about 
offer of the post of Philosophy Mure’s philosophy; it would be the potential progress nf the 
Tutor of Merton to succeed foolish to attempt it. What I human spirit. In this, perhaps. 
Joachim. He describes it in this would stress are two things, first, lies his greatest contribution. 


Doctor’s remedies 


BY IAN DAVIDSON 


admit that 


we have paid a the wrong. But Dr. Owen sees 
Human Rights by David Owen, heavy price for the sterile public nn need lo strengthen the 
Cape, £4.50. 154 pages .ownership arguments of the machinery for the protection of 

1950s." Surely what Mr. Owen human rights in Britain: for 


Thi«i is rather a curious offer- is that we have paid a one thing it is not the British 

in« For while the title sua»ests heavy price for the policies of custom lo have things like Bills 
that thte fcabook atoufhuman P ublic ownership, as they have of Rights, for another, “fully- 
richts io fact verv little of the in practice been implemented, fledged federalism within the 
contents** devoted to tot and not just in the 1950s, but European Community is a noble 
voSue tonic? in the narrow sense ver 3‘- W recently. goal but one which for most of 

in which It is currentiy under- The underlying thrust of the us in Britain is unrealistic, and 
stood/ and much of it would lie. gjgf. * t0 s °me mythical 

outside the perimeters of *ven • « V Dr-i. Owen’s natural aversion, 

the loosest definition. Tk® 15 * * *** “ora) adventurism in foreign 

unwary should also be Warned 1 s a vJ?5?22h Policy is- given full - rein in the 

that this is not by David Owen 1® rf be .^ l i?,“ J S5 C fSM t i«£f U 2Jtt succeeding chapters. ; The .Soviet 
the political thinker and 'w PH ? 1 ^t!S tTnfop’s treatment of. dissidents 
moralist, but by David Ovyen the Sns^S^’colSSivi^ : ?dft *** .-utierv'entions in Africa 
Labour Party politician and f L» Dr^Owe^<Sii Je2 as ^ re. both to be condemned; but 
Foreign Secretary. clearly as anyone wh? socialism western .governments -, .must not 

"The contents of this book," has ^ ^ge problem; whatsis risks with dftenfe. The so- 
say the publishers m an ^^0 is an unequivocjj exposi- Enro-Communist -parties 

inconspicuous note on the Ay- tfbn of what socialism- should are to bp ; treated-, with ihe 
leaf, were all , wmteo or- lodit j ike> and 1 have .the un- gravest subpinon. on the. pounds 
delivered between I9i/ and 19/S comfortable Feeling that- 'Dr.- that their commjthieaL.in flemo- 
b r cJ\ Da / ld S we °„ aa Owen’s main concern was not fo cracy. is ’at best only skicMeep 

of State for rorei^n ana Uira- Mv anything too controversial arid .their arrival in : '.naw;er -.would 
nionwea 1th Affairs, ln short.it f 0r ordinary Labour Party destabilise ■ East-West ‘relations; 
13 ■ a collection of articles or mgmbgj. t 0 swallow. -But when oh the other hand, we must not 
speeches, though the publishers gayg that Conservatives threat en 'tp exclude tfierii from 

give no further indication of the believe in institutions :to curb NATO or' the EEC if thy win 
original sources. “original sin." white socialists elect ions, since Itiar would be 

Now, there is nothing wrong see -institutions as a ■ bad - renounce our own. democratic 
with stringing together a coJIec- influence, I am at a loss for principles'! Apartheid is repuu- 

^ 1 55 es „ an ?_tih 1 ^ ls ^i?i’ words — and r ,^ am not ’ 115 ** nantj- biit Britain cannot afford 
them under a catcny utie, happens, a Conservative. ja 1 3 Jc-p anv uneoiiJ'vocsri action 

especially if the author happens -^Humair Rights Abroad." the -™ y uneqUJWC ?; • " 

to be one of our brighter rising second chapter, is really (after ' ’ • 

politicos. -But some people may a long lukewarm defence of Perhaps these pieces caused a 
be seriously put off by the open- Britain’s membership of NATO stir when they first appeared, 
ing number which, so far from an d the European Community) Between hard covers they - have 
being about “Human Rights in about human rights in Britain, as much excitement ■ as cold 
Britain " (as its title claims), is j n particular about the porridge in spite of rumblings 

in fact a piece of . tendentious British Government's attitude in the Soviet Union. OF.eourse, 
promotion- for the" Labour" Party i 0 tie Council- of Europe’s Con- politicians cannot be expected to 
and the LaWur GbvernmenL ventiop on Human Rights. From write good English, and ministers 
“British socialism” says Dr. time to time, the British Govern- in office have some duty to make 
Owen, “has never been dogmatic meot has been hauled up before caution their watchword. But l 
or prescriptive." What, never? the European Court for a viola- cannot feel that this volume will 
Not even.- about public 1 owner-' tion of human rights, and some- add much lustre to Dr. Owen's 
ship? ' Dr. Owen goes on to times has been found to he in reputation.' 


Crimes in short 


BY WILLIAM WEAVER 


; — - then A Winter's Tale (actually people, engaged in ordinary job?. 

Sunk Without Trace by Dominic- this production never opens, Frank Hales— the protagonist of 
Devine. Collins, £3.75. 265 thanks to Charles' detecting this new Lewis — is an apparently 
pages skill). The solution is at once solid, even staid citizen, partner 

. “7“ ingenious and credible, and, on in a firm of solicitors in Durham, 

If you • object to a story in the way to It, the author enjoys married to a rich and beautiful 
which someone who has been himself-^-as the reader will, too wife. His partner, it emerges, is 
presented as relatively normal — at the expense of his minor considerably less respectable, 
proves, in the end, to be characters. despite an impeccable exterior. 

murderoulsy insane, taken you When the dodgy partner dteji> 

will object to Dominic Devine's ^ xjneemin Sound by Roy pears. Hales has to find him. The 
new novel, his first after a long, Lewis. Collins £3.75. 195 pages police become interested, tno. 

regretted silence. For that - — ' and there Hales makes the big, 

matter, the person in question Roy Lewi; is at his 'excellent familiar mistake- he keeps some- 
would have fairly sane motives best with the most ordinary thing back, 
for murdering (assuming that] 
sane motives can exist). Any- 
way, apart from this caviL there 
is little to criticize about -this 
well-told story, admirable for the 
precision of its setting. Most 
of. the action centres around a 
City Hall in a small Scottish city, 
and the characters are painfully 
real and human; the pompons 
executive, the ambitious young 
Councillor, the clerks and secre- 
taries. Mr. Devine has also pro- 
vided a likeable underdog hero, 
a splendid dish of a girl, and a 
spiky but admirable cop. 


An Amateur Corpe. by Simon 
Brett Gollancz, £3.95. 192 
pages 


Simon Brett's down-at-the-heels 
actor Charles Paris is, once again, 
involved in a murder. This time 
he is a friend of the victim and 
of the suspect (her husband), so 
his investigation is prompted by 
personal concern. His job is cut 
out for him: the suspect is riot 
convinced of his own innocence, 
and .the police — and even the 
suspect’s lawyer— are anything-) 
but interested in helping Charles. 
The -sotting is smug suburbia, 
where an amateur dramatic 
society presents first The Seagull, 


Conference? Seminar? 
Company Meeting? Reception? 
_ Film Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full 16mm film 
projection facilities. National Panasonic Vi" colour | 
video tape and Philips 150IM video cassette 
viewing. Electronic 3601 slide presentation 
system. And luxurious private dining rooms with 
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FINAICIALTIMES CINEMA 

AU enquiries to: E. J. Do rrer, Cinema Manager, 

The financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4BY.Tet 01-248 8000 (ext 670). 








26 


Financial Times Friday -September 


WORLD 





y Wall St. 3.90 loss on inflation 



INVKSTUENT DOLLAR 
PR EM I I'M 

S2.60 Ui £1— 90! rt „ (91%) 
Effective SI.3-T.5 — 12 ^ (42} 
'LOWER LEVELS developed in 
mod era le trading on Wall Street 


Speculation in Gamin* Imim $212 despite slightly higher second and Jokker were among while 


.) 


continued apace despite a warn- quarter net earnings, 
ing on Wednesday from Drexci 
Burnham Lambert about potential Canada 
risks. Ramada Inns again topped ....... 

the active list and advanced SJ Prices continued to advance m 
to $12}. Bally Muon fa during acme mid-day trading, wit* the 


lower issues. 

State Loans were steady. 


Buchrle improved, while Elektro- 
watt and GeseUschaft Fucr Metall- 
Ttmccpk v nerte each edged lower. 

oiUSScia Small mixed variations featured 

Most Belgian shares were lower Industrials. 

yesterday, when the prime rate l^ined* *2 jo"$B8 number" of Toronto Composite Index i+p 11.4 in slack trading. . ... Domestic and Foreign Bonds 

increase to !>1 percent rrom M per 5a min „ issues did not trade for to 1,227.1. reflect ins sains in all asvm to'iJWD W ® d? ' 

cent continued to spread, while various reasons. but or - " 

1 ho forecast by Federal Reserve _ . ... . „„ *, groups. 

Member Wallicli that inflation is . J The Gold shar * lnde * advanced 

at S per cent and could = n higher. ■ =«-T « 1.SS0.9 and Oil and Gas- 

Stock ^" ce J *5 u4 «r 1 33.2 to 1.59S.5. while Metals and 

with handoz of Switzerland. Mineral* put on 7.7 to 1.024.0, 


but ' one of Us f-t component Montague Armed BFr 50 to 2,860, 

while araon-' •«“« «■»» Cnhrna. 
Asturienne. 


Hong Kong 

The market closed mixed with 
a slightly firmer bias in relatively 

active trading. 

Speculative interest remained 
centred on issues such as Hong, 
Kong Land, which advanced 10 
cents to HKS13.SQ, and Hong Kong 
w — In' the” "Foreign sector. Dollar which fell HKS1.25 to 

losers were Cobcpa. slocks mostly edged higher. But HKS^2o. 

Hoboken, CockcriU, penn Central fell on some selling J airline 


GBR, Cometra,-' Tessenderiiw. pressure.. Dutch Internationals cents 


tu hurl the 


Mosane, Socfin and Clabecq. 
In Foreign stocks. UK 


continued 

Market. » , — _ - — - 

Bv 5 |*m l he Duw Jones In- Servnmarion put on S3 to $494 utilities 1.32 to 187.94. Banks 1.74 ------ • — v ---t- ,, q 

dusi rial Average was -iff 3.90 to after a laic start— it signed an l0 283.112 and Papers 1.21 to 140.01. 2?2 h | I S2S r -*75SS*MlJttL Jere 

S7K.S2 jiul rhe NYSE All Common aureement lo merge with City Abitibi were active and picked E*V d i*!- 

Intlcx shed 7 cents to 858.41. while Investing Company s GDv unit at u s i lo gi®; on U05.387 shares 
the trading volume totalled 349 a .share, bervomalion ended on i-mnours or a takeover. But 
2l.7o.~m shares. merger talks with Liggett Group company said it is not aware 

The Commerce Uepiirlmcni said which had offered up to $4h.jtJ a an y suc h bids. Thomson 

ii-» July Index OF Leadinc share. Kemaghan and Co. said it intends 

Economic Indicators dropped n.7 City Investing tacked on $4 at to buvun to BOO.OOO Abitibi shares 


French eased, while Germans and chemicals. 

stronger in line with the London IHllaH 
fixing. 


Closing prices and market 
reports were not available 
for (his edition. 


per cent jroin June, .suggesting 
future soften mu of economic 
activity. 

Analysis s.iid any slowdown 
could ea-e up\«nrd pressures on 
.interest rales and inflation hut 
rmjJd also dim Corporate earnings 
prospects. 

Rut Boeing climbed S2J lo >>70} 
— it received orders from British 
Airways lor 19 of Boeing's 
planned new 737 aircraft, and 
Eastern Airlines ordered 21 with 
Options for another 24. 

Eastman Kodak lost Sli lo &IL1. 
Polaroid M to HX!! and Natomas 
sl? lo S-57. 1 . hut Comsat dropped 
$2': to Ml'. 


n.7 City Investing tacked on $4 3t to buy up to 600.000 Abitibi 
— Slfil hut GDV eased Si lo $U, foe an undisclosed client. 

and Liggett slipped Si In $3o Dome Petroleum rose $2i to day's 

Iransco held unchanged at $21 added $1S at ~ 

—it will build a Baltimore Canyon Heom °A " at S17J and 

pipeline if commercial quantities «■ «jjg ’ Om ^ ««;*«* 


Paris 

The Bourse was generally raised 


Matheson gained 2B 
to HKS17.70. while Kong 
little changed, while Kong Bank dipped 10 cents to 
and Germans firmed, led by AEG and HK52L08. Tw Cheung added 7J 
- - cents at HK$2.a2a. Cross Harbour 

Tunnel held steady at HKJ1I.20 — 
the announcement of an in- 
creased -.interim dividend of. 15 
Stocks dosed firm, but mostly cents coming too late to affect the 
in active market. 


highs,. 


Australia 

Stock-Markets surged to another 


of gas are found. 


*u. 


alley 

B. C- Forest put an Sli to 


off opening 
trading. 

Reports of the prospective 

with no particular factor influcnc- ? ntry , of , , ““idenlified Arab Stock-Markets surged to another 
h^tSSumt from Wsdnos- fSSSf\JSZi five * yea T ^ ^ the Sydney 

day's announcement of new 2£2,i!2!S5l» , ?!fSR tn'iS AH Grdinaj ^ tadex “P 456 to 
French^ P0U c ,,«i.i c hwca ke .ed 

Banks were resistant. Foods. UramimJ 

Electricals and Chemicals were d J^J_ flr ? ed !0 ^ f d f “^ advance. 

shortly to announce terms for - - - 


Diamonds and si 
spearheading 


THE AMBRICAX SE Market SI9 i ^ d j d Texaco Canada to mixed, while Metals were higher. ™ jerms ior Bridge 

Value Index gained 1.18 to 108.92 2JS Peugeot-Citroen eased FFr 1 to c ®£. £ A$L48 o 


Off rose. 35 cents 


$451. 

But 

$13j. 


on a turnover of 4.59m shares. 

Golden Nugget rose 32} to 342£ 
ami Flagstaff to S8i. but Resorts 
International “A” eased S? to 
SUfil and Leisure Technology 
shed's, 1 to SSL 

Bcroz-o-Matie lust Sli to SiR 
after a late start because ofan 
order imbalance. Computer 
Investors Group advanced SI lo 
551 and Bowmar Instrument $1} to 
$S-« 

Instrument Systems, the volume included 
leader, held unchanged at SI?. 

Mitchell Energy eased $2 to 


Bra ma lea dropped $Ii to FFr 469 after its Press Conference Md * subse ' from its Boggo Creek number two 


in which its President explained issue 


reached with 


Amsterdam 

Prices firmed 


Fiat -and Stet each eased, but 
other leading industrials 
Financials gained ground. 


over a 


the Agreement 
Chrysler Corpn. 

.American shares were mixed. 

mro . uu . cu u.v. - broad German and Dutch issues were . . . . 

front led by Akzo, up Ft 0.7, Royal steady. Golds gained some ground, ,n * a,r *y active trading. 
Dutch, up FILL and Unilever, while Oils eased, 
up FIDS. among Dutch 
Inrernatlonats. 

Elsewhere shares with gains 

between FI 1.90 and FI 3.50 SWITZERLAND — Movements 

were narrowly mixed in 
dealings. 

Leading Banks and Insurances 


Switzerland 


Pakhoed. Heineken. 
KWSM, Ennia and Van Ommeren. 
KNP. Algemene Bank Nederland 


NEW YGS?K 


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,\> till I -11 ~ I • l.-l -- . 

I. til. Kit, l 

II. 111 k \MII.*lllH. 

Ifrlllkfl- ‘I l . A.V. 
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I- . Hlritf t'lial... 

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331* Ufl-nll l.vnrh .... 
3 Isa M.r-n I’fl r-.li.niii. . 

JHJa MliM 

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393.12 292.75 l%.lnr..|.l 

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| 

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I stall ‘Ml 

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627:, ; 

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19 ia 
4b; e 
321; 
284a 
4439 
491« 
371; 
4SI; 
18l e 
65i, 
4 *>, 
53 1; 
33hh 
131i 
434 h 
105>i! 

7*4 

30i« 

101 , 
24m 
21 
38 .'a 
87 1 a 
27->i 

21H-I 

49ie 

534; 

51U 

44'., 

10*/. 

21 

34 

25 
27 
38 
193« 

51; 

40-.a , 
38*1 
40 ;« 
25'; 
2CM; 
43 
591* 
26.,. 
40 ■'■* 
11 

49id ; 
bl-'i : 
73a 
12. a 
33>g 
30', 
28i a 

26 ia 
47i, 
22 . 
143a 1 

27 it, 
54 .V 
28. * 
3Qi« 
321; 
42 J9 • 
36 
2i: fl 
23»„ 
28'; • 
30'-. 
22<c 
211; 
21 >4 

28 


62 1« 
14i fi 
12 
281* 
431; 
271; 
32U 
351* 
7 

61; 

13 

874a 

21*4 

161a 

22 

BSa 

28. <a 
24ia 
13 iR 
233a 
4H S 
351; 

45 
55>« 
38 
1219 
194a 
97 

373 

433, 

26 

15*9 

5834 
31. a 
S3 

523, 

26i: 

19i 3 

46 
3U* 
201 ; 
431a 
49.0 

371; 
457* 
18'a 
65s« 
447 e 
53', 
53>« 
12 14 
42 

1041; 

7. a 
30 
101, 
2458 
21>a 
38i, 
87bB 
271; 


Mi 


Wimlu.-Mh j 211; 

Will _! • 61* 

Vemi - 501; 



/eullli Itmdo- .i 
U.S.TroafA‘5 19001 
I STna-^q, 75/88 
L'.ri.yu-il»v l*illH"i 


' Aug- ' A"E- 

j 50 : 2S _ 


20>a 
6s« 
603* 
163* , 161; 
17ia ' 18 
t95 1 195 
101U fSUa 
7.47' 1.39% 


CANADA 

Altlillii IN* per. 

-A*. nit, 1 lii'jli 1 .... * 

AlrniiAluinintiiiih 

\ lumim^lrrl f 

Aii(lll4lf< ,.l 

Hank .MuuLrvaJ, 
Kill! -NV.i * 8vi4iaj 
Hiuti.' Ill— -njri BH.. 

HtH 1'i'li'|iliuae ...j 

litiu \ alio" inti..) 


16>s 

6>t 

341* 
22 J* 
46i* 
23U 
22 
4.05 
69 Te 
37»* 


HI* Camilla ! 

Unuinii ;.. u 

llnor,' 

('Hlgar.i l*ti«*sr...i 
i'aui2itit NliueB...j 
ChubiLh ■ fiutut.. 

Caiiotla .MV Ian. __ , 
('mn.liii)i Uklttiml 28 La 
■ a rut. i» lnilmtt....i 22 
Cal*. 1 *hi*iI1i* 

( an. IV.-iUL* I nr.; 

Can. Sii|t*r till... 

Curling U'K'frf«i"f 

Caialar A.sljfal(».i 


171, 

163s 

7.62m 

40 

153fl 

lOTg 

IH4 


22 la 
221 * 1 
59'z 
4.65 
10 

CUifflain ■ 26 1* ] 

< tiram-x. -J 29 *b j 

Cuilr. Jlal IniroL.., 321a ! 
CnllMiuifr I lav... j 191a | 
c.mfka ISeuHirt«h : 5.'a 1 

i.'.f-wto ; tl3 : 

iMnn l>tri'r*i. — 11 j 
Ueiiinni Mine*.... 803* 1 
IKuit Minnt".."..; 921* j 
Ihmie IVlntltruliK 773* 
M-iinriiiitn ttnilgf" 261* ' 

IKimUir 1 23 *4 I 

I iRimul .'. ‘.'.—'14V ; 

Kalmn'gf M>*t>el.i 28 
Kuril .Miiiur Can.. 


rifUHtai ; 

(■ iaml >1' w ki'iif.. 

hull 011 1 «w»ite.' 
Hnh LetSiJ. tan.l 

H".|llli"fr 

li'.iiti* till ‘A’ ... .1 
I HinIiuD Ua_V .Mu; 
Hihlstiu Uni. .. 

HihlMinl'il A ld*>' 

li-'-t : 

; in ui„ , ■ 

■ Imiwrial Oil . ./ 
i I nrn ! 


' I II. la I 

j IdShikI Vni.lta,... 
.. 1 ■ 'I iil'|i. » I'lia* TJutf 
f Jinitci fitwnim-j 
. louirl Kiu. I ui-i*.. 

; Iml'lfi ti l mu. *H'.l 

: Miiutl'n lllfni'...! 

I Mn-u-y FfrgUMini 

W*- Inn rv j 

| M.,4f l *,ijm. .: 
j .Mi-uni AiuSiHli'IS*-| 
1 S**r»iitlB \lm tv . 

; N..n,*n Knyrgv . 

Si im. r,*ifi,im | 

I S Ulnar (Ji! A !•■*.. 

I I *Hk*.li-p| I'rtrl'uij 

I I'ai-ihr Lu|t|«rM., 


4974 

34 

51 

4414 

183a 

21 U 

34ij 

243a 

26'.ji 

3BU 

191; 


6i, 
40', 
37 i« 
39>a 
25i = 
20 
43 it 
57s, 
261; 

407.. 
10 10 
49 1 j 

50., 
71* 

13', 

331a 

50id 

20 In 

27 

401, 

211 , 

14fj 

27,* 

541k 

291, 

30 Jo 

321; 

421* 

36 

ZO.-fl 

23I B 

29 

30 U 
22,0 
2 In: 

ai>« 

28i* 


80 

303a . 

ISi; ' 

BSa : 
411* : 
391* ' 

19 , 

Z2*4 

431; : 
191a 
36*n . 

20 a* ' 
181* 

is*, ; 

113* I 
16ia ' 
14 Jb . 
BSa ; 
4.25 1 
22 1* ; 
It's 
26i« * 
347a j 
5.40 1 
3U; I 
155b : 
361; j 
21U 
4.65 ' 
1.95 ! 


i'ai-ihrlYln.li uui. 137 


I'nir. 1 mi. I'i-I' in., 

1 tVftui" '■ 

1 IVtipH* IhiT*- **. 1 

j I'lat-c* I an. \ (>■■.[ 

; I'lHfvrIlrirlii|i|iil 

l‘ttnyrl.'**n ,l| r*l"H' 

! 1‘rai* 1 

; y nr 1 vi >liui!i,in' 

. liBtigt-rlMi .. . . 

, t.V’.i stroii-. •urr... 

1 lil... AJgtiiu 

|ji..1Hl HI. ,i[ I. an. 

I K**.ial lniM 

I -HVI-lTf li'itnnvrV 
hin^mur 1 

; ?:iipll Laiiailn— 1 
j Slii/rrill (■• Miiift' 

I >K*l,*ii- i.l. (» ; 

I > i in 10 .ii • 

J ,ilii.‘l «■! k ana iia..; 

I >lk*t , ft li».k I mu... 
j Tflatti I.HUHlIl... . I 

I 'I'.-mniu li.iiii. Mk 
1 rnuisL'an I'ii-oLril 
I riii, Mt-nnl. njii! 

1 1 1 1 1 iv. 

‘ I nit-n *ia,. . . 

I 1 1,1. M-t-iv M'lir-*'; 
j Walkt-r Hiiaiii...., 
»i>i l.,Ht,i TmuC 
! Iltih'li fu«, 1 


37U 

161; 

8.62 

1.73 

23U 

191b 

18 

2.11 

17 

11 

341; 

53 

18i; 

6-»* 
28 
H *c 

6*4 

3^3* 

7 

281; 

3.55 

441* 

203a 

171 a 

9i* 

tl4s# 

111 ; 

81a 

35J« 

12 

19Je 


1536 

6 

35ia 

22Sg 

46 

2536 

21 

3.95 

89 Ji 

35S* 

16A# 

16 

tB.OO 
39Sa 
15Tg 
10sa 
HU 
281; 
22 Sg 
22k* 
221 ; 
58 ' 4 
4.65 
10 
25S* 
29J* 
31U 
183* 
• 5aa 
113 
11 
791; 
92 
72'* 
261* 
SOI* 
14S* 
275, 
001; 

31 
141, 
28 
8 sa 
411, 
584* 
19 
2 34# 
431* 
19 
37 
211 ; 
183a 

151* 

USa 

16.-8 

1448 

0l2 

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211 * 

111 ; 

255, 

35 

3.30 
30.8 
15J* 
361* 
20 S*i 

4.30 
1.B5 

8.37 
33 14 
1 U614 
8.62 
1.80 
23Ir 
lBJ* 
17la 
2.19 
17J, 
11 
34 
531* 

19 

65* 

27* 

14!* 

65* 

355* 

6<a 

281: 

5.60 

43 

20 sa 
17 

95a 

114 

USB 

8 

35. a 
1 2 1* 
20 


Did. : tV-kcd. ■ 3 Traded. 
;; Nw stock. 


EUROPEAN OPTIONS EXCHANGE 



in-- 

V,.*. 

i.1-1 

V,*l. 

laM-l 

V.*l. 

]ji*( 

M'*, V 

\KX 

1 380 • 

4 

6 


1 



V 374. 50 

vK/. 

1 3J 

14 

5.20 

- 

— 


_ 

♦ 34.80 

\k.'. 

1 42.50 

96 

3 

12 

4.60 

7 

6 20 

A 1, < 

) 35 

40 

1.80 

135 

3.20 

12 

4.20 


AI.K 

i TE 

3 

6.80 






♦ 81.30 

1- 

y.K 

>45 

"60 

z 

19'. 

6'* 


— 

- 

- 

563"4 

KK 

>70 

-- 




1 

5* 

I ,\>- 


— 


1 

3'* 

. - 



’,26'* 

'■ H 

.*■60 


- 

. 


1 

6 

'■631 . 

H' » 

♦ 32.50 

5 

7.50 

5 

8.70 



♦ 40.20 

i(i> 

1*57.50 



*, 

540 





ll" 

K.40 

— 

— 

5 

4.40 

6 

5.50 


H" 

♦ .45 

- 

— 

— 

— 

3 

2 


IIS1I 

* 300 

— 



1 

15 





6293 '•> 

K I.M 

♦ .142.90 

- 

— 

2 

21.50 





P- 155 

kl.M 

K.150 


- 

5 

18 . 





1. r.’.I 

C152.40 

12 

ID 

5 

15.50 

— 

_ 


K I.M 

K. 16 1.90 

1 

5.50 

8 

11.50 

— 

— 


is I.'l 

r 17J 



2 

9 

1 

14 


Kl.VI 

1171.40 

24 

2.80 

- 

— 

-- 

— 


Ii 1.(1 

1 .16! 

3 

1.50 


— 

— 

— 


U I..U 

r. 190.50 

l 

0.20 

84 

3 < 

— 

— 

.. 

^ \ 

♦ .109.90 




16 

7 1 

- 


P.1IO 

s \ 

K 110 

- - 

— 



13 

12 


' 

♦ .118.90 



17 

2 .90 




1*11! 

P.25 

45 

4.10 

23 

4.80 

— 


P.28.70 

PHI 

P.27.SO 

ie 

2.30 

138 

3.30 

57 

4.50 


PHI 

♦ 30 

125 

0.80 

ISO 

2 : 

153 

2.90 


if M 

♦ 120 

10 

J5.40 

S 

15.50. 

_ 

_ 

K. 135.50 

iil> 

1.130 , 

35 

6 

11 

2.60 

-• 

— 


im 

r. i*w 1 




57 

2-70 1 

13 

4 



.'25 

2 

■K 

— 

“* j 

-• 

-- 

s 25i{ 

IVI 

♦M 10 . 

4 

17.70 • 




— 

— 

F. 127.40 

i M 

I.l 30 . 

41 

2.40 , 

60 

4.30 ! 

11 

5.10 



\ "I.l 711, IN i MNTir.iet'' 


BASE LENDING RATES 


.VEX. Bank 10 

Allied Irish Banks Lid. 10 ,r n 
American Express Bk. 10 

Ainro Bank 10 'V, 

A P Bank Lid. 10 «•;, 

Henry Ansnacber JO % 

Banco dc Bilbao If) 

Bank of Credit & Cmcc. 10 % 

Bank of Cyprus 10 

Bank of X.S.W 10 % 

Banquc Beige Lid. ... JO % 

Ban quo du Rhone 10?°o 

Barclays Bank 10 ‘j, 

Barnett Christie Ltd.... 11 T, 
Bremar Holdings Lid. 11 
Bril. Bank or Mid. East 10 

I Brown Shipley 10 % 

Canada Perm' t Trust 10 % 
Capitol C&C Fin. Ltd. ID 

Cayzcr Lid ID «.V, 

Cedar Holdings 101*^ 

1 Charterhouse Japhet... 10 % 

Chou la r tons 10 '7, 

C. E. Coates 10 ‘V, 

Consolidated Credits... 10 "k 
Co-operative Bank . ... 10 % 
Corinthian Seeurilies 10 

Credit Lyunnais 

The Cyprus Popular Bk. 

Duncan Lawrie 

Eagil Trust 

English Transconi. ... 

First Nat. Fin. Or?.... 

First Nat. Sees. Ltd. ... 


10 % 

10 °n 
10 <*, 
10 ,r „ 

11 •*„ 
IH’Vi 
11 % 


! Antony Gihijs 10 'T, 

Greyhound fiunraniy .. 10 % 

Grind lavs Baal. tlO '•j, 

I Guinness Mahon 10 "n 


■ Hambros Bank 10 % 

■ Hill Samuel 510 *?, 

C. Hoare & Co T10 % 

Julian S. Hodge Jl % 

Hongkong & Shanghai 10 % 
Industrial Bk. of 5coL 10 % 

Keyser UHniann 10 % 

Knnwsley &- Co. Ltd.... 12 % 

Lloyds Bank ^ 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11 
Midland Bank 10 % 

I Samuel MonTogu 10 % 

I Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 «$, 

Rossminster 10 % 

Royal Bk. Canada Trust 10 *5 
Schlcsinuer Limited ... 10 ‘V, 

E, S. Schwab 11 if, 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 ^ 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 ^ 
W hi Tea way Laid law ... 10'% 
Williams & Glyn's ... 10 % 
Yorkshire Bank 10 % 

I U.-mlt-rt nf ibc Av*L[rUng Hollas 
C ixmmiMcc. 

7-«i*y tfL'pnsjis 7-,. i-uumiti dcposils 

; rtay MfiKB..:* on wins oi rU.OOfl 
j!.U UIRlur ll. .. up !o £M.W8 7.%. 
anil mvr *Llj.uuu -i;".. 

•kill ilrBOSH*, m*.-r il.mm 
D'-maiid din) d*- poi.it s 7)%. 


well in Queensland. Shore 
. which has an equal interest in 
ana we ^ put on 4 cents to 11 cents. 

D . - ... , .. . GRA advanced 20 cents to 

toSber a$ 3.62,. Northern Mining 2 cents 
to AS1.62, Peko 10 cents to A$€^0, 
Pan continental 50 cents to AS17.10. 
EZ Industries 5 cents to A$3.10 

„ and Central Norseman 30 cents lo 

JSS" J!S AS11.30 on higher EoW prices 

.Among Otis to benefit from the 
market's .enthusiasm were .Ago, 
up 9 cents to 68 cents, Crusader, 
up 3 cents to 46 cents, and Genoa, 
up 4 cents to 40 cents. 



AiiS *3 

Auk- lb 

Aur. tl 

Xear imp (sppratj 

hid div. yield % 

4.69 

' 4.70 

4>70 

4.B7 ■ 

Inri. P/B Ratio 

10.02 

9.99 

9.97 

900 ; 

Long (j(v». Borei .yield 

8.37 

8.64 

8.52 

7.81 


Tokyo 


reports rhe Government will 
quiet decide next Saturday on addi- 
tional Public Works spending of 
Y2.5 trillion to encourage the 
| domestic economy. 

Volume 340m shares. 


Constructions, Housing. Cements C®" --syd ^ ne ^ v ^ , 
and Electric Powers, which will ««•?; £°^ n , c W ^ ^“*2! 
benefit from increased Public l J® ?", d 

Works spending, led the gains. ? t0 ^ 

Fresh buying interest spread land Mints fell If) cents to A$3-60 
over a wide front, but excluded 3,K * Kathteen. Investments 10 
Export-Orientated issues which cents to A$3. 
closed generally lower following • 

the big UjS. trade deficit in July. Jfi hflWi esnnrg T-- 
Recemly neglected Oils rose on Gold shares generally were 
“cheap buying, and Chemicals, firmer in line with bullion. price 
Pharmaceuticals, Real Estates and indications, although selected 
Machines also rose. Issues were off the top. ■ 

KDD moved up Y150 to 4,000, Mining Financials shadowed 
ONO Pharmaceutical Y110 to Producers. 

L350, Kake n Chemicals, Y100 to Platinums gained a cent . or 
3.520, NTV Y100 to 5,950, JGC, two. while other Metals'; and 
Y90 to 1.520, Nippon Densetsn Minerals were otherwise generally 
Kogyo. Y70 to 620, Mochida Phar- neglected. 

maceutical, Y70 to 1.660, Kokuyo, Asbestos issues gained up to 
Y70 to 1,110, Nichli, Y70 to 1,200 5 cents. -Gains outnumbered 
and Kioki Electrical Constrnetion, losses by almost two to .one in 
YaO.to 1.330. the industrial sector. 


NOTES: OTcrscaa prlcn shown below and/or scrip Issue, c Per share. ( K races, 
triune s prenuuia BelgUui divldeods v Gross div. %. n Assumed divtdeod n rter 
arc sUer wiumoidins tax. scrip and/or rights issue, k After local 

• DM 5fl rienom. unless otherwise slated, raxes, m % ux free. « Prana: fnriudiiM 

yields haaed no net dhrldenda pins cat. Ilrulac div. v Noo> a Share npUi. j Div 

V Pta 5t»o denom unless oiberwise stared, and yield exclude special payment, t indl* 
4. DKr loo denom. unless otherwise slated, ated div. n Unofficial iradins. p Klnomy 
tp SwKr S00 rienom. and Bearer shares holders only, u timer pending..- " Aaketi. 
unless otherwise stated. 1 Y5B denom. t Bid. 9 Traded, t Seller. -sAnamod 
unless mherwue stated. C Price ar Mme xr Ex riahts. xd Ex oJvM«d_ xc Ex 

of Kuspensuin. n Florins, h ScWDlnc*. scrip Issue, ia Ex all. alntarlm since 

_ C-etns. A DivideDd after pefidim 

GERMANY ♦ 


Alia- 31 


Price 

Uni. 


+ or l 


Uiv. 

% 


AKU — 

A inane Veroch,..i 

BMW.™ I 

BAuf. 

Buyer.. 

Haver. Hypo 

Haver. V ere! nshk 

•.iiMilnt.Neri.wrb* 

CMniner/Oank 

ConliGuinint 

Lhunuer Hew. 

Ortfiiwa 

Ueni*c 

Ueobche Bunt.... 
lireMiner Hank.... 
Uvckerimii Z« U ( J 

Uuteticutnuua 1 

Uapaii Unyri 

Harponer. 

Uow.6ni 

Hoeodi 

Biwum 

Kali uiui Salr 

Kitnuaur 

hautbtif ; 

hkvkner UVIIOO.i 

KH U 

I 

Untie. 

L<wiiii.reii I0u I 

lairUnon ! 

M \ .\ 

.UanueMiiann 

Melallfter- 

MuiK-iieiu-t Kurt. 
Nerkermauu 

I'rriiMwe UM 100. 

