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1 th * 4 
lra ’ but 

orsw fiii s 
‘“TOr <,„V* 

derating J* 
** the at S , 
lher thev^J 

to 5% pay limit 


Tories woo 
the unions 

Big tax 
rises in 



I T1IE FRENCH Cabinet today 
THE CONSERVATIVES last its claim that it was the party ‘ approved a FFr 459bn <£55-3bn> 
nig hi stepped up the pre-election which be-t defended woridns I lor I9i9 incorporating 

propaganda battle with perhaps people's intends i sharp . increases in taxes on 

their most skilful effort yet to It had always been the Con-!****™ products (about 5 per 
prise rank and file trade servatives. and not Labour, wrhoj®*® 1 ** .“i 101 UO per cent) and 
unionists atvay {rum their tradi- had most helped the working j ® per cent I. Altogether 

tional support fur the Labour man when in office by securing 1 . r .. on <m. additional revenue 
Party. more jobs, higher real wages ■ “ L A”? lhe 

The a!, in the latest and lower taxes, said Mr. Michael , Du r r 1 " ,et . J . e11 10 i? r . 15,m - 
Tory television parly political Heseltine, shadow Environment • The original 1978 budget was 
broadens!, could not have been spokesman, who was one of the,* 1 ' 1- b.9on _in deficit but, by the 
better timed: midway through four main speakers. cr ?d of this year, the shortfall 

the Trades Union Congress, and “Now. you may find it strange ■ Wl11 have srown to FFr Libn. 
n« the eve nf a vital Cabinet to vote Conservative. . . . Some- President Giseani d'Estaing 
meeting which could be followed of you may even feel- you are. promised at the recent Bonn 

3Us\ . ^ *** 

jj-n PrCl0le » t 
son s«ii . < 


UD ’ The trade union movement yesterday refused outright to accept tlie Govern- 

aa]'. ■ inent’s wage control recipe for keeping down inflation which the Prime 

Cvl # equities ctftsaiidaied Minister nil make the cornerstone of his general ejection campaign. 

earlier technical gates* and the 

* JlB JmniT Th«mi> r nM a« - FT Ordinary Index defied tin- Unions of every political shade Conservatives would have a hard Sfr. Lea Murray. TUC general 

n . w Jr!*™ ot*» n geif At 593.5- ■ Vlileti aI ,1 »' Trades Union Cun- time with the unions if they won secretary. .- L -i the tone of the 

aly GarraJ*'* J^ ir » bas becn^ ^ 11 ^^ ai . .. v wm in Brighton for a lung the election. dcMMe with a speech admitting 

first ^ P° rt 5 * Miamw Cabinet lie ^ /nifTS reemflrf 1 in n, ? l . ,un rejecting the 5 per cent Although the National and failures of ihe social contract, 

qiiiiw.M a* spokesman on foreign ^wranwof wiling on Phase Four settle- Local Government Officers Assy- bat Stressing thar the difference 

- snorts ^ and ^ the ^^jernnu-nf mems . elation failed by a very large between ihe TUC and the 

ridStwI.Ijbcrallradin-.ff^a Dp Even the few who voted gorily to com mis Congress to Ggwrnmeni was one of method 

i * awt -. naatntt the motion agreed tliat reform nf .ollcLtive nfftmm-s 

mnorary measure."- Mrs ■ - ' ■ the Government was wrung and baryaimng with negotiations on He warned ..he unions not to 

STERLING el ip rrr^ qnCPnngftf unrealistic in trvin^ in flexible guidelines" between be deceived toy the Conserva- 

S£AS9: fxSaC'^V - **.'**: «"f* such 3 a limit f?r ?he niTS ££ffi nis ? *•?" w,,ec \™ 

I irditiim David Holmes . vfllUdl averAfeidayed «t 62 .3. months. THE TUC yesterday called for bajyaimn^ when it was coupled 

T' Scntt. The^d'ril ar «rgffaM y In - T „ e t , )nferPncg rin ,„i, Jncout i y S** 

ur t *e implied he had not f og€ h» llr . c * cn ?*y ..maaxete find declared that Mr. Callaghan was 5™,_ b b J rhrvsiee u» ° r unemployment as an 

f«. *h« vntcfl 

r^eh nver froru Atr. Thorne : . . nwniHt the motion agm il tliat 

i H^esiaj. "as a temporary measure." Mrs m erFftt lVi: ri^i»lniurf thc Government was wrung and 

■ J SaI out off Thorpe i s 03 bail facing chars«: J S ™^ C ' u«reali,t.c in trjSng to impose 

^•Tunuuip-- r.f . conspiracy ;to murder Norman ^ ; f^lfr such a limit for the next 12 

resDondi*' Scon »«1 inertiua, David Holmes wp Igbte<| aver^e.BlAyedAt 6ZJ. months. 

reaDonii Scoil and irA'itius David Ho mes monins. ziu tug yesterday caiieti tor 

« **#■»*■. EttSS ! .'SSSM ™ fc ™ &T$sr£JrJ£i SS».™Slor c 

troni Cs Mr. Tbury>e impliisl he had not Jorc^.cscftcMW. ******* »»« declared Dial Mr. Callaghan was J SJ2SJJ 1 chrv«Ier w* °f uncnmlovr 

50n ‘ LeeufikwJ 1 advanci irtrttec olibe **» 4wr*eWI|pr: r-Wrawed wrong when he. suggested to tjk Uololi ieadcrswill todav ecoaomic rcgualtor. 

\*\- eat ^ * This ji». interesting news^’ SLX ptfnt-;(VK delegate* no Tuesday that the consider? ™nortsn«itin= £ut lie aho w-r>. 

^ “No doubt fo due : course . . " ' altemaiive to a 5 per eem limit mt^Shtt^SSS- dSSwbl! S t rH 

I e t p - es - Mf sroel will be lctUricnie know M. COL© _ro« $»» W^Mc at would be a free-for-all Almost {g T J 5 a i l35- S&M and arJused 

?'■* sectT; vrii^t ] W h:i5 m mind." Pane 5 ' ~ :■ ~ v- ^ weaker made the Point ™d pose SJFof underiXS 

by an announcement of the heing disloyal to your fellow , economic summit not to reduce 

Prime Minister's general elcc- workers if you vote Conserva- j the budget deficit to the initial 

lion plans. live,'' Mr. Heseltine said, just i target as his country’s contribu- 

24 hours ofter union leaders ini tion to co-ordinated growth. 
Tirsmmonf Brighton pledged their support! The other main features of 

J-UlXliUJClll for Labour. ! the budget are the general in- 

I.*?*? ! n jj ian flood ' ' h^Londwr ^ 

tax { .v-li 1 * l;,:own G* have klllcdIXWO people ^ - - ; C_l_ 

cnar ^ bm Hi:? final death toll cvtiid be v - - -f 8 

wanv times higher. Damage is | 

VCa estimated ut hundreds of 

:e stock » : '‘!lmns of dollars. A belt oT A ' • aij# 

•esicnM ri ; l,n<1 from Pakistan to the^Bay A 4 ;r 

, r 5 ne ° 10 fe «»f Bengal is under water. • ^ I -L-s — 1 

. Gfcca over I hundreds of .villages have - • - \ "J- 

T that the “A** vnnwhed and at least 40,000 lr ' 

higher at £ tonnes of Wheat is needed in 170 — 1 2 t" —7\ r 

? o f a 23 ^ Vxur P™te& alone, ' ;1 * 1 

•ax profits.' la' t .. . iBfl lg f ? — — L_J — LI 

o profit? of a election ’no - • har m hay 

parejwirasp RoMo . Hi.jiuan. the white joint 

ST4. since vfe InWiur Miatster in Rbodesia; gsm hi hoodoo. ' \. 

n i, v iust c su?d it would be administratively - f “/•“ . 

rp-n'.' orte* to meet the target #.WALL STW!ET w*i:IL19 up 

K*i ' « wsjo « **»%.*** 

ver the paslfit . . ... ‘ _• • . . . > i- ft JHAHOVD^ ' 173 

^S^Summ'it.owens - 

dfle-ans uo Tu«sda“ S ti c «■, W™ w™ 

SMWWh.CSaS th 

gf « !»r«iss; s 

“ h i1. IV ifu » » ?, nu, threats to the UK Industry, w 
iC»poiiMiue suid lake into . l>aee in 

?^ n !. lhL * dan8CTS 0f Klwn ™ Conference report Page 7; 

“i/fatiuu. Editorial comment Page 18 mftlinning a a per cent limit. 

There was disappointment- at — — — — doMarcd nppo.^itian to Govern- 

the way in which three years -of u ^( unR Goverininenl and eui- mif* interference in wage 
reitramt— two o£ them rormully plovers, its arguments were by bargaining and to any form of 
agreed with the Government— no u1P ' u ‘ ns lauRbed out of court. MPfeU'e incomes policy, 
had failed to make the expected The union forecast that it would ft also set out a list of bar- 
aent in the uuempluymeut ^ ve a majority for its proposals p*§= um priorities. like the 35- 
figurw. Demands lor a 35-hour next vear fiSsHreek. the needs of the low 

week without loss of P a >' and Jf Labour is re-elected, it pifa and the importance of 
r ega rdless of any wages norm appears t0 stan£ j chance of rirtoring lust differentials for 
prcs5e< ^ donn* the reaebins that consensus of which stifled manual and white collar 

donate. Mr. Callaghan spoke on Tues- workers. 

But the disappointment was day, and which is called for in Congress carried unanimously 
not sufficient to cause a rupture the TUC— Labour Party liaison moftons calling for more radicil 
of the social contract relationship committee document approved ec<§ioraic policies, a shorter work- 
on which Mr. Callaghan will be by Congress yesterday. “Tnlo the in# week, and more expenditure 
depending as evidence that the Eighties: An Agreement." onjubUc services. 

Invisible trade surplus 

-JJut he also warned Labour of 
thfi trouble that rigid pay norms 
canted, and aivuscd the Govern- 
mmi of URdt-T-cstiuiatiog trade 
ubIw moinuries of the ~1974-75 

®te re.soluiHin. although not 

jLiJl. v7Sa.S5 i (L , l£3Sif! loyalty— Shari' 'rammon sense.” j The budget is based on the 
..esterday, Mr. Ja—es G-.]a^hans „ .Tame4 Prior the shadow 1 a^umption mat from 19i8 to 

Itrcpicu impniip.-. 'Mnafnz nn- _ ,,,r - rriur, im aiiduun ■ - . iS _ 

Editorial comment Page 18 

’itile impiro: imiiused iir a' bid io '. make .the . 


V «ae cmrc- — *-jF. ^- r ... .. .spirit. jor.'oUCK Exchange take- 1977. • - ~ surplus aif £75Bbn last yeJir. ing rrom abroad. \ 

god L>v ittfc-Tfu- tiivermficnc-.jbs. to; spend over •ariMJand inform share- ■ The- main reiison is a higher The second quarter deter iora- ' Investment by overseas «oi«- 

■r l a id TV he i !jm over the. ; nesd 3^ years holders ,'oy increases in capital, jevel of U.K contributions to the tion was wholly on the 'capital panics (including oil tompanies) 

' .v.' n , jij Cleaning up inner -city areaf. BackTaiuf ” Efic. But there has also been a account due largely to, changes in their UK subsidiaries, which 

- it nmSKi ■-. Sliuif.- . ' EnvTronnteril , fc - deterioration Id ike. net bulancc in. the' demand for sterling. This had been exceptionally', high in 

AIR VI At S* nas. • nntqhlir AM rln' niiwii 

imminent." . f bet'ause t is a coiUon objcctlv-e a.S per cent and of business 

The Conservative broadcast ‘‘. f/ ZT 1 / 1 K l investnient nf 5.5 per cent, 

was the fourth— and among ihe 11 e P e °P le u£ tlUs : Retail price increase of 7.9 per 

deftest and most effective — 5 ‘ cent is forecast compared with 

devised by the Saatcbi and -jk ■ r . . a probable rise of about 10 per 

Saatchi advertising agency. i\0 IllCDtIOD cent hi prices this year. 

The television production, M. Maurice Papon, Budget 

featuring four shadow Cabinet Significantly, however, Mr. Minister, described the Govern- 
members, was preceded by a Edward Heath does not seem to ; ment's plan to combat unemploy- 
curtain-raising radio broadcast in have been rehabilitated by Tory : ment as “the priority of 
which fictitious working men Central Office, even though he ; priorities.* 1 The Cabinet had 
rehearsed in a pub setting the has made peace of sorts with his [ approved this morning the 
arguments io favour of a Tory- successor as party leader, Mrs. creation of a FFr 3bn fund to 
run economy, where faster Margaret Thatcher. The broad- ! encourage employment in 
growth and lower unemployment cast’s comparisons of respective regions worst hit by business 
would be guaranteed. party leaders moved directly closures. 

The broadcast avoided any hint from Sir Harold Wilson and Mr. AUogeher. the Government s 
of confrontation with the unions. Harold Macmillan to Mr. James social spending, including that 
Instead, it dwelt on what se**ms Callaghan and Mrs. Thatcher, °. n alevjatiny unemployment, 
certain to he a dominant theme with no mention of the former ! P* 0 b >' 14 P e , r , cent * UId , P“ bl,c 
of the Tory campaign, that Tory Prime Minister’s 1970*1074 ! investment will grovy by l« per 
Labour has failed to deliver on Administration. .cent to help sustain economic 

; activity. 

On the direct lax front, 

. ’ ! income-tax thresholds will be 

-w- 1 ■ -m g* A -ft ' ! lifted by a uniforme 9 per v*jnt 

Labour asks for 

per cent. These alterations 
; account for most nf the 
BY OUR LABOUR EDITOR j FFr.7.5bn devoted to lightening 

lhe tax burden. 

THE Labour Party asked trade and Municipal Workers and the ! Under the new thesholds, the 
onions yesterday, to contribute National Union of Mine- ! maximum 60 per cent rate of 
Elm towards Us co%t during the workers. j tax will apply to slices of income 

forthcoming general election. The party itself has already f exceeding FFr 250.100 a year, 
Mr. Rou Hayward, general started spending on a poster 1 1 £30,000). Aa married man with 


, monsrat pi cleaning up iunvr - city areas. Back Taiuf ■ Efic. But there has also been a account due largely to, changes in their UK subsidiaries, which 

. " „ dmCr: Fetor ._ . Sliure,'. • Environmeril . _ iZ_ . deterioration id bulancc im the’ demand for sterling. This had been exceptionally', high in 

Secretary, said the cash, would. . cm Shipping, dotablv on dry curso, was partly associated' with the. the first quarter, was except 10 n- 
’rvr?t :r, tu the 29 distripL; most advanced negouatiq ns ^ a C | ec ]| no ihe net -surplus recovery of the dollar in April ally low in the .second quarter 

he current je-’ need. Page. 5- . ■ : . y*tn- >: me: ~ European Airbus on "travel as the -nthuber of and market concern about with a difference between the 

W ^ ojf-at lepst' four pore, in a d»l ^7b r oad. ■ ConscquenUy 

tr14 Professor lienry Bedkon, the yorth £75m. Page 6 T^p invisibles surplus he- sharp decline i 

c on? wm ^ smallpox expert, ha* "died' in L f . nNTrs iPVT4T rais: n r ih- tween April and Jun? was £333 ru dents’ holdings 1 

bospUal five; d^s-after. or the ^ lhan or ^ ina]]v esU . Official sterling 

ft fuuud willi his UirearttU. Prof/JJf '■ *{ -vSSS-SI if, iTShi in?- "Wted. but £3Sm higher, U>an the jng government 
^ AvlPlt Hudson Imadcd -'.the 1 . Birmingham • mamifaetunng plants in e ”**■ exceptionally low first quarter by £233m in the 
University medicai-irnii in whiirh ra * e . 1> .. . . totaL Over the first half of 1978. balance d eel mei 

I smallpox victim. J*het Parker » DaTSUN dealers in the UK Ike invisibles surplus , has been there was a rei 

■% works. have appealed to the Government waning at 37 per cent less than in holdings of 

Vouo. : • ■ : ■ v:^._ - as -5t.Tsrs. 5 

he current ?s need. Page. 5- * Wtn-^jnc: .European Airbus travel as the mtaiber or and market concern about with a difference between the 

S oT1 ; i 3 on lSrff - ' • : • . industne Sronp tor up to sue fon^n vistors has levelled off domealic nionetiucy.'developments periods ' of £570ra. This again 

iiV iu<t Professor d ies . ■ .^versKm Airbuses and options am j mnrt . British residents have in the UK ' probably reflected the changing 

. c ‘/ i^. rrw 1 ~ a5 '" . u * ® orf at leasL four more, in a deal gone abroad. ConscquenUy there was a demand by companies for 

Li,- Professor lienry Bedson, the yorth up. to £75m. Page 6 T^p invisibles surplus he- sharp decline in overseas rcsi- sterling., 

oo.n? Will smallpox expert, lia* 'died 1 in L .. A>rr rMpNT*i riv „r ih„ tween April and Jun? was £333m dents’ holdings of sterling assets. There was an improvement in 

— hospital fiv’d’- dajis^ after. 'bwng^^Vv^”.rr l J ,a r m ine -*£27m less than originallv esU- Official sterling balances, indud- the current account between the 

ft fuuud willihis Uirearea.L Prof, U P C^ hut £3Sm highcr.Uian the ing government stocks, dropped quarters of'EBUm, on seasonally 

^ Bed son 1 leaded the/.Biriningham ^“““cwnng plants in me uil exceptionally low first quarter by £233ra in the quarter. Private adjusted basis, though the turn- 

jCiiwI University medical imit in W’hifh r**7. ... . - toU»L Over the first half of 1978. balaricae declined by £154m. and round was slightly smaller than 

, smallpox victim Janet Parker m daTSUN dealers in the UK lh e Invisibles surplus, has been there was a reduclion of £34m estimated. 

*« r worfcs. • * have annealed to the Government burning at 37 per cent less lhan in holdings of Riltredged atoek Consequently, the cumulative 

VnllO • > - ?? SSS?fSii emSHefr quarterly average last year by oversea private residents, current deficit in the first half 

VUW* 1 Ai nWM irinuift S/^SKrt? SfSSSLi Si which was itself nearly a fifih This was the first fall; -in such of 1078 is now estimated at 

v Iran Clam paown .. ^ . ^ lower than the 197« peak. holdinp smcc the beginning, of £119m. compared »ith £S4m pre- 

a fhevtf i™ few banned -al fpulilic meet- heloe?Blfcar?Paae ^3 : :.Thc second quarter balance or 1976. blithe interim purchases viously. and the £30m deficit for 

t UikJ iD" 5 find marrires without official Lars. rooC j payments figures also showed a amounted to well over £lbn. July could now be -revised. This 

clarence, amid ’ . continuing .ft' TATE AND LAXE has ear- deficit on lhe combined current The_ outflow was also suggests that the April budget 

T rCSpO^ v i^luhi-e.' , in' wlitvh 37' people marked £2Ctai -for the develop- capltal accounth between l^„ a r }f® Continued on Back Page 

i T lit f h yc died this month. ment - of new ontlcis foe AwH and June forlho first time- UK tank* external . sterling ■ 

,Ut tlieUM h - vc ® D : n ^ . - -• 2gVteS : another Sieray rich the end of 197B: This de- lending (mainly on export credit) Tables Page 5 

i " ■ crops as sources of energy and ? 

na ^ KaU - ni : chemical feedstocks. Page 6 . 

k'TM :/P.'& O chairman takes new role 

tfie worn deal ^'ffered to 7^ ■ £S0Dm budget before im ; , . . 

wH^^^Bgmoblprs anywhere — because, the allotted five years are uo. and gy iAN HARGREAVES, SHIPPING CORRESPONDENT 
fbf winnings amounts substanoal funds would hove Jo 

‘ r /- ^BH|to r oniy 30-'per cent -of the total be- wade' available for aid to PENINSULAR and. Oriental thine other than a desire on bis claimed much of his attention. 
^■nnoL Scottish' Industry to continue, the Steam Navigation Company and the board's part for closer Three years ago. Lord inch- 

THE Labour Party asked tradt 
onions yesterday to contribute 
Elm towards Us cost during the 
forthcoming general election. 

Mr. Ron Hayward, general 
secretary, said after a meeting 
with union leaders in Brighton 
for the TUC that their 
response* was without 
parallel in his experience. " .VI! 
realised the seriousness of (he 
next general election," he said. 

The £tm that Labour is seek- 
ing is equivalent to two-thirds 
of the toial fee paid each year 
by the 58 affiliated unions. A 
written appeal will he going 
out next week. 

The only declared contribu- 
tions to the party so far are 
£100,000 each from the General 

and Municipal Workers and the 
National Union of Mlne- 

The party Itself has already 
started spending on a poster 

cvampalgn o\er the past week, [two children on FFr 88,000 a 

T1 A v._ _ - _v X P-AAAA /PinttAAt ia. *1 1 nn «. CQC non 

That has used about r ^).000 
from Its reserves of £ ’“‘ fton, 
Mr. Hayward sali eve^j.’iing 
was being thrown into the cam- 

year (£10.600) will pay 7J35 per 
cent to the Government. 

The Cabinet lias decided to 
tackle the problem of deduction 

pafgn short of leaving the, uf fictional expenses from the 
party bankrupt. • ' tax liabilities of professional 

mmmmmmmm j workers. It is having FFr 25,000 
in New York ■ a year the maximum deduction 

1 for business expenses. It Is also 

— ! $rni t> previous i imposing a FFr 40.000 maximum 

‘ jon the amounts which can be 

- . : — — . "t v dedacted under the provision 

] nl-Mii it : *S£Bfi£ i SKSflE allowing professional workers a 
< imnitin i.«v.ijb al-. i.s;«.i.i4 iii« Continued on Back Page 
•' in-nit ii* 4.& iiu : Further details. Page 2 

■?i.u M.-tiavttoo 

] m-Hilli • ' 1 .52jJ.16 .ii, 
* nnmtlis ' .1.W.1JB ilis 
l‘{ Ul-illtll' a.S£a-4.Rf« ,11, 

0.1R-XJI >ll> 

Tables Page 5 


r h A 

t}hart!Wgiit fpf winnings amounts substantial funds would hove Jo 

tO'OTiiy cent of the total be j wade available for aid to PENINSULAR and. Oriental thine other than a desire on bis 

pool. ' ~ Scottish' industry to continue, the Steam Navigation Company and the board’s part for closer 

rduettid iii-. tile .-light - ot.- moves ..cations trp.not being q'srnni aieu executive-. - 

•;iowat^s Hboration ” has -fptmd hevauae- of a dispute beiweea ^ group. Unofficially, some or the com- prnbiwus. 

; that the most, client priorities HMSO and printworkers. News of the boardroom rhangn. pany's directors were prepared Yesterday’s dismal results 

for' women aged 18 to 30 art a m wnrvmrp tuuun tifrig «V whereby Mr. Sandy Marshall were mainly caused by detoriora- 

husband, .two-children -and - a /J JJr'M ^een ore hi Piled' by «tajns his post as manajjlna Results Page 20 tlon »" ,he hulk shipping and 

xms iss,sr. ^ ^ r-"* ° r 11,0 

.... \_-l '. :v. 'fltelClty that the board is head- — . ’ Although measures are being 

Uusnells .jn\i,suiieiiwr htg for a new interna) battle to tn admit that not everyune was planned (a reduce the company's 
Briefly - ; v . ^* e r l - . follow the 1972 epic when seven happy with, the change, but dis- stake in the. crisis-stricken gas 

■ -■ „ 'v v ? - - - directors quit over the. group’s missed the idea that the Board carrier field; joint ventures under 

Express Newptwpeas launches Its -ftflMPfi HITS •• resistance to a Bovis takeover was split ur that further changes negotiation with qas producing 

new tabloM^iiS- ^cithei .She,.;-' hid, ■. in Board membership tir cum- euuntries have not been finalised J 
flth nr IGtit-otnest month. Biek SUN- ALU ANuL _ interim t u n 4 nany structure were in the bine- On the drv hulk eido. a Heel 

. ‘ j for" women aged 18 to 30 art a m tuuun tifrig ™V whereby Mr. Sandy Marshall 

/husband, . iwn .chndren and A ’JlT 0 Sn nrohSfSd 5’ ” stains hls ^ Dsl managing 
, j house. — preferably fn, the 5S^5-2f i i!?K w ESn iSm from director bui clearly loses some 
-■ »4vountry,’ . -:XZ ’ . • - - . : . authority, re-kindled rumours in 

"-‘".^1 ■> '- ^ •• taking over an ^Austra.iao conk- •_%. . . hnn*^ ic head- 
'll v - .Jnvusuaenlft; a new inleraal batticW 

^ - J Brjiefly ;- . \ follow the 1972 epic when seven 

his chairmanship of the Inch- has a 50 per cent stake, has sold 

There was a strong, official cape Group,- and a year as presi- another four. Even so. the bulk 

"rj N' profit were revealed. Back, ggj bis chairmanship of the Inch- has a 50 per cent stake, has sold 

"V . pended, .nve-ywr. oentence • ■j hr 1 ' Page- 20'and Lex ■' There was a strong, official cape Group,- and a year as presi- another four. Even so. the bulk 

America n r raneif s .,. n u., m , denial tliat Lord Inchcape's dent nf the General Council of division is not expected to show 

•■ i - ’ V- : 9 ^ represented any- British Shipping In 1976-77 had profits before 1980. 

‘■V t ^®S?j!s- : l Q Jii e lSIi h f -irient' tDttime in the first half nf ' . 


.... 2 Technical- page 8 . lull, t 

. Japanese uroox -. a., .reenra w epne oi 

i&e"*** .'164,320.000 "gdUons ot: beer -.this underwritlng.lossos. Page 20 and European news 2 Technical page 8 

C ilv>i)^ - .* :*• -• . Oversea*: new^ 4 , Arts page ; 17 

* ^ '‘World trade a«ws 4 Leader page 18 

1 Home news— general 5*6 UK Companies 20-22-23 

-■^^CHIEF PRifif CHAMfiES YESTHlilY -ii. — M 


(Prices in nance unkss otbertise Walker (J.) 12S J r 5 : 

... . indicated >• - . Guthrie a....'...- 3&> + io 

sl« , RISES > : . '"->•• Geatnti 'Efcifie Min’ls 4S0 +23 . 

jS BICC jas +, S^ Xonrinc Siotinlo + J K 

^ Barclays Bank'.-.-....-^.-o358 - 249 f ,n 

y Hurtdh.A.'l 5 s - ^«tIon Trust. -- -•' 4 «riJ2 ' 

^ , Country £ New Town S'/ Southern ^ Pacific Pet ]S0 +19 : ; 

J nistillers . h=4»v- 18? + ,»° . - 

The ~ Japanese export ex- 

r ■ press slows .18 

Economic viewpoint: A 
-klwfc at poverty 19 


Has advertising lost its way 9 

Hong Kojig Wharf: A 
closing Of the ranks ...... 26 

lull. Companies 

Euromarkets • 

Money and Exchanges ... 

World Markets 

Farming,. raw materials 
UK stock market 

Complain and you could 

end- up In Jail 2 

Transport .headache for 
Zambian, authorities 4 

- APMtHmcnu » 

■ Anwliiif,.A4vt«> J1-1S-21 

BwUiwta OpvU. ... 30. 

- ClHrtraOs ...i 32 

CrHawvrd U 

■■fewarotG indkxarA . M 
.B»mUinncnt flu We - - U 
‘Mmbimtora, ■. ■: -»• 

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Fgr\lG$eg£- $hure Index, 'phone 01-246 9026 

financial Times 

Thursday September 7 197$ • ? 

t l UOl'CAN NhWS 


faces key 
test in 

By Jimmy Burns in Lisbon 

TODAY. TEN days after his 
formal appointment as Portu- 
gal's new Prime Minister, 
exactly as the constitution 
demands, Sr Alfredo Nobre da 
Costa. a 55-year-old engineer. 
tviH presed his Government 
programme to Parliament. The 
263 delegates of the Portuguese 
Assembly of the Republic will 
then have tomorrow and the 
weekend for "reflection" before 
returning on Monday at the 
beginning of wbat promises to 
be a gruelling five-day debate. 

At the end of the debate, 
scheduled for late Friday night 
or early Saturday morning, any 
nf the major political parties 
is constitutionally allowed to 
present a motion of rejection 
on the Government pro- 
gramme. If the motion is 
carried bv over half of the 
delegates. Sr. da Costa and his 
team must resign. 

Latest Indications suggest that 
tfic Government's chances of 
survival in next week's crucial 
Parliamentary test are slim. 

Recently both the Socialists and 
the Centre Democrats CCDs) 
whose six-mo nth -old Govern- 
ment alliance collapsed at the 
end of July, declared Lbeir 
opposition both to the form 
and content of Sr da Costa's 
Government of "political 
independents and technocrats." 

The Socialists, who with 102 
seats in the assembly are 
Portugal's major parliamentary 
party, dissociated themselves 
front Sr da Costa when be was 
designated as Prime Minister 
by President Kanialho Eanes 
early last month. They claimed 

France introduces 
tax to curb overtime 


PARIS, Sept- 6. 

THE FRENCH Government bas for industrial construction and national employment agency 
decided to impose a special tax job creation In regions suffering would be reorganised » nd 
on overtime to check the rise in from the crisis in steel and ship- measures taken to - limit abuse, 
unemployment. Workers will be building. The FFr 3 bn will be He added that steps to develop 
paid 30 per cent extra for over- half in subsidies, half in loans, apprenticeships and mobility d> 
time work, instead of the present and the first FFr 1 bn will be white-collar workers would be 
25 per cent, but a third of that available this year. taken. 

will be taken in tax and paid into The Government is also en- The unions and employers 

the national unemployment countering the increase in man- have been encouraged to Dego* 
fund. ning in certain continuous- date changes <rn the unemploy- 

Th* measure is intended to process operations, for example meat benefit' system to even up 

mike It mw^Sn3!?fc?«£ In steel, and an extra " half- thte benefits accorded to different 

clovers and workers to- intro- shift" might be added to the categories of unemployment and 
ff.~Av.rti™. existing four shifts. Employers make it more worthwhile ** 

auce oven • ^ would be exempted from social accept job offers. 

The special tax ts among secur ity charges for the extra The measures include n0 

measures approved by the manpower. radical (proposals*: The Prime 

Cabinet today in response to the The two sides of industry have Minister, M. Raymond Barre. has 
rise in unemployment. The been asked to consider reducing specifically ruled out steps that 
Government estimates that it is working hours in jobs calling for would add to business costs wilh- 
likely to top l-'-in this year, but strenuous manual labour and a out necessarily creating niore 
the onions fear that might be a study on encouraging part-time permanent employment. Thus 
severe under-estimate. working is to be undertaken. the age of retirement and the 

The other main decision is to M. Robert Boulin, the Labour length of the working week 
set up a FFr 3bn special fund Minister, promised that ' the remain unchanged.' • : 

Norwegian ship loan threatened 


OSLO. Sept. 6. 

A POLITICAL STORM is brew- ligated by the police following panies, while the Reksten family 
mg in Norway which could block Mr. Reksten' s indictment more itself probably has extensive 
the extension of the loan guaran- than two years ago on tax and secret assets abroad, was not 
tees for ships and drilling rigs currency violation charges. The one 'that die Government could 
given to the crisis-hit Reksten Sl-year-bld shipowner has ignore. Early this- week, Mr. 

shipping group by the state- refused to answer police ques- Halvard Bakke, the Shipping 
backed Norwegian Guarantee dons about his business affairs Minister, asked the Director of; 
Institute. and this week he also refused Public Prose mi tions 1 for an in- 

This would be a serious blow to make a statement to a closed terim -report ou the results of 
to Reksten's creditors— among hearing in a Bergen court. . the police investigations into Mr. 
them Hambros Bank, which has A spokesman for the Reksten Reksten’s' affairs ?in view of the 
been negotiating the guarantees companies has denied that Ministry's dealings -with other 
with the Institute for several either the companies or Mr. matters concerning companies 
months. Reksten’s family have any people affected by these in- 

Thc new development has “ownership interest in 9estjgatU)D5. n 

arisen as a result of a series Palmerston or in Anglo-Nordic, T 

of hard-hittin" articles in the a prosperous shipping company Mr. Haakon Nygaard, manager 
that’ the appointment of a man? Oslo newspaper Arheiderbfadet. owned jointly by Palmerston of the Guarantee Institute, wys 
without any formal party links ; w hich reflects the views of the and P & 0. The Reksten state- be does not believe that specu- 
to lead the country contravened j Labour Party. The paper nient concedes, however, that lation about Mr. Rekstens 

Article ISO of the Portuguese alleges that the shipowner. Mr. Mr. Reksten has a management possible foreign assets will affect 
constitution. Hilmar Reksten. has deposited agreement with Palmerston and the currenr negotiations with 

This states that a new Prime substantial assets abroad, as a that his son. Mr. Johan Reksten, Hambros. These .concern loan 
Minister should be appointed (result oE business transactions is a member of Anglo-Nordic’s guarantees granted to the 

with "due regard being bad to 
the election results." The 
Socialists won the country’s 
last general election with 
nearly 35 per cent of the vote. 

The Conservatives. though 
initially more reserved about 
Sr. da Costa's appointment 
recently came out strongly 
against the content of his 
Government. which they 
accuse of being " to the Left of 
the Socialists." Ln their view 
Lite Government's self -attached 
label of “political independ- 
ence" hides an unofficial agree- 

N. Sea oilfield project 


OSLO. Sept. 6. 

in the early 1970s. These trans- Board. Reksten companies Hadrian and 

actions — involving, among others, Arbeiderbladct's chum that Trajan, in 1976, foUmring a re- 
a Panama company. Palmerston taxpayers’ money may have *o be organisation of the Reksten in- 
Holdings — are still being inves- spent to “rescue" Reksten com- tercsts. The guarantees cover a 

-three-year, SI 00m borrowing 
facility provided to the two 
companies in December, 1976. by 
a consortium of 20 international 
banks, including Hambros. It is 
understood that by -the end of 
.Tune this year, Hadrian and 

NORWEGIAN CONTRACTORS, storage tanks for liquid gas in- Trajan had together drawn about 
which pioneered the Condeep corpora ted in the concrete half of this facility, 
concrete oil production platform, ... , lnnof „ Mr. Juul Bjerkc, chairman of 

,1“* t “»« | “P *P *»■ no™ a “n™lo»d JK toe, 

ment reached by Sr. da Costa iwegian Kvaemer engineering producing ic. might make it ° Thues “today In 

and the Communist Party. group to design an : offshore plat- possible to exploit North Sea gas- Xr beiderblajde t yesterday, how-* 

~ **-- * form for production. Uquefac- fields too small or remote to h ewas aunt ed as savins- 

tion, storage and loading of sub- justify links with pipeline ,« ^ ’ Reksten has assets abroad 
marine gas. ■ " - ^sterns. 

The companies 
work will 
months to 
is too early 

such a Structure will lusi. «■"* *«««... tor a now miannlpp 

The idea is to combine Exporting Countries (OPECj, ror a S u ara I «ee a.reempt- 
Kvaerner’s expertise in gas-hand- AP-DJ reports from Caracas. A meeting of the Institute’s 
ling equipment with Norwegian In future, he said. Norwhy board is scheduled for tomorrow. 
Contractors’ specialised know- might act as a diplomatic Mr. Bjerke could not say 
led^e of building concrete plat- “ bridge " between OPEC and whether any statement would be 
form supports. A model shows main oil consumers. issued after the meeting. 

The Conservatives claim that 
three ministers— Sr. Carlos 
Correica Gago (Foreign 
Affairs i . Sr. Costa Leal 
(Labour'! and Sr. Acacia 
Pereira Magro (Social Affairs) 
—are al! “ pro-CauirnunisL" 
and have been picked in return 
for a measure of stability in 
industry where the labour 
movement is largely Com- 

Conservative concern at the 
“ red tinge " or key ministries 
lay behind the collapse of 
tbeir alliance with the 
Socialists in July. The CDs 
then wanted the sacking of 
Sr. Luis Sais. the Minister of 
Agriculture, who was accused 
of another “ secret ’’ deal with 
the Communists over agrarian 

The Socialists (102 seals) and 
the CDs (41 seats) have it in 
their power to vole together on 
a motion or rejection and 
topple The Government. If 
their initial reactions to Sr 
da Cosla appear different and 
contradictory, they are linked 
by a third and most important 
factor which could force the 1 
two parties into an agreement 
against Sr. da Costa. 

Both Die Socialists and the CDs 
feel increasingly th3t the 
Portuguese parliamentary 
system is threatned by a 
formation of a Government 
that has no official links with 
the main political panics, but 
has simply ihe support of the 

Their apprehension has grown 
with the new administration's 
apparent intention to play 
much more than a transitional 

We:c Sr. da Costa and bis tech- 
nocrats to gain parliamentary 
approval next week, the 
politicians claim, the parties 
would be accepting a funda- 
mental change in Portugal's 
political system that would 

latest spy 

By Jonathan Carr 

BONN, Sept. 6. 
Schmidt has dismissed allega- 
tions of a new West- 'German 
spying affair as a “giant air 
balloon ** sent . aloft * by - the 
political Opposition to damage 
the ruling Social Democrat 
Party (SPD). 

In his first public comment 
on' the affair, made at a pro- 
vincial election campaign rally, 
Herr Schmidt described as a 
“dirty invention” allegations 
made by some Opposition poli- 
ticians and newspapers about 
the SPD and Herr Egon Bahr, 
Its executive secretary. 

It has been alleged that a 
Romanian defector to the West 
passed on le the V£. informa- 
tion suggesting spying in the 
SPD’s ranks and the existence 
of a plan by Herr Bahr for 
West German withdrawal from 

Herr Schmidt said that when 
be met Mr. Walter Mandate, 
the UJS. Vice-President, In 
Rome recently, he was assured 
that Washington had been 
given no sucb indications from 
any source. 

Clean while, the Cabinet to- 
day postponed a decision on a 
request by the Federal Attor- 
ney's office to start legal pro- 
ceedings against -some jonrnal- 
ists in connection with the 
affair. More detail were asked 

It i$ suggested that some of 
the media made public details 
of the investigation into the 
spying affair in sucb a- way as 
to prejudice its outcome. 

Reuter reports from West 
Berlin: The city’s authorities 
flew 129 Pakistanis home to- 

Yesterday 1GG Pakistanis 
were Down back to Karaebi, 
and a total of 591 have been 
expelled over the. last week, 
lu the first eight months of 
this year, almost 4.000 Paki- 
stanis have arrived here, hop- 
ing for political asylum. 

Prosecutor urges 

sentence for 




' -.T-nksted in retalia- Crawford at nearly a quarter { 

THE SOVIET State- Prosecutor in section, was arres«Q previous the official rate. delivenn B ft 
the case against Mr. Jay Craw- tion for the arr . employees money to Mr. Crawford's 
ford, the U.S. businessman month of Two Nations on room or the International 

charged with currency violations, of ' the '{'“if® vester office. Mr. Crawford -mi 

today called for a “ lenient “ espionage charge*- tbe evidence against hmi wag 

suspended sentence' of five years Mr <v a wford clashed with uie com p] ete fabrication • 

in a labour camp. TLS; officiate 43ce. Mr- Lev Mironov Mr> Crawford and- Mr. Kfcefri 
said Mr. Crawford would be out Kne the morning session, over ^ t;v0 0 f four defendants. 

or the country by the end of the JJJ}"*, declarations which were others are Mr . Kiselyov * M 
week. . offered! n evidence. The Judge Lyudmilla and Alla Sotovy W ;< 

Mr. Mikhail Ilyukhin, ' tta'SlS Aai Mr. anted rasbIer at om of; Moscow^ 

prosecutor, in making the recoin- the Soviet Umon in d ^fl^5ants have nteaded JSn 

mendatfon for leniency, cited the with £2,775 and lei t xnree y defendants na\e Pleaded gpDf 

Set ffiat Mr. * CiS?s firm! later with » n Lr $ to. fkcL^be P* 

intpmstiftnai "Hflfvestpr ha d Crawford slid Ain S3id did minor t&ilorif 

still violations! 1 Th?y M cm„d C, S 

receive ^ SSunZ LtiZ A driver for . Intodrist. rte the deaft peeatty 
of right peers' imprisonment Government ^gehW, aud The Kltel.vov, ^.^uted ; 

plus five years exile if convicted be saw Mr. ar v o T nnrwi in hard ciirrwJ^ 

Sf buying 20.0000 roubles and six point wearing M cMOn*. ™* 3100,000 m bard cu 
samovars on Moscow’s black glasses and bjtevtaa to * the gJJtarSi' 

market A Soviet' coart need suspicious S2 ?nd two 

^^HerJeWd jZ. 

of desultory Oxford was a (cud and respou- These pelatejhat rouble,* 

evidence, Mr. Crawford dis- sive man. Sk MofeiS Trad?’ 8 - - 

paraged tbe case against him and Mr. Crawford said that he Bank for Foreign Tradt. . 
said: “If Soviet justice is to pre- coud Srt no clear^ut picture of Mr Crawford, has bei 
vaa I will be found innocent-" wbat tbe prosecution was trying ^ l gl£ f 0 J u /5S\achS 52r 

' U.S. officials have said that to establish. ^ ffmovara^so for haS 

they believe Mr. Crawford, who . Mr. Vladimir . Kiselyov, a fair ** samovare. also for hard jn 
was dragged from his car on tory checker, said yesterday that rency The . official rate of « 
June 12 at a busy Moscow inter- he repeatedly sold roubles to Mr. change is about 51.46 a roubl 

Poland faces more power 


POLISH INDUSTRY- again faces is similar to those employed by of equipment Is being ore ■ 

Tpi»t Germany and Czcchoslova- hauled and officials are 'hopb 

power cote- tbis^ autumn m ^ breakdowns wUl be jS 

Peu* this winter. • ,b‘> 

Tlie Press, however, sajsqj 

winter. The deficit at p.— « . _ . 
periods might reach 3,000- mega- A^rording 

shortages of spare parts.: Tta 
tbe risk of failures remains.’ 
The latest figures .'give : '.ff 

Bonn wins 
rights case 

THE European Court of 
Human Rights ruled today 
that a West German law 
allowing secret phone-tapping 
and opening of mail did not 
violate the European Conven- 
tion on Human Rights. 

The court said in its judg- 
ment: “Democratic societies 
nowadays find themselves 
threatened by highly sophisti- 
cated forms of espionage and 
by terrorism with the result 
that the state must be able, in 

to the 197S plan, ... 

■the Polish power industry’ was overhauls are not. -as 4horwi 
. Industry has suffered power to have received 2,470 MW addi- as might be expected because-, 
shortages since 1976. . but last tional capacity this year.- But- it 

winter was especially difficult faSW and *1.470 MW MS! be - ----- - 

and tbe February deficit reached tn-o-aiied and in production by capacity of the Polish power r ‘ 
2,300. MW. the end of the year. dustry as .22.038 MW and' prodi?' 

This time, cuts will be. planned . According to the daily news- tion this year is expected to > 
and spread evenly throughout paper Szlandar Mlodych. delays - cted by lbT the planned tol 
industry. The scheme wHl fav-‘ on power station construction of 115bn Kilowatt hours. TTi 
our tbe raw materials' and con- sites range from three to five compares with the lOSbn .Kv 
struction. materials industries. It months. At present. So per cent produced last year. : 

U.S. envoy mobbed in Cyprus 


NICOSIA, Sept. 6. 