1,'lipin Wert, hire J 

aciinm- 

>iwnrat. 

■hi /ji-.-iei | 

illl -MHI.V.Ii I 

'arlA 1 

* Kb.-\ I 

I'ereni- A Vi iwi HkJ 
k ..llitn Hgl*n • 


84.1! +0.8 - 

492 J«i.' , 

224 [+3 <28.001 
139^;+ 2.8 Uu./c 
142 3 


288 
331 
142 
229.1! +0.6 
79.* +0.6 
I Bl + S 


+2.2 1 18 JV. 

;2ai2| 

+4 18 


26^6i 


20.19 

17 

11 


3 18.5' + 3.0 
265.71+6.2 
168 1+0.9 . __ , 

301.2 + 1.6 120.12, 

242.5+0.3 ‘28. 1H 

194.91 9.sMj| 

219 | + 1.S< 12 

118.5 -0.5 I14.IH 
167.5— 0.5 [,16. 

136.5 +2.0 I8.lb| 
49.9; +0.4 1 - 

161 +1.6 U.36 

193.5'+ 1 114.041 

329 ;+ 1 23.44' 

239 i + 2.5 18./I 
a4.5-a2 - 


104.9 +0.9 ; - ! - 
264 +0;o 1 25 - ‘ 

1.590 < 25 

110.5 +2.7 [9.36 
207 i + 1.5! 12 


Z 50.5+3.9 
598 ,—Z 
lo3.5 + 1.5 
135.8—0.2 
181.3+1.8 
272.2 +1.7 

292.3+1.5 

253 -.. .: .. 
119.3-0.7 
191 '-0.5 
130 [+0.7 
293 +1 

257 !+2 


10 

18 


29 ! 6.1 


25 

59.94 

17. IB. 

17.16 

9.36' 

18 

25 


AMSTERDAM 


Sill*. 31 


| Pnot* _ ; + iir]liir.:Viil. 
: y,s - ! ~ I - 


V 1 1' Kt I 1 

AkrciFiaOl 

.VJRemHillii Kl.kWi 

AMKV (KI.WH 

Ammiwiik iPlUXTil 

liixuliitri 

Ut+jiWept iikP.M, 

Ouhrm Tertemde; 


114J2i+0.4 I aim 
34.8, + 0.7 — 

374.5: — 0.5 lA235| 
89.5i+0.8l 30 , 
81.31+0.4 [A2Hi 
102.0; + 1.7 
130.81+0.5 824 
75.0— 0.7 I c6 


KImh ler V (Ki J*. ; j 311.5—2.8127 0 


4.9 


Kur Cnnif all Fl.lOl 

GiitilUmnuInFl.j 

He'neven iK|^6j.| 

H nrnywen h ( t'LUu., 

Hunter I>.(K1 .ioi7i| 

K.L.M.tfl.iOOi,.. • 

Ini. Muller i!20>.| 

NunUm lKI.10).... 

Nai.NetifiifirFl.JOii 

NetlCreitm-iFIJCj 

NeriUiri Bk(FI.50)[ 

iJcelPiJtt 

Ujcem 

Feu Uninierea. .. 

I’takln.itn fKi.TAA... 

Phlli(» (Pi.Uq.. .. 
IfjnM-hVcrrPi.iUt 
IWwu ifiXIi..... 
I.t, Illicit (K(.3^n.._j 
Knrunm « V i.bCn... . : 

H*3-*IUuitdiIPiio 

invrobury I 

Met inti rp iFi^jui 1 

tiikroPicJtMr.ii 

l-'ntIitwr(Fi.30i...| 

s’»li(nc Ifc'.MuEljl 

Wr*tl.fir.Hrpl.l.| 


68.8 5 94J) 

44.3!+ 0.8 [ 20 
109.71 + 1.9 1 14 
40.2- + 0.4 1 — 
26.5+0.4 1 Z2 
155. 4, +0.9 b 

50.0; 19 

35 S-l ! 12.5! 
lla.Oi+o.9 4b 
62-2; +U.2 21 

211 1+1 I 22 

175.5! ■ 36 

34. l( +0.4 | 23 
163.6| + 3.6 — 
44.0+1.4 


208+0.3 
86.5-0.3 
177.5UO.B 
143 J+l 
123. w.. 


17 

AB58I 


,9.3 


4.1 


3.8 


135.6 + 1.1 lS3./bJ 7.9 


280.5i + 1.5| 2k 
129.8 +2.8 I 27 1 

149.1 +3.1 [SB.M.' 

237.5 +0.8*42.8 
41.6 +05 iSU.SC, 


7.7 
4.2 
O.b 

6.7 
1.1 


392.5 +1.0: 33 | 4.1 


COPENHAGEN * 


A tic. 31 


.VndcMa liken...... 

Iimimu? llank [ 

tlaak Un...l 

Kinanvhanken„., 

Bei'EgvMir 

Knrjnifil r 

Hamlelitbuik ! 

.N'Ui'fi H.(Hi9d 

A«nl Kaiwi ! 

Uirviai.rlk _.! 

Hniuhub 1 

PifrinUant. ; 

X'(.4i.Beteuv.4i... 1 
tMiieilra. -.1 


VIENNA 


l*nee 1 +nr 
.KlMU-l [ — 

‘Uzv. 

¥■ 

1421;! 1. 

11 


128)* 1 

12 

9.3 

lt.2V — ij 

12 

7.4 




377)*' 



901;;— 2 1; 



129 1;1 

12 

B.5 

277 i + 2 

12 

3.9 

1931*!— 1 

IS 

D.2 

115 : — 


— 

1341*: 



9.0 

1411* 

11 

/. 7 

407 —2 

12 

3.0 

18414,-1* 

12 

6.5 


is increased. 

TOKYO f 



I-' 


i. 

1 * Price* I + 01 

r] Jliv.lui. 

Aiis. 31 

1 Yen 

1 “ 

•1 % 

1 * 


386 

I 

"1-14 

; 2.1 


.1 433 

1-9 

12 

1 1.4 

3 

J 810 

1+10 

'-SB 

1 1.5 

7 Uhlnon 

1 43Q 

-16 

1 SO 

2.5 

6 Hal .Nippon Pno 
9 Fuji Photo 

559 

1+4 

1 1H 

; i.b 

617 

+a 

1 15 

. i.b 

7 Hitachi 

231 


•I 18 

2.6 

Honda Motor*.". 

525 

+ 10 

1 18 

1.7 


1.170 


.( 5b 

1.6 

O. ltoh. 340 


. 12 

S.5 

4 Ito-lfolcailo 

il.800 

+ 10 

1 50 

0.8 

3 Jacw..._ 

*• 690 

+ 8 

1 15 

0.9 

ri f |i,fi wpppipwmi 

'2.920 

-SO 

- 

_ 

nu' 

1 ■ wf ’ TV 


1 10 



I 18 


4 | IvlitUtSL 

280 

’ . . .. 

.- 15 

2.7 


>3,540 

+ 10 

1 ib 

O.b 

713 

-l 

: Ho 

1.4 


279 


10 





!+i 

1 12 

4.8 

MiainmmsTH 

442 


! 15 

1.6 


303 

--5 

1 


fi Miiaukcnfai 

580 

;+10 

| so 

1.7 

„ Aippoo Uen*i> 

1.380 


1 16 

O.b 

a ^JpjMn iSUmjiftti.- 

748 

+ S3 

| IS 

0.8 

Nissan Moires ... 

733 

+ 1 

' 16 

1.1 


1.630 

-40 

i 48 

Lb 

ann.tru 'KipcI iu-... 

243 

+ 1 

1 12 

2.5 

7 Setnail Prelah... 

971 

-4 

5U 

l.b 

q ,h»eidi». 

1.140 

.... 

2 u 

O.H 

Sony 

1,520 

—10 

40 

1.3 

Uusbi, Marine... 

235 

44 

1 ii 

2.5 

9 lakeda Chemical 

411 

-20 

lb 

1.8 

B AUK...... 

2.070 

50 

0.7 


115 


- 10 1 4JS, 

loh\ u Mai me.... 

486 

♦ 2 

1 11 

l.l 

l*Jk\ iibieelPowr 

1,110 

+ 10 

- 8 

3.6 

e lowy _.... 

330 


' IS 


146 

-i 

1 10 

3.4 

J luabil* Lorp...^ 

134 

1 

1 10 

5.7 

IomiIa Mc.ir* 

BbO 

-4 

; su 

1.2. 

Source Nikfco Securities, Tokyo 


; BRUSSELS/LUXEMBOURG 


— 

*_- - . 

..... 

in*.' 

Ana. ol 

PrICU 

+ nr 1 hr*. 

V '■♦. 

* 

Fr.. 

— 

Nd 

*.• 

Utw.1" ...'2,495 



- 

- 

C.H.lf. 1'i'inem... 

1.202 

-IB 

Ub 

100 

5.5 

8.3 

Cockcnii 

459 

-11 



BBL5 

2.1:85 

-5 

177 

7.8 

Klecimhell 

5,800 


450 

6.5 

rulu-Ki'R- Nal..—. 

2,800 

—20 

170 

6.1 

i,.H. Inno-lliu 

2.295 


lbO 

6.4 

j/Gevum 11,3X2 

-2 

8b 

6.5 

[ (1 BL (Bms Ih 11.540 15 

164; 

10.7 

I InUtttiiui 

1.755 

-6 

148 i a!T I 

Kralieltouik, 6.990 [--60 


4.1 

U Kora 10 Helse.J6.190 '•+ 140 ,22b 5.2 

I'm! HiUiiini* [2.85U 


SZ.Jb 

8.7 

I'd roll n* 13.800 

-30 

180 i 4.6 


— 10 >riUa 

6 . 1 



14u 

68 






■wlrav — 

2.455 US 

AS10 

8.5 

1 raetion Kiri-y_... 

2.590 

+ 10 

riu 


DCH 

1.100 




Uu Mm., l-IOi 

770 

-2 

60 

6.5 

Vtoille Mndtagnn 

1,860 

+ 50 



SWITZERLAND ® 





IVlM 


niv.-yui.i 

Auk. 31 j 

Ft*. 



* 

Aluoiiuium j 

1.190 

♦ 20 

a 

5.4 

8 IK. *A* I 

l.blD 


10 

3.0 

Cilnfielw k.lii0 1,03S 


22 , 

S.l 

Ua Hart Cen.l 

775 

-10 

S2 j 

28 

Ur>. Kcs | 

567 

-2 

ss 

3.9 

i-iiviil 5)i )wu> ......j 

3.280 

+ 20 

16 5.5 

RJcdrtjwatL... w ..! 

..930 

-6 

LO 


Klwher (ficoi|??).| 

625 

+ 5 

b 

4.0 

HnOman PL Certo.l 

S6.0OO 

+ 1000 

HObi 

1.7 

Do. (aniail) [6.600 

+ 75 

110 

1.7 

InierTuoil B._ 1 3.92 5 

)2p 

SO 

2.6 

JrlnmlllPr. KWi-.l 1.860 

+ 10- 

21 

1.4 

iNosWclPr. 100). ...{3.440 
Do. Hes 2.200 

+ 10 

k3S.S 

2,5 

+ s 

3.9 


♦ 25 

ia 

1.5 






2b 

1.8 

!■ t tT.fl .ak^l 

421 - 

-3 

86 

3.1 

XlunillerCl F10L 

285 | 


18 

4.2 

■>iil/er (.1. 1 PrlQu). 

303 | 

-3 

14 

46 

sa Imair tP.&Aft... 

816 

-4 

lu 

4.5 

s»i™Bnk /P. llAfl 

3*6 +3 

10 

2.6 

uwu« lltei [KrStjQi 

.if 36 . 

-25 

40 

2.1 

Union Bank" 13.216 -16 

so 

3.1 

Zurich Ins..- j 11.850 +150 

44 

1.9 

MILAN 

■ 

■ 



I 

FCIT Jl 


Uiv. V ri. 

Nue. 31 j 


m 

Carcl 

± i 


Indices 

MtW YORK-P° vjo ™ • - 


. 1 


A'lS- 
1 30 


i Aug. 

I » 


Aug- 

28 


lnritatrw ... 880.73 j 000-Mj M4*W^ 
R-'dieBtndaf M.DSj 88.1BJ 88 Jl 
Tnuspo<i....;z49.27l 247.TS. 248J8 
OUliliea. ' lM.li- 10B.1S| 108.08 


Tradlnn vol.l 
OOKrt 1 37.780 


A'W- 

25 


«.7B0! BLTBff 56.130] 


Aug. 

34 


m** M7.85 
B8.0S 88.81 
262.091 258.41. 
106 .3a 108.46. 


as^ssft 


A>»- 

23 


High 


897.00] 

S8.97j 

281.96] 

IK. 68 


900.12 

(1716) 

‘SO.Bii 

(All! 

255.41 

(24® 

110.88 

W/l) 


89.718* — 


low 


Since 0 cuapiijj. 



Rtab 


742.12 1 lffil.781 
iai® laifi/73r 
86.76 I — 
<11/71. 

19n.il 776.83 
-C9/li (7/SW‘ 
1B2-84 | 1B3JH 
( 22 / 2 ) 




4ljj l " 


t 


k3QA/69);(a^. 


. BaalaoT Intle* clwns»l wra Au S urt 


Ind. dir. yield % 


~ Au ,.a I Aug. 18 : Aug. 11 | (rear aqtoitppwca 


I 5.26 


6.24 


6.26 


4.25 


STA2TDARD AND POORS 


Auh. 

3U 


Auk- 

29 


Aug. 

28 


t InduatriaJ+i 114.65, 
(Ccmpoeile 


.105-47] 


114.91) 1 Ib-ITi 
105J^ 10S-9sf 


Aug. 

25 


A114- 

24 


116.97] 116.88) 


Ang. 

23 


11018 


104.90] 106.08,' 104.91] 


1978 [Since Compitav 


High 


116.38 

(24/cfi 

106.08 

(17/E) 


I*nr 


05.82 

(6/0) 

88.00 


High' 


184.64 


(11/1/73) 1(30/6 tt). 


126.85 


Lo* 




4-40 


16/3) |(ll/l/65)j (beta, 


wivs.t!. ALLcoangos 


1 

Ang. | Aug. 
30 1 29 

A"«. A«S- 
28 [ £5 

1978 

High j 

Lot 

H.ttl bfl.SB 

58.70 59-22 

69-26 | 

4807 

(6/3) 



(24 ft}) \ 


Rises and Falls 

| A ug. 30 ! A ug. 29; V ng. IS 


U nr hanged — — . 


1 1,876 

1.912 

808 

951 

672 

974 

408 

387 

708 

, 

i 582 

— 


1.9X8 

-488 

1.114 

395 

109 

7 


|MuwTK>:AL ( 

Aug. 

29 

Aug. 

SB 


13 


Industrial 

Combined 

50 

25 

High 

Low 

197.49 

205.61 

196.751 

204.44 

197091 199.7) 
206.10] 208-1S 

201.94 (180) 
208.92 (lb/8) 

15200(1603 ' 
17002(50/1) 

TORONTO Com per, itc 

1215.7] 1008.9 

1217.8 

13300 

1258.4 (19/8) 

+98-2 (50/1) 

JOHAJOTESBURG 

Gold 
Indun rial 

2540 

262.5 

24S.B 

262.4 

244.7 

281.9 

245.4 

283.6 

2720 (14/8) 
”84.5 &5/B) 

1880(80/4) , 
184.9(15/3) 


An-.. 

51 


Pre- > 19111 
vlous ; Hint) 


1978 

Eow 


An a+i *li« ifi 543.15 : 5354)9 ! Mo.lfi 
. 1 j i31/5) 

Ual^inm (}|. 23.15 | 9B.26 I DJLie 

Denmark (**, 97.71 ! 97.93 


91. S 


Prance (it , 
Germany (ft ssfi.b 
Holland tj{/' 
Kang Konp 
Italy ‘ ' 

Japan 


i 

73.2 I 73.7 


(d/5 1 
9006 
C14/K) 

76.5 

j j id*-) 

820.0 | 827.6 
I G»(«S) 

. 91.7 92.9 

1 I isK/ai 

' 67902 I 67806 ! SK'.IZ 
! (lb/8) 

Ut) b7.20 | 66.63 I 63-17 

I Micl . . 
On 4240J. 422.E4 ! 45501 i 3W JJ4 
. • : <l.+,1i (4rlh) 

Singapore ; sw. la * 402.lt [ 405.69 !ah 2 .u 
i*i 


44i.ia 

(1/3) 

90.43 

(E3ibi 


(6/2) 

47.6 

(SO) 

759.4 

(170) 

760 

(4/4) 

383.44 

llA/l) 

55.4a 

(10/1) 



Aug. ! 
31 , 

Pre- 

vious 

1978 

High 

W18 

Low » 

Spain vti, 102.64 ] ios.48 
Sweden (ei[ 58707 1 59609 
Bwiezerl'di/j 288.5 j 3870 

L1U.79 

(d,tn 

40808 

/4.4fl 

536.99 

raa«ft 

07.88, 
«IA 
523.74 
(i.'l) . 


' rtat&i ! (9 1) 


Chans* 
Churns on . 
price day 


Sioclcs 
traded 

Ramada Invs. J.632.980 121 — | 

Indices and base dates (all base values Pan Air 5£H!2 .1 

160 esceoi NYSE All Common — 30 get Webb JJO 34* +-. 

Standards and Poors — ID and Toronu gaily Mnirs. 477^0® 88 vM 

386—1000. the Iasi named based on 1973). K -I Mart j **** 

i ExciudiDK dodos. 1 400 {nduarnals. Alles Air 429.900 131 + 4 ■ 

4 400 iSlMTlairS U rt lines. 40 Ktnance NajJnnal Airlines ... 4B3AOO 34* 31 

and 20 Transport. 9 Sydney All Ordinary- *"* 

N Belgian SE S1/12/83. ” Copenhagen SE ^t Airline feS.UI 14» ~i 

1/1/73. +t Paris Bourse lMl. tl Coitimen- Co,a 304.900 23 +31 

hank bee.. 19+1 S) 4m<aerriam Industrial 


AUSTRALIA 


An**. 31 


j+oi 

Auat. S i — 


AC.MILr* L-eata, ! tO.70 

Atwm Australia i 10.86 

A M Al l L SI ' t2-12 

Am|*ol .KspkimUnn ! tl.48 

Amini I'etnilMim t0.65 

Awuc. Minerals..... — ..J tl.35 *■-...-. 

Pulp Paper SI- J U.38 

AiumtCon. Inrinrtriea tl.86 -+0.08 

AuaUFoumiailoo Invesl....' 11.13 

A-.NJ 11.59 

\orilmcr, 10.50 

Alim Oil * «■».. u.. 10.66 

Uamhm Creek Gnid taSO 

Blue Mntnl Inri ' tl.26 

Hoo~*ln ri I le Otppcr 1 104 

Brambles Industries ! tL96 

Hrnken Hill PrrjpneUirv.... f t8.16 

l^rilou United Bnt*erv.... : tl.79 

ChR 15*11- — i 13.32 

Ccx.*i*tiirn Omeiil 1 11.35 

Cities di. J.) 12.19 

Gom. GohiflcW* Aum„ 13.65 

Container (51) f2.c2 

tfriwmc Hiollnln....^ | 13.62 

Ikmaia AinlnJia 1L.76 

Dunln,, Hnhher (Sli | 1 1.47 

BhWIt 1031 

Khter--mUh.. • t2.46 

Kmleavour Keaources. 10.29 

fcA. Imlusines- 13.10 

Gen. Pni{«ny Trust 1 l.c6 

mnimb-y 1 12.35 

Hooker 70.81 

ICI A usual ia 12.30 

1 nice. Copper ; 10.15 

fenninac* IndiHrie* 1 tl.18 

Jnutk (David) > tl.OB 

lennanJ Oil j 10.33 

Memj* Ex/.loRiunn ; 10.33 

Mill Hold in;- ; tE.30 

.11.* er Hmp-irium. il.o6 

1 T2.55 

AiL-liulas liiinmarnimU ;0.B4 

Aunh HnAni H'dlnusiCkV. U.38 

| . | nkl]nd4*B • 1 1.85 

OH smith ‘ 10.15 

diet Ks)d-iraiinn t0.50 

Pioneer tViw+cje,. ..... /J.cB 

■tacvHi A Ojlimu 1 12.90 

H. C, S/ec-ii 10.78 

tMiiblmvl Miniou tOJB 

K>.n hxuUxui mu tO.45 

•'.mil (Si : • j 1.93 

IValimis (O.S7 

Won cm Minini* (bowm-iJ rl.65 
Wivdni +llig. : H.65 


•♦ 0.02 

J+4UH 


+0.7S 

!+o.m 

1-002 

-0.01 

;+o.oi 

+005 

+909 


+ 0.02 

1 

JoUti 
1+0. 10 
♦ 00 " 
+ 0.02 

!+oioz 

’+ 0.01 

:+o.os 

kD-02 

.-0-t5 

♦0.05 


j+005 

: +5!i’i 
-0.02 
'♦ 1.02 
+D.D2 
I— U.lrt 

1 ."!!! 

■+6!bi j 

+001 

+001 


l+O-OI 

-002 


OSLO 


Aug. 31 


Ptv-e 

Kroner 


Berjjeu Bank j 

Horregaanl 

Crariinwnb..^ 

h'ouna 

FreriitVasnen 

AonfcHrtroKrtd 
Sforebrand I 


09 

78.0, 


+ «i 


t5Tr.| 

% 


9 

i— 1-5 J - 


113- 

-I 

11 

275 

+ 5 

20 

109.5 

+ 0.5 

11 

2S60 

+ 4A), 

12 

92.6 


7 


o.r 

80 

7.3 

10.1 

5^ 

7.5 


BRAZIL 


Au». 31 


Pncu 

Cru» 


AcenitaUP. ! 0.99 

Uancodo Bread...! 1.82 

UancoluU E.V...I 1.38 
Beiaa MJneiraOL 1 ! 1J14 
Lojaa Amer. OH.J 3.56 

PetRUans PP. 1 2.42 

Pirelli J 1.82 

.uura Cruz UI*..J 2.7d 

Limp l*ii 1 6.02 

Vale Kin iKw PCI 1.86 


-4-ur ;Uruc 

— i“H 


TiS 

% 


-001, J. 12; 1208 
-0.04 .It'6.60 

...;J.3«-S8J1 

-001 . r.840 
— a.02’0.30,5.53 
-001^^4.1300 
~O01iJ.lt] 10.45 
-O.04: .-.x£;7.80 
-O08jD.2ti4.O9 
-O.OSO 18! 1406 


Tar never: Crios.llni. Volarac flS.TOm.. 
S-Jurcc: Rio dc JaDelro SE. 


JOHANNESBURG 

MINES 


PARIS 


Am;. 31 


Pnre 

Krs. 


+ in l.>ik..Ybl. 
— I Cm. : j 


An;. 31 


Pi lev i+ii/ : 


CmnUiuatait 

Hpmwer... ...... 

eip-ia 

Srmpcru, 


842 I 

280 [... 
639 '-8 
87 


‘"I 



•a:«i^Tiii......i..... w f — 

-tcvr Ua tinier. .J 218 ; "..j Ox 

IVK Ua^it+a'i .. S29 -I I 10 

i 


2.9 

3a! 

7.6 

3.6 
4.4 


Heme 4/i 

Arrnue ( tamiYc.i 425 j+5 21.15 n.9 

AirlHuUKk-. | 322.1,— 0.9 . 3 _i_ 

lr)unain>* 529 -13 -2B0S, 5.0 

HKJ 473 ' + 5 

rion.vcue* 1 838 .+7 . 42 J S.2 

IAS.A.*aerva»....l 820 i— 5 : 406 7.6 

Utrrefaiir..^ J1.705 '-25 • 75 4.3 

| 374.0j— 4.1 31 , 5 ' 8.4 

CJ.T. Alnm -1 1 1.055 —5 *7600: 7.3 

Uie Uanuaiiv..„...: 402 —2 ■ 12 i 3.0 

UiihMalhcr.—..' 405.0{— 3.8' 11 . 25 ! 2.7 
Coed it (.(nm. 1'Pcr! 120 . ia !)n 1 

Ctewtnt Lot re • 95.9| +4.4 ! _ . 

Umn«Di; ; 648 ,-7 33./5I 5.2 

(tr.PPtmick. 1 12a.5i— 3.3 1 14. lu;IO .0 

Oen.(JccWennU **4 205.51— 0.9 ; 8.25; 4.0 

'OKHW I 62JO-1.2. 8.7 9.1 

JacquCk U**rcl | 150 1 + 6 ' — ■ — 

— ■ 204.6 .1.0 ;io./7, at 

• 729 :-l ,15.97, 2.2 

IfXtmnd : 1-8 10 1-2 . 3 *,./b a.l 

.Mai sun* Pht+rtx..; 555 j— 13 ; 39.t 7.1 

Uuboim “II".. ..*1.281 -19 i3*.55i 2.5 
■Mi iet llrtine 


Aii&ust n 

Anglo American Corpn. 

Charter ConsaUdaied .. 

East Dricionicin 

Elsburg 

Harmony 

Kinross 

Kloof 

Rusienbnrs Platinum .. 

Sr. Helena 

Soutbvaal 

Hold Pk*ld« SA 

Union Corporal) on 

De Ceers Deferred .... 

BlyvoonilUicht 

East Rand Ptr 

Km.* Slate Gcduld 

Prvaidem Brand 

... Prcadenr Sleyn 

(Sl.lfbniein 

-®- 05 ' Welkom 

W«*i Drleromein . .. . 

Weslern Hold mgs 

Wcsiem Deep 

INDUSTRIALS 

A HC[ .* 1 . 5,1 

A nal 0 - Amer. Industrial ... lB.lfl 

Barlow Rand j 71 

C.VA Invesmunls *2.W 

Currie Finance 800 

Dp Beers lad us trial .... p? *^ 
Edaars Coosohdaied me. 2 .ro 
Edsars Siorri t31.00 


:*00I 

i+O.Ol 

.+0.01 


Rand 

600 

3.73 

13.13 

2.37 

7.40 

6.03 

11.23 
1.13 

1605 

10.20 

26.00 

3.4S 

7.W 

a.so 

603 

3300 

18.75 

17.40 

3.4.1 

5.99 

t«.0B 

.TS06 

16.23 


73S.9-0.bi 41;* 0.6 ! BiTrReady S.\ 

“ VcderaJe Vo1ksbe1**aginx£ 
nrcar+rnuiis Stores 
Guardian 


rianugi 

Fiat- 

lto.Pr(v 

Fill'll l*r 

Imieeroent 

Ita. wirier. 

.Unimnnra ...._. 

UoanudiMKi 

tl.tvrUi Pn* 

PlTPIII AC". 

Pm-Ui sjw. 
ana yihxml 


677 1+38 
2.024 i-14 
1.630 j— 10.9) 

179.0 + 5.3 
14.0901+2901 
33S +6 
5a,995< + B95f 
183. 5i +4.5 
1.190 +34 

1.758 1+40 
930 it 9 
839 +19 


lwJi 7.4 
160 9.3 


MO 4.3 
1.200 3.3 


130! 7.7 
oO; 8.6 


Moulpjea — 

ttwita*... j 

I'eoUuiev • 

PcOTMI.KmM. ...1 
I'enKwn-Cirroen-.t 

1 Vic lain. 

leebuiqui-.j 


U Ui/aln... 

>ki» KiMlKnra. I „'l.b70 
291 


leiemrt.aiiique™.. 

IhoiiMiiD Bin mil ,i 


520 »-10 * 12. b 2.4 
I41W— 2 d ; 3.1 

179.3] “v 0-3 Isos 11.3 
89.6 — 0.4 : 7.5. BJ 
266.0 -3.9 ! IO ' 2.8 
469 -1 '17.25' 3.7 
203.8,-4.0; - - 

428 j — 2 1 27 ! 6.4 
586 |+3 ; 30 ■ 5.1 

106.8! -1.3' 9 1 8.6 

147.l[ + 0.8 : 14.56: 9.9 

' -5 . 39 i 2.2 

-2 ; 260 8.7 
-11 ; a3.£ 3.1 
-O.l 16.15J 6.7 


;:.os 

1.47 

r,.is 

1.92 

»:.w 

1.00 

2.63 

»7v0 

6.10 

13.40 

)0 

2.43 


+ «!- 
■MUI 

+ 0.40 
+0.04 
+0.10 
+OJO 
+8.J5 
+0,92 
+9^3 
♦IM 
+ 0.3)1 
+41.03 
+009 
+0.19 
+ 0.15 
+0.30 
+ 8j0 
+«Ai 
+H3i 
+o.a 

+».S0 
+1.99 
+ 0.39 


+ 9.K 


-I.0S 


17 -0-lfl 


8.43 

IJ8 

2.2S 

4.63 

1.45 


802 

229.91 

22.7 


STOCKHOLM 


Aux. 31 


Price 

Kmip 


+ oi 1 Div. , ilil. 
— i Hr. i t 


\Ka LsnUik'ieuii 


Bites 'lux-U'iKitai 
bnoflMn'iffKill! 

B»eir+ “U'V i 

tiKWa..,'. ! 

ESBS*- 4 

lllU#'iiy.., 

HoUeH Dmn-Uj. J 
MalviW A.U.....J 
1 .KS. *B',.Kn....! 
'kauri Rimkiuia _ 

ran>Ktk‘U' KitCl 
Criitehnbn j 


Z13 , + 3 i e.o J 2.6 
*2* i + 2 i 6' 3.4 
92 ! + 2 • 61 s.5 

126 ■ — 1 1 6 : a.i 

68.5—2.0. 4 1 6.9 

U5 ! v4 i 3.5 

194 ; + 4 ; 5. 75 3.0 
231 +4 . 10 1 4.4 

145 +1 b.3 1 4.3 

141 -1 ] a; 4.5 
308 t+3 ; 9.6 ; 3 A 
103 +3 1 4 I 3.9 

6La-U.5‘ - I _ 

t 1 4 a-* : - . 


119 

67 

260 


+ 3 


fl j 7.0 
! 3.7ai 2.2 


.UMirantr rSAi 

Hulcits . . 

lta ' 

McCarthy Rodwax 

Ned Bank 

OK Raaa/rs 

Premier Ulihnn 

Pn-ioria Cenu^it 

Protea Huidinisi 

Rand Aimes Properties .-. 

Rembrandt Group .. 

Relco 

Saar Boldines .. .. 

SAPP1 

C. G. Smith Sugar 

5A Breweries , 

Tiftor Oala and NaO. Mbi. tills* 
UnWcc L30 

Securities Rand SU.S,0.76f) 
(Discount of S3.18%) 


SPAIN » 

August 51 

.VaJand 

Banco Bilbao 

Banco AOamico 1 1.000 i 

Banco Central 

Banco Exterior 

Banco General 

Banco Granada 1 1.000 1 

Banco tlispano 

Kancn lnd. Cal. > 1.009 1 
B.- Ind. M'.-ditcrranco^. 

Banco Popular 

Banco Santander iSMh 
Banco Urmiljo ii.ooui... 

Banco Viaeu'a 

Banco Zaraamumo 

Hankuition 

Banus Andaluda ... 
Babcock Wilcox 

CIC 

Dra+ados ‘ 

InnMbamr I 

E. I. Araconrsa; . 

EEDanola Zinc 

ExpL. Kiu Tintn ' 

Fccsa n.ooiti 

f'enosa * 1 . 000 1 

GaL Preciadns 
Grapo VolazotfLe (400) 

Utdrola 

Ibcrdium 

Olartn ... 

Paprieras 
PetroHher 
Peimleoe 


-d.ig 

+097 


+o.» 


+0.03 

-0.B5 


Per cent 
12S 


310 

— 

245 

— - 

319 

- 3 

Z7S 

+ 2 

,283 

— 

150 

— 

280 

— 

in 

+ 1 

199 

+ 1 

257 

- 2 

321 

+ 8 

2M 

— 

25* . 

— - 

28* 

+ S 

IB 

— 

200 

- 1 

29 

— ■ 

09 

— 

2U 

+ 3 

78 

+ 1 

SB 25 

— 


m 

•60S 

M39 

« 

77 

US 

78.75 


Sarrio 

Sniacc 


- U2 

Rctmiriafi ... U 
. 128 
. US 


+ OJS' 

+ 0J« 


+ 42 s 
+ 100 
- J 
-2 


Papalera 




■ .+»/•■■> * '! 

; * ’oi i 4 1 s 

I v 


1970. H Hang Seng Bank 31/7/64. [ID Bane* 
Commerctaie laiiana 1972. a Tok» 
New SG 4/1/68. o Straits Times 19n- 
c Closed, d Madrid SE 30/12/79. e Stock- 
holm Industrial 1/1/58. f Swiss Bank 
Corporation, u Onavaltable. 


WEDNESDAY’S ACTIVE STOCKS 


*'US?Ki'V 


" y V. 


‘a. ■ “ ■* i : 


V i 





75 JS + 0.5 ; 4.S i o.O 2!!.“^.^ 

72.K—6V' 5 ! fin t TeftHoBme . 

85 1+4" t '® Jorras Uoarnch 

83.5.1- 1.0 %;7;2 Tut,a< « 


V '*' 0lKt - ] Union Eiuc; 


3B 

46 

US 

.12 

89 

74 

12 


■+ 6 


+ I 



4 
































































27 




&T+: i *r T X 




vFfeancial Times Friday ,Septem5er. 1 1978 


FARMING \N!) RAW MATKRIALS 





^ surplus this 
j; year-report 

‘•j. :• Our Cofnnv&cfifcies Staff 
), WORLD. SUGAR supplies in tie 
• new marketing year which, starts 
today should match demand 
closely,- according to the latest 
report' from E. D. and F. Han, 
the London brokers. It suggests 
that there might even be a 
modest deficit. 

In the season just ended there 
, was a world surplus of Tro tonnes 
of sugar, but production is fore- 
: cost to drop -by 3m tonnes in 
1878*79 and ah increase in 'con- 
; ; 4 sumption of 3,5m tonnes is con- 
sidered probable. 

: v Man suggests that the change 
■ ■* ► from surplus to balance in the 
"" market should encourage prices 
, to rise aad says that an average 
'level of 'll cents a pound is "a 
'serious possibility." lor 1979* ... 
\ Production .controls in 
. Argentina, 'Brazil; South Africa 
’■ and Australia, and a reduction . 
in long-term EEC availability, } 
were among "the factors behind! 
the change in trend,’ Reuter 
reported.. 

Man said it would be the first 
time in eight years that world 
sugar production had declined! 

World' cane production was 
.forecast to Fall from 57.31m 
. tonne.? to 54.50m and world beet 
-output from 36.37m tonnes to 
35.S0ni. j 

EEC production was expected; 
to total 11.43m tonnes against 1 
12 . 16 m. I 


Fears over African 
cocoa output 
M London prices 


: *Y WCHARD 'MOONEY 

GROWING CONCERN over West 
African crop prospects continued 
to- push cocoa prices higher on 
the - London -futures, market 
yesterday. . : 

The nearby November position 
broke ■ through - the . £40 permis- 
sible limit during the morning 
qnd ended the day £45.25 higher 
at £1389 a tonne— its highest 
level since mid-May. - 

Cocoa. values have been rising 
steadily fOr'the past two weeks 
and yesterday’s advance took the 
gain since the beginning of last 
weeiMo more than £140 a tonne. 

Dealers said than yesterday’s 
advance took -place . against a 
background of continuing Con- 
tinental manufacturer enquiries 
for. forward delivery physical 
cocoa. "They thought the main 
factor behind the recent upsurge, 
however, was the widely reported 
deterioration in West African 
production potential, which has 
made producers reluctant to sell 

Hoi co, the London merchant 
house, published a report yester- 
day forecasting: a. decline in the 
world crop of between 70.000 and 
110.000 tonnes during the. 1978- 
1979 season, compared with the 
previous year's production of 


1.47m tonnes. Holco said the 
main reason for. the drop was 
pnor pod-setting in Brazil, 
Nigeria and the Ivory Coast. " 

“In Brazil the main crop 
could be between 25,000 and 
40.000 tonnes down in Nigeria 
between 30.000 and 40,000 tanbofi 
down," the report said. 

“Due to the uncertainty of 
smuggling, we are nutting the 
Ivory Coast and Ghana together 
and are looking for combined 
production to be lower hy 10,000 
to 25,000 tonnes." 

Holco expects the Ghana crop 
to be unchanged— although many 
London sources are forecasting 
lower production there — and the 
Ivory Coast crop to bo down 
about 10 per cent. 

London traders put must of the 
blam e for the deteriorating West 
African output situation on. the 
unusually overcast weather which 
has predominated for much of 
the past few months. 

In Accra, meanwhile, the 
Ghana cocoa marketing board 
said purchases of Ghana mid-crop 
cocoa for the J3th week of the 
current purchasing season (ended 
August 31) amounted to only 76 
tonnes. 







Br DAYID SATTER . . “ 

THE PACE of the Soviet grain 
harvest is still well behind that 
"of last year but crop yields from ■ 
selected areas continue to suggest 
that output will be. very high 
this season. 

.Pravda, the Communist Party 
newspaper, reported today that 
by last Monday, : 79.7m hectares 
of grain had been harvested, 
almost two-thirds of - the area 
planted. Of this, 653m hectares . 
had been threshed. 

This is about 11m hectares less 
than had been harvested at this 
time last year but only slightly 
less than the average amount 
harvested at this time over the 
last five years. 

The qualify of the crop, st the. 
same time, appears to be good. : 
Izvestia, the Government news-" 
paper, reported that average 
yields in the Ukraine were 
exceeding levels last year , when 
the region had. a record crop 
amidst an overall disappointing 
harvest. ■ ■ 

XJ.S. agricultural officials who 
monitor Soviet- grain production' 
have seen* the crop" in the 
Ukraine and -said there isnao 


question that there will be a 
good crop there helped by good 
harvesting weather and less rain 
than last year.. 

Pravda said the harvest was 
now almost complete in the 
North Caucasus. Moldavia, and 
the Ukraine and the centres of 
the harvest had now shifted to 
the grain-growing areas of the 
Urals. 

A late harvest carries with it 
the risk of running into bad 
weather in the "new lands n but 
so far harvesting in Kazakhstan 
has been on schedule. 

Western economic experts were 
told recently that .there was no 
reason why the 1978 grain har- 
vest target of igflmtoones should 
not " be achieved ' and similar 
confidence was' expressed by a 
commentator for semi-official 
Wovosti press service who said 
that many .specialists believed 
that crop would surpass the 1978; 
target. ... . - - • • 

The Soviet- Union’s record 
grain harvest was 224m -Aonnes 
in 1976- • " • - 

Regardless of whether the 
grain harvest is as big as ex- 

S ected, however, the U.S. 
epartment of* Agriculture ex- 


- MOSCOW, August 31. 

pects the Soviets to import large 
quantities of grain next year to 
feed cattle. Only a quarter of 
the Soviet grain crop is used 
for human consumption, the rest 
for animal feed. 

The Agriculture Department 
said the Russians will need to 
import about 16m tonnes of grain 
in 1979 to feed increasing num- 
bers of cattle. This compares 
with about X9m tonnes this year. 


Sunflower crop 

WASHINGTON. August 3i. 
EASTERN EUROPE'S main 
sunflower-producing countries — 
Bungary, Romania and' Yugo- 
slavia— are expected to harvest 
a record 2.3m tonnes this year, 
the U.S. Agriculture Department 
said in its weekly world com- 
modities round-up. 

The increase of 20 per cent 
over last year’s output Is 
attributed, to favourable weather 
and rain distribution, better 
hybrid seeds and increased avail- 
ability of fertilisers and pesti- 
cides. 

Reuter ' . 


W. Germany 
expects 
bumper 
grain crop 

By Jonathan Carr 

BONN, August 3L 
A RECORD West German 
harvest was forecast for this 
year by Herr Josef Ertl, the 
Agriculture Minister, He also 
predicted relatively low input 
costs for farmers and stable 
prices for consumers. 

Painting this glowing picture 
at a Press conference here, 
Herr Ertl said that everything 
pointed to a grain harvest or 
23.6ni tonnes — up 9.1 per cent 
on last year and lost ahead of 
the previous record of 22.74m 
tonnes in 1974. 

Key - reasons Tor the rise 
were the good weather early 
this year, an increase in the 
area sown and further use of 
high-yield strains, the Minister 
said. 

ft Joked like being a hamper 
year for fruit, too. with pro- 
duction of cherries up 52 per 
cent, apples up 31 per cent 
and plums up 16 per cent. 
And the outlook for vegetables 
was also encouraging. 

Ilerr Ertl stressed that all 
harvest data available showed 
that there would be no short- 
ages and that food prtecs would 
rrmain stable. In 1977-78, food 
prices in West Germany had 
risen by only 1.6 per cent, 
compared with 3.8 per cent a 
year earlier, while the inflation 
rale for all products excluding 
food had gone up by 3.9 per 
cent. 

Repairs 

Farmers were benfltting too, 
with stable input costs. In 
1977-78. for the first time for 
nine years, these costs had 
remained virtually unaltered 
on average. Fodder prices had 
fallen sharply, while those for 
fertilisers and energy had 
hardly altered. Machinery 
repair costs, however, had gone 
up by more than 5 per cent. . 

Herr Ertl said that farmers’ 
prices had fallen on average by 
5.2 per cent in 1977*78. But this 
had to be seen against a back- 
ground of two earlier years of 
sharp producer price increases, 
partly caused by lower har- 
vests. 

• In The Hague, the Central 
Statistics Office estimated that 
the Dutch wheat harvest this 
year would be about 10 per 
cent higher than last season. 
Output is expected to reach 
726,000 tonnes, compared with 
661,150 in 1977. the Agriculture 
Ministry said. 

Of this, the winter wheat 
crop Is put at 638,600 tonnes, 
against 583^50 last year, and 
the spring wheat crop at 87,800 
tonnes against 77,250, reports 
Reuter. 


It— 



UK HARVEST 


Huntsman bounces back 


BY JOHN CHERR1NGTON, AGRICULTURE CORRESPONDENT 


ON THE THURSDAY before 
Bank Holiday my harvest came 
to a stop. The weather, as every- 
one knows, was wonderful, but 
none of my grain— nearly all 
wheat— was ready for the com- 
bine. 

Testing the standard crop for 
ripeness is a most inexact 
science. The usual method is to 
walk out into the field, pluck a 
few ears, rub out the grains and 
bite them, if they arc bard, 
then a whole handful or ears is 
rubbed out and the grains taken 
to the farm for a moisture test. 

The preliminary to this is to 
grind them through a coffee 
grinder. If they grind well there 
is a chance of a reasonable read- 
ing, but if on the other hand the 
grains simply squash up without 
making flour, then there is no 
point in continuing. 

On this particular day the first 
omens were promising and 
several tests produeed an aver- 
age moisture content of between 
17 and IS per cent. So the com- 
bine started work, but after it 
had travelled 100 yards or so, it 
was all too apparent that the 
wheat was not yet really ripe. 
Instead of IS per cent it was well 
over 21 per cent moisture and 
completely unfit For drying by 
the system I was using. This 
entailed placing the grain on a 
ventilated floor through which 
cold air could be blown. 

It is very effective provided 
that the relative humidity of the 
air is low and the grain is 
properly ripe. This is important. 


If wheat or barley is unripe it is 
very difficult to dry without 
damage, even on a hot air drier, 
probably because the moisture is 
part of the natural sap. Ripe 
grain, once saturated, will dry 
down quite easily, although the 
time taken, of course, depends 
on the moisture content 

Combines idle 

At this time of year X reckon 
that wheat and barley will be 
ripe when the moisture content 
has dropped to about 16 per cent, 
but it is possible to harvest with- 
out too much damage at up to 
18 per cent A safe storage 
moisture content would be about 
15 per cent, although 16 per cent 
is the acceptable norm for mill ers 
and compounders. For some 
reason these buyers will always 
make a deduction for samples 
over 16 per cent, but have never 
been known by me to pay bonuses 
for those which are under that 
figure. 

Anyway, the end result of alt 
this was that through most of 
the lovely holiday weekend my 
combines were idle. On the 
Sunday morning, a test showed 
a definite change, so on Monday 
we got started and have been 
going ever since. 

The first variety was Flinor. 
a very good milling wheat. After 
the drought-pinched grain of 
1976 and tbe sprouted horrors of 
last year, this season's crop pro- 
duced a fine, bold sample — 
enough to gladden any fanner’s 
heart. 


These days, however, boldness 
is not nil. Although the yield 
appears to be good at some- 
thing over two tonnes an acre, 
this is nothing like in line with 
the three tonnes-plus about 
which many of my neighbours 
are talking. The heavier yields 
are all coming "from the new 
higher-producing wheats, many 
of which were developed at the 
Plant Breeding Institute at Cam- 
bridge. Tbe .most famous of 
them is Maris Huntsman. 

I actually grew this variety for 
several years, with a particu- 
larly heavy yield last year, but 
it sprouted so badly that I had 

the greatest difficnltv in getting 
it dried and iu saleable conditinn. 
It also suffered from most of the 
diseases in the book — and it is 
a verv big book. 

I had therefore concluded, 
wrongly as it happens. that there 
would have been a comnlete 
breakdown by this time. There 
have been several crop disasters 
with certain varieties in the 
past and T tboueht that there 
could well b.e another this year. 
— One advantage of Flinor and 
tbe other miiling wheats that I 
grow is that it should command 
a premium over tbe higher- 
yieldino feed wheats like Hunts- 
man. Well it does, but it is 
nothing like enough to compen- 
sate for a drop of about half a 
tonne an acre in the yield. 

There is another disappoint- 
ment for growers of quality 
wheats this year. The protein 
content is low. This, all the 
experts say, is because of the 


lack of sun during the grow in; 
period. By contrast, in the 1971 
drought, protein contents wen 
abnormally high. 

Where the experts have beer 
wrong this summer has been tt 
prophesy, on the basis o 
experience, that because of the 
lack of sun, grain yields woulc 
be lowered over all. Thi; 
obviously hasn't happened. Al 
the winter wheats have yieldet 
above expectations, as has tin 
winter barley. 

Spring barley 

The only disappointment ha; 
been the spring barley in case; 
where tbe crop was unable u 
make the proper developmen 
due to poor sowing conditions ir 
the spring. In any case, the 
quality of the grain has beer 
harmed by the very bad weather 
in early August in certain areas 

Credit for the good yields i: 
naturally being claimed for the 
chemicals which control variou: 
diseases, to say nothing of The 
new techniques of fertilising the 
crops throughout the growing 
periods. These have obviousl> 
had an influence, but tbe fact i? 
that, as far as chemical spraying 
is concerned the season has beer 
such that there has been little in 
the way of disease to spray. 

However, the above is a highly 
subjective account of harvesting 
in central southern England, 
where the job is moving to its 
close. Further north and easl 
things could be very* different. 


Britain turns away EEC milk 


BY CHRISTOPHER PARKES 

THE BRITISH liquid milk- 
market is under siege. Several 
Common Market traders have 
sent trial shipments of pre- 
packed “long-life’’ milk across 
the English Channel recently. 
But all have been turned away 
at the docks, the Ministry of 
Agriculture said yesterday. 

And British dairy companies 
have also been testing the 
strength of the Government’s 
protective barriers. Would-be 
importers of foreign milk have 
applied for import licences, but 
all requests have so far been 
turned down, the Ministry said. 

In view of the interest now 
being shown in the UK market 
by European milk processors, 
the Ministry recently sent all 
local authorities a reminder of 
the stringent regulations 
governing the import of liquid 
milk into Britain: 

One of the main obstacles in 
the way of traders wanting to 
take advantage of the premiums 


earned on liquid sales in this 
country is the requirement that 
ail premises processing and 
packing milk for human con- 
sumption have to be approved by 
the local authority. 

This makes it all-but impossible 
for overseas suppliers to move in. 

The ministry, observing the 
rules of commercial confiden- 
tiality, refused to name the 
British companies which had 
asked for import licences, and 
was unable to be specific about 
the source of the trial shipments 
landed in Britain recently. 

These were refused admission 
“ on animal health grounds,” the 
ministry said. 

It is possible that tbe un- 
successful shippers and importers 
have been testing the market in 
preparation for some form of 
legal protest against the British 
regulations which may be inter- 
preted as contravening Common 
Market rules governing tbe free 
movement of goods. 


Logically any protests would 
first be lodged witb tbe EEC 
Commission in Brussels either 
directly or via the traders’ own 
governments. But individuals 
also have the right to test their 
strength against governments in 
the European Court of Justice. 

A Dutch potato exporter is 
currently challenging the British 
regulations which last year forced 
him to take back a shipment of 
potatoes landed in East Anglia. 

The Court of Justice is 
expected to rule on the case some 
time this month. 


Higher interest 

THE AGRICULTURAL Mortgage 
Corporation announced that the 
rate of interest for ail existing 
variable rate loans reviewed 
quarterly would be increased to 
13* per cent today. 

This would remain the rate 
until the next review date of 
December 1. 


More meat 
eaten 
last year 

WASHINGTON, August 31. 

A SURVEY by the U.S. Depart- 
ment of Agriculture, covering 50 
countries, sbows that mear con- 
sumption in most of them in- 
creased last year. 

Consumption was more than 
100 kilogrammes per person in 
five countries: the U.S. 112.7 
(112.6 in 1976). Australia 119.8 
(122.9). Argentina 107.9 (109.0). 
New Zealand 103.6 (99.9), and 
Canada 100.5 (98.1 1. 

The average in the EEC was 
73.6 kilogrammes— up from 72.4. 

El Salvador’s average consump- 
tion was the lowest at S.2 kilo- 
grammes per person. The Soviet 
Union's was 48.4 kilogrammes— 
up from 44.9 in 1976. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METAIS ■ . 


COPPER— L Kite domed ®n balance 
■ alter a day uf ftnctuaunft movements uu 
die London Metal "Exchange.-- Although' 
forward rneiaJ initially traded np from 
TT 45 to 1749. hedee seffinjctn a maxfter 
larfunir buying rapport canned a (all tn 
-rrs&s before a steady Com ex opening,, 
won news of a. -Zambian -railway MrlXo 
and tbe. rejection of new .terms br Chilean 
miner;.', caused a rally To a dow on lire 
Kerb of £749J>. Turnover 8M7B tonnes. 

Am a lga m a led Metal Trading' reported 
that In tbe' moral ok cash Wire bars traded' 
at £718.5. three mouths E74S.-4&S. 48, 47. 


s— -■ 


COPPER 

x.m-~ 

Official 

"1 

Ltl 

"■ pjn. ft+or 

Unofficial j — 


£ 

£ 

£ I*., 

Cosh 

72S-.5 


7si-a j 

A months. 

. 742 A. ■ 

-7.75 

745-^ [—1 

Seul'ui'nx. 

72B.5 

— b-b 

— - . j 

Cash 

714-3 

-10.6 

719-3-203 —1 


731-8 . 

-9.751 

736.5-7 ; -1.5 

Settl'co'nt 

7IS 

— 11 

‘ J 

U.S: SmtJ 

_ 


.63.66. j 


47.8. CT, 48. 48/ 44. 41V 44. 43. 42.5, 42. 
Cathodes, cash C714S, three months £733. 
.32.- Kerb; Whrbsrs, three months £740, 
39. 3&S, 39A 40. 41, 40. Afternoon: Wtn> 
bars, three months £744, 45, 4j j. 44. 45V 
Kelt: Wire bars, three months £744.5,' .45, 
;45.S. 48, 46.5. 48. . 

TIM— Fbroer as forward metal gained 
ground from £6,700 to £6,740 on buying 
gga l nrt TJ.S. burin pm, European Interest 
and protective bear covering. The East 
was- closed . overnight.. Later Troth. U.S. 
business and more covering caused a 
further advance and the dose on the 
-Jietb was ftbSSS. Turnover 1,705 reran*-.-. 

Morning: Standard, cash £6X10, 30. 
three months £15,728. ID. 25, 30, 33. 40. 


COCOA 


High Grade, cash £0,SC3. Kerb: Standard, 
three mom Its £6.745. 40. 45. Afternoon: 

Standard, cash £ 6 , 820 . three months u 

mnfif !» " ^ *‘ llh speculative* and Industry buy- 

n • I ™ m'JS' r»ti ,m? ,lirnn R h,ra[ toe efo^ed near the 

LEAD— Lower alter forward metal fell daj - s ••highs." GUI and Duflus reported. 


COCOA 


ieowvloy'i 
Clow 


TIN 


a- in- 1+ ori 
Official I ■ 


p-ni. v j+ w 
Unofftdall — 


Hurk erode *! i * * ' 

6835 4SM-177* 6810-20 

5 mouths. 676 '-70 +45 ;6763-B5 
Satclem’t. ■ cB4S f+liWi 
Standard 
Cash........ 

3 month*. 

Settlem’t. 
tSuafu B_ 

S«v Xorfc 


6830-40'+! 12*68 10-20 
t74 al+ES.&j 6750-5- 
6840 1+ llil - 
IS 1767 ...... — . 

I . I "592.50 


+ or 


business 

Done 


e 

+55 
+ 50 


+ 55 
+W 


I.CL Index limited 01-351 3466. December cocoa 1884-1894 

29 JUunoDt Road, London SWIG. OHS. • 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


World Commodity 
Report 



FTSsssrs 


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GOLD 

AND THE WEAKNESS OF THE 
US. DOLLAR 

This' transcript, from the. Journal of Commerce 
written by our Director of Research is available 
for poor copy, ring or unite 4o : — 



World Trade Centre ^ London El 9AA 
kiT«flep6one;; 01488 3232 


CLUBS 


ART GALLERIES 


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lc qr JWiwiy. Haifawwtoh;& 


rfioiii,- 




i « - r.- , •: . 


{Com a pre-market blob of £350 to £345 
during the course at ilip mnrnmu. There 
was hedge selling In a market where 
buyers were reluctant. Influenced by the 
tone at copper. In the afternoon the Wo.bContr , t[ 

market steadied with the price holding Scpi. : _.[l 832.8 9f.O 

between £344.5 and Z348 before elusion u^,. >1B8BJ B8.5 

4m the Kerb at £345.73. Turnover B.025 Mairh. !l87T. 72.0 

tonnes. -tbBB. 60 0 

Horning: Casta £343. 41.5. three months j„it. Ivrm ann 

OK. 48.5. 49. 47.5. 47. 47.5. 48 3. 48. 43.5. "lUHL .-25.0 

Kerb: Three months £345. 45.5. Afternoon: S S 

Three months £348. 45.3. 45.75, 45.5, 45. : . V 

44.5, 44. Kerb: Tftrce mouths £345. 45-3, J5aJcs: 6.721 ffi.898: lots of 10 tonnes. 

48, 45.5. imernatlonal Cocoa Organ tatlen iU.S. 


SNW Commodities reported. Prices produce: Lemons— Italian: lOO-’lSDs new 
came back to dose unchanged on last crop 5.00-5.30: Spanla: Trays ^20-2.40. 
night, due to lack of demand in Europe. Oranges— S. African: Valencia Late 4-20- 

3-20: Brazilian: Valencia Laic 3.50-3.S0: 
Californian: Valencia Late 72/1 S3 4.00- 
8.20. Grapefruit— S. African: 27/72 3-10- 
4.35: Jaffa: 40s 4.00; Californian: Marsh 
Seedless 84 3.60. 58 3J8B: Ja m aica n : 37-64 
2.7D-L80. Tangerine*— Brazilian: Per box 
I -80-3,60. Apples— French; New crop 


PRICE CHANGES 

Price per tonne unless otherwise staled. 


+47.01 90-1883 
1+4555 1194.0-1862 
+ 41.0 187B.[rlB45 
+38.5 1888.0-1838 
+ 29.51845.6-1819 
1+28.0 <1825.0 
!+iO '1800. -1770 



Vtotorday 

Close 

Hh or 

tiuninepb 

Done 

October ....... 

Docvmber.-. 
February ^... 
Aprll....^„.. 

June... 

August. 

Octnher ..... 

Cperaooue 

114.5-114.7 
115J I16.Q 
tnj 117.7 
1 18-31-1 18.7 
119.0123-& 
1 18.0- 125 J) 
I19JMS4J) 

— O.lftl 14.90-1 14 JO 
+ 0.25(119.60-118.00 
+0£5 - 

+0.96 — 

+ — 

[•+0.75,' - 

+ 0J0| - 


... ,j£680 

“ 'portUBneseT^Gni^n ‘Delicious per pound r ?' Ve ^ 0 ^ h et 1 D f c £ ,- fS^ 7 ? / ?) S104Jf&s 

0.10-0.12. Pear*— French: Corot 28-U> Coopereaah W.Bni-[£731.B| £725 



Sales: 42 iM) lots of 100 Unmes. 


- SUGAR 


box 4.00: per pound Italian: Guyor 0.18. £ miialM do. .lo..C745J8p-1.0 jCVABJS 
Williams 0.204121: French: Williams IS- lb Cash Ceihode,......|C7aO J-J-0 

4100. Peaches— Julian: 14 trays 2.80-3.20 : 3 months do. do.|£73B.75h— 1.3 <L/41.Z5 

French: 1A&-2.00. Crape*— Per pound Gt,h * -Tmy ci*.j520B.125i+ 1.75i5M8.62& 

Cyprus: Cardinal 0.28. Thompson 0J0, wu»b. ,£338.5 j — 4.25j£320.7fi 

Rosakl 0.23: Italian: Resina 5 kilos 2.00* o_ nrentba. ... £344.25|— 3.0 |£328.B2E 



s.tn. ; 
Official | 

+ or 

p.m. 1 
Unofficial 

!+ «w 


x 

£ 

£ 

£ 

Osto 

359:0-9.5 

2.M 

338-9 

L4.25 

imoatira. 

344.'- 3 

;-a 

344-.B 


tioa’m'nt . 
U.*i. tipnt. 

339.5 | 

h 8 

331.33 1 

r* 


2J8. 5 kilos Cardinal 4.00. Plums— Nickel - 

Jj-OJIOCUJL^UWLY^ PRICE ,<™W M rasar) Katun; Per pound Sunlcy 0.15-0.18. Giant Free Hprkt>t(cil;|lb]jS 1.80 


reals Per pound; — Dally price August 30: £94.00 <sajne> a tonne elf for aflotmenc prunes' 0.1041.12: Hungarian: Svnuens 

H- or) p.m. :4- or 155.94 1 150.29'. Indicator price* August shipment. While sugar dally pries was ij.m jjyj Bananas— Jamaican: Per 

M: IMay average 132.41 052.24;: —-day fixed at £101.00 frame). pound 9 - 1 3 _ Avocado*— Kenya: Fncrte tmr . l P ,an 

averagu 152.13 051.731. Prices held steady in quiet conditions w** 3.»4J5: sTTlfrican: Fuerte 3.SW- 'fils 4 l_o 7 

mufl late m tire day. when improving 4 . 20 . Cawicoms-Duich: Per 5 kilos 1-50. OuSt^i lsi 2 5 ^ 

New -Vork qireUtions «po«d a lack of Onlona-Spanlsh: 2.80^.20: Dutch: 2 .BU. fta* ° * 0 »l 

C- C^ara.kow^reportcd. Tommo^cwy: 1^0: ^Du.dh: 2.00. Ifl U&S 


RUBBER 

SUCHTLY HIGHER opening M the Commission Home stoploss Hmddauon Melons— Spanteh: Verio w 5'14 2JM2M. 


t 

51.70 
1-85 

'£128 


£199.80 
513*. 55 
f87.9p 
295.Jp 


Juunisi nmnen npcninn on uu? ~ . :■ — : — rraiwu — apauuo: » mow *'n Tin l-o^h 1 pc d.c 1 . ct n L 'K KIW K 

London physical market. Itnennlnent !S?!Li U !f l , h i 0 2^!L'i! r English prodnee: Potatoes— Per 25 kilos 5 r IpB 7 S 2 J 5 

irariino ihnuiiilinnt 4-n nlnmno m a CtOSCd Bt tfK highs Of the dAT. about 1 AO -1 in laMum Par 1 ’ rrtnrvt IUM ftnn _ nionins ...„AO i5cJ>| +D5.U.Lb, l tl& 


silveh 

pw 

tray ox. ■ 

Bullloa 

fixing 

prleluc 

t. 0 * 

L.M.E. 

close 



$ moalht.. 
Hmoniha.. 

12 nhnith* 

284.9p 

291.6p 

899J3p 

314.7p 

fa.4E 
+ 0.5 
+D.& 
+ 0 .^ 

284. 16p 
2 Bl.lp 


ZIHC— Easier Biter a routine trailing 
dw which saw forward maial move 
narrowly al tho ugh subject to some prolit- 
IBking. After starting at £32^X330 It held 
betwocn £320 and £329. closing on the 
Kerb ar J32S.75. Turnover 5,435 tonnes. 

Morning: Cash £319,. 18.5. 18.75, H. 
three months £327. 27J. 26, 28.5. 26.75. 

Kerb: Throe months 1326.5. Afternoon: v„. i M qn. u 
Cash £318, three, months £33BJ, Kerb: b^ouIm: 


No. i 
IC.SjS. 


• Jet. 


feitenlay' 

Clii» 




Prenmn 

L'leee 


tiusuma 

done 


68.00-68.6 


Three months £327. 


ZISO 


*.m. -. |+ <a 
Official | — 


A' - . 1 £ 

Cash — -. 319.5 1 + .5 318-.75 

dmouttu. 326.6. 75-. 126 326-.S (— .5 

Vmeut ilSfl I + .6 

Frlm.w'ertj — | £9.51 

* Cents per pound, i SM per picuL 
■t On - previous unofficial dose. 


58.40-68. 

— Oct. .... 

58.60- B8.7BJ M .20- 59. 05 Ueo. 
BO.6S-flO.7E.! 81^0-60-86 Mareh . 

52.60- B2.ra fl8.30-62.60 

. 64 J6-64.«fl 64 .83-64.60 Aue 

Oct- Dec! flfl.25-6fl.56i G5.BSG6.IBl 6B.70.6B.3O Oct 

Jan-.Uari 6TJB-67.8fii 67.40-87.Bff B8.S0 Dee.....| 


j. Jan-Mar) 61.05-01.! 

p.m. it-i-w |5-^S5- 

Fpolficiali — J.V- 50jit | 84.B6-64. 


1.40. Webbs 1.00. Cncamom— Per iray » ~ | ifITiJs 

new cron H«shrooi»»— 

Per pol^ O^ii. £318^1-^ ^115 

Grenadier O.OSO.04. Lord Derby 0.06, fSft 6 '* 6 “°' 5 

George Cave 0.07. Bromley 0 . 0 WU 0 . Prutucers 15625 

Discovery O.OS-O.IO, Tydcman’s 0 . 10 . oils | 

Pears— Per pound Dr. Jules O.OS-0.12. CoctmunfPhll) I 5740 k 

£ per toone W imams 0.15. Plnnis— Per pound Laxtons Greunduut ,...tiM>7B 

85.80 S5.au 83.50- S.6& b5.B7-83.50 °- ID ' .<?»!* P*™ bc 'T* s Uq*wd Crude (si. .£332 

Ab Alt a* Art Me- mm m a * 1 ■ ■ — — m mm Cl AC Vifdnrlac II i(l_C 1 lb. TfUTIffU MK ■ KiT Tf— ■ I g 


dliw 1 

^ ! 



Prof. : 

Yeuu-ntayV 

Previous 

Business 

Cixmn. 
Conn. 1 

Close 

Clow 

Done 


-.625 Apr-Jne| 68.58-89.54 68 . 00 -BS.1&I 70.00-B9.® ""saleST 1 J51~i 



114 35-14 75 111.75 12.40; - 
117 5>-IB^5|l1S.6*-15.75l - 


pound 0.08. 8ectroo< ~^ t " 


- _ jt-in o.so-o^o 

Sales: 1J61 (L734) lots of 50 tonnes. Per pound D.1M). 20. Coursertc*— Per 

Tate and Lyle ex-refinery price for pound U.O&. Onhws— Per bag 1.20-1.80. QraillB 


£48 Or 

£2&Or 


ii650ioU 

'8620 

'£ 6 +d 

+ 1 | £334 

+ 1 S622 


SILVER 


Sales: oil ill). lots of S tonnes and 213 granulated basis white sugar was £204.83 Swedes— -Per S3h aiM.60. Turnips^ HarkTEEC ] ; 

‘^S . 1 i oli . Df i onai ' s - t . I same) a tonne for home trade and Per 2S-Ib 1.60*2.00. Pmrsaipv— Per 28-Ib Homo Futures... i£80.60 

Physical dostoe prices (buyers) were: £154.00 fsamci for export m »*-■— ~ 

Spot 5Sp i same): Oct. 58p taSjt: Nov. Intcraatloaal Sugar Agreement (U.S. 

S0.5p (50.0>. cents per pound fob and stowed Cartb- 

/«n i nivTO bean port)— Prices for August 30: Dally 

(xKAIIMS IL32'! 15+tajr average 7.19 (7.18). 


ilaue J 

French No. 3 .Lml£1D0.5o 
Wlwm ^ 


I S430 

+ 2 IS256 


-rQ .25 £ 82.15 

L-sb 


'Sliver wan fixed 0.45p an ounce higher market opened unchanged on wheat and. 
for spot delivery In the London bullion after early gains of 20 points had met 
market yesterday at 284 Jp. U£. cent steady prom-taking. values Quickly 


LONDON FUTURES (GAFT A)— The WOOI FIITTlRF<2 

artor one nod unehanced on wheat and. »TUVA« A UlUnjLJ 

(Pence per kflo) 


bp 0.4c: ox-month 57L2c. up 0.7c; and revenue. The afternoon session saw 
. met.il £apd svIHpe at the higher levels so that 

opened at 284-JftSn 1551-552:0 and closed profit- taking had trimmed g.-Mns to so 


at 283.T-384.7p (551?-553c>. 


U-or 


points by the tdose. Aril reported. Barley 


cattrcmciy tight. 


[-0.TB 


LME— Turnover 203 1373) tots or U.uflO W. 
D2S. Morning: Three months 2S2.fi. 2.9. jm,. 
2j, 2 A. S.i. 92. Kerb: Thrre month'; y ar . 
292 J!. 2.4. Afternoon: Three mombs 291.9. ji iv 
1 j. 90.8. Kerb: Three months 291, 99 ^, 
K.L2.1A 


WHEAT 


BARLEY 

|Yesterday'4 

+ ar 

XestenUyV 

+ or 

Mu till 

clow 

— 

. clow 

— 

Pi-pC 

84.60 

+ 1.L6 

7B.35 

+UJE 

Niiv, 

86.75 

+ U.8& 1 

BU.60 

+ 0JB 

Jau. 

B9.7Q 1+0.96 

83.55 

+ uJh 

Mar. 

92.30 

+ XJIB 

t,603 

+0.40 

3Iav 

94.80 

+ J.80 

1:8.53 

+0.4S 


Australian 
Greasy Too 

Xesterdy*« 

CTree 


Done 

October „... 
December ... 
March 

258.0- 41.0 

240.0- 44U) 
241JM8J) 

— IL5D 

240.0 

July™ 

October....- 

Deoember-. 

245JJ-60J) 

24BJ-62J) 

248JMSJ 


- 


Strike threat 
to copper 


-No. I tied Spring) £9 [ + 1.0 U32 

ft .j. 2 Hart Winter) ; 1 | ; 

Kiigllah JhlhnKtlJtaS.S' : £93 


Craw shipment ~.|£ 1 .B 2 & >+4l.0i 
Future Nov. .......jj£l.r 

Coffee Paiure....-...] 

Xuv j£ 1.486.5: + IS.Oj 

V... 174 .I 


£1.B40 
889 |+45^5|£1.777J 

'£1.129 
72 4 


"Sales: 5 foil) lots tf L300 kilos. 
SYDNEY GREASY— Close us 


order 


Busjpvire don 0 — Wheat; Sept. 84J5-S3.70, 


sj'stem. according to a railways 
spokesman, reports Reuter. 

. The strike is bound to disrupt 

sS'iSs.'SiTt: “M* r thi .i' r " ei, ‘ s fr™ 5 a e m s S' c - 

* U p B Dec. S34J, 3534 . 355 . 0 - 355 . 0 . 10 ; March owned mines to the Zambian 
Tn« 382 j. mi. 363^362^, is: May 366.0. terminal of the Tazara railway 
+UJ5 n 7 10 Dar es Salaam which carries 

IS-! u«. 373 ^. 37to, 3W.M76.0. 3 . Total most of Zambia s copper, 
+u -" sales: 51 lots. analysts said. 

new Zealand crossbreds- close | n Santiago meanwhile Chuqui- 


Ctuou-A' Index... .I74.6ac , + 0.151 
-- Kulibcr kllD .... [3811 I a3.25| 

LUSAKA, August 31. surh- (Itaw) £94 Itt9 

A STRIKE by hundreds of rail- so. kim.. .|a7an U.™ 

waymen on the northern • Nominal, t New crop, r L'nquoicd. 
Zambian copperbelt spread to- m June- Aug. nJuiy-s+pt. a sept. ran. 
dai- to the rest of the country ‘fSS prl “ ii3 “ ,on - 

paralysing the entire rail 


INDICES 


Nuv, 86.S5-8J.B0, Jan. WJti-lO.Ofi. Marril «»i mtter. buyer, t«slnes&. hUmi: cam - ta mmeWOrkerS rejected ail 

ftl.4D-Bl.ii5. May B5.iW-M.IJfl. Sales; 247 h«- IS°-0. ISZ.ff minded: March 181.0, viuuaiu tuiuewuiReift icjcwitu iui 
loix. Barley; sept. T3.4o-75.Hi. Nov. Sfl.76- 183 -®> antraflwl: Mv isis. 1S4.S, on- agreement aimed at ending a 


COFFFF _ . . . 

h-.™. Jaa ' ®'G-33 .m. March 8fl.fl545.75, 8m ^5 d: ,2.^ month-old dispute over dianis- 

R0BUSTAS cant) nun! in the firmw May te.45-SB.35. Sales; 183 iou lffi.O. 189.0, unmtded; Dee. lfig.0, 1SS.0, an( i W9 _» riomands Chilean 

cln they fPHfld P„ Wrilut^lay aficrnt^ iNPO^flCw^ CWRS No. L 13J maM Sales; Nil (same). ! 

P Urn mnrtirt reacted 10 uld w«ih« per cent. Scpl. tfll.DO. Tltbnry. U^. Dark wriT /UCrETADI PC „J^ 0rkerS deaeration 

forecastii front Brazil. DMStri BurnMm NorflM!riI Spring No. 3, 14 per rent, Sept. MEAT/ VEGETABLES sources Said. 