TURKISH CYPRIOTS staged an talks between the two com- General, to reconvene the inter- 
angry demonstration today when munitics. communal negotiations, which 

U.S. envoy, air, Matthew Nimerz. Later Mr. Nlractz and Mr. have remained deadlocked since 
entered Nicosia's Turkish sector Dcnktash drove together to spring of last year. - - 

. for exploratory discussion? with Famagusta in Eastern Cyprus to The officials indicated they 
j their leaders on the Cyprus prob- h a vc a look at Vnrosha, the were disappointed because the 
leni. modern part of the city, formerly U.S. envoi- had not brought any 

About 60 people banged their ^ .important holiday resort and nevv 'dens — or -indications that 
fists on bis car 3nd shouted: cmnuiercial centre which has '*^ ,e Turkish side was softening 
Nimetz^ go borne. rema-ined deserted, scaled off by attitude. The Cyprus state- 

cessions,' and ' *rosna will for Turkish troops for just over four n, ate therefore continued, since 
ever remain Turkish — a refer- ,. ears there was no acceptable basis 

ence to moves to reopen \arosba ' . ' , „ . „ . , for resumption of tbe talks 

(Famagusta) for the resettlement Creek Cypnot officials said Mr. - roiHhiv. 

of Greek Cypriot refugees. Nimets h«d made ir clear in # . “ » as fh S!L ia 2? learn . ed he ” 

The demonstrators placed a with -the Gonnunent fteLk thresh iu ie^ertSSSh 

black wreath outside the office of President Kypnanou that he so _ suc g D as a po " s fJf e ^S 
of Mr. Rauf Denkiash. the bad not brought any plan or pro- ing betwwn President KvorSnou 
Turkish Cypriot leader, while he te break the Cyprus dead- ant i j jr B U | ent Ecevft - the 

was haviqg '* * At *‘ u: " '* — '"' J - - - - - 

Nimetz. U" 

island since sun a ay m an effort sines .ana men nejping ur. make a new approach to 
to help revive the stalled peace Waldheim, the UN Secretary- Security Council. ’ 

The case was brought by 
five lawyers, headed by public 
prosecutor Herr Gerhard Klass, 
who contended that the 1968 
law violated articles of the 
European Convention on 
Human Rights. Including the 
right to respect for private and 
family life. The West German 
law restricted the right to 
secrecy of post and telecom- 
munications. authorising in 
certain circumstances secret 


West German 
production up 

By Our Own Correspondent 
BONN, Sept 6. 

WEST GERMANY’S Industrial 
production figures have been 
revised upwards to present a 
markedly more positive picture 
of the position al mid-year. 

Tbe Economics Ministry said 
today that revised June pro- 
duction figures show a 2.5 per 
rent increase against May, uot 
the 1 per cent provisionally: 

Provisional July figures dw ' 

Spanish Prime Minister 
visits Venezuela, Cuba 


MADRID. Sept. 6. 

SR. ADOLFO - SHARES '.’ihje Franco, “ Hispanicness " was a 
Spanish Prime Minister, set H)ff ritual touchstone with little 
this evening on official visitsrto practical consequence, under. the 
Venezuela and Cubsu accyrit monarchy, the Spanish admin- 
panied by Sr. Marcellno OrejagtetisUonr has acted on the recog- 
the . foreign minister, and ttafuaRSon that Latin American 
Under-secretary for Commerce- nations provide an increasingly 
Sr. Suarez will be -the .tost attractive market for its tech- 
European premier to visit post- nology and capital -goods, 
revolutionary Cuba In an The King himself has visited 
initiative which continues the eight Latin American countries, 
more adventurous turn which and proposes to cover the rest 
Spanish diplomacy . tdok follow- of the continent in the coming 
ing King Juan Carlos’ visit to two years, . beginning with visits 
China in June. ' to Mexico, Peru and Argentina 

It is expected that tbe two-day in November, 
visit to Venezuela, with whose At the same time, Spain would 
President, Sr, Carlos Andres like to have its relations with 
Perez, Sr. Suarez's Government Latin America oo an organised 
maintains excellent relations,, will rooting before entering the EEC. 
yield mainly economic friiits. and perhaps gain the kind of 
Venezuela -is Spain's main concessions in its trading 'rela- 
enstomer in Latin America, as lions with them that Britain had 
well as the most important with the Commonwealth when it 
recipient of Spanish capital joined the EEC. 
invested abroad, which amounted Spain's trade with " Cuba is 
to Pta 4bo last year. more balanced, with exports 

Trade between the two coun- worth some Pta 5 llbn last year, 
tries has grown sharply since the Spain mostly imports Cuban 
.King’s first visit to Caracas in sugar, but with a glut of home- 
October 1976, and tin's year produced sugar which is unlikely 
Venezuela is expected fo import to disappear for at [east a- year, 

Pta 24bn worth of Spanish the renewal of the ' bilateral 
good^ with tbe trade balance trading agreement between the 
markedly in Spain’s favour. two countries, due at the end 
Spanish industry has won a of t bn year, could present dif- 
series of important contracts in Acuities. It is however the 
Venezuela recently, chief among diplomatic aspects or the Cuban 
them being one for the building visit wbieh are exciting most in- 
of.a railway likely to be worth terest here, 
over Pta 70bn in partnership Some observers believe that 
with a Canadian company and Spain, may offer to back Cuban 
the setting up of Hispano- efforts to normalise relations 
Venezuelan consortia to build a with -the West, in return for r c . , 

shipyard at Los Taques, and a Cuban intercession on Its behalf La 5tfiH3pa CtiaDgC 

heavy vehicle plant in Cuoiana. with Algeria, where Spain is Siw Arri „ n has' resit; ned* 

Both the Spanish Govern- anxious ta iuiprove relations in editor of "La Stamoa after®* 

ment and the King subscribe to the overall context of a solution c or or La ^ 

Sr. Perez's vision of a united to the conflict in the Western 
Latin Amberica In which botii Sahara;, and the cessation of 
Spain and Portugal would play Algerian, support for Canary 
apart. But whereas under Gen. Islands separatists. 

EEC promise 
renewed in 
Andreotii talks 

MADRID. Sept 6. 

ON THE second and final day 
his visit here today, Sig. dial 
Andreotti, the. . Italian Pric 
Minister, again promised . fir 
Italian support for a rap 
Spanish entry .inte the EE 
David Gardner ; writes fr« 
Madrid. - 

Sig. Andreotti continued t 
talks today with'. Sr. Adol 
Suarez, the. Prime Mlhistt 
Before being received by Kir 
Juan - Carlos and visiting fl 
Senate, where the final, touch- 
are being put to Spain’s ne 

In addition, the Spanish Gd 
eminent is believed to ba‘ 
requested, and been promise 
Italian support for more symp 
thetic treatment Tor Span if 
vessels fishing inside tbe EEC 
200-mile limits and Tor Spanii 
emigrant workers in EEC cbti 
tries. In both cases the Span^ 
argue that they should .-.-i 
accorded the treatment appf 
priate for a "candidale-niembei 
of the Community. . 

Empain in Paris 

Baron Edouard-Jean " Empaa 
aged 40, the Belgian industrial 
who was kept hooded and chains 
by kidnappers for two raoritl 
earlier this year, has return wH 
the French capital after- a flvi 
month rest, Reuter reports 
Paris. The Baron has been res 
ing in the U.S.- since his relcfet 
He is; expected to hold a ” 
conference today.. 

years in the post, Reuter repbO 
from Turin. He will remain 3^ 
ciated with the paper as 
correspondent and is succeeded,". 
Sig. Giorgio Fnttori. 



workers, including miners, 
dockers, a waitress and a rat 
catcher, will be at the heart of 
discussions at the TUG cen- 
soriously undermine their own i ^ er ^ nca today, 
sreason for existence. j During the _ international 

so far\net with outright opno-l considered.' One appeals for “the t0 housing maintenance department affairs. The TUG. they maintain, prosecution under criminal ing incentive schemes, introduc- 

- •- 1 n.«,Hpnic- m -o,ic n 1 id be concerned primarily statutes governing anti-Soviet ing new -technology and even 

protecting union rights, and agitation. the location of new plants* That, 

... ;r-- T -v -- - r - - U cannot be viewed as a In practice the few strikes that they say, represents a degree of 

the Labour Book of a woman legitimate union. have become known to Western worker . -participation unrivalled 

Mr. Klebanov, recently sent to who said management was mis- Q(h . r correspondents— the Riga dock- in' the. West.. Mr. Klebanov 

prison from a mental hospital using factory funds to finance Amalgamated Unian of yard strike oC 1976 '- for “Stance believe^ ho iv-ever, that it is .only 

(PSD) and the pro-Soviet Com- 
munist Party. 

But these "friends," though use- 
ful for the new Government, 
are not sufficient in a parlia- 
mentary vote. Even if the 
Social Democrats and ihe 
Communists were to join tin an 
unlikely alliance they could 
muster only 133 votes against j hospitals, 
the combined vote of 143 from ' 
the Socialists and the Conser- 

The political parlies wifi not 
declare their formal and final 
position until the debate on 
the programme has begun. 

But the signs are that (the con- 
tent of the .programme may 
already be irrelevant. As a 
leading Conservative told me' 
yesterday: " We'll be voting on 
(the Govern ment, -not on the 

Meanwhile the Socialist Party, 
recovered from the psycho- 
jbffical blow oF Sr. Mario 
Soares' dismissal from the 
Premiership in July, has be- 
gun a series of meetings with 
the three other major political 

methods to repress trade 
unionists. . ' 

Both motions studiously avoid 

Fi-:v-;r«t Tiwis. puMiltad da:l| “OWtSun- 
dayc and hglabr- CS. «ub®cnptooiui I 3H. M 
tur froshti 

class M*u«e saU at New Yoifc. «.*. 

menSonSS thc Soviet Union bit he was under observation, drinking parties. ; ■ Engineeri^g^Wort-ers and “the been dealt with under less the ^representatives of the 

- ' * • “ — n n,,hn ^ eh,ft — A waitress at a top Volgograd National and ffi' GoreromeS! Partimpate in 

Staurant who claims tn Save Officers’ Association CNALGOl. as .P 13 , 1 . a 8“nst hooliganism" those- decisions and that the 

’ unlicensed assembly. unions .have lost touch with the 

But the strike weapon has 'writers^, interests, 
never been a real choice for the Soviet. Press commentaries on 
unionists. _ Although AFTU refer to the unionists as 

they clearly refer to the 200- 
strong Association of Free Trade 
Unions (AFTU), an unofficial 
group of Russian workers, many 
of whom are in prison or montal 

was a pithead shift supervisor 
until he complained about his 

men’s working conditions. The S.C 3"ffpSWB or “unlice^ed assembly-: 

miners m the Donbass basin, he 
said, often had to work 12-hour 
days instead of the legally 
, nil „j a j ,v.-„ required six-hour shifts to fulfil 

v“dim“ W,b5nov J “: hlsh producti<m 

represent workers who believed ® , 

that they were being treated That led to fatigue, safety 
un fairly by the official unions. lapses and a consequent increase 
The official unions are closely in accidents. At -the Bazhanova 
aligned with the Communist mine where he had worked for 
Party and arc primarily con- 16 years, 12-15 deaths and up to 
cerned with diffusing shop-floor 700 injuries a year were con- 
conflict and ensuring, through sidered normal, he said. 

*5** , ^ ork Ten years ago, Mr. Klebanov 
labOUr refused to send miners to the 
discipline maintained. pitfacc with faulty safety equjp- 

In theory, there is no conflict ment or to agree to management 
of interest between the workers demands for excessive overtime. u-aepc 

and the Party in Communist He was dismissed and confined to "«««■ 

THE STRIKE weapon has never been a real 
choice for the unofficial unionists. They simply 
want existing laws on safety and complaints 
procedures maintained and the right to appeal 
against management decisions upheld. 


they claim much tacit support a " handful of renegades." the 
from the shop floor of their standard - description ' of dissi- 
respecuve factories and enter- denlfil . and have criticised the 
.r 108 * ?°y iet , workers west for hypocrisy. Uneroploy- 
prefer the traditional Russian ment, -'they say. is the supreme 
methods of putting pressure on violation -at -workers' rights, and 
management, secret slow-downs, in ih e .Soviet Union 
for instance, or truancy. 

worker . enjoys the 
Those methods are anathema anchored right to work. 



and Fidel Castro, the Cuban to Mr. Leonid Brezhnev, the ^ . . . . - 

leader, was dismissed because Soviet leader, believe that tbe unionists, who Soviet workers, however, have 

she complained that the manage- group owes its very existence to ,i?J5 . v not only, a right .to work but a 


* in the . post- 

rights could be safeguarded. wa “J. si “ ply t0 en r snre that 

sutesrso the unions are assigned V “raSiT mSu ws. The diverse nature of the com- ^ argue : *£***£« pi£du£ and^ right' SSKn S^55 

an essentially supportive role. After his release be was unable Plaints has-been one of the un- union movement imcrnaUoaal »t appeal against manasement M 

. . * , i tt" e ■ j j i - - ^ . . , - — union raovemenL. n® 1 _appeal against nianageoient rjif.nthg jrfa-vear Is liable to two 

However, the unofficial trade }° w *>rk. He founded AFTU official union s weakest points. The creation of the unofficial decirions are upheld and safe- years' imprisonment. That 

unionists complain that that Jjji January and a month later Some British trade unionists, union has certainly highlighted 'guarded. measure has been applied against 

D a t n t i COr u P i lon \ n ^ h P ma3r op ^ 6e motions gaps in Soviet labour legislation. The Soviet authorities have, human rights - campaigners and 

(SdiutottoS 1 of workJ-^nrwS M L nrieon^ b g ^ AFTU 16 s<J ^ et law. for instance, while predictably, refused to recognise Jewish activists—dfemissed from 

exploitation of workers, indeed terred to prison. so much a union as a com- not actually forbidding strikes, AFTU- or publicly acknowledge their job*irand>M probably be 

As such, does not recognise the right to that it has grounds for com- used against AFTU members, 

— ' wdx>»have_been formally 

to violation of the basic labour Another jailed member of the pkunants’ association. 


Suon. S<1 5 « to toe mSSy to 'SLf £S£ 



ten YEARS ago Mr: Yladl age 
Klebanov (above) was a. P®!-: 
head shift supervisor in 
mine . in the.. Donbass 
When he refused to 
miners to the; pitfaCc 
defective safety eqnflMnent. i^i 
was dismised and" sent 
menial hospitaL . Afier^ri 
release be founded lh p 
elation of Free Trade 
and is now' In fjfalt.'"'' 
member?. - of - the., 

tell similar Stories, 

^jnaiiclal Times Tljursday 7 1978 



> i; v£? 

■ lh - Tru'^%; 

£ Jil;K 





• » . . 

f; : - : 


v T»ei!ai3v 

lS 9tiW 1 

" A.i ” n A "if :i « y ‘ c tho Ki.iahce Committee., is also wwett reflee is the sixalled 

r - a -. ; .".Tj 7* Al. r . Miller agreed that the concerned by the social. security rolddliMilnKS lax revolt which was 
, . f: '- cfci* "vrall ;he Lav cur» pa-sed ?a ^ ironrjse. but uDwars lo be Riven such publicised expression. 
\ '-hit . pj- Ho-jms— aifijbn— '*\t< |(*:in;n 2 tuwards a «t>ln- »« June by ihc initiative in Cali- 

i^rencj^j ^fepni-'attly njsm. Riven i !riri . jf c has -«.aid Ju* _ waats tn fornia lo eul properly tax. ! 

Tr^: p«.nMr, ”«d*. vinfl prtn ided increase the Mre ef ihe Wur.iH Mr. Miller lnmself emphasised 

.y? v ’-‘Mr} 7 i«leni- .‘•pending An»re r.ix cut hv \uch ah amount vo as in his concluding remarks that 

i~ '’«■ sa? •ir.i j , nt * r y®*? 1 ' pwaiice a in neutralise the economic «^eet the “criterion of equity •* should 

1 or , ncit , *r . 2JrK,t -Jr, 1 ! 8‘ ^ the higher levies: that is. in be seriously considered by Con- 

,Vor. » l ll ;?i> , ! , . 1 ,u ? 111 p ilous.! Bill p-o- brim.' up the cuts in the T« Bill gross, along with the need to 

*fc? offipi. i^ r -- 1 ^ a _ reasonable distributiyo tu ?bon» ‘‘“.JShn. minimise inflationary pressures I 

a abr.ui 1,1 -nefll. i iM.-iwia.-ii •personal und Mr. Mitier also todfc excepiiun and to promote capital invest- 

rorofir:ite interest*.: (>» the larger cuts iitcapttal ga ns went. But. with Senator Long) 

- \ lav cut of that magnitude, and - corporate . income late very much m control of purlin- 1 

S.°t.. 1 '" : Somoza to 


V r? m »'fc» 

r °! t" 

jkj . 

old line 

U.S. reduced $ support 
in May-July quarter 

' JJ- efrikp ' • ; - BY s^wart fuming SLW y0RK - & • j 

•/ 'ii“ hii* “ oil AAV ■ INTERVENTION* : .by ; -the U.S. debtedness to SG30m as of July \ 

v L*l.fi5S .’lif's? „ TVT* a ; authorities tu support The dollar 3| - ln addUitm,- the Treasury: 

: , - lMC2r82U2 'm cut sharply '.the May-to- £r>aicJ WUin to reduce ita swap j 

, . " : • i a «? ® July period compa^etL -witb the jffkj 10 ^ ie Bundesbank luj 

' ^ ’ '■ , 1 fwar-recnrd levels, ’recorded In * . ,, ' _ , . , . 

: .- J|, = the 15 A1AX AG 17 A, Sept- B. Ahv previous FeMw^to-April ^llar rates did not re- 

<i ;u:-* ■. I’.jr r mnrtf»p - cover to the levels at which most 

■ tHUJmr-.. ...•- „r -.1 .1 

.7, i’-e ™ July period compared.. with the SfPJ 10 H,e ounac«uanK tu: 

■ . ‘ near-record levels, recorded ‘ In ¥1 S, * . „ . . .• 

: .‘"’a ihc 15 MAX All 17 A, Sept- B. - lhP previous FeWw^o-April rates did not re- 

c ;u:-‘ y : jr .quarter cover to the levels at which most 

PRESIDENT Anastasia Soinoza-' According tu Jaieit vlfttiitlca repayment Ul 

iiaa voted to outlast the organ- ‘from the Federal Reserve .Board realised losses totalling 514.7m 

C ,i-ers t»r a. l-wluy-old national , uI.Ncw York. U.S., Treasury and ,t 0 ihe Fed. . 

nrOnfrink.. .aimed to oust him from. * e# *SSt,iJ?SS2S ' ^ * lr * 

* , j fjWC nn \icaracua ; totalled rsome ^32hn, _«mpared estimated that gross markot in-l 

^*'VCd III /l - r «^.!T..- w,t h ^." Qn m ihe easier, period, tervention by all central banks] 

presses for 

By Our Own Correspondent 


ties arc Uicreaning thwr cam- 
paign to maki' sure that the 
promised amnesty announced 
by the President, Sr. Jusi< 
Lopez Portillo, last week, is as 
wide as possible. 

The President has said (hat 
an amnesty law will he sub- 
mitted to in order 
to make' *■ social and polltiral 
peace" easier to achlric. But 
Ibe terms of the law are not 
yet known, other than that 
people imprisoned Tor politi- 
cal!^ -motivated crimes of 
violence arc unlikely to bene- 

Another problem Is that the 
government line is that there 
are no people imprisoned in 
Mexico for their political 
beliefs, bat only political activ- 
ists. The Left-wing opposition, 
however, claims (hat there are 
several hundred political 
prisoners, in the generally 
accepted sense of the lerm, an 
estimated 3G7 people who have 
“ disappeared,** and SB political 

Sr. Hcbrrfo Castillo, the 
president of the Mexican 
Workers* Party, said In the 
magazine P nice so that police 
were a law onto themselves 
and Hut an end most be put tu 
their excesses. 

The most feared is the 
Brigarla Blanca (Ihe White 
Brigade), an anti-terrorlsi unit 
or the army whose activities 
are rarely dJscnssed. 

The last amnesty in Mexico 
was granted in 19715 hy the 
previous President, Sr. Luis 
Eckeve rria. This henetifiert 
about 300 people awaiting trial 
in connection with the con- 
frontation in - 19G8 bet u cell 
police and students which left 
300 dead- at the time of the 
Olympic Games. 

AP-DJ adds; Mexican retail 
prices in August rose hy I per 
cent above those of July. Uie 
Central Bank said 


A drop of oil in the ocean 


the MoxjL-art Pivsident believes 
tlial. lJ:e of :h<? national 

erohOniic cris;-- i a over ard That 
hu can nriv. ,-nt^r two of 
his siyyeur If.-;:: u: uflicc ar.d 
codftiUdaie -.vital has been 

achieved in i!ie las; nvj jtf.trs. 

ThCSO brave u.i-ds, expressed 
last Friday in [}. t - President’s 
annual state i.f the nation 
iipcocfh. do i:nl icL-an that all is 
well in lie::ii-u. a turbulent 
euuirtry with siii-nfejunug proh- 
Ii-iAh*. ^ ul liiL-ro an* some 

promising =i -ms. Sr. Lopez, a 
former finumr n: mister, is no 
Utopian out .» k-vei-heuded 
realist; while hi< r.’itiiinsm can 
be seen a.- nr*,-.? than mere 
rheionv. hu> i!ut dries not mean 
tharall i-i s»l--*i!i -Jilin---. 

When Sr. Lnpcz rr«»t. ulliet in 
Decenthor lH7o after sis years of 
Sr. Luis Fcb'-i— r:j‘j erratic rule, 
be quickly had to pick up the 
pieces produ-.vij ;,y tK- first 
Mexican di-utr.-ai-eri for years. 
It was a u.-'er^hed in Mexico's 
history- Pnbtie riirL-iL,n debt 
increased in- - ruid ‘ in Sr. 
EchverriaN i.-:m of office tt» 
f 13.51) u The !■ dance of payments 
deficit ri-ncheil .satin in 197C 
i after a record -SSThn in 1975) 
and.inHation v:-i mlieially r*ui at 
-i? per cent ir, liCri. Ar e^nnat-d 
S4.5hn left Alexioj before de- 

Now. IV I. j.-jm later, the 
foreign f 4 '? 1 *: I:j-; crown In u'uout 
SSthii, the of pay men Ls 
deficit roro'-a ■; for th.s vear is 
between -'hr* « after last 

years low of SI.Thnl and the 
official cn? l m ir. inv index rr;se 
r.fficinUy hj S pe.’ lent ir. The fim 
half -'of this year craipired with 
3.3 per ivnt in the same period 

last year. 

Add to tni% th:- Prosidem*s 
bi»td_ an iii iu ricee :ent toa: pulen- 
tirt-- reserves *if crude oil and 
coodensau-s t:ov. itand at 200hn 
barrels ihe previous 

figure of iL'Cbn. and Ins claim 
that for the flr>! time in Three 
years- the economic rale, 
which he npti(ii<»iicu!]y forecast 
at 5 ; per cent ifds year, is higher 
than the population growth rate, 
and Sr. Lone/ has some reason 
for expressing confidence. 

Eat set a!j tiis 3i'ainit “the 
grim picture of unemployment 
ai wore than 50 per ceaL pur 
capita income at around SS75, 
population risiss at an annual 
rale of 3.5 per can: and with 
fewer than j) p-er cent uf the 
fi5m population controlling more 
than 70 per cent of ihe country’s 
wealth then the limns to opti- 
mism coin-* into relief. 

No wonder then that Sr. Lopez 
was at pains lo stress throughout 
tins speech that "we still have 

nut seen the improvement in the 
general characteristics of our 
economy reflected in real benefit 
to everyone.” He warned that 
unless this happened quickly, 
the majority of Mexicans would 
have uvery reason to feel 
defrauded. Th? main crisis now 
was social, he said. 

Sr. Lopez faces a herculean 
task, for even if the economy 
were to return to the target 
growth r^tc of 6 to 7 per cent, 
industry could still only provide 

150.000 new jobs a year, while 

800.000 jobs need to be created 
every year just to keep the 
unemployed rate from increasing. 

The President admitted that 
3m. dwellings need tu be built 
by lSSi! just to keep up with the 
population growth, but that only 
1.5m will in fact be built. 

How lo balance The social 
forces and keep production in- 
creasing — which in Turn means 
satisfying the very conservative 
business community — while 
keeping workers from becoming 
too disgruntled is an awesome 
task ip. Mexico. Wage invrea-es 
art- out of step with initiation. Last 
year the trade un.un chief Sr. 
Fidel Velazquez agreed to limit 
wage demands lo 10 per cent 
when inflation was double the 
current rate. Sr. Lopez says that 
the time has come to reward 
workers for their sacrifices but 
how remains to be seen. 

Sr. Lopez shotcs every sign of 
being aware of the problems but 
their size, especially ip. popula- 
tion growth and unemployment, 
make anything he achieves seem 
slight. For example, according 
to official figures l.OW people a 

day arc arriving in Mexico City,’ 
whose population is 13m, from 

It is costing the Government 
this year more than $!30m just 
to maintain the price of milk and 
“tortilla" <a kind of cornflour 
pancake) the staple diet of a 
great many Mexicans. Thy total 


Sr. Jose Lopez Portillo — 
after an economic crisis, Uie 
worst is over. 

cost of Government subsidies to 
hold down price increases is 


Oil is seen as the country's 
salvation and here there appears 
to be u glut. Sr. Lopez once .-aid 
thin "this opnrtunity ltd get oih 
will only crime once in history. 
We have to Transform a non- 
renewable resource into -i 
permanent source of wealth." 
Peraex, the State-owned oil com- 
pany. is certainly getting at it 
quickly but many people are 
sceptical of the Governments 
(understandable) optimism that 
oil will be a panacea for many 
national problems. 

Sr Lopez warns that the 

country must be “ careful ” how 
the oil is used. Clearly it can 
be used as a bargaining counter 
with i.i tlier countries, particu- 
larly the U.S. The idea is to 
export and generate foreign 
exchange earnings, tn reduce 
the huge current account de- 
ficit, and also to boost related 
industries like petrochemicals 
and expand capital intensive 
sectors such as steel. 

The transition to a more 
industrialised society which the 
nil should bring, will inevitably 
mean greater social and political 


Sr Lupez has foreseen this 
and made special' mention of 
political reforms in his speech. 
Th? ruling Parliilo R'-'olucmn 
arid lnstituciona] (PPM, the 
Institutional Revolutionary 

Parly, a double spr < if ever 
there was one. lias won all elec- 
tions for president, slat? 
governor and senator since 19119 
and now holds 19B of the 397 
elected seats in the chamber of 
deputies. Forty-one opposition 
deputies also sit in ihe chamber 
through a stem of minority 

The President intends to open 
iiu ihe tnssilibcd political system. 
Next year during the con- 
gressional elect ions the size of 
the chamber will increase in 300 
members elected directly and 300 
through proportional representa- 
tion. The Communist Party, 
banned for 40 years, will take 
part. Ten years ago there was 
a " cr.sis of conscience ’’ after 
the 19*5$ confrontation between 
atudems protesting at social 
injustice and police which left 
300 dead. Now, says the Presi- 
dent. ih-ve is an “awareness or 
the crisis.” 


Occidental Petroleum bid for 
Mead blocked: Strong third 
quarter for Fluor; Agreement 
expected os Pan Am take- 
over Page 24 

4 owe rtn Nicaragua. 

- 'LL IQ Gen. bomoza. .whose .family, overall during the v May-July in the May-July quarter totalled 
rit,cd Nicaragua for the 45 period, the Federal Reserve re- S23bn, also a sharp reduction 
tUi'CiMi fireurs. told a news conference ; paid gibn worth of Mark^to the from tlu_- record .331 bn ju the 
.. art night that he would wait ’ Bundesbank, reducing uwap in- Fcbruary-April quarter. 

-'iuIt] the strike promoters got. -. . v- •: 

L: l M.rJ,,Jh ,rpaor '‘ vembartkrUpl ’ Vw , * • l- 

■.*« t The Government yesterday ; U Ain tfhl* Q FTPI* IHPC 

. , r |LCo.ik emergency measures lo : IlCil/ ll/I X,JloX LCi fUlUilCd 
- ’ .. r 7 T<?ep puhlic transport running in ! 7 . . ' 

7 . 7 7 /: he capital, Managua, where lip; ,BY OUR OWN CORRESPONDENT . . NEW YORK. Sept. 8 . 

■ r T. W., -*? PCr I dll - of .Shops Werp , » g i - jirn g p ^Fr^t^ria. Sr.In RritcoAlu Chipinn Miwr Vnrlt .mil 


NEW YORK. Sept. 8. 


........ ... !2 ^ r.en. Somoza lashed out at tuc , rour tjo. ^mporarj |»a war j {> ^ew Jersey. 

Vcnivuelan Prcsidc-ni.-Sr.Xarlos; -rights to fly betweenfthe U.S. and World and - Capital Inter- 
........ .1 ' a .^'Andres Perer, - who week the N'eiberlands o^Belgiuw. • national are both “supplementar 

• ‘„V;e> jl, ^ VT f “ r -JW?}- The CAB raid# would allow carriers which use jets for Inter- 

• ... UN Security CouTtcjlwnd tbc.. v a .i ona ) tu’flv.Ktween A ms ter- national charters not scheduled 
. .. t. ‘cmianent council of the Organ- . dam . a0 d Serfork, Northwest services. Observers said that it 
> -w, -saimn of Anieruan Stoles jj y betweeoAmsterdacn. New: was unprecedented for the CAB 

with the situation [ y or fc and ChJago. Capital Inter- to give such scheduled service 
^ 'camgua .' 1 ■ national Airfavs to fly between rights lo supplemental carriers. 

, '7>/ .'jhj - ,(;?!!. Sornosa. said he would .-. T — l. — 

>\"4,itfld Sr. .Pfinff responsible- for; . • ' i ’ . .1 . ! 

fmjnrts of special steels increase 

^ 7 Ht * said, the : fair was UI>- : BY pAVID LA3CELLES . ..V . : NEW YORK, Be pL 6- 

7 and a^dim" inlet; EVIp^CE OF-. growing prob-. stainless, steel sheet, trip and 

" -r f - c.i.-nlino in "Nicaraguan internal 1 leap on the sperial steel front, plate. . 

.. 'V. . --^-.-iiffalrs. ’ * wbere imports to the U.S. are not Although these imports, most 

■-.ioi4i v The "National Guard," the only -covered -hy the trigger price, of . which come Trom Japan, are 
mi" .ei-unty Torre in Nicaragua had Mechanism, came today with: subject to quota restrictions 
lotained 135 people state theffigyres showing that imports in imposed two years ago. domestic 

. u an of Ibc strike nn charges of;, ihe second quarter accounted for manufacturers arc alarmed by 

tn piif m-iling suop-ov/ners to joio the 1 14^5 per cent of-U.S. domestic these trends. 

, .[oppage/Cea Somoza' added." i steel consumption, up from President Carter has rejected 

- ; Opposition leaders had -esLi-1 P ®^ [*** - .” l ^ ( .ij nr i the idea tbat the U.S. special steel 

‘ !*' ” - 7 , 1 -’*'-'^ .hated on. Monday - tIkii between /13R per An ttu. cl • industry needs further protcc- 

' “.i ' ‘-Wio and 009 people bad been Rtwrler of last year. thin, on the grounds that such a 

" -‘.tf 'irresled. . . - 1 .There were similar rises in the . move could prove inflationary. 

7 ,,. J’lfeier ■ 1 c onsumption shares of imported - - ’. 

.V;: . - 7%^: : The Company Membership PJan provides 1 Cuban exile 


for all companies with personnel •lOUFHdlliSltS 





■ 7;.; HOAD AMBCLANCE FLEET ARE ALWAYS ON CALL— Journalists has arrived In] 

w ^ii* 1 DAY AND TVICOT THROUGHOUT THE YEAR. "Havana for a meeting today 

• : r -:c:. Free phone- calls -fU-Kv and Overseas), Tree teles, aud many with President Fidel Castro on 
oilier benefits to member companies. die- Governments proposal to 

. — ^ Complete and past coupon today for details. ^ prisoners 081 ° S . P 

. ;>N scrvtcw, T««^*re Td: Ol-W2 &”■***'*» J ^new^MDere^in ' 

•i*; cmv N«we. WMibmii 4 *bm*. lo^w. wj. .. Telex: «S 2 S J of anli-CasTTO newspapers IQ 

• r . s.oii f»ei partiwMrs ei. i Mhmjl and New York. Amoog 

v* * THE COMPANY MEMBERSHIP PLAN 1 those invited was Sr. Rosendo 

>i»ro*i 4 .ns tniriawiac tacdjcai ao«»ninnr« ! Canto Hernandez, a Cuban 

To ....... — - 5 ambassador to Taiwan lo pre- 

r nun mi — a Castro days. 

^ I nmpam. .. - - j . 3 ^^ Q, e neM-S con. 

jwcitv^s — - — — 1 ference as a generous gesture on 

r — - - — 1 the President's purt, he said be 

•: j 7. ,• Tel: . — — I believed bp would get positive 

j Appros." fwtfu-r*. uxvrojiiNroryit . ..... — .— . - ►‘T* i answers from Gen. Castro on the 

J . YOU MAKE ONE CALL— WE DO IT ALL 1 question of freeins detainees 

3 1 ■■ — and reuniting families. 

— ' v’a .... — — ..-ii. - . - r ■■ • ■■... *— gf. Emilio Rangel, a photo- 

fi j 1 ^ ." ‘ (i . 1 ; 11 ' " * grapber from Miami, said that 

*V ra " r “ "V* ’ sti the Cuban- America ns be 

^2 r^j •‘."•'•c,; -• ,• ^ r . knew In Miami were homesick 

£ 1 The- Financial Times is publishing an rai | | 0ngcd , 0 be reunited with 

• n rig|- r v.- s - ;. 'u v • . ttcfr families. President Castro s 

; ■•. V @ increasing ; range^- of - senior executive «■ Government has ruled Cuba since 

■ ’*• ' • 1959 when an insurrection over- 

appdirument advertisements, threw’: ihe right-wing Govem- 

■ ’ rr . ' " - tnent of the late Fulgenclo 

• : -* . . BatiSla.- 

The following illustrate the wide selection ^VrTt, SdU 

offereci-in todays Appointments Advertising 
m,._ columns- which appear on: 

'-'T There was a" growing demand 

: SSfU&'SS 1 .* s 

1 - - pfcharRe to poor developing 

n • w - . • o tc ftan • ’ Cpuntttes, Gen. .Castro said at 

%ys?s^ rersomid Director c£15,WMJ camaguey. v J 

. . . • ■ / -7" r mm aaa Cuba had commitments abroad 

ManagUig Director .. ,c£I5,000 - 

CWil Engineer > c $57,000 Egf'+i ^ at 

^ \>M Senior Sales Executive-. c£ 9,000 . 

•! '&£!,. Divisional Chief LxMutiye c £20,000 S*? 1, SS 

,S IsdTjA " ni nnn .^ . - a n C -7 000 betraying their schoolmates, as 

- i 1 ', $ L-OrpOrSiC r j3flflcr. c* / 9 UW , jj-elT as every revolutionary prin- 

", ff *' 1 - jf.-v.-."*' -J' : r i- 1 - V "■■■ • .-.' dple.- ‘ -- 

tfl c ‘ „• 10. (V-- -T’ :■ •»■••• - ••• ■- Reuter 


• J.~ 

: ••••-<?- 

- : ... * 

— ■ 



r?- 'fir. 

V- : : :' 1 % : ■ The Confpany Membership Plan provides 


for all companies with personnel 






• Free phone- calls 4Ufs- and Oversees), free teles, aud many 

' ■ v oilier bendfiia to member companies. 

iTuni pi etc a nd_ post uqupan today for details.' 

,-7n DirecMr ol Scnrtcw, TfWK-Cxre. towrofcricnaf tttU 7 Tab <U-9U !&T7.‘i(n*'i8& 
Group House. Woodbrndi A«NM. London. WJ. . . Telex: W«25 

• r . rffty •'jli.K s. oil full pardeiMr* ol- 


^vroi'id.ns nmrldvidc BcdJCJi os*e»iannri 

Tu •nam,< ....... ... .... • •— 

^ fnmpauj-. — — — — — •- 

W»! - r ' -j-t : yrsijS-gJi UPTTtucie 



iC% 1 






w i 

Approx." njqntu-r*. irxyrOjKi'uroryir ntrvw — — . — • 


The : ’lFjnancM Tnnes is publishing an 
increasing^ range L "7 of senior executive 
appdintifli&t adverdsemeiits. 

The following Jhusfrate the .wide selection 
offered-in todays Appointments Advertising 
colu mni-which appear on: 

- Pages 13^ -•JMi.?JjS''.wid- 21 

- Concorde Mexico Gty from 20fh September. For the firsr rime ever, you con rake the new Paris- 
•Mexico Concorde ond arrive in Mexico City from Europe fosrer rhon by anyorher aircraft in the world. 
Only Air France offers you Mexico by supersonic Concorde. There ore rwo flights a week, every Wednesday 
and Sunday, leaving Paris' Roissy-Charles de Gaulle ar 8 pm and arriving in Mexico City or 7.40 pm. via 

Washington, D.C. Our Paris-Mexico roure rakes only 7 hours v . . . [— — . , — T~Z — r — 

40 minutes, os compared wirh the fasresr subsonic flight, which — — — Schedules voiid un ii isr Qaober 

•takes 13 hours 30 minutes. You'll orrive in Mexico Gry relaxed, „ 8pm Pans ii.35pm 

with the whole evening ahead of you. (local rime) Gaulle Coco! time) 

There ore convenient connecting flights from London to I T 

Paris, and or rhe other end of your flight, rhere are also inreresring 7 40 * fAe , icoGr , 6 «n 

connections to Cenrral America. Take advantage of rhe most (local nme) ' ciocal rime) 

convenient Europe-Mexico flight ever, aboard Concorde. Its rhe — *— — — — — 

newest addition to our growing Concorde network, how L_ murs. Mon. 

Rio ond Dakar. ^ Washingron, Caracas, ^ Mf 

The besr of France to all the world. 


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Civil Engineer V vy' 7 . 
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Botha rejects proposals 
for UN role in Namibia 



SOUTH AITIICA today rejected toe %ffiSSS.?. 

&<,&?' srsf&fiE gyaatsff'JBsssa 

independence process, but left Can « We Dr ^red context, the Foreign Minister is 
the door open for further nego- oa AjM^ - q ^ considere d relatively liber^ ^d 

cunons - _ . not "0 along with interpretations eager for a N . a ™ ® n/ 

The South African Foreign “ jstent with the proposal.” involving the UN. But since Dr. 
Minister. Mr. R. F. Pik Botha. Waldheim published his pro- 

irs&sr «=« 

parts of the plan which he for- 

waianemu woo auaimucu me _ - — ,i_ Tto^mVinr *J 1 ,c parts ui uis "■ 

plan to the Security Council a ^P|' IS^SJiS^iSjt ^ identified as unacceptable 

Mr. Botha said elements of the ^c^pite his strong attack on u $ e h 2Xlit£ te ^Namibia,’ 
plan that .were unaccepUble to ^ blueprint presented by Dr. where South African troops have 
South Africa included the pro* Waldheim, which has yet to be beenfighting South West Africa 
posed dispatch of a ‘■ 5 «>- n “ a “ formally considered by the peonie’s Organisation (SWAPO) 
UN military force and 360 security Council, South African Ee unilfas MrBotba said that if 
civilian police to Namibia, and offic ials said talks with the UN fJJJSy continued the Western 
the proposed postponement of about implementing the proposed Dlan cou i d not be implemented, 
independence beyond the end of settlement would continue. Blr. F H a i so demanded of SWAPO 
this year to which his Govern- Botha planned to leave New an unequivocal statement that 
ment is already committed. York tonight for home, but u, organisation accepted the 

“ It is a cause of great concern would leave staff members here proposed settlement and, if so. 
and disappointment to the South to maintain contact with UN that it was committed to the 
African Government that, in and other officials. cessation of all violence, 

spite of what has been achieved Delegates of the five Western SWAPO president Sam Najotna 
and the clear wishes of the countries went into urgent con- now is in New York fpr talks 
people of South West Africa, we sultations at the U.S. mission to with council members and the 
are caught up in arguments far the UN as soon as word was African group. He, too, has found 
removed from the main ques- received about the South African fault with Dr. Waldheim's plan— 
tions of principle," Mr. Botha Government's position. This specifically, its omission of any 
said. apparently was developed at a reference to SWAPO. which is 

He repeated that the South Cabinet meeting in Pretoria recognised by the UN as the 
African Government accepted yesterday presided over by Mr. “ authentic representative of the 
the settlement proposed by Pieter Botha, the Defence Namibia people," 

Syrians and Christians clash 
in heavy Beirut fighting 


BEIRUT, Sept 6. 

SYRIAN TROOPS of the Arab 
peace keeping force fought with 
Christian militias all night in 

the talks between President caused by Israeli fighter planes 
Carter, President Anwar Sadat added to the tension. The j&ts 
and President Menahem Begin flew at high altitude leaving be- 
the south-eastern suburbs of the were under way. hind long lines of white smoke. 

Lebanese capital. There has The intensity of the fighting observers here said the 

been a number of casualties and eased at day-break,. but the area Israeli over-flights were intended 
several fires broke out in the was declared unsafe for civilian ^ a of force to reassure 
quarters oE Ain Ei-Rumraaneh traffic because of continuing t fo e Christian - militias as their 
and Chiyah. according to eye- fighting and the danger of an- and j^ve 

witnesses. other outbreak of artillery and been laying sports about 

Artillery and rockets were rocket duels. an aHeged Syrian military build- 

used in the exchanges which During the bombardment a 

newspapers attributed to the be- number of shells fell on the pre- p Th * “( ai , v A1 of 

gmnmg today of the Camp David dominantly Moslem quarters of 
summit an the Middle East. Offi- west Beirut and In a neighbour- 
era Is here believe that certain hood where a large Palestinian 
elements in Lebanon would like community resides. 

to " keep the pot boiling " while Sonic booms today over Beirut Syrians rn setfong up missile 

and anti-aircraft sites -in 

Lebanon. -' 

Informed military sources, 
however, said that whereas the 
Syrians have been strengthening 
their positions because of Che 
possibility of a military inter- 
THE ISRAELI Government is Communications have come out vention by the Israelis, most of 
faced with a growing wave' of with a demand for 30-40 per cent the reports about the build-up 
strike threats in the public sec- rises — compared to the Govern- are grossly exaggerated, 
tor. Teachers have threatened to ment maximum of 35 per cent The gueriHas, in a precaution- 
stop work as from next Monday which it is prepared to grant In ary move, have called off 
unless their demand for a 35 per addition to the automatic cost- marches which were to be held 
cent rise is met. They have of-living increments here today to protest -the Camp 

claimed that their salaries have A breach of. the 15 per cent David summit 

not kept pace with those in other limit would give rise to similar Renter adds from Sidon: Angry 
sectors. even though Mr. demands by all civil servants. Palestinian demonstrators pro- 

Menahem Begin, the Prime This would in turn further testing against the Camp David 

Minister appealed to them in a accelerate the inflation which summit, today burned an effigy 
TV interview prior to his came to 54 per cent between of President Sadat They shouted 

departure for the U.S. July 1. 1977 and June 30. 1978 slogans attacking the Egyptian 

Now the technicians and and is likely to reach 40 per cent leader and his peace policy 

engineers of the Ministry of in calendar 1978. towards Israel 

Strike threat in Israel 


TEL AVIV, Sept 6. 

China alerts Japan and Australia 


PEKING. Sept 6. 

S. Africans 
open £144m 

By Quentin Peel 


A NEW South African chemi- 
cal plant the R23«m t£l« m » 
Coalplex scheme at Sasolhurp, 
was formally opened today »>' 
Mr. Chris Hennls, Minister ot 
Economic Affairs. , 

The plant produces PVC and 
other by-products Including 
caustic soda and chlorine, 
from coaL Mr. Hennis PJ®* 
dieted that it would eventual 1 ? 
save the South African 
economy some R60m i£40m) 
in import replacements. 

Coalplex, which is 60 
cent owned by AECI (itself 40 
per cent owned by Britain s 
I Cl) and 40 per cent by 
Sentrachem, is sited beside 
the original Sasol oil-f rom- 
eoal plant at Sasolburg, from 
which it gets, its ethylene 
supplies. The plant has been 
in operation since the last 
quarter of 1977. At full capa- 
city, it will employ some 1,«°° 

Outpnt of the plant is pnt 
at 100,000 tonnes of PVC a 
year, of which' more than 

40.000 tonnes will be exported. 
Coalplex Is currently tender- 
ing for an Iranian order for 

90.000 tonnes. 

Mr. Hendrik Smlt. chairman 
of Sentrachem, said that 
although export orders bad 
already been obtained for the 
fall production capacity of one 
carbide furnace, a second 
furnace could be commissioned 

if the Government would pro- 
vide better export allowances. 

The Sooth African Govern- 
ment played ah important part 
In persuading the two South 
African chemical -giants to join 
force* for the Coalplex project, 
which Mr. Harry Uppenhe icier, 
chairman of AECL earlier des- 
cribed as of . great economic 
and strategic Importance to 
South Africa. 

CHINA said today that Japan, which had said that Soviet in- AP-DJ reports from Tokyo: A 
Australia and Some European filtration in South-east Asia Japanese report from Peking 
countries were endangered by would threaten two crucial com- today quoted Mr. Teng Hsiao- 
Soviet expansionism in South- m unication arteries — the ship- ping, Chinese Vice-Premier, as 
east Asia. ping routes for Middle East oil saying that China would 

The warning came in a com- and for Australian iron ore. announce its intention of .. ter- 

mentary by the New China The Soviet Union was using ““nating the 1950 China-Soviet 
News Agency criticising Mos- tw pairs of pincers in its global treaty of allIanc « by next April, 
cow s ** resolute support for strategy, the Agency said. One The Kyodo News Service said 
Vietnam s efforts to strengthen pair of pincers was in Africa, Mr- Teng made this clear to a 
its international position." where Moscow was being served group of Japanese editorial 
The Soviet Unioo had openly by Cuba, and the other was the writers who are visiting China, 
declared that Vietnam was a Vietnamese bridgehead— “ Cuba Reuter reports from Bangkok: 

reliable bridgehead of socialism in Asia.” Mr. Pham Van Dong, Vietnam’s 

in South-East Asia, the news “The Soviet Union is pene- Prime Minister, arrived in the 
agency said. It was clear that trating into South-East Asia Thai capital today at the start 
the relationsnip between Moscow through, this bridgehead in an of a fresh attempt by Hanoi to 
ana Hanoi was that of head- attempt to replace the associa- court friendship among the non- 
quarters and bridgehead. non of South-East Asian Nations Communist countries of south- 

“A Soviet bridgehead in (ASEAN) with an Asian collec- east Asia. 

South-east Asia is also spear- tive security system,” a ru;.,., x-j-. 

V*" 1 “ added that iE - Mo5 “'" electric* t 

c , ou 5?f. ies . m Europe succeeded m helping Hanoi to total capacity of 11,000 kilowatts 
i^avetradi a ^bd. dose establish an Indochina federa- on canals linking Peking and the 

San 0 ^Hon-” t h thC 2°"’ U ««***«** United K *5 iB N«S 

« ^ 1 the agency added. States to withdraw from the east This is nearly three limes 

Tanan 5 Th* *1° Paclfic in ** East and cut its the total capacity of existing 

jSese mSS rnnrilr S*^ 1 * n™" 1 the Paciflc t0 hydroelectric power stations in 

Japanese magazine. Courier, the Indian Ocean m the West the capital’s suburbs. 

Indian state 
asks for flood 

NEW DELHI, Sept 6. 

floods now stretch In an almost 
continuous r belt from Delhi, 
along the. mighty .Ganges river, 
tbrtfugh ilfe of Uttar 

Pradesh and Bihar and down 
ihtp- West 'Bengal and Orissa, 
according to latest reports. 

- Total crop loss and cost of 
reconstruction in hundreds of 
villages where thousands of 
mod^hd-straw huts have dis- 
. solved in the flood wafers vriff. 

- ran into hundreds oTrmiUlons 
iff dollars. * 

The Uttar -Pradesh . Chief 
Minister, Blr. Bam Narcsh 
Yadav today asked the central 
government for a grant of 
2,500m rupees ($3 10 m) for re- 
lief work. In adition to the 
15.000 tonnes- of wheat already 
made available for free distri- 
bution, at least 20,000 tonnes 
more were required, he said. 

So far 498 people have died 
in the Uttar Pradesh floods, 
281 In Himchal Pradesh, 181 
in Bihar and at least 200 more 
in Delhi, Rajastan, Haryana, 
Punjab and Kashmir, accord- 
ing to official figures. 

When the flood waters re- 
cede, both the death toll and 
damage estimates In . West 
Bengal could exceed all these 
figures. . Correspondents visit- 
ing the Midnapore district, 
west of Calcutta, reported that 
several hundred people have 
died and scores of villages 
hare disappeared. 

The West Bengal Govern- 
ment has so far confirmed, only 
50 deaths. But Indian stale 
governments are often anxious 
to play down casualties in 
major natural disasters, and 
it is believed in Calcutta that 
this may be the case in- West 

The slate’s fear allega- 
tions of negligence from their 
political opponents or charges 
that they failed to give suffi- 
cient warning to endangered 
populations. The Andhra 
Pradesh disaster last year 
became a political issue, with 
the central and stale govern- 
ments trading charges while 
little was done to help re- 
habilitate the sun h ors. It was 
several days bpfore even the 
bodies were buried. 

Crisis looms for Zambian fertiliser 


ESP S rt °sv<rtpm r0Z 1hiT tw° weeks ago Maputo. One is the rail link South African freight Forwarders, 

in2dequacfes P ?°TS'! e Government through South Africa and the Zambians already are refns- 

inf restructure and snuthltn ? rdere , d ships carrying ferti- Rhodesia, crossing into Zambia ing to commit their lorries for 
Africa? MlUical i' ser fo * Zamb,a , » P/oceed to at the Victoria Falls bridge, other freight and are cominan- 

Sinm- tf the southern port of Maputo. Although the Rhodesia/Zambia deering every large truck they 

become another mainr erisi^fir < TO.OOC i tons of border closure has not prevented can find. There are also doubts 

ZambLn eeonoX f fertiliser bad been discharged at some goods, such as coal and about whether the Kaxangula 
b The^rib?em rerelv'es around Maput0 ’ a0d another 12M0 tons grossing the frontier feny will be able to meet the 


Tokyo visit pay 
fibre sales 

Ji )" 1 

oil tanker " 

scrapping t 

BY RHYS DAVID ain ^eir supplies. 

COURTAULDS, Europe’s biggest sales in two other selected fttf*****^ business b?s been 
fibre group, is hoping for product areas— acetate (widely bo«* e; 'courtauWs since Sir 
increased sales of its viscose used in linings) and car seat booked I by ^ aQd tj ie company 
stapfe fibres in Japan, following fabrics. During his visit. Sir ^js will lead to further 

talks held recently in Tokyo by Arthur held talks with Japanese is hoP“ l » orders. , ■ 

Sir Arthur Knight, the company car producers, some of which are *5 w® r u iso visited Chma 

chaireoan, with officials from the already doing business with UK s,r J^b e** of the UK delega- 
Ministry of International Trade fabric groups. ?? by Mr. Edmund Dell, 

an™ Industry and from the Coutaulds is hasmg its hopes for Trade. As a result 

trading group Mitsui: - being able to increase^ its Courtaulds remmns 

share of the Japanese market on of tms visju uri0 g an order 
The company set up offices two competitive advantage which hopetuJ an ycr> Uc plant 

years ago in Tok>o and Hong i ower UK manufacturing costs ,,!iL ennplied a relatively 

Kong to spearhead a major drive s jv e it. The company believes Courtauia- thc Chinese in the 

into Far East markets, and has that with the appreciation or the small plant _ Jjer this year a 

already built up modest levels of yen it should be able to land l® 6 ?* a ?"i e « a tion from Peking 

business in Japan for Viloft, its viscose at around 10-12 per cent "I 1 . 0 /, rnurtaulds in Rirtain. A 

modified viscose staple fibre .with below the local price, and that yisiteo. Courtaulds is under- 
special moisture, absorbency this will enable its partner ‘"iL Standing by waiting 

characteristics. Mitsui to develop business with f To J ’: t l “ china when the Chinese 

Following the latest talks, how- Ja Pfese textUe manufacturers. , 0 receive them, 

ever, the company, one of the JThe UK company, however, Expansion of Of 
world’s main producers of ^ been experiencing obstoctes flbre production faciUhes to 
viscose, is hoping to increase its to increased trade in Japan as fp relcaS e land oow \ jsed gr grow 
deliveries not only of Viloft but business has built up and Sir cotton for food Pimposes. is 
of standard viscose which is *£*** ™ t *JSJF v ? nnent thought to be aOunj * pnon J 
used, particular! y in blends with officials was intended to-iron out The Japanese are already 
Mtton aS ^ithetic fihrS in a these difficulties. Mitsuils under- involved in the building of a 
wMe vSetv M apparel eS-uLi stood t0 have emphasised its polyester plant but it is thought 
Wide varieiy ot apparel eno-uses. cQmxc&tment to free trade and as tlfe^ ^Chinese will want to spread 

Courtaulds is basing its hopes such its neutrality on the ques- their ordering with more than 
Jpanese office will be able to win tion of where Japanese xnanu- one supplier. 

Sell harder to the Japanese, 
Lambsdorff tells West Germans 


WEST GERMAN enterprises because. of American pressure. nically sophisticated products in 
were urged today by the He noted that while several which price plays a relatively 
Economics Minister, Count Otto major German firms were rep re- small role, thus bringing still 
Lambsdorff, to redouble their seated in Japan, other enter- tougher competition for West 
efforts to penetrate the Japanese prises had not done "enough in Germans in a field in which they 
market. - the last few years to gain a foot- currently excel. 

His statements come at a time hold there. There were many Meanwhile, another study just 
when German exporters are excellent Japanese import firms released underlines the extent to 
registering a sharp increase in through which German medium- which Japanese vehicles are in- 
deliveries to Japan— although a sized concerns ini particular ereasingly penetrating the 
big trade deficit still remains, could do valuable business. German market 
German exports to Japan in the Couni Lambsdorff also stressed Thp n eu tsche An tom obi I Treu- 
first half year rose by nearly that the Japanese bad been even hand nf Stuttgart notes that in 
19 per cent - against the same harder .hit than the Germans by SfVS tSo rear? Japan has 
period of 1977 to DM L7bn the recent currency turbulence SSbMte automobill 

while imports increased by 8.6 Thus the relative . competitive - Krts here ln the first ^f of 
per cent to DM 3.4bn. position of Gennadi manulac- SrHlon^ JapS had iHd 48000 

In a newspaper interview, turem^ ^ aiming at the Japanese g™ Set-S 

Count Lambsdorff — who has just market had improved, . S7cent rnoreT^ i?the slme 

returned from an Asian tour-^ a different accent on the same ESiStaJFJJSr 11 
noted that the Japanese were topic is laid by the Berliner ^T t was Mnceivable the study 
now moving to open up their Bank In a recent examination of ^ at mx? year t&e Jananese 
market more. This was partly the consequences of the upward Suid disolaco^ ItaJv fe tSe 
because of the pledges made at movement of the yem^The. bank ohice (after France )in 

the Western economic summit suggests:that this may'foree the list of foreUn veWrie deh 
conference in. July, partly Japanese. into ever nipre tech- gSSLb ]SK£l 

Reuter reports from Washing- 
ton: Secretary of Commerce, Mrs. 
Juanita Kreps, will head a U.S. 

- export development mission to 
TOKYO, Sept fit Ja P an 0Q October 1, the Com- 

MR. ROY MASON, British Secre- terms with investtnent bnn ^Mok^SmToSis renre- 
tory of State for Northern British industry itselfi ^We-are v seating 60 companies will take 
Ireland, today urged Japanese looking -for investment ^ ' part in the mission to increase 
businessmen to invest more in incr^ses our\ productive u.S. exports to Japan and en- 
Bntain, especially m Northern capacity. enhances - job courage Japanese investment in 
Ireland. opportunities, benefits our the U.S. 

Mr. Mason told a British balance of payments, introduces The delegation will concentrate 
Chamber of Commerce lunch: new technology an*’ generates on increasing exports of original 
The time is now ripe for extra demand for qhr supplies car parts, advanced scientific 
further initiatives by Japanese of components and materials.” equipment, modern management 
industry. Mr. Mason said. •: equipment, food processing and 

He said investors from Japan Mr. Mason arrived last night packaging machinery and gen- 
would be welcomed on equal for a five-day visit. Reuter eral industrial equipment. 

By Cyntojn McLain : 

MORE OIL tanker tpti^ 
scrapped during the 
tbis year than ever before < 
t Jacobs, London sbipfcnj- 
said yesterday in its latest to 
fleet review- . - f : : 

The unprecedented -Mr^ 

programme contributed i 
reduction In the total world 
of oil tankers from 3,96l,ve 
at the end of last year to'-; 
vessels on June 30. ' 

A total of 166 ships, amibig 
to 7.1m deadweight toi#. 
scrapped during- the six n 
period. The previous -M 
figure was during the first 
of 1976, when 154 ships, td^ 

5.3m tons were detnolisb^i,' 
Two-thkrds, 104, qtl 
scrapped ships belong 
private owners and 57* 
company ships, with on sn 
age of IS years. - > . 

Deliberate scrapping was '!■ ' 
mented by three totaiJo$$i 
sea, including the ..Amoco £ 
which was stranded, o 5 the- 
ta ny coast this surbmbr. - '* 
losses amounted to 282,321' 't[ 
The world tanker review * 
that Liberian flag vessels fc ( ' 
vessels lotalh'ng 104.4m ( • 
vesels totalling 104.4m r 
weight tons. The UK \ 
second,' with 269 vessels tnta 
•JS2 m dwt followed Jjy.'J 
with 191 ships at 23.7m dwt 
The report said that 41 tn 
were built and delivered is 
first six months of this ; 
over 2m dwt less .than for 
at the start of the year* .- 
world shipbuilding nrder - 
on June 30 comprisedr 
tankers totalling 15.6m ton 
this, less than half vwaii 
delivered this year.- -half- 
year and the rest by 1981“ 



4» 5 


Mason seeks investment 

GEC problems 
in Taiwan 

By Lynton McLain 
TEETHING troubles with trains 
supplied by GEC Transportation 
Projects to Taiwan may lead to 
payments being suspended until 
the problems ate rectified, the 
Taiwan central news agency said 

GEC Transportation Projects 
was appointed as project manger 
for the electrification of the 
450km west coast railway line in 
1974, in an £S0m contract The 
overhead power tines and tele- 
comm uni cations equipment sup- 
plied by GEC companies were 
installed satisfactorily earlier 
this year and the project was 
said to be on schedule. 

But only 20 days after the 
multiple-car units entered 
service, the shock absorbers were 
found to be rubbing with the 
gear boxes. This could have 
caused nrishaps at high speed 
the Taiwan railway company was 
reported to have said. 

GEC said the repaired trains 
would be back in service next 

British industry worried 
by Iraqi imports ban 


BRITISH COMPANIES exporting a leading contender for both 
to Iraq are worried that some contracts, has so far not been 
Iraqi state organisations are affected by the new restrictions, 
beginning to implement Govern- and the company says that nego- 
raent directives limiting imports tiatlbns axe continuing without 
from the UK. The directives were hindrance. • 
originally issued immediately It will be some time before the 
after the expulsion of 11 Iraqi full effect of the ban becomes 
diplomats from Britain in July, apparent. Earlier in the year, 
-The directive banned the U®*®rtunent in Baghdad im- 
import of British goods, except P 05 ^ similar limitations on the 
in “special circumstances” aDd award of contracts 4o West 
with the permission of the companies, complaining 

Iraqi political leadership. So far, as Iraq’s biggest supplier, 
the ban is only being rigorously West Germany was not buying 
applied by a minority of stale enough Iraqi oil. Some con- 
organisations. Despite Press tracts signed with West German 
reports that negotiations for two companies were abruptly tenni- 
major contracts have been noted, but it was only in July 
baited, negotiations for two of that restrictions on West German 
the largest contracts for which' exporters began to have a siginfi- 
Britisb companies are bidding — cant impact, 
the $LSbn Baghdad-Hussaiba. Any partial ban on -the import 
Railway and the UMM Qasr civil of British goods is dikoly to be 
port development — are going modified by Iraq's keen sense 
ahead. George Wimpey, which is of its own economic interests. 

.<*■ 1 

Danes attack' 


By Hilaiy Barnes > 

COPENHAGEN, Si^t , v ‘ \ ; ; 
MR. GOSTA BOHMAN. Srct * k ’ 
Economy Minister, came o 
attack from Danish industru- • 
in Copenhagen today whet 
defended Swedish . ; ecom 
policy at a meeting arrange 
Denmark's- federation of- 
austries. •' 

Tar. Bohman' . presents 

picture of Sweden, on the we 
recovery^ with a high gri 
rate, lower inflation ant 
reduced balance of 'paym 
deficit But the Danes rempto 
of wbat they described as- e; 
give subsidies to Swedish 
dustry. Mr. Erik Rpsma 
president of tiie federa 
described Swedish polity as 
new ‘ mercantilism. ;' PeT 
designed to' assist the strati 
adjustment of Swedish, imh 
were creating intoJerably in 
competition with. Damn .... 
parlies, he said. : \ • 1 » \ \\ v - 

Apart from credit on fm - r 
able terms to shipyards, J)i.. 
industry receives rtrtiully - 
Government subsidies. 

Quoting.from a Swedish AS 
Paper, Sir. K. Brockdorf, m# 
ing director, of Norilsk Td 
tiyk (Denmark’s big^et i 
ducer of printed textiles)*"- 
that his principal competita 
Sweden was receiving sutm* 
worth 35 ore f or every- g 
of sales made by the compafl; 

1977 and .1978. As a resolt ; 
own company was foraed’to - . 
in the Swedish market s a 1 
Mr.. Erik Qvistgaard, -of ■ 

Odense shipyard, eaid .1- 
Swedeo’s support for Its . b 
yards was exporting unemp: * .. tt 
ment. He cited a case id*® > \ i v 
two ships of about 40,000,! ' 

built with state subsidies f 
recently sold to a Dutch' ow 
at between . Kr50m and ; : 1G» 

(£5m-£Sm) below product!®!* 

His own yard was tzying.tgg 
a similar type of ship. 

Mr. Bobman, a conmrwt 
member of the Swedish coa^b 
said that in principle he ago 

with his Danish critics, huta 

sidies were necessary to prew 
the slump in demand fjnm-K& 
a very sudden ' impact .onj 
shipyard, steel and textile w 
tries, leading to heavy unerapf 
ment. The Swedish Govern® 
was the only Government 01 
major shipbuilding nation to i 
forward & programme fm - : 
radical reduction in shipp 
capacity. - - ' 

Growing role of aid in UK export 


BRITISH EXPORTERS .are countries with per capita income credits in the ratin nf nn. t, _ « a, , . . ._ .. ms "J j j * J •* • 

ur^ed to make more uee €f of less than oft perUd. This! ™ &&£° f 5!££JS£ Snt SSS^SSSR V 1 

Bnu^ md funds whra setting hc said mevitabty means that This •‘credits mlxtea" fonn of OTM fw 'd« publicising:-'.^, 
fe tbc developing world. Open- most of these funds are spent on financing is already wldelv used faMiiti.. £nd for k 

consignments of ferttiiser total- 
ling 170.000 tons, which have 
been ordered by thu Zambian 
Government (a small proportion 
is destined for Malawi! for the 
coming summer season. The 
fertiliser, which comes mostly 
from the U.S. and Japan, repre- 
sents virtually all the country’s 
requirements and ideally should 
be distributed to farmers by the 
end of September. 

The original plan was to route 
the fertiliser, which has been 
arriving by sea since the end 
of July, through the central 
Mozambique port of Beira from 
where it would have been railed 
and trucked through Mozam- 
bique and Malawi to 
Zambia. By mid-August, roughly 

at Victoria Falls, the Zambians demands which will be made on 
apparently are determined not to it. since in thu past it ha* car- 
allow another exception to be ried no more than about 800 
made for the fertiliser. Mr. trucks a month across the river. 
Richard Wilkinson, managing Finally, because of the damage 
director of Manica Freight which heavy trucks can cause 
Services which is co-onl testing to the dirt road to Kazongula. 
the movement of the fertiliser, the Botswana Government usu- 
said last week: "There is no ques- aUy imposes a 14-tr.n limit on 
lion of opening the Rhodesian axle loads afc ihe beginning' of 
border for this. the rainy season in October. 

The alternative is to rail the South African cartage opera- 
fertiliser from Maputo, through tors are sceptical of the chances 
the Transvaal to the north of getting the fertiliser to 
eastern Botswana town of Zambia in time for farmers to 

Francistown. from where it sow their crops, if the Kazangula 
would be transhipped onto trucks route is used. One :>avs that 
and transported into Zambia via ” there will be terrific congestion 
the Kazangula ferry across the at the ferry and at the delivery 
Zambezi river. This is currently points.” 
the most popular route for South 

o — . — „-.j ,r- , Although fertiliser has begun 

75.000 tons of material had been is expected by mid-September. Aincas exports to Zambia, but moving out of Maputo destined 
unloaded In Beira. The South African. Rhodesian, many douDt whether it will be for Francistown, a South African 

Although conditions in the port Mozambiquan and Zambian , ,*° wje witn 90,wHJ tons ol Railways spokesman savs that 

itself are reported to be satis- authorities, as well as private fertiliser. “Nothing has been decided on 

factory, the Mozambique rail- forwarding agents and cartage . For one thing, only five rail how we're going to -et it to 
ways— where much of the equip- contractors, are now involved in wagons a day can be offloaded Zambia or at what tempo *' Mr. 
ment apparently is run down— plans to move the fertiliser to at Francistown station. Further- Wilkinson adds, however’ that 
have been unable to carry the Zambia as quickly as possible. more, it is estimated that the his firm is “negotiatin'' at verv 

have been unable 
fertiliser to the nor 
to clear the docks at Beira. 

fertiliser to the north fast enough However, there are only two fertiliser will fill approximately high levels for tb« provision of 
. . routes which can be used from 4.500 truckloads. According to facilities.” 

mg a discussion' group at the rural development schemes with ^ompetitore’ ^n^tbe SinQuHi^nl^^S 115 loaba^J 

London Chamber of Commerce only a limited commercial spin developing world, particular! v by enouidL 5 0 - 1 -r 

and Industry yesterday, Mr. Jim off- France, and is a form of financ- Mtumwhite Mr L B Offi*?' 

Rookc, chairman of the Even so some 38 pa- cent of mg generally frowned upon by fh e British Vnnsuttaots 
Chamber’s Export Finance British aid is effectively tied of the Gentlemen’s Agreement on stress^^eneed for^Bd^ 
Group, said that foreign aid is tte £377ra provided on a export credits, especially by thc SmSSorfto re^te? 

-- increasingly important bilateral basis last year, 1250m Americans who tractors w 

British corapanies are largely while all bilateral technical to win overseas contracts. was 'both** time con^unins; 8 ® 

unaware of She aid funds avail- co-operation although admittedly The scheme is still in Uie expensive and thus often a 

able io them. Tins m wdty the °J lti ° D J y - commercial experimental stage and has so siderablc burden Eor the small* ( 

Export Finance Group decided to value, is all tied aid. f ar eniy been used in a handful medium sized company. I*-’: 

devote yesterday's meeting to The remaining portion of of contracts though there have Welcome news to these ■ *' 
Britain's trade and aid poKeies. British aid last year amounting been a large number of applica- panics is that the British- 0 ^ 

Mr. Rooke aiso emp ha sised the to some £206 rn, was provided (Jons. In many cases projects seas Trade Boafd (B03®K ri 

need for British aid to be more through multilateral institutions have not materialised but mure currently Considering- 
commercially orientated and wel- and of this. Sir Peter said, often the Ministry of Overseas to aid small to medium 
coined the beginnings of a British companies generally re- Development has not been companies competins^ -aWȣJj 
movement in tbis direction, par- celve £I-wnrth in orders for approached until the. very last contracts of £ 10 ni hfitL-WS 
ticuJariy the decision tost year every £1 contributed. stages of the negotiations. All Within the next two niontt^S 

to allocate a percentage of add Sir Peter also gave more such projects have to bo span- so the BOTH is . 
funds to “ credits rnixtes ” details of a new special fund sured by either the Department a unounce a scheme 

The main speaker at the meet- created within the bilateral aid of Trade or Department of Indus- will compile a list of 
ing was Sir Peter Preston, Per- programme whereby 5 per cent of try • prepared to nr ganis e, 

manent Secretary at the Ministry funds— amounting currently to Another speaker. Dr. Richard and help finance- "cohairtf?^. 
of Overseas Development (ODM) some £30m— is made available to Mayne. of the London Office of overseas projects actihg as 
who explained Britain’s current provide soft loans for purely the EEC Commission, outlined tact point to bring smaller^*? 
aid policy. commercial projects. This would the aid facilities available panie s together^ ^Tbe eofiffi 

Sir Peter conceded that in be for projects which would not through the European Develop, leaders will have to satisfy? 

be regarded as a ment Fund. " 

recent years British aid policy normally be regarded as a ment Fund. the EOTB that 

had switched its emphasis more priority for aid funds- Howdver, it was clear at the financial resource* : ah d 

towards the poorest nations so The aid funds would generally London - Oxamber meeting that once -In botb -the parttca^ 
that some 53 per cent of total Form part of a financial package, most conUaclors were unaware of activity and -of 

aid funds now goes to those mainly as a mixture with export of the fufad’e existence and in groups of <y)htractors. — ,, 7 -v - * 

pte »>l>e t 

Fin^ncii Times Thursday ^tenjfer 7 1978 






rev ^ y '% 

?»» i t ss- 



¥xjj! : 

10715 Vre% 

•o-third^ S’ 

^Ucr. * 


*‘J bv »&* 

“<■''■« * 1 r W. 

■ ■ 

■ s 'SiPt 

C i ’°tls V3 
ad - *>U| 259* 

1 d\\t. f/n^i 

sbi ^ 

*. re Port saijft 

r?i 4 

r ;*& 

U ,,b ?£ 

s * ^tal], G 3 
!c « Vnaa s £ . 

®S i his ?* 

and to res? ' 

Umik >«** i»k | Scrap car import 
Sat^iiesS* | curbs, says Datsnn 



Du Pont Oil movement rise 
starts boosts traffic 

£ 26 m at British ports 

FR. JEREMY THORPE, the for- 
mer Liberal leader, was at '.he 
centre or a new controversy yes- 
terday -after being- dropped from 
his. role as, the -partyfs 'spokes- 
tuna oa -foreign affaire. ■ 

His exclusion from the 
Liberal shadow.- Cabinet .was dis- 
closed by Mr. David Steel, the 
Liberal . leader, in a terse state- 
ment. Mr. Steel said that as a 
temporary measure, he bad 
taken over Mr. Thorpe's toretsa 
affairs role. . 

The impression' given : by the 
Liberal Party was that this was 
an amicable arrangement agreed 
when Mr. Steel and .Mr. Thorpe 
met in London last week. 

But Mr, Thorpe, i>n,basl facing , 
charges alleging incitement and 
eonspiracy..V.toi laurder. Mr 
Norman Sea it, ibe male model. , 
quickly made ft clear that he- bait 
not. been, given notice uf tin- 

- This h imeresting news. No . 
dGiibi .in due course Mr. Steel 
will . be lotting me. known wha: • 
lie has in mind,*' tie said. 

Mr. Thorpe had . already* 

deettie:! in tukv'ao part id ihe] 
Liberal Party**' national • c-aiu- 
uai^a in UuritiuMral Election.' 

but To omceiilnite. on retaining: 
his North Devoti- soQstliuirirry.i 
where he had a fcKJ majority ! 

m October 1S74. i 

Inner city clean up 
will cost £ 15 m 


THE GOVERNMENT is to spend 
£15m over the nest three and a 
half years to give a new [oak to 
inner city areas. 

The. scheme, to be known as 
••Operation. Clean Up." was 
launched yesterday by -Mr. Peter 
Shore. Secretary for the Environ- 
ment. ■ . 

Ho said that the cash would go 
to 29 districts mast in need of 
being spruct'd up. The scheme 
will consist of a range of small 
projects which can be carried out 

" The kind of tbrag 1 have tn 
mind includes the clearance of 
rubbish from vacant and waste 

land (including waterways), pro-! 
vision of top sail *nd: gruv*iii" 
vacant hstefc, planting trees and 
shrubs, patUn? up Screens, clean- : 
ins ur repaint! ngjstrisct furniture, 
fencing' improved areas, ulcemns 
and painting prominent buildings ; 
and rejnovinx cyesprw." - > 

Shabby and abatwtonwTpockets 1 
of land affected not only those; 
who lived nearby -but-al so deter- 
red business from investing. 

Operation Clean Up comes a 
mouth after the Introduction or 
the Inner Urb«r Areas Act 
designed to give' ' increased 
powers to local- 'RBtiwrHifii. tt* 
attract industry batik to the 

! who represent llu- largest car 
, importers in llu: t oitnlry. 
demanded yi-sierUav that ihu 
British Government shuuld tear 
1 Up the agrt-enieiil . res l riding 
.Japanese imports because it is 
doing nolliing lu help B[, Curs. 

"We have been used as jifiliLi- 
: cal scape 2 oa is lo help BL. but 
it has nui heiped the ntinpuuy 
one iota." Mr. I‘oier HelcliiT. 
\ eh airman or the Daisuu dealers* 
. action cotnmillce. mid ytsierday. 

The eumminiv* vnnis a meeting 

with Mr. Utlnmnd bell. Trade 
Seerelury. to discuss what K calls 
” Uiis futile di::eriniiniiiion." 

Thu Out sun dealers' smliuiive 
is. bound to mere.'isc anxiety 
within tlic I'K induMrv about 
Japanese companies' intentions 
fur next year. 


The industry -had been hoping 
Tor fun her latk* on liimtaimn tif 
shipments fnuti , 1 a pan to fullow 
this \ ear’s agreement tr» keep 
I’spori-. lu the .-.iiinu ItVi-l as last 
year. But. in spite or eunlidem 
caper! a Hon 3 ibar there would he 
a meeting ;il industry level this 
month to discuss further 
measures flic Japanese Auto- 
mobile M.nuiiaic-m*rers* Associa- 
tion has failed to agree on a date. 

One" possible reason for the 
delay is that the Japanese want 
to keep tlieir options open until 

it is clear whether there will be 
a General Election this autumn; 

.Bui, {here are fears among 
British manufacturer*, v.-j-.u want 
to strengthen the agreement next 
year if possinle, tbiii the 
Japanese once again via try tu 
get lidding arrangements back 
to a basis. 

The eon* of the Uo.iln; ease 
is that their- voluntary restraint, 
designed to give EL dr*, a. 
hre.nhins-s;i:i*T in its recovery 
firugratiimc. -has not helped the 
British company at all. IristiMil. 
sales have gone to Con r* nental 
imjKjrlers. The Japanese market 
share -in August for example. 

went down by 2 per cent, while 
ortior importer.,' went up by. 4. 
ptf cent. 

The dealers say jobs are being i 
kai in iheir distribution net-' 
work*. A hundred outlets* nave 
closed m the past year. 

Against this case. British 
manufacturer; jay that sales uf : 
Continental Manufacturers in ! 
Britain are br*in^ balanced to a 
large degree by sales of UK com-: 
portent? in l:u- re?i of Europe. 

There has beea no such 
reciprocal i.-adias wiih Japan.' 
which in the past has tended To 
be a fairly eluded market, they 

r * ;u„r!s increased slifihliy last year 

i— due entirely to a higher level 
By Kevin Done - of oil movements. 

Non-fuel traffic remained at the 
DU PONT, the t.S. chemical !depres>ed 1976 level of just 
company, ha* Maned work 'on 'under l-‘Jm tonnes. An increase 
the $oUm iUltimi expansion and ; uf 4m tonnes in exports was offset 
modrruii>alion of its synthetic by a similar decline in imports, 
rubber plant in Northern Ire- I Fuel traffic, both foreign and 
. land. I coastal, iota I led 336.2m tonnes 

The company has been forced Jtos; year, an increase of 1.5m 
to up-tUue i hr plant beiansc [ tonnes u:i 1976— but wu» I i 0111 
most of Us competitors fn 1 tonnes below the peak year of 
Enrol* have already changed ! . 
to a mere economical process | There was a pig increase in 
of prudnriog neoprtne s^n- • fhe How 'if oil from the Nona 
thetic rubber. ’ |Sea to British ports and This 

>n,« ««.- | benefited i-.-nninals in East Suoi- 

The existin plant at May- lan j nd y, orlh East England al 

"JS 5 te!l, acH3 ^ i lhc •awnie of the iradlUonal 
Mosi manufacturers have [diseharui* ports in Wales and 
chansed to anoihrr fcedslock. SDlllht . ro F .n 3 Jand. 
biiladiene. which k safer and | Alioaeihcr. 9.Sm tonnes of oil 
more economical. | was shipped by tanker frum the 

r, , | North Sea into Britain, roinpa red 

second I With 3m tunnes in 1976 and 0.4m 

The change of feedstock will ^ildP' to spectacular 

also increase the plants pro- ; incrt . astas :n ^ voIum e a r gooils 
dueUvity and Hill boost capa- i ninved thrciuqli certain ports. The 
city by abonl 40 per ccni. jFonh ports, for example. 

The neoprene plant at May- increased volume by S4 per cent 
down was the second tu he and there were also healthy 
built in Europe by Du Pom. It increases for ihc Tyne. King's 
came on stream in 196U and Lynn. Great Yarmouth. Felix- 
several synthetic fibre plants siowe. Ipswich and Harwich, 
bate been added. About IJMO Another year. of growth in con- 

people arc employed al the tainer and roll-on roll-off traffic 
site. i benefited certain ports— notably 


Holiday delay cover 


BRITAIN'S travs! agents are to 
tiffin* in-iir.*imi> cover .tgainsi 
holiday delays caused by strikes. 
The cover, provided In Ameri- 
can insurers after difficulties, in 
the domestic market iu finding 
schemes, uii-es clients the right 
to trance I a holiday after a 24- 
hour delay, or Ta receive TJO a 
day t-ompi-nsation. 

Member.*, of the Association uf 
British Travel Agents— which 
also includes tour operators — 
have contracted with the U.S.- 
based Hume Insurance group 

for .a £4.90 basic holiday insur- 
ance premium covering medical 
needs, bag-a^e loss and forced 
uancellaruin as well as ibe new 
clause a if wring strilio delays. 

The scheme is the result of 
delays which have affected, 
thousands of travellers this year 
in' the waf:« or the French air 
traffic com roller.*.* dispute. 

The new policy covers all 
forms of travel including coach. : 
rftil and ship within and out- 
side the UK. 

By Kevin Dane 

DU PONT, the t.S. chemical 
company, has started work 'on 


The company has been forced 
to up-datr the plant beianse 
most of its competitors in 
Enrol* have already changed 
to a mere economical process 
of prudnring neoprene syn- 
thetic rubber. 

The existin'* plant at May- 

more economical. 


Tbc change of feedstock will 
also increase the plant's pro- 

city by abonf 40 per cent. 

The neoprene plant at May- 
down was the second tu In- 
built in Europe by Du Pont. It 

on Utc East coast where ports 
are able to take advantage of 
increased trade with mainland 

Overall. 35.5m tonnes of con- 
tainer and ruli-on rulkiff busi- 
ness wa:« nan do Id last year, an 
S.a per cent increase un 1976. 
and again j record. Of this total. 
60 per cent was carried by rn-ro 

Dover, which handles rnll-on 
rull-uff hill not container traffic, 
is the leading unit load pori and 
last year had a total throughput 
of 4.9m tonnes, a 22 per cent 
increase on 1976. 

Business at other large ports 
continued to decline. Traffic was 
down JD per cent al Liverpool 
and 2.5 per cent a! London. 
SomhuniptuiR also suffered a 
10 per cent decline. 

Panscnscr movements in and 
out of the UK which doubled 
between 19 AS and 1976. con united 
in sruw. Last year'** total was 
3.7m higher tha ntlie 1976 figure. 

Of last year's total. 34m 
travelled by ai rand lS.lin by 
sea. Dover was the busiest 
passenger sea point with 7.Siu 
passengers. There wore also 
increases in the numbers »f 
accompanied cars and coaches. 

Annual Digest uf Kin I is ties. 
XPC. Cdmir.unwetiHh House. I-1P. 
iVflO Oxford Street. Lund on 
U'Ci.l 1DZ. £10. 

; .nv 

lYPfficl, "The kind of thing 1 have in powers lo loc*l-"RBtl«»rKifii to 
vIHnjJ mind includes liie clearance of attract industry fo the 
. ,. rubbish from vacant and waste cities. 

J osidies ' — • ’ 

COPENHAGEN Shoe industry agrees 
to improve" service 

•i.-r ;, ?-ihtige!i i»* ; 


f'.'f n J^ DSJr MOST mnltiprc footwear cow- industry — - have agreed to limit 
r '.\ r ' ' W{r& pames have agreed to improve prbftt margins'ta last year's level 
. service and protect jobs in the and to give assurances on non- 
Bt’iuuaa jr shoe industry as an alternative price matters,- sut* as service, 
ir-: r.'i Sweden* i 0 cutting profit margins by, af employment, and Hmltmg ititc 
’■-r- wi'Jt a e least 2 per cent. Mr. Roy Hat ports. 1 - - . . 1.' . 

:'/.ver isCa: tersley. Prices Secretary, said Companies that have failed to 
esd biiac? i yesterday. . give the Department of Prices tiseDas-. m- w a tte«ie« wW lavine an sach assumes will have >* 

wE- footwear companies' profits mar- ? 07 «i^nr liS mA 

r;\ olr. : *in- f rom October 1 atrtneved in 1975. , or last y ears 

d-.-rtt nf it 61115 from ■ 10 • lm *..-.- margin reduced by 2 per cent, 
’■ibc-.i Swedish il Under the order. .39 multiple whichever is greater: X- 
c; -r. ■art 'll f^xvhvear corapames— ^wbich com- -. The. - Department's - .border 
-reiJ to ijjijti. bine most of -the .-British -shoe expires on October 1, 19SO. • , , 

■ inti: of Snc " ~ : . • J. f 

■ creating Wfe ' ■ ' ' *■' . 

Akroyd expands ra^ge 

tenas»rtff BY MARGARET REID '/ ' 

»;r- rpcfivo c / 

r-i-ent «,ubafc AKROYD A SMITH ERS. the The compahy moved into this 
from - i.' large London .stockjobbing, con-, market afig? the abolition of the 

|r v ^ 

• •- ..villi'. . p.'t'Ji. 


• . 1 * • • 

. ; , -p.y--.-U r-rt.Zj'y.j*:*. 

V ' K 

■ -5,:- ; ''t- v; '' V'- . -.-.'1 


. . r " Akroyd, which began trading rendcij*d without attracting the 
?• in about .15 of these stocks » invcsPnent premium. 
j ; * ; : J-', 1 ; April, will add about 30 more. Sntith Bros, is Lhe other big 

■ y-| OK . 1 . ■ nnmoc tA flv ■ hnntr cn AflUi>Hnn lAhhpr dMlinit in K.'lfiir lihaFPS - 


- - • . ■ 1 ■- • \ 


-> *. — i mwinuai j vm »- . - - — - 

fi.^ciriias* ........ 

Vj-jJj Qvi5CS ■ , * • t : 

Crown Agents 1 changes 

ALAN FRGQD .is to be Mr. Henry Dale, now head of 
'r pw suit ^ managing director of the Crown banking services, is to become 
,.m old :? i » Agents when the present holder director of financial services and 
'!■' *i-t the post, Mr. Sidney Eburne, a member of the board or man* 

' '■ brio- ' ^ake® over the chairmanship' agement of the Agents, which 
: ' itffcfrotn Sir- Jotm -Cockney" on handles purchasing and invest* 
pj c;^ October i, writes -Margaret Reid, nient for about 100 overseas 

- Fct-JA V Mr. Frobd joined 'the. Crown 8 s ^ r j 0 h n Cucknev leaves after 

' ■'f ®- - 3 Jf “ r rt* Afi^hU xn January. 1975. and is p re5 jfli n3 f or f OUr years over the 
th ;s t Q Agents’ recoverj- from its disas* 

ii^ lj “_,fs‘uuipals and director of finan- j. roDS .venture into secondary 

- '■• v:v r ^oV'S ' 10131 scnnce,s ‘ . banking and property. He . is 

..:.i-" ! *jr- He began his career at the also ebainnan of the Port of 

s““ 3 ,,^j ? &tnk -of England and was after- London Authority and is lo 
^---’i^ vwrds in the Colonial Scrvice-in . become a director of the' 
:^*«he 1950s. He returned to bank- Midland Bank and chairman qf 
. T:;' “ ij^; tog and in 1987 became. a director" .the batik's Thomas Cook 
0 ; of Banker's TrXiit. Intern a titmai. s ubsi di a ry. - 

.4-1 ■ 

Parents balance goes 
into £1.49bn deficit 

* THE COMBINED deficit on the published . by . the Central 
current and- capital accounts' uf Statistical- Office. include 
the UK balance of -payments revisions to the earlier monthly 
s:*\- am o tinted lo £L49bn.'fn the seasonally adjusted estimates. ; 

off-peak tariff: how it works, and how 


Economy Seven is a completely new off- 
peak tariff for electric storage heating and 
water heating. 

It gives you seven hours of nigh toff-peak 
electricity at just over a penny a unit. That's 
a-lower rate than any other domestic tariff. 

So if you already have electric storage - 
heating and/or water heating, on a tariff 
that gives you off-peak electricity at night 
only, without a daytime could pay 
-you to switch to Economy Seven right away. 

■ j; ..* , deficit is £4m smaller at £135m 

- -.t The deterlorallod. ivas enlirgly- ^ M _ij e re _ 

' * ,jr 1 -- Foilowinfl revisions to the first 

iris .^ r *a> kbfta ^ sterhng, and qua rler figures, the cumulative 

-■*“ - L 6 C-- 1 •• v.-aB as improvement of cur-rejvt account deficit in the 

-T'oe half of 1978 15 now csU 

';".- :Ul ® vi curreilLa « < 3 5unt - ...mated at £119m. rather than 

•“ ili-i;' second quarter figures. XS4u^ as. before. 

■■■ ■ 7 . 


• liC r.. t ;«s ..r ^ 

c < ..•••-■• vm 1977 anr 1W C J 

...*!h ■’ •;.•* fch in ane 

And that’s only the start of Economy 
Seven's economies. 

During off-peak hours. Economy Seven 
means lower running costs for everything 
electric in yourhome, for example your 
fridge and freezer which continue to 
operate during the night. 

Economy Seven marks an important 
new step towards more stable prices for 

. It ? s the result of improved efficiency in 
the operation of Britain's big modern, 
power stations, and of the steadily 
increasing development of nuclear power. 


*\ -H -1 - tat 
- . i.-n ■ 

If you have a daytime boost then your 
tariff has already been kept as iow as 
possible by-passing on cost-savings in 
advance of the new tariff, but your • 
/Electricity Board will be pleased to advise 
on how you too might get benefit from 
Economy Seven. 