Wade buying was WKlenl 0cti £si.75. Nov.. 18175. traflsWp- smith field (d -™ nnmrti irrrf- The Zambii 

oSirt"doy ™ helped steady copper 

*a5S?.wiUi values n0*£15 higher on L" aSdE^c’ tTS P £ iC6S °\ the f E ,t 

- Mabci uiL/Freiwh Aret-haif Sept. v M ‘° ,D 68 ' 8, change where they had been faJI- 

5S2S- gf-E- n£“'. 25 L.^i L u, 63.0: Dutch tog since late last week C a5 h 

nds and ends Sflj to copper wirebars closed un- 

ubo: English medium 34.0 to 58.0, changed last night at £73.15 a 


The Zambian and Chilean 


GOFFEH 

Ycwttolav'u 

Clnw 

+ w 

flue I Pcs* 
Pooc- 

£ perUamc 

MUittunDor- 

Nih-Ymncr..- 
lanuarN' — - 

March 

May..,.,.....- 

1526-30 J+6J5 
1483-88 +18 
1413-17 +17.5 
1341 43 +6 
1511 14 [+5 
188&-9Q 1-7 
1259-79 j— 16.6 

1543-1605 
1489- 14ft) 
1417.1690 
1343-1535 
1313-1505 
1300-1285 
1275 


efftrmbH-,- 


South African White Sept-OcL £58.50. 
(IUkow: South African Yellow Sept. -Oct. 
£58.00. Glasgow; sellers. 

Barley, Sorghum, Oats: onuuried. 


heavy 52 . 0 to 5BJ>; Scottish medium 54.0 tnnn ° 
to 58.0, heavy 52J1 to 56.6. Imported Luuue * 


1545-TM5 31 InBec: NZ PL 53.0 io 53J, PM 53.6 to 


ra - - - Cotton record 

UMULUHfi W ‘ ftb.MJ. 8 «OWVJi: N. LUCS. Vnone. h«t IM A tn Una 


£73.70, Hams, and w. Suisw SUM. 1 "*® , ° ™ m9 e * d1, ' BUENOS AIRES. Augusr3L 

Sem K Chinese' 43. fl to 44.0. ARGENTINA’S raw cotton out- 

„ nmaia AustraUau. »;6.to.fl.q. . . . pm rose to a record 670,000 

COTTON ™ 


FINANCIAL TIMES 

Aim. 3D"|1 ii •. 29'|Unnih ■up/iwr hvm 


248.65 I 246.B3 I 236. 49 I 33 9.99 
(Base: July L 1SS2=tOO) 

REUTER’S 

Aug. 51. Via 50|M<mUi -K-i'j Totr otjn 

14615 ! 145B.0! 1422.fi ] 1492.6 
(Base: September 18. 1031=100) 

DOW JONES 


Uuar 

Inneh 

A-i -. 
50 

Aum- I Month 

28 ! H -M 

y«- 

HC- 

•PVC.... 

rtitore- 

374,71370.07353.39 

1376.301365.89.342.43 

368.90 

3B4.84 


(AVOTIm 1324-25-26=100) 

MOODY'S 


Uwdv' 


Ain. 

30 

A"C. 

S3 

935.9 

9373 


fDecMuhPF X|. I83i=1t0> 


Salca; -3.323 ilSSHi lots of 5 Mimes. Y*A F PTAM MEAT COMMISSION— Average faisork 1077.70 oomnartKt with 

ICO Isdkatw prices for August 39 (U.S. LU | I prices « reprefleirtathre marteis, Ans. 31. tonnes » comparer Wtm 

rents per pound): Colombian • Mild' LIVERPOOL . COTTON— Spot and ship- CB— Calllr 70X7D per kgj.w. f-fl.lfl). an earlier forecast Of 570,000 —————— 

ArabiCM 183-50 mwit sales MWnntwl to 316 tonnes, bring- lOAto Per kg.est.d.c.w. (000 es and a total of 522,000 * 

Arabics* 150.00 fl49-Sfiji other mud mg 1 ^. toial for the week so far to fi55 ( 4-0.81. GB— Pig* IBJBp per kg.Lw. f+S.2). , n _ noE nnminue cphsnn thp _ 

Arab teas 1B.33 f 153 -33*: RotHuias lAA ttmnes. Supplies were warned M a freer Wate»-Canle numbers up tonnes the previOUSSeason, the GRIMSBY FISH-Supp|y good, demand 

1976-141.09 (same*:- Hobasras TGA IMS ‘*eslr, -mostly tn Middle Eastern growth. ^ i *' r eent ' *Tanue price 79.62P Agriculture Department said sud. Prices at ship's side 1 unprocessed* 
1Ji f 2S uim). , Dally aviTage 143.17 p.. *?, TatersaH reported, fiomh American ff-9-l*); Sheep up iOJ per cent, averagu here. • ■ - cod f4.40-ia.40.: codlings 

(147.17) and African si Ties were In fair tnuga. f+6^» Pitt up IS. 5 nor c#Dt. Tha Uinhor nntmit vac attrL Laitf haddoct £4. 50- £5. 00. 

- ARAlhCAS— Chue . On' order- bnycr, . ■ _ ___ _ avorage 6SJp <+2J). Scotland— Ca Hie , ^ ^ higher output .was attri nmUmn £3.4D-rt.oo. small 12 6IM3.2D; 

seDet, iKudheffi." safcai: Ate- expired, . SOYA UFA (V lVTFAl , DD Bi4 v** ceni - average ea.fflp (-urn: DUted to a rise in the area Large aiakn I5 ^o-£Sjzd. medium ilso- 

I83.0fl-1M.00. a: Oct; 1744D. 181 .Ui 170 JK, 1 Sheep down L7 per cent, average 131Jp planted tO 620.000 hectares from * s - ,Wi ban smaU l4JJ0-f4.ro: Large skinned 

t: .Dec, W4.U0. J76.W. onlradedi Feb. The- market gained, fl per tonne f-lji. . . in lOTA-TT dogfish £9.oo, rnod^im ffl.uo; Largo '"hion 

152.90. 180 . 00 . untradctl; April. Juoe. Au*:. htiiuDy, jn- ..sympathy, with American COVENT GARDEN (prices la iterilng 111 soles £6Jjo, mwiiinn xs.qq; sailhe £1JS- 

■U unquoteiL Tural. sales: 4 lob (3). . uuufcuU, .but laded, lu hold- the fisc, per package unless 'slated)— imparted Reuter £LM. 

t ’i 


U.S. Markets 


NEW YORK. August 30. 
Corea— Scpl 15S.10 (I33J5). Dec. 156.70 
H 52 . 10 I. March 153.25. May 150.70. July 
143.40. SepL 146.10. Dec- 143^5. Soles: 
12164 lots. 

Coffee— ■' C " Contran: Sept. laSJfl 
C1MJJ5). Dea i48.75-149.90 I14K.7H. Marril 
139.50-1 39.90. May 135.90. July 123.50-134.59. 
SepL 130.00-132-00, Dec. 128.00-130.00. 
Sales: 928 lols. 

Copper — Scpl. 62.65 f63.45i, OcL 8X40 
164.151, Nnv. 63.95, Dec. HAjO. Jan. 8X00, 
March MOO. May 60^5. July 67.75, Sem. 
6S. 60. Dec. 69.55. Jan. 69.96, March 70.70, 
May 71.40. July 72.10. Sales: 0.000 1ms. 

Cottan— Nil. 2: OcL 8345-63.65 164.05'. 
Dec. 65.70-03.75 iw.12'. March 67.76. May 
48.43-SS.50. July 8S.53-6S.S0. OcL 65.50^5.83. 
Dec. 63.60-03.80. Sales: 5.450 bales. 


This edition went to press before 
the latest U5. commodity prices 
were available. 


‘Gold — Sep!. 2 06 JO (207 JO', Ori. 308.60 
I2DS.40). Nor. 210.10, Dec. 211.60, Feb. 

214.70, April 217J90. June •21.29, Aug. 
224.30, Ocl. 227.90. Dec. 231.40. Feb. 
234 90. April 238.40. June 241.90. Sales: 
19.000 lot*. 

tLard — Chicago loose not available, 
NY prime steam 27.62 traded i27.75 
trailed ». 

tMabe— S cpl 2!5!-2l5i i214Jl. Dec. 

2231-223) 1221, i. March 232-2321, May 

2374-2371. July 240i. SepL 242-:. 

{platinum— Ocl. 261^9-2(2.50 ( 263.80 *, 
Jail. 2E1.W-264 30 <2Ho.SU i . April 206 JO, 
July 268.Sfl-268.00. Oct. 27 1.30-271 JO. Jan. 

274.40- 274.60. April 277 JO-277 JO. Sales: 

490 lols. 

1 Sliver— Scpl. MS.fiO 1547.80). On. 552.30 

1 531.90>, Nuv. 536.40. Doc. 560 JO. Jan. 

3U4.50, March 572.90. May 55) JO, July 

£90.30, Scpl. 589-30. Pec. 613.00. Jan. 

617.70, March 627.10. May 636.50. July 

045.90. Sales: 12,000 lots. Randy aad 
Harman spot balboa: 548.90 <546 JO'. 

Sure beam— SepL 6551-656 i 6454), Nov. 
6434-6424 1633;'. Jan. B4S4-IH94. March 
6564. May 66fli-scl, July 681-662. Aue. 6571. 

ilSoyabeaa Meal — SepL 168 00-IGSJO 
066 JO), Ori. lflS.70-168.SO ilGG.40l. Dec. 

170.40- 170 00- Jan. 171.00-170 SO. March 
173.30-172.50, May 1 75. 00-1 73,50. July 
176.00. A ac. 176.00-176.50. 

soyabean OH— SepL 27.00-26.93 126.42'. 
OfL 25.7D-2S.65 i25J71. Dec. 24 50-24.40. 
Jan. 24.15-24 05. March 23.^33.75. May 
23 40. July 23.10. Aug. 22 J5. 

Sinar— Nn. II: Sept. 7.19 (7.13). Ori. 
7J3-7.23 (7 20). Jan. 7.50-7.M. March 7.S4- 
7.35. filar 8.03. July SJ1-SJ3. Sept. 6.43. 
net. 3 52-3.53. Jan. unquoted. Sales: 
2.350 kits 

Tin— 59t.00-HU.00 nom. (3S5J)0-HH).00 
noui. , 

**Wical— Sept. 332-3321 ias;». Dec. 32S4- 
MS i323*'. Marril 325J-SUJ. May 331, July 
311-3101. Sept. 313!. 

WINNIPEG, auaosi 2$. tT Rye— Ocl. 
90.50 131.20 bid'. Nov. 91.50 as&cd (92.00 
asked i „ Dec. 90.50 asked, May 94.80 bid. 
July 94.00. 

ttoais-ocr. HJ0 bid *7I.40i. Dec. 71.10 
asked 1 71.40 bid i. Marril n.00 asked. May 
71 JO a.sked. July 71.00 naked. 

KBarley— OcL 70.50 1 70.70*. Dec. 72.00 
bid iTUfl bid). March 73.10 bid. Hay 
72.10 bid. July 71.S0. 

{{Flaxseed— Oct. 247.20 (247.30). Nov. 
747.20 bid I24S.G0 bid). Dec. 24EL50 bid. 
May 251.10 asked. July 250 JO. 

'nWheafc— SCWRS 13.5 par cent prnioln 
content rif Si. Lawrence 1B9.0R (IGCJ6). 

All cents per pouad ei-wareTmase 
unless ntlierwlwe siated. • 5 k per troy 
ounce— loo-otmce low. 7 Chicago loubO 
Si per 100 0)5— Pen. of A& prices pre- 
vious day. Prime steam fob NY bulk 
lank cars. 2 Cents per 50-lb bushel ex- 
warehouM;. 5.000-bushel lots. 5 Ss per 
troy ounce ftir 50-« units of B9.9 per 
cent partly delivered NY. 9 Cents per 
troy ounce ex-warehouse. H New " B " 
contract In 5s a short ton tar bulk loti: 
nf 100 shnn ions delivered fob ears 
Chicago, Toledo. SL Louis and Alton. 
** Cents, per 59-lb bushel In thorc. 
tr Cents per 54-1 b bushel, ti Cents per 
4Wb bushel ex -warehouse. 55 C*ms per 
50-lh bushel ox-warehouse, l.mo-buslwl 
Iou. 99 SC per inline. 


Nickel cheaper 

ENT ORES HAS reduced its 
nickel rondelles . price to 
£2.412.50 a tonne, from £2,423. 

The new price is based on an 
average exchange rate of &L9268 
to the pound and applies to lols 
of five-tonne nickel contained or 
over, delivered at customer's 
works. 




STOCK EXCHANGE REPORT 


Equities uncertain on political and labour outlook 

30 -share index below 500 — Gilts down on funds prospects 

Account Dealing Dates and Midland 6 easier at 352p, 5S5p following the unrod. !Sel V q^lflpTo'ctose ^net penny Jef^MU^and P Ajfen at ? 128jL NeW llir0Srn 
n SSSL Account » ■EnirfM tJSft. ^ f? dosed 2 to- dearer at 61 p Jawing the S^e^hoSSTu^C Site! Golds UD SUril 


Satisfactory preliminary results 76p and New Throgmorton 8 down 
ft Ml He and Allen 2 firmer at at 129 p. 


of lie 
1 ahead 
trading 
her at 


and the reaction m equities tram tte in a position ro resume interest 
tj the year's peak, attained six payments on the loan. 

S trading days ago. continued. The Apart from Matthews Wright- 
1 major dampeners on buyers vv -hj c h improved 5 to 200p on 

1 taking any action ahead of today s bigher 

2 end of the current trading interjm earnings. Insurances 
Account remained uncertainty reraa j ned du jj. Pearl gave up 4 

ii pending firm news f^out a prob- more to 24Sp on further considera- 
ble autumn senend etectwn and ^ of the di5a pp 0m ting interim 
- the further labour troubles fi ^ whUe Sun Alliance lost 8 
threaiemng British Inland. more to 558 p: the Tatter's first-lialf 

The decision to j^^RhodSSn results aTe due next Wednesday, 
ham report onalleged I Rhodesian JohD “A” featured late in 

S vSsalso the BuUdng sector, advancing 13 
-of Public P-^ons _ vv a.s also ^ OD furthe r details about 

f Bpraise rS of^e emended a^ence the proposed reconstruction 
f . 'P^thftinnal activity renewed scheme which entails separating 
Sro S ^rand puKic semS th. major part of the company's 
C faSSd dealers to mark leading property activities into a newly- 
i equities down with the result that formed and independently-listed 
c the movement was progressive company’s U.h. acquisition and feU 
£ until aFter tlie official close oE 75p. on the good interim results, 
business also moved acamst the dull trend 

The tendency theu became a in the Building sector. Ihstoek 
/ ii tt ] e more settled and some Jobnsen came on offer following 



tended to drift lower again. Although business remained at 
Thomson easing 5 to 255p and a low level, the gradual improve- 
News International 3 to 275p. meat in the buWon price through - 
Properties encountered further out the day prompted a modest 
sporadic selling. Among t he m ore demand from most quarters urrtH 
noteworthy- movements, Bradford the late after-hours’ trade when 
reacted 9 to 24Sp and Property one dr two American sell Log 
Holding 6 to S06p. Still reflecting orders 'caused prices to close a 
(he annual deficit. Centrovindal fraction below the day's highest, 
eased 3 more to 72p. Among heavyweights, Randfon- 

tein were parti nearly firm and 
Oils drift lower m i » JE3SJ but otherwise 

uus .“*■ * rises were usually restricted to 4. 

Oils majors passed a fairly Lower-priced issues showed South- 
quiet session with prices drifting veal IBingher at 374p and Western 
lower before picking up to close Areas 6 better at 208p. 
a few pence above the worst De Beers continued their 
British Petroleum ended 8 cheaper recovery. and recouped H . more 
at S7Sp, after S76p, while Shell 42 6p. Anglo American Corpora- 
touched 564 p before settling at iion also moved ahead to close 
568 p for a fall of 10 on balance. 7 firmer at 343p 
Elsewhere. Burmab, up 2 further Among. London-registered Fin- 
al Sip continued to refl ect the gnciaig, r» Tlato-Zinc dropped 7 



— 

^ Hmh 

Uw 

(JotE. »eai„ 

7B.9S 

(3:11 

68.79 

(b/iii 

Ftsed Lot.... 

8167 

(9/1) 

70.73 

Znd. Ord.._ 

623.2 

( 22 / 8 ) 

433.4 

(2/3) 

Gold Mbaes. 

206.6 

<U.#> 

130.3 

16 /D 


OPTIONS 

nr MING DATES Plantations WairantV Thttagifc 

DE.VUNu oa Organisation, Bacal Eleetreife 
First Last Last For pig^r-mma, Westland, 

Deal- Declare- Settle- ^,1 whites, Corinthian, Bfefi, 
lion meat " _ c n ui B « -nJ3rr 


r values hardened Measured bythe adverse Press comment on the board's declaration that because speculative new-time buy mg on in UK equities. 

i PTBidusSlal ordinarv share company's acquisition and fell of lack of orders its Stockton hopes that a new suitor may soon F^sh spec^ive a crijty was Australians put on a strong per- 
5 was a further 4 5 awavto clue IS lower at 181p, Teeside plant will probably have appear. The board’s optimistic seen m Siehens which formimce j n ^ with ^ buoy- 

' lower at 49*3 to? a fall since while a broker’s adverse circular to be closed by the end of the outlook for the cmrent year Pr» Ewtion iSPlbuIm ancy of overn5 ebt Sydney and 

I Tuptdav of last week of 24,7. or prompted dullness in Tarmac year. The chairmans uninspiring helped AumliaR 6 down aMbtOp Following™ Melbourne markets which were 
It 4.7 rwr cent. which fell fi to 136p. while profit- Waiemenl left Davy International Hill Proprietary to harden 10 to « a L,™E- d SShS !«* up by diamond and energy 


Share lu/ormation Service Westland, First National 


lllf Illiuiruio IV. _ - ' r UIIIUU wvau ■# . L j A ..- 

and lessened chances of a cut in cheaper at 393p. Other Chemicals °tner "ana. asu 

- Minimum Lending Rale while the ta record similar falls included hardened - to I42p l 


and Lacy with the occasional dull spot on AusuiliM issues o£ 307p following persistent Aus- 

BS , 22?!i2^ 1 fiS.t?£ , S5£ “toSSSw5u««-i»«t. J5W-W 


LONDON TRADED OPTIONS 


nnn cirTrt reduced uidesnread last year, declined 11 to 4np, issue which accompanied roe gressne wsunura myesimem, ~ " 

iltSS Church disappoint '£!^ 9 SS& 2 tt» t 'Sd c« ^ 

S=«st=?aa: jggFjsi MS? ^ J ‘ Qldek 2i easier at 

ties before the losses iuot . finally day . church became a notable “ the interim ^r ni n4 

haired from i to i. Following the du!! Mature at 180p, down II. in J® 4 ® I J - lt f ^ ai % ^f“ c ® d r 
main funds. Cornnratmns moved — rho L« P intarim Linfood 2 cheaper at lasp. 


E"r SSf'ngSWiSlTSS SSS, JEST J!S£ 

T- ^ S W-’ttSSfcK 


ACTIVE STOCKS 


sss&T.isS’Jt^rs jsssS& ms « = - u |" 

vSSSrt l SB C '«i™im r ite£r 1S7P. gf e p “ TraMport... 25p 

positions sa °bjs!r ssrs £-»■— | 

sssruff jssz swrs ■“ nts - 3 ^ at 4,tap ' s 

cheapened ^5 to 393p Ln ^-mpathy The leaders closed narrowly Compton Webb better I cnnSTMcc. “"i” lop 

with the general trend, while the figured prominently in A quietly duU trend prevailed Racnl Electronics 25p 

Januarv 360 series lost 4 to 39n =_ Snnir n 


No. 

Denomina- of Closing 
tion marks price (p) 


Change 
on day 

- 5 
+ 3 
-10 

- 8 


Pancontinentnl ■< up at £144 and 
Peko-Walisend 10 better at 536 p. 
The. rise in the cobalt; -price 
prompted an Improvement! of 24 
lo 29p in Metals Exploration. 


MONTHLY AVERAGES 
OF STOCK INDICES 

= !| Aug. iTuly | Juufri Uu 


, -LI* J j ordinary 20 cheaper at 475p, after to 608p and Unilever fell 6 to Imperial Group ... zap u - . 

of contracts done, 1U contributed 470p {jn^ed Scientific feU 12 to 582p. while Reekitt and Colman Marks & Spencet 25p 6 84 — 

193, or nearly a0 per cent. 3G2p on jjght profit-taking while gave up 9 to 498p. Comment on . ,, ,, — 

n Mr n AB Electronic, I20p. and MK Elec- the third-quarter profits brought _ 

FNFC loan higher (rJCf 224p, lost 4 apiece. After BOC back li to 67Jp. while profit- NEW HIGHS AND LOWS FOR 1978 

The major clearing banks con- easing to 30Qp. CEC rallied taking after the recent rise which . . 

tinued lo drift lower on small strongly in the late trade and followed news of the Reed Paper The cowinc mounn 

selling and lack of support, closed 3 better on balance at S07p. sale talks left Reed International attained new H«hs aim lows for 197 a. 

Barclays finished 7 down at 345p Electrocomponents firmed 7 lo 4 off at 158p. Elsewhere . BBA trims /am NEW 


MINES (2) 

Pcnskalen 



STODDARD HOLDINGS 
LIMITED 

(Carpet Manufacturers) 

Group Results for Year ended 31st May 1978 


1978 
£000 

Group Turnover 21,057 19,443 

Trading Profit 1,036 1,381 

Profit before Taxation 708 1,071 

Taxation 244 568 

Profit after Taxation 364 503 

Dividends 

Preference paid 10 10 

Ordinary and ‘A’ Ordinary Interim paid 
0.5240p (1977 0.5160p) 42 41 

Final proposed 0.S061p (1977 0.7942p) 65 64 

Earnings per share 4.4p 6.2p 

COMMENTS BY THE CHAIRMAN, SIR ROBERT A. MACLEAN 

if Group share of both home and export markets increased. 

*■ In a fairly difficult year for the carpet industry, our ranges continue to be 
among the market leaders both in the U.K. and abroad and full employment 
has been maintained. 

★ Pattern costs arc now being written off against the year in which they are cut. 
This change in accounting basis has resulted in an extra charge of £92,000 in 
the year under review with an adjustment of £110,000 in the 1977 comparison. 

★ The products of the Group will be widened by new ranges and by the acquisition 
later in the current trading year of a tufted plant 

4r The same dividend as last year is recommended. This is covered 3.4 times by 
net earnings. Subject to approval at the Annual General Meeting, the Final 
Dividend will be paid on 15th November 1978 to Shareholders on the Register 
at the close of business on 25th September 197S. 


1977 

£000 

19,443 

1,381 

1,071 

568 

503 


BANKING AND 
SOURCES OP FINANCE 
IN THE FAR EAST 

Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East These are: 

AUSTRALIA, NEW ZEALAND, INDONESIA, 

THE PHILIPPINES, THAILAND, MALAYSIA, 
.SINGAPORE, HONG KONG, JAPAN and SOUTH KOREA 

Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks, the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets, and a summary of 
all short, medium and long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN O 902998 17 X 
Price £26.00 in the U.KL $52.00 outside the U.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 

Registered in England No. 227590 


NEW HIGHS (40) 

AMERICANS (II 

Anux 

BANKS (11 

Allied Irish 

BEERS Ol 
Woivhmptn. Dudley 

BUILDINGS (2) . _ 

Francis (G. R.I Marshalls (Halifax) 

STORES <S> , 

Liberty S. A a. Stores 

MFI Furniture Wallis 

Ramar Textiles 

ELECTRICALS (2) 

Electrocomponents Lee Refrigeration 
ENGINEERING (3) 

Ash a Lacy Senior Engineering 

Jackson (J. A H. B.) 

FOODS (1) 

Goldrel Foucard 

INDUSTRIALS (61 
Ingall Intis. Martin-Black 

Low & Bonar Russell (A.I 

Magnolia Group Whatman Reeve Ang, 

LEISURE (3* 

LWT A Westward TV 

Nationwide Leisure 

NEWS PA PE R5 (t) 

Home Counties 

PAPER (31 , 

Bemroso Trldant Group 

Collett Dickenson 

PROPERTY <1> 

HK Land 

TEXTILES (3) 

Haggas (j.> Small A TMmas 

Shaw Carnets 

TRUSTS (3) 

Crescent Japan Jardina Japan 

G.T. Japan 

OILS (1) 

Burmah 

OVERSEAS TRADERS (1) 

Taaer Kemslcv Ik 
C onv. 1981 


NEW LOWS (16) 


Financial Timas 

dormant Secs 70.88 70271 .69.701 7036 
Fixed Interest 73.64 71.731 71.G6 7000 1 
IwHuferfclOnL 003-B 4722 466.1 476 JB, 
Gold lllnea.... 1B8.6 .166.0 „Efl.E 149.6 
EMfinse mkd. 6,423| 4.0 13} 4,'67lf 0221 

F-T. Actuaries 

InduK. Grp.... HSOJOh 2I1.R61 B08J271 SUB^l 

MXUShara 253.IEU 234.8^ 23LZ7 253J& i 

Financial Gru. 176.b6j 1(5.80 16L61 166JC I 
.VJl^hara (GSO) Z33^S £16.601 213^2 21038! 
ttxUfetw 67 Al| «L <4 67.77 \ 


Industrial Otd 623.2 (23ndi «fl6J iSnd) 
ATI -Share 239.66 (22m I) 1 22066 (laij 


BRITISH FUNDS (21 
Treas. ISijpe 1998 Treasury Zi-ne 
COM WEALTH t* AFRICAN LOANS C1> 
Southern Rhodesia 
6 pc 1978-81 

AMERICANS (2) 

Colt Industries General Electric 

ELECTRICALS (1) 

Pro _ 

ENGINEERING (21 
Blrmid Qualcast Whcsioe 

LEISURE (11 
Hlghgate Ootto. ^ 

YOrttTra ' ,Bf SH,PP.N C (2I (-fi 
Hunting Gibson Runciman (W.) 

TRUSTS <21 

Prog. Secs. (nr. Erskina House 

OILS <1> 

Sceptre traders Cl) 

Paterson Zochonls 
A N-V 

RISES AND FALLS 
YESTERDAY 



FTrACTUARIES SHARE INDICES 


■>' \i '+~~ 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries^ 

and the Facility of Actuaries . . . ~ 


EQUITY GROUPS Thurs., Ang. 31, 1978 


Than. »■».' 
Am- ••y:. 
at typoQ 


GROUPS ft SUBJECTIONS 

Figures in parentheses show number of 
stocks per section 


EsL Gross 
Kammf; Dhr. 
Day’s Vield % Yield % 
Change i Wax.) (ACT 


Corp. [ at 33%) I Corp- 
;taxE» I TaSli 


Index ! IndeY - 

No. No,^. 


Hrftish Fuads 

Corpus- Dam. a 

Foreign Bonds 

Industrials 

Financial and Prop. 
Oils 

Plantation 

Mines - 

Recent Issues ........... 


l)p Dawn Same 
— M3 

2 » 36 

125 5X3 NB 

26 385 17V 
6 U 11 

3 10 U 

0b 29 58 

1 12 25 


Totals m 981 XJ33 


RECENT ISSUES 


EQUITIES 



31.8| cl 

11 

- 1 121* 

4 

24 .e; 94 

83 

8-9, 1=4 

i 

lie 



FIXED INTEREST STOCKS 


— »jla|S| 


Uijb I low 


i0|.: — >i3.'ioi i4i s ,i 

L-9S.-.I F.F. _■ ™i4 

• ■ ' F.P. B,9 a&is 

C994«: F - 1'jCi 
C100 ,£50 I5»12 bl h 

• ■ F.P. ISI9 M 

■ « } K.l*. 29/B tb 

• ■ I K.l*. 29/9 93p 

• K.l*. 7 m ffiao, 

• * I K.F. 29/9 100 : 

£99l 2 i F.P. — 99 Jbi 

■,*. | F P - Kb I 


fik_~ 


100||[ Nil I 7,9 
£1UU F.P — 
tlDOf. P.P. Ii9 

* ■ F.P. -2919 

* * ru\ .10/9 

* 1 F.P. 115,9 

t99s« r'.P. | - 
£99J S P.l*. — 

£99 V F.P.i — 


14Ibi*I BwAiuIioIrwiw 12® Prf. 13 l>>— 1 

m !4 9a iBlrmiusUani Yor Kale 99 ...... 

3S in 9« Caffyns 10% Prcf. 9Bi» 

1'jCi Camden Var. Kato Uni. IdbA 994, ...... 

OlSa Miij Do. I2j* licl. 1S66 504 — >4 

«s ae [Central i blieerwc,»l 10?. 1'rcT. ................ 98 ...... 

tb 9K iCnwIiy d|niiif; inlcrinro 10% Prw'. 98 ^.... 

93p 97p iK.IU'. 1% Cum. Hnl 99n 

ffioo 98 Kant Anellit Water 7% lied. Pref. J983 98 

100 U. HiHiUiir: 10i° B PH.-T 100 

99Jgj fflU KtiKlngtan uid L'lidiira Vrr. Ihli 1 . lEBi.... 9914 _.... 
Kb j « |Muohrea 12% Partly Cnav. L'ns. La. 'B&-'EC[ Us [ 

2J|i lSjiiNefiretti an>l Zambia m» Cor. Pud • 

N,! 'W l 'i!Nfrtluiinpt< , n Var. Itatv lied. 10Ei J 99.1 

lfiln 99ljp Pitman log Cum. ftrf 1 09 in, _ 

1'jIji BB^p-Haybrok 10;% t urn. l*n-r 99i. — 

dolg 94 ia lintnrk 9 J® Cum. 1’ivl 93 — 

M kfcln .-vithehy Parke Bomi-t Cum. Prel. 98 ...... 

100 Hdi, Sefhin Var. Hate HciL la«J 995 , 

891*1 991ij'6ti»UudvUc Var. lbu«< 108JS 99 i,| 

hm7b| sdSg'WanrtsnTroiJU Vanalilb 1385 ■ 997ni 


** RIGHTS ” OFFERS 


CAPITAL GOODS (178) 240.18 

Building Materials <Z7) 23527 

Contracting.Construction (27)_ 39557 

Electricals (14) 523J9 

Engineering Contractors (14) — 350.11 
Mechanical P^igin«Briinf72) — 19229 
Metals and Metal Fomlng(16)_ 17415 
CONSUMER GOODS 

(DURABLEK5Z) 214.86 

LL Electronics, Radio TV CIM„ 263.14 

Household Goods 02) ... 178.70 

Motors and Distributors C25I — .. 130.00 
CONSUMBt GOODS 

(NONDURABLE) 07« 214.94 

Breweries (14) 23039 

Wines a ad .Spirits (6) — 275.03 

Entertainment, Catering (17) ._ 26335 

Food Manufacturing (21) 210-87 

Food Retailing (IS) 22038 

Newspapers, Publishing (13). 392.76 

Packaging and Paper (15). 146.97 

Stores (40). — —. 20337 

Textiles (25) £17.95 

Tobaccos (3) 25239 

Toys and Games (6) — 116.42 

OTHER GROUPS (98) 20936 

Chemicals (19) 29533 

Pharmaceutical Products (7) 274.94 

Office Equipment (6) 14235 

Shipping (10) 412.72 

Miscellaneous (56) 222.46 

INDUSTRIAL GROUP (4»S) 227.05 

Oil3 (5) — - 1 499.72 1 

500 SHARE INDEX 249.98 

FINANCIAL GROUPflOO) 170.95 

Banks(6)„_«^ 189.77 

Discount Houses (10) 21438 

Hire Pure base (5) 159.91 

Insurance (Life) (10) — : 144.12 

Insurance (Composite) (7) 130.48 

Insurance Brokers (10) 35035 

Merchant Banks (14 — _ — ffiUl 

Property (3D- 233.77 

Miscellaneous (7) ”***» 

Investment Trusts (50) — 229.08 

Mining Finance (4) - — 10638 

Overseas Traders (19) 32961 

ALL-SHARE ENDEX(873) 2Z966 


837 24132 242.93 24S63 244.49 2BU9. . 

866 218.73 220.94 22297 2ZL» l*jUI; ' 

834 39512 397.95 399.81 408.43 3M3t 

10.13 52132 52436 532» 32763 *MT . • 

774 35610 358.46 362.03 36241 3855T 

7.77 19336 19435 196.40 19533 

8-43 175.95 176.46 178J5 17835 UaS| t 

837 216.78 219.47 2Z3JJ 22338 HS» 

935 265.46 27033 275J0 Z7579 737S>\ 

8.29 18118 182.83 184.49 184.96 DM6 

7-11 13103 131.49 13376 13178 VSl 

8.88 217J3 21931 22L15 2JOJ7 lljsl' 

9.13 232.44 23323 23470 23365 19LS? 

963 27116 282.75 28677 28193 Wt 

9.62 265.97 26872 27016 26964 2307 

733 213.47 21535 21774 216S1 'ML - 

10.09 22332 22434 225.77 22537 W& 

1360 39817 39866 48212 398.98 312*1. 

7.42 147.87 14874 147 JO 14638- DS23 . . . 

13.86 205.49 207.73 21066 21*79 WMT. 

7.06 17837 18033 182.73 38168 JSWT 

5.43 25631 25939 26135 26294 222*1 

6.01 119.41 119.95 32173 121.68 DA®: 

8.45 21160 21263 21539 21471 HML 

861 29972 29839 30338 38079 ZffS- 


3.71 1165 277.02 27758 28133 279.77 . 

535 7.02 14252 146.46 143.65 142.49 M** 

7.42 7.03 41454 415JS 42108 419.46 4»* 

6.01 8.06 22537 377 m mx 7W47 IMS 


-17 2463 

-16 — 
-13 1573 

-11 — 
-13 — 

-17 3351 

-06 — 
-06 375 

-0.9 22.53 

-15 3.04 

-14 1659 

-10 1533 

-10 — 


6.01 8.06 22537 22738 

■ 5-44 867 22931 230.77 

_3j5_ 735 50636 50865 

572 8.45 252.40 25433 

564 — 17331 17457 

6.17 669 19333 19333 

8.07 — 21762 217.96 

535 866 162.06 164.06 

632 — 145J7 14765 

661 — 13235 13472 

453 1058 354.46 354.76 
5.78 — 8559 86.02 

2.96 54.03 255.75 258.94 
-Z-64. , 5.75 11331 11471 
f 32.« 23255 234.79 
6.49 734 10766 107.82 

6.77 8.2B 332.91 33259 

S-3Z | — 232.07 23368 


42L08 419.46 4H» 
23035 238.47 
23335 232.62 
517.93 516.09 SML 
25773 256.41 

17635 175.94 BZ?- 

194.43 19179 :HS*- 
21864 217.62 39W 
16768 16661 Wf 
15030 15L» DM* 
13671 13669 1D» . 
35868 355.97 

8636 8616 3L* 

260.44 26817 . 

114.97 11612 

237.71 239.72 *g- 1 . 
10738 10832 ' 

335-42 33152 2n3^ ■ 

23638 23579 MW* 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govl Av. Gross Red 


I Thurs., I Wed, 




IClnHluv 

SI 

lobk j 

Prt.i- 



nt 

AtrnnwU) Bn«~ 
Ibiuk >•! W.mwv* 


4nm 1 
32 I 


30.824:11! 11 I 57 BtacktMir,l 70 j 

— I — llr|injjtfliuuK’k HLUja. li-)*tol 

10.« : 21« as W 'UiwhllVuu- 96 j+1 

11 '9 27:10 9irtu.Sisptn:U"* Servitt^ 815 pm! + I 

5.8: l<9i «alj 4o Notion •W. K.» A 6 »jl 

218 4:19, 111 )W |IVt<nc f'nrtnrmlil^ Ill ; 

28i7] 8-9| 72 f» liintrJiRr Spmbm&a j 63 1 

14.8' 8 « l!ri lj* (Tctulruot 164 !..l 

25 81 22/9! 121 119 WtUvum JVsKviii CU oiltiin- 121 ; 

18 B 13& 10* on )Y-«-Wi<rv Cttvuthuht.... ... . 09 —I 


British Government 

1 Under 5 years 

2 5- 15 years — 

3 Over 15 years 

4 Irredeemables. 

5 All stocks 


Day's xd adj. -xd odj. 
change To-day 1878 
% to date 


10430 -072 - 


12052 -0.M I — 


Low 

Coupons 

Medium 

Coupons 


5 years.. 867 

IS years 10.96 

25 years U.67 

S years n 77 

15 years 12,18 

25 years. ins, 


6 25 years | 

7 5 years I 

8 Coupons 15 years 

_® 25 years — ... I 

IQ | Irredeemables 


e* .. ‘ 
-»«r 
t&L 

«£' • 
11 *. 

123L 

ip 12 

12* ■ 
USt. 

iisr V 


Tburs. Vue. 31 


Trlitay Thnr. 
-' ,r R- Ana. 

2Si £4 


j Ye*r 
.\||«. I «*', 
21 intfjs** 


Rcnttnoanon date estudly lair oay lor oeaHnx free 01 sumo dm*, o KUniros 15 20-yr, Red. Deb & Loans f 151 sv an 'tia m mbi 1 

Based 00 wospeans eromatn. 0 A-wmoo dividend yieW. B Rorecaid dividend: cu-ueDo-unnsiuj a7.Bu tre.B4 bv.bi S 7.aa 57.83 57.82 5732 57,82 S7.7B 

cover based on orevimis «ai*a Mnuim » DlvUeod and ri«w based m orosowstm io Investment Trust Prefs fl5) siw 1 uu sim nmi.,,, 

or ocber Offlnal wluhalW tot 19TB. 0 Cross, r Wntires assomeiL t Cover allows *nw,rre».i»; gl.w h. 64 Sl-27 81.8815162 51.32! 61.32 51.32 BI.64 

tor conrorgan o> sfaantt a 0 » bow ranitimt for mrldcnn or ranKuia only for ironux c tl 17 Com I and Indl Prefa /on\ ,n ic ->n an i ! 

nmflcms. fi Placing pnw 10 miBUc. 1 -: Pcocu ualt-u otbcrwisu lodicaied. 1 Issued nna Antu * rrecs - 70 67 1293 70 75 70 a = 70.62 70.82 70^7 nn as mi4 

by tender. I! O He red to- bowers of ordinary shares as a " rights.” ■"Issued I ; 

by nay ol capitalisation Minimum irwhrr orlre. M Rrtnrrnrtuced. Tlteoed in tWedewimltn arte hi. maim an iww datw and vshin — - ■ . ■■ 

conwcnon wnJi reorxanlsirtim meraer or take-over, nHTnuodiicllon. rihguM issues. A Its* of the cnsUncms Is avallaMe owP^3am5 W tL*S.2?? , P , fS? t chaa «= are puWsIwd lx 


97.80 't32.84 


57.82 

5762 

57.82 

51.32 

61.32 

51.32 

70.82 

7067 

70.82 


5 1.1® 


reursjniranon men wr o r takeover, nn mroniKnon. rj issued 1 issues: A Itst of the amsUnems Is avaHa«c r«m an P^Ushere. a* KiJZZTT’V* are published lx sawr^r.-. 

fonwr preference hoWera. ■ AHotmem knen (or fully-pakD. • Provisional Lomicui. ecw 4BY. oritoUoTto Hia "* F ««"cUd . Tin»*, Bracken Home. Cware ***- 

pantr-paid allotmcm Inters. « Wnh w-arranta. 1 — : v"..— . ' 





























































s l9, \ • 

ls M ^ 
4* V 
} lBss v 

sfc 


■A'fAEQ&'-bJ- 

< «d 4*>iv-'«'. '.'. 


AUTHORISED UNIT TRUSTS 


^t^Cs£;;fllgw..Ui <a , -- .. ‘ . 7r-' - 5 ...... 

.- raws^j FramlhigtOD Unit M«t. LldU) Minster Fond Miusei 
'Sa^.5t M.Irri«idViiiH.Er«jwC - ni.«s«rci Arthur KUEC4. 

3*B .. 4ia}I» 3 5Z2 Aaieni\itu,.,.-.._]H6 Mari 

.'^wowf-M) -in pptwilflwr.;. 248*2-4# 340 ®«wi*A^!>u»a»-Uoa7 


OFFSHORE AND 
OVERSEAS FUNDS 


I 


Minster Fund Maosgens Ltd. Provincial Life Ini?. Co. Ltd.y Ss»e ft 'Prosper roaiicned 

Mimieri he.. Arthur sLeca , oi-oas loss' jss. 8l*hops|»ir, Hi'-. oi.»7'afOi Scotbitd Securities Ud.V 


eronptf (ti ® : 

" -TSlSa ' ■''' * ■ 

. sr--.- 1 —!**'? .' • - 735* -n » 


-}®j t^plwJTvr^, 

4W Income TA- _ 
Ini Gfwthfd-- 
Do-AtntBL— — . 


Target Tat. Mgrs, (Scotland! (*Mb) 
IS.AiiWlL'rnwent.Ellin.S. 031-239 0C21 T 
Target Amer E*Se|21 1 SOI -0 1| 117 

Target Thistle W2- *53 -Oft 5M 

Ewra Income Fd.^koo M54 -03] 30.01 


Uenuder Fund 

7. rue Nwrr Dame, Lu-vnnbuiirg- Fraielct.. .... .. FnlUO U, 

dexaader Fuad . I Jl'S7 64- T...-4 — BradM-lcx )nW55 IN 

Net asset value Aug. » K()-Sekee Ini ! . C7 99 7 < 

Keyselet Europe UM a; 

n Harrey * Ross lnv. MgL (Cjj i - J SS5L h j - £?!£ ,?■ 


Keyselex Mngt.. Jersey Lid. 

Pi i Bo. BH. St. Heher. Jersey iIjik-OI-OMTIKO: 
FonvJci.. .... .. iFntUO USJW ... t 2 60 


Friends' PTOvdt. Cart JO. Wgrs.y 
PivhamEnd. Dorhsm;. •••“-■ mud jOv. 


ML/\ L'nun (46 B 


l" ^ . S3 ii’M »«taiil W®*f Trust Mw**cret uxg> 

? ?7 . „ „ “ •' ■ ] v row tmii ai# . rc"n THii ni Mama W“' tr MtaigemeBt Co. Ud.V 


I »“ 4 - u -.gchiniDi{er Trust Magr* ltd. ,» 


14u. Snath Street. Dorking. 


lnctpe Finds' . *; 

tai 


l - 

-* IWft-U 


- latoStfwma riac* - ■ 

- tntgrna lfah a l ... .,.|» V 

.. .-r a o Uteftn* .|»5 

• .-«ro.Qf America-- .KU , 
UJSAiBWBjptO Jua . - 


3“ CT - .'Cutt Managers £td¥ 

2^1 ld.FinabinyClnjuECEM7DD 

4« ILT.CanJoc :(** - <tkl 

a 5r Da A&- — „.p*f5 U(! 

' !®!» W** b**4 ‘3770s 

t.TL’Aftneo „...nni.5 15*1 


' ' 1 V ropt tmll Are . ECR 7SU. 

MulusISer. Plut. 19X5 *. 
Oinainm Mutual Inc.Tat J7X7 

I non Mutual Blue Chip W7.0 
340 Mutual High Yld-jKO 


’.Plut. 9X3 ‘ . 5*11-0 % <kM 

.Tat VLT. • 77.71 -Ofl *.« 

»mp 47.0 50.M-0U 4.27.' 

IhYld... *20 **7]-04j lit 


010004803 * 

-OH aoa TheWk.Esehinga.EtaN HD 1 . 01 « 
-Oaf a.« (tuadraiKU»a.Fd .11120 1X7*).. _.J 

-Oil g2J QuadraullacwBe- 11325 134. bj j 


Am-Eaenim ... 7Z3B 
Am tirmtin - 24 j 


770 Irrf'JaMiiftGHL... M5i> 3C 

*7B OU- PeOf.Ex.Fd.— 14L2 14 

*.*3 ij-Tiail Ftand.,., xsog. j*s 

OT. FeorYdtl’Ct .js** * 

2 j* C. ft A, Trnst {a) (g» 

a BO '’.!*“lleiehH<i.ttpentiCDod 
14* lit A 13*5 .3 


0HKKJ41T! Am tirmtlh - ... 24 3 
I 1C Eunpl Kigh VW. . 27.* 
" "J 77* Exempt MM Lilrv 27 

1 - RxIT* Inr Tm .. MS 

Income Dut .— 40* 

]nr 104»Wrfrwl... . Mg 


|| MM nt Commercial . SS’IS,*!, orn^r it! 

4 w 31.SL Andie* Square. Ediubuafa 03l-556#15i OwwrtUol^Fdll^mjf 6 77.2 ... .I 4BJ 
|-12 1.7ft Income Au^24 — U*u 17* «j .. . j. sat iieShrOrTvUtv-' .lafc.i Mfi-oJ 547 'nJiymW . 2*4 

1— ■• 7.2S '-{§?■? fSfl I 5|j SottorteT.inc. — {So «il-o3 5«7 f^rcl «uiltTm«i tog 

iarSfcL-.^ - ffiil ::;:J J3 „ BSSantT" M 

us7iS7noi ‘ Ridgefield Management Lid. i.PSf ijrth ;irnim.2j 


. H IX -0.11 
32 01 -0:1 
24ffl-l»a 
2881 -a a 
33.1* -OS 

as n -0.3 
»2 -04 
s*&-a^ 

wi 

u$-°% 

30 « -oa 
3351 -0 3 
25 ll -031 
22 V, -03 


HUUHiVMl 
-0.11 2*8 


Trades Union I’nlt Tst. Managers^ Ltd. 

100. Wnod Street. E.rX 01 070 O0U I . Charinc Cme. St. Hdior.Jiv.tll, 

TLTTAut! 15X0 554) »...J 530 3S34-W74I 

4HR Gilt EdgFd... |10n 


Xeyfriex Japan .[U5 37 1*1 

I'ent. -AAirtj.'-'aii.. | £13* 05 


MM ' 3.71 


gualtaCrtsttt... 

; a*sgc^ >FaL- 

VS^S^^?4 


L-- 258.01-1.7 


** *:*— - - — l»* s 3*.8)r0«l 451 NxllOBai Provident lnv. Mngrs. Ltd.v 3844. .Manchester «1 23*8501 U.K-Grtt. Dm ]m* 22 2! -03 4.74 MwlVSu AugSft': S5 J 

Garrastfe Fund Managers y (»Hgi 48.r rf ar«iiuivliSi,lic3P3Hli ai«3420O atdBrtWdinLlT.PW-O 111 «....) 2» . . „ . . ... • • 1 Want ymin . *37 

Z V. Mary AM.EC3A 8Bp! 01383:1501 NPi Uh.UnTa .14*7 sx*|...l * gg . Bidgeliuld Ineoiae |N 0 MSi) 4 *13 J. Benrj Schroder Wagfi St Co. LtdLy \an awih Aus.28. gi 

frtAm*rtcaaT*L^..l31i S3S -0J21 001 lAjrrura Usibi* -.1*0.7 *4* j 405 laO.OwapMd-.F.C.: ul 2403434 — Sti 

Bni.vhT« fAre...ioa «* r \ HI K-Uwchl Id Asset Management (g| u,,,,,a =" |i||2 SIS I |g L| 

_3 la ^ afHwH nm AiufiHH *ti Kat« <£al vlu RJO GilrhcnvIM. Avlnhuiv. IgBWI ti.rufiH Mu ii3 I au !ACCUIU. LaiU I ..... 482 


4» 2 V MaryAae.E 
252 t*AtnerlcaaTA 
SS BnuvhTct f 

2‘22 Commodity.!, 

4 S’ ^trolucmneTai 
455 teiVarEaotTnus. 


. lBAMkirrJlS!£QtflRA . ■ -8239231 Ins. Aerncte* 

awKokwUT. —..(5*3 . ■ . taT) .. :.| m i«i Sl - 


*5Ca -8. 
20.1 -1 
*7 4 -0 
43 ( .... 

*55a -fl 
82 ta -0. 


! S Barhinu Aug 31 _.I7* * 

!« lAcrum Units' 1233 

- BnrhJBxiK.AUfi.M. M.4 

7 0 Burkm. Aug 31 05 

2 45 lAi-cum I'nitsi - 103 « 
4 W i'olrn» Aumiit 35. 138* 
lAirnn L'nits#- . 1*73 
“H t-VroWd August 30. 551 
133 lArvum.L'BiUi . . *04 
IS Clejt AueuxIO. .. 577 
4 74 lAtrtinv L'mtii .. .. 74 1 
4.74 MarlhomAH&» .. SS 3 
1 Want TJnim . *37 
JlLy Van Gwifa Aus.29. 53 X 
,, ... , i.Verum. L'mtei Ul' 


84.71 -Ui 
1313 -XI 
314 .. 
*81 -28 
103 1 -15 
14* S .... 
27*. 3 


ARRCIU Edg Fd... [10 So u02f | 1215 King ft Sfaax&OR Mgrs. 

, „ _ _ . . . ' . 1 '.'harirusL'rorf. i-!.lletn.T.JaTM^.. 0534 iTOTl! 

7M Transatlantic and Gen. Sew. Cs.3 Arhuthnot SccnriDes 1C.L) Limited vtoiej- H*e. st ivrrr nwi.cmn. iwau 247ns 
394 91 -99 New Loodoo Rd Chelmsford 8245 Sl«l f*O.Bm3Bt. SuHrlirr. Jersey- 05MTO7? i??Sff?4?jJSih..? , |f.i|u' , ' C, Ui4l l ° 8 7 4 i'*a 

3iJ -^-r SrW TS, '? u an ^ Guem^£3 51 35?| | 12.00 


Ulll FmL GuernoCMEI 
Inti. Gtnl Sera. Tri. 


See»TM ” “USB M21 . 4 UOO ““ ‘ ‘ ,u - 1 

\fxt dMlinc rfaif* ScDfpznbff 4 I Dm. wl Sm. Trf. 

iftindrStciiliao 130 £2 *'«■»«« !SL“ \ - 

Nest dealing dote September 14 Fini Jnil .... 1518*32 1H7 Blf .) — 


Lnstrolian Selection Fund NV Klrinirort Benuon Limited 

Up^un^ej. r o Irlrt l aUQg & ng. Fcnehurcb S« . El H 

' ^WtV^ue August 24. S3 

ink of America International S.A. gainif FonrT^I ’ « c»5 

Boulevard Royal. Lusembeurg G.ll. KBJspaii Fund . S1S385* 

dimnt Inramr.. 111*9120 n2M( . . [ 752 1, S_ Gll1 , K , Fd 

'«* “ AU«* 24- J»«« **>■ to" W. fflSSSJJCJSSj? ■•“ „ g- *S% 78 


AdSbnkrfeer Uni L Mgmt. Co. UA. 
iKaUt.R-iScavTjA; - oidaom. 


Mdnti. T*UA«,i 


Gibbs (Antonyl Unit Tu. Mgs. Lid. 


i:5i IS* ^^SSfuS^-^ESII -SIH.W ReUischlW Asset Managementtgi awv 31 \%l 

gu "Prieesoa AunBtin. Next duallsi: hept.-38, T34» GateboaseRd. Aylnbury. 03M50H innunr AucuriSS 2015 
0 AS rftrtce* OB August S3. Nesl.dealinc Sept ft N r. Equity Fund. tlTtB 1302) -1 3| >22 (Arc inn Unit** — . TO 4 

la* • . NC. Rngy Rnu U4X m.4 -0U 247 iMnerMAiu 20 913 

-0 7 &J9 National WestminslerOHal KC lmiM Fond.. 154.0 1*5.9-19) *n i Actum Unltsi v . lia o 

—pis 2n .VL'.taf!. ftt.rfui'.i BA 3»5« *0 5f 147 Europe A uftNW 32? 

-o 7 145 181..Clje«|wiao,Ka\«EU. 01406 aoaa .N C. I ml Kd.iArriHg 1M.I-0M 147 lAcrum Unibi M4 

+82 8 9S CaprtullAccumj— ttB.O 7>il -D.g 4J* N.C. SmUr Cnjrs Fd 15U 170OB -i^J 4.M -Fr*Oi»Fd,\ufrin 177.7 

»-■— 1— MaB •gmerEk. August 1 2*4* 

- ■- •Recovery auu 1 . 1*8 0 


Run Inc 

Financial ... 


OT 5 S*«?--iM! 3 , S SJ^JSiP^M 


Ai^Ui^ot^cciiritus XUL (8Kc) 

8T.t}n«n.St. Louden EC4RX8Y "- D1-S389B8I 
vu • -«3.4I .. -1 2054. 
45.4 j 4 .-09) ?.oa 
302 
■»« 

2*.« . I KM 


iai.Yi;.Gnmtim-}4D8 43.31 J 450 

taiA G. f 4f East*.. .}2* 9 2924 1 0J0 

03291 - Dealing ’iWs. llWcd. 

»* Covetl CJohhlY 

4 02 TT.UwdoitWall.E.L'.S. 01 588543) 

■902. S'Ur.AugnMS*..,..lU3:& 1*13) I 1*5 

Kin Do.Aeeum.Unu. -Gi5 234.M - . .I L*S 

2240 __ Next dc*UBc day Sept, 8 

' Xvr Grierewn UuuKdant Co. Ltd. 


740 -07 
HU -0 5 

35 7 -12 
404 -05 
77 3 -08 
*45 -1.1 


228 

2 . 2.0 
4 25 


fW WiekY Aug. 31 ,. . 

5S i.\<vum. I'mt'i m3 

,27 Wirk Dl Auginl 2*170 3 

iS Da Accum. - “ 1 ‘» 


581 ..... 2U 

U3 X*J 

5* Du ..... 31* 
*37 ..... 3.1* 
78! .... 77* 

43 1 5«l 

53 8 5.3* 

*81 -M * u 
117 -XI «*7 
754 ... 7.73 

**.« 7.73 


Market Upfmnumties. t o Irish Young 8 
■j] Dutbwattr. 1ST. Kent Si . fednev 

Jts USI Shore* | 51'Sr.U ) ....| - 

143 Ne( Asset Value August 24. 


01 £238000 
-4 312 

... 333 

331 

.... • 153 
_... m 

.... 0*5 

072 

. ... 1.70 

-03 821 


■RR art a* Lonnoo poj-Wig agenle only. 


Basque Bruxelles Lambert ‘ 

t. Rue De Is Kegcw 8 1000 HriMWl* . . r : 

tuns Fund LF~ H.313 1.3781 -% 771 LJojds Bk. lC.1.1 l /T Mgrs. 


‘Fat ta* escape funds imly 


i growth fny..^_ — ... HA WJ-1.3 iff Rothschild & Lowndes Hpkt. b)' ‘For U\ cicnjpc fimria wily 

5» uSwSftuifc W.S . Si III |'§ N^'r&Tew^'ttWf » *' W q ”^*4? Scottish EquiUble Fnd. Mgrs. Ltd.y 
• m9 * ^ * . PlieM on Aug. IS. Nest dealing heja. 15, ast Andrews Kq , Cdmbiu 3 h 031-5500101 

UKg, s.U «*waa Trust Magk Ltd.yta> i* 


an T>ndall Managers Ltd.* Bwebys UnJceni ink (Cl 

4*7 i8.r.-yn«cR^d,Briw«l I.ChaMngCn*.«LHrt«r.Jag. 

.‘SSSEftSL?- REi S5W 1 - ’I.SSDwWtsrane.MI .. «15: 


lAcrcm Units)... .. 1133 B 
t-'apiUlAng.N... 0354 


3 h 031-5500101 L* tycm - P nit l 1 . - IS* 

hh ■ -j *si JSssatsa?.” is* 

1 ** Xnt. gam An*. 30.. 263 n 


Barclays Unicorn InL (Ck. Is.) Ltd. 
<*»»“ I.CMMMClW.a.Hriicr.JlW. 053+73741 

■•■} Z li pvertfTLi Income _ M7 1 495ri [UH 

' ' *2 L'nidoDsrTniR.. WKUU 12CT . . ..I 3.70* 

• — I ill Untbond Tru« pL'SSlK iq J BN 

— I ■Subject lu (M gad withholding I ax os 


PU Box IBS. Si llelier.Jersev. 0534 27S8I 
Lloj'ds T*t O'seas . |*2 * *59) .. | Oifi 

Next dealing date Sept. 15. 


5®* lielMar. — JJ-.— 1*45 ' *7M -0^ t2S ClcyCate ll»t.HoxbiU7Sq,BC3. OI-N8104S ' " IzBSJ 

1« Neuur High lnc. JBu 51.4d| -3.7j 8B> American ,*^21 ..172 0 JHI -?.■ J2 Seha* Unit Tst. Managers Ud.V (al ™um&i:.“ So 


3.99 

70 

.... 7S» 

4.60 


cloys Unicom InL if. O. Man) Ltd. ,M ,n ™“ ur ' sra,s m 


Lloyds International MgmnL S.A. 

7 Sue du Rhone. P.l*. Bo* 17V, 1SI1 Geneva 11 
Lloyd* Int G rout h IKF3*3( 3n50|-17iBj 150 
LlordslRI Income |SF2795 3U5S|>+ 0Q| *40 


SecunileiAugN .f 


% fi 

r ah x 

. 7 Dm. 


447 09 Gresham St. Et3F 2ns. 
437 Forn nctu n AQliJG 
2 7* (Ac rum. Unitai.. . . 

258 BMC H Yd Ant 3L 
2*0 (.Vcf-uni. Vlrilii_ 

252 Eadeav. Au$.39 


014084433 

:...( 448 


jwwrwica union inraniite uroup iDi . -aa^ ir^T liai 
P.O. Box 4. Norwich. MU 3NU. 080322SM MerbllAug SO.r.'.Ko 
Group Tst Ftt_ — .19472 3*7. lj -3.*) 4.3* lAceuBt UolBl ]XM2 


■4*.4|-B 7 252 (Amui. Uniui. 

3B.M-0 5 4 02 cmebstr Aug. 38 

..JlM-fll. 121 4Aecum.L'nlt*is- 
- 2*W ..... 221 [AaBrcU. AU$.30 

.. 10551 .... 155 t Actum. Urdu*. — 

■ ... . 53 " +Dl 100 Guardian Royd Ex. Unit Hgrs. Lfd. pelican Unit! Admin. Ltd. (gUx) 

Arohwajr.UaU IsL Mgs. LlAy (MHc) Bor*t&ton*t.E&y3n7i. ■ tn^awn a , foaai ^ DS . UMai . befau . 06 , 234 * 
3l7.HigbHoIbocu. WCIV7NI- 01-3318333. iai«!uaidWUTaL.|3SL0' ‘ NM-l-U 4X* FelicanUnluTl— (907^ 9751 -L3| A‘ 

Jjyidfffe.rffi- Hettitewn AMndatl NV isMckgJ 

Pel ecu .1 August J1. Nexi *U Ud-y i^ptoaiber 7 . py^ngrpr Adaua.5 Rayteish Road.Hution. Perpetual U«H Trust MsgmLy (a) 


1381 i34 7 34 Pearl Trust Managers Ltd. (aKgtfz) Seyal Tat. Can. Fd. Mgrs. Lid. 

ffi-* iS-JKSSftes^nBSfSS sara^'Sf »*aj , Rf«-"-«'-_ia» on. i » 

IS! ::: 1:8 KSk^-'te 85 ij iS iia*T«. sunsets ud. ( » liaUsJET?:.:!! 

w=r is «aat=lH « a « ^ ^ Gn>ro srsstrss* 

lit Hgrs. Lfd. Pelican Units Admin. Ltd. (gUx) 4. Great Si itcieas. landM ET3P3RI* JKSfWiS?. Ira 7 78 7? TSB Unit Trusts (j 

.4-4 <MI23ff5flC! NTO Queen » . gdloburgll EH2 4 S_X_ WhWrawaJ Unit* l« 6 5» 4f - 1 sj - si LtuntrrWiy ABdove 

IM -LV 42* Pelican Units (90.7 3751-1.31 4.74 Deal U«t» In: 0I-9M 8008 or 031-228 T3SI •Aewurt BrttUli tapiul Fund OeriwirVoB 

•nV (sxckg) Save & Prosper Securities LuLy stanturd |iW2 i»5| I «oo i hitsb G eneral _Z yn * 

eh Road. MwtlOD. Perpetual Uril Trust MngmLy ta) IsImnUBWl Fuls Aeeum Unit* ■ . . U*6 2 . 17*q .....) 4.00 Ibl Do S* mm. . — fe 8 


-TWI 


WiH 

a* Style ml. 


ff! ro Bax ftl 1 , Brklhr? Hw.ECt iiI 2rW5«W . s f«r*p Aug 30 M« 

7 13 SSrhag «'*pll*l Fd . |JS 5 3721 -0 5) 3 58 SSTJ?; V Sr ii' “ llTl J 

35* Sebag Income hd..|l2 9 34.5) -0^ 7.K oreUne-Aup 30._ J17L4 

Jl* l«Mhn Wall Cm* 

Security Selection Ltd. t5 P ^^' nh " " Bbi 

15- 19. Lincoln ^ inn ! "icldv, WC2. 014016838-8 Extra Inc Gromth WO 
UnvtGihTsArr [255 27 2). | 227 Do Aceum. - -. <** 

“ Un-.IGihT«lnc — |2S2 23 71... 2-17 Kmanrwl fVrty 1*6 

J5 Do. Arran. ... 205 

741 a .-It T.I w * 1 j ... IfiPhlnp Pnnrm Ut 


*« lThomuSLDougUs.2.0 91. 

"■2 Unicorn Ault. Ext.. ISA 3 *12 

” H Do. Auu. Min 37.0 33.1 

fH To Grtr. Pacific .... M3 752 

!“ Do bUL Income <W4 43.5 

Do I o( Man Tst ... 482 519 

Ho. IhU Mutual-. 27 3 234* 


Barclays Unicorn Ltd. (aXgmc) - Sieiwwo«LE*»4i 

Unicom Hw333 Romford R4-E7. 01-S345SU 

aasauK - !« 3 i -a e£«a^- i 


tM jSashopsgate Commodity Ser. Ltd. 

922 P.O. Bot42.DougUi.loJf. 0624-33811 

458 ARMAC-Aup 7. ..fitSMU Jlffi ... 1 - 
4N C , ANRHO'<Aui.7.|U047 1 US . . . - 

75S IOITNT •*Aog7 |E2.432 25BH . i -123 


0614 «Bfi , _ „ 

4ftX| 150 M ft G Group 

.. . 150 Three i]iu» Toner Hill EL3R 8By 01-678 45N 

■ —• Y-_ Atlantic Aug 29 - .JJL'SJIS !U — 

•— 5“ AUSt Ex. AUB. 30 SL-blSS 2171.... — 

HS CWExAccAU(£30 - r.'SUQ DM . — 

140 1*1 and 1381 147 m -06 332* 

„ . lAccuml'niU) . .1354 207* -0 J 132* 


Originally tuned at "510 and 


DoLAust In*-——— 
Do.CatuUJL .. JJs 
Do. Exempt Tst. 

Do. Extra ineMML_ 
Do.HruncUl- 

Sq teieBI lZZIl' 
Do. Growth Aec 


• 3D -0. 
- Ml -0. 
'4*.! -O 
75 Oa -0 
■Ilf J -L 
.. 3uu -a. 

Mi -0 
MOa -0 


■ns 77-21 • 23s 48 IUn St.. I lenlaycn Thames 0*0(28000 

, F>etualGpUh^-H45 4771 ..^4 500 


:S3 12 

^ IneoamftAsaaU— U«7 

"01 iS High XncwmeVmMa ' 
-L2 SH High Income — — 1443 
-OJ ,7B Crbot Extra Uc. .4*05 

-09 *‘<24 HeelojrFliBBa 

-8.7 55* Ftn*UcUiem}_Q** 
-03 57* «J*NJLEes_g57 

-04 338 lntreamUoal 

-25 *573 Cabot N7J 

■— ■ 528 lntermuonsl -138.4 


Piccadilly Uall Trust (aMbl 


Capital M. 5 , 

ITU.- _-B7fc 

t'oiv.armtb 172 fl 

ImulBf Income Fund 

High- Yield |5*5 

High lanw Fuda 


41 J| -asf 

77 q _ Qjb} 2.07 Alltanee Fund MugL Ltd. 

Run AUianre Hm* . !lur-,hain 6W3 84H1 

*051-0 71 *U E*P B«I Tsl Anc 9 [U33 7 24*11 I 388 
* 1 * “ vTho Family Fd jlo*Q 117 7! -1 sj 327 


rAtnnul American Fueg 
Kuuubx-d Lmus |«4 7HU-?M 135 

Arriun. I'niL' . . 7J7 78fl-23[ - 

WltMrawal L : n«s (54 * 584I-I5J — 

•Stewart British iipiul Fund 

Standard .. .-1144 2 15* 5) I 400 

Accum Unit* . |14S2 173 «| [ 4.00 

Deal i nr. iRri. 'Wnl. 


•‘UK 

1*3 4 71 Dt -? M 135 

7J7 78 7j -is) - TSB Unit Trusts fy) 

Ms . _ 9*4) -I 5f - 21. chantry Way. Andover. I 


_ 1 Samuel Moatagu Ldn. Agls. 

__ 114, Old HrtMd Si. E.C 2 01-5888484 

123 Apollo Fd Aue. 23 1SF44 3S «8J8l IBS 

L Japfesl Aug 15. . MU3US lli 083 

II i Grp Aug S3 ..[il SUE 11 SM 188 

1 17 Jew Auk 23 k5 6* *1« .. OU 

U7Jrr*yOs Aug. 2.(0131 12 53) .... — 


Aataav Gibbs Unit Trait Hmucn Ltd. 

Sg ^^jkY.^aOIdJewnr.ECSRSiro, 

...... . iitJ Jiil-aaa Income..—™. — 143.5 


“ 21. Chantry Way. Andover. Manic. 8X84 821 

Deal teas lo 02A* 634323 

} M i hiTSB General (474 S8U-DI 3.1 

9-00 ibl Do Arena. — HO *53-11 5.1 

•bl TSB Inrome. - 62.4 **« -83 7 1 

i til Do Acrum *5.0 *3 2|-Lt 71 

TSB Scottish 893 35 2 -01 22 

U1J , iblDo.Accunt 95.7 201. fl -0.9 2J 


Do. Growth acc — -HU . •_ 4*1] -o *] 338 lnireamkaal 

1)0, income Tffl teas - 37jJ -xil 573 Cabo* HJ2 

■Do. PW. A“u»,T».-D45i .JK21 — . 528. luenauoiul -138.* 

JMet»4tAU8iia31,Ne*t Jab. day September WhLWideAnc .28^*015 

aSSSfi|. ; 

Do.YVldwidc Tit 1524 ■ 5* 3 -0.3 1.3B pK jKT — ; ,, G3v 

^d J n y dlD£ — . - *J«-0-rt 4.71 -Nonh Amer._ t __.;.Ua 3^ 

Do Ac cum,. — . jRH, 73 B) -0.9) 471 NJVm GtsSepU p5ai 

^ - ... . * Cabot Amer^nL Co. (U2 . 


2SM -0.21 3 08 
31AM -0J) 23X 

3* I[ -0« 2*8 
4131 ..71 1 68 
86fl .-t 4.19 


. • Extra Int-omo. 

JM Small Co s Kd. 

23X rapitaJ Fuad. . 

■ IiZEtm. A Ajaata. 
2 *8 Private Fund. - 
168 ArrumUr Vund 
4.19 TecbnotDeyKnodL 


435) —4741 2 40 American Fund 
4741-0.6 358 - ■ 


326* —4) 4f 988 r 1 ** 

44.7 -1M 530 VX. Fandn 

43J -AS 4 JO I 'K Emu O' J 

.53-1 -1 s| 300 OrencH FundMtl * 

39 2n -06) 450 Eurape— ... — 1895 

70.9 -07 3.W jspsnTL 7 J Gas 

67 7 -0 * 380 U ST- 1782' 

324|+0.l| t.« 


7J2 -8.71 
I6.7i| -07( 


; 17 Target Tst. Mmtrs. LuLy Ohri 


327 lister Banky (a) 

Waring Street. Uellaxi. 


^ 1 ° 31. Gresham SI. 71“^ 

Tnrnel I'ammudii. JJ38 

40 4t3 -0 9/ 4 9* Tareet FinanrM I* 5 4 
Target Equity . 337 


Pi'aling-, (I29K5FH] lbil'1 iier Growl h.. p9.0 


»n --.-i r^od^ 08 ■ * 

1M ■■•-». • . - Knew-.. f 

3 “ PrarUcal Invest.. Co. Ltd.y <yMct pinanHaisccx. T. \ 


Ho. Ac cum, . — l p* 5' . 798) -0.^ 471 NAmGrsSepM hiflb 13*23 -4*1 * 2*1 *4.Wn«B»bu«y Su-WCI A2RA 01-6238893 Hbcb-Mlnbm*. Fund* Tit-Inv |313 

-1^1- i A.-- - - .-:..* CiImiABwSSQxga *JA|.-B.s| 128. Pneb.alAUX9»...tt*7.2 1771) -J0( 597 Meet luternm „ JBU3 20XI-7.M 2.08 TgcPret 134 

Baring Eroulets-* Co. Ud-f fuKx) mI . * /«Y Arrum. L nltv. — __.R3*.4 250 J) -5.7) 3.37 Select lncmnn. ....J|SU 532) -Oh) 7.05 TgiSporial bus. .. 20 9 

UKUadmUmUSCECJL 01-5888830 ™ - -"•"it * I I 

■g*gSfly;-r--p» & SBfteSr mS3PS\ — — " 

-....r.vifiraHr. v SSSSSBfcffi ~ TlkTGV TX> A /l VFI DDAD1? 

BishOpsgHte Progressive MgmL C«.y ihinapiui -rnm 

kiiiuw^pci^ 

ACK50-D35.9 1 321 n,i Security Trust -5* M7j-0S 9J1 ~ 1 ■" 1 .. 1 ~ 

pwSw iw tb)HlghYUHdTst-pl2 , -oil Abbey Life Assurance Co. Ltd. Crown Life Assurance Co. LttLy Lloyds Life Assurance 

<A^omJAnii3^”pW2 .''322*1 ••'".’I L33 lateLf (aMg) 1-3 Sl Paul's Churchyard, EC4 01-24801 U CrowiiUfeHae.Woklhg.GU21 1XW 0*8825033 20. CURaa St. EC2A 4MX 

NcxtMdL day *Ssptombeca. I ~S«PMmft<r 13. iS.ChriiitapiherSbeet.ElC2. 01-347 7243 Equity Fund 1393 ’ -41.4) ....J — Mxng'd Fund Acc.-(Y 0*4 11251-071 _ mu Cth.Julv3l. . 111*714 

• KingFuUBmSL.BC4R9AR' M9M488i ^ Fun d M a nag er s Idd. (ikg). ivopertyAct «t2 lMi — Equity Fd-Acc 

: JUP8rimnfcGeu4.p75 150'aRMDhSt 7 EC*V^ 01^087078 ^lectWcKund. MJL • 1*3...-. “ ' j&H g K; 

lSS>e^..,.;^rT- Hi -. M2 59T Key Energy lit Fd.HUa . - 8*.11-1J11 324 Cot vnubie Fund, m.1 1531 — 

CApHaOnar WJ «.9 tUJ 2H 715 - 7*3 -0^ 4J* -7“' %2i HN*-’- ftSSSSfMfiSn 

Do-Acc-t : 0*5- 47.4 -ta 25* *KcyE»crop* Fd ... 1*8.9 .nCT J 5.43 3Pri>p. ra Ser.4^. 32M JUOJ - ■ — SwjSEjftff 11 ' 

Exowptr.. J MiO lSUa 5.43 KwIncomePiind- MJ ‘ BOal -06) 8.45 gjftw.P lWr 4 ■- K? *£4 — jSJWWaSt 

KWmtrt Bet^mTJuit Managersr ffiSPff- 1 ASg^^ValSi' ulraSUy ^ 

^ J ’ JSCFenchurcliSL.RC5 

Britannia Trust Management (»> (g) . k.b UmtFdinc. 