- .And if you’re planning to start electric 
central heating, then Economy Seven will 
give you ycur off-peak units atthe lowest 
possible rate. 

eve ^ rl mt I 

Full information is now available. 

Askfor details at your Electricity Board 

They*Il explain how an Economy Seven 
plan could suit your special needs. 

A plan that offers you the cheapest off- 
peak electricity of ail. . ~ 

Get this leaflet from your 
Electricity Board Shop. 

y . 1 » Balance forriHcbit ftextsetts 


J>*, Met mt o aoi o at wkft: 

Ka- imf 

other amiaiy attwltlit 
4 * LFvfWta OWTMa tamwirot . ••••-• 

gf Cav^nuuMt* 

‘-7 Bn MMk.R4ar uaifcr endanw WW *1 
ifrtjji! OffieW . ctiwwPw «, 

WHr- +73*1 +1«2 +w». 

+Mit tmj 5 

^ - -M o o 

0 -50S 

« « 

’.Lu.' . o -tin o • + ”i 

pemr *tnZ- +20 +» - 2 » .. - 2 » 

+ 8 S3 -45B +2M4 +tt “202fc 

. *t>r«whis* Sur^#B»r-f«eattr Cvwnwi.wO S3aim »•* rorit 

ban* Uaue. stmot, CeMrti sufistkat Offlc*. 

M)u’re better off all round when you 


TJic Elcciriirity Cou iicil, England and Wales, 


Development agency 
spending runs .. s-V 

ahead of its funds 

ttk" sale U.S. plap^ 


THE SCOTTISH Development that the agency had a financial! 
.'Agency Is likely to have spent duty w achieve an average 
its entire £300m budget before annual return Of 15 per cent on 
the five years it is intended to its companies by 19S0-81. Calcu- : 
‘cover are up. la ted to Treasury requirements. ; 

'• \ Sir William Gray, chairman, the return last year was 9 per: 
'said yesterday that before 1980, cent. ~ 

-when it wilt be five years old. the Tw0 companies in which the 
agency would have to scale down „ £ncv harf a stake collapsed last 
its activities unless further funds p^ ar * ilh a lota l loss of £396.000.' 
'Were available. This com p a red with one failure; 

r “Governments or whatever h Prev j 0U s year at a cost of. 

• party are going to have to face pinsooo 
the fact that, with Dur rising A r?’ w ’ . Robertson chief ; 

"f'eocy is 1D "oin‘^ P to d ruo re oul l cf executive, defended the agency s j 
jnoney very* quick /y. policy of continuing to accept, 

, “Substantial funds have, got to rlsk IH '"'^hp 6 deflected from its 
be made available If our growth would not ^deflected from its l 

.‘is to continue and our help to b > a ^ e ' Allures. l 

"industry is to continue. - he said. The money lost was 6 per cent: 

The agency's report for the oF total investment, or 2 perl 
Jast financial year shows that cent of total spending— a per- 
'£5lm was spent, compared to formance comparable to or better : 
■£25m in its first 15 months. than many private holding com- 
Sir William said that the panies or financial institutions. | ■ 
' agency expected to spend another „ w are hcre firat aod fon .\ 
^Is year ant * more lban mosl f or Scottish economic. 
n nr X, ihp Pa pvnpnriii!irf. si ill development and to create jobs: 
■sees on advance factory building >" '/cot J n <L Fm-ocW duUi b are 

and renewal of derelict land, but Liyo^ST : 

■the amount devoted to industrial *ucicss. bul o . ■ a ^' . j 

••’Investmenr is growing rapidly. **Wc also have Jo look at the 

Chrysler UX sale U.S. jflar 1 
would boost French to set uj p* 

power, says Powell can ^ 


'MW. finvvRXMPNT ubc nTiipd of the Stale-. ,~ ar f* units M- 

• v^i- S?* 






^ • <prvni2 national 

THE GOVERNMENT was urged * of" the State. « were units 
last' night by Mr. Enoch Powell purposes. a» * h army” Tbe 
to veto the proposed sale of of the r re l jyench State. 
Chrysler UK to Peugeot, to pre claims of ‘“ 6 civilised and 

vent the company- from becoming though 03 _ s deep and 

in effect part of a French slate humane. 

bent on -securing “economic and potent as nroposed deal l 

political hegemony in Western The effect of tn e £ economic. 


M. Bernard Lthicrc pictured with the A300 Airbus. 

asiiEev AaJnrood capitaL 

; political hegemony in Western The effect oi ^ r economic. •* Vs" 

| Europe.- vos political ^\he Government CONTINENTAL CAN ^ 

. The former Tory Cabinet he said. §bouia u falock tbe q{ the c g is considering sewn' 
i Minister. now .Ulster Unionist — 3$ was lLs f ., e t of foreign up ywn or three can m anhfabt g 
I MP for South Down, told Chelsea replacement u> 2"«i er UK by rag plants in the UI CjTJE 
Young Conservatives that he had owners of erira p group, until recently largely' pfrtf-hgi 

never been afraid of foreign another. ine , 'Choose between from doing this under an aem 
purchases of assets in the UK, would have 10 *■ ’ British sub- ment with Metal Bos, 'Btfem 
especially, when they added to hanging on to 1 tber buyer biggest can producer. .. -f- 
the stock. of. Britain’s productive sidiary or 5nc yjf envermnent. Continental ; Can— an - aatmt 
■capItaL ... ■ : • acceptable 10 me b owner- mous subsidiary of -Cnfiribettf 

French , owner- mous subsidiary of Unutioeifc 

Laker negotiates 
to buy Airbus 


T-rr,hT>d I6 F?-^n, n i V U had iS^h^fiTor^wc 0 ^! buildfn^ : LAKER AIRWAYS, one of the -entry fee- for rejaininc the which 113 were firm orders and | ^SoThe^dre^fween iS'bj ^ugeot would be one 

T TheM™Spam«r;i,,rt ,he lliV, ^“XXSS'JSZ. ^^“'? I SS uionaformaJ 18 iur ’ | the virtues pf> __Chrrs%;. Mn-more ttrod. Kj* 

■ The 26 companies in which the and at the vigorous teenn 
agency has a stake made a com- development started in 

them. lines * is . aD advanc,?d sla ee Government basis. 

lirbus. - , However, the Benaeoft-ChryBler a Chiy«« 1 0 a different j Group, reputedly the ^ 0 iS 

deal not only threatened ro ship would e -, s French largest supplier of diveisiS 

bolster. France's, position ra scene. “T ba U;«iprn Europe— a packaging material* -said yew 
Europe, hut was a further, step hegemony in we u aa day that its board m 'Nen'Ym 

towards'this country's complete hegemony economic had not yet taken aay 7 ra aJT 

■ I'eomeshment in the Common political. True, {t 18 he^emonv decisions on the British venfe, 

1 Market— something to which Mr. in the making. but J an d thatnonewas.imralnent v 

I Powell -is opposed. none the lc^- j- ^ Approaches to lhe. : Btjfis 

The . speech. Mr. . Powell's Britain's 0 t Steel Corporation -about snppgj 

[second of note on successive Community was lDe n “ Si ‘™ r tb of tin-pi atv are understootf.T 
days, is a sign that he intends continental hegemony ove have been made. Such a mov 

that his voice should, be heard offshore isla‘ ld . "r.,, would bring Continemaf Canijif 
as raueb-as possible -during the within that, the noiu.nauou v dir g Ct competition with. /Meg 
election campaign, which seems France was today a practical g os _ Which it haft 

certain to begin within a few crowing reality. . . . _ ties for more than three decafe 

. days. . ‘ “In the web that is oemg &Q a g reemenl wa^rpjj^ 

, . . c , _ r ^ or _ i The most striking section was woven, the purchase of cnrysier t j a i e d at the Frtiish group's^ 

1 i?r d;the distinction he drew between UK by Peugeot would be one quesi last year. : n 

e rest options, from IS virtues of a Chrysler eon- more thread. K is a political The agreement, first sfgnedj 

■k- lL . . . [trolled by a U.S. parent' aiid one and not an economic question, a 1930, covered technolciglca^M 

On the basis of the future , , tr-annk not aD industrial nneration hetween the turn^m. 

bfnedo pen ti n^profii of£96S 000 FinaSdm.eViVll be keptvery negotiation with the European The opinion prevailing at On the basis of the ti^mre ^bo^i^tc to a Vr&ih national and not an industiiai operation between file 
lit vea? ro^resentin® a roturn SoS n v by the aaenS 7 ’ . Airbus Industrie Group for tbe Farnborough yesterday, however, needs of these customeraaloDe. w-ould become a wrt o question, upon which the Cabinet panies . Metal Box and Confine* 

-on i'nve^mlSrofS percent He said the a«encv was no? a P urch,s e of up to six of the was that if Bn tish . Airways is Airbus Industrie. »s I 0 ™**™!; French tadiotwamd as^ sJcfc tiart Ss to decide. „ tal Can_ swapped palents. irS 

ss K s ^ or 6nM , re ^ « ss? and 

thi, became a to» or 3.3 per ly ^ Tom- ; S? fo dirocior o' Alrtms Indunrle. Bidf" Tms “No.- Mr. Powdl said. 

^ ~ ~ SS zr*;^*^™*** SS,“S«W« sSo«y^^Sij , , ■ • 

Investment reserve 
idea ‘unattractive’ 

SCHEMES AIMED at smoothie; 

ibe worth up to £75m. meat to beljeev that Britain was oeyono tne ena ot inis nuratu 

The Laker interest in the Air- sttn strongly interested m the for a final* UK commitment to 
ine baser interest in_ me ait iQ^jyrni prospects of tbe pro- toe new A-3J0 version of the 
bus became known a t tte Fanv pros *T” ° * roe pru aeroplane. before allocating 

borough Air Show yesterddj. development work on the wings 

Laker Airways confirmed that it p nmm '|| mpj1 *r to other suh -contractors. 

. was negotiating with Airbus . m. Bernard Lathlere. president 

Industrie, but declined further Laker’s, interest in tbe Airbus of Airbus Industrie, made it 
comment. Laker is known, bow- j s Rotated, solely by its need to clear, however, that the existing 
; ever, to have been interested in a large - capacity profitable members of the European con-i - 
; the European Airbus for several s hort-to-medium ' jet- "aeroplane sortium could develop the new 
; months as a possible replacement f or increasingly, busy Euror A-310 version of tiie aircraft 
I for its neet of One-Eleven short- pea f| package toijr holiday without British participation,, if 
■ haul jets for inclusive lour routes. there was no political agreement 

backing by Britain 
‘could be wasted’ 

j The British company wanfe 
to Te-negotiate because .late 
agreements stipulated -.that-w 
partner should not pse patents t) 
trade secrets supplied '.by'" 'tjj 
1 other in any. country- where. fin 
company operated a subsidise 
or had granted a prodiictia; 
licence. ' 

In April Metal Box took' 
75 per cent’-'slake in- a join 
beA-eraqe can-making ventor- 
with Standun Incorporated, o 
California. ' -V-.-i- 

■-SCHEMES AIMED at smoothing ment Fund .were generally con* hniiHavHvino — — «*“*«• rj mere im no poiiuw 

the UK Investment cvcle throu"h sidered verv effective in their holiday nj mg. Airbus Industrie, m a report on the issue. We would he 

• mdcSsIods SouW not^ork contra-cvchcal impact dur&E u Airbus Industrie made it clear ^ ^ development of the Air- much happier if the British were ^ u 

■BFICEPt \ Dr 2 is a,«&ASSs ,t r « r ^ss^s^lss 

• ’Council commitlee. per cent first jear depreciation ^ nn jnHviHu^i n^aniiQiinnu - - ■ • ~ — ■■ ■ ■■ — - i ......... 


• Louncu romnmiee. uni u<r P rwH t uu, fln iadvidual negotiations. . 

' A working parly, led by Sir niii° nf 11 ^ uh)>rM- mnarM^ Any Laker combiilmenr to tbe • « • P 

1 Jeremy Morse, chairman of ^vestment : projcWs^utside ' Xlrbus wouW r «P r «ent the first T^VflP PYldlflPPriDP 

‘Lloyds Bank, concluded that an XwSS. 22 of the aircraft by a JL j 11C CllgliICCI illg WtW 

investment reserve scheme was “* J® lh a l ™ jD Jp UK airline; ' ' - 

;' not attractive." unless the tax ^ ua ,, ® n 0 Such a deal could go some way 4 _ A •• •. 

, regime was changed. -rn-e nartv said that while it towards oieetmg French objec- ||flppr t | Q|f| fllfllfA 

- This finding effectively rules was 1 Ik el\ t he B ri ti?h economy ■ tions t0 BriUsb Participation in UI1LCI IfiUii lUilllV • 

, out any prospect of such a I-Ld benefiifrom aniSiSJ .development of the new A-310 ? .... 

scheme being introduced. The £f 82 SSmJ^Shu Mpli0D of ^ European Airbus. AN UNCERTAIN future is pre- Councils planning and 1 

irtna mnriallort nn lu-ariu-Vi nr,F. „ D s, i ni . , * r . bpraiKa nn Rrili^h ftirHn* ' has dieted for Tvneside’S- r hesw m«nt cprvir-M danartmen 

, regime was changed. 

DOUBTS ABOUT the prospefcts The company’s investment here . 
for setting up a successful tiucro- was also expanding at a faster! 
electronics industry in Britain— rate than in the other West | 
even with Government hacking European countries where itj- 
j — were voiced yesterdayi^by: a~ operated, and was “in no way ; 

I representative of Texas Vlbstrit- affected” by the Government's; 
j raents, the U.5. nrulii-nfttiOoal attempts to build a British 1 
semi-conductor company. Industry. j 

Mr. Robb WIImoL managfog However, there were no , i 
director of Texas I nstnmieute’ immediate plans to establish new r 
U.R- subsidiary, said tl^ factories. Visits to Scotland and] 

1 national industries would find tbe. Irish Republic last month by 



.. •. -v, 


.idea, modelled on Swedish prac- scheme was unlikely’ to brin Q no British airline' has 

-.tice. was first proposed in 1963. quick results. .. “ yet committed itself to any ver- 

■;The Committee on Finance for Britain alreadv had 100 per sion 0, [ l ^ e aircraft. The French 

.'.Investment set up the working cenl first .vear ‘allowances ror have w a n >ed tp see a enmmit- 

1 party investigation two years aao. vehicles, pla'nt and machinery, so . ™. en f ,0 lh e Airbus from British 

'■ The working party report, pub- far more investment than j n . Airways as part -of. Britain s 

lished yesterday, said that Sweden got the benefit or effec- : 

'releases from tbe Swedish Invest- tire “ free depreciation.'' 1 

The report, by Newcastle no signs Of immediate growth, [a statement by Texas/lnstru 

unenea 11s leaciuns my * WnT? T«ntin<L the nresidefl 

of the EEC Commission, looks.ti 

Job-changers penalised 
on pensions, says Which? 

Major British share in joint 
air weapon project 

| merits about further advances m children to spell and pronounce ^ in 

possibly concerning /he long- more than 200 basic ^°rds. ^ -® 0Qe «g X a tm ^ do. 
[awaited MK RAM (random Aimed at the 7-12 age group, all the memtea 

^acessoiy memory, housing M.000 will be available in the this ; ^ Ehtininser 

f pieces of basic Information). year at a ^suggested retail Price \ Otmar 

; pieces of basic uuonnauon,. > * r ^‘^ dent of the Deutsche Buries 

i The British Government’s 01 a f 0Q Ltr;* _ 1an annn , inpn j I bank, com merits on the stoH 
| allocation of ^£70m to. boost tb ^^^JS y e jS^L“!Jlirt2 term f ,ros P ects for P^ 
| manufacture of semi-conductors eiecxronJC ta ik5 about creating a “rooe ri 

land micro-processors was ..' *• use- analogue waxco. 

: UII uviiMUii5« says yy iUUii. i — f ; ful.” but the money would be 


: THE UK and U.S Governments many, millions of pounds, is Ministry of Defence.- But it is;* 0 ? U.K. capacity - to produce 

'EMPLO’i F.RS' Pensicm-j schemes schemes to get vastly different are developing a new “ advanced being borne jointly by ihe' -UK known that its purpose is to 1 components, he said, 

are penalising people who pensions according to the airfield attack system." a type of and the U.S.. most of the work destroy enemy airfields used Tor; was instructive to compare 

change jobs 3nd do not help tht number of times they have •• cluster-bomb,” named the on it is being done in the UK. tbe take-off and landing of con-, the £7 in which tbe Government 

Cafe Royal 
wins award 

_aged as much as they could, changed jobs.” the magazine 1 JP-233. 

WUchv pub - s*'sr # «- sts- -s?i ”af* ! -g 

The OCCRP.II0II.I Pensions 0 n iS'' r °° e^nsejib^n^LErt'K | '*Wl be used ?, 
.Board - an official body whleh ?i?ou-b Sndwicv " I UK - "est Germany and 

Jupen-ises some aspects of tbe The oosslbilltv of oeonie losina ! Uallan Tomad ° mulU-role cum- 
■schemes - has been asked by 6n Sd dei™m ■ bal aircrarL well as by F ill 

the Government to .investigate J p C han .iu^ iobs— v hl.-h reduced ! att ack aircraft of the U S. Air 
'dSL- P ew SlyD pr ° U!Cmfi ° f juU ' Sc flexibility of the workforce. Force ' wa ^ “ Ful1 development 
° The L'ojst of many pension- A significant features of the 

' “ It seems unjust for people schemes was being kepi down Anglo-American agreement is 

Tbe prime contractor for tbe ventional military aircraft. ! collected io income tax from all q^fE GOLDEN ■ Forte of' the 

■j monetary stability ” in .Europe,' 
He says that the aim is ^a, 
system of genuinely -fised^jral 
genuinely adjustable: exchange 
rates, and a system which, would 
embrace as many Europeai 
countries as v/ould be ready- TO 

- Both men were critumentiiig 

Germany and *«««• w,, iu U uu>ui Uti wi prise Board was committing ._ MpanHnn npvt TiiMdav it 

mulL-role coin- and lhe boulb-east of England, ensure that they can retain a 1 1 am os, the newly-created UK- f \ Rr+SS a ^t3.iV year - 

well as bv F-ut Abount IJfOO people will be em- combat capability in tbe forward I based micro-electronics companv. n 

of the US Air P Jo > ed iditially. but when the batlc zone even when conven-i Neve the I ess. Texas Instruments “ BOC 


.. : J ,V ‘ * v , , •= ■ ™i,i«v«i .a aui j. iiiiuwiia uu uui yei uave a com- • uno oc piam at riymouia auu , . ~ , romoletion of the Goduimh* 

who have contributed simitar because of losses incurred by that while the cost of tbe Few details of the new weapon parable development In such an I development activity was being entwined with golden forks. M^tet ^alch sttil does riot faflf . • 
amounts to similar pension people who changed Jobs. . development. likely to amount to are being disclosed by -the advanced stage. 1 expanded at Bedford. together, with a diploma. exist/' - - ■■■■’■■ ? V”-V, 


Chemistry | Tate and Lyle to snend £20m 1 Recovery i Higher inves 

of sex 
traps pests 

Tate and Lyle to spend £20m 
on sugar-to-chemicals venture 

'.TATE AND LYLE has com- Another new venture by his a new car engine, named the 1 

MF\v PRilTiCi-TS fnr pftTJtTftitin- m >tied E20RI to the development company sought to engineer a Totem, designed to run on au> 

■pests, based on "the use of sex” ; of new uses for sugar cane f? r f er ceQt ■ ® lci> ho]-peLrol niLvj [2K6 

-attracting chemicals- named: and other crops, as sources of ft B, .*° 5611 1 7r thn „_ h fnr 

.pheromones, were likely to be- 'energy and chemical feedstocks. P C0UDt "* 8 ‘ . was^stif^ Reaper ^ JSke THET5E ls 

come commercially available ; it 5 c hief executive for research * l . w ®S lW aim at replacing tiie —7./- _ 1° .. r ? aKe ! recovery in 

soon said Dr. Peggy Ellis, of the aT , d development told the' British relatively erode stills, used by eivS'SsJS J^ stocks ln S P 
centre for Overseas Pest Re- Association at Bath yesterday. Briones m Bran ® l,1 .Jene. wUuoUiq -0 yearejpn fishing t 

search m London. A new Tale and Lyle factory, ? nd Paklstan to make alcohol * ** ™, r , l ° , Cushin-. dei 

In Brtum. .1 n believed OPfdttd OMW» eeer Liver- suser-eeRe a , fuel. I Fl-hS, ?! 

lhai these species-specific pesti- pool early next year, will produce Brazil was already running 15 Agriculture was the must ’ ub-l t»nri er,C ‘ s ‘ 

cides — expected to be non- — for lhe first time anywhere — per cent of its cars on a mixture ponant, vet most ne-l^pird , ° rt ‘ 

polluting— might be valuable premium-value chemicals from of fermentation alcohol and technoloev for haraessin- cAi-,r Bui with c 

of fish 
stocks will 
take time 

Higher investment 
rate urged 
by top economist 

It -would give a major btjoa. W-.ij 
busi ness confidence ; bj-Wn&riW5-' 
exchange rale risksandm nation. •-«,» 
u ncertainties betvfeen- mcroher - ■ i l ! j 
states. . . ' r ' 

He envisaged a 'iBrietar}' v 
institution which, when *'■ 

was fully achieved, , would- w 

"not too dissimilar, from - 
U.S. Federal Reserve systete ^ * 
was clear that full raonetn? 
union would involve a sdjjsi® 
inflation rate. . V-* 

Dr.. Emminger says It wwm 
be unrealistic to resist theT®^' 
bility of changes* In exchange 

' The active ingredient of the 1 
.pesticides — under development! 
for more than a decade — was a i 
synthetic version of the scent I 
females use to attract the male. I 
The chemical? were costly to! 
make but only a smalt amount 
was needed. 

Synthetic pheromones could 
now be used to lure several 
moths and beetles inio a irap. 

•teitf-culting Borins in Lucerne 
had been drastically reduced bj 

tich it would try io sell ture. j 1.1 ill V- •/ wohTiL^ 

a l countnes. Although for most countries tt; THEP;E ls 00 S1 vet - f A. HIGHER rale of investment which -tbe costs of energy to accent a comprari^ 

Id aim at replacing tiie S* i^inHiiSSyHi l? ,, H? 3150 ! recovery in North Sea herring for ** Dext years, to insure shortage needed to he added to S^of inflation between'. fcr ' 

■ erode stills used by ( f oh nP fr 9 ro ! stocks in spite of the total ban a 8 ai Mt the risk of bum P 9 in other incipient threats to growth. examp | e current rates * 

ir factones in Brazil lo tu -0 * vea 1 T 6 !on fishing them, said Dr. D. H. world energy prices, was urged Some ^economists argued that a Germany and Britain he' saS ?' Vr 

istan to make alcohol iL^L d f j 3 * Reaper to make Cushing, deputy director of the yesterday by Dr. Michael Posner, potent riuse of a deceleration in 5^ uJd “J t be aeSSttble 
iar-cane as a fuel. colwl „ r<?rm « a te<i Ministry of Agriculture and Cambridge econoniisL growth .would b e the failure of ' JJ Xmfantee the ffion ra^ 

was already running 15 ^ ^ laboraW at * Lowe- .He was addressing -the Restore to mobilbK ; sufficient 

of Its cars on a mixture oortant vet I s, ° rt - economic section on the question resounds for productive invest-; *• w e -*-j|] not accept ndeMf/ 

lentation alcohol and technolosv' for haraessin’^ But with care, be added, stocks' « f whether a shortage of energy oied- i t he game that cany .any -Wg 

ui the sulls used were eaercv Suaar-cane and |C°u*d recover after five years, or I would put a brake on world In fact . If the pool of invest-; implication or anything mgg , 

nitive. represented two of the* mm! after a decade wtib less luck and-g™^' ment did not expand through than a tolerable rate of Prig 

spooled to be in pro-' efficient devices f or coiteertae pr&duce , a rai,Uon tona of herring: Dr. Posner forecast that it was and an increasing share of ^crease." This rate he puts* 
for Brazil shortly with solar enersv. a year for the markets. very likely that fuel would rise that investment was taken by 1 to 3 per cent a year. 

Dr. Cushing said that the *n price by “ quite large the- needs of tbe energy sector. - v-; : - 

herring ban might not bo tbe amounts " over tbe next 30 years, “in -principle we might say that nRITUAMEfi ^ * ' 
-s, rr» _ a « last that would have to be He also stressed that tbe lead ? eo 10 S ct0 ?^ es would , ■ 

^ energy efficient’ - u ^°f 0 o n r^ proj ' c,swas Leo Wright - 

1 slate of North Sea haddock* . . increase output. .. - - 

d for -in nor nt • ! stocks, while catches of mackerel . the UK s gross domestic pro- Thic wmiiH hannpn -■ ham.u. Mr. Leo Wright, president <* 

•against many fruit and vegetable sugar, said Prof. A. -I. Mitos in petrol, but the stills used were energy. Sugar-cane and Jn«va could recover after five years, or I 
pests, including the codling ; his presidential address on very primitive. represented two of tho * must ! a ^ ter a decade with less luck and ■ 

motb. tbe pea moth and the cut- “creative botany” to the botany Fiat expected to be in pro-" efficieni devices for coiieprina P roducp a million tons of herring ! 
■worm. section. ducUon for Brazil shortly with solar energy. uuecoug a year for tbe markets. 

' The active ingredient of the . Dr. Cushing said that the 

.pesticides — under development! . 9 , r _ herring ban might not be tbe 

for more than a decade— was a i LnvrmrifT • I Af’ri - JY» . * a 4 - last that would have to be 

synthetic version of tbe scent I F Hi 1IBHMM PTIPl U V OI 1 1^10117 7 ' Imposed. Considerable concern 

females use to attract the male. I *** ******W V1H (was being expressed about the 

Thf» phrm ink wrff mctlv In 1 I rIhIp nt Vnr+K Car h,M n .,lr‘ 


duct was to double by the end of ' Ti J __ 

to be" banned."" ^ " ! the century, it was hard *0 1 the a ’ge ofYfi. He joined Tomari 

Although 18 Of the 43 North ; enel^gr^in-” bT^Vao exi^ple. digging for Inaccessible I {» 'JEgZ- 

East Atlantic fishing sectors were . between ttO and*70 oer cml 11130 0,1 or building highly capital- 

over - exploited. conservation I I . ° . 70 per ^ . intensive mfclear power stations." ^f cl0 L from to l9 ^- 1 ^ 

offered considerable hope for the * f was ^Sued that it Even irithis’ease. however, the ! was the manapeH^, 

future. : would be impossible for gross slower economic growth would committee of the -Malt Dtetu^ .v, 

trsz M a - 6 “ . ■ Angus KepaedK? 

be deprived of the new T 7 • , , 

machinery they needed to | ^>Q W TlffllL 
Increase output.". . . _ v? - 

This would happen “because • <W fni Cht ’ i 

the invest l ble .resources were Tomato DisliHers, has. diri -g 

biin “ rAiiMnTSltSrbf ™* lechnolo??- lwd h«n 


’ U.ima;’c lo mm i>> gr^c per person to provide the average per c f nl °* national energy con- 
hprry moih calerpiilars in the ; consumption of 31 kilogram* of i um P ,,on - This was similar lo 
C.S...WHS cut from 15 lo ti per protein a year f{f“ r tl ¥ s r,uulcd r ° r Australia and 

over • exploited. conservation 

" - “ME ^ --J5 WSS-dW ^ 5 

K'.ssr, " ^rr m T t r, >i Sr« K -a.^ i.%h"b;sr.s^ t sssT!sa E? ^ ^ v . w 

,cr - kb 7 l ' aect “ T"orw W PO u, ■**, „ ^ «« ”V «**& Marine-takeover "KS ■, ^ TOs a. 

control the pink boll worm [ shrimps in some countries. Changes could include hus- of members of the Instiluiinnsl ud to ^ lonomi m5- h ifr S ^ a , cu ?fv 0 f ^ 1° for the flotation of A .and l, , 

ittonfields. a machine Ud ' In Britain, glass-house beat mg banding different which of Mechahical Engin??re^ ^ »d F oS!2Sf*S St K al, S! n K- Foreman ,f M arlne), manu- a public company in«34 : HJr;: - .J 

used to place loops of sym- accounted for 35 per cent of tbe require low energy inputs on Production En'tioeera w£ wi fh? i ** ^"1.5 y desired growth path, the facturer of steering gear for was past president o£ the SochJ^ -- 1 *5 

■ fibre Incorporating the oil-based Fuels, used in aqricul- l.-ind or waier no"r orevionslv Hicher^ “IS I™! 1 *"! these speciek would { energy- __ shortage -wtll not yachts, Bemceand^commercia] I of .British pSntinb SU * M 

Work service 
for engineers 

j of fish in its heyday. 

DricMwouldS'lSsa °° CQergy fuel sources ^might eat into the Mr. Angus Kennedy.; joraisb i 
prices Would M less. invpjiTnipnf nf^Wied for i -wr a..h ■ «>ur Hflrtr 1 - : i 

ii cottnnfields. a machine Ym>.d 1 7 n Bri lain, glass-house beating banding different species 

lfeen used to place loops of syn- accounted for 35 per cent of the require low energy inpi 
t$olfc fibre Incorporating the oil-based FucN. used in aqricul- l.-ind or waier not pre' 
cfiSttical-r-on the cotton plants, lure. Fuel for carl} tomatoes used lor food production 

.mu, — 


bleXorporatlufl- ; - .--•'. V^.-. . I. 

■ T . -•> ... ; -f f-L>i ?;:•'£ 3 

. ,V; ,> i'.-jx. 



^Financial T i mes Tlryrsday ^p^D^r 7 1978 

-S. , 




35-hour week urged 
to cut unemployment 

Congress reports by Christian Tyler, 
Labour Editor; Alan Pike, 

Pauline Clark and Philip Basset. 
Photograph by Terry Kirk 

" t Lt % 

Sur^ 1 

?****' * 
■ ye. 3 ^^ 

■aehe< *»% 

,a:c ‘ a r> Jj. 

'•ra m at j„ ■** 

rt *s? Con:,ip 

-or-' Ch «* 



tic* «*V 

,\ J E trsan(r. 

;* a PPfd wi 

Rnt;*b coapj> 
,e 5«:3»fl hlj 1 
‘ a J* ; tU*uiai*j . 
should not ns* j 
•e: ,r r sU p ah[j 

J. an > - ^‘un;n 5 

•• i 

2ran:-d -j 

*”• M»'j| j* 

«0'- vat- c 

^ 1 jii’iniil'js! i 

Ijndus hicnjpjr 



THE TL'C -conferencc carried 
three major economic and pay 
motions yesterday which made 
dear to the Government that 
there would be no farther 
overall co-ojteration ljt a rigid 
pay policy and that the TUC 
would firmly oppose any 
Government attempts to inter* 
fere with. .wage bargaining 
under Phase Four of Its anti- 
luDatlon policy. 

In ramptKite motion 18. 
Congress pledged itself to 

placing Its "part "ft pursuing 
policies alnidl it reducing 
inflation,' -Metafn* living 
standards!.' anil .reducing un- 

. The." motion urged the 
Goicrnment to adapt the trade 
unions’ pftposals • for in- 
creased pabUreaterpriw with 
puhlk supervision of invest- 
ment. ft also £*TJefT for new 
planning vah. TOte «Hwxrut> 
live use** pf North Sea *11 
revenues to bopfitpablic see- 

Trade uuion priori lies for 
voluntary rollcriitr bargain- 
ing were set iu com posit e 
motion 12 (carried over- 
whelmingly hut not unani- 
mously) which backed .the 
freedom of unions to negotiate 
in their members interests. 

The motion firmly opposed 
Government intervention 111 

wage bargainlug and ** quy 
form of restrictive Govern- 
ment Incomes policy.” 

Priorities Included nego- 

tiation of a 35-hour week, a 
reduction in ovcniuie work- 
ing. tiie- creation of Just and 
adequate differentials and an 
end to discrimination against 
public sector workers. 

Composite motion li sought 
a reduction In unemployment 
as “the highest priority” with 
a major cut in working hours 
and early, retirement as a 
means to that cud. 

On the special problems or 
Ihe public seefor. composite 

notion 13 blamed (he cash 
; limits system for diminishing 
. standards in public services. 

■ -.Conference threw oul over- 
whelmingly a motion moved 
by the National and Local 
: Government Officers Assoda- 
- tfon which recognised that the 
^ . Government would “always 
" take a view" on the level of 
■fWagc settlements and which 
■ i saW that free collective bar- 
! gaining hod “never been a 
reality” in (he public services. 

MR LEX MURRAY. TUC :wr«eral eminent and1he ; tw40- unions nn 
secretary, warned , the liovem- the objective* .of- reduang uncin- 
ment aaalnsr . jotting itself ploy meat and. contain bis mila- 
" frozen; into a rigid ftjrnwiiit-d tiu» oul there. .were difference* 
altitude" on pay policy. trier the methods for. achieving 

e 7 d&. irwTuidnS* .iupTi *im. mj 

unions themseSves to decide 3 «“«**[ 

when their next wage round *• *“£***“* 

op-an menr io achieve them.- whLic dw- 

On the need Far. an end io agrceais wftb some dtta* thing* 
rigid im piemen ration of pay they were doing. . ■■ 
policy, Mr. Murray emphasised Mr. Lawrence'; Daly. general 
that there r had to lie jgufficlost secretary of the National Union 
flevifarlity If unions :.-nd rm- .j* Miuewurkers. an>cuJg the main 
plovers were to sort out difficult . uiuiiim reacting -Govern- 
problems and anomalies and iu juvnt. wage control*- .which was 
take account, of profitability arfr-n^j i, v timers*, said that 
" without «pla«n headlines about the Gov cmment-hfcd apt gone far 
defeats or jurrendei;* or non- enwffn ta mc rtjcgife.W<te of the 
sense of that sort." 

social contract. 

’ The Government ought U, be 

lh® conference the TUG . and 
Labour Party Liaison Gnram-t- 

fresh * look of the 

m v 

i-anour l-arty uiai>ijn rp . B | n „Ka,*w. .iif'.'asmd to 

■?> thu.M- 5.MUrt. to rw J"t|-i&«8ESil.™ 

lirn - ^fn-ISSS^h?, undertook tiwir: part of the 

mrnj. He -repeated lUat a use 

in living standards »»w*r Um: i.tnn- o in 

social policies and trade nrrinn SSS? 'cwUlun'uS^Sw^ *5»l l *5 

pjj ^.uidelmc-s Flesibilify wa*. necessary to 

allow the restoration^ differen- 
SHort arms -■ lials and alluwanca amd a reduc- 

. , . ' tion in hours to »'3S4ioiir week. 

In arguing agamat air unposted lfc j, opetf ^ miners. would be 
rigid pay policy, tho TUC tod among the firsL W. tamefit from 
impressed nn the ^Government a reduction in hours’.because of t o 
the existence of Inbuilt con- the appalling working -environ- 
strains in voluntary ..'collective ment m whs eh. they:, were eni- Mr. Len Murray addressing the coaferimee 

bargaining — name)/, that -■ -em- pjoyed -r 

'SSFtttvfSSL'S, iS !?oo»U 1 t e r S« 0»»l *cr»latr U r TASS. U,e .nited voice of Con^ "JS&S 

employers, including those in nf an wtection campaign, white-collar uccflon of the Amai- Congress must not aHow a H enforied by crude sanctiorw. 

ihe public sector, had “very »?d. iSSfebosis for u Samaied Union of Engineering genuine desire tu suppuri the, gogre« could be made only by 

short arms and keep their money Srthcr period of co-openiUon. Workers. tebmt _ Government m * tr “ e i ■•••^inf 1 RurMlXiL «enoi^ sec» 

in rheir sucks." ..... D ot^ necessarily tracritlca^, with Tin* compusUe motion, he from the v: iuun of whi Lre ti was -Mi r.B 

' In the TUC viow. -the Govern- the present Government. declared, at last took the trade , ■ S^cfvilSrvant? said that 

mAnt b<nc 'lien aaviiHiilir. imrini. » ” ... ■ « *u_. uw....m...nt uli.nn flu. Halit Mr Ken R:4ltPr nilllOnal IIIllUS. WOnJl V-lVll aervSlIU, bJlu lllal 

UNIONS should not be 
impeded in their efforts to 
achieve a .shorter working week 
by the Government's pay policy. 
Mr. * Moss Evans, general 
secretary of the Transport and 
General Workers' Union, told 

Mr. Evans was moving a com- 
posite motion demanding a major 
reduction in working hours to 
help overcome continued high 
uaeinpUi.wr.eni. Many delegates, 
be sjitl. remembered what mass 
unemployment meant before the 
war; Social security might have 
taken the sting out uf unemploy- 
ment today but there remained 
no really adequate compensation 
for being without a job. 

Between now and 19S1, another 

900.000 wnrkers would come onto 
the labour market at a time 
when there were fewer and 
fewer job opportunities. He was 
confident that a reduction in the 
working week would be a major 
way in which to create jobs. 

Mr. Evans suggested that full 
achievomcnt of the 35-hour week 
could create up to 750,000 jobs, 

200.000 of them m the public 
seei or. 

The trade union movement 
must make n clear that 
mitionaity determined pay levels 
could impede moves to create 
jobs through the . shorter 
working week. He regretted the 
negative attitude or the Govern- 
ment's White Paper on pay policy 
for the coming year. 

"The Government must con- 
tinue tu be made aware of our 
determination to bargain for the 
shorter working week without 
being impeded by the a per cent 
pay policy." 

An effective attack on low pay 
in the public .services must be 
made this year, declared Mr. 
Alan Fisher, general secretary of 
the National Union or Public 

llo was moving a composite 

0gs, * 


#ry of the Institution of Profes- 

ah Liit iu-, tiuw. mic uviiHc me present tjOyernment. Ufl-uieu, ai w»i tuun me u««; , kinri-il fiml «sprvint* s-rid that 

ment was ateo serionslr under. • D n the basis of the unity that nnimi laoveiuent along Hie right Mr. Ken Baker national nidus- S calla^han in hb' speech to 
esuinatms the .lessons that could einercc. the trade unions road. “Judging by many of the trial officer of the General and m nis speec o 

trade unkmisis; bad ..learned ^ork together with the dramatic conversions, it will lake Municipal Workers Union, sup- gj-jjjj „■!,„? ^oif- 

frnm tha infl.,luin rx( lOCj jinil ..'.Li..L u - ... r,,LI Amnlnumnnt uiu mil-tine thl* mfltlnn nrODOSPd bV mBtOriCU ttie tfilue llJUUns POSl 


:a iy 

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:..c.i >i\i 
- Vj" 3 ‘ 

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-XC- 1 ,. ll .* ■ 

j •it.’ 1 *" . — ' i: 

from ihe inflalkm trf l074 ^md-Tahnur :Govermhent which Mr. its* to full employment via purlins the motion proposed by 
1975. Dalv iwid lie fervently.' believed Damascus." Mr. Daly, said that his unton 

"We believe that - ‘ the^uV be ctccted St She next . Congress bud listened to the regretted that the Government 
memories of these events aro/^n^LElection, : L ' r . "Prime MiniHler on Tuesday and bod decided to try again to 

-still sufficiently: strong .la. iii-V ,M r . Daly's Tootfon ; was be hoped that the lajjpur mine- enforce another rigid pay ceding, 
fluehcc negotiators and those seoanded by VLr. rKen Gill, mcnl would now Aisten to the It was unnecessary and 
they represent." t 

Onthe trade, .union case : for '■• •j 

SkS®KE» Solemn bunal for wage limits 

unemployment.: - ./ , t ... j .v 

The strongr case for a 35-hour . AFTER loyally praising James enough constraints oo union But he Insisted that the wane 

week was was' nOw high CaiiaRh*hfthe TUC- yesterday-, negotiators . without. the was k not going to disintegrate 
time to give. people more lesiure cercmoqfcusly buried' bis 5 per Goverament's deadening hand. tau , a free-for-all, • 
and "to put an end to the anti* «*m htfnnes policy. ' Murray diffidently but r Lawrence Daly or the 

quated : idea that soni* classes of ButJThc ritual was soberly, pointedly suggested ttot ii„iou. who 

enough constraints oo union 
negotiators without. the 
Cio venmenCs deadening band. 
Mr. Murray diffidently but 

time to give. people more lesiure ceTcmoqfbusly buried bis 5 per Government s deadening nano, 
and "to put an end to the anti* cent Inftnnes policy. • ' ULr- Murray mffldenily bnt 
quated' idea that- some classes of Butjfthc ritnal was soberly pointedly suggested that 
woriters' have some, sort of and gblemnly performed with ' unions should - duke the 35- 
natural right to a shorter work- pledges of continued restraint hour week a priority In their 
ing week than others,” - . ■ W responsHdUry. . bai^alnlng. • . - 

Mr. Murray said. that the. TUC ; Xs - Mr, Lcn Murray Congress joined overwhelm- 

ing week than others," - . ■ W responsHdUry. . bai^alnlng. • . - 

Mr. Murray said that the TUC ; Xs - Mr, Lcn Murray Congress joined 'overwhelm- 
was not prepared to interfere; In 7 emphasised, the return of free ingiy In completing the fonual 
the iudependehce.o/ union neso^ /collective hacgalning would b? despaieb of the pulley into 

itatnrs in voluntary collective J heavily influenced by the which, only 24 hours earlier, 

bargaining with . employers^' cautionary memories of Utiia- .the Prime Minister had tried 
Neither was it “ necessary nr tiun in 1974 and 1975. -..- tu "breathe new life.' . ... 

desirable for the Government lb -What the TUC was interring t-Mr. . Ked Thomas, of tnc 

desirable for the Government lb What -the TUC was interring 
be sittins on the other side^bf was only the Government’s 
the table as well holding : -the ". “ rigid figure ” and Us 
employer's haod-r-and buldipg it “ frozen attitude." 
tight shut at that." The TUC was not “hell-bbnl 

Mr. Murray said there was no on confrontation," said Mr. 
disagreement between the Gov- Murray. There would ■ be 


tu "breathe new life. 

Mr. Ked Thumas, of the 
Civil and Public Senices, 
Association, in .pVrhap> the 
most joj-ful of ycsli*r day's 
funeral oratiuus, declared 
incomes policy “ dead, 
finished and defunct.’’ 

Education Weighting Strike may hit chemical supplies 


. Ji - . " ■ Jr .3 J cttppi iicb nr some chemical provide safety cover and keep im-nts, but had not been imple- 

By Michael Dbcon, ' 

- Education Correspondent 
pelled to release workers . to 
attend higher .- .educational 
.courses, . the National .Union of 
Teachers said today. 

Other measures to increase ’the 
number of older students should 
include substantial grants and. 
paid educational leave.. The NUT 
was replying to the Government's; 
discussion document on" higher 
educational policy over the next 
15 years. . v 

While broadly hacking .Jibe, 
scheme fqr a further £250m a 
year expanston of universities 
and polytechnics, the anion says 
the Government should' stop con- 
centrating cm catering Tor the 
needs of 18 -ycar-ofd students, 
whose numbers will-fall after the . 
mid 1980s. . 

The' emphasis -should be . oh 
catering for h.^new, Wnd" . of 
clientele " including many more 
mature students. - 

• The Prime minister was 
yesterday urgoti by- the" second 
biggest teachert' union to recog- 
nise school -..staff as a "special 
cage " cNcepfKm to' the Govern- 
ment's 5 per cent pay'gmdclinc. 