2 Landofl :Wb 1I Bulidiolx, London Wall OK-R UmlFuJ-Ae. 


9*2) -0.11 3 
11451 ~l.il 0 
m.o! -oil 1 

88.71-051 3. 
71. U -0 *1 1 

■ 1 . 0 ] -0 fl 2 


22 Target Ex Aue 3U £239 


030 ODo.Ace L" ni L. 


428) -0 If 35* 
no) -0 2) 410 
41* -0 a 5 30 
232 0^ ... J *14 


St ^ , iBS55«l?tBa itsl ....-■ - 

P.O. Box 508. Grand Cay man. Coymnn Is 

uu*. 02*402188 jpo^ufai.'ikiif Knna** 1 * ~ Murray, Johnstone (lnv. Adviser) 

g«0» ^ ■ HipponFdAut30.pl SNG DI3 — I 8 77 ]03.HopeSt .Glavgow.iTi 041.2215821 

jHEji Britannia Tst Mngmt. (CD Ltd. " I W’sSS | ....i - 

Ij_ 0 JORMhSt.SL Helier. Jerwy. 053412114 "NAV August IB. 

,®9’SJ JJ} Sterling Den sosi naied Td*. 

101.il -0.3) XJX jrDwtblnrcm gl 40.4n| 3.00 Ncgit SLA. 

l«<vEi>ero»faL~ M84 ** _ * 1 SO 10a Boulevard Royal. Lunerabourg 

'fSS .sSBjr. £253 “sl :::.: IN NAVAu t u«18.. ..I Sl-SILW I I - 

KB33S22I High InLSUg.Tn _h«.4 tlS „.. 11-00 
4L9U( -U) 5.02 I* A Ddhr DmdNUd Fda. Negit Ltd. 

lil’SjfcSi Ta [Si ^ n ; si3 ••• -I ‘Too Bermuda B1JD. Hamilton. Brmdj 


lUnivsL JTot . .. 
nnl High InL TaL. 


rau si 

04 K-S10 


Negit Ltd. 


Unit Trust Account ft. MgmL Ud. v «h.n Augun 25. Sen dealing Septw^r 4. 


i inn Bank of Kermuda Bldg,. Hamilton. Brmda. 

...-1 you SAVAuitU /£i«3 _* J j _ . 


137 Tanteiiiilt Mind. JUl 


Target llrnwib . 
im TarcetlnU — 
in Da Re lnv. L'm L> . 
2 If} Tarprtlni - 


232 0 ... J *14 King William SI EC4R9AR 
^ 1 6.14 Knars H»e. Fund -DUO 

« *0-1 3 0? Wider (Inh Fnd. . B2 3 
31 i“ '“S 5S Do Acemn. &73 


283 1| -2.M 
53i| -0±| 


Tgt. Fr Auu 30 ... Its 4 274.1i 

TgL lnv 313 33 


31 Id -0 4 4 51 Do Aceum. * 673 

3024-03 241 

33.7 - 0 3 2 41 

-0b iS Wieler Growth Fund 


•“-T'S Browt> Shipley Tst. Co. (Jersey) Ltd. ‘® naI . 

....J 3-% pm Ho* JUQ in 11*1 iff US34 747T7 ^ ^ Pftrr Port, blicni'ify 

1% L ° ^ . .B 7 !;- truer- Dollar Fund IS2.44 2MI-D.Q 


5S-M4SrirM Tl iw I-i-MWI-rrund ISL44 2*4)-a0« - 


2.08 TgL Prrt . 


7.05 TgL Special sins. -.|21) 9 


MJ] +0J 
33.4 -O.l 
M35) -U 
- SOS -0.1 


INSURANCE AND PROPERTY BONDS 


SS:. 0 " 

2254 -0- 


7 *7 King Will iamSL EC4R8AJR. 
1173 Iiutime Units ...... .625 

458 .Accujn.Uniu..~.-p73 


zm j 


{Butterfield Management Co. Ltd. 

I *051 IPO Box US. Hamilton. Bermuda. 

3 9* Bunress Equity... (HIS « 2U{ J 16! 

3.9* ponreas Income.. nVXLW ID*) . 1 7j 

I Prices at August 1 . Nbu sub. day Sept. 11 


Quest Fund Mngxnnt. (Jersey) Ltd. 


2apilal Intenutionai SLA. 

!7 nia Nun-Danr, Luxembourg. 

Utulai InL Fund— [ SVS19-24 | — 


PO. Be* 194. Si Heller. Jene)-. 
L65 Quest Stic Fkdlnr. [95 6 101 

7J9 QurtUnU Seen- . «'S97» IK 
11. Quest (nil Bd . K'597 * 3D3 

Price at August Sl.Nexl dealing 


Maul'd Fund Ace. 
wfd Fd-iucm. 


5-5* 1 5?®“ v 


Fd Ser.4 n | 
U Ser 4. ...I 


Mang'd FcLlucm. 
Manc-d Fd. lnll 
Equity Fd- Acc 
Equity Fd. In cm. 
Equity Fd. Init .. 
Property Fd an 
PTO porty fU InraL. 

P ro pert y Fd. TniL 
lnv. TH. Ftt Arc. . 


104. gj -LO 
105 3 -1.0 
1UM -0.4 


- MU-Gth. July 31. . 
*51 OpLS'A'Pr. AugJI 

— OptS 1 A'BqL A ug51. 
. .. OptSAWAueJl.. 


5M OptS'A’Man AuEII 

— OpcSADpt Align. 


1471 ... - 

140.1 -3.0 — 

1*52 -OB — 
164.7 -1.9 — 
128.9 +8.1 — 


Schroder Life Groupf 
Emerprisc House, Portanouib. 

®2 A X&f28- Uo M5J 2t 

Fimant5 Anc.20.. 1494 15 
Int UL Aug. 2ft! -137.8 M 


SfJ “J - 


Charterhouse Japhet 
I. Paternoster Row. EC4 

Jdiropa DlU»5fl 

Adi verba DM99 ZD 

foadah DH31.99 

rondla DM21 71 

Emperor Fund. __. SI'S) 17 
timpano— fr.«U9 


Kleinwort ^BenWTJ*dt M*i»gersy aS^ 


1nv.TM.Fd.lnrm. 
lnv. Tw. FA !mt._ 


-Valuation "iiaranl hr 


3 London WaU BuUdhms, London Won. *KR . UnjtFAAc 

London ScgltSQL • et^MOtTWMTt 


.Conun a 


gea nw ... f ■■ 


*]% . ^^b^oWdsIk 
aw KBSm CoxFdA ee. 
acj fflgh YTfLFVI- Inf* 
*** High Yld. Fd^Acc- 


T ’ sswJSir- 

2*M SJ9 Albany Lire Assurance C*. Ltd. 

Mr ]5 3].QldawliBgtt»St_Wl. 01437M82 

s3-- SEs , ASS l -. A “— R3M- ?SJlrS 3 — SSAb"!^ 


107 Laadon Indemnity ft GnLln& Co. Lt*L 

— 1820. The Fnrtnny. Reading 58351 L MnEd.Uli_Aug.28 .. 

i 53 - lawav- 

— Fixed Interest 1347 . 36t| . . LJ — W one? 3 Aug. 28. -. 


■—[ — (Clive Investments (Jersey) Ltd. 


103.6) — 0_l| - 


:d mrasBt& 


*19 Wnw 
845 «GUL. 
6 45 WntL 



Mint. Arc.i.u 
IfoncyFtLAc- 
Mjm.f-d.Van, 

is lnv Ace. .— . 
lFcLAcc. 
<rlLArC.~- 


2039 —0.4 — 
1484 —03 — 
121.4 +0.2 — ' 
111* -L2 — 

125.1 - 

M0.7 -0.6 - 


-0.4 tor Aatouimi imicnuiiiyaiinL jn&vaMii. KASe Ang. 29. . . 1234 

-05 — 1820. The Knrbury, Reading 583511- Mngd.R1xJtng28 .. 1573 

-H i 53 mor-M if) = ttsaac^B 

“14 - Fixed Interest |347 . 36t) . . \ - Money 3 Aug. 39. _. U8.* 

' I03 The London ft Manchester Ass. Gp.y SS?S§3Angi».: U&4 
-0 7 331 WuuJade Park. Exeter. 038&S2155 BSPaCpB. Aug. 28- 122.4 

-0- 7 ~ Cap. Growth Fond 2454 - HS! 

5^® *P9» Exempt Fa. 1413 .... - MnPnCpB Aug. M. : 207.8 

. . . ' — iriLrimt Ptdd Fd mi • MoPnAccBAatSO.. 2414 

-0.5 127 AExpc Sntf Tsi Fd 1672 1"! — Fxdlfrt.PmCMP.B. 

“ FledWeFund 122 8 .... - Fxdlnt Pn-AccJ... 98J 

1 • lnv. Trust Fund. 1543 - £?**SS ?2 V” Sri 

- Fro petty Fund . . 84 7 — fiy Pea Acr.B - g-2 

014B88031 ci d Deposit Fd. .. 1003 . — — Mone> r*n. Csp B 9*3 


Corn hill Ins. iGaernaey) Ltd. 
P.O, Boot 157. 51. Peter Port, Guernsey 
lntni.llan.Fd. — |M*0 109.0) 1 


mrg. Richmond Life Ass. Ltd. 

!4 | ...4 — 48. AlhoJ Street. Douglas. 10.11. 082423014 

ixiThcSiherTnisi. 1078 1104) +011 — 

Richmond Bond 87. 1784 U78-0U 10.75 

* OI-2IA3M0 Da Platinum Bd... 1275 134.2) 9.51 — 

«ui niM art Do Gold Bd 112.8 liafl +l3 

gjjnjjj} 32 Do Em. 07(02 Bd_ 1*52! 173.fl -lfl U54 

316H-(I30 

aM'8 M 5 07 Rothschild Asset Management IC.IJ 

n m ' 2*1 P.O.Box 58, SL Julians Cl. Gucmxey. 048120831 

•u Ml ...... S.N 0C Eq FrJuly-3, ..[58* *1*)- 2*4 

OC.IoeFd.Augl 1514 1*04 758 

ley) Ltd. D.CInU.Fdt. -.5141 132 115 

063437301 nCSnXoFtUly3\.. 1541 1631 ... 3.08 

Sal I 1100 O.C. Commodity*-— 143.0 1521 +0.3 424 

79S ,1 ll.oo DC. DlrComdly.T.. 528.02 29.00) . . 0*7 

’Prices on August 14. Neat dealing SepL 34. 
+ r*A tPrices oa August £1 Next dealing Sept. 7. 


P.O. Bo* 320.51. Helier. Jersey. 063437301 o C^mToFdJh'31. P54* 163*.., 

'UveCIU Kd iC l.i .n.77 9 aid I 1100 O.C.Commodily^... 043.0 lKlj +0.. 

.1.1 _ pi»eGinFd.lJ v .l.{«.74 87M -J UN DC. Dir Coadly.t.. 1528.62 »OS 


*Bxempc Prop Fd. 
OExpL lnv Tst Fd 
Flexible Fond 


Crusader Insurance Co. Ltd. ■ .Kil5RSS3 l -“| «*? f j r 

VlneulaHouac.TowcrPl.EC3. 014M003I c ld>3oail Fd L.J 3MJ J Zj - 

Glh. Prop. Aug 8_f72.1 814 J — j| ft G GroupV 

Eagle Star lnsariMidllud Ansur. Three 'Quay*. Tower HiU EOR 0BQ 01430 4588 
1. Throadneedle St- EC2. 01488 1512 Pm Penxlon*«.. 254.5,_, . .. - 

»hj i« KSejr-B! Si -Li = 

Equity ft Law Life Asa. Soc. Ud.f Family 7iia>" — mi — +n - 

S 1 "* 17 SfSSSW-.-T ® iii.. r 

Equity Fd_ lia.0 ■ 12*31-10) — l ni era xmi Bond". 1104 lit* -15 — 




Prop Pro Ate. K 

Br^TnvJtm-Acc-l: 


137J +0.7 — 
1273 -13 - 

130.4 — 

2223 -0.1 - 


UWEV Life Assurance Ltd.¥ 1}»“ • HH 

AlnwLflro. Alnm Rd..ReJjIala.Rei^lc 40101. ig8KK«fC way , m* 
AMEV Managed 11450 352.M -JO) — GltL Deposit Fd 10M 1050 

AMEV Mgrt. J27ffl +4.H — . KvxedFd"- )ll3.1 119.* 

AWVBqS@Fd.Inu.*. in* — General Portfolio Life Ins. 


UnPnAccBAucOO.: M84 
Fxd lift Pm Csp.B . 972 
Fxdlnt PnAcc.B.. . 980 

pSEpS A?? V~ 470 

nxjp no. act. jh — fix 
Money Pro. Cap B . 9*3 
Money Pen. ACC. B . 17 4 
Owwait... -HM 


Delta Group 

P.O Box 3010. Nassau. Bahamas. 

Delta lnv. Aug 2* ..gl'S219 73*1 •) 


Royal Trust (Cl) Fd. Mgt. Ltd. 

PO Bo* 194. Royal Td. Use , Jersey. 033427441 

ftf-BFia-wfi'a" ”5i' ! is 

Price* at Aug. 28. Next dealing September 9. 


- Dleutscher Inveatxnent-Tnut 


Save ft Prosper International 


- r SPtwtlach 2085Biaber«aaae 810 8000 FranJtflut, SMgS&S_«, Heller 
" Coacesitra 1DM2IU 22«H+00« — 37 Broad Sl_ 5L Heller. Jenej 

- 1 “ ^RenienlonttorjwSM A.S| ..Z\ - «A WUr+hmodmtol Fun* 


Gill Bond"". . . 
Intern xml Bond**. 
Managed Bd— _ 


-19 - 
+13 - 
-3.8 - 


Scottish Widows- Group Dreyfus Intercontinental lnv. TA 

^ ^ ® ®°° F0%<« N3712. Nassau. Bahamaa 

uvyhteia 1..-IU3J 313JJ | — ivvvi.,»a«i itratu lie*. 


Intern at Gr.-t pH 

Far Eastern-;. 15140 
North American*; .M M 
Sepro-; (1557 


I n v-FJt .Series 1 
lnv. Ply. Series Z 


Property Bd" IMS 

Ex Yield Fd Bd ■ . Jf70 


InvCwhAogOS. 
ExUlAce Aug. 10 
Ext’tTnc Aug. 18. 
Mgd.Pat.Aug.23 


AV August 2ft JJCSB34 175^+140) — 

nxson ft Dudley TsLMgLJrsyJJd. 


Stattnf-drnemlBtted Funds 
Charma Capital*.. [247 3 260 ‘ 


Mixed Fd-.^ — _i. |113.1 ISSi^M jSSgSSSdSd^KI KSI ":/J — 

General Fortfdlo Life Ins. C. Ltd.¥ Amcri»nFdM.'.M.9 sad ... J - 

flOBarthriomc* CL. W^Uuun Crom. WMIBI J, S^ on^Aug fi^-Aut 31 ! “Aug. 2S. 
pSrtoliS Cap^ai : ;. I423 147-6 44.4 Z'Ji — . Merchant Investors Assnnncey 


AMEV Equity Fd._ Ul* 
AMEV Flxedlm. .. g3 

AUEVMfidPro-Fd 1030 
AMEVMgdFea.'B' IM* 
Flnlplan «... UH.1 


*22 5 -3* - 

1M4 +oi — 
1047 + It - 
189.1 +ZO — 
10*5 +0.9 — 


P.O. Box 73. St Heller, Jersey 0634209M C hMnei. | dan da»- [l»t 160 

dDJC.T fU10 131ft .._J 3J0 ^^-r-Vl 15 ’ 


— Solar Life Assurance Limited 


id Holdings N.V. 


~ 10.12 Ely Place London ECJNBTT. 01342 20O6l|]aiKielsk»de 24 Willemstad Curacao 


TSI Deposit 1 1M8 I .. 

St Fixed-*** .. . - J114J 120 fl . 

•Prices on August 30. "August 30 

tlniual ofler. ; Weekly Deal in 


30 "‘Augusta* 
Dealings. 


Gresham Life Ass. Soc. Ud. 


Leon Hie.. 233 High St_ Croydon. 


_ • ■ 2 Prince of Wains Rd. BotoaUi 0202 7S70S5 Property Pens....'— 

Arrow. Life Assurance g.l. cash Ftmd W.* 102.71 ] _ Equity - .. 

30, Uxbridge Rmd. W.12. '. 01-740011 L C.L. Equity Fund -K« I28-S I — EqoityPOTx .. .... 

SSs5^S3nr88 7 522'? •- Growth «. sec. uie ab*. soc. ud.y SSn^roLT.::.:- . 

w-kni-ra rtf. geme lirf WairBanlt. Broyoo-Tha»e*.8«r(uL 0828.14284 • - 

Barclays Lue Assnr. u. IM.. Fi«n>leFSnaiwc._I aJsa I. J — J 01 } 

32RMnrocdRd.K7. . 01-5345544 LaSdbaiUcS^A^... - , SOI , I J — • (•>»!. Managed 

Randkybonds*. — |13U 33>ft _.J - UmdtojltSct Acc 116-2 Utft-.—l - NEL Pensions U(L 

jSM+ 5 7] — G.a S. Soper Fd ..) £7.910 . J ....J- — MIHim Prairf DoHunrSr 


Arrow. Life Assurance 
30. Uxbridge Road W.12. . 
SeLMJLFd.Cp.Unt. W.6 W.6 

SeLMkiTdSLUiit.- OM.5 U0.4 
Pen.mdFdEa_.BSfc 339.8 


0 l 7 i ,u ftmcs-E 

1 — Gx.Ind Fund 1124.8 

G4*Pi*y. Fund |97.5 


Mar Frit IntS 
Solar Cash S 
Solar lnll. S, 
Solar Managed P 
Solar Priopet 
Solar Equity 
5olar Fxdlnr. P 
Solar Cash P 
Solar Inti. P 


dan Amu Intel. U Ckriscaphcr St_ EC*. 
. 01-24* 7243. Telnu 8BI440& 

N AV per share August 25 5US3080. 




:fl = 


F. ft C. MgmL LUL lnv. Advisers 
I -2. Laurence Potintncy Hilt EC4R OB A. 
)1«3 48B0 

OnL Fd Aug 23 __| StIS* 29 ) | — 


Schlesinger International Mnjft. Ltd. 
41. La Motte St, SI. Heitor, Jersey. 063473MB. 

SAIL — W Ul -1) 843 

SA.O L 0 92 0.9 7 4*4 

GUlFd 224 22 6« 12.17 

InU Fd Jersey _. U* 12» -1 S.0fc 

InbdFdLxmbrg.... SH 69 l^jJ+OOfl — _ 



y m3 

value August 3L 


v,aawro» M | W.™ . 1 - Mlllon Court. Dorking; Surrey. 

GnardUn Royal Exchange m « Eq cap. . .. ms «; 

Royal Exchange. EC.3. - 01-2837107 «e ro g^Acrtu" - gXl 124; 

Property Bonds ._ 084* l«ft +«ft — .g? S “SSJ? Arc m i 

SSi*, Lile ,t!? ,u T e Sis Sims A a c?: ^ 

7 Old part Lane. London, W1 01-4800031 Mxd.Fd.Cap .. HI 581 


Son Alliance Fund XangmL Ltd. 
Sun ADIawe House, Horsham. 0409 84141 

Exp FdlnL Aug. 8- 10542 1*2J( J - 

IM.BnJt.nga8 -...I £14.45 f ] _ 


Ffdelity Mgmt. ft Rea. (Bdaj Ltd. 
P.O Box 870. HsmHLon. Bermuda. 

Fidelity Am. Asa ....I SUSM.n ( J — 

Fidelity lot- Fund _ J SUS25.79 I 1 - 

Fidelity Pae. Fd — ] SUS55 84 I ..I - 

Fidelity Wild Fd ... I SUS1723 |*0.lfl - 


•Far East Fund.. 1101 1*7 

‘Next sub. day August 


_ iFIdeUty WrldFd ...J SUS172J 1*418) — 
~ (Fidelity MtmL Research (Jersey) Lift 


Sun Alliance United Life Inn. Ltd. Wmsert^H^ Eto€xSt..St Heller, Jerary. 
Sun AHIapceHuuae. Hm-sham ® 4 ®®< t41 SeriwAilntnl.l I £451 l J 


Fund [ 

oterestFd _.t 



Beehive Life Assnr. Co. JUd. f 
71. Lombard SL.EC3. . 014 

Blk-Hone. SepL I..) 13425 1*2.11 


7 Old Fart Lane. London. W1 

Fixed loLDcp 1243 U3 0 

Equity;.-- 190-3 200.4 

Property--, 1*48 173 5 

Managed Cap 1440 - 155.8 

Managed Acc.—— 1*3 2 1929 


_ Property Fund 1 

_ Internanoaal Fd ~E 


m - 


ISertroBlPaeiticL... 
iSeries D (AmAa*.i 


Schroder Life Group 
Kn lerprise House. Portsmouth. 
Inlernatlaaal Funds 

£ Equity- IZ1S 9 1244 

5 Equity 142.4 151.4 

CFixed Interest. .— 139.7 14&C 

{Fixed Interest 1843 1130 

LM a cased . 131* 148.8 

$ Managed 124.1 132 0 


— Nri Mxd Fd Acc 


OLf Oveneta- ; 

01-023 1288 CU tEdm d-.. 

1 4.9 171 — ABOKWAW... .« 
T Pm P.LDcclCib 


Canada Lite Assurance Co. 


Pen F.LDepXap — 
Pen.F.LDegAcc.-_ 
Pen. Prop. Cap. 


132. U -8.1 

n»a-u 

135ft +0i 


159.1J +0 5 
217ft +ftJ 


281.9] +0.B 
22411-23 


Nett Sub day September 25. Managed 1 

NPI Pensions Management Ltd. gim i.n , 
48, Gracecbnrrh St, EC3P 3HH. 01-0234200 , l4 CocJ 

'stes:^ 

New Zealand Ins. Co. OJ.K.) LttLV jjaple.LT l 
Midland H note Southend Sfi I 3JS 070288066 Pertn * 
KiWi Kri 1 lnv Plan- J150.6 15531 ... ) - . , 


Deposit Fund _ — p7.7_ 
Managed Fond fill 5 


31 = 


Int Vildnc. Commodity Trusts 
LSI. George's SL . Dovglax, In.M. 


Sim Life of Canada (U.K.) Ltd. 

2, 3. 4. Coekspar St.. 5WI V 5BH 024805m 

Maple Lf.Gltb- | 21Lfc | -3M — 

MapleU Mangd-| 1382 ) .... J — 

ss 1^1 = 


Ldn. Axis. Dunbar 4 Co.. Ud. 
ILLonMnSW175JH. 01-8307 


FsL Via. Cm Tst ...13} 7 
7F*t VkJ>bLOp.T« .. f7L» 


wa 


“ J. Henry Schroder Wagg ft Co. Ltd. 
note 120. Chen pride. ECi 01-9884000 

Cfaepf Aux.20. SL'B12.4* ... 3L33 ' 

a.. Ud. TraUlgarJul>-3l-- SU5133.01 - 

01-0307667 AslanFd Aug2l — SFSZZJ9 Till 2J8 

+141 2*0 Dsrlins Fnd. - SA1.97 204 4.90 

4 B 0 Japan Fd Aug. 24-.piiS7.99 8-59) — 0.47 


Fleming Japan Fund S.A. 

37. rur Notre- Dame, Luxembourg 
Fleming August 31.) SUS&2.75 1+424) 


Sentry Assurance International Ltd. 
P O Box 320, Hamilton 5. Bermuda 
Managed Fund IR.5UH ZKH| 4 — 


Camron Assurance Ltd¥ - 


Pn.BS t,'ap._i._... : 




Eqni^UWm-.- . 

K^^ao n diExec-- 

EqultyAcejim 

Property Accum. — 
Mnad. Arcunx 


143-8 151.4 

103.8 
1052 


M V- 


T’en.D-A.F. Acc_i_| 1052 . | +0.‘ 
Haris of Oak! Benefit Society 


Small Co's Pri 1020 107.4 -2 6 — 

Technology Kd .. U27- ‘ 11*.* -17- 

Extn Inc Fd 980 1032 -12 — 

American Fd 11* 9 120.9 .... — . 

Far East Fd. 1203 - 12*4 +0 9 ~ 

Gih Edged Fd ... IM 3 109.1 . — 

Con-DepomlFd. ..|97.4 102ft . ... — 

Nerwicb Union Insurance Groupf 
PO Box A. Norwich NR! 3.VG. 06032220 


Target Life Assurance Co. Ltd. Free World Fond Ltd. 

Tnrert House, Gatehouse 1UL , Ayl esbu ry. ,, Butterfield Bldg, Hamilton. Bermuda. 
B “« f HAV July 31— _[ 5US140.79 ) \ 


Man. Fuad lnc.— _... 

Mm. Fund Acc 

Prop Fd. U»c. 

Prop. Fd. Acc 
Prop. Fd lnv. 

Fised im. Fd. 1 


-*■ IG.T. Management Ltd. 


Singer ft Fried lap der Ldn. Agents 
20.rannoaSL.BC4 01-3480640 

Dekafonds ... |mC*M MUI+D30I *■* 

Tokyo TaL Aug. 1 — | SUSSOJOH ..^1 157 


jPark Hse- 1* Finsbury Circus, London EC 2. 
(Tei. oieaa mn. tlx-, aoeioo 


Z ,l l.*57 __ 


Dep. Fd. Ace. Inc 
Ret Plan Ac. Pen. 


— " (Loadoa Agents (or; 

— 1 Anchor ‘Irt.'nitx — /jt'SlM 


2nd Property . 
amtMMignd.— ; — 


2nd Eq. Pen x/ Arc, . 
2ndFrtx Penal Aec. .. 
2nd Hgd. Penal Acc 
2nd DepPepslAec. 
2nd Gilt Pmsiaco 

L*EfU.F._ — 

Li.ESa^2 — 


m = 


NLATwr^AddlacombeRd,Croy. 01-OM43S6 

AP i.i n.iW Ttwlii IU7.A 164.4 ...i.J - — 

SG«5 ... _ 

IBZ.t -14 — 

107 ! -0 .1 _ 

■ 1*3 ft -S.B — 

izai • — 

1035 .._.. - 
944... - 


Fixed l m- Fund ... .hfif 160 « -D W - 
Deposit Fund— . .1*64 11221 ......I — 

♦Nor Unit Aug. 15.) 2210 4 — 


— Phoenix Assurance Co. Ltd. 


RM.-PlanMan.Acr 
na.FlanMan.Cap. 
Gilt Pen. Af«. 

Gih Pen. Cap. 


Anebar Gilt Edge— £9.7* 
Anchor InL Fd* — R'S5M 
Anchor In. J^.TM. 29.9 

BenyPnrFd, JUS 

Beny PneSIrig — 321.00 
n.T.AriaFd — . sbkUlN 
G.T. Asia Sterling— 0*53 


Stronghold management Limited 

. ---. - _ P.O. Bos 315. St. Helier, JerfcCj. 0534-7140* 
Io.o3l2W CWMOdinTriiW-mi* 94«7I ( - 


.9 IL 1 
3US53.9* 
LOO ' 335.9 


a=i= 


2 Bream Bldgs. EC41.VV. 
Tulip In vosLFd.. 

Tulip Mangd Fd 
Man. BonoFd..— 


Curimit value August : 


305). — J - 


m = 


PnaFxd.IntArc 


lo?7 Ztt = 

10*4 +0.7 — 

1012 +0 9 — 


Capital Lite A ss nra n cey - 

Context House. Chapd ArtVlce 00M 285U C« 

Ke^lwiMt-Fd 1 10*27 I .....1 — - F«ta prop. ACC.__, 

pSwmakofrlavj'dil 10*M J — - Inqseridl Ufe Ass. Co. of Canada 
■ I ’’ ‘ ' _ ■' Imperial House. Guildford. . 7I2S5 

Charterhouse Magna Gp;y Gn.Fd. Ang.25 _ .176* 835] I — 

33 6BLP? ^ 5S8SSS . H “ 


4-5. King WUJ lam Si , BC4P4HE. 01-6260676 rranHnternauonai rare mul lb. l 

Wealth Ass |1U* 1224 | _ 2 Bream Bldgs- BC41.VV.' 01-U56 

Ebr.Ph An 1 81.5 1 1 — Tulip Invest. Fd.. 

Eb'r. Ph-Eq E |8L1 05.4) .... | — Tulip Mangd. Fd 

Prop. Equity ft Ufe Asa. Co.f Mjjj- 

11*. Crawford Sired, RTH2A& 01-4800857 Pr-i- .LAcc 
R SUk Prop; 2*4* I .... J _ Maned Inr Fd Inti 

Do. Equity Bit — I *0.7 ._.J — MngdJnv.FdAcc. 

FlexMoueyBd — I 3514 1 .... -I — 

Property Growth Aasur. Col LULy Trident- U/e Assunuure Co. LttLf 
Leon House. Croydon, CRB 1UI 01-680 0600 Renslade House. Glotweaer 046236 


oi e» 0676 Traniinternational Life lus. Co. Uftjgx dSu^w^/IL. 


*53 17.7 

3US13 71 
S 1)57.73 


■ 2'« Surinvest (Jersey) Ltd. (x) 

*?S! n an Queens Hse Don. Rd SL Helier. Jgy. 0534 27340 

+025 132 American Ind-Tst.. [£*.01 *!« .. J - 


132 American Ind-Tst.. HB.01 8.181 ... 4 — 

HI Copper Trust Ell 24 llifl-01M — 

5M Jap/lndex Tst |£1L68 ll^+O-lfl - 


G.T-PaciilePd BlSlin 


5« Jap. Index Tst ...... PL68 11.92) +0.14) - 

■ 65 

A95 tsb Unit Trust Managers (C.I.) Ltd. 
BagMelle Kd.. St. SsLiour, Jen-e)' 0534 73404 


Milton Keynro 
Cttrthxe Energy — 
Cbrdtao. Money-..-, 
CUrtban. Managed- 


* "-Mm aged Fund [99.0 • 104M _...| — £*«“!?£.“ j... 

=-■ SSgfk-1} ig| - £Kg«!!' 

~ - ' -ssttss-t — ® fr \pHLr - ssEassa! 

.... — • Irish Life Aisurance Co. Ltd. Gilt-edged Fund 

-r* “. 11. FI DSbuar Square. 8C2. 01-62SB2S3 Gin-Edgml Fd. tAi 

co. lul jSSsSWffl'-Bfc 'SiM » tsssnsg 

i nxrf ExmK.MaD.Fd-. in* .HS.fl+l.i] — - Prop. Growth Pens 

oTmsaM. Prop. Mud. SwL l.. WLl lOlft+lft — ■ Ainrther At lita 
Prop Mod Gl?T._ . 1999 2lSft +l3j - VAll Weather Cap. 

+*J - King A Shawdn LUL • pSSSimFauik'r 

2 3 ~ Sa.Corohtll.ECa . 01«35433 Conv.Pena.Fd 

ill - BdudTdExmP*- POIW 103 22MM) _ Cnv. Pn.v Cap. Cl, 
„gj ___ Next dealing date Sept & Man. Peas. Fd ...... ■ 

+1* - Langftam Life ftaannnce Co. Ltd. . 

irtB ~ - LutfbaisHx. Uolmbroolt Dr, 3IW4. : 01203 5211 PropI*n»5Cap IU» 

T& = -WHSE^Jb - KftrfW 




fc® ‘ m 3 “ 

- ::rj z 


Property Fund .. 
Property FliodlA 
Agn cultural Fond 
Agrtc. Fund 1 Aj . 
Abbey Nat Fund 
Abbey Nat. FdiAl 
lovesunent Fund. 
Investment Fd lAi 
F.qulty Fun 
Equity FUnd (A 1 
Money Fund — 
Money FundlA) 
Actuarial Fond 


— Managed. — 

— cw. Med.. 


Magna Managed — 


’.lit -edged Fund 
01-638 B2S3 Gltt-Eifed Fd.lAl 
1-1-7! 5.H fpotueitenBily 


City of WertmiMter Assnr. Co. Ltd 
Binpuad House, B Whlltharse Road 
CrnydaaCR02JA.* - . 01-6848684. 

Weal Prop. Fund -.W-O. — 

U>aaei-a Fund,... ngl.9 19L4j4*0| — . 


&atafJadhytlLL)*9.5 




Money Fund ■ !■ 

GiB KumJ — J 

PULA Fund 
Pens. Ungd. Cap — U 
Pens.MugfLAec... R 
Pena. Money Cap. .. P 
-Pens. Mooey Are. -K 
Pens. Eaulty Cup. 
Pans. Equity Acr -8 
■Fuad euyrsnUy ck 
PmdurmUnil* 1 


6C2| +*.: 
!9L4-fU 
6551 -0 j 

Kfl+4- 

.*55 -0: 
178* +1.) 
1255 +BJ 
130.6 +0.; 
491 +*J 
-52.1 +6.! 

*25 -o: 

Mft : . 


-2.1 _ 
+1.4 

+12 - 
+u - 


+ limned Ann'ty 
Prop. Growth Pi 




!!:• E 


Prop. Growth Penates Ji A“> 

Ajlwther At Utillii* 1 


Ji gnuriUn LUL 


VAll Weather Cagx 126.9 


Vlnv.FdUts-^,..- 
Penman Fd Uts_ 
01-6335433 Conv. Pena. Fd 


U.K Ena rtr Fond. „ U4 9 - 22LH -LI 

»fcz:^.; SI 3 Z 

Money!! 124 0 1305 . .. . 

International 1*46 1344 -6.9 

Fiscal. mo 137.1 ...... 

Growth Can 127* 135J .... 

GrowthAce -1|12 lf?« 

Pens Magd Cap.- 1197 126.7 — 

PensMngd. Aec..._ 125* IK 6 ..„J 

Pena Gtd-Dep. Cap. 103 4 309* 

Pens.Gld.DepA« 1844 3M8 

Pena Ppty. Cap. ■ H5-4 Jga ... 

PmaP^TAcc 120.9 Jflhl , 

TnlL Band 17.1 M.l -flJ 

"Trth.GX Bond (992 - f 

■Cash value for £100 premium. 


=M = 


NAV per share AUguxlTS 5L'S51J33 


Tyndall Aasurance/Pcnsioosy 

18. Caqyugc Road, Bristol. HB72 32241 

3- Woy August 31 127^ j - 


- Gwitmon InmL Ltd. Ldn. Agte, Bagweue H a. SL ,. j en*y^ dsmtom 

Z d St. Maty Aae. .London. ECS. 01-3833S3I £E£^iid"'Jo7 0:23 ' 4 49 

.... — firrojrr Ptad Mngt < FW Easti Ud. Prices on August 30. Next sub. day September 

_ 1503 Hutchison Hse, 10 Harcourt Rd H Kong 6. 

”L} Z HK*r«r.i' tk..!Bbkiw tua .... I a« 

.... N*^S«inii'St'":.©mw ....“.j L5B Tokyo Pacific Holdings N.V. 

LM.¥ InlL Bond Fond-. pl SUD lUtq I 5.70 jntimis Management Co. N V . Curarao. 

0824 2MI NAV per share August 28 1L-17I45. 

Z cStSSSrS&.Gmi®* . m 3 " :J Tokyo Pacific Hldgs. (Seaboard) N.-V, 

-04 — . .... . lniiudx Management Co NV., Curaean. 