The National. Association of 
Schoolmasters and. Union ef 
Wnrnen Teachers sent a telefirain 
to Mr:' Callaghan asking him for 
an assurance that tcachers would 
be granted an -extra pay rise as 
a first instalment To restart’ -their., 
relative salary position. • : : 

EXTRA pay to compcn*atc for 
the high cost of working, in 
London has risen 160 per cent, 
hi the last four years, a private 
survey of “London Weight- 
ings- reported yesterday. - 
Bat It- says ' thai staff of 
private firms in the centre of 
ibe capital are still, on average; 

. £209 short of the. Government!*; 
Pay Beard recommendations.' 

- The report, by Regional 
Surveys Ltd., .Is based on ituor-: 
-matlon. provided hy M com-' 

It says that a typical firm. is. 
puying aHo^-ances of about 
£480 to management staff based 
within, three miles .of Charing 
Cross and around £250 to clerk* 
in outer- areas, 

Sjeason ticket loans and 
luncheon vouchers arc the most ■ 
common additional forms- - of 

■ Outside London, the average; 
allowance for large lawns Is, 
£153. paid mainly by insurance 
companies, ■ 

In .1974,4 he Pay Board ref am- 
mended gtiowanics of WOO lit 
Inner Loudon and £201) in Outer. 
London For -all employees In ihe,. 
public Sector. 

\ Comparative figures, updated 
in April by the I>ppartmcn| of. 
Emuloymcni, are C® 9 ® and 

PAGES 11, 12, 13, 14, 15 

SUPPLIES of some chemical 
products could be hit if the 
strike at BP Chemicals’ Baglan 
.. Bay complex goes bn for another 
Week or more. The strike entered 
its fecund week yesterday." 

... Production has been halted 
and the 1J50 workforce laid 


. - .^Negotiations arc still taking 
-place between managvniejit and 
:”4hc main uniun Involved, the 
Transport and General Workers. 

. But there arc no signs of a 
settle men r. . 

The unions have agreed to 



By 'Our- Labour Staff 

■ The white collar section of the 
: . Electrical and Plumbing Trades 

Uniun has based the bulk or its 
evidepee io ihe Kinnesion in- 

• quirj- into the engineering pro* 

■ lession on the- neutl for staiutory 
tegisiratiun . of prufessionai 

■"It would he npcesstiri*. says the 

• Elcdrlcal and Ensinerlug Staff 
;Aiffii»;latlon. to set nj>. a central 
regiEirutions council with rCprc* 
wnlatives of Government, the 
GBI, TUC and prescribing insti- 

-tutions. . . .. 

The number of those institu; 
tions should be reduced. 

.The stuff association also 
reoomments - that .incorporated 
technician engineers are in the 
fitilest .. sense ‘‘ professional 
engineers-" and. also that mem- 
bership of an appropriate union 
will -assist the individual 
engineer io ensure proper 
rewards for his service. 

. The association also believes 
that .a form of .licensing will 
follow op. from statutory registra-;- 
tinh and rocmnnienils a full in*, 
yestigation into this before it is 
Introduced. : 

provide safety cover and keep 
the plant warm to allow a quick 
resumption ot production. 

The dispute stems. from a pay 
offer of about 16.5 per Cent to 
hhio-coilar workers ai the plant, 
subject io a tightening up in 
vrurk- -procedures. This deal was 
accepted by the electricians' 
,lratie uniun but not by this Amal- 
eainaled Engineering. Workers 
and the Transport and General. 

The strike was triggered b*t 
week when management pro- 
posed tu enforce the" improved 
work procedures anyway on the 
grounds these already, farmed 
part of past productivity agree- 

Caterpillar violence 

'THE Caterpillar Tractor Com- 
pony’s Scottish bulldozer plant 
was under police guard last night 
after violent picketing yesterday 
by .tonie of Its 1,700 manual work 
force, which is «m strike. 

Most of the strikers, who 
walked nut on Tuesday after the 
breakdown of annual pay talks, 
are expected io picket the plant 
this morning. 

Yesterday,'- only a handful iff 
senior management executives 
managed, with police aid. to gel 
through n line uf about 200 men. 
Some 800 other staff and super- 
visors were turned back despite 
the - police presence, and had to 
return home. 1 

The dispute is over the men’* 
claim for a 10 per cent rise and a 
productivity deal. After four 
months' negotiations, the com- 
pany's final offor comprised a 9j 
-per cenl rise together with an 
attendance bonus ‘scheme; This 
was rejected - and the shop 
stewards • recommended an in- 
definite stoppage. 

- Tho plant produces heavy 
tracked earth loaders and niuvers, 
and die*cl engines. 

..-Bedford- •• ambulances were 
being operated . throughout most 

of Scotland yesterday after all 
except one of the Scottish amhu- 
lanco services depots voted to 
lirt their month-long ban on the 


Only .34 crewmen at Greenock, 
w 1 1 ere the. dispute over saTety 
of the CF25 and CF2S ambu- 
lances liegan sewn weeks ago, 
urn* . refusing to accept *he 
ri-emnmendation from their 
uniun. the TGWU. U> lirt ihe ban 
imposed after several aixridenis 
caused when rear wheels fell off. 

The ambulance service, which 
had threatened to suspend any 
of Ihe 1.400 crewman who 
refused to drive rhe Bedfords, 
hive piven-tbe men until the i-nd 
of the week to come inlo lini* 
with their cnllcaiue-? Talks he- 
tiveen TGWU nfilcials and 
Greenock stewards arc lu lake 
place tomorrow. 

The agreement between the 
service and thp union to end 
the dispute involves a compli- 
cated procedure for ensuring the 
security Of Bedford rear Wheel 
nuts, and confirmation that the 
men have, legal indemnity from 
any claims arising from acci- 
di'iitc cauficd by the loss of a 
w heoL" 

Miss Josui Lestor 

motion urging the adoption by 
the Government of an economic 
strategy providing for increased 
public ownership and enierpriM-. 
public supervision of investment 
and the development of new 
systems uf planning. 

The first priority, said Mr 
Fisher, must be to attack low- 
pay. His union had decided to 
press fur a £60 minimum wage. 

“The employers will not like 
it and 1 don't suppose the 
Government is going to like ir 
but this year we have said we 
must make an effective attack on 
low pay in the public services." 

Mr. Roy Grantham, general 
secretary of the Association of 
Professional Executive Clerical 
and Computer Staff, warned trade 
unionists against the danger of 
taking for granted a close rela- 
tionship with the Government. 

He applauded the Labour Gov- 
ernment's achievements in 

cutting in da tion and urged 
delegates to heed the dangers 
that lay ahead 

Trade unionists needed-lo work 
with the Government, with joint 
acceptance of the peed for 
recognition of the problems of 
differentials and of the low-paid. 

Mr. Geoffrey Drain, general 
secretary uf the National and 
Local Government Officers 
Association said that in tackling 
unemployment there were three 
main routes. 

The first was the operation of 
greater work sharing through 
the organisation of overtime and 
the introduction of earlier retire- 

He regretted the Government's 
insistence that agree menls with 
employers on a 35-hour week 
should ho ensted in the overall 
pay package. 

Mr. Drain nlsn -mppnrlpd the 

creation nf new jnhs Through the 
expansion nf the public sector— 
an atm lhat w a s " tre- ■ tdously 
important “ as an er»- • -Me con- 
tribution since it "■■mid boost 
private spending t> ;'r and at 
the <ame time reduce public 
expenditure by reducing the 

need lu pay unemployment 


Thirdly, lie said there was a 
need tu deal with substantial 
ini list ices in the present system. 
Because there was no quick 
solution tu uneniplnvruent, 
benefit-* should he imprnvpd. 

The ftvhnur week and volun- 
tary early retirement, though 
laud.ihie objectives, were nnt the 
answer to unemployment and our 
economic difficulties. Miss Joan 
Lestor. \TP. chairman of the 
Labour Party, told Congress. 

Miss Lestor. a fraternal ' detje- 
gate. said that the return. to full 
employment bad to he planned 
in programmes of policies made 
jointly hy the TUC and a Labour 
Government, and not by work- 

ro ram unity, 1 ' he said. - Representing an area of 

The .religious fervour with opposition to the composite 
which the TUC was embracing motion 12, Mr. Turn Jackson, 
collective bargaining was general secretary of the Post 
hardly justified by the bless* office Workers Union, said the 
lugs it had so far bestowed on union preferred a pay policy to 
workers, Mr. Glyn Phillips, of he negotiated with the backing 
NALGO suggested. uf 11.5m trade union members 

im-nts, but had not been imple- 

Pressure on two men led to 
a walk-out by the S00 Transport 
and General members. Later 450 
craftsmen; member* uf the 
engineering and electrical trades 
unions, refused to cross the 
picket lines. 

The halt in output ha< not yet 
led to any shortages among the 
chemical products turned out hy 
l he plant, which has a capacity 
nf about 2m tonnes a year.. The 
industrial holidays and custo- 
mers using stocks accumulated 
during the summer break has 
so far eased the situation. 

Chrysler Demand for study 

protest of building industry 

CONGRESS called for the “atrocious" working conditio 
J, Government to prepare a White “appalling” safety standar 

Mr MT Paper proposing decasualise inn and very little chance of red' 

on free collective bargaiu- 

„ — - ,’ nu t0 push uujir 0U71 p ay daims 

|j. ihe ile'i-itji**nii nf others Pay 

differentials bad not just been 

CTA H37Y&1Tv! / • cum pressed b*, incomes policies, 

|lv 1 1 1 8 RJl tvJ , . bill had been turned upside down. 

* Action had to be taken now. 

But he insisted that the wake Supporting tfALGO's mde- 

was .not going to disintegrate pendent motion on pay. which 

intn b ri-M-.rnr.all wa s defeated by a large majority. 

ta«p ■ Free-for-all, • Mr sjd Wtfighe „. Rtencra , were . 

• Mr. Lawrence Duly of the liir>1 of th? National Union of 

Mineworkers Uniou, who Railwavmen, said th^t wages 

ushered In the social contract rnuld not be seen in isolation to 

bargaining. *- • three years ago, now saw the ine nation's general economic 

Congress Joined 'overwhelm- . demise of incomes policy as a position, 

iiudy Io completing ihe 'formal new basis for cooperation. “I It was illogical to want state 

despatch of the policy into do not want .free collective planning to deal with all other 

which, only 24 hours earlier, bargaining without regard to resources hut to want a Tree 

the Prime Minister had tried the Interests of the rest of the market economy to deal with pay. 

to "breathe new life. community,” he said. • Representing an area of 

CONGRESS gave the minimum 
backing to an emergency 
motion expressing “ gravest 
concern " at the Chrysler Cor- 
poration’s agreement to sell its 
European operation to 
Peugeot- Cltreon without con- 
sulting the British Govern- 

The motion demanded the 
firmest guarantees on Jobs as 
a condition of any take-over. 
Congress also called on the 
Government to urgently draw 
up an overall strategy for the 
entire British motor industry. 

Mr. Gavin Laird, moving the 
motion for the Amalgamated 
Union of Engineering Workers, 
said Chryslcr’s conduct ranked 
among Ibe worst examples of 
autl-soctal and anti-trade onion 

Among the guarantees the 
union* would be seeking would 
be a new planning agreement, 
a commitment to honour a new 
model programme and Govern- 
ment imolvemeot in Pengeol- 
Citrcon through cash equity. 

They also wanted a direclor 
on the main Board, company 
acceptance of British trade 
union practices and recognition 
of shop stewards. 

The British unions would 
not be prepared to tolerate 
“ Semi-Fascist " company 
unions lhat existed In Peugeot- 
Gitrocn’s French plants. 

Mr. Grenville Hawley said on 
behalf of the Transport and 
General Workers’ Union that 
Ihe British Gu\«>rnmi*ul bud 
been “ exploited " hy the 
Chrysler Corporation. The com- 
pany had obtained up to £165m 
wliicb bad gone t-iiher to 
improving Ihe saleability of 
Chrysler UK or had been 
retained in the United Stales. 

Mr. Doug Hoyle. SIP, presi- 
dent of (be Association of 
Scientific Technical and Man- 
agerial Staffs, urged the British 
Government not to be 
stampeded into making a 
hurried decision on the 
Peugeot - Citroen offer. If 
Ley land and Chrysler were to 
merge BL would be able to stay 
in the big league. This was one 
of the alternatives to be 

for unions 

CONGRESS called for the 
Government to prepare a White 
Paper proposing decasualisation 
of the building industry. 

Mr. Frank Chappie, general 
secretary of the Electrical and 
Plumbing Trades Union and a 
member of the TUC Construc- 
tion Industry Committee, said 
that the voluntary registration 
agreed between employers and 
unions, announced by the 
Government on August 1 must 
be made to work. That did not 
mean, however, that the union 
accepted that there should not 
be a statutory registration 

Mr. Les Wood, assistant 
general secretary of .the Union 
of Construction and Allied 
Trades, proposing a motion on 
decasualisation and supporting 
direct labour in the industry, 
said that a compulsory register 
with statutory hacking was the 
first major requirement. 

It could pave ihe way to 
proper manpower planning, and 
would be the springboard from 
which trade uniun demamls- 
cnuld be met for full buck-pay 
during periods of unemploy- 
ment redundancy pay on the 
basis of service to the industry 
rather than to a particular em- 
ployer. and an industry- based 
pension scheme. 

Construction workers in an 
industry with no job security. 

“atrocious" working conditions, 
“appalling” safety standards, 
and very little chance of redun- 
dancy pay were now well behind 
workers in any other indnstry.- 

Decasua lisa tion in Direct 
Labour Organisation (DLCD, 
accountable to local electorates, 
was reflected in a high level pf 
unionisation and extensive joipt 
regulation of working conditions. 
Mr. Bill Rankin, deputy general 
secretary of the National and. 
Local Government Association, 

“The public must be made 
aware of the great advantages bf 
direct labour and not be 
deceived by the propaganda of 
the free enterprise lobby. 

“The defence of existirig 
direct labour departments in the 
face of these politically 
motivated attacks Is very impor- 
tant boita to preserve jobs aqd 
to prevent the destruction of 
valuable local authoritv assets.!" 

DLOs made far better provi- 
sion than most private contrac- 
tors for pensions, holiday pay, 
sick pay. and welfare facilities. 
The best DLOs produced work 
which was cheaper, done more 
quickly, and to a higher standard 
than private contractors. 

In future. DLOs should be 
allowed to compete for the work 
of other public hodies in their 
area, and eventually to compete 
for any construction work in the 
area. 1 

Firemen Free milk 
angry complaint 

on rigs 

THE MAJORITY of workers 
applying for jobs hooking up 
oil rigs In the North -Sea were 
frightened to disclose their 
trade union membership, said 
Mr. John -Baldwin, general 
secretary of the Construction 
Section of the Amalgamated 
Union of Engineering Workers. 

Ministers and trade unionists 
were always looking to the 
reicque from North Sea oil to 
help Britain's economic re* 
coiery, but there were \ery- 
srrious problems 

Rigs constructed on shore 
were subject to the national 
agreements of the construction 
industry and work was carried 
out bv union labour. A number 
of the companies hooking up 
rigs in the North Sea also 
employed credited trade union 
members. Ru< many were using 
non-uuioii labour 

Today’s agenda 

centrate on international 
issues, including the problents 
of Northern Ireland and Gbile. 
Several education motions are 
scheduled for debate, with 
further discussion expected on 
youth unemployment. Another 
dnliaie is exported tu focus on 
media censorship. 

THE TUC Finance and General 
Purposes Committee was 
criticised for its refusal to 
hack the. firemen in their 
strike against the Govern- 
nionl’s Phase Three 10 per 
cent pay policy last year. 

Mr Wiir Barber, president of 
the Fire Brigades' Union, said 
that the decision by the com- 
mit lec. which, though very 
close, was far from unanimous, 
bad not been received kindly 

- by his members. 

He thanked the trade unions for 
their support in the strike. 
More than £}ui was given to 
the union's strike hardship 
fund, all of which had gone to 

More research 
funds wanted 

the Government tu increase 
substantially investment in 
basic and applied civil research 
as a contribution to the 
country's technological and 
economic recovery. 

Mr. AJex Pritchard, of the Asso- 
ciation of University Teachers, 
said that Britain was in the 
Cinderella category in civil 
research, when compared to 
European competitors. In 1975 
the UK. spent 21 Eurodollars 
per person on civil research 
and development. West 
Germany spent three times, 
that amount, and France. 

. Holland. Belgium and Denmark 
doubled it. 

Dismay over 


Boeing fleet 

DEEP dismay at The Govern- 
ment's decision m allow 
British Airways to buy a Boeing 
737 fleet to replace agins Tri 
denis was expre^ed hy Mr. 
Ron Halverson, of the Amal- 
gamated Union of Engineer- 
ing Workers. 

He called on the TUC urgently 
to pursue the development of 
a cohesive policy between 
British Airways and British 
Aircraft Corporation to tirevenj 
“thp dnpiinr ml pv* , nl«j:ii 
firmiiiMion uf the aircraft in- 

. duslrj." 

MANY schoolchildren were wi-tfi - 1 
oul free school milk because \ 
many Conservative-controlled : 
local authorities were not taking 
advantage of EEC money fi*r : 
free school milk, said Mr.' Jack i 
Buddy, of the Nat i mini Union of , 
Agricultural and Allied Workers 

The EEC is giving £15.3m per : 
year to a . £3Snt programme for I 
free . school milk for- junior \ 
schoolchildren. The local auth- 1 
orities who werre not taking up | 
the offer were following the ex - 1 
ample of the leader of the party, j 
he said. j 

Mrs. Thatcher stopped the i 
issue of free milk to school- i 
children when she was Minister j 
of Education. ■/. ; 

Trade unionists ought to bear | 
this deplurablc situation vevy > 
forcibly in mind, in view of iffe ! 
Tories’ wooing of them in pre- 1 
par.-itinn for an election. j 

Congress backed a motion cajj- . 
ing on ihe Government To , 
encourage further expansion" of i 
British agriculture, and Mr. Wti'f 
Page, of ihe NT A AW, said that 1 
agriculture could play a much j 
greater part in the economy 'if 
ihe Government took action. m .\\ 

He paid tribute to Mr. Johu j 
Silkin, Minister uf Agriculture, , 
for defending “the most effective , 
marketing system of our most 1 
perishable product” in his b^ttip | 
against the EEC to retain norm! 
milk-distribution in Britain. -'"V 

J J Ventilation Limited -Vi 
13 Dowry Snuare, Bmtoi BSS 4SL,. 
L T»l. Bristol 291295 ' j 




Sempiyitebest industry 

i site compressors] 

BeddUch TeTReddtoi 25522 

V». . 



Powder coats economically 


Heat gauged 
by a touch 

TIP TOL r CH digital surface 
ihenuometers by SKF. available, 
from tbe Engineering’ Products 
Division of SKF Steel. Newport 
Pagnell. are suitable for all 
engineering and scientific applica- 
tions where a component surFace 
temperature reading needs to be 

It was originally designed with 
a probe for the purpose of 
measuring bearing temperatures, 
and the new instrument is ideal 
tor testing component difficult 
or access. 

Five exchangeable sensors are 
available for surface and liquid 
tempera lure measurements. They 
include spring-tipped. right- 
angled. flexible and submersible 

Engineerim: Products Division. 
SKF Steel. North Crawley Road. 
Newport Pagnell. Bucks MK16 
3HB. Newport Pasnell (090S» 

PATENTS HAVE been obtained 
on an automatic electrostatic 
powder coating . system which 
can provide efficiencies, as high 
as 9S per cent, which, according 
to Volstatie. compares with 
typical run-of-the-mill efficiencies 
around 50 per cent. 

Thought to be tbe first sucb 
process to reach these levels of 
materials economy, it offers the 
further benefit that productivity 
is unproved through a consider- 
able speed-up in tbe conveyor 
unit carrying the workpieces. At 
the same time, the laborious 
task of cleaning cult he coating 
booth for a change of colour 
is made much easier, while 
powder recycling is virtually 

Supercoater is tbe name which 
has been chosen for the equip- 
ment. which is relatively simple 
to tailor to user requirements. 

Basic equipment is the booth, 
fitted- on both sides with high 
voltage booster electrodes 
mounted alongside the conven- 
tional reciprocating powder guns. 

These electrodes recharge all 
the powder particles that have 
lost their initial charge from the 
guns and thus have failed to 
reach the workpieces travelling 
through tbe enclosure. In this 
way. any overspray powder is 

continually recharged till it is 
actually captured by a work- 

Experimental work baa also led 
to modifications to the air flow 
arrangements and is in the 
opposite direction to the move- 
ment of the work, giving more 
uniform powder distribution and 
better coverage. An aerofoil and 
air curtain are used to levitate 
and recirculate uncharged 
powder lying on tbe base of the 
booth — in this instance a con- 
tinuous plastics belt moving jn 
the same direction as the con- 
veyor. away from the air extrac- 
tion port. 

Sides and top of the booth are 
made of a plastic material which 
assumes a -charge of the same 
polarity as the resin panicles 
and repels them back Into the air 
stream and towards the com- 
ponents being treated, again con- 
tributing to efficiency and help- 
ing where colour changes are 

Steady air transfer back 
through the booth is maintained 
by a cyclone powder reclamation 
unit to which after-filters can 
be attached, if desired, and fitted 
with shakers to give close on 100 
per cent powder utilisation. 
Volstatie points but that this 
underlines one advantage of 

powder spraying, over con- 
ventional wet paint spray systems 
in that oversprayed paint- 
expensive commodity— -cannot be 

Super coatere have very little 
overspray powder to recirculate 
and it is sometimes possible id 
dispense with the reclamation 
system altogether, providing 
considerable saving ha space and 
in capital outlay. Otherwise, it is 
possible to downrate the 
reclamation system. . . 

When there is no -reclamation 
unit, colour changes: -are very 
quick to achieve, faking about 
seven minutes under itypieal pro- 
duction conditions.. AH that is 
needed is to clean out the booth 
recharge the powder- supply con 
tainer and purge the-guns. 

Developers point' out that a 
single installation could be used 
to replace a series of mobile 
booths, each devoted to one 
colour, with considerable .advan 
lages to the user. 

They claim a noteworthy in- 
crease in consistency of finish 
particularly -important where 
textures or hammer-type sur 
faces are desired. . . r '' 

Volstatie Coatings _ is at 57 
Stirling Road. Action, London 
\V3. 01-992 6931. 


Getting the message quickly 

DESPITE THE vast array of 
electronic equipraeni pouring 
inlo Europe from manufacturing 
plants all over, the U.S.. Pan 
American Airlines has gone to a 
UK group. Automation and Tech- 
nical Services, for a series of 
lelcgraph-cnmpatiblc visual dis- 
olay uni is made in Britain, to be 
used on Pan- Ain's international 
message switching network. 

The display is ATS's Vitel 
-end/ receive and edit unit apd it 
will progressively replace con- 
ventional electromechanical tape 
machines: This will provide the 
urline's telegraph operators with 
t considerably faster and com- 
jJeiely silent method for the 
preparation and transmission of 
.heir messages. 

The initial order is worth 
thoiit fSO.OOl) and is for over 
:0 displays 

Under Phase One of the 
^placement programme. Vitel 
mils at iht? divisional . head- 
luarters are handling some 3,000 
ncssages a day covering adminis- 
ration. tickets and hotel reser- 
•ations. . 

Several systems have also been 
el up at the Pan- Am eom- 
nunlcations centre on the air- 
■ort , 'peri meter .where the air- 
ing's .STC... . ADX message 
witching computer is situated. 

Under Phase Two. over the 
lext several months, more ATS 


displays will be set up in the 
other European and Middle 
Eastern communications centres 
operated by Pao-Aui. Initially 
they will be in Tehran, Paris. 
Rome and Delhi, all interlinked 
via Heathrow lu any destination 
within the Atlantic region, or 
worldwide via New York or 
Hong Kong — the two other 
message switching centres. 

Beyond the Atlantic region, 
which will itself require about 
250 Vitel units to finish off the 
upgrade, there are the North 

American and Pacific regions 
which may be standardised on 
the first and require a further 
500 displays. 

If ATS scoops the lot, the con- 
tract could be worth over JE2m. 
And as the unit chosen by Pan- 
Ara was in the words of -its own 
director of com muni cations 
cheaper and more versatile than 
an American runner-up, it seems 
that chances are good. 

ATS is at 30 Bridge Road. 
Haywards Heath, Sussex KH16 
1TY. 0444 52377. 

Goonhilly hand-over 

MARCONI yesterday formally 
handed over the new Goonhilly 4 
earth terminal to the Post Office. 

Designed as the first of its 
kind for use with tbe next 
'generation uf communications 
satellites operating in the 
Il/14GHz frequency bands the 
new terminal was built as a joint- 
venture project with the Depart- 
ment of Industry, the Post Office 
and Marconi Communication 
Systems and cost around £3Jm. 

Virtually all of the equipment 
is of Marconi design and manu- 
facture. This includes a 19-metre 
diameter antenna with a four- 
reflector beam feed for 
frequency re-use, 2kW power 
amplifiers. up and down 


converters - and high speed 
(120Mbit/s) digital modems. 

Goonhilly 4 will be initially 
used with Europe's Orbital Test 
Satellite. OTS2 (forerunner to 
tbe European Communications 
Satellite. ’ ECS), which was 
launched on May 11 to prove the 
technology for digital satellite 
communications in the Ll/14GHz 
frequency bands'. The results or 
the OTS test programme will be 
particularly relevant to the 1980s 
when Il/14GHz operation will be 
used for the European and other 
regional satellite communication 
systems and for international 
services via Intelsat V. 

Further details from Marconi 
on 0245 53221. 


Boeing in 
new drive 

SIX MONTHS after the launch of 
its major financial planning 
service, EIS, Boeing Computer 
Centres has opened two new 
regional offices in Birmingham 
and Manchester. 

Boeing, as well as being a 
manufacturer of aircraft and 
other high technology product;, 
is one of 'the largest computer 
service companies in the world, 
employing over 4,000 professional 
personnel. Mainstream division 
of the UK company specialises in 
providing financial planning 
systems and APL programming 
language capabilities through its 
timesharing service Likened to ii> 
IBM 3033 central processor in 

Demand from UK companies 
for more sophisticated planning 
techniques in general, ahd par- 
ticularlv for EIS, has been keen. 
Managers with big financial 
planning problems are : seeking 
ways to solve them. 

Boeing has accelerated plans 
to increase local access to time- 
sharing systems as well as to 
increase sales and technical sup- 
port teams in regional locations. , 

Boeing on Watford (92) 3S32L 

nsuiation Charcoal fuel from waste 

the flames 

TBREGLASS bas developed a 
. iexible duct insulation product 
ombining a vapour barrier and 
Glass U fire rating. 

The 1976 Building Regulations 
. -mphasised the need to prevent 
he spread of fin? in building 
j avities. Parts E14 and 15 of the 
! ■ -cent- amendments encourage 

he use of surfaces rated at 
Mass O. in conjunction with a 
••moral requirement for suh- 
li’.ision of cavities by cavity 

Flexible duct insulation from 
•'ibreglass conforms to the Class 
i requirement of the regulation 
nd. when used to insulate ducts 
n voids, cavities and shafts, it 
Hows the spacing of cavity 
•arriers to be increased from S 
net res i if the insulation does not 
■•inform to Class Ot to The maxi- 
num of 20 metres, with a con- 
enuent reduction in cost. 

The product consists of a 
-ruwn glass fibre mat faced with 
strong, white lacquered, glass 
cm forced aluminium foil/fcraft 
.iminate on one side. Flexible 
luct insulation is suitable for the 
hernial insulation of warm air 
icaiing ducts, air conditioning 
lucr« and equipment in the torn- 
•erature range 2 degrees C to 
:’.n decrees C. ft is available 
n a range nf thicknesses from 

5 mm to 75 mm. 

Fibreglass iPilkington Group j. 

•I Helens. Merseyside WA10 
TR. 0744 24022. 


\n economic 

"HE MAIN advantages promised 
•y its latest automatic strapping 
machine arc low cost and con- 
inuous output of lightweight 
-ackages. says p. p Payne. 
Inydn Road. -Nottingham (0602 
0722V i. 

The 'heal seal machine is called, 
he Circofix and applies up to 
0 5.5 jmm wide straps a minute 
o pack sires, from 110 mm wide 
■y 50 mm high to 600 mm by 
00mm. . 

The machine is said to be 
obust enough to cope with the- 
dost rigorous packaging condi- 
ions. its other advantages being 
wtft mobility to any part of the 
jacking area and the use of large 
.ire rfels of strapping (4.SOO 



are always concerned about 
future supplies of coal and oil 
fuels and their effect on the 
countries' balance of payments. 
Now. it appears, they are showing 
particular interest in the use of 
waste materials as a source of 

A range of plant available for 
conversion of agricultural and 
forest waste into carbon fuel has 
heen introduced by Alfred 
Process Plant Oakwood Chemical 
Works. Sandy Lane. Worksop, 
Notts SS0 3EY (0909 68611. 

Charcoal, says the company, 
ranks as one of the most ancient 
products made by man. yet today 
many people are totally unaware 
of the wide variety or its uses 
or its great economic potential. 
Many manufacturing processes 
rely on this material in its 
various forms and new methods 


of use constantly appear. 

The material has an important 
economic position in certain 
parts of the world because it may 
now be made from certain items 
which hitherto were dismissed as 

High quality charcoal can be 
made — without the need for high 
level technology — to provide an 
ideal fuel for domestic and 
industrial purposes from such 
substances like groundnut husks, 
sawdust and shavings, forestry 
and sawmill wastes, coconut 
husks, etc. — 

Of three different types of 
charcoal manufacturing plants 
now available, the first in the 
range is a portable batch kiln, 
intended for use in the forest 
environment or on a village 
industry' basis. 

The second is the vertical 
continuous kiln designed for 

Expansion by Charmilles 

FIRST TWO models jo a new 
series of generators for spark 
erosion machines has been 
announced by Charmilles (UKi 
These generators have been de- 
veloped at the company's 
Gloucester factory and 50 and 
100-amp versions are now in 
production and will he widely 
available early next year. They 
are designed to complement the 
Cba nn i lies Eleroda range of 
spark erosion machines. 

About 25 per cent of the total 
development cqst has been pro- 
vided by a grant from tbe De- 
partment of Industry. Totai 
outlay has been in the region 
of £200,000. 

Tbe company has also 
announced plans to double the 
output of its Gloucester factory 
where it manufactures spark 
erosion machines for home and 
overseas markets. 

Us British factory, which bas 
been in existence for five years 
is the only major manufacturing 
centre for the Swiss based group 
outside Geneva. 

Future proposals include the 
introduction of a more. advanced 
computer control system io 
streamline work progress, stock 
control and delivery scheduling. 

Tbe Gloucester factory is now 
also assuming responsibility 
within tbe Charmilles Group for 
all special machine develop- 
ments. This includes modifica- 
tions and adaptations to 
equipment for special require- 

Considerable potential for 

production work using spark 
erosion, both die sinking and 
wire machining, is seen by the 
company for tbe future. 

Another recent move has been 
the purchase of a controlling 
stake lu the Andrew Engineer- 
ing Company of Minneapolis, 
Minnesota by the Charmilles 
Group. This acquisitiaa win 
broaden the range of spark 
erosion, machines marketed. 

The latest type of machines 
from the Andrew range will be 
added to the products marketed 
by Charmilles cUK) and It is 
expected that these will become 
available next year. 

held in 
tight grip 

DESIGNED AS a low profile 
workholding tool and. at the 
same time, allowing irregular 
shaped objects to be helA safely 
is an extendable machine vice, 
marketed by Carver and Co. 
(Engineers). Coppice Side. 
Brown'niils. Walsall WS8 7ES 
(Brownhlils 4521 1 . 

The vice is capable of pro- 
ducing 10.000 lb horizontal 
pressure and 4.000 lb vertical 
pull-down in a dual action aimed 
at ensuring maximum job 

It Is said to be ideal for low 
headroom applications such as 
milling, planing. grinding, 
boring, shaping, and general sur- 
face cutting, and ts supplied in 
two halves consisting of a fixed 
and moving abutment weighing 
28 lb and 2*2 lb respectively. 

continuous production on a 24- 
hour basis. This consumes saw* 
mill offeuts. forest thinnings, 
waste woods and similar 
materials. The pyrolysis gases 
are controlled and used to pro- 
vide heal to maintain kiln 
temperatures whilst controlling 

The third unit is the horizontal 
continuous kiln developed 
recently to use a wide range of 
agricultural and sawmill wastes. 
Nut shells, rice husk, sawdust 
sharings, coffee husk, sunflower 
seed husk may also be converted 
by this moving bed unit. This 
horizontal unit claims the -com- 
pany. represents a groat step 
forward in the use of alternative 
materials in energy production. 

Apart from its use for domestic 
and industrial purposes, the 
untilisation of charcoal is grow- 
ing in the metal industries, in 
copper,, iron and steel, in 
ceramic production, steam rais- 
ing and producer gas. and said to 
be particularly important where 
special atmospheres are needed- 

In time and cement manufac- 
ture. charcoal is used as an 
internal fuel, being mixed with 
the limestone and fired to obtain 

As a pulverised fuel, charcoal 
powder .may be used instead of 
coal in pulverised fuel firing for 
steam raising and power genera- 
tion. It is easily ground to a 
fine powder and able lo he used 
with standard pulverised fuel 
firing equipment. 


|fY\ •: 

Media plan? Totally devised 
jn London via JDM - the largest ‘ ' 
independent overseas media. - • 
brokers in the UK. 

HflCjeti ?L 

. JOM r 

the worldwide media consultancy! 

Financial Times Thursday September T 1978 .[■ 

• : . - t ... .v-,, 

campaign in the columns of Yellow I ULL 

eeldy audience of 11 million* very serious, very wiliint. 



This is because the people who turn to Yellow ag 

have already made up their minds to buy. 

And they refer to their lock Yellow Pages directory 

sim ply to determine the availability of the product or 

they happen to beinterested in, its exact locality 


U.1U ULUV-LlUUUJLg f -j (• 

So, as you. ran see, there’s much to be gamed from 
making your own company’s or client’s presence relt in 
Yellow Pages aspartofyourmediamix. , 

Furthermore, a camp aign in: Yellow Pages, doesn t 

"Your name is there, tight where and when tne 
consumer needs it, in the home, 3 65 days a year 

And with no fewer than 64 Yellow Pages directories 
covering the country, there’s no question of it not being 

To find out more about ’fellow Pages ring Yhl 
Addiscott on 01-567 7610 or look us up in your own 
Yellow Pages directory under Advertisan^itCOTttaraore. 

After all can you really afford 
not to have your own colour cam- |m f©SIOW 
paign hitting home 365 days a year? g f\ pages 

♦Independent re«arcfl conducted by K.S.GJ3. 


; *”- f - • •• «;t'sV \ '• •••- . ‘ f ; V>4 

> '■ " . '< V ■ '' ' ' '■ •' ' a; 

:£V -fvhT-r •. • 

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* \ ^. m > */?'? • '/*-■ .v 

'■■*-£>; r 

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W, :.- .." c T/y rV^-'L. 'j 


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r jy-i) -- 





Top 20 agencies J] 
take £60m-plus 

[EWS THAT Jcpsnm's Wax ha* hip arency, of tie 

huffled appTOdaia^ly ^STOJXay ft«? of the ' -■ ' IT IS A SOBERING thought that 

.orth of Wimp out of McCann- “There Is. • e( ^foarte, that mtoxleahni ron^of nri?p 
.rieksoD marks virtually the correlation wsih bilUfl*- . The j, arllCs and ceremonials back- 
«t pause in McCann's record average claimed dR-of accounts s| a pnm«and cuff dinner*’ knnwn 
an of the past 32 month*. ‘At going id Uh» To? W0,m : ; J d Mfe 

5L“? e J* 1 *' - icoa ' i0 ‘awards «n J almost 


Has advertising lost its way ? 


ccounts anniod . anwog«. ; the wrie?. .They UK*.W 2 » T; qr 62 | Cercmonia , B ' , u _ _ ‘, w 

?*£ asentues althcexpsnv! P*r renl.- . iUerau;* with a aroat‘ deal of 

LL h0 ^. **»■ T °P ?, , *** chawnwu' ffl ^inofve and at remarkable expense 

rites Michael Thompson-Noe}. lievus the trend }* new.- altitongh ; ,h es sen-e to c runouflagr anv real 

TnU t : > m i. sfti»r mnihipMn?' h‘( ‘PMNnh huLr.n......;... .. r i_ > . .7 



teaton rad Buttles which in mm w™ « : rtiairainVr thp J wilier 

i s r%yrra °s 

rom McCanns. * - • ; smothering any real understand* 

This amiable merry-go-round— BRITISH AIRWAYS . has | ln " nf the commercial aims and 
IcCann's ha s in any ca«e won JaunriiPd jts bisg»t<wer UK i impact of the advertising 

•ore than £ 20 m worth of -new campaign, worth nione-than £ 2 m. t ° n ^ , . nps f i 

■usiness 13 the past 1 year, not Three sasecond TV, commercials ™ JW T chairman occupies a 
?ast of all Kodak's £ 3 m.— seems win be seen nationally ‘ this 1 Position nf considerable in* 
a confirm an apparent trend autumn The airline »js its 1 »««»« and affection within the 
jw-ards the biggest agencies heaw use of TV reflects deter- i hothouse of advertising. More 

ientified this week by the chair- rninanon ro capltaiiw on thtvjhaji fl ny nthrr practitioner of 

tan of one of London's most adveni of low fares anil increased ' ' !TS con, P p titiv<- profession he dis* 
ercepnvp smaller shops. air travel ... AHIrdBiwPilc* is • r ,1a >* an ability to wield the 

According to him. betw een aiming for a roaloT:*!i*re in low- : ,ft ™1 through the tm- 

anuarv 1 and August 14 this carbohydrate iager: with Amur ; F , e * , anf! imagery with which it 
ear the trade Press observed Lite. Jai inched this week »*» Tire , ***** tisclf and ro straight for 
he movement of 108 advertising Kirk wood. C»wn pa ny... '. -.CoIit|Bn"« i »* H * heart. He has more than 20 
ccounis worth £ 200.000 or mure, ha* alJnc.ticd a further £ 800 . 000 ! experience. For 12 years 
ifty were gained by the Top 31 in media and / Momottonal } n( \ Ts creative director. 

‘K agencies nr their jubsidiartcs. support for its Ouserpto brands , **» bis v ipw : “There is a very 

*' Considering the rehciivelF- .- - Everest Dutibb fflmhig j*. . real n.ik that ad verll sing is goins 

10 base figure of £ 20 (l,fl<)n, spending 1300.000 Ibis- autumn 1 T V’ "* ^■ , V n as a ct»metic, as a 
1 ready inflated by boastrulnew, via Alien. Brady anil Stash.. . ! L ,ioce nf Jewellery that you have 
seems a surprisingly poor The Creative Business has ; berause you have ti. ,and that the 
bowing by ‘the rest.’ which in- app":nred three new Efoarfl mem- J fen ujusi ness of selling wilt come 
hide some quite powerful eon- hers. Brian .L a ur e nce.- - Tom 1 *e be seen as what I call thrust 
waders. At present, it sc^nrs that Steele and John Wheeled TCB [” ,a ™ e ting : gelling Muff into the 
early half of off significant recently ga'ned Chris JSharpe. ! trade. . . . Increasingly tt lias 
roiipeeiA arc likely to ebnose a CTC-crcatlv«:dirert 0 r pf Misius. ■ sec mod to me. that advertising 

■ -■ - - ~ Is beinu evaluated now on a non- 

— functional basis. . There is 

> V 7 ; : 1 ' a danger that people writing 
_ - ' • • . ',Y advertisemems will consciously 

Tackling the American °I unconsciously sot the winning 

■ r. ..I. r .A*s •- of an award as their aim when 

mar Kerr . they set oui to write an ad. 1 

Then you should advertise In KSl! 

The Wall Street Journal. : 

One of Europe S leading • .; people who are spending the 

aircraft manufacturers tells ; . - I are spending Hr for” * ^ ^ 

uikw What particularly irked the 

"■■a" .TWT chairman was some re- 

‘ search bv Wood, Brigdale and 

. Co. earlier this summer which 


appears fn have laid bare an 
extraordinary state of affairs 
among Britain's top marketeer*. 
.Wood. Bngdale polled 30 
marketing professionals in htue 
chip companies in a bid tn riis> 
ittver What they thought about 
thu role and effectiveness of the 
near*£2bn advertising business. 
The results read like an exer- 
cise m grievous bodily harm. 

Only five of the 30 ronxidered 
advertising to he vital to market- 
ing. Virtually four-fifths thought 

that advertising’s key function 
was to accomplish task* other 
than selling. Only three listed 
" value for money " as the most 
important quality they looked 
for in an agency's advertising. 
As for the notion of advertising 
creativity, it was assessed as a 
central criterion iD judging 
agencies, though few could agree 
on what creativity meant. Only 
one thought It meant advertising 
that 1 sells. Sewn thought it 
meant producing a " novel 
approach " and two that it meant 
original art direction or cupy- 
writing. The most agreed des- 
cription was “ an ability to pro- 
duce memorahle " advertising, 
though again, none could agree 
on -what that was. 

- This confusion, it seemed, 
stemmed from an apparent 
belief among marketing pro- 
fessionals that advertising was 
responsible chiefly for producing 
images and memories and 
associations rather than a 
concrete payout of sales. 

Docs it matter? According to 
Jeremy Bullraore: “It seems to 
me that it matters a great deal if 
advertising is thought to have no 
commercial effect because if it 
doesn't, then what the belt is 
anybody spending any money on 
it for? Its effect can be very 
direct, like selling off tbe page. 
It can well be long-term. The 
fad that it becomes increasingly 
difficult to measure aver e period 
oF time doesn't mean that you 
shouldn't continue to think of 
advertising as an- investment 
just as any other kind of invest- 

“My instinct is that both within 
agencies and within the advertis- 
ing side of marketing companies 
there is indeed an increasing 
belief that what they are looking 



■ There is a very real risk that advertising 
is going to be seen as a cosmetic, a piece 
of jewellery . . 

— Jeremy Bullmore % JIVT 

"Shrio* Airbus Industrie launched its marketing effort in . 
the United States four years ago, The Wall Street . 
Journal has been a key ingredient. in our advertising^ 
programme, since it is as important to sell those who arc 
influential in the financing of an aircraft purchase as u n 
to influence those in ^rline nxanagetneai. Fortunately we 
cover cvcry.key person both inthe financial oommunity .. 
-and the air transport industry with the same J ■ J> 
•advertisements in The WaB Street JournaL . f >* 

' ■ • / 

Hr consider The Wall Stmt Journal has hem a sismii'ini 
factor a Airbus* penetration fifth* JJ.S. market It hj helped 
pa silica Vu AJOO at a signif tenth advanced aiicrJl with 
suptrinr fvfl eamomy, imfnoued passenger eornfar^nd quiet 
operation to nett present and future environment^ itanJardt 

The Wall Street Journal. 

The all-American husi ness dally. 

Represiemcd by DJIMS. In Lontton; call Ra>- Sharp a: 353-18}' 
In Frankfurt, call Joachim K'unvftr *61 1 * 74-57-10. Oilier 
DJJMS offices m major bus jnem'crn ires around tiie u^jrld. 

fr- • 

*' .--I 


:\— \ 

- V ^ 



■- \ t 


' for 


(Post Office Viewdata) 


for te ‘memorable’ advertising. 
Forty-two per cent of Wood. Brig- 
dale’s respondents said creativity 
meant tbe ability to produce 
memorable advertising. As I 
understand it. they were given 
the opportunity to follow that up 
by saying that by memorable 
advertising they mean advertis- 
ing that would sooner or later 
have some effect on their com- 
panies’ sales and profits But they 
didn't. They slopped dead " 

But why should advertising's 
role still nor be understood: why, 
In some quarters, should it 
apparently sustain a reputation 
as a frivolous adjunct of the 
business process? 

“1 believe the main reason is 
tha^,a lot of the valuable effect 
nf advertising is, in the short 
term; not measurable, whereas 
cutting prices to the trade 
or ffitting 5p coupons around 
cap Sbe measured very quickly. 
It has .always been extra- 
ordinarily - difficult, and will 
continue to be very difficult, to 
quantify the effect of long-term 
advertising. particularly on 
repeat purchase goods with high 
distribution and reasonably high 
market share. \ 

" Another reason - comes back 
to the definition •. of sales 
Advertising and bran d\m ana ger*’ 
targets have for a very long time 
been set in terms of brand share 

or volume sales not profits, and 
if vtiuVe sol a fairly short-terra 
new of life and your objectives 
are set in terms of volume or 
share, there is no question that 
in many i os lances there is a 
quicker way of proving yourself 
to be successful than by spend- 
ing money on consumer 

“Advertising is not alone in 
this. R and D spending, train- 
ing programmes, management 
development, painting the fac- 
tory. labour relations, the office 
party — all these things are sup- 
posed to be of long-term value 
but tend to be seen as very nice 
to do at the end of the year if 
you have some spare cash left 

“Let me make a point that 
particularly over the last 20 or 
30 years has become forgotten. 
You can demonstrate, almost 
beyond doubt that the familiar 
is more valuable tban the un- 
familiar, that there is a value 
in a famous brand, a famous 
person. The very act of advertis- 
ing adds a value to a product. 
First. -it creates a value and a 
familiarity and a sense of safety 
in the mind of the consumer. 
Second. 2 nd no less important, 
it puts a very considerable obli- 
gation on the advertiser to see 
thai he lives up to the promises 
he is making. Branding and 

advertising make it quite clear 
that the manufacturer is pre- 
pared to be accountable. I think 
we have forgotten about that 
because it ha< been taken so 
much fop granted. 

“Forget about content for the 
moment: creativity on tbe whole 
is about content, it is difficult 
to put numbers to it. but It does 
seem to me that you could argue 
that 75 per cent of the value nf 
advertising is to advertise at ail. 
irerspective of content, whereas 
over the last 20 years, all the 
argument, alt the discussion 
about advertising between 
agencies and sophisticated 
marketing companies lias been 
about the 25 per cent oF content. 
This may be one of the many 
reasons why advertising expendi- 
ture in real terms has declined, 
because nobody has dared to 
stand up and tell advertisers that 
they aren’t spending enough. 

“Tf you go hack to the 
beginnings of advertising, the 
manufacturer or the retailer 
simoly pul up a sign with his 
name on it. Nobody got in a 
twitch whether is was creative or 
not. You were making a public 
sraiement and commitment t 
don't think that element of 
advertising has been stressed by 
anybody for years. 

“One has heard many times 
.that advertising has put to zrorfe 
harder this year. 1 have never 
been told that advertising has to 
work less hard this year than it 
did before, it's a ludicrous 
statement, and ail the emphasis 
is going on content rather than 
on advertising weight because it 
is on content that agencies com- 

“ One comes back to the effect 
of the emergence of this word 
creativity and the almost total 
inability" of anybody to define 
what they mean by it other than 
judging advertisements as if they 
were ends in themselves rather 
than a means to an end. I define 
creativity in this context as an 
ability so to understand the com- 
munications process that that 
which you are wishing to com- 
municate to the people most 
likely to be interested m your 
brand or your service nr your 
machine tonl is most quickly and 
persuasively, mosl accurately and 
economically, understood. Adver- 
tising must work. It is not an 
end in itself. 

“That is why I am appalled 
that the ability to produce 
•memorable* advertising should 
be seen by 42 per cent of re- 
spondents in this research as 
advertising’s most important 
function. Nobody in the world 
has eveT demonstrated a relation- 
ship between memorability and 
effectiveness, though there may 
well be a relationship between 
effectiveness and memorability. 

“Creativeness, to me. means 
getting people to understand 
what it is there might be in it 
for them if they buy or stay 
with nr contemplale doing what 
the advertiser wants them to do. 

"As with any piece of research, 
one has to read this report at 
two levels. It is possible that 
there is in some of these res- 

ponses an element of self-justi- 
fixation for not having spent 
enough money on advertising: • 
over the past few years, hut it, 7- 
came at an uncanny moment 
when we in this agency were ; 
getting increasingly angry about j7 • 
advertisers’ attitudes to the 
investment value or advertising, , 
and the way that advertisements 
wore being evaluated both by .. 
agencips, including people within 
tiur own agency, and by . 


"if you follow that line of ■> 
thought, people say you mean ■ 
you are against awards. I am 
not against awards. 1 am only 
against awards if they become 
the only criterion against which • 
advertising and advertisements 
are measured They do a lot of 
good In trying to get people to 
find original solutions to com- 
monplace problems. 

" Increasingly it has seemed to ■ 
me that advertising is being 
evaluated now on a non -f uric- ■ 
iiona.1 basis. This report summed 
up uur sense of frustration that 
something was fundamentally - 
wrong. Recently an agency took 
a double-page ad saying it had 
won a couple of awards at 
Cannes and that if you wanted 
to win an award, ring the 
managing director. It was a 
good agency, but it is at that .. 
point that I began to think the *' 
whole world's gone mad. The 
presumption behind that ad was v 
that somebody was going to 
spend their shareholders' money 
with the primary aim of winning 
a Cold Lion from the jury in 
Cannes. It was evidence that 
what we suspected was true. 

" There is a danger that 
people writing advertisements . 
will consciously or unconsciously 
set the winning of an award as 
their aim when they set out to 
write an a<L There is a precise • 
parallel in American advertising 
where day-after recall rules. •• 
Consciously or unconsciously, 
creative people are now trying • 
to write commercials that get a 
good day-after recall score, des- . 
pite the fact that no-one has 
demonstrated a correlation ■ 
between day-after recall and 
effectiveness. I am nnt saying • 
that the best creative agencies 
have forgotten what they are in 
business for, but that it looks 
as though some people who are ‘ 
spending the money have for- 
gotten what they are spending 
it for. 

“I am not saying that all 
advertising works in the sense 
of increased margins or volume 
sales, because that is by defini- 
tion impossible. Nor am 1 say- 
inj 2 that every time we advertise 
a brand we increase its profit- 
ability or brand share or both. 

All T am saying is that that 
should be the only criterion 
against which advertising is : 

“This is not an anti-creativity 
campaign. It is a let-us-for- 
Christ-sake understand what we 
mean by creativity campaign. 

Let us remind ourselves what 
advertising is there for in the 
first place. Tt appears it is being 
forgot ten." 

^ «/rr« 

' ra w.u^>r.:u: — «-< n»-*.i - a ■«n<i mj, 

W : 


. till. -Sr- >j3Ay.xi •*,' aej' sutie.i- 
C/.I »«■■§ C if 3 at'-.ff ary .1 ?#a "W* 

Woddinolons Ploying Cards 

Defrt (SD3l>. WidtSngtms. Sayrtg Ci-d Co Litf, 
y&Wttl Rcad.Lfeeas to. Tet (05331 .TlCM-l. 

• Programme planning 

• Routing systems design 

• Graphics design . 

• Data input, editing, 
and update 

• Complete programme 
management & maintenance 

• Personnel training 

1h» Fees which ynur company presents fo th* world may ooi b« quite ca 
handwiraaiJit on*. you so* in »« board room, ' . - 

.. And'ff makes' eorprote advertising, oanvnjrteting ^ 

• • . poScw* 01 mportctf l-MSetow your prcduCH. Arewvs lo wnumer. aramertnerfal 
' end ucribgfcri quetf ienr nrea Jo be provided cl crli tewfH lbs ewiwurity. 

• Setfbern,witfi to togh count of opinion AGQ'^B lheidad*jrmin 
V'bsh to toy the.foturiofians rf oforaurofale corparok 1 “fcrtfly. feeorch ireSeokH 
?tet Cpu p a m w who run corpo rate mmpO'gfK o> Southern bendi! in mwtforws 
.(ndp^athacrthjdr:.. " - ’ 

Twi fe E fed;!? wu’>i interested fa a rsrperote HXSarl, cau she nut fiber ' 

__ r " beisw, iwt tlbs bapB^ipsKjv/ you Co.f Corpwoio IdanKiv pfeseraotion. 


'• ' W'W-Drtrt'er.-r 

• • - -Sodhaffl TaiKSt» UMmI, Gien . W 4 i 5 e r L" 03 - Ptece, iflrursr: siV/IESAa. waphen*; »Ti-&34 4404. - 

The Patisserie 
Jfomvmde offers you 
tiu£t extra personal 
touch. Juft phone 
Joseph Lanser. our 
restaurant manaarr. 
and ask hint to send cl 
copy of his menu 
to yoiirhomeor office 
dishes when you arrive 
Specialises in la 
Aintvdk Cuisine, the 
totally nedwulStylecf 
ccoktw that is 
sweeping France. 
Whilst the dishes are 
mo and exciting \ the 
iXtmoSftiere jogeed eld- 
fashioned ccutdldujkt 
Jiave an evening to 
rmeinherat London* 
mo& exciting, 



. . TKr getuvrieXemMide 
.* Pennon He**I 

in HotfAiari SCHJjrr. 

. . london.WlH 


■Srife-o • ' •• . y - 


The most important aspect 
of a company is usually the 
mostn * ' * 

And that is internal 

Whether it’s a new develop- 
ment in company strategy, the 
launch of a new product or 
the opening of a canteen, the 
employees are, inevitably, the 
last to find out 

Then you get misunder- 
sta ndi ng, someti mes 
resentment which reflects itself 
in their work. And in your 
balance sheet 

Howmuch does it cost to 
give employees an interest in 
their company? 

Initially,justaphone call. 

To Air-time Productions. 

We'll tell you about how we 
televise meetings and produce 
video tape programmes, from 
your script or ours, for televising 
on dosed circuit systems. 
About howwe even assist in the 
hire of video equipment if you 
don't have your owa 

We will also tell you about 
the multi-national companies- 
Air-time Productions have 
already worked for. Wiich will 
tell you that a well informed ■ 
company is definitely a profit-? 
able company. 


Contact Johnny Fiekter. 

Air-time Productions. 

W Frith Stiw. London \V]V6PJ 



•V,^ ■ 


a; \ 








•v •'■ 


For most men of substance, the thought 
of owning a farm or country estate is an . 
attractive proposition. 

It can also make very good financial 
sense, as any professional adviser will 

Savills have an excellent track record in 
finding farms for private buyers, and in 
providing a full management service. 

People are sometimes put off by the 
thought that they know nothing of 
farming, forestry or agricultural finance. 

Never mind. Savills can take care of it all 
for you,- while you drive up to townfor your- 


/ • own kind of working day. 

We prepare farm budgets, 
employ and supervise staff 
and provide a full farm accounts 
_ arvice from our local office. 

Stuck in the sticks? 

Not at all. Fine farms within easy 
commuting distance of London regularly 
change hands. And if you’re careful to pick 
the right one, you can successfully enjoy 
the best of both town and country worlds. 

As well as doing your financial best for 
your family and yourself. 

First steps to the country life 

In our London office we have qualified 
agricultural surveyors, who know a great 
deal about land and about the many farms 
within daily travelling distance of London - 
and further afield as well. 

You’ll find sound advice on every aspect 
of farm purchase, finance and management. 

The Partners responsible are George Inge 
and Guy Galbraith. 


The complete property service. 

20 Grosvenor Hill, Berkeley Square, London W1X OHQ,. 

Tel: 01-499 8644 

Banbury Beccles Chelmsford Golchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimborne 

Paris & Amsterdam 

Associates in Scotland. Represented in Guernsey. 

Financial Times Thursday September 7 1978 







Posts for Nationals of OPEC Member Countries only: k^a 

(Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Socialist Peoples Libyan Arab jamahiriya. Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.) 

We have. openings in Vienna for highly qualified individuals with a broad knowledge in the Energy and Oil Industry. For 
- those with a progressive attitude towards their profession, a challenging and rewarding opportunity awaits them. 


Education: University Degree in Bionomics, Engineer- 
ing or any other science - directly related to the 
eiliridnstry. ~- -V; 

Age: 35?50. 

Basic monthly starting salary Austrian Schillings 

; 67,000.—. . ;, V r - 

Experienee: A minimum of tea years varied profes- 
sional experience in the oil Industry, of which at 
least five years should have been spent in a 
position directly involved in research or super- 
vising' research work.. 


Education: University Degree in Economics with 

- Mathematics or Statistics. 

Age: 32-45. • • - ■ • • •• 

Basic monthly starting salary;. Austrian Schillings 

46,000. — . V-.. 

Experience: A minimum of seven years professional 
experience in the field of petroleum economics. 
Good knowledge of quantitative techniques and 
forecasting methods is essential Experience in 
the application of computers, to problems in 
economics or operational research is preferred. 


Education; University Degree In Lm from an inter- 
nationally recognised school of Law. .. 

Age: 32-45. . 

Basic monthly starting salary /Austrian Schillings 

43,000.—.. • - / 

Experience: A minimikn of fight years general legal 
experience essential, or which at least five years 
• should have been spent in positions • directly 
related to the oil in das try and three years in high 
level administrative positions. Experience must 
include progressive increase in responsibility to 
senior staff or middle line management level, and 
should embracfseveral aspects of the legal field. 


(Crude & Product Evaluation Section) - 

Education: University Degree in Econometrics or 
Economics . with Mathematical . background, 
preferably with a diploma in Computer Science. 

Age: 30-45. */ *' ' • 

Basic monthly starting salary : Austrian Schillings 


Experience: A .minimum of six years professional 
experience inihe field of econometrics or mathe- 
matical programming, which should include 
experience in the application of computers to 
problems in economics or operational research. 


(Downstream Operations Unit) 

Education: University Degree in Economies. 

Age: 30-45. 

Basie monthly starting salary : Austrian Schillings 

38,000.—. : 

Experience: A. minimum of six years . professional 
experience in the' field of petrochemical econo- 
mics or economic research, including -work on 
cost analysis and feasibility studies for projects 
is required. 


Education: University Degree in Science or Engineer- 
ing, relevant to computer applications, or 

Age: 35-50. .* . 

Basic monthly starting salary: Austrian Schillings 


Experience: A minimum of eight years professional 
experience in either the application of higher 
mathematics, operations research, statistical 
analysis or numerical analysis techniques to solve 
business and technical problems. 


Education: University Degree in Chemical Engineering 
or Chemistry. 

Age: 32-45. 

Basic monthly starting salary: Austrian Schillings 


Experience: A minimum of seven years professional 
experience in refining operations including cost 
evaluation in crude processing in the various 
refining modes. Management of a refinery 
operation as well as the use of computers for tech- 
nical work is preferred. 


Education: University Degree^ in Public delations. 
Media Studies, Information Science or other 
relevant fields. 

Age: 32-45. v 

Basic monthly starting salary': Austrian Schillings 


Experience: A minimum of seven years in Public Rela- 
tions or other related fields, e.g. publicity, 
information, commercial journalism, etc: Proven 
creative flair and a capacity quickly to recognise 
and utilise opportunities for PR activity neces- 
sary. Ability to lead and motivate others essen- 


(Energy Forecasting Section) 

Education: University Degree in Econometrics or 
Economics with Mathematics or Statistics or 
Operational Research. 

Age: 30-45. 

Basic monthly starting salary : Austrian Schillings 


Experience: A minimum of six years varied experience 
in the field of econometric model building or the 
application of mathematical programming econo- 
mics. . 


(International Economics Unit) 

Education: University Degree in Economics with 
special emphasis on one of the following: Econo- 
metrics, Quantitative Methods, International 
Trade and Development. 

Age: 30-45. 

Basic monthly starting salary : Austrian Schillings 

3S.000. — . 

Experience: A minimum of six years experience, of 
which three years should have been spent in 
economic development planning, economic fore- 
casting or .economic policy analysis. 



Education : University Degree in Science or Engineer- 
ing relevant to' computer applications such as 
Computer Science, Operations Research, etc. 

Age: 32-45. 

Basic monthly starting salary: Austrian Schillings 


Experience: A minimum of seven years professional 
experience in the field of data processing and 
computer applications including first hand experi- 
ence in the management of large technical 
computer installations. Detailed knowledge of 
various internationally well-known hardware and 
software is essential. 


Education: University- Degree in Business or Public 

Age: 32-45. 

Basic monthly starting salary: Austrian Schillings 


Experience: A minimum of seven years experience in 
Personnel, Planning, Development, Administra- 
tion and Training. 


Edneation: University Degree in Economics with some 
academic background in money and finance. 

Age: 32-45. 

Basic monthly starting salary: Austrian Schillings 


Experience: A minimum of seven years experience, a 
proportion of which should be experience with 
central hanks, investment houses or research 
institutions. Experience should involve research 
related to international monetary and financial 


(Energy Forecasting Section) 

Education: University Degree in Econometrics or 
Operational Research. 

Age: 30-45. 

Basic monthly starting salary : Austrian Schillings 


Experience: A minimum of six years varied professional 
experience in the field of econometric model 
building or the application of mathematical pro- 
gramming economics. 


(Computer Section) 

Education: University Degree in Computer Science. 
Operations Research or any other science or 
engineering directly related to computer applica- 

Age: 30-40. 

Basic monthly starting salary* Austrian Schillings 

38 , 000 .—. 

Experience: A minimum of six years professional 
experience in systems analysis and computer 
application, preferably in a large scale planning 
application. A thorough knowledge of modern 
high level programming languages and experi- 
ence in a variety of software packages essential. 

IHuent • command of /written and . spoken English is required 
of all applicants. The salaries are tax-free; we also provide 
free medical insurance, as well as family allowance, edneation 
grant, Provident Fund mid 6 weeks of annual leave; paid home 
leave every two years: and removal expenses. The selected 

persons will also enjoy diplomatic status for the duration of 
their employment. 

Applicants are requested to send their detailed curriculum vitae 
including job history and salary progression as well as a recent 
photograph to: 

OPEC Personnel & Administrative Department, Obere Donaustrasse 93, 1020 Vienna, Austria 


ipc magazines 

IPC Magazines Ltd., with a turnover of over El 00 million, is one 
of the two major magazine publishing subsidiaries of the I nternational 
Publishing Corporation. The Division publishes over 70 weekly and 
monthly titles ranging from mass circulation womens magazines to 
Juvenile publications. 

Following the promotion of the existing jobholder; applications are 
invited for the post of Chief Accountant who reports to the Financial 
Director. The Chief Accountant is required to manage the 200 staff of 
the accounts department in addition to ensuring the production 
of complex management and financial accounts. 

The person appointed is likely to be an ambitious qualified 
accountant, aged over 30, who has a proven record of success both as 
an accountant and a manager and who is looking for a career which 
offers substantial prospects both within IPC and Reed International, of 
which it is part. 

The successful candidate is unlikely to"be earning less than £9,000 p.a. 
The rewards include company car. five weeks holiday and other 
benefits typically associated with a senior appointment. 

Please write, stating your qualifications and how your experience 

would enable you to fill this position, to : 

D. M. Beattie, Financial Director, IPC Magazines Ltd., 

King’s Reach Tower, Stamford Street. London SE1 9LS. 

Pension Fund 

c. £11,500 + car and attractive benefits 

A major Bank within the UK wishes to : 
appoint a highly capable executive to 
ensure the efficient operation and 
effective co-ordination of all aspects of 
its Pension Scheme. Specifically the 
person appointed will be responsible for 
-advising the General Manager 
(Personnel) on future pensions strategy; 
-monitoring the Investment Department 
of the Fund and reporting on investment 
performance to the Board of the 
Pension Scheme; 

-controlling the Pension Fund Office and 
ensuring that an excellent service is 
supplied to members; ■ 

-co-ordinating the financial control of all 
aspects of the Scheme. 

The ideal candidate profile indicates a 
man or woman in the age range 35-45. 
with a formal financial qualification and 
sound previous experience in forward 

planning and control, including 
investment of a sizeable pension fund. 

The ability to demonstrate achievement 
in a sophisticated systems environment 
will be expected. A company car will be 
provided and otherattractive benefits 
include London Allowance, subsidised 
mortgage facilities and a non-contributory 
pension scheme. Relocation expenses 
will be paid where appropriate. 

(PA Personnel Services 

Ref: AA45/6545/ FT) 
Initial interviews are conducted by PA 
Consultants. No details are divulged to 
clients without prior, permission. Please 
send b rief career details or 'write for an 
application form, quoting the reference 
number on both your letter and envelope, 
and advise us if you have recently made 
any other applications to PA Personnel 

PA Personnel Services 

Hyde Park House, 60a Kmghtsbridge, London, SW1X 7LE 

7 el. 01-235 bObO 

Telex. 27874 

Assistant to Investment Director 
c. £7,000 

This vacancy provides a unique opportunity for 
joining’ the management team of a Group ot 
British Companies in the City involved in. Ship- 
ping. Insurance and Investment. This. is a career 
appointment -with Rood prospects of achieving 
senior executive .levels in the Group. Initially, the 
successful applicant will specialise- in Investment 
Management, assisting in dealings, in-depth invest- 
ment research/analysis and the- monitoring of 
portfolio’ performance. 

Candidates' who. should be aged under 30. should 
possess keen analytical ability and be educated to 
degree level- With good knowledge of Economics 
and Mathsr' Ideally. they should be at present 
employed in the investment field and be able to 
■work on their own initiative. An appropriate 
professional qualification is desirable, 

The position ‘carries the usual fringe benefits 
associated with a Group of this stature. . . 
Applications with details of education and experi- 
ence should be sent to; 

Box FT/541- c/o Hanway House 
Clark's Place. Bislmpsgate, London EC2N 4BJ 

Financial Director 


Kenya ; 

£10,000 p.a. 

An international group of companies seeks to fill 
the above-;. vacancy within , its medium-sized 
engineering subsidiary in Nairobi. 

Candidates must be qualified accountants 
preferably with e.-.perience. in the engineering 
indusfry. It is unlikelv That persons aged under 30 
years wpuldhave gained sufficient financial 
management. experience to meet the requirements 
of this. position. 

The -contract is For an initial 3 year period and 
benefits include attractive accommodation, car. 
and education allowances. Prospects for long- 
term employment within the group are excellent. 

"Please replv in confidence to: 

Mr. G. S. Peter ken. 

P. H. Recruitment Ltd., 

42 Upper Berkeley Street. 

London W1H7PL. 

! ) 

A member International 


Chief Executive 

Leisure & travel industry 

This is a new appointment to the largest 
Division within a well-established British 
company with headquarters in Yorkshire. 
The Leisure Division comprises ten 
operating subsidiaries of varying sizes m 
different locations with heavy involvement in 
the operation of motor coaches and British 
and continental inclusive coach fours. Travel 
agencies and hotels are also included in the 
activities. The successful candidate will 
report to the Chairman, who is also the Group 
Managing Director, and will have complete 
responsibility (or all aspects of the Division. 
The industry is growing and the Group is weir 
placed to take advantage of new business 
opportunities. Imagination, creativity and 
sound planning are vital qualities and 
candidates must be able to demensirate 
successlul career reco-ds where these 
attributes are needed. They must already be 
holding general management posts with full 

profit responsibiSty in companies which 
depend on the creolio. . and marketing of a 
service and whe.e odcJ sta.1 motivation is 
important. A bac , '. 5 . a , :i.d in the client's major 
activities would be load but is not essentia!. 
The preferred age range is 35 to 45. Salary 
will be negotiated to attract the right person 
and this, tens.; .er with a'based on 
results, will p' t total ren.’ reration within a 
wide range arour.d the £*.0.000 mark. 

Personnel Services Rs f : G.‘127,'652d<PT. 

Initio 1 interviews are conduced by PA 
Constants. Ho details ere divulged to 
clients without p’iorpemrsion. Please 
send brief career details or write for an 
application form, quo'.ing the reference 
number on both your teller and envelope, 
and advise us if you have recently made 
any other applica tions to PA Pen s on nel 

PA Personnel Services 

H\rii' Pjrk Hnubf. Mid Knighlsbridge, London SW1X 7LE- Tri: .01 -J33 'bObO Telex: 27874 

'De* j 


Basic compensation U.S.$50,000 p.a. 
tax-free.' plus' usual other benefits 

Incorporated earlier lh»s year by prominent Saudi 
businessmen and investors, the company seeks an experienced 
banker to develop its potential. The company will collaborate 
closely with an international bank in which it is a share- 
holder. The General Manager will be fully responsible Tor 
the developmeni of all activities, including. 

— financial and investment advice: 

— identification and development of viable 
projects in the private sector; 

— marketing and promotion of sound financing 

The ideal candidate would be in the 30-45 age group, 
resourceful and marketingwiented.. In addition to a sound 
knowledge of banking operations, experience in international 
banking is essential. Previous residence in Arab countries 
is desirable but not essential. The candidate's interpersonal 
skills wili be decisive. 

All applications will be treated in strict confidence and 
should be addressed to: ... 

Box A.W47. Financial Times. 10. Cannon Street, EC4P 4BY. 

Chief Engineer 

Rohm and Haas I UK) Limited has a U K. Turnover of ower £50 m, which 
retires to a wide range of intermediates and acrylate monomers. 

The vacancy For a Chief Engineer at the Company's Teesside Works arises 
out of organisational changes and is obviously a key appointment. The 
Teesside Petrochemical Works consists of modern continuous process 
plants, which operate on a 24 hours basis. The processes and their 
operation use up-to-date technology including sophisticated materials 
of construction and control equipment. The Chief Engineer's job covers 
wide responsibility for all- engineering on the site, which includes a ran^e 
of specialised equipment and metals technology as well as sophisticated 
control and process techniques. The effective performance df Teesside 
Works is crucial to the profitability of the U.K. operation. 

The appointment demands a good honours degree in Mechanical 
Engineering, many years previous experience of continuous petrochemical 
process plants and some direct experience of industrial relations. 

The person selected will already be a trained professional. Career 
prospects are first class_and arc not necessarily contained within the 
engineering Function, 

5alary will be negotiable and a car wilt be provided. All major relocation 
costs will be paid in full. Please write to the Company Personnel 
Manager, Croydon. ‘ 

rohm mm hrfis ana Lnvnn=a i 





are seeking au Account Executive for their 
expanding Intel-national Department. Know- 
ledge of a European language would help. The 
successful candidate must be prepared to 

Applications (which are welcomed from men and 
women j with full c.v. to: 

P. Smith Esq. 

Messrs. Rowe & Pitman. Hurst-Brown 
1st Floor, City-Gate House 
•1945 Finsbury Square 
London EC2A 1JA 

Financial Times Thursday September 7 ms . " 

' ~ : ■ r rpsmected quoted .City gPOU^ TOtfi. .: 

The Client A small, grew* ™ e “ f siSTSid wth 

profits oow m historically m plantations and 

- . ... .. and. oversea . sub .^Su]cund engineering. _ V -> ;r 

Tjurfcrdi versifying > n . joining the Chairman and the 11 
The Job The oar son appointed mem ber of the head office 

Executive Director as» turns of the group. He orshe : 
team which qirecte develop oorponit&poEqy 

most be accounting and other areas when 

and to get into home and oversea. . An important 


Management Conadtente_ _ 

• Noble Street. London, ECZV 7Dq. 

: & # 

- ■ 



To Expand our Industrial Hire-Purchase and Leasing Activities . 

in the U.K. we require ' : T 

(1) A Marketing Manager, ■ 



Applicants should: ; . . • • . • 

— have a successful: track record with a financial institution, for instance, 
as regional or area manager 

— have a thorough knowledge of middle British industry - 

— have sound financial judgment. 

Knowledge of French might be an asset. Very good salary + car. 

Usual fringe benefits including subsidised mortgage and 

non-coutributory pension scheme. . _ / ' y T . .; 

(2) Three Area Leasing Officers, _ 



Applicants should have several years’ experience in the industrial 

leasing fields and have good risk assessment ability. . ... .. _ 

Earnings around the£9.500 mark + car. - 
Usui fringe benefits as above. • 

Applications in writing with full curriculum vitae to. • 

Box A.t5458, Financial Times, 10, Cannon Street, EC4P 4BY, 

HP. and 

\ - 

gasc^s w' r . : -^ a : .r y 

Charles Barker 

Confidential Reply Service 

p.Sdse >tmi c*ie& ana -tod w taly cempartet :o w.Wi k» tdawJcl w 
',-nvs-d year r~r*y WWi- rfu» rv'crmse m ttpc.- on UK nmtiooexw! 

Oitti .■otw.'idodon office. JOfu'wgCLOTSrnew^ 

LvnaonEC 4 A 4 £A. 


An opportunity to pioneer research in the 
Property Investment field 

Our client is a major progressive firm of Chartered Surveyors ; and art ’- : 
established leader in the property investmentfield.Tfie firm hasolficesln 
the City and West End of London which include an existing siizeable ' ■ 
research and information department. The Partners now wish to appoints 
Research Economrst/Analyst who, while drawing on the facilities and help 
ol the existing research people, wili work as an independent unit, entirely — 
responsible for researching, analysing and interpreting data specifically' . 
relating to the Property investment market 

The successful candidate must have a personality capable of prornotlrig 
his or her conclusions and information to both partners and clierits. . ... " 

This is a new post within the firm and an innovatory development within the 
field of direct property investment - thus providing a forward looking young 
man or woman a unique opportunity for career advancement Candidates 
between 24 and 28 wili have 3 toSyears' experience In a Stock Brokers* 
office or in the corporate planning department of a large organisation. . 

Starting salary - circa C8,000"per annum depending upon experience. 

Reference T500 '• 

|. t-CI 


l\TH!i\.VriO\AL BV\KL\G 


Major U.S. banE soek.s to augineni ils European audit 
team with a tup-notch -.young banker. 25/30, who is 
experienced in international bunk -audit lor possibly 
Clcarins bank inspection^’ has an accounting/banUing 
qualification and has some capability in a second 
Eumpuan kmguaqc. 

A 2nd opportunity also exists fur a less experienced, 
u mi uaii fieri person i*» join the team. 


An excel lent farcer upportunity occurs within this 
very active prmiary and secondary market dealinj: 
iunk for u youhe person with sound knowledge 'of 
Euruhrind seitleiuenis/clearing procedures 

F.X. & STG. ACCOUNTING .* l^OO-zloOfl 
Two well olabUihed Consortium banks, each with 
aggressive expansion 'plans, require an equally 
ambitious young person to assist with a variety of 
accounting/uiunagement reporting functions. 

To discuss these possibilities — or ycur own 

career objectives in more general ‘.^nns — please 
telephone John Cbiverton, A.IJB., or Trevor Williams. 


associates Ltd. 

London iDased 

The Bntish-based subsidiary of a large . 
pmrate American corporation which designs, 
manufactures and markets unisex 

leisurewear requires a Manac 
lead a team of dedicated prof 

managemer* : 

programme. __ 

East is involved. 
t L n e f^® hlp qualities, marketing skifis linked 

oiloS'Sr pro ^ uct - Gtothing, cosmetics, 
toiietnes etc. and a sound knowledge of 


JS !Sl PSnenCe would be 

The appointment may well suita 

management m a continued expansion : 

'■ Sorne travel to fhe USA and Far 

hjoH • • • - 

c. £16,000 4* car 

welkquatified, mature Marketing Director 
within a large company who now seeks the 
Chi ef Exe cutive rote. Salary around £16,000 
with profit share, car and the normal fringe _ 
benefits including relocation assistance 
where necessary. ' 

. ;. . Ref.G2245!FT 

REPLIES will be forwarded direct, 
unopened and in confidence to the client 
unless addressed to our Security 
Manager listing companies fo which they ■ 
may not be sent They should include, 
comprehensive career details, not refer to - 
previous correspondence with PA arid-, 
quote the reference on theenvelope. ' 

JI.MX niAAlRMINllCr». 
Llinuun. VV .{ .1. 



a r WrtiH%CJ 


^ JvzSJi 

'*G TE.U| 

for ino; 

'oci salan- 4 ,. 
ige and 

l AM 

<ius-nal K.P; 

iac i.i 


h m the 

Financial Times TTinrsday Septentlwr 7 1978 

QaiKer Hilton GboCBsfHi ' 

•Arising from an iHeinalpraftation we now lutvt a vacancy 
for an analyst with a degree or ecpu vakxi quaU5canon and 
at leant two years- experience of investment analysis gained 
either in another firm ol sioclthroiurrs cr in xn institution. 

The suo^isful candidate vriTi he r*?cpjired'to nhdertaVe 
research in severnl sectors el the xarUet on* regular basis 
and should have the ahihty to write concise reports to , 
support hie roc ortmor. da tldn3. ’* 

I'Oy cSfcjiB 

‘ DP, l 



151 n ? AciivfeL 

Due to continuing expansion wc require an analyst: to ' 
support ossr Senior EieetiricalAnalyaL Ha vtifl joifiour ' :. 

ctf jbUrhcd team specialising in the electrical and 

electronics rectors* -Tho ideal candidate wiUJaoa graduate 
with about 2 years City or related ir.daania! experience* 
This r.ewly created pau -.v2l isvolvo corr.pany viaibr.g and 
. the writing of regular reports, and ~o She rruccessial 
applicant should be able to conur.uricate effectively both 
verbally ar.d ir. v/riting. 

An attractive salary and excellent siufl benefits w*B bo , 
offered to the successful applicants. 

Please apply tn confidence !o 5. B. Blastoff 
Quitter Hilton Goodison & Co 
Garrard House 31/43 Gresham Size*! 

London EC2V 71H Telephone 01-500 4 ITT .- . 





Miiufflom £10)806 
+ car and generous 

benefits ' : : . 

Long established Group with interests in MuJayiU, L 
Singapore, Hong Kong, Australia, Mauritius and : 
Canada, as veil as the United Kingdom, requires an.' . . 

accountant aged 35/45 who is attracted by a varied and 
satisfying career. 

Will report to the Finance Director and beresptmsflsfc fia 
coordinating/co otroliing financial and management : f : . ' 

lnfnm^arifln ftf tT ffln pj gnnint ^ i i mnTyjTiTTJtliiii atrf * 

secretarial duties* Abo dose uwoivemen rwit h Finance 
Directors of all operating units, necessitating some trinteL 

Th ft successf ul rnwriwliit^ shnnM Tt * a q ualified arrrinimair-, 
preferably a graduate, with at least 5 years commercial V 
expericncey together with good communicative skills, and. 

Replies in confidence to Peter Currie, • ; 

Phmtatkm House • • 

Fcnch nrcii Stneet, London EC3M 3EE . ^ . V 


essgsss- ; 




tor 2 1st September 

The Financial Times proposes publishing three 
J- rtf ■ -Wfies of Newly Qualified Accountancy Appoint- 
.. :.ments on; 2 1st Jtopf ember following the 
publication of : .the results of the Finals 
fffy- Examinations. ■*■ 

^ you are expecting to qualify, the Financial 
**£3* Times intends to publish the widest possible 
range of opportunities opeitto you, ; 

If you. are reef uiting “ Newly Qualifieds *’ the 

, . # advantages of advertising, in the Financial 

Times are coxKiderabie^tiie cost is £14 per 
- ■ •■ , single column centimetre— -copy can te accepted 

•’JJ-:: ■ ']> until the day ; before publication— and the 
U-*i Financial. Times has .established ,an enviable 

■:& sjftf "reputation iathisfieid. _ v 

j For further details, including; reprints of 
, previous features, contact: 

“ Janiies : Jarratt . . 
on 0I-24S 4601 tdireef line) 

,-j'« or 01-24S;8Ot)O ext. 5SS 

jl - ' • — | ■ - 1 ’ 

- car 


ll*- \ z - ^ 

*■ - jr 



AGE 25 - 35 SALARY circa £7,500 

Oyr dienr a Urje and influentiil Lloyd's Brckcr, require a qualified accounts^: (A.CA.) for 
thei" rapidly expanding underwriting agency. 

The :a;k I; primarily to auK( ihe Financial Director ef the agency especially in dealing with 
all the finance* implications and rax considerations for overseas members of Lloyd's. 

Tne tiiccessful applicant must have personality, the ability te express him or herself lucidly 
and the ability to meet jnd deal with the Company's clients. A Icnowled-c oF Lloyd's is not 
essential The terms and conditions of seme* are excellent and this -could be both a rewardin; 
and interesting appointment. 

Salar/ circa £7.500 

Please write 01 telephone G. A White. Managin' Director, t ?Z 17750) 


Personnel Selection 

4 Botofph AUey * London EC3I ? SDR 

UPS Tel. OJ 626 5161 • Telex 88S387 



This senior appointment is a kev dement in the plans of the 
development of its business and future management succession. The 
Society, with assets of over £1 10m., has a successful growth record, 
having increased its assets by some 20% annually over the past ten 
years. It has a staff of over 200 and a new headquarters building in 
Wolverl lamp ton. 

The appointed candidate will be responsible to the Managing 
Director for administering and developing the financial accounting 
and management information systems which are shortly to be 
computer based, and will progressively assume responsibility for 
investment of the Society’s funds. 

Candidates must be qualified accountants with proven senior level 
administration experience of computer based linandal control 
systems, preferably within a similar service industry’- investment 
experience will also bean advantage. Preferred age 35 to 45. 

Salary' for discussion; car; concessionary mortgage; pension; 
re-location help. 

Please write with full details - in confidence - to G. E. Howard 
ref. B.29412. 

Tuj cppjiumea: i: o{nc u :uh M m uvnuTm. ' ■_ '• 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
- New Zealand South Africa South America . 

.!• Sweden Switzerland U.S.A. ' - 

International Management Consultants 

Management Selection Limited 

Union Chambers 63 Temple Row Birmingham ; B2 5NS 


ScmdmumiDivmn: l ISJtrink 

An opportunity for a young banker to join the Scandinavian 
Division of a major multi-national U.S. Bank. 

Responsibilities include the development and servicing of 
Corporate Accounts in Scandinavia. Based. in London, up to 40% 
travel will be required after an initial orientation period. 

Candidates, male or female, will be graduates having 2/3 years' 
banking experience, preferably in Corporatelending in the Nordic 
countries. Scandinavian language proficiency is essential. - 

The compensation package will be based on U.S. competitive 
practice and includes appropriate benefits. 

Please send a comprehensive C.V. , indicating any companies with 
whom this should not be discussed, or telephone (01-629 1844 at 
any time) for a Personal History Form. 

D. M. Watkins ref. B.1017. 

United Kingdom Australia Belgium Canadd 
France Germany Holland Ireland Italy 
New Zealand South Africa South Ar.ienw 
Sweden Switzerland U.SA. 

Internationa! Management Consultants 
Management Selection Limited 
17 Stratton Street London W1 X 6DB 

Personnel Director 

c. £15,000 

■ Thissgnificant position is with a . The Company is based in the Soulh 

major grwA/th company, which currently of England and a comprehensive range 
employs several thousand employees of benefits including a car are provided, 

and has a sales turnover of £50 million + . There is ample opportunityfor further 
■Responsibility is for the whole range of career progression. Applicants, male 

personnel activities and requires a or female, should send concise details 

seasoned personnel professional, who; - covering age, experience, qualifications, 
has the stature to contribute in the widest current salary and contacttelephone 
business sense. The successful number to the Appointments Manager, 

Chief i^X Dealer 

Bahrain £Neg.- tax free 

Our Client, a major International bank, seeks to appoint a senior F/X dealer 
to establish and develop the dealing room operations of its active O.B.U. 
in Bahrain. 

Ideal- candidates, preferably early 30's; will possess a minimum of 5 years' 
dealing experience which will have embraced both foreign exchange and 
currency deposits. Additionally, qualities of maturity and leadership are 
regarded as essential. 

This responsible and challenging position is offered on the basis of a 3 year 
contract which may lead to a iuli-time career opening with the bank; the 
overall remuneration package will be most attractive and includes salary, 
free accommodation and free medical facilities. 

Contact Norman P hit pot in confidence 
on 01-243 3812 

b0 Cheapside London EC2 - IVIeohohe: ,01 .‘248 -13812/ 3/4/5 


for a 1 .000-strong engineering company in Lancashire (part 
of a notably successful British group) earning handsome 
profits on annual sales touching £20m. Their precision 
engineered fittings and components are market leaders . 
serving a multitude of industrial users, not only in the UK. 
The new MD will take over a sound ship. Yet the decisions of 
the coming three years - products, markets, investment - 
will set the company’s course for the next ten. Success will 
herald a bright personal future. 

Candidates, probably in their early '40 ’s and not necessarily 
engineers themselves, must be experienced general managers 
successfully running a self-contained and substantial unit 
manufacturing and selling industrial products. 

Salary around £15,000 plus appropriate benefits. 

Please send career details-in confidence - to D . A. Ravenscroft 
ref. B.25468. 

Tr.L l. .•pn u r ias sr.J :ro-vs. 

United Kingdom Australia Belgium Cana'' 

France Germany Holland Ireland ital,- 
New Zealand South Alnca South America 
S.veden Switzerland U.SA 

International Management Consultants 

Management Selection Limited 

474 Royal Exchange Manchester M2 7EJ 


candidate is likely to be a 
graduate, aged 35+, 
and win have a career .. 
background in companies 
personnel policies and . ;. 



Bull Holmes Bartlett Ltd., 

45 Albemarle Street, 

London W1X3FE, quoting 
ref: 496 on your letter and 
envelope. Our client 
guarantees applications will 
be treated in strict confidence. 


National Association of Steel Stockholder 

The Association was founded 50 years ago and represents some 2S0 
members with a turnover around £SO0m. Their function is central to 
the industry. 

The role is to act as the Association’s spokesman and to provide 
strong impartial leadership to the conduct of its affairs. The Director 
chairs the Executive and die other main committees and works 
closely with the European Coal and Steel Community and with the 
Association's international counterparts . 

Candidates must have wide industrial experience at Board or 
equivalent level. Experience with a national trade association (not 
necessarily as a member of the staff) would be valuable, as would a 
background in steel, metals or heavy engineering. The preferred age 
is 40 to 50. 

•Salary for discussion around £20,000. Location Home Counties. 

Please send relevant details-in confidence — to R. M. Cooper 
ref. B. 60375. 

T‘i:: jppfi't.fttn i: opca u it. m jnJ - rmcn. 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland haly 
. New Zealand South Africa South America 
Sweden Switzerland U.S. A. 

International Management Consultants 
Management Selection Limited 
474 Royal Exchange Manchester M2 7EJ 


We arc a major American Bank long established in London. Recent 
worldwide expansion has necessitated increased manpower requirements 
in our London based Internal Audit team. Rewarding posts are available 
in a highly professional systems-orientated environment involving overseas 

Applications are invited from candidates aged 23-29, with or studying for 
AIB and haring practical or audit experience of international banking. 
Preference will be given to applicants with fluency in French and/or EDP 
experience. An excellent salary will be offered to the successful applicants 
with generous fringe benefits generally associated with a first-class bank. 
Applicants, male or female, should send full details of their age, education, 
experience and current salary to; 

Box No. RD 4808 
c/o Extel Recruitment. • 

Pemberton House, East Harding Street, 

London, EC4 

The names of any banks to whom you do not want your application 
forwarded should be clearly printed on the back of the envelope. 