-Li — H a mh ra Pacific Fond MgmL. Ltd. nav per share Aumirai si'ssijo 

— — mo. Connaught Centre. Hong Kong 

_ Far East Aug.31 ... |HKU72 l*5b | — Tvodlill Group 

■m - -b*w KTSir:ifitei 5 .«™Jd» 

-• z Haairos Baak (Cnerasey) Ltd./ Overseas Aug 30... jll'si 25 ua+OOlf *08 

Z. ~ Handtros Fd. Mgrs. (C.I.) Ltd, ® MS',? V frt^n JwS Z 

— £5 X ^ ol ? fl,Cuen,s SL., ,»«, 2 New St, SL Heite,, Jrney *534 373310 

■ JS TOFSLAug 3! . ‘ 

^ lotnJ. Rood SlIS MD 111^71 .... £.50 f Accum. Sham) 

::: - hias**.., - JS ™^A Ut 3i 

^ InL SvfL A SLS LOS l.H ■■■— £-30 (AcriundlArHi.. . 

ij _ Int Srg* 'B 1 SIl* 12* 12fl -1 150 J«£yFd ME 30 

__ Prices on August 30. Next dealing September ifton-J Arc ttsi 

ul *■ Gih nmd Aug. 30 

_ . „ . _ . , , . i.\rrutn. Sharrsi 

y HeadCTSOB Barixig Fund Mgl*. Ltd. Vietary Haute. D«Ulas.Ulet>r«aD. *«M 2411 L. 

irmwui ##. Gammon House. Hong Kong. Managed Aug. 17. .. 11354 142.6) — 


Tyndall Group 

P.O. Bex 1258 Hand lien 5. Bermuda. S-S788 
Overseas Aug 30... Ill'S) 25 ig+flOlI *0* . 
lAecum. Units i .. Bt'SI.97 ZM+0B3 — 
3-Waylnt Aug.IT . ISt'Sin 29151 ...Zj — 

2 New St, SL Heller, Jersey ,*534 3733112 

8 75| . . | *00 
13.9O|-0 Ofl - 


3-wsyim Aug.iT . man 
8 S“ 1 2 New St, SL Heller, Jersey 
IS TOFSL Aug 31 — [050 
f-S (Accum. Shares).. 
i " Ameriran Aug 31 
HS (Accum shares'.. . 


I Ac-rum. Shnresi 


1M.[ .. , 
1001 ... 
230.6 -20 
52*2 >3.0 
1080 ... 
143.4 +02 


Victory House. Deuj 
Managed Aug. 17... 


isle of Mu. 88X4 24111. 
4 142.61 ZZ] - 


— Lengluun'A'Vlan-. (5.1 . ***| J - 

— fProp. Bend 1435 151ft .. .. 1 — 

— Wiip ISP) Man Fd 7*7 Mft .... J - 


Provincial Life Assurance Co. Ltd. 


„ : 10 HOW Investment ... 

PaforoiUBita.~~.-t «« HZT? 

Cily of Wcatnfaflter Assur. Soc. Ltd SjSS'TJI ZZ 

Triephoee «l-0§4 Sfifl4 EUUiWlnihil—:. 

SSSS^-gg 5 W i gr 

- . ' , . . Inti, initial , . . 

CouBnercJai Union Group .do. A c em..; 

St Heies's. 1. Undersbaft. EC3. 01-2837500 Mana ged In itial—. 

v.4ni«ii«4.i<!?n 1 *153. I J — . DoAecom.-.-.. — 


Legal ft General (Unit Aasur. i Ud 222. BUhopsiiair Era.- 
XiMswoad Hew, Xinfitwood. Tad worth. rrm-Manaxed Fd.|T2Z9 


Eqmty August 31 — 
Bond August 31- __ 
Property Aug*! ... 
DeposilAuc.SI 

3- Way pen. July M- 

O'eeaslnv Aug.31 . 


-6ft - 


Japan Fd Aug 36..|U:SSB H3«-1W - 

- *"*5g SLfTlSfrS^aSS^ vul mtnL Mdetuxnc.il lul 


14, Mu leapt er Streei. SL Heller. Jcrtej'. 

HtU-Somuel ft Co- (Guernsey) Ltd u IB. Fund., |JL5icj7 imu) | 7.92 

6 LeFcbvre Sl. P«er Pint Guernsey. C I. 

gm««sT»l 11*39 1754) ... I 341 ynjted States TsL InU. Adv. Ca 

^ [vs. A .ss” r i L “’ssri.»« 

37, Bue .Notre-Dame, Uisembourfi amets August 90 

|SI'$2I77 2LWI-+005) - 

International Pacific lnv. MogL Ltd S. G. Warbnrg ft Ca Ltd 


XingswMKid. Tad worth, Prm.Meii««iFd.|12l9 
Ruroh Heaih 5345C Pnw. Cash Fd — ... 105* 
i.0- UUf _ Gih Fund W U77 

15 liu Prarm Fund .— 9S7 

78.9" "Wft-13 — jgtpilh Fund.. 106g 

119 Uafl-J2 — Fxd Ini Fund •— )9*T 


-01-3476633 Mn Pn3-WAug.I..I 


12JR -01 
U&.U -fl.l 


+15 - 
+05 - 
+0-1 - 

!3 = 


Do Equity Aug 1— 
Do. Bond Aug. i.— . 
DO. Prep Aug l_... 


SS^&I . SS . id - . W 

- _ | jBfl A Cpucnl rualt FtnllDai) 

Confederation Life- Inaoraace Ca Exempt cash m it. gr 3 1021 


129ft -4.S 
U2ft-flft 


-0 0 — Vanbrugh Life Assurance 

„ . v , , - 1® " ~ 41-43 Maddox Sl,UhLWlR8LA 

Prudential Pensions Limited# Managed Fd U5L2 259.21 -o.t — 

Holboro B*ri- tXJNINH, 01-W5BEH Equity Fd . 2M* 258* -j-J - 

BUMPWM* M rd z | ft = 

Tunbridge Wells. Kent. - 0HC22271 Vunbnjeh Pensions Limited 

BMhSifld'iBsLt Mra ~ 41*43 Maddox Sl., Ido. WiRDLa OI4H40 

RotbscWJd Asset IHanagement Matuaed liMt 10? V -d 5 — 

St Swi thins Laar. London. Ef 4 01-6264358 EquIb- JM7.9 113*) -12 — 

X C. Prop. .-— M73 125 0! 1 ~ Pw*dlnl«T4L . W4 1*2-0 -02 — 

■ Next Sob. day September 3). Ptoperty.. f984 U36| ... . — 

,!r ra ^r P mm, Guartmeed see Jns. Base Rales' table. 
New Hall Place. Liverpool. . *512274422 

Royal ShuddFd^WA ISO. 6) -..-I- Welfare Inso ranee Ca Ltd. 9 

Save ft Prosper GronpV p>mh- oaaust. 


14. Rue Aldringer. Luseoiboilrit- 
f5.TsLlnv.Fnd I S11J5 1+0521 

Net oaseta August 90 . 


-1)1 = 



ilaESSURANGE BASE .RATES 


SftChWWW te. WC2A IHE. 
fEquJtyFimd...^... 1*7 9 17* J 

PwSlpS M nad.;. 77.8 ill 
77X- - XL< 

CMUpJInfldPen... 19*2 
FixwllnLPep. 2Pb| 

Kg|«sT SSI 


01-2420283 Do. Arcum 
+?7j — Exempt Eq: 

*iafl _ Do Awtua 


Do. Accum ....... 99* 1*49 - 

' Exempt E^iv. Inii.. 137.* .131.* 1 — 

DoAewwtT 1345- 10.6 — 

.Exempt Fixed loll 114 2 1203 — ■ 

Do Arcum. 1 U61 3216 .... — ■ 

Exempt MngtL lnit, 127.9 134.7 - 

Do. Accum. .. ... .. lms . 137.7 ... . 

Exempt Prop. lalL . 97 5 "102.7 — * 

Do-AccumT In* • 104.fl - 

Legal ft General Prod Fd Mgrs. Ltd 


P0 Box R237 54 Pin SL Sydney, AusL 


{ Jewell it Eqaity TsL HA233 S3* I . -1 ~ 


J.E.T. Managers (Jersey) Ltd 
P0 Box IM. Royal Tst Hse, JeraeyOfiM »441 
Jersey Born LTri (186.0 197M . .1 - 

As at July 31. Next sub. day August 31, 


SO.Gri-ibamSirrcL SCI 

CrnvJIA Aug 30 I Sl’S9.*5ri (-Uft - 
End InL Aug. 30....] StSU.62 +0.041 - 
Gr.SLlFd July 21 -I «-S7.S3 l-.l - 
MarekhdFd Aug30 fU'SHJI uq ... .16738 


Property [984 10S|....| - 

Guartmeed see 'ins. Base Htta' table. 


ta ; teo*ii noder InMUMce nrid Property Bond Ta j 


Comhill Insurance Ca Ltd - - 

SdCombULRCg--— f 01-BW54U)- 


-.-j =• 


Credit ft Commerce Jnqiraace. Llsyds. Bk. Unit TbL Mugr*. Ltd. vaasiM 1. aw 2 - ««« 

I20£RaemI S t; tauMtonttTRSPli. . O1-4367O01 .-71. LumbndSl-EC3. . • ■ 01-833 128B ^T^-. . -jure no 5ueu» 15. 

C«caSSnfe|W2A . Ittfl) - • Exempt -1162 2 J67ft —J. JM. ' — — 


at. DM2 -10S4-H3 
•m-o na NucuM 15u 
tVl vtUy ftiTuighi 


Welfare Insarance Ca LtdP ! 
Wi unlade Park. Rxrter 039252156 

MoncjmirtcrFd I 1109 1 .. .. I — ! 

Far other hinds, pleaie refer lo The LOMOB A! 


Jardine Hexning ft Ca Ltd 
4(feh Floor, Connaught Vennr. Hone Kong 

Jardine EXulTkl.. HKS31195 2J 

Jardine J'M Pd*.. UDWH 5.1 

JerdiuS.RA SL'51982 l: 

Jardine FlemtBL- HKS1140 ..... - 

InlLPar Saci^Jnc 1 HKSM56 . . — 

DoiAccumi . HKJ470 .. . — 

NAV Aua 15 ‘Equitaieni $ 'SW.hl. 
Next sub. August 31. 


Lay Augiim 31. TfaAui* Invest. MngL Jrs>. Ltd 

l.Channg Ciww.SL Heller, Jq- n 053473741 
Ltd CMFUdJuly27 BTKDM UJ* - 

vr M& i SSEKraSr m si - 

| ;;;;; f| iffl d C 


World Wide Growth Jlanageawaty 

10a. Bmloud Ruyal, Luxembourg. 
Worldwide 0th Fd| SCSI*. 6* |-O01| - 


aSB®B B STa.' i r" Swv - v ar , W s r r ieaBBStxL,aJ.ftairi;. _ 

ul.: : "■"«*“+ . _ 

Life Assnr. Co. of Pennsylnmia RS2?5J^Fd 1 "“ m I m!i Z Windsor Ufe Assur. Ca Ltd W; 

Mwlaqfbimi^JHiW ' .»• Wl - Rojal Albert Ham Sheet Sl,. W.rokqr 08144 »g, 

LAf0PL*nlB-.V- )W 1640) ...4 - WKmIff*.... 2M9 . 243.7 Lita Inr. Plana MZ »■ | - SS 

Lloyds Bk. Unit TeL Mngrs. Ud. glliPent Fd . B* -JJ4 -04 •- Fu'uroAte ji a.00 .... - ptei 

_ . Pepcs-yBBS Fd 1 . OOP 2 -lfliH+flft — Future Axsd Gthfbr.l 44 90 j - {?« 

il, Lombard SLEC3. - . • . 01-833 128B ■ -JTH-e. fw tugui) IS. Bw.Amd ftw* .. I £25.90 J J — ■ v 

Exempt-.^:i..^3UZ2- '. Ifl7ft ; — J. JUL . ■ tWrtUy dalUMEh. Flouhw.GrOTtb-flM.? IlUj „„J - 9 A 


NOTES 


Windsor Ufe Assur. Ca Ltd 

. Royal Albert Hse. Sheet Sl.. Wind**- 

Lile lnv. Plans (Wi 7L* ... 

FutureAte GHsxi ) 2LD0 j ... 
Future Assd Gihfbr.l 44S0 I ... 
Bn. And Pon* J ffi.fl) ) ... 
Flex. tm. Growth. [105.7 lUft ... 


!a ltd Prim do not inr! uric S premium, except where indicated i. and arc m pence uni ext Mherwlw* 

w , r . mtd4 indlested Yields % (shown m tart wutwii allow for all buying rapenw< a OUercd prices 
w, ’~ ,r I nelndo all expenses b Todays prlcw c Yield baaed on Oder priced Estimated.* To-thws 

. — opening Price b Distribution frpe of U K. loses. 9 Pcrtedic preminm insurance pte* * Single 

0 .... — pram am insurance, x Offered price ioclndes all cxponsmi except agents eoaimteon. 

" — j r tutored price includes all expense* If bought through managers. * pm Ions day* price. 

, — V Net of uz an realised capluJ gains ualmx iodirawd by 4 4 Guernse}' cross, t Susgmdm,. 

HU) ..-.J — 9 licit! teoro 4«te Ux. T Ewubdinmm. . • 














Established 1820 1 n London 

29 St Gaorga Street. Hanover Square, 
London W 1 A 3 BG 01-629 9292 

.11 TY or LONDON US OLD BRPAD-STPFET 

I cNi 'ON id >1 )Afr 01-6-S Jo61 




S{h Lm 


1K» 

Rich lam 


BRITISH FUNDS 

Swrfc | £ M 


VhW 
im. J RnL 


77 • b5 U*eimdff:pc-BM8 
88 82% Ireland 

.91 79 Dd3%pc?I-B5 

125 ZbS Japan to 10 Am— 

87 58% Dobpc^Sm 

160 140 PwbassJw 

75p 75p SC,I.6%pc1AK».„ 
S99 S94K rum 9w 10911 __ 

HM91 DM* Turin eAfprlSM 

97 l 94 ^l , nijs»*3‘jpc. ... 

UlS. $ & DM prices e 


1070 
217 
8 67 
952 
880 
360 
premium 


. “Shorts” (Lives up to Five Years) 

lM'«ll01iinYeasur> - Il'jK'iSft— | 301i a xrfl— »* I11J3 J 


%i- «W'« Electric 3%pc 76-79 — 
2031% «.« Troasun- Sc 19008— 

102” 97% rre»iiiyS“tf>c'8ntt — 
45% 92% TYeasun Sapc 71-80.- 

‘■o'-. 43% Punaint: 5%pc 78-BG8 - 
110% 103A Exchequer I3pc 19808 
10a% 49 'I Treasure ll%pcl98ltt- 

91 v 88% rreasur>3JjpclS0Ml.. 


j Five Years AMERICANS 

95&S -l AM 744 A Stuck £ Ctui Cn 

95% 3.67 755 33A 22 AmasSl— +% S1.75 — 

-A 910 Jffi 50? 21% American Express. 2? -% Sl« - 

*5 -A 963 XUI 24*4 U Amer. Medic. Im— 20% +1% 30c - 

Wj — % 3.74 7.44 15Jg %9p Aram, lot 11 +%. 40c — 

J&l -% 562 9.26 29% 16% flakerlaaLCoreSI. Z3%ol +l » & c ~ 

M3.S-A Jf57 11.15 m, n"a Banie«fifp.»i-- 18 ~% - 

100,5 -% 1L» 33% 22 BeaduGnsSS-. 30 -4 SZ2S — 

89* -A 3.91 827 23% 13 Btth. Seel » . _ 17%nJ -% 51.00 — 


‘il'v bb*« treasury .v;pc iwarai.. .oil* *32 u nwnareei* nw --a 

101% 45% Treasury W«pc 19818 . -A 1013 1133 12% 62Sp Brown's FercURj- 11% +% 40c 

97,1 91% Etfh.S%pclSl Wii-3 8-85 JJ-25 14 857p Brunswick Corpn.1 12 7tjc 

100% 94% Eich.9%pcIS8l 95% -% 9.W 1139 655* 41«* BarrocchsCorp. J5 61 s * +% SLOG 

87-.: 65S Each to- 1381... . — 86 3.« 51 30% CBS ELM — 43%d -J* 52.40 

97.'* 95‘V TKas Variable 31«- 95% . — 975 9-5 42% 28% CP.C.5% 37% 5230 


S7\: 65% Exi-hto I9SI ... . — 
97 K 95ft Treas Variable 91«- 

111' 10?% Eich I2>«pr]ffl!tt 

16% 91% TtwBljpcOMSt — 

6£Uj 82% 


95% 975 9* 42% 28»I CRCfc-I 

103% -% 12 36 1131 49% 32% C&ennllani 

9tfg -% 9.15 1106 2S 17% cSrtosoi- 
84% -% 334 ,817 22 13^ chesebroa|h5I — 


115 * 106% Treasury Mpt^ - 107Ad -% 1106 1130 u 7b5p Snyder ®T 

W 9fl%H^as.\'anible«ff_ «% 936 11J7 22% 13*1 OtimpM 

<%V B°% Tteasury0l«pc'81. — 90ft -% 930 1139 M 733p CStylw.5135 

lOO 1 * 91% E*«h9%pcl982 92ft al -% 11LK U-73 25 14% Do.Cm.Prf B51_ 

<%t» 89'; Exch. 8%pe 1983 W« 9.70 1165 iff!, 12% ColgaifrPSl 

S5U 79% Exch3pc 83 8T’ ’ — — 

1141* 100% rwasurvi2pc 19B38- 101>, 

100% 89% riTMsaygj*pc‘83...- 91 


■h3pc 83 81% -% 3681 7.95 32% 28 1 * Coitlnd&SI , . , - , 

osurMZpc 19B3g_ 101%d M* [1135 j 1L66 26 15 1 ; Cent ]I1 idoisSU)L_ 23»2 5132 — 

asav9J*pc-83...- | ^l',*]-'* |l(U7 1 1L73 Z5% 17 ConLOilSS 20%d +% SL« - 

five to Fifteen Years %• “.vk? l»i*J - 


89% 79% Treasury 7%pe 1&8S8 
65% 60% Tran’TwriSpc'TB-ffl 
75% 6® 1 * Treasury to •8588 
115% 101% Treasury 13pc 19»8 
89% 77% Ttwiury 8 1 . 87908 — 
106t; 92% Treasury U'ipe 1901 . 
75J. 63% FluhiiniiapcW^Itt 
1121- P8i; Treasury 12%pr *828 
96% 84% Treasun lOpc 1892- 
ID 97% Exch. llf'cpc SC — 


Over Fifteen Years 


H, "2 {? ?! 12% 670p nrestuoeTirell— 

In 19% U% First Chicago — - 

“1* tS iSin 32% 20% FI nor CorpS% — 

"l! S 41% 26% Ford Motor S2 

SI- "!*. iS-S S-JS 4§ W 

S - ^ ^55 15% Gillette SI - 

■.JwJ 4 “ * J-5 32-5 5tfS 28 Honeywell SL50— 

^ 17% 750p HuflinEF 

S" '1* 3HS 132 171 LBJtCorpSS 

98% -% 12.50 1235 34 1^8^.652... . 


53 735p 


17%ri -% 51.00 - 29 

11% +% 40c — L8 

12 70c - 29 

61%+% SUM - S| 

*$&-*. SS = 33 

43% -% $1® - 20 

24 1 * -% 5220 — 4.6 

19 +% 94c - 25 

864md 51.00 _ 5 8 

19% +% SL06 — 28 

12% +% 51-00 - 41 56 

20% +% 52 - 50 111 

15% . ... SUW - 3.3 89 

28% -% 5210 — 3.8 128 

23% ..„.. 5132 — 23 51 

20%x2 +% SL40 - 34 157 

26%d +% 5L90 ~ 3A 173 

42 «L40 — 1.7 68 

29%nl -% S2JZS — 3 9 

« +% SL84 - 4.4 

-% S3 .20 - 4.4 29 

..T.. IU0 - 6.0 63 

SLID - 32 136 

28% +% SI 20 - 21 305 
32% -% S3-.20 _ 5.1 191 

23%d -% S2.50 - 5.4 159 

40 -% S220 - 28 

22% ->* S1.60 - 35 

53rd +% S220 - 22 

15%*d -% 50 68 — 22 
2132 -2 511.52 — 281 70 

43%d +% 53.00 - 3.5 72 

17 -% 25c — 08 D1 

892pd +1 95c — 5.41129 


110%| 96% Treasury iZijpc TOJt . . 100% -% 12M 12V1 ^3 tl Jl M- 

72% 60% FundincSpclSaft- - 61%al -% 9.68 1L32 Ilsrsi' _ 

12Q%|l04% Treasury lUH. -% 1293 12.77 W* “T - 


120% ID* 1 ; Treasury l3J*pc 1993R 11D 1 , -% 

128~* 110% Treasu-re l4's»e'W3^. lll^ai -% 

314% 9P* Etch. l3a* IBM 9^% -% 

8i% 76% rreasuiyV'SttJ 81 -% 

106% 93 Treasury 1 to 96 97 -% 

51% 43% 'lasSpcVO® 46 -% 

95 82% Exch-HHipc 1995 86 1 * -% 

314% 98% TreasuiyUUpcVMS- 104i* -% 

90% 76% Treasury 9pc*19fitt.. 771.^ -% 

331% U-W; Treasury iy*pc -960 - 120% -% 

317% 101% Exchequer Wipe "Sett 107J2 -% 

50 42% Rdemptieoto 158696- 43%n -% 


115% 100% Treasury I3>*pc Wa . 
.93% 85 Exchequer I PjpclSOT. 
SB 1 * 74% Treasury SJapflSffTtt- 
72% 60 Treasury 6»*pc-9M8». 
D5% 117 Trcas ISl^pc 98» . 
99% 93% Each. I2pc 1998 
10>; 77% Treasury S%pc IS99U- 
%> A 83% Treasury II)%k 1B89_ 


-93% 85 
S» 4 74% 
72% 60 
DS% 117 


1 98% -% 

801; - 1 , 


S-ja 41% 26% Morgan 1 JP!L'SS25 37 52.20 — 3.0 

17% 12 Nditno Sumn lnr SI. 141;+% 76c — Zb 

HS 38% 13is Owens-Ill. S3 123... 16%d 5116 - 35 

HtO 21% 14% Quaker Oats US56. 19% +% 51.04 _ 2.6 

4 74 28% 15i a RdianreSa25. — 25%«ri +% 15c — - 

12 39 30% 16>* Hep NY Corpse. 29%+% SLOO — 17 

HS 17% U fScnord S3 13VB +% SSc - 32 

3214 23% 14% !Ucbdsn-Mrill J\% Zl%aS 90c - 2J 

Hi; 581p 255pSanliaFiSl 515p - - - 

H73 23% 18% Shell Oil Si 25% at +'; $180 - 3.1 

9M 19% 11^ Singer iSIOi 14%xd 80c — 21 

H73 38 22% Swriy Rand JO50.. 34% +% S112 - LI 

UM 331; 18% TRW Inc . 51% 30d +% 51-80 _ 3.1 


... „ . ..jgsiSIOi 

38 22% Soeny Rand *050.. 3*; +% $112 — 17 

33i; 18% TTOVlnc.Sm 30d +% SL80 - 3.0 

27i, 18% Tenneco 21%d -‘* 52M - 46 

161 D1 Do m%1a.ak.M-85. 148 -1 10% - 16.8 

975p 505p Team Pi l3!J0.16t.„ 754p .... - - - 

22 16^ Texaco S6 25 lSltfd $2.00 - 5.6 

40 22% Tune Inc 3 *%id -% £0% - 21 

14% 865p Transamenca 51 13%-% 80c - 3.0 

41% 21% UuL Tech. SUS5 35»?S -% S200 - 2 2 

24ii .17% LIS. Steel SI 1?% -% SL60 - 4.2 

17 U% WoolworthsB 1 ? +% $140 - 45 87 

49% 28% Xerox Corps 1 . 43 -% $200 — 24 108 

975p 385p Xonicslnr 10c — 620p -10 7%c — 0.6 41 

141; 10*, (Zapata Carp. 25c .. 12% +% s30c — L2 Z0? 

204 
190 

*16% 10% Bkiton treat S2 14‘,lxr +,' t $112 — 3.5 S 

16% 10,i Bk. NovaSroL . — 13\* +% 96c — 32 51 

<27, 30>* Bell Canada *25— 33% +J« $4.2 - 51 68 

26% 12 Bow VaUe>8 24 +1 12%C — 03 im 

12% 825p Brascanfl 10% +'* 5110 — 5 2 jg 

■21.1 14 CjnInrp.BkS2_ .. 17%-% S1.44 - 

15.1 9S5p Can.PanTicS5 14% 97c — 

37% 30% Do. 4w Deb £100. 33% ... 4«i - 

21-t 16% GuU0uCan.ll 19%d +1% $114 — 

630p 315p Hawker Sid. Caa.3. 540p +10 40c - 


25% si +' 2 $180 — 3.6 

14%sJ 80c - 2B 

34% +% $112 — 17 


•jjTia 27% 18% Tenneco 

1,96 «*1 131 Do m%liLStk.M-ffi. 
nrxn -4 u.u il95 «*p Stop MM 

gg gg s g?ssKS— 

sg :i gg %% ffi “ % p sraaatt: 

S -% Sot » 1 ft Sifiafiar- 


34% ftndlne»»rSK. IS -% 9.71 U.01 -fit 

S0% b7U Treasury 8pc «aort . 70% -% 1194 1216 H. 

.58% 46t Treasury 5%pc 'OB-USt. 46%d -% 1170 

76% 6 S'; Treasury TV*- '22-158 64% -% 12B9 1217 ^75P *5ppOTKslw lfc _ 

97% 9? 1 ; Ex.ch.Upc - 13-' IT. . . 97 -% 1262 1262 14% 1 10*, {Zapata Carp. 25c.. 


18%xd 


m 


97% 1 9?% jEwh. Upc'l^'lT. . . I 97 |-% [1262 | 121 

Undated 

37% I 30% fconsol*4pe I 32% |-% 11259 I — 

37% 29% War Loan Stott 31% -% 1158 — 

39 % 3 ? iConv Stool .VL 34 %ni 10 J 0 — 


37% T9% War Loan Stott™ ,31% -% 1158 ~ * CANADIANS 

2 S U% StowV«Aff” 3 S%-»l 12 .W - 'SI & 14 ^:i I “ 

i®:igs = s«»k= Ssh£ = 


INTERNATIONAL BANK ■ 21?1 14 P Cjal 5 tt.‘S 2 T' 

f 8 ] 82 1 ; l 5 pc Stock 77 - 82 — .. — | 84 ] | 5.95 | 9.95 ^SSScfig: 

nnnnADimniT Tmara 16% GuUOtIr.'an-lU__ 


S.EL List Premium 41%% fbased on DS$1JM40 per 
Conversion factor 0.7851 (0.78021 


98% 93% Bum' lum 9 1 * pc 7981 _ 

94»* 88% Bristol 7%pc 7881 

107 IOC* II LC 132PC82 

ID 100% Dn. 12%pc 1983 

97% 90% Glasgow 9%pc *8582 

. 94 KP* Hens.5Lua.-TM0 

99% 97% 1 jxeiWuT &%pc 76-78- 

3021; 90% [to wipe 8004 

29% 25% Lb. Stirred 


540p +10 40c - 
251, -7, S3. 06 - 


CORPORATION LOANS |630p 1 3 lto Hawker Sid Can9. 540p +101 40c 

h w* -% 9 M 1157 Jg ISBS^'c: m : l 

u iS? ~ k ,15 33 1 * 247, HudROtltTSS;- 27^ . .. SL60 

iSr. "i; HH HH lft 11% InpennlWl 13. +% 86.4c 


JXJi T Hie 14% mi Irapenai UllR - 

% jjg rat sbJ ! 5 sSlq.S= 

B £• || M * ® »M= 

B 2 -H S 2 ir»Bse 5 = 


11% -% 80c — 

730p .... 80C — 

720p +5 - - 

23% +% 91.6c - 

108 p -6 - - 

22?*+% $108 - 


70% 65% Do^jpcBWT. 
78 66 rtoil*pcBMQ. 

26*> 22% Do 3pctOAfl „ 


76 7 « ,1 ,2 “V iv*|T-4 | mw. 1 - | ,.J qg 

68 -% lo!o4 1199 Us* Premium 417,% (based on 822380 per £1 66 1 ; 
Dj 2 id ... .. 1292 nauTirc< n'nrra wvwn'Bi mmnreiOD 2 


93 i W a NmES fcl” ^ 3 -.;- 5.66 1037 BANKS AND HIRE PURCHASE S 

991; 945* KewcMtk9Gpc-J80O_ 96d -% 963 11.49 "T , , , * _ , “IT, “ 

106**1 100% IWarwick 12%*i. ISBO | 301%-% 1226 1151 „ 1CT | | ^ [+ «| Sr. 


C 0 HB 50 NWEALTH & AFRICAN LOANS 


ffigh low 


r*r|Gr , *| FJE 


45% 42U Dojaarc-^oa 

88% BP; Do Sl.pc'SI-C 

£Ol AlI Ik* 7 U. ’ll* 


lTAILAIII LUAI90 300 184 \NZSA1 293 tqi8c - 35 

qwi,i i > i,«n,«n 30 Alexanders D £1 260 -5 1455 - 8.4 

•& .« ZSISSse^ ^ hcbsm w 25 


w* «sz<if-»«zzi ”98% :::: ■ im warn ™ g? \~ v W - 1 ?•; a - 

42. Do fipc ”M0~ 93**xd-t* 6.43 10.85 l +1 \\Skx - 


•to*; WZ ito ape >ba0 

87% 81*« Do.TftoBMfi 

45% 91 Sth Africa P;pc 7ML 
70 50 Slh. Rhod ’65-70 _ 

% 7 1 DdOpcTMl 


K% -5 n S3 M« ISO .ArtuihoolLEL- 156 1023 - 

f 4 . 2 „i 2 f SlBSMI KWEM* 22 * - 


LOANS 

Public Beard and Ind. 


641; 581, 
90% 80% 


ic. Ml lipc '5SMB — 
an iffto 8M4 


418 3D Bk. Ireland El 408 _.... B23 - 

£189 £137 Do lepcCoov... 08921 Q10% - 

a D Bk. taunt I£1 — 18 Q16% - 

170 150 BttamuiLTOEl 160 747 li 

598 380 Bk.N5W.SA2... 575 (O30c — 

3D 255 Bank ScdiI and £1 280 -4 U.05 II 

£32% £21% Bankers NY310. £271; -% 0*300 — 
368 296 Bairiayb£l 345 -7 tD28 5.’ 


II 


5.2 - 93 72 

98 - 86 66 

26 - 85 55 

56 - 34 22 

153 - 123 104 

2-9 - 197 

7.D 143 


61% 822= 3136 368 296 Barria^El 345 

841, .. . 1288 1330 237 200 Brewn^uplMtL 236 ...... 9.41 J - 601 — 

27%d -% 10.78 1250 280 232 Cater Ryder EI_ 278 H17.17 - 92 - 

147 -1 623 - B4 67 CbrePtsrtfflp. 78 -2 4.85 - 9.7 — 

91 -% 10.18 .1220 '230 171 Cotnl AustSAlk 215 Q16c 0 4.7 ^ £39% 

1 *£19 £12% Com ibk DM106- £16% Q18% - 28 - 226 

,021 15 79 lint £20 £15 ChaUflJkRrlOO OVj Q12% —63-150 

106 ^ 13M 1170 30 18 Corinthian lOn 28 0 71 73 3J 4.8104 

SL -% SS SB® 9 ~ u *T: -~lk 

I,” SS lim ¥ 9?» t* 9 DawfcriakfiW ClWa -b” 4J189S — 21 - T9 

-ri 7171 83i; 58 F.C. Finance... 68- -t Z03 26 45 13.0 80 

S . 4 12 S SS v { l \ 3 * S 

96 19»n 1970 * Jto.wms.768j. % — — — — 59 


au-au”? 


W% Alcan IDitofM* B4J; .. .. 1288 1330 237 Z00 

33% 27 1 ; Mtt.Wtrto B' 27%d -% 10.78 1250 280 232 

154 107 l ; SMC 9pc 1982 147 -1 623 - M 67 


95% | 87 [Ikx without Warrants..! 

Financial 

107% 101 FFI I3pc mi 1 

110 102 Do. llpc 79 1 

114 1 ; 102% Do Hpc 83 . X._ . , , , ^ 

« 'J !; ICFcScPCDeb 8WC. SOJjxd .. .. 6.83 1 11.40 

Sl% 73* Do e.pc» 81 -M 7?% -% 828 1200 ggj 

w> 8«; Da 10= j>c I'as Ln. 8S_ — 

9C 1 : Da llpc UieJjl "B8 

101% wu Do ll'*pcl ; nx.[jL l 50.. 

71% bZ 1 ; Da 7%pcADcb ’8002... 

71% 61% Do 7%pclDb 91 -94 6) 


28 SJ 5.71 53 
1 - 60J - 

M7 - 9 3 - 
5 - 9.71 - 


- m - m 


2J - 79 
45ll3 0 go 


iV: 61% Do 7%priDb 9I-M._ 61*413-% 1184 13.10 % raSS?*?® 1 - Hi ~ 2 In ~ 6 

S4i; 73 Dnto AM-W 73*^ -% 1225 1300 r -JI ”S” _ in 

81% 68 71%jbI 1237 1280 ^ ^ Z?, g 1 Z 


•M - 


FOREIGN BONDS & RAILS 


is™ [ 

Ibch tar ] Stack 

24 17 AntefayjsnRlr... 

■Jti 55 Do 5p:I^ef. — _ 

13 *W Chilean Mixed 

415 350 'Taman Vnc^jpc. 
54 46 lireeXTiv . .. 

51 %. Ee6c.-Ss.jh.ur_ 

■W 40 Do -ip: Mixed Am . 


Price [+or|Dri.*c{ Red. 
£ | - | Gross | YkU 

JS I:. - :. I -J - 


138 96 (inndlayy 136rd -1 279 7.1 3.1 « 132 

260 185 nrannea. Pleat. _ 253 -3 T10.15 - 6.0 — | 81 

217 155 Hanbrus 1S3 9.76 - 7.7 - 

100 81 Hillbamnei 97 -2 4.97 — 7.7 — 

600 325" Da Warrants— 387 -38 - - - - 

360 203 Hone Shof 5250. 3Z7 -3 h05?c - 21 - 

69 52 Jessel Toynbee... 58 -4 h3J2 —8 3 — 


41; - 
31 ; (6.60 
6 £5.88 


T3.10 215 160 Joseph 1 Leoi £1 . 200 S.74 J — 65j — 


52 37 Keyrerlllniaim. 47 0.67 

74 56 MngLShaxSOp. .-62 3.44 


= B= 


114 90 IKIeicwreiBX— 1 106 1 4.18 — J 5.91 — 


T4A5 297 242 lUoydr-El. 


260 |-4 119.231 41 


FINANCIAL TIMES 

BR.\CK£N HOUSE. If. CANNON STREET. LONDON EC4P 4BY 
Tdes: Editorial S86341j2, 883897. Advertisements: 885033. Telegrams: Finaatinn. London PS4. 

Telephone 01-248 8000. 

For Share Index and Business News Summary in London, Birminghasv 
Liverpool and Manchester. Tel: 240 8020 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amrterriam; _PO. Box 1286. Anulcxiiun-a W an rh ester Quecn'o House. Queen Street. 