Major Merchant Bank 


.1 k 


City of London 

A major Merchant Bank, one of the Accepting Houses, has 
a vacancy in its Investment Division,, which acts .as 
Secretaries and Investment Manager to a number, of listed 
investment trust companies. The position is at manager feve I 
for a Chartered Secretary in the Accounts and Secretarial 
Department. .. 7 - 

The successful candidate will have- a sound knowledge of. 
Stock Exchange requirements and ^ thorough understanding . 
of the financial aspects of this type* of work. Although age: 
is not a critical factor, it is unlikely.that any ^person-less, than 
30 years of age will have the necessary experience for this. 

responsible position. 1 

Salarv will be negotiable around £S,500 arid the attractive 
staff ‘benefits available will include housing loan facility, 
non-contributory pension scheme; life assurance, medical 
insurance and interest-free season ticket loan. 

Please write with full details to: Box FT/542 
c/o Hanway House, 5 Clark’s Place, Bishopsgate, EC2N 4BJ 

Should there be any companies to ichieh you do not tcish jiour 
application to be forwarded, please list them in a covering letter 
addressed to the Appointments Manager. 

marketing DIRECTOR- 

x shipping 

circa £10,000 (negotiable) 
plus company car ' 

The UK "cargo organisation of a major Swedish Shipping 
Group is seeking a top level Marketing Director to Read Tip 
the sales effort. ~ . . . 

Current activities include the selling of container services 
for three major trading areas, carried out by own offices 
and regional sales agents. Further growth is planned. 

Applicants, preferably graduates or professionally qualified 
persons aged between 26 and 40, should possess a first-class 
track , record gained, in a shipping environment The 
successful man or woman will be expected to contribute 
significantly to the overall UK^perfpmance and will . control : 
a staff of approximately 30 persons’ UK and Overseastravel 
is involved. Location— East London. 

Please write in confidence for an application fonn to :/ 

Kenneth howells (pr> associates, 

16/17 Bride Lane, London EC4Y 8EB. . 

A supreme challenge from a $2-5 Billion 
turnover group... 

Regional Financial Director 

Athens based,h> cover Afirica/Middle East 

This role calls for an outstanding blend of financial and management skills plus 
the personal ‘power’ to take responsibility for the financial operations of a vast 
trading area from a base in At hens; where you’ll report to the Regional V.P. 

Our client is a major multi national group ..with diverse interests. They seek a 
dynamic leader - a finance specialist in his middfe/fate thirties, ideally a graduate, 
who has first class Professional' and business qualifications. Preferably a Greek 
National who will have had full exposure to the demands of a large corporation with- 
at least 8 years in senior management - 3 of which should have been: spent at' 
Director level. 

Fluency in English is essential and French would be advantageous. Considerable 
travel is involved. ' 

If you feel you can justify a high income, generous benefits and excellent prospects- ; 
- don't hesitate, contact us quoting ref. L882. 

In London (01)9300497,2St.AlbansSt.,LondonSW1Y4QS 
in Toronto (41 6) 9207702. 50 Prince Arthur Avenue, M5R 1B5 
In Montreal (514)8495357.115SherbrookeSt.W.H3AlH3 
I n Calgary (403) 265 8780, 71 5 5th Avenue S.W., Ste 1 81 8T2P 2X6 

The Caldwell Partners 

Executive Recruiting 




* The Financial ^Times is expanding its sales 
team in the ILK. and is looking for young 
people who wish to start a career in; 
Advertising and Marketing. 

Aged 18-20, these sales trainees will need 
to be presentable, be able rapidly to act upon, 
their own initiative, have a good command 
of English and be prepared' to be integrated 
into the present sales team in order to become 
fully trained. 

If the idea appeals to you and you match these 
requirements, contact: Tony Kipperiberger, 
U.K. Advertisement Manager, Financial 
Times, Bracken House. 10. Cannon Street 
London EC4P 4BY. 01-24S S000. 



Jonathan Wren * Banking Appointments 

[MqV] 'Hur personnel-consultancy dealing exclusively with the banking profession 

Our client is a major international investment bank, active in the 
Eurobond markets and with a high reputation worldwide. 

Due to continued expansion of business, the firm wishes to engage an- 
additional Executive in the Corporate Finance Department at its London 
office. Candidates should : — 

1 . be aged 30-35 ; 

2. preferably hold a university degree or professional qualification ;■ 

3. have some years' experience of corporate financing in the international 
capital markets, in particular of negotiating the terms and conditions 
of N e w I ssues, an d prospectus work ; 

4. be experienced in a Business Development role ; and 

5. ideally have proficiency in a second European language. 

The appointee will be responsible for negotiating financial arrangements 
with European borrowers, involving a considerable degree of. travel. 
Salary will not be a limiting factor for a candidate meeting all or most of 
the a bo ve con ditio ns. Contact: ROY WEBB or RICHARD MEREDITH 

280 YOUNG BANKERS £3.300/ £1 0,000 

We can currently offer a wide selection of openings in most fields and 
levels of banking. These include Loan Administration (£4,500-£5,500), 
Credit Ana lysrs/Co rural (to £7,500), Export Finance (c ; £7,500), 
Documentary Credits (c. £5,500), Bills (to £4,000), Foreign Exchange/ 
Dealing (£7, 000-E1 0,000), Eurobond Settlements (to £5.000). Audit 
(c. £4.700), Accounts to (£4,200). General Banking Operations 
(c. £3,300), and others. Contact: NORMA GIVEN or KEN ANDERSON 

nCBi shops gate London EC2M 4LX 01-623 1266/7/S/9 


General Manager 


This is a fascinating position in one of Britain's premier engineering companies. 

It entails overall management of a number of small machinery and process plant 
companies, m the U.K. and overseas, serving the developed world's motor staple- 
industry. The group Is a result of recent acquisitions by the parent organisation ond them 
is scope for dramatic improvement and growth. 

The ideal candidate will be a mechanical engineer, aged 35-45, with a proven 
track record in general maiagement. Experience with’ machinery sold directly to users is 
desirable and some knowledge of the U.S.A. and the For East would be advantageous. 

Salary is negotiable from £1 2,500. A car is provided and other benefits are good. 
Prospects for individual growth of (he man or woman appointed are excellent and a . 
change of responsibility in 3-5 years is anticipated. 

Please write, in complete confidence, quoting Ref. 606/FT and giving details of age, 
experience, qualifications and present salary to:- 

CB-Linnell Limited 

. 8 Oxford Street, Nottingham 

Corporate Planning 

London, W.l 

c. £10,000+ Cor 

Interna tional to o u p 


One client is a major divi sio n of a specialist manufacturing company, with a 
turnover of £200m, and is a world leader in its field. 

TTie company now plans to strengthen the central finance function through the 
appoi ntmen t of e Financial Controller who will report to the Financial Director. The 
parameters of the position are broad and encompass control over hnarif-i«l 
management reputing, short and long range planning, and the extension of 
computer based systems. In addition, the successful candidate will be expected to 
make a positive contribution to the company^ overall development 

Applicants must be qualified accountants, probably aged 30 - 40 . who have 

developed broad experience in an Industrial environment zeauirina the 

A major engineering group, based in Centra] London, offers anew appointment 
to a Graduate or Accountant in their 20s lo join its Corporate Planning Department 

With full responsibility fQr its computer based group financial model the 
successful candidate will be responsible for generating the financial forecasts from 
strategic plans at all levels in the group. The Corporate Planner will develop the 
model as different facilities arc required, and will assist -in the creation of other 
computer models. 

Candidates should be able to oFfer a strong understanding of computer 
applications, in particular programming, and a sound general accounting experience. 
This position provides the unique opportunity to develop a powerful corporate 
planning tool and calls for an individual who can combine a good intellectual 
out-look with a practical application to business management Our client is seeking 
a person with ideas who can play an importan t part in the future development of 
this department 

Attractive conditions of service arc offered wi th this interesting career 
opportunity. Ref. FT 13 84. _ 

Please telephone or write in confidence to Hugh Harvey quoting the above 
reference number: 

Lloyd Chapman 

125, NewBond Street, London WfY OHR 01-4997761 

Financial Times 

Thursday September 7 ' 1973. 

MPcruibncnf Spe&, 
U,tCr y of rnu Commodity Makers 

A Manager with wide International 
contacts and experience in all coffees, 
narticularly Brazilian, is required to create 
and motivate a Trading Team based in 
London for a Company with the highest 
international trading reputation. - A basic 
salary in the range of £12,000-£1 5,000 
pa will be negotiated' together with 
participation and substantial benefits.; . ; 

Please write ot telephone Mr: Graham 
Stewart or Mr. Colin Stanton regarding. 
this position. , • ; ' 

uv * ‘ 

^rmbn! House 116 Shaftesbury A'/ehtieLcndon Wl 
tv-i m^nq i7rb : *•. • 




Middle East Investment Cd. 

A well established expanding investment 
organisation is seeking a senior extecutiye to 
become responsible for all investment opera* 
lions, staff development and general adminis- 
tration of the company. 

Candidates, ideally aged-35 ia45, must be thorough- 
ly evp^MSh.ced in tba preparation and presentation 
of inveslmentjHOpqsals and in. negotiation, docu*,- 
menlation and syndication of international kans.- :> - v 

Al tractive terms -will include a tax-free salary in the • 
region of £20,000 p.a^ free furnished accommoda- 
tion, car, assistance with education costs and air 
travel tor home leave. - ----- 

Write in confidence,’ quoting reference 3689/L, to 
E. W. Comfort- 

□ Peat Marwick Mitchell £~Co., 

Executive Selection Division, '. -V : \ 
165 Queen Victoria Street;' " . . " 
Blackfriars, ■London, EC4V3PD.'. V. ' 




. p^ESTMEisriF^ ^ 

"‘'T-tie'J'kbyal London 1 -Mtittiai Insiiraticfc 'has? ; 
created r - a . new - post within its srijalT Trit' -active - 
investment - management team for--: On ^Actuarial ~ 
Student, f iged early to mid-twenties, wlio, is making : * 
good progress in the examinations - As' a member : 
of this team the successful applicant would be •: 
engaged, after a short period of training, in both - 
research and -dealing in connection with: a large - 
portfolio of Stock Exchange securities. • ; . 

This opening offers a competitive salary, i ntere sting 
and varied work and the prospect of r an attractive - . . 
career to the right person, who, although initially 
working in London, must be prepared. to live- within 
easily cominutable distance of Colchester, where the 
Royal . London aims tq be relocated in approximately 
four years’ time. 

Apply, in writing to: 

• The Investment Manager, . . 

Royal London Mutual Insurance Society Limited, _ 

. _ _ Royal LondonJHouse r J’insbury_ Square, . . . 

London, . E.C.2. . **" 

Personal Assistant ^IfMnand 

We are a- leading international health care " 
company and are currently looking for a 
creative, ambitious man or woman to assist the, . 
Director of Projects and Development. 

You should be educated to degree level, have 
.drive, initiative and organisational ability. -The - ; 
position is based in London but you 
expected to travel extensively. 

Preferably aged around the . thirties, we pay 
top salaries with excellent prospects for - • 
-promotion. Benefits are those normally' 
associated -with a large international -/'■ '• 

Please write with curriculum vitae to: Regional 
Personnel Manager, American Medical (Europe) 
.LtcL 46 Wimpde Street, London W1M 7DG. 



■ Is expanding its servicing facilities in 
and has a -Very promising career opening for a person to. 
devetopr iostitutional business, in the. UK arid -Europe using , 
trie research product of our Tokyo office. The position 
Involve regular visits 'to Tokyo. Salary and bonus will 
fully commensurate with, applicants' qualifications and results. 

Please write in confidence to : — ‘ 

J.T. Powell. 


16 Moorfieids High walk, London EC2Y 9DH. :"■! 


The competition for career, opportunities, both in the^ U.K- 
and overseas, demands increasing involvement and. exp*rtbe4h» 
career planning and the job search. .■ '.7 ■ 

INTEREXEC provides die -most comprehensive, pr6fesrional and 

confidential service to assist the Senior Executive seeking-* 
new appoioa»e“t- . ■ “ .'T^ ; > •.”.^ s = "' 

-/ : . V Why- waste time (—consult: ' X 

The Interexec Register Umitbd 
TfeW Centre.Undon'nsAA-^'l 

: - J -.014181 . 9977 i-: .a: -&J- J’: 

pfraraeLa! Times Ifttirstfay .S^raraf T *978 . „ 

H ; Ci^^Ensmeer I! 


■ ?t. : ■ "■■ »• r -. ..;--v • 

T/ms « «? senior position fore high calibre chartered engineer to head up a division of a major international 

You must havehad consicferabteexperience in a responsible position dealing with very large construction 
operations, and a thorough understanding of financial administration. economic analysis and an 
exposure to development bank methods.Tbu must be familiar with the Latin American scene and either 
&peak.brbepfflparedtoiearnS6arash. : >bu will travel frequently to visit governments, other international 

■ Qf fess r 


IS hJ r 

Salary c.S5 7.000. 

: ■■■' ''i , 

-‘EljjjJr international 

Wj^C ■:* t ?4KRK^U V UOUAR:. LCXQOt. ,V.< 

nefits A * if A ft A * it Aft 

Young Chief Accountant 


c. £7,000 



Accountancy Appointments ■ - 

115-117 Cannon Street. London U.C4N 5AX. Telephone 01-62-3- 9! If; * ^ 


etraset International 

Lcteasct rccundy anco-aricrdthi-ir results far 1377/78: sales increa^nj bv 1 r ,, ito£33.lan. ivilli profile bciora la\ui UTAm. 
Tlw; Group's yciivities lnr.-u continued upward trend merkeliii? j range ul ovlt uuoo lines manufaciurcd bv tie 

t«yuntyctMnrtrios.LBUdsctis geared topoppert wxnificii.’it laay Icnujuun fli building un uu Jiuady successful 
. at acquisition, . 

International Management 

Accounting 4^7 £9000 +car 

The cwvjjtial tank of this pwruaccjcnr jppointmeat wUhlc the co-ord [uuliqg control iutarmat tan across operating units would 

flud planning £iwi:um arc tif'vckipeti dud operated within tbe 
Croup. With three Financial .Analysis reporting to dll* position 
tin: tt^pamibiliiy u f ihu appointment is twofold: . -T 

* In provide, analyse and intemvt financial asdacoountxn^ 

data co-ordinating tlui budget prcsnumup asam. the 

•' Croup. - . ’ . 

ft- !u specify, design and ins tail control sviienu which will 
provide Hie means of control at corporate lavd witfdn uu 
. i:iTVir?nmont ul continued and strung growth. . . 

Candidates are likalytobe around 2fl/30 and tr aine d ipaffiiiinBial 
discipline either «, a professionally qualified qrryttmtwnt a us u 
busiuns gradual 3 wilti a financial epecttlttm. A background of 

based KyMcni'.. 

Lucaiiou is Q-iilral London: Iringt: benefits are good and will 
i in Jude re- location as-MStunci: whuiii appropriate. 

Uriel but cuiiiprchcnstvodolrtilshhuuld bu sent in strict confidence 
to the Company's advisurs oo this appointment and addressed to: 

Gerry Cassell, A 

xru- Appoiiumcnis Croup. New Appointments Group 

Personnel ix Selection Consultants, _ y _ House, 7|OK^ 

150 Recent Struct. . ! L A A 

London WlRSPA. • — J 

Tel: 01-^64 3131. •= ■ 



;i;rsnce Socie 

Citicorp InternationaTBank Limited,a major subsidiary of Citicorp, 
is a leading merchant bank with itsEtead Office in London. 

The Bank needs ambitious men orwpmen with 3-5 years' 
experienceinselling bonds, either domesticor foreign, to join the 
London-based sales team responsible for marketing Eurobonds in . 
various currencies throughout Latin America and Europe. You will need 
to befluentin Spanish orPortuguese andideally in another European 
ianguage.There will obviously be extensive traveL^he opportunities 

vi 1 racin’. & 
?cti*'»r. with • 

.? salary. ntP 
:ec: &. & 

red £■:• lil?* 
i'.IUit =:er. we 
*ed :2 appro® 

7. ls£ 
Ov.:y SF 3 * 

1 (•)■* [-V /-1 iT.l « ;j«Kl »T-T* <»l IlMilMiil* k'WMi 

career with us in the UKor eisewheremthe world. 

Salary will be very attractive arwagood range of benefits includes 
expenses! orretocation, low-cost mprtgage, personal ioan plan and 
non-contributory pensionscheme/ 

■Please write withfull CVto^B-H. Kramer, Executive Director - 
and Secretary, or D. L. Lang, VicffPresident, Citicorp International V 
Bank Limited, PO Box 242, 33^trand, London WC2R1LS. 

Interviews will be held in Londbn in September. 





North Devon 


Our dient is an extremely sucoessfid snbaififlry 
of a significant MbtubHui^I group; Ihe Conyany . 
has e^abliahed a sound profit base generating 
30W retumon sate |£25waDkni 3977/8).- 
Group policy bas idaifified das new appointment 
as the next significant step in their business plan . 
for this subsidiary and seo the development of a 
sound finwn « i«l cuo ItoI fuucikHi as an essential 
dement rf the expansion prognimmr. 

Reporting to tije Managing Director the person 
appoinhal will toko full reqxmsrtvlity £oc oil 

New Appointments Group 

— . personnel ConsulldntS • 

aspects of financial zuaaagament acffvify of the 
subsidiary with partadar emphasis rai dflrigning 
and devdc$ang ended systems winch trill giro 
effective finanrial WHrtrifrfftnn towards p lanning 
furtlter growth. • . " 

The en v iro n m ent trill appeal* to a young but 
experienced qualified occounlant probably aged 
26/30 whoso next career stop is to assume total 
financial accountability within a growth company; 
further career deodt^mont beyond this appoint 
tOEsUis fikdy to be within tbs parent Group. 

Ihe company to local ed in an exceptionally 
pleasant area uf Ntsrth Devon and rdocatkm 
assistance wifi be given where appropriala 

Briel but co m prdiBudve career details abode} be 
sent in bind confidence to G. J. CasadL-New 
Appointments Group, Personn e l and Selection 
Ctaailtenh* 505 Chtshara House. 150 Rogml: 
Street, LtmdonWlRSFA. 

W. London 

to £10,000 

Our dientei^agedmlhenianu&clure and marketing of electronic equipment 
worldioideT^ seeking to strengthen their European finance team in the area of 
corporate plannSng, bu 43 eting and market analysis. : 

Applicants shimki te qualified Accountants or MBAs in their kite 20’s, preferably 

to the UK. 

T I 




I itauittna^ Sefecwn & ArNr^'rgCoreiaanUj . 

IBrnCoUn Eton Windsor Barks 



Analyst — Food Mauuf act uring /Tobacco 

Rowe & Plunan, Hur=t-Broun arc sucking an analys: to dc\clop 
tbeir research effort in iheie sectorj. Applicants should have 
had at least iv.t> years’ relevant experience which »ii: probably 
have been gained either in stockbrcikmg or v-ith a major 
financial insLtuuon. 

We are uHcring an attractive remuneration of salary and profit 
sharing bunua, together with a non-con mb atory pension 
scheme lncurpuratins good life cover. 

Application* m coniidence with full curriculum »:lac to:— 

P. X. S:;t:th. Esq.. Staff Manager. 

Rowe »* Pitman. Hurst-Brown. 

1st Floor. City-Gate House. 

3&45 Finsbury Sijuaie. London EC2A 1JA. 


Large Trading Group in Middle East 

An opportunity exists in the Middle East for an outstanding 
senior executive of genuine provable ability with a track record 
of at least 15 years in management of trading or similar entre- 
preneurial concerns. 

Candidates must have a uide ranging knowledge of all 
aspects of international trading and particular skills in organis- 
ing and running a multi-divisional company with branches. 

The post will be that of Geheral Manager and the rewards 
will be extremely attractive to an 'appointee of the right calibre. 


j 1 

Terms will include incentive in ^he form of profit sharing. 

< , 

Applications in writing with full curriculum vitae to Box 
A6455, Financial Times, 10, Cannon Street, EC4P 4BY. 


Credit Manager Operations Manager 

A well-established and expanding London-based confirming house, part of 
a substantia? international finance and trading group, wishes to make the 
. above appointments. 

The Credit Manager will be responsible for the credit assessment and 
control of the company's international client portfolio. He, 'she will have 
had considerable experience in credit management and credit insurance 
and this will most probably have been gained in a merchant bank, confirm- 
ing or finance house. 

The Operations Manager will be responsible for the documentary 
processing department and in addition will supervise the general office 
staff. He/she will have a thorough knowledge of banking procedures and 
this will normally have been gained in a confirming house. 

It is unlikely that persons under 30 years of age will have gained the neces- 
sary technical and management experience. Remuneration and benefits will 
be pitched at a level appropriate to the seniority of these positions and to 
ensure the appointment of the right calibre persons. 

Please reply in coniidence. Quoting reference I87.FT -and indicating any 
companies to whom your application should not be sent: 

JWS Recruitment Ltd 

40 Berkeley Square London WJX 6AD 

Promotion has created a vacancy 
for a Financial Controller in a group of 
industrial and service companies, 
turnover £8m. plus.* 

Reporting to the mam board, 
he/she will be responsible for budget . 
. planning, monthly reports, cash 
management, and the development 
of computer-based systems. 

Candidates must be qualified 
accountants with professional and . 
industrial experience, capable of 
■controlling and motivating a staff of 
twenty-live. Sound knowledge of 
'current computer. applications to stobk 

control and standard costing essential. 
Experience of accurate financial 
reporting within tight time scales 
an advantage. Age 35-45. 

. This is an excellent opportunity to 
succeed with a most progressive and 
expanding company. The selected 
applicant will be expected to live in 
or move to the South Wales area 
(relocation expenses paid). 

Write full details and telephone 
number to: E. F TUFFREY, 

Hope Agar & Co.. 

Epworth House. 25 City Road, 


£13,000 +CAR 


Britain's leading (our operator tu Greece require a 
to be based at their London office. 

The successful applicant will probably be a qualified 
accountant and will have considerable commercial 
experience in a managerial role. Ile/she will be 
responsible for the total account hut function ot the 
company, preparation of management accounts and 
information, statutory accounts and liaison with our 
Athens office. 

This will be a demanding but rewarding job in an 
expanding company. The company's accounting 3nd 
operations systems' will be fully computerised by the 
end of this year. 

Salary will be negotiable but anybody currently 
earning less than £6, DUO will probably rot have the 
required experience. Fringe benefits including 
generous travel concessions are attached to this 

Please send full details to Janet Ball. 


24-28 Queensway. London. \V2 




Private croup manufacturing and distributing con- 
sumer products worldwide is seeking a highly 
motivated young accountant for its small head office 
team in central London. The group is planning 
significant expansion and career opportunities for 
the right person will be excellent. 

The successful candidate will be a qualified accoun- 
tant, aged around 30, with industrial experience. 
A salary and benefits package will be negotiated but 
will not represent a problem for the right candidate. 
Please reply to Box A.6461. Financial Times, 

10. Cannon Street. EC4P4BY. 

The continuing expansion of this 
demands further strengthening of the Support Team 
to the Lending Areas and applications arc therefore 
invited for: — 


with around 2 years’ experience in analysing 
European/N. American financials and formu- 
lating appropriate recommendations 
The remuneration for this position will be 
attractive for the successful applicant. 


with basic knowledge of bank accounting sys- 
tems and the accuracy to report with confidence 
to management. 

- This position is of a more junior nature but 
offers advancement prospects. 

Please telephone: Mrs. M. Cole (in confidence) 
01-629 4499 Ext. 240 for further details 

European Sales Manager 

Preferably experienced electronics engineer. Must travel Middle 
East and Europe. Function will include negotiations with 
potential customers as well as controlling the company's branch 
offices. The successful candidate should have experience in 
international management and must be bilingual — German or 
French preferred. Most attractive workina and salary conditions. 
Please send derails of career and experience id Box A.64S9, 
Financial Times. 10, Cannon Street. EC4P 43 Y. 


Require intelligent person with some experience to join two others 
in' office order room to co-ordinate talking to clients <— ihome 
and abroad) — market and back office activities. 

Friendly atmosphere. Salary according to ability. 

. Write Box A. 6460. Financial Times. 10. Cannon Street. EC4P 4BY. 



Hsancial. Tinies- 

Where barons 
hold sway 


WHEN AN official delegation attraction. to anra<h^37afctw?70 
from Sunderland called ■ on the was thinking of goingitO-Suo dle^ 
Prime Minister in London trough, some 25 miles away mid 
earlier this summer and ashed in a development area, . ■ « 

that its area should be re-de- There could be some sympathy 
signated a special special Sunderland’s case if It were 
development area it highlighted not for fact that, the whole 
on a problem that is exercising a lssue how to help the. regions 
lot o£ people: how do you help needat0 be ioofced at.-as a whole 
the bard-hit regions most rat±]et . jn piecemeal feshion. 
usefully? Recently, the Expenditdre Com* 

The accepted wisdom for the pointed oot that there 

past 15 years or so has been wa6 a pr0 £nston of agencies 'try- 
that you designated an area for in „ t0 help Wales and Chat they, 
assistance — intermediate, devel- inevitably cot in each other's 
opment or special development ‘ 

— and then make grants f t ‘ pointed to ■ seven - quite 
available to manufacturing firms, levels of authority add 

A company opening up in an ^j ted what many would think 
assisted area can, for starters, lQ be obTjo uS| that. “. confus&rn 
get 20 per cent of the cost of d ^gte seems to exist her 
new buildings and works in an caase pf th * 1 proliferation -of 

intermediate and development 

lummcuiaiG «iu awnpiw engaged in attracting 

area or 22 per cent in a special industry’- All these agencies 
development area. • 


advertise, consult - British 
embassies or correspond with 
foreign firms directly, without a 
great deal of co-ordination 

On. top of this it c&n gefc 20 Q f ^j S agencies, in an 

per cent towards plant and understatement. commented 
machinery in a development area there was sometimes a 

ami 22 per cent in a SE>A (but * pn) blem oF confusion between 
notbahg .in an intermediate itself and another body. 

area). There are aJso various 

This confusion is not just 

other grants end loans available noticeable ^ us: ^expenditure 
and selective financial Assistance commiUee was told how the 
can be given under sections < Swede bad come to the same 
and 8 of the 1972 Industry Act. “about the ‘ prbBfera- 

In other words, . essistance is tion of wgibnaf bodies and -their 
something of a maze which is promotional activities and it 
only made marginally easier for called on the g o v e r nm ent to 
the company without profes- review the whole position 
saooai! advice to find its way urgently, 
through thanks to the copious 

mops, or information leaflets. pjAYlhllltV 
which the Department of ItAlWUllJ 
Industry makes available. Such a review, which should 

The maze Is made more mtri- also take into account regional 
cate because of the haphazard boundaries, should be a priority 
way in which assisted areas have for the next government. Is 
grown. Broadly speaking if a there any reason, for instance, 
line from Wrexham is drawn why Exeter is excluded and 
east to Skegness and south-west Harrogate, which is in an inters 
towards Exeter everything 4o the mediate area, qualifies for selec- 
nortrb and west as assisted and assistance? Why should 

virtually everything elsewhere is Du °dee be a SDA, Montrose just 
non assisted. {Northern Ireland U P road a development area 
is a special case and has its own a °d Aberdeen an intermediate 
rules). But the way in widen ° ne . whe ° f ‘JiSL.SL a J2 Z 2? 
areas have been put into one of 

the three assisted categories has " 5 a ess ’ “deed, why 

k£L^. 7L.^7 should Aberdeen, which is now 

been almost as equally bap- M ^ country's more 

* nd nf S * 1 ™° Thlt prosperous towns, be assisted at 

Che powers of persuasion that a iio 

local politicians have been aWe R egioiia j po u C y is :: now almost 
t>o brmg to bear on national 44 ye^ 0 ld. and it has more 
polita cians and Ministers. Among a touch of middle-aged flab, 
the dispossessed, or non^assisted, in the mid-30s perhaps it was 
tSiis is cynical'iy known as the concentrated on too few areas, 
power of the political barons. Today, the reverse is the case. 

Even the barons these days A degree of flexibility needs to 
acknowledge that there is too be Injected back into the system, 
little differentiation between de- using the better parts of the 1972 
velopment and special develop- Act to concentrate more attention 
meut areas to do much good, bn those. areas, like .Sunderland, 
What Sunderland was telling the which really need it and not 
Prime Minister, in effect, was excluding towns such as 
that an extra 2 per cent on Bletchley or Brighton merely 
buildings and machinery was because they have too little 
hardly likely to be much of an political clout 

CHINA HAS overcome its 
qualms concerning the re intro- 
duction of material incentives to 
increase industrial production. 

Hie " idea of ' production 
bonuses is inseparable from -the 
newly - fashionable Chinese 

slogan : " From each according 
to his ability, to each according 
to his work,” although, for many 
years the principle was dis- 
credited as being on the 
capitalist road,, encouraging self 
interest and leading to “class 
polarisation between rich and 
poor.” ; 

Now, however, following 
instructions from the . central 
Government to mobilise .the 
workers* enthusiasm for inr 
creasing production, mines and 
factories throughout China are 
adopting a variety of incentive 

Basically the schemes mean 
more money for workers who 
pull their weight. But officials, 
cautious abo.ut placing too niuch 
importance on-financial rewards, 
insist that “moral encourage- 
ment ” . must be given equal 

The magazine Peking Review 
reports that In a pilot scheme 
which has been operating in a 
Peking aluminium goods factory 
since early this year, monthly 
bonuses are "paid to work teams 
which meet or exceed required 


standards in- output quality. Monthly - assessments of the 
consumption. of materials, safety# productive 
attendance . and cleaning. - work twuns and ,ndl ” d . uals - + t 
Since bonuses are awaked the factory may result in cita- 

for team effort and are shared tlons as “advanced unit, 
‘equally among team members, “advanced worker, , . P® 0 ®” 
officials believe they have setter” or — the highest 
avoided stimulating the un- accolade— “red banner bearer. 
desirable pursuit of personal The recommendations and 
gain. r - approvals are publicised 

Not that there ' is much P® 1 "" throughout the factory. Black- 
sonal gain to be. ; piirsued: the “newspapers” .and the 

first-class bonus, the highest of £actory broadcasting", system' 
three -grades awarded at the ou landing performances 
Peking aluminium .Ware factory. b individuals and teams. 

' fV^Hole^h Outdoor display cases at the 

three months of the scheme 86 factory how 
per cent *f> the factory’s of . several pace-setters 44 
workers and staff -qualified for advanced workers and ei^ht 
bonuses whieh totalled 10 per advanced units. Lists of 

cent of the total wages outlay. are posted at maridnn 

entrance with red nags marking 

those of advanced workers. 

The factory's monthly assess- 
ments also probe the failures 
V“Jt* of work teams and individuals, 

of Yuan 47.-In addition, every which fail to elean their 

worker receives allowances o f ■ dmvg tidy * their lockers, 

about Yuan 10 a month for hair- workers discovered dozing 

“ tS ^i fareS 'k^ 10 “ during the night shift, are 

,n di^tcondmons. such as t0 admit their 

high temperatures, receive an 

extra nutrition allowance. ehortcom ng - f ( , t 

However, it does not seem One young wman factory 
likelv that the lure Of a little worker. Cba Ta-Uen, codoned 
extra cash will overshadow the the idea that it «s d«nou to 
importance of public approba- devote oneself to building 
tion for a job w aB done — or socialism and it i^ despicable 
of public criticism.for slacking, to live off socialism. 

- She told > the Peking .-Review 
that not receiving. a bonus. fot 
oneself was a small thing, . but 
to bring discredit on the whote^ 
team was a serious matter. : 



- Monthly wages., range up to 
Yuan 80 (£24),' with an average 

Other workers . quoted were 
less altruistic: Some said that 
giving an' equal bonus to each 
member of a team' did not 
accord with the principle “ to 
each according to his work” 
and saw room for ah' improver 
merit 4n the system of distribut- 
ing incentives. 

The Peking 'Review article 
anticipated an Objection from 
conservatives who might criti- 
cise financial - incentives as 
encouraging the development -of 
a “ new bourgeoisie ” and com- 
mented: If a worker worked 
hard and got a first-class .bonus' 
every month for 10 years be 
would have Yuan 729: Could he 
possibly become a capitalist 
with that?” 

Material and moral encourage- 
ment .together evidently: make a 
potent stimulus for. productive 
effort. The Peking aTummium 
ware,, factory’s outjmt of 
aluminium pots since the incen- 
tive scheme went into operation, 
has risen by 109 per cent 


' Edited bf Deoys^uiton- 

The world’s 

magazine of 

Arts and 


PubHihed Monthly price £2.00' Annual Subscripcteri £B.OO:«n^jJ 
Qveriezs Subscription GBfJQ... .USA: & Canada ; Air. assist*^ 
Apollo Magazine. Bracken House, 10. Cannon : Street, 

EC4P 4BY. Tel: 01-248 8000 : - 

Best bet at York should be 
improving Southern Seas 

GILBEY RACING has had a 
disappointing response in return 
for the £3.000 it has contributed 
to the £ 6.000 added money fbr 
the Giibey Champion Racehorse 
Futurity run over seven furlongs 
at York this afternoon. 

However, the runners include 



Alber Run, who on his last 
appearance at Ayr on August 1, 
finished .third behind Warming- 
ton and' Tap on Wood. Since 
then -Wirmington has won the 
Fitzroy House Stakes at New- 
market and Tap on' Wood the 
Group Two National Stakes at 
The Curragh. 

If form has any meaning, 
therefore, it is reasonable .to 
expect Alber Run to be able to 
concede 3 lb successfully to the 
Yarmouth winner, Monief, and 
8 lb to Two of Diamonds, runner- 
up- to More Bight at Kempton. 

The FoHifbot Handicaps is a 

tricky affair. Judged on their rul- 
ing in the Rose of York Handicap 
at. the Ebor meeting here, there 
is little between Petronisi and 
Abercata, though both would 
appear to have a slight advantage 
over Carriage Way and Blustery. 

I hope to see Petronisi, ridden 
by E. Hide, who knows this 
course like the back of his hand, 
defy top weight of 10 st 1 lb. 

Olympios, a colt by Basted,, 
who was runner-up to Nicholas- 
Bill in the Melrose Handicap at 
the Ebor meeting, is a suggestion 
for the Rufforth Handicap. 

• Yanuka had the beating of 
Bluebell judged on their -running - 
at Newbury last month, but 
neither may cope with EldoreL 
who recorded a faster time over 
the ■ Berkshire course the same 
day, in the Crathorne Stakes. 

Best bet of the-day should be 
Southern Seas in the Heslington 
Stakes. This filly, one of a batch 
of M. Wilde ostein’s horses trans- 
ferred from Peter .Welwyn's 
stable to Henry Cecil’s New- 
market establishment, is improv- 
ing rapidly, judged by her com- 
fortable victory at Yarmouth a 
fortnight ago. 

On that occasion she finished 


2L0O— Admiral Grenville 
2L30 — Alber Run** 

3.00 — Petronisi 

3^0 — Southern Seas*** 

4.00— rOlympIos* 

4R0— Eldoret 

2.15-^Traqnair - 
335-— Erne* •• r.' 


moro-thaif ^irTehgths 1 ahead of 
Dqm ^Pertgnoo^ who had gone 
dowri.Lhy up'hr- a" length to Sun- 
gold id; Newmity .earlier in the 
is not .surprising that 
Simgcrfdr’^bds^uJiyrun. here. 

Move to boost 
steel cladding 

The '.'principal .manufacturers 
of profiled .Lsteel sheet in * the 
UK have formed the Steel Clad- 
ding Association to promote the 
development of the use— about 
12 m metres a' year— of steel clad- 
ding for roofs and walls of' build- 



CC — -These theatre* aecopt certehi crwjtt 
cards try telep hon e or at the Boot OUJne- 


COLISEUM. Credit cards, 01-240 &JSB 

Ton- g Jit at 7 JO. Seven PearCy SI n sj~ ... . 
a UriHlant ENO production ’T Sdn Ttate*. 

ssHJrisritt ™ss*st 

day of nerf. 

TArog-_e»liides. ‘ 

SADLER’S - ' WSLL5 . THEATRE. Rosebdry 
*aSS iS. fcC 1 . 037 1G72,; SMS 730. 

■ ... Last 3 Perts. 


Sept. 1 -*-23. - Vlrst Arab Dincf .Qj. 

London. .-'j-**- 

YOUNG VIC^-SW under;. 

• ' THEATRES -- - 

adelphl THEATRE. CC. .grt ld lH: 

Evas. 7-30- Mats. Th^S- 

, THE-lBEST mu. . . 

Si' -.Bl IW R 1B77 

• • »Smday People- 11 

t Indicates pnigrammc in 
black and while. 

BBC 1 

6.40-7.55 am Open University 
(ultra high frequency only), 
12.35 pm On the Move. 12.45 
News. 1.00 Pebble MilL L45 
Mister Men. 4.18 Regional News 
for England fecept London). 4 JO 
Hay School (as BBC 2 1LO0 am). 
4.45 Big Henry and Ihe Polka Dot 
Kid. 5.35 Ivor the Engine. 

540 News. 

5.55 Nationwide (London and 
South-East only). 

620 Nationwide. 

6J5 Tomorrow’s World. 

720 Top of the Pops. 

8.00 The Good Life. 

820 Mastermind. 

9J)0 News. 

. 825 Most Wanted starring 
Robert Stack. 

1025 Come Dancing: The Grand 

11.00 Tonight 

11.40 Weatber/Regional News. 
All Regions as BBC 1 except at 
at the following times: — 

Wales — 525 pm Wales Today. 
6.10-620 Party Political Broadcast 
by Plaid Cymru, Welsh National 
Party. 625-720 Heddiw. 11.40 
News and Weather for Wales. 

Scotland — 5.55 pm Reporting 
Scotland. 6 . 1 5-625 Party Political 
Broadcast by the Scottish National 



1 Most up-to-date — a woman 
wants to have it (4, 41 

5 Talisman for Master Jock (61 

9 Shoe-shine gets union ban. 

10 Rut in which the mods like 
to be ( 6 ) 

12 “ And a small — build there 
of clay and wattles made ” 
(Yeats) (5) 

13 Recovering like the seam- 
stress (2. 3, 4 1 

14 Standard girl found in our 
railways (6 > 

16 Motoring body concerned 
with strange crime in this 
country <7 » 

19 A little country road ran 
round (7> 

21 Get round one object of vene- 
ration ( 6 ) 

23 Savoury expression for a pic- 
ture (3, 61 

25 Look inside for stump (5) 

26 See the county for songs ( 6 ) 

27 “ I waited for the train at — 
(Tennyson i (S> 

28 Watch for old Bob on the way 
in ( 6 i 

29 They must stop looking dawn 
in the mouth ( 8 ) 


1 There is good fortune about 
to be made in German port 

2 The leading council gives 
right direction (9i 

3 Rouse a Pacific island to the 
North (5) 

4 Spite drove the commander 
to the city (7) 

6 Contract can be arranged by 
a mere agent (9) 

7 It is spice for a chap around 
fifty (5) 

8 Perfection for one in the 
business (3, 51 

11 Philosophic colonnade (4) 

15 There are pointers leading to 
it (5. 4 » 

17 Starts a little distance with 
Titus (9) 

18 Denial of bare feet in Sussex 
( 8 ) 

20 Sounds sick of drink (4) 

21 Disapproval of fish in Tuscany 

22 There's place in France for 
an oyster perhaps ( 6 ) 

24 Have a strong desire for a 
tale about the orient (5 1 

25 This paper includes shelter 
for the Navy (51 

Solution to Puzzle No. 3.763 


ans a m a 
oanaE inn uumuuum 

□ E E3 B □ £2 B 

anaHO^assa onus 
m son □ 

E 000 EranEEHl nans 

H 0 S Q H El Q 

anannnci nnnHnnn 

625 Join BBC T (Nation- 
wide). 1L40 News and Weather 
for Scotland. 

Northern Ireland— 118420 pm 
Northern Ireland News. 525-620 
Scene Around Six. 1L40 News 
and Weather for Northern 

-England— 525-620 pm Look 
East (Norwich); Look . North 
'(Leeds, Manchester. Newcastle ); 
Midlands Today (Birmingham); 
Points West (Bristol); South 
Today (Southampton); Spotlight 
SoHth West (Plymouth). 630-620 
Party Political Broadcast by Plaid 
Cymru, Welsh National . Party 
(Wenvoe West' Transmitter). 

BBC 2 

Trades Union Congress — M Live ” 
coverage at 920 mo.. 

6.40-725 am Open University. 

11.00 Play School. 

425-7.00 Open University. 

720 News on 2 headlines. 

7.05 Top Gear. 

720 BC: Archaeology of the 
Bible Lands. 

820 When the Boat Comes In. 
820 Stars in Full Daylight. 

49.00 Films of the 40s: “The 
Young Mr. Pitt," starring 
Robert Donat, Robert 
Morley and Phyllis CalverL 

10.55 Farnborough International 

1120 Late News on 2. 

1120 Closedown -(reading). 

BBC 2 Wales only — 1120- 
1120 pm Party Political Broadcast 
by Plaid Cymru, Welsh National 

BBC 2 Scotland only— 1120- 
1L40 pm Party Political Broadcast 
by the Scottish National Party. 


920 am The King's Horses. 9.55 
The Violin. 1026 . Wests! de 
Medical 11.00 A - Diary of 
Civilisations. 12.00 Little . Blue. 
12.10 pm Rainbow. . 1220 Doctor! 
1-00 News plus FT index. 120 
Platform. 120 Crown' Court. 
220 Racing from York. 3.15 
Trades Union Congress. 420 
Children's Film - Matinee: " The 
Doberman Can a* 

5.45 News. 

6.00 Skin Deep. 

625 Crossroads. 

720 Father Dear Father. 

720 George and Mildred. 

820 TV Eye. 

• 920 The Sweeney. • 

1020 News. 

1020 “Savages," starring Andy 

1125 What the Papers Say. .. 
1225 am dose: Dorothy Tittin 
reads from “The History 
of England,” by Jane 
Austen. - 

All IBA Regions as London 
except at the following times:— 


IX tun An Asian Notebook. 1S5 “ Lea 
Bicyclcntcs de Beteter." 1040 The Elec- 
tric Theatre Show. 10.® George HaxnUtWJ 
IV. 1L0S Sumval Special Ljs pm 4 " gl*n 
News. 420 Lassie. <US The Flintstoues. 
5JL5 EmmeitUle Farm. Am About Anglia. 
620 Arena. 7.00 Tbe Rolf Harris Show. 
10 JO The Cuckoo Waltz. 11.00 TV Movie: 
•• Ordeal." 1225 am Tbe Living WortL 

ATV - • 

1020 am Music at Harcwood. - HJE 
Spidcnnan. 11.05 images. 1L30 Made 
Circle. 1LH The Adventures of Parsley. 
L2D pm ATV Newsdesk. 440 Tbo Fllsr- 
storres. 4A5 Tbrw for the Road.' 640 
ATV Today. 7.80 Emnierdalo Farm. 10J0 
Gardening Today. 11-00 Movie Premiere: 
'■ Death ai Lore House." starring Robert 


9.® am SnrvtvaJ. 1BJ5 Rush. 1140 
Tbe Diary of cmiisaiion. tUO pm 
Border News. 4.20 Code R. iis Johnny 
Quest. 64M Look around Thursday. 625 
Party Political Broadcast by the Scottish 
National Party. 7JKJ EmmerdaJe Farm. 
KUO Jazz Concert: Kenny Ball and his 
jazzmen. IMS Chopper Squad. IU5 
Border News Summary. . . 


US pm Channel Loach Lime News , and 
What’s On Where. 420 The Little House 
OR the Prairie. 545 Gambit, fcjjo rt^nnnl 
News. 640 Sandringham — A Palace for 
the People. 7-00 The Cuckoo Waltz. UL2S 
Channel Late News. 1042 Down the Line. 

11.00 Iffovle Premiere: " SWAT Squad ” 
UA0 am News and Weather In French. 


4.25 am First Thltw. 9 JO Star Malden*. 