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i Tax lice, b Figure* bued on prospering or other official 
csnroaic. c Ccnu. d Dividend rale paid or payable on part 
of capital: cover based on . dividend on I nil capital, 
r Redemption yield f Flat yield. I Assumed dividend and 
■eld. b Assumed dividend 'and yield alter scrip Issue. 
Payment Iron capital sources, k Kenya, m Interim hlg bee 
ban previous total, n Rights issue pending q Earnings 
ased on preliminary figures. ■ Dividend and yield exclude a 
pedal payment, t Indicated dividend: cover relates to . 
rev-loos dividend. PU raiio based on latest annual 
arniugs. n Forecas! dividend: cover based on previous year’s 
amines, v Tax tree up to 30p in the r. w Yield allows for 
iirency clause. > Dividend and yield based on merger terms 
Dividend and yield include a special payment: Cover does not 
pply to special payment. A Net dividend and yield. B 
reference dividend passed or deferred. C Canadian. E Issue 
nee. F Dividend and yield based on prospectus or other 
ricial estimates for JS7940. r, Assumed dividend and yield 
pndinji scrip snd.'Or rights issue H Dividend and yield 
on prospertus or other official estimates for 
1978-79. E Figures based on pros pec ruv or other official 
'tautes for 1578. M Dividend and yield based on pmspeetus 
other official estimates lor 187a N Dividend and yield 
based on prospectus or other official eriimales for 1978. P 
Fignres based on prospectus or oLber official estimates for 
1978-78 Q Cross T Fi cures assumed. Z Dividend total to 
ate. H Yield baved on assumption Treasury BUI Rats stays 
nebulised until maturity of mock. 

Abbreviations: d ex dividend; wex scrip issue; a ex rights: a ax 
>11; d ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 28 


service is available to every Company dealt in on 
Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

c following is a selection of London quotations of shares 
previously listed only in regional markets. Prices of Irish 


are as quoted on the Irish exchange. 

Albany Inv20p 25 -l 4 sbeff.Kefrshmt.l » 1-2 I 

Ash Spinning - 45 ... SindalliWnu....| 105 

Bertam. 20 

Bdg'wir. Est 50p 314 -1 

Clover- Croft — 26 .... UUSK 

Craig & Rose £1 520 .... 

rsonift. A.iA. 38 ..... ConV.S%m-8Z- Hlx 

iib&McHdy- 53 .... Alliance lias ... U 

Evered 22 .... Arnotl-.. 360 

Fife Force. 49 -3 Carroll iPJ.) — 105 

Finlay Pkg-Sp.. 21 ...... Ciandalkln 40 -5 

Graig Ship. £1.. 120 Concrete Prods.. 135 

Hinsons Brew... 77 Helton ( Hides. ■ 48 

I.O.M. Sun. £1 — 155 .... Ins.Corp 160 

Holt < Jos. 1 25p_ 260 . ... IrlshRopes 130 

ATlim. Goldsmith 67 -1 Jacob — ..... 63 

Pearce tC.H.k... 185 Sunbeam....—. 33 -1 

Pcd Mills - 20 T.XLG. 170a -7 

Sheffield Brick 45 UnkJare 110 


Conv. 9% BOIEi. 

Alliance lias ... 
Arnofi — . — ... 

Carroll iPJ.) 

Ciandalkln 

Concrete Prods. . 
Helton i Hides, i 

Ins. Corp 

Irish Ropes.. ... 

Jacob. ... ..... 

Sunbeam 

T.XLG 

Unidajre 


OPTIONS 

3-month Call Rates 


Industrials 

A. Brew - 

A, P Cement. 

R.S.R - 

Babcock... 

Barclays Bank 

Beeeham 

Bools Drug .... 

Bowatera 

BAT... . 

British Oxygen 

Brown IJ.I. 

Burton 'A' — 
Cadbmys ...n. 
Cooruolds.. 
Dobenhams... 
Distillers...- 
Dunlop 

tS£ 

Gen Accident 
Gen. Eleciric.. 
Glaxo............ 

Grand Met--.. 

G.U.S. 'A— 

Guardian 

G.K.N..... 

Hawker Sidd.. 
House of Fraser. 


I Cl 20 

&ij ■■Imps"- 6 

Iff I.C.L. a 

9 Invervsk 8 

11 KCA 3 

25 Ladbroke 17 

35 Leeal & Gen. . 14 

15 Lex Service.- 7 

16 IJnydsBank .. 22 

24 "Lois’ - .— « 

6 London Brick. 5 

20 Lonrho 5 

12 Laces Ind? ... 25 
5 Lyons (J >.... _ 10 

10 “Huns" .... 7 

8 • Writs. & Spncr 10 
15 Midland Bank 25 

7 N.E.T 12 

11 S'aLVesLBanb.. 22 
14 Do. Warrants 10 

17 P& Q Dfd. ...... 8 

IB PlcsMJT .... B 

40 R-1LM 5 

9 RankODj.-A' . 18, 

20 Reedlntnl 12 

18 Spillere- — 3 

22 Tesco — 4 , 
20 Thorn..—. 22 

12 Trust Houses.. 15' 


Tube Invest... 

1‘ nil ever 

Old. Drapery. 

Vickers. 

Wool worths.- 


Bnt. Land.—., 
Counties. 

Intreuropean 
Land Seer.. ... 

MEPC 

Peachey 

Samuel Prom . 
Town & City.,.. 

qils 

RrltPMmleum. 
Burmab OH-. 
I'hanerhaU.. 

Shell.. 

Ultramar.—. 


Charter Cons.. 

Cans. Gold 

Rio T. Zinc 


A selection of options traded is given on the 
London Stock Exchange Report page 





































































































































































































32 




t •; 

i r 

c 

i 

r 

:i 


i « 




Top quality 
ventilation <m 

IfeflMxnr 

the fug fighter 



Friday September 1 1978 


bells 

SCOTCH WHiSKY 

BELL'S 







BATHGATE PRODUCTION ASSURANCE [SOUGHT FROM UNIONS 

Shutdown warning by BL 

BY PETER CARTWRIGHT AND NIOC GARNETT 

SHUTDOWN' WARNING BY BL observance of existing arrange- While be believed the company mg factor was engineering 
ALL WORKERS at BL's Bath- ments and procedures. could be on the brink of a major resources rather than cash, 

gate plant, which has been closed In letters to the 5.000 workers breakthrough in industrial re La- However, while financial taf- 
by a maehinsts strike, were told at the Scottish truck and tractor tions and development it was also might be met this year, 
yesterday that it would not be plant, Mr. oJ bn Briffit, the plants “ on the brink of disaster unless £h e y would not be met in the 
re-opened when the strike ended manufacturing director, said that the majority of the workforce succeeding three years, mainly 
unless the unions gave solid com- management now required more condemned the disruptive action because of heavy capital expen- 

mitineots on maintaining produc- than a r ? t - u ^ 7 l t0 wor * by the of the few. _ ditnre and the introduction of 

t | 0n 1.500 machinists. Overall. BL was achieving only neiff modeis 

This first position was adopted Bathgate was in. the middle of 76 per cent of its production ^ additi o n to the £250ra to 
as Mr. Michael Edwardes. chair- a major crisis, said Mr. BnffiL programme compared with an dtmble Ranse and Land Rover 
man of BL. warned that the com- wa : S ,_ avera ? e of , per cent at -conn- Du tpat. £270m was being spent 

pany was being led into disaster dnnht whole nental vehicle plants. The on the new Mini which would be 

by the current level of industrial warned last week war ? , ° g ’ , 53 Mr L Edw®" 1 ® 5 - ready in the first half of 1980. 

disruption , The . 8 . b l ® jra warned last week ap pixed to the whole of the pi ans f or new sports cars in the 

He P said a lough stand by Hi? British .motor industry. * Unless Austin Morris range would be 


management against 

disputes was vital if the company 3 


unofficial JJlf wepuIi together there will be i‘ D ‘ "three ‘of four months 

„ t company JJJJL ne? rent oTmraet no a3Se “ bIy iDtiufitry Jn 41115 A mid-ranee saloon would be 

™ in its <SUt=“1Sd cou »'* y -~ „ .. th . reaciy in 1982. 

form. restrictive practices Mr. Edwardes revealed that A new senes 3 Jaguar, delayed 

Directors at BL are deter- A stateTT , eut issued vesterday despite poor productivity, the by disputes, should be ready next 
mined that. iF industrial relations by tfle p ] ant - s joint shop stewards financial budget was almost being spring and new TR 7 sports cars 
do not improve markedly within c 5 mt i 01te e said they did not met August sales again put BL from Coventry were on tarnet. 
the next three months, some accept the inference in the about a half percentage point They would use the new “Q” 
plants will be closed per- management letter that Bath- ahead of Ford. series enginps that powers the 

inanently. gate's" problems resulted from its There was a “fair chance” of Princess 2. Rover saloons would 

National union officials. Bath- workers. being able to match external aftpr all be sold in the U.S. 

gate shop Stewards and BL Mr. Edwardes said the coin- equity investment with Govern- The. truck range had been re 
Vehicles management are meei- pany would give "no quarter to rnent loans on a £ for £ basis. newed in the past 18 months, and 
ing in London' todav to try to the tiny percentage oF BL’s He doubted whether the com- the problem was one of proauc 
come to some understanding workers who were causing wide- pany would need more than the tion rather than new products 
ensuring the workforce's spread disruption to production. " h " b, i r,hn Th#» limit- orhirfi wptp “ imminent ” 


‘Smith and 

Nkomo 

meet’ 


By Bridget Bloom, 

MR. IAN SMITH, the Rhodesian 
Prime Minister, met Air. Joshua 
Nkomo. co-leader of the Patriotic 
Front, and President Kenneth 
Kaunda in Zambia on August 14, 
according to a spokesman of one 
of the parties to Rhodesia's tran- 
sitional Government. 

The purpose of the reported 
meeting, according to Joseph 
Masongomai. spokesman for the 
Rev. Sithale s Zanu, was to con- 
clude a deal which would make 
Air. Nkomo head of a transi- 
tional Rhodesian Government 
until elections could be held. 

The Zanu statement added 
that Brig. Joseph Garbo, former 
Nigerian Commissioner for 
Foreign Affairs, was also present 
at the meeting. 

In Salisbury last night there 
was no independent confirmation 
of the meeting. Though a white 
spokesman for the transitional 
Government which comprises 
Mr. Smith. Mr. Sithole. Bishop 
Muzorewa and bief Chira Chirau 
denied the reports, a spokesman 
for Bishop Muzorewa confirmed 
them. 

There have been rumours for 
some weeks that Mr. Smith and 
Air. Nkomo have had contacts, 
but as far as is known, Mr. 
Smith and President Kaunda 
have not met since last Septem- 
ber. The presence of Brig 
Garba at such a meeting would 
add a new dimension to the 
search for a Rhodesian settle- 
ment. 

' If it took place, the meeting 
could prove of key importance 
both to the situation in Rhodesia 
and to Anglo American attempts 
to seek a settlement there. 

Recently Air. Smith has 
appeared much readier than 
cither Air. Sithole or Bishop 
Muzorewa to attend a proposed 
round table conference. It may 
be that be is trying to outflank 
his black colleagues whom he 
hav virtually accused of not 
honouring their promises to end 
the guerilla war. 

Before the report of a Smith/ 
Nkomo meeting. Mr. Nkomo. who 
was at the funeral, suggested 
that there could be serious divi- 
sions within inet four-man Rho- 
desian Execlive Council. 

Referring to Mr. Sithole's re- 
fusal to go to a conference, Air. 
Nkomo said: “He is the man 
who should go. It may save him 


Unions plan big effort to 
win votes for Labour 

I 

BY CHRISTIAN TYLER, LABOUR EDITOR 

TUG LEADERS left no doubt motion which has been put down a general election campaign, 
yesterday that they intend to by the Engineering Union and The only breath of controversy 
make next week’s Congress the congratulates the minority yesterday came at the general 
launching pad for Labour’s government on its achievements council meeting when Mr. Frank 
general election campaign and since it was returned to power Chappie- of the electricians re- 
that all the stops will be puUed in 1974. fused to withdraw an amendment 

out for a Labour victory. The Post office Engineering a S^pokeof^fMtSes* of 

General secretaries of more Union has added its expectation c ta i: n 

than 30 of the most prominent of a close working relationship Mf chappie a former Corn- 
unions affiliated to the Labour between the trade union move- mU nist and now a bitter critic of 
Party were mobilised for ament and “the next Labour Commim ists was asked to explain 
jointiy-run programme of can- government, and of further pro- wbat ^ pbrase meant and to 
vassing and speeches, especially union legislation. withdraw it. The general council 

in the marginal seats. The following day, Mr. Bas- decided t o oppose his amend- 

Mr. David Basnett, TUG chair- nett’s committee will meet Mr. me nt during the international 

man and head of the Trade Norman Atkinson, Labour Party debate next Thursday. 

Union Committee for a Labour treasurer, and Mr. Ron Hayward, w th motions deal 

victory, said the unions should general secretary, to say how . *”52*1^ J “ r t 0 pUxTf e free 
total of nm much they will bo putUns into “Sins on! 


aim to contribute a 

for the campaign from political the war chest 
funds. His own union, the 
General and Municipal Workers, Activist 
would be giving £100,000. 

Once the 


Mr. Len Murray, TUC general ,L S c,fle without guidance from the 

secretary, made it plain that the platform. 

TUC, although a non-poUtical Among other motions the 

body, bad few qualms this time i d tn ' rhl general council wants to see re- 

about declaring its unequivocal iS®!!?!. and "spond to the moved the agenda are both 
endorsement of Labour. dunng ^ of those put down by the 

The general council decided three v eek campaign. National Union of Journalists, 

yesterday to back a motion to that It will help plan activist sup- One. seeking legislative backing 
effect, the intended centre piece port in the constituencies, for post-entry closed shops, was 

of this year’s Congress, which speeches from trade union felt to raise too many legal prob- 

wiil be taken on Tuesday after leaders, and send in trade union lems, and the other,' about the 

Air. Callaghan has addressed the volunteers to knock on doors. It three journalists wbo are being 

delegates. is the first time that the unions prosecuted in a secrets case, was 

Mr. Murray will speak to that have combined in this way for felt to he sub-judice. 


trade unionism, 
deploring tbet “use of psychiatric 
treatment as a means of repress- 
ing trade union independence, 
will be left to Congress to de- 


Continued from Page 1 

Peugeot chiefs Chrysler hopes 

cenlralion of financial, manufac- These are that jobs be. pro- French announcement contained 
turing and research resources, tected and that British and few if any surprises for the 

enabling his group to “challenge French factories do not lose Government, which has studied 

successfully our major compe- their engineering technology, the implications of the proposed 
titors.** and simply assemble cars. takeover for • the past three 

Europe's “ relatively frag- The unions will meet again in « u * „ ^ 

men ted and vulnerable” motor London to review the position “J 1 * J“J e . L ae * 
industry must pass from the stage after they have held discussions “ unse ff w tneet British 

or collaboration on certain manu- with Peugeot Citroen. The take- JJjJJ®” Jf^ir^Sno^fiiv 

factoring projects like com- over plan will be discussed at 
ponents to “more global solu- the TUC next week. 

tions” to face the challenge of An emergency motion by the ST’L SK2L «o d ^ 
giant U.S- companies makiDg Amalgamated Union of Engineer- 10 ^ operatHlg 

more universal models and ing Workers demands direct TOnt . nc . .. c _ 

Japanese concerns with a pro- Government representation in ““ 0I 1 wkiS 

tected home market, under- any company taking over Chrys- ™ ^ e d takeover 

valued currency and “ special l er UL- „ rop[ i “fjL 

social and cultural benefits." The Association of Scientific, L“ d e C f?io n G i?J[n™5.“Lk? v 

• Alan Price nrl.«: M. Pacayre’s ^afU^c^San^ St?*** 

statement falls short of the two nas , emer S?“ { ^ l "too 00 e x Agents’ Association and the 
firm guarantees which British unless^her^are Scotlis h Motor Trades Associa- 

and other unions in the Inter- 2125 f J!? tion told Mr. Bob Cryer, junior 


from disaster. If he is so stupid national Metalworkers’ Federa- on jobs and pro- Indualrv Departmtmt Minister, 

to say No to something that I tion decided on Wednesday must tect, ® n for BL and component that uncertainty S ver th e future 
w^ouid save him. he might find be met if the takeover went mten. was leading to loss of SnfidenS 

himseir without a Council. 'ahead. 0 John Elliott writes: The about Chrysler’s prospects. 


UK agrees to join Airbus 


Continued from Page 1 


what aircraft it thinks best for airframe work. a month, but any increase would the airline this year to more 

its needs. But, the lik Government made require re-equipment. than $1.4bo. ■ 

British Airways is prepared a! i° w Asked if the deal with Boeing For many years one of tbc 

British Aerospace to rejoin Air- affected UK co-operation in financially weaker of the U.S. 

trunk airlines, Mr. Charles j! 
Simmons. Eastern's vice- 


tn reronsidi-r its oppH co-operauon in m 

for the t-310 .f it bus ^^ rie , on , l . he A ' 310 ' il Europe. Sir Keith said that even tr 

HA : USS asl fa ~s. 

A5i“i“;“i, p r™r"hiEh ?• 


However, purchases would not have been 
aviation industry possible ” but for record profits 




Front:, anS w«t Cnnany. ’ rfeniSSitVnnt roTttaSSnSSj ^ * tet “ Sh0 “‘ d ST"*” " “ “ 

After talks in London late on since it was re-formed in 1971 « " „ 

Wednesday, the matter was dis- l believe it is the key to our u B ® u . Illo “ n .. 531(1 

cussed in Bonn by Herr Martin success in civil aviation right into c^i Qes Airways _ 

Gruener. the State Secretary - at the 21st century.” Eastern, two other airlines were S69.Sm and its profits for the 

the 'West German Economics He was speaking at a joint ^ 1 j e r est £d, }J} buying the ye 
Ministry, and M. Joel Lc Theule. Press conference also attended ®°^ in S with the Rolls engine *-3 


French Transport Minister. A by Mr. Tex BoulUoun. president Airlines and American Eastern has 

decision is expected soon. The of Boeing. A1 Xi l i nea - 

West Germans are known to be it would stabilise employment w . 

in favour, but the French are at Rolls, but Sir Kenneth did not ones^such as "*** » ™ 

still believed to be sceptical. rnn>«iM .mv ariditinn tn ih a u.-«rir : ae lZ7s .and _ 737s, which had and it bas 


Mr. Bouliioun said that, . The airline's total net income 
besides British Airways and L r LU* < '& and 1977 amounted to 
, w 

the West German Economics He was speaking at a joint j£5 »|' Jr are to top S50m. 

led in new air- 
craft orders this year because 
The new aircraft was intended the average age of its 246-strong 
.such as fleet is more than nine years 
foresee anv addition to the vw-nrk •*•**“'“•■*/*. wnich had and it has an urgent need to 
If British Aerospace does join fE5%r il! SSa™'!* ^ 

of £50m towards its share of the become available, he said: "I am Kolls had' vnn the enntrapt to " ia , lrman - «W that the company 
A-310 venture, probably building not my master’s keeper. buiId ^ eninnesforthefirst 5 ad - ex3mir, ed a variety of 

the wings. This money will be The engine also would be 757,5 hecause^ils salesmen had and ? 4 ad opted for the 

found by the Government under “ ideally suited for another air- been more aggressive than those SUi ,ecaUse 1 "T* 0 - 4 only °? ers 

Section 45 of the Aircraft and craft, .the 7n . .which Boeing was of the Amcriran competitor Pf 1 rfl ormance qualities equal to 

Shipbuilding Nationalisation planning, and be hoped Rolls sueb as p ralt and whitnev and' ® ny competing 

Act would win a portion of that Genet^ Electee " Five^ years JSjntatiho.fcrtBW certain 

Work on the A-310 -Airbus '»«*«. *»»■ ^ Euslishmer. 

would provide jobs for 7.000 Rolls would bare lo increase come fo Seattle, be said. power plants o? S * rf 
workers in British Aerospace, its presence in the U.S. to John Wyles writes Tram New L — mil e w 

staving off fears of redundancy provide overhaul and manure- York: Eastern's decision to News' oF the Eastern order 

which had been growing as a turing facilities. Its British plant order 21 Boeing 757s brings tbe pushed the Bocinc share nriee 

result of the jack of new civil was geared to produce 20 engines total value of orders placed by up $3 u> $7L 


Japanese 
GNP hit 
by fall 
in exports 

BY .’CHARLES SMITH 

TOKYO, August 31. 
JAPAN'S GROSS national pro- 
duct grew by 1.1 per cent In 
real terms during the second 
quarter of 1978, or at less than 
half the 2.5 per cent rate 
registered during the first 
three months, the Government 
announced here today. 

The slowdown was largely 
due to the fading of the export 
boom which bad been a major 
contributor to the economy in 
the first months of the year. 
Judged purely on the level of 
domestic demand, the economy 
appears to have performed 
relatively well in the second 
quarter. 

The main components of 
GNP growth In the April-June 
period were consumer spend- 
ing, up 1.3 per cent (L9 per 
cent op in January-March), 
and public investment, up' 8Jt 
per cent (1 per cent). Bat the 
overseas sector registered a 
decline of 13.7 per cent against 
a 12.7 per cent growth In the 
first quarter. 

The figures indicate that the 
economy would have grown 
fairly fast In the second 1978 
qua rater If Japan's exports 
had not been curbed by 
deliberate Government action 
and by the effects of < yen 
revaluation which blunted the 
competitive edge of Japanese 
exports in world markets. 

The major difference on the 
domestic front was that high 
levels of public spending (pro- 
vided for in the 1978 Budget) 
were starting to stimulate 
activity in some sectors of 
industry. 

Reflation 

Measured against Japan's 
target of a 7 per cent growth 
rate for the 1978 fiscal year, 
the ApriJJune figures look 
distinctly low. The GNP will 
have to register a qnarter-to- 
quarter growth rate of 2 per 
cent during each of the three 
remaining quarters of the 
fiscal year, for instance, up to 
the end of March 1979) if the 
7 per cent target Is to be 
achieved. 

The Economic Planning 
Agency believes that the 
economy can accelerate to the 
required pace and is accord- 
ingly sticking firmly . to the 
7 per cent target, which was 
reaffirmed by Mr. Takeo 
Fukuda, the Prime Minister, 
at the Bonn summit last July. 

It appears to be pinning its 
hopes on the reflationary pack- 
age which the Cabinet is ex- 
pected to approve on Saturday. 

This package will contain 
between Y2^00bn (£tL267bn) 
and Y2J>00bn <£&81lbn) of 
additional pump-prtmlng- 
measnres over and above Hie 
generous public works spend- 
ing programme introduced last 
April. Officials claim tbat this 
will he worth an additional 
1.3 per cent or GNP growth 
daring the fiscal year and that 
this will make the crucial 
difference between hitting the 
target and falling badly short - 
Japanese may end export 
restraint, Page 6 


New paper 
may start 
next month 


By John Uoyd 

THE NEW popular . tabloid 
national daily newspaper 
planned by Express Newspapers 
could be launched from Man- 
chester next month. 

Mr. Jocelyn Stevens, manag- 
ing director of the Express 
group, said yesterday that as 
soon as agreement had been 
reached between the manage- 
ment and the Express unions in 
Manchester — any time after six 
weeks — the new paper could be 
launched. 

Mr. Stevens was speaking after 
three-hour meeting with the 
unions in Manchester. He will 
hold further meetings with 
union officials in London today. 

The final decision wbether to 
proceed with the new venture, 
which would compete with the 
Dally Mirror apd the Sun, will 
be taken by Mr. Victor 
Matthews, chairman of Express 
Newspapers. 

Mr. Stevens said: “It all 
depends on the arithmetic. Mr. 
Matthews will decide on the 
hasis of the figures because he 
is a man interested In making a 
profit, t do not see any 
obstacle.” 

Plans by the Sun. now well 
advanced, to print in Scotland 
were not a factor in the decision, 
*’ The Sun could not be expected 
to gain more than about 200,000 
extra copies by printing in Scot- 
land. You do not launch a new 
newspaper to cover that sort of 

figure." 

The hew paper would he pro- 
duced wholly from Manchester. 
It would entail the printing 
works in Great Ancoats Street 
producing four titles — the Daily 
Express, the Scottish Daily 
Express, (he Sunday Express and 
the new paper. - 
Mr. Stevens said tbat he did 
not expect the new paper to take 
copies from the Daily .Express, 
which was a family newspaper. 
Though losing money, the Daily 
Express was gaining salts; it had 
put on 150,000 copies oyer the. 
past year, 

( - 


THE LEX COLUMN 



\ -m 




1 


v~i 


0 


1 



on 





. .* . -•> 


U 


• f 


?i* * 

* ? X 

t * 


ment: the investment properties » 
turn out to be valued at £88.%$. 1 


The FT 30-Share Index has 

^ le % Index fell 4.5 to 498.5 ju« "fian" more” £ » 

500 level for 18 days in its 0 =Hm n tP last . 

latest* journey. to high ground. 

It is hard to put a finger on any 


one cause but the increasing 
uncertainties over the expected 
election are encouraging insti- 
tutional investors to adopt a ' 
wait and see approach; while 
the gilt-edged " market' lias 
become distinctly more cautious 
about prospects for any' early 
decline in interest rates. 

At the short end of the 
market there are signs that the 
discount liouses- and the clear- 
ing banks have been shedding 
stock, a process to wltich the 
latest rise in U.S. money rates 
has given extra momentum. - 
However, '* the • FT AU-Share 
Index has been reacting less i 
sharply than the 30-share^ and 
the 673-Share Index ikl 1 still suspicion 



490 


industrial 

ORDEVARYr 

1 1INDEX Ml 


AUGUST 1978 


Board’s estimate last 
Moreover the interim profits' 
statement is being held ba* 
until October 30. v.'j. 

It turns out that of total-’ 
group end-1977 net ' . tangiBle: 
assets of £1 33.8m, the property:' 
company will take in £84.1% • 
This might , plausibly be vahirii ; 
in the equity market : at just 
under £60m. By subtraction 
from the current global capitaff. 
sation of £122to the construc- 
tion side should emerge. ; as' : 

marginally the bigger brotin?? 
in terms of capitalisation, . &ad'' 
indeed at around -£63m. -it$. 
historic p/e of just underf-8 on 
fully taxed 1977 earnings is . 
closely in line with the ..sector-:? 
average. So the current .share 
. price looks soundly based. But; ^ 
that tne there couId be SQme mmterinw 


»-■ t 


Ladbroke .Group f 


“A ■” share element in both -the 


Matthews Wrightsou _ 

The shadow of Norwegian 


w* . .. remains ^ ^ 

within 4 per cent of its all- time casino operations are going to £ rom institutions over flic' 
high reached on. August 22L bit hard here in the IK and perpetuation of the voteless 
• ~ the potential for overseas r . . .... 

development appears to be companies, 
limited. Meanwhile, the future 
, .. strengthofthenon-casinooper- 

Ever since nud July when the ations ^ „ t j, er difficult to 
Royal Commission on Gambling ^^^6. Cash ‘ betting is 
put the cat among the . pigeons a good yea r and should 

and recommended s i ngeing gp n tj nUe t 0 d o well and the shipping troubles — where a coit 
increases; in casino ta xes, -Lad- gr^m) is stressing its interest, in sortium of shipowners is finding 
broke Group has been trying tn bote i motor inn develop- it difficult to keep up £4.4m a 
reassure punters and investors raeilt _ E\ r en so, it could be that year charter payments — con- 
alike that the. situation/is not Ladbroke wm have to rely more timies to dog Matthews Wright 
as bad as it looks. ,’w ' heavily for future growth on its son despite yesterday's good 
At the half-way stage-urfrtax property profits, which hardly interim figures. The official 
profits are 27 per cent higher at offer the sort of quality earnings news is that negotiations are 
£13.9m and the group , is fore- that the group is so keen to proceeding cordially, and may 
casting that profits for the full acquire. well be resolved soon. But it. 

year will be around £7m_higher remains impossible to guess: 

at £31m. The Royal Commis- T , T . what effect the eventual oat- 

sion’s proposal regarding the John Laing come will have. Presumably 

casinos are described -Vas im- 'The p n Ce 0 f John Laing's changes in the charter- 
practical, unrealistic and incap- »A" shares has risen from 125p terms would be reflected in' 
able of implemientation'’Without ^ May-just ahead of the ^ uture operating profits, as 
badly damaging the fabric, of announcement of the scheme to °PP°sed to prior year figures as 
the industry” Meanwhjle, Lad- m ^ coa>pany _to a peak 311 extraordinary item. : 

broke’s non-casino interests 226p, regained last night as the The 40 per cent increase in 
appear, to be roaring ahead and prepared for the formal pre-tax profits to £4Bm is once 

i?!5S!S \ documents, which reach share- again distorted by extra bad - 

?n d tiTf rism holders this morning. The debt provisions (possibly 

rh-^ar^fn d Sm in 197 ^ tS Market capitalisation has there- £250,000) after an extra 

to be^that fore by 89 ^ cent ’ or last t j m . e ’ Bot Jf® 

2fen fftte which only about : 

tribute nothing. 1979 profits are fV^ed by the of aroimd 15 ^ MMiJnlv. 

not eoinF jaiffrienlv to pollans buoyancy of share pnees else- ®e e iee income, wnue tn e ex 
not going suddenly to collapse. . q ^ construction ^ pense ratio may have improved - 

Assuming that casinos make property sectors a Another distorting 

at least £lOm next year (against, . , , • . factor arises from, the Middle; 

£13m this year) then Ladbroke’s ° n . , e . fac .^ . “» } b]S East, where the problems of the 
profits in 1979 could be of the powerful justification for the Lebanon and the development, 
order of £35m and might even group's claim that its mixture 0 f new offices elsewhere have 
go as high as £40m if the 0 ^ aQ d cheese, of construe- depleted the profit contribuiioo.- 
threatened casino tax increases 14011 . and property investment. Estimates of full-year profits 
can be headed off. Against this has in P 3 ^ tended to mask vary between £8)m and film, 
background the group is capi- its true stock market value. But Whatever the underlying result, 
taiised at £100m and the shares first the price has to swallow it could be heavily reduced hy 
at 178p could be cheap. Selling -the virtual absence of any the weakness of the U.S. and 
in a prospective 1978 multiple valuation bonus in the formal Canadian dollars. At 200p, the 
of under 7. However, the ; details of the scheme of arrange- prospective yield is 74 per cent - 


- 2 


Weather 


GENERALLY COOL 
London. S.E. England, Channel Is. 

S.W. England, S. Wales 
Mainly dry, becoming brighter. 
Mux. L8C (64F). 

E. Anglia, E. and NJE. England 
Mostly cloudy, occasional 
showers. Max. 15C-17C (59F-63F). 
Cent Southern and Cent. 
Northern England, E. and W. 

Midlands 
Bright or sunny intervals, iso- 
iated showers. Max. 16C-1SC 
(61F-64F). 

N.W. England, Lake District, 
S.W. Scotland, Glasgow, Cent. 

Highlands 
Bright or sunny intervals. Max. 
14C-16C (S7F-61F). 

Outlook: Becoming mainly dry 
i Long-range forecast for 
September: Cool at first, giving 
way to changeable 


BUSINESS CENTRES 




Yday 





middar 





■c 

F 





Arnnidm. 

c 

14 

57 

Madrid 

s 

fp 


At In? ns 

s 

27 

SI 

MuicIistT. 

R 



Bahrain 

s 

ns 

77 

Mclboarno 

y 



Barcelona 

r. 

24 

75 

Mexico c. 

s 



Belfast 

C 

13 

35 

Milan 

s 

23 

73 

BclKradc 

K 

12 

54 

Montreal 

c 

tt 

B3 

Berlin 

K 

l.S 

SO 

Moscow ■ 

K 

IK 


Brnuihm. 

K 

1! 

34 

Munich 

R 

10 


Bristol 

c 

IS 

61 


C 



Rrusw'h: 

c 

13 

55 

New York 

C. 

•TO 


Bwlapcst 

V 

IS 

SI 

Oslo 

K 

14 


B. AlTCE 

s 

15 

53 

Paris 

c 

13 

59 

Cairo 

s 

E 

HH 

PmUi 

c 

13 


Cardiff 

R 

15 

59 

Prague 

R 

12 


Chicane 

s 

lfl 

H5 

Rerkiavik 

C 

IB 


Coloiant 

c 

13 

55 

Rio dc J’o 

C 



Coonhacn. 

5 

19 

SB 

Rnmo 

s 



Dublin 

K 

14 

37 

Slncaporc 

c 

29 


Edlnb until 

R 

14 

57 

Storkhalin 

K 



Frankfurt 

C 

13 

35 

Strasbrs. 

c 

15 


GctK-va 

G 

14 

57 

SjrdiHT 

R 

1.1 


fflasnow 

C 

13 

35 

Tehran 

S 

.11 


Helsinki 

r 

14 

57 

TelAvlw 

s 



H. Kona 

s 

3S 


Tok)0 

t: 

29 


Jo’bnrK 

c 

17 

43 

Toronto 

s 



Lanbon 

s 

27 

FI 

Vienna 

c 



Umriain 

R 

13 

55 

Warsaw 

H 

11 


Luxwnh’R 

C 

12 

54 

Zurich 

c 

8 

4G 


HOLIDAY RESORTS 


AlHL'CM 

Aiders 

Rlarrirz 

Blackpool 

Bordeaux 

BobJobmc 


S M 7B 
S 33 81 
F 21 70 
N 1.1 55 
S 21 TB 
C 14 57 


Casabtnca. K 25 77; 
Capo Town H 15' 58 
Carlo ' C 23 77 

Dilbrdvnlk R 21 70 
fuii S 94 70 
FtorcAre P 23 73 
t'onchal V 93 77 
Clbralldr R 26 T9 
Cwniny F n Bl 
Jiwhracfc n 11 hi 
Invifniow; C 14 57 
Isk-arManC 13 S3 


Kunbul 

Jersey 

Las Pirns. 

Locarno 

Majorca 

Valssa 

Malta 

Nairobi 

Navies . 

Nice 

Oporto 

Rhodes 

Salzburg 

Tanakr 

Tewrifc 

TunU> 

Valencia 

VenhT 


a 54 75 
V 17 « 
S 51 73 
S 23 73 
S 27 81 

5 23 SI 

6 » SC 
S 21 «9 
>' 23 77 


25 77 
21 7fl 
» 81 
7 4a 

24 73 

53 b 3 
» ar 
20 «8 


5— Sunny. F— Fair. C—aootJyj R— Rain 



Questions 
answered 
about 
your 
Wffl 


Q: In these days it is hard to estimate what I 
may have to leave when the time comes. 
I want to be fair to close relatives; but 1 also 
want to benefit a cause close to my heart 
How can I best ensure both? 

A: Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportions of vour estate to the 
individuals you wish to remember— say 20% 
to one, 15% to another and so on — and then 
the residue to the cause you wish to help. 
Q: I wish to remember old people, since they 
seem certain to be in continued need; 
but their needs may change. How can I 
anticipate what they may be? 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
and despairing old people. Their trustees 
are especially careful to make maximum use 
of volunteers in daily touch with the elderly, 
tnereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest. 

They publish two useful guides for those 
considering their wills; and I often commend 
clients to study in advance, of consulting 
me. Copies may be obtained free on request by 
writing to; Hon. Treasurer, The Rt. Hon. Lord 
Help the Aged. Room FT5L, 
FBEEPOST 30, London . W1E 7JZ. {No stamp 
seeded.) 



n ^ Si. 'Or meal's Ptias for and oiib!BStf:-2\ 
by the Ftnandat Tjnes LHL, Brackta House, Catmon 8irn«. -Unrfnn; ■- 

1 “ . • C Tbc Flnanciat Wsti J