10.00 Spidcnnan. 1030 T^ nar. ms 
The Secret Lives of Waldo Kiay. U> pm 
Grampian News Headlines. 4J0 The 
LUUe House on the Prairie, sjs Gam- 
bit. too Grampian Today, uo Fanning 
News. 645 Cartoon Time. AS Party 
Political Broadcast by the Scottish 
National Party. 10 JO Reflections. 1035 
The Practice. 1LOO Gramm.-m Late Night 
Headlines. IMS Documentary. 


9J0 am Sesame street, ajj -The 
.lemons. HL5B Carroon. tup Taraan. 
11A5 A Handful of Songs. Uo pm This 
Is Your Right. 428 Code R. 540 What's 
News. £45 Crossroad!,. 6 A3 Granada 
Reports. 1*0' Enrnienlalo Farm UD 
The Protectors. 103# aajjptrfoard 
North West. llW What the paners Say. 
1X40 Barnaby Jones. 


1045 am " Crooks and Corotters.” star- 
rinc Telly Savalas and Edith Evans. 
148 pm Report West Headlines.". 525 

RADIO -1 247m Symphony Orchestra iS>. 240 “La 

.A ^ Gene ren Iota," comic opera in tv 0 Acts 

tS> ^ HooMI. Act 1 «S,. 345 oJifiS 

t Medfmn Warn «J» - La Cenerentola.” Act 

£00 am A s Radio 5. 742 Dave Lee phonies from tho North 151. Js^os atuac- 
Trnvis. 9.00 SDBCin Battw. UJtt Peter ward Bound. JS-US Nws. -t*. i. game- 
Powell. 2M pm Tony Blackburn. 431 ward Bound 1 continued 1. ttjn !.(f,.r»nes: 
Kid Jensen. 7J8 Sports Desk rjotns The Wider World. 738 Prates ts nan L 
Radio S*. ltLBZ Paol Caxnboccinl 1S1. VTorart. Cowic «S>. SJ0 Mrrnniinm' in 
UJW-2JB am -V. Radio 3. Germa ny? (talk by Kurt SheJL A50 

RADIO 2 l^lOm aid W « 

5.0a am News Summary. 542 Tony cert 'Si. XL4S NV-ws. njtn p; Tontahl's 
Brandon iS> inrinrimp #45 Pause lor Schubert Soar iS<. 

TbouxhL 7J2 Ray Moore tSt lndmhns Radio 3 VHP 

•4T Racing Doneiin and MS .Pause Inr s.£^rJO pm open UnlvemV* "" *”** 
Thoosbl. 10.02 Jimmy Young fS>, 1245 pm upe “ uwvcrsiiy. 

Waggoners’ Walk. 1230 Pete Murray's YJ * r,Trt j 
Open House 'Si indodinK- ■ U5 Sports KAXiiU 4 

Desk. 230 Da-rid Hamilton fst inriuding 434m. 330m j. W UI? 

2AS and 3A5 Sports Desk. 448 Waggonera’ u, m “ a , m 4 Yl “" 

Waft. 4.45 Sports Desk. 440 John Dunn *2?*, ®5 ,e 5f K - Farming 

IS1 InelodlaR SSS Sports Desk and UQ * ne ? B “g 

CroasChanDci Motoring Information MS rS « t w ani HP' 

Sport* Desk. 7.82 country Club .5 . t « ^ News He»d- 

includlng 7jo Spans Desk. 942 Font- 11,6 Day. 6A5 

vrcave iS>. 945 Sports Dealt. 1042 The News. 

J8 Show. IS Jo Star Sound Extra. 1142 jESLTm h?™* 'S'- 
Tennis; The VS. open t report). U46 “v?* Own catres- 

Brian Matthew introduces Round- Midnight la ® Mom- 

aasst. 1 " 

RADIO 3«4in, Stereo &YHF gg nto w , ."ghTSt 

3WB am Weather. 7JB 2Jem:. 745 The World at IjM 

Overture 'Si. S.W Sews, MS Morning 145 Womans Hour imduiW 
Concert 1 5). 940 Sew. 945 This Week’s News. MS Listen R-ilh 
Cowpowr: Messiaen tSL lBJUTho King's Mews. 545 Afternoon Theatr.-- 

Edla*»faa» IntemaUnnal 445 Jack dc MatUn Precrfcb siS 

Festival _1K8 piano recluL part 1 (SI. Time. 540 PM Repom ^ 135 US* 

114S Kcnival Comment. 1240 KcctreL PoMOcal Broadcast byO” LataS* 
parts. UOpnih-Kn. XfiS BBC Scotusb 540 ScreafladS 1 

-1 '• • >' 

Report Wales HeadUnea. 430 Take 
a Bow. 445 The Plintsumes. S35 
CarroaoUme. 5J0 Crossroads. 640 Report 
W-*Jt. 635 Report Wales. 6J0 Canoon- 
ttac. A50 Plaid Cymra Party Political 
Breadeast. 740 intat'i On Next? 1035 
The Golden Harp TeJevUlon Awards IKS. 
U4S The Thursday Film: " McCoy— The 
Big Rip OB." . 

MTV Cymru /W al es- A s HTV General 
Service except: U0-U5ptn Pcnttwdau 
Newyddton rDydd. 428 31iri Maivr. 4JS- 
445 WslilKthna. 648435 V Dydd. 

HTV West— As HTV General Senrrre 
except: X2B-L30 pm Report West Head' 
lines. 635 Sport West- 6J8-740 Happy. 
Days. - V 


1035 am ■■ Cry of the Wild." 125 pm 
News and Road Report. 420 Animated 
Classics. 535 Cartoon. 520 Crossroads. 
640 Scotland Today. 625 A Party Politi- 
cal Broadcast by the Scottish National 
Party. 635 Garnock Way. 745 Love 
American Style. 1830 Law Centre. 1U0 
Late Call. U35 Canadian Celebrity 
Concert— Diahann CarroiL 


930 am Adventures in Rainbow Country. 
935 V Good Neigh bo nr Sam," starring 
Jack Lemmon. 128 pm Southern News. 
420 Lassie. 445 . Beachcombers. 535 
The Undersea Adventures of Captain 
Nemo. 528 Crossroads. 640 Day by Day. 
6J0 Survival 740 EmmerdaJe Farm. 
1830 The Electric Theatre Show. 1140 
Southern News Extra. 1130 The Family. 
1238 am What tbe Papers Say. 


925 am The Good Word followed by 
North East News Headlines. 938 A Big 
Country. 1845 Movie Classics— " Melba. 1 
starring Patrice Mttnsel and Robert Morley. 
120 pm North Bast News and Look- 
anrand. 420 Cue Club. 445 The Little 
House on the ' Prairie. 640 Northern 
Ufa. 740 Emmerdate Farm. 1038 Life- 
style. 1148 PnhCclebrity Snooker. 1145 


10.30 am Morning Movie: “ Never Say- 
Goodbye," starring Rock Hudson. 1,20 pm 
Lu-1-.imme. 434 Ulster News Headlines. 
428 Take a Bow. 445 Lassie. 5.15 
Cartoon 520 Crossroads. 640 Reports. 
625 Police Six. 635 Happy Days. T40 
Emmurdale Farm. 1038 The Racing 
Years. 1140 The Practice. 1125 Bedtime. 


1045 an Tho Gone Machine. 1835 
Untamed World. 1148 Clapperboard. 1138 
Sandokan. 1221 pm Gus yoneybun’s 
Birthdays. 128 Westward News Head- 
lines. 420 The Little House on the 
Prairie. 535 Gambit. 640 Westward 
Diary. 740 The Cuckoo Walls. 102 0 
Westward Late News. 1038 Down the 
Line. 1140 Movie Premiere: "SWAT 
Squad." 2248 am Faith for Life. 


938 am Wlklllfc Cinema. 1040 The 
Herbs. 1035 The Outsiders. 1130 The 
Maharajahs. 120 pm Calendar News. 
420 Jabber] aw. «jb Little House on the 
prairie. 640 Calendar lEmley Moor and 
Belmont' editions 1. 740 Emmerdalc Farm. 
1938 .The Love Boat. 1138 la Concert 
with' Barbara Dickson. 

gramme news. 640 News Including Finan* 
dal Report. 630 Brain of Britain ItRS. 
7.00 News. 745 Tbe Archers. 728 Check- 
point. 745 Married Daughter. 830 Th^ 
Five Senses. 845 Miles of London with 
Sir Bernard Miles 'SI. 938 Kaleidoscope. 
939 Weather. 1048 Tbe World Tonight: 
News. 1830 Did On>; Bot Know. 11-00 
A Book at Bodttmo. 11.15 The Financial 
World Tonight. 1130 Nows. 

-BBC Radio London 

206m and »L9 VHF 

546 ora As Radio 1. 630 Bush Hoar. 
948 London Uvc. 1243 pm Call In. 2.03 
SOS Showcase. . 443 Homo Run. 743 
Jazz Alive! 738 Black Londoners. 630 
Soul 7b. 1043 Late Night London. 1248- 
Close As Radio 2. 

London Broadcasting 

281m and 973 VHF 
540 am Morning Music. 640 AM: non- 
stop news, information, travel, sport. 
1046 Brian Hayes Show. 140 pm LBC 
Reports. 348 George Gale's 3 O'Cbx*. 
Can *40 LBC Reports 'continue s j. LOO 
After Eight. 940 Nightline, 148 am 
Night Extra. 

Capital Radio 

I Mm and 35.8 VHF 

648 am Graham Dune’s Breakfast Show 
IS), 9.00 Michael Aspcl fSL 1240 Pave 
Cash (S'. 348 pra Roger Score <Si. 7.00 
Lori Georgia# rpwn'£ Capital Commentary 
tsi. 730 London Today (S'. 7 JO Adrian 
Lon’s Open Line t5). 948- Jonathan 
King is). LLW Mike A Hen’s Late Show 
<51. 240 am Mike Smith’s Night Flight 


» MO -jt.m. 


Bse «>7i -3' from ,-~- 

A THptlSArJD^.M^... 





ALOWYCH. JOB 640*..... lltio .g36 

III fy pp rfnl ■ ' 

Totiloht 730 ASWU UTEffim^A^re^ 


«” ™“1S& sro^ 

11 Niivtaut 

... from 

I3G 2M2. 

■*HaBrg Tfa. Vil: 

The Worid-Famous Thriller 

««.r_ and 

£2.00 and SA 

seat -5730. 

APOLLO. 01-437 2663. .BWlnff 8-00. 

” Art,r * 

Wickedly fanny. THnes. 

Road. 01-734 4291. Mon.-Thur. 8 om. 
WT and Sat. 6 and ' B.45 tBullet food 


** Infectious. appealing. toat-stamDinn 
and Iteart-thaniwnu. . Otnecver. seats 
- £2.00-6-00. Halt-hour before show best 

available seats £3.00. Mon.-Thurs. and 

Fri. 6 Pm PBtl. oniv. 


CAMBRIDGE. CC. 836 6056. .Mon. to 
Thors. 8.00. Frl. and Sat. S.4B and 630. 


Exciting Black African M»tcal 
Scat prices £2-00 -£-5-00. 

" Packed with _ variety Oa'W Mirror. 

Dinner and toojrlca sea ts £8.75 I ncl. 
CHICHESTER " 0S43 8131 2 

Today at L g40. sro^s fMJ « J.00 


COMEDY. 01-930 Z57B. 

E«L Mon.-FrL 8.00. Sat. 5.00 and 8.30. 
Mat. Thors. 3. DO. 

by Rosemary Aime Sisson 
“ Excellent family entertainment anyone 
Of any aoe is likely to enjoy It.’ S. Tel. 
■■ Damned good theatre." Sunday Times. 
■'Americans will Invn It." Gdn. “A lantih 
a minute." D. Tel. " Ownortunltres hrii- 
1 la ntfy seized by flrst-rate cast. A most 
attractive and entertaining ewenlng.” E N. 

CRTTERION. 930 3218. CC 835 1071.3. 
Evas. SO. Sat. S 30 8.30. TImm. 3.0. 


■' Very funny Sun. Tet. 


7jn - 


LYRIC THEATRE. OT-437 366K. Ev^440. 

-DiActed *.B' fySsrojfalSjWB.Ll. ■ 

” TOTAL TRIU M PH.". Ev. ' News. '"AN 
YEARS." Sunday Times. .... 

MAY FAIR. 629 3036. Air cond. Evs. 8-0- 
Sat. 5.30 ana a.30. Wed. Mat, 3.00. 

MERMAID. 248 76S6. ' Restaurant- ■ .248 


A pMv for aclors and orct>vstr« by TOM 
£3 and £2. *■ NO ONE WHO" LOVES 

. MISS THIS PLAY." S. THUS. ’’ Ariastl 
•m meaningful and brlWaM -awTiertous 
pofltfcal play," live Barnes. NY POOL 


oliyier ro«en none): Tonight & Tomar. 


flow price 

GQTTESLOE tsm'afl auditorium «r Prom. 
Season, evs. B tSept. 12 at 71 (ARK RISE 
written by Ke/th Dewtmrst from Ffora 
Thompson's bctoic. . . . , 

Many cm nl tent cheap seats all 3 theatroa-j 
day of oerf. Car pork, RMau 
2033. Credit card booGnss 92B 

014 VIC . . . -• 928 76161- 

• •. • Anmonyjgn ayle In 

Starldmate.-coinedv. wfth James' Aubrey. 
Ida BWr, Kenneth- Gilbert. Carol .GW ten, 
Matthew Gatnbess. Mel Martm. Trevor 
Marthv ctirtstopber Neanie. 1 
• .. Tonight .at 720...... 

Opentes olpht t omorrow 7jfl. Sat. 2M 
and 7.30. 

rPICCADILLY. From 5 30 ajti. 437 4606.- 
Credlt Cards 636 1071. Moo-Tbi 
Frl. & Sat. 5 6 B.1S. Air amd. *• 

nahno vfltfr i m ieUeted gusto and hw 


i . SYLVIA MILES . . . 

” TowerfnH periomtence." Daltr MdL - 


"Works hko magic. " . Ffnancnr Times. 
* Thpe.has hatfhr been a^paotr s&ttefylng 
even! no In ttm Wes* End toe BesT 
’ Sett ifoonino. like an electric cum? nr." 

PALACE; * CC 01-437 6834. 

Mon— Thnrs. a. 0 . Fri. and Sat 6 and 8-40. 

' «SW Christ superstar 

by Thn Rico and Andrew Uovd-Wcbbcr. 

PHOENIX. 01-836 2294. Eroninga at 8.15. 
Mats. Wed. 3.0- Saturoavs 6.0b & 8-40. 
GARDEN make us laugh." Mhi Mall. 

. . JS* Comedy b-y Royce Rvtan. 

HAVLDiFp.-- Sunday Times. " SHEER 
DfiLIGHT.** E»g. Standard. "GLORIOUS 

PRINCT EDWARD. ee (fomtafy Cayfrurl 
01-437 *077. • Evenings' BjO - Matinees' 
, Thor, and Sat. ;at 3.D * 


by TlrnJUce and Andrew LI ovd- Webber. 
Wroeteti by Harold Prince. 

EVOS. -9.0. Saturdays 5.30 and 0^15. 



starring robin A5KWITH 



VAUDEVILLE. 8383388. CC. EvutS 
Mat. Tues. 245.7- SaL a.eo an£K 
Dinah SHERIDAN. Dulcie 

The newest wftodunit by Antha^rfil' 

tog the West End ver agate wi» Mh^r. i 
Of Her flentToMr bnenfoa mute \ '. : 

"3%; sJaaBSiS-J; i 1 

c ' v 1 


. .“si 

\y .. 

Evgs. 7.30. Mats. . Wed. and • SaL' «> 

:• ' '* BLOCKBUSTING— ' ' 

■. .. . SMASH HIT MUSICAL." -D, . 

WAREHOUSE. Domnar T tiro try. Cm| 
Garden. 836 6608: Rdvjl ShakeaS 
- Company. Tbn'L 8.0. Pete Atkin's A *> 
Pete Atkin’s playing h an eqlsyat 
as his dialogue." Times.- AIL eel - 
EL 80. Adv. bkgs. AldwydB, Bwfs 
• standby ST. ■ ‘ 

WHITUWLL CC 01-930 &8S2-77U 
Evgs; 8.30.' Frl. and SaL. 649 -and AS 
Panf Raymond presents the SemaOffi 
Sex Renie of the CefRwy ■ 

■7th°GREA?WNTH> 1 r 

’ Takes to omtreccdented Ifmlts. trtar ■ 


_ XtWQT- 


ac? 1 

a ib&iueze 

Prods. -24B 4 1 

Efieo.. . 

' may be - booked. In 

CLASSIC 1, 2, 3, 4. Orion! SBrot ( M 
Tottenham' Court Rd. ®* W 

U and A proas. Children i haH-mw. . ' . 

Mereophoolc . soimd. . ProOL; T.OS. 

6.00. BJO. Cate show .TEXAS CHAH[ . 
2: Krrt Krtstoohason. CONVOY -iA > 
Progs. 1.40,. 4 .00; 640. 840. I4te.€« 

1 1 p.m. • - <1 

i? P *E 


3-20, S.5S. 845,. Late W 

CurzOfl SVCCL W.l. 459J! 

lAfr-Contfrtfouetf) LAST WEEKS- -WU 
UZALA an In 70 mm I English^ b-tf_ 

New. BIW--2.00. S45. 8.30» '»"^:*T 

QUEEFTS.' CteeUt Cards. 01-734 1166. 
Eirara. 8^00. Wed, 3,00. Sat. 5. DO, 8.30. 


At 7 mn. 9 om J 3 pm. Opens Sons- 

,£5 l £iJi£.Y MONO es»"» 

_ Folly sliMlondtUDnoQ- 

DRURY LANE. 0-1-B3R 8108. Mon. to 
Sat. 8-00. MarteteT Wed. md Sat. S.OO. 

"A rare, devastating, fovws- astonishing 
stunner," Sun. Tim es 3rd GREAT YEA R. 
DUCHESS. 836 8243. Men. TO Thors. 
Evenings H OO. Frl.. SaL 6.15 and 9.00. 

•’The nudity ts stunning." Drily Mall. 
9th Sensational Year. 

REGENT rOadord Circus). 01-537 9862-3. 
Evs- 8.30 -Mats. Frl. and Sat. 6.00. 
"A Httle' Jewel." Financial Times. 
"Smart . ***•« show." Dally Express. 
"So- enjoy able." Sunday Times. 

'.■Lyrics have .more rteainee - 
- • than those for EVITA 
' .... waste more bHe 
than that for ANNIE." Sunday Telroraon 
Crow -Cant feofclnps — Seats .from £2. 



Price* CZ n £S Best seats £3 ’r-hour 
before show at Box Of*i-e Mon.-Thurj 
Fri. Mm. an «rtes E2.50 Evgs. 8. IS. 
Frl. and Sat. 5.30 and 8.30. 

FORTUNE: 836 2238. Evgs. 8 Thun. 3. 
Saturday 5-00 and S.OO. 

Muriel Pavlow a* MISS MARPLE in 

GARRICK THEATRE. " CC. 01-836 AG01, 
Evd. 8.15. Wed. 3.0. Sat. .5.30. 8J0- 

Guardian." NOT TO BC MISSEO.” Thn vs 

01-437 1592, 
3.0. Sat. 6.00. 8.40. 


Eve*, a.i S. Wed. . 




■rots must Se Ihe hvr^Mest lairafner. 
maker in London." d. Tel. " An. lrresl*. 
tlbly enjoyable cvcninq." Sunday Times. 
HAYMARKET. 910 MUl Eros. a.nS: 
Wednesday 2JO. Saturday 4 Jto and 8.00. 

and IOE*l E mafidl 

A new play by RONALD HARWOOD 
.. “i^cted bY -CASTOR WREOE 
An admirable otav. honest. vw?ll non. 
reteg d. o roo eriy wprrad out. freshly and 
Mtlpolv written, richly 4dMdiu. Paul 
Seohefd at hta b est." b: Levi n. S. Tima. 

Ewns. 6.0. Matinees Thur. and SaL 3A 
. THE MATCHMAKER w ™ nwr ‘ 

A Cumodv of Thornton wilder. “ it ma 
w/th a deserved roar of deKght." 
D. Tel. For a Hmned season ttntH Ort. id. 
"Hello Dolly S» nice to have you back." 
O. Man. “A MastarMbre," ifoios. 
The man who wanted a glass of babblv 
■“ * had lust 


KHKTS ROAD THEATRE. 01.352 7488. 

Mon. so Thors. 9,0. Frt- Sat. 7.30, g.M.' 

- 00 NT DA6AM IT, S8E IT. 

RivERanr'sniDiosl. 01-748 »S 4 . 
. ’ To night 7 p.m.- * 
. Director; PETER GILL 

256^. _ Yovfo Threfr* in 

PETTfCp^T REBELLION. Evgs. 7.30. 

ROYAL. .COURT, 730 174S.'. Atr-CooO. 

PtWfeiW 5v»- at 8.00. Opens Ton. nevf 
at 7-00. Si«h»..ers_ S^M. sat S 00 and 
8.30. Nteel Wltflaintein tn John Osborne's 

ROYALTY, errio t - Cards. 01-408 8004. 

M orday-Th ut- / evenings ' B.OO. ’Friday 
. 5 JO and JM=- Satqrday 34M.attd 8.00. 
London ' critics, vote- BILLY DANIELS In' 
Best Musical of 1977 
Tcf. booking* accepted. Malor credit 
cards. ' -'Restaurant reservation ttt-dos 
•• 241 8. 

"F45.T." tA). Sep. Belts.. i 

Mon. -Fri. AH pert 
aacnht Late Night. 

at i.iu. a^u. o-ju pjo. mihwc.- 
Frl. Sat*. & Suns. Doort «*»■ hr 
prog, at 11 AS p.m. Al l seats bktfl*. . . 

Sea. Profit. Dir. Doors qpyn 
7.45. -Lite show .Thorr w. Saw 
ooen AW seat 
flox OfTico or by PtteL eaccpt Thut*. 

KIND tAj. See. prog*. drery optJK-^E 
Fri. 2-00. 7.30. sat.. T 03. 4JS. 7»1 
SO A 3.00. 7.3a Latf toJi -K; 
poors open . 11. 15 P.m. All «*«_«■», 

PRINCE CHABeiA ifk. Sfl.. 

.• . Mel Broo rs. * > u 

. HIGH 'ANXIETY ... A1 2. 
Seo. pert*, dally Wort L SufO JASt * — 
9.00. Late show W.. and Sst. 

Seats bookable. LteeMed bar_ . • J 

‘STUDIO 3 and «. Oxford Cfr 
3t A Fred Zlnnemann Film . 

Progs. 1.05. 3.10. 5.45. 8.15.- ^ _ 

S? *’ J m ‘ 4 Clay burg hr, Alad Fates 
'X'.. Progs U5. 3.30. 6JD0 
Show Sat: 10.50. ? ■ ■ t*. Sr. 


SAVOY THEATRE. 01-836 8888. 

Credit cards 734- nJ 72. Tom Conti hi 
Wfth JANE ASHfiR. 

■ TO SEE IT." Guardi on. . 

Ev*_ ti too^Fn. and sac. S.4»antf A4S. 


01-836 4255. 


TofitffM. BJO. 


STRAND. 0.t-fe« ; 2660. EvmfoWS 8.00 
M.t. Tlum^.MjS^o^gA.aO 6 8 JO 



ST. MAdmld'S-^CC- 01_^836 144_3T~kvBS. 
8.00. Mattoe - - - - 



TALK OFYTIE TOyrtf. tC. Ol -734 S0S1. 
Mr COBtitriorM^hrom "8i Dimno-Oanctno. 
' ’ 9J0 5LTPE0 REVIEW 

^ ' At Vl^fTTI ^GOR ^NO 

-> : ' r ! ' ■ "K 


Over 400' sets in stofk 

Bur wfciely from the m awferi WUgl 
with foil after- salec aetro* ; 

‘01-986 8231 ’ ;V 

• " TeHoti 897784 - i. 

Stock of over TOO used, fork ild 
ready lor lmtnedtefia_ delivery. r 
from 2,000 IK W 

- " or; Handler, fitted *f«h 


icaHjr •_ operated 

MP . RH 

iwnT' UDcmcq iw ni r-Jh* 

handlfog 20 ft-. 30 ft- « ±*3i, 
taitrars. List sent uno*F rebumr. 
and export . enau)His i: v»W®*Ei 
redo cUoM an buHt gfir rtaeu *_^P5 
arranged." an, Wh ere - BnsMW", 
Lite Truck Ltdf. Hama- Ao?*^ 



Br e tnpto M Road; SVIJ.-.- 
Brfrtah. worts of art. Barha fl 
L 5. Lowry. HMff BRmM. 

»on. _ Graham SutherlapiL ' 

- Matthew . smith.- -etc ; '.H 
European and American a 
10-6- SaL 10-4. 01-584 75» 
ARTS. 321... Kings Roed.:S-W-. 
5857. Native Art from TB%- 

Aho youbg arBrtr at ukuwd 


MARBLE- Carving* YOB* 


TION. , - 


fjeneh MODE — 

Modem 'British 
42. AINtorfo Stfggt^fjfiSH®' 


-L: Y- ••"•J'J-.-Si 



‘SSSfficfil’Ttniies ’Tfed^r.! 

Record itevfeW 

nW : 7l978 


I Riverside Studios 


The Changeling 

Jui*Balffier AtlfiniM* ^ though not all orchestrated charming music for the ecvefl point of wastefulness, poured j I 

<S26 SPS «“**«** *- v ™ l . a ’ arc convincing, Often Pleiades is competently done by out *l«K ideas almost heed- 

^‘National an?^ ?^ p,e ’ ffajSSfe'S* £*P»y Wnwalvc. The difficulty a -roup led by Palom* Perez- lessly. Taler fa* would revise,; — . , . 

^FrQhbedt <te "ifalSL Jt . 4 », 4s a comes with part 2. dealing with tnign. The leaflet includes the but the revisions were given not ^ . p! J t °* Mid<Leton and 

-i-SrorS^inho^^nSL 2^ 1 J^ESP“Z5 > l5S w , M2f 5f- reu,cs and ,he ta! strophe. Catalan ic-xi with Enrich tram- to publishers or editors but to ■ Rowleys horrific drama is com- 

) : -*S5Si»«. *■ Dtcc * ^ ?? Aild*t«fa *«■ This part was left at the emu- iation. Those who posse.-, the old friends or other musicians or left ‘ Pl«f. but never less than clear. 

*:■- . posers death in a state of vou- Ilicordl vocal score vrt II find mimy l>w*bout. Listening to these .Changelings abound in it. 



31329. £3.99 

: • Deep * h» literary merits. the events as 

- s>al M5B told fty verdaguer : are quite 

Granados Song* — Totwdtil is and unsuited ' to normal theatrical 
Candemes lmstoriw. Loreogar, treatment. They h»ve. however. 

of the Americar^&JumJufi. to fail about the time he under .ttMufitto heeds and deserves sooner or later A beta de Larrocha 575.55" “ C act5 Wfi p H, ce ~ 
who. nailed' over flw legendary — — minutelv ron c idt?rodi hi"hb uniat be persuaded for a while- ^ lir s! 1,u b- Someone eu!1 id- 

sneofAlhmiUK- However-great “ . _ ; — JESS' L, ° U !L n i!S,J .h*J L'iJE »«■ must therefore take her 

Book Reviews will 
appear on Friday 

polished, but probing well below u stop playing the music in her 

the surface— is to be heard in ininrllablp way and produce an yV!. 71 ?*!. 

ae-bed. Mean- 

f ^ 99 ' * from look .ttiuntida. was evidently with Eduardo Mata conducting Frank Marshall.^mhented from Le^ps dose N° - u a rded’ TbissuK 

■ aM • - . .. not. , n hlb later yean, of virtual «1C LSO. Joaquin Aihiicarrn Granados himself. JSiSS 

■ ■ Though . one miMS jaJute the isolation in Argentina, f-troai: Pta's the PiaOu obligato in the The Goyescas record (both . {'.y’L t \L h ° ° 

Attention. Falla's last and speed VrithwhtAEffifctve put enough to bring the material intu W«t* and the solo part in the Volumes, plus \hr separate but- J, “ 1? j25 n !Sf 3IJ 
longest work; cost the eoinposer Atltinudo on the. matfcrt. the h is normally clear focus an d concerto— hnth harpsichord and allied: M El pelele "j j s nf 01 th A10 “J-* ht m , 

• some IS years of labour and recording show* dgnsof haste. perhapjj unwilling to admit that- P*»nu veminus. Falla did this Ufrocha «s even bener than; I-™ 5nm mfinhl 

^O],. remained incomplete when -he It may be the ^etaitive. -version this part at Ica-ii of the u?xj was himself— when he wrote fht- cun- before at defining the Scarlattian } u °*zFr, Jlf'f r« 

died in 1946. For ah even but not,. al«. *VfleflnlUve per- unsuacd lo him as a composer— ferto the dedicatee, "anda defatl bidden in the swathes of 

others finished hut not scored, conductor — unfailing •-phyweaj Faila-HolfTior has here produced parked with muMcat incident especially 
still other? far from ready > into -energy eombin«d r «Kn..u.*neciai some striking if uneven resiilis. t h «t two hearings are welcnme. mdert*.” 
a. perfotmable.sLiie^ : Haifftcr's.Sift. fw prdd6dn$;. soft -oioral yj. fhj? soloists the hem is The conlPasl beiwen the two cspr««iv< 

amor v la; The villainous De Flores is 
and deep played by Brian Cox with a 

a. perfommble . state- Halff tcr’s. Sift, fw prod6da$;. soft -choral y j. fhj? sll - lft j s| lh h ■ The contrast beiween the two cxpr«*iv<?ne^<. She is of course hideous blemish on his face and 
first version, tried oiit in concert "0« *®t Vicente Suntinero at. the barit- keyboards is as lnieiestinc as an admirable piano partner to a soft, coaxing voice at odds with 

and theatrical form in the early Spanish National/Cnorus ai toeir flne 0arrat0r ^. a kind ur «di»lt onc n,l £ht expect. The recording Filar Lorensar in the. same com- his murderous character. 

— i *"’ fc *““ - - **n , h ' cels the balance between the soin poser's sonsa. Mm Lorenuar is Beatrice-.Ioanna, “s~ 1 *■ — 1 

ixtles. was withdrawn and n*- a coteur j” sohered-down counterpart to the ^ pls 

L^rtt-b ah Tfc- -definitive ,v ver- -the, tone not id t». Iwwtf from zr.::J.r l r v i,.,ri 


irrepressible boy -narrator in J ,arl and . ,hp flVt ‘ 'Y 1011 and charming and tasteful, but she high," is kept 

n v‘ evu. i*re -■** . , , . ~ j-.- ^ irnr|>roMi»p Ouy'iun QlOr Jlx ■■ ■ *■ — — — wjuiin***® » uj »v ■ u», 

si on given at the Lucerne Festival O**^ ; a I Rer . uodtw -D«i acre. Mnxier heier'n Puiwet Shmr The fringed instruments right in a bring? to the music overtones of 
in 1976 for the centenary of «P«iany n-tw MTWa single scrnesfnr the two Oilmens way almost impossible in the the Countess Aim a viva, or even 

976 for the centra ary or |,^TS’ single scenes for the two Queens, way almost impo: 

birth^ was also wWidravn. .JfhCTe only ^ a hall^efattras «.uwo. p jr cne (mythical) and Isabella concert hall. In 
Far a much shorter period *?£ F . ? end .1° vOS fhuioncali. written res nee lively Arhdcarro dnps r 

his murderous character. 
Beatrice-.Ioanna. “so harsh and 
high," is kept a little too 
restrained by Emma Piper, who 
need hardly rare about her birth 

Falla'-s birth^ was also .withdrawn, Pyrene (mythical) and Isabella concert hall. In the .VigJir.s Wagper's Elia, which do not once she is so steeped in crime, 

but for a much shorter period *ooy woo to uafrOrev. in* score (htsioncaii. written resnecitvcly Achdcarrn rtnps not articulate greatly help. She i.s at her best m She even has a comedy scene 

and for far less drastic revision.'. choral for contralto and soprano, can he all ihe pianos nourishes quite as the Utfs idiomatic fbut very with the chest of patent medi- 

The final result was heard at laht . 1 "*® re5t 1 and taken bv the same .singer — both clearly as Larruvha in her beautiful), intimate rapture of dm*, and plays that with very 



<„tr uua , « cnu ..c . , . - „ uy i,.k- nuim- .nn K cr — uuin clearly as Larruvha in her beautiful), intimate rapture of dries, and plays that with very 

v ear's -Granada Festival. EMI a« solemn ppfyifliWj-Mnprefr de Jos Angeles and Berganza have- recording, but his playing has a the neglected Condones amato - little sense of fun. 
have recorded the work with writing . loe^mu don(i mu wilh oa » a bl e sueeexs. cool distinction and the score as nos. Larrodia's playing was even H er father is given more 

s 4P*«TbiH' 

* is a>3£z & 

Brian Cox and Emma Piper 

i.g.-virarfi butt 

.k is 9 ' cFPniO 1 ran Lata kl Sfftrn “ V t-: — I'W ' — ^ : ^ ITTT C r — . . , la act iii .iiiL-autri* huum uci c lujin iiv lutr nuuic 

dear that until auite a late stage P*rtR. The prologue M We onl Falla wrote) Anna Riwi is un- any notes to paper). Granada*. swUe*. when the record was i haps have been a De ner malc h .. ni „ h . (S _ fnp 

r a KS fr£lrhe and third partial*!*- spontaneously lyrical to the madp. - ; f0r j 03 nna than Alsemero. to .rSsiS etaiSrti* S !h ta{ 

Air- as- -i - . . .. -I-..-*.- !whom John Pace attributes as sta „ e i 0 provide the mo« smk- 

•w*™-' «" . • ' .. . . •. a T"1 T * - 1 "t much counesj as.nooilu\. j ns pi c i urP . j t i s bcauliful to 

a combination of gaud music l\v George Fenton, 
imciligence as it is The whole produeliun is of out- 
y iiy the whole cast, standing merit. 

Monteverdi at 

"Quo te ’ . . -■ 

The first of the two visUina pel ling ind pentuxstw th«f tocal 
M.lffh'E 1, °i ,cra companies at this year’s entity. - rZ-ri 

miULjt Edinburgh Festival- was the in addltttjn. a 
iora«JPSL : Zurich Opera, which gave two insirumentai 

performances each of the three have Traced. ^ 

•• $,4 u i surviving Monteverdi operas — rocai ebWUeg of the arfieh c iKts 
'■ Orleo, ll riwmo d'Vlisse in mo heavy, on . thto 

and L meoroniuiaue « tornorL -nr.i 
Poppet!. To sit through them, in doquence 
^^chronological order, in the space Cjarjty. waroib, Imd 
^throat*" or four days, was an endlessly ot voice produ ction f used with 
rewarding experience; the kind- a Constantly ■ appreciative -and; 
a fter. which one can never he the y . wWg and 

'vMoifo'ii same again. There will be plenty 
mond ma o f res#rvat i 0nB later in this. "iijSjSUZ 

Wt'&n notice; and some plain carping. 

■:‘-'-K-\ce i,, r . about musical and dramatic dun, declamation, these. -are the 
•SkSK&'n * poets of the- “cycle" 

HsTioirE here presented,. But. -first there wjJ*-. 

: !.-3i i-M.-simust be simple expressions - of **nglng is the most importAnt 
iakv ! ,S ' ^-afitude w ^sle JasnBHjntto HwepOT-W 

^ for its boldness, in coh- expressive Monteverdi ^ payfor- 

v ssar -t t bj, «.«, ■» 


Australian wins 

Pfter Gil! S»s .l.-ed liic play see how. wilh tho subtle aid I.r Commonwealth 

loppert . his ’SSii’&r s? JS?SoS Poetr > r Prize 

, • of oarc tiles is innocent of _ . r . . The annual award of the 

record all the instances or scenery', apart from half a dozen 10p sta 3e in apt iiooas oi Ugni. cuiumunaealih Poetry Prize has 

supererogatorv dramatic detail, plain benches along the back groups and individuals are -one to Timoshenko Aslan ides 

balf-thDu n ht through and im- wall. Above them is a Sine of located to perfect visual satWfac- fur hi> first book of poetry The 

nosed uoon the action of sur- nancis. painted by Liz da Cosla xion as in a conversation-piece by Greek Connection, published by 

pospa upon tne action, oi sur with a dej>|gn of m2(imeDt B ut r , ain< . horou ^ h . vhi!o attention >he author in a limited edition of 

render to coynes-s inot the true. eveP y detail of the action is can- . " ' . ' 500 copies (available from him 

broad- ribaldry in which Venetian <veyed by the voice and the face, f° CU! *fd at ihi. propet point. c ^ p g- y a | e Street.- Cabramatta, 
opera delighted, but a knowing. • and I doubt if 1 have ever heard Emotion is occasionally under- South Wales 2166. 

self-regarding 20th-century de- dialogue from this period spoken lined with some uncommoniy Australia). 
clemflop of iti. of Ponnelle's in- ] • • 

*t “Krtising :tbe%hx's 

Wt5«V"»ifc' “of Monlcveraif w 

' i S^SntfSSr.-SwSCS 


Of 1977 (when Popped was-new. jy-jj IjS-SPiSSSn rSe5S« 
wi iif . H and Orjeo a tvroyear-old re*vnl 5S5 iSmressron 

t2 =TRa5J»» itfls?-- “fifcSsr SS^S iSSSLSKS S1.?S5 jSL 

>5,® shown}. At h, ^ 

twin Pillars on . which, the , of ii 

Zurich Monteverdi edifice rests ikiSj't'iSI^wnnifin* ' 

m rH , 5-2sfeaMsa 

- fcwlta." and •“ kyesto '*) in-. 

ability to resist j apery in scenes 
whose- gently unfolding nobility 
sets the tone of the opera. One 
thought that the low point of 
the 'entire cycle had been reached 
in. thf scene of Penelope's woo- 
ing, 4. sustained bout of tom- 
foolery by three suitors garbed 
as Cardinal Richelieu, until the 
monologue of Irus the glutton, 
delivered from the conductor’s 
podium, placed that point lower, 
and thpn the great duet of recon- 
ci Harto between Penelope and 
UlyssS placed it lower still — 
anyondwho cap enact the scene 
as a rflli on the floor simply 
denies the vense of the words 
and the music. • 

’By contrast, much of Popped 
flowed forward as a compul- 
.sively gripping', narrative. 

, Poppaca's amorous and political 
fortunes, greedily advanced .by 
her nurse, Amalta, were 
charted .with keen.- fertile 
theatricality; it is a true, and 
strangely touching, insight that 
demonstrated the bond between 
amoral young fortune-hunter and 
avaricious old protectress to be 
the closest and toughest in the 
entire opera. Yet the charge 
that, here once more, Ponnelle 
failed the grand outlines and the 
central seriousness of a great 
and infinitely unsettling master- 
piece by seeking out trivial by- 
play will not be resisted. The 
upward progress of the heroine 
musi he balanced by the down- 
fall of two great and powerful 


Anglo American 
Investment Trust Limited 

(Incorporated in the Republic of South Africa) 

The following are the estimated results of ihe company for Ihe six months ending . 
September 30. 197S. together with the figures for the six months ended September :'.U. 
1977 and the year ended March 31, 197S. These should be read in conjunction with Ihe 
notes below: 

Investment income (see notes) 
Interest earned • 

Six months 
24 979 

Six months 
21 4519 

65 053 

'* 41 1 * seems In large 

al^sf all of the sraaUerparts m ■ 

’•’■V" of „V. t b n °i h ^ n ? e J(n n^hiihK^vfn dubious alliance with rough tone 

_ ‘ I|ilB i - ?W to ^arouse -Seree ecmtro- shapelessly pasted oyer ihe . Rachel Yakar and Eric Tappy in • LTncoronazionc di Poppea * upward progress of the heroine 
P^ IK ?r.A: phrases. - In fee Title role, - • . rj* musibcbalancedbythedown- 

Philippe Huttenlocher could not . ... fall of two great and powerful 

■•irirsjis the foundation of ; the per- jSjjjJ' Utose * ° cla? J as nurse added - The change of backcloth JUyed^as a^^ld dodderer 

formances ' is b'tlled as the S e hnffd fni nuff^ ln p °PI«uJ made herself in seen through the arch was quick. p nl onius-sfyl^whose /otnSrUari 

3C«i "S Baroque Orchestea.: of the ^^ b e ' coln?atura of M ™ e wai ' s * h ® roQ5t authentic attrat4ivc. and deftly managed. Ked abSt during ‘ ? Non 

.•Wfii**, Zurich Opera, its personnel performer on stage. Pet Halmen's ciistumes. stem- " "Vir Senec^" and Octa via not 

s« seems dn.-lafrae -RSCt. that of the -f®** ' But I cannot further - delay •mine directly from . Ponnelle’i ‘ .‘rauic heroine driven to 

Cancentus Mnsfcius-of Vienng. ; mention of the producer, who, conception (or. frequently, as in H-sirate acts but as a thriH 

« the hand schooled Har ^'-J?r^J I j5^^^ft a Mrni n everdL than any ulher element * ll,e **aSe of Penelope and her nainicd harov then Mon?evertfi*s 

court over many year* to * degree pJJfflJK-nlS Mcevtataitv of ^ ^Tesponsiblc for the dose- suitors, misconception) of chan c- 5 n d Busraeilo's° balance I* 

of expertise hardly Availed, else- Packed succession of splendours tor feasted the eye with their S? t erly Soy?i 

'*-*%* where. Enthralled a^miraHon of M^cT^e^r Fr^^sOT AVniza! «»* miseries of which the three fantasy and complicated detail. Love fa loathsomely cute 

sounds they ^rrkd/ was , a ^ stagings- were composed. Pon- . 0 rJeo was allowed to retain putlo Cupid), Virtue, and For- 

Uktmotif of the three eventns^ .-.w : whose Teleinacbusy ne ^ e *?’. in , ,u ^ ^oUeaguos more of ils original character tune, not just personifications in 

an 4 111 k?' .turned- a limpid cleanly Tocused m ®P«rabl e phrase, a theatre than were the later operas, -the prologue, remained on stage 
■1 “ forming any discosmorfftrf what- -j. | jha t™ u the flagginc J n 2? , '* )r whom too much is_ not despite the overplaying of the throughout the opera, being seen 

. was played. The iHdHiance aad ^ o£ -9»ite enough." Ideas tumbled bouncy peasants fa clichc-riddcn to control the destinies of aJJ 

^ £ variety , of the timbres Harnon- senses. ^ mw j mpas . out in thick profusion, and there assembly or fake rumbustious* the characters— an idea with some 

iVTfWfSf court drew from WsfOT^ wad f ha i Seemed to be neither self^nlical ness if ever there was one), the sense in it so heavily under- 

^sX: the. easy virtuosity of their ^ - close to mE j odrama < but ®P r Self-modcratmg device with- manifestation of Sylvia in the scored as soon to .provoke men- 

pck *rit\ formation. - .(hardly a string - fD r ihia am) for much else, the their inventor for rejecting guise of a black-garbed, antic- taJ screams of impatience. Cuts 
5-? c-r 5 -^ scratch oran.nbqe sqaawk-to be will— be the' tasteless, the infantile, the posturing Medea, the humming in Vlixse and Poppea reduced 

si: heard, and : intonation . near i. . “ u *rr*" u coyfy-iaugh-wlnning that jostled of Orpheus’ sufferings. If. the Tclemachus and Drusilla to 

L :’- r'-JZ, trne. especially - / a oioiig the inUlisse the vocal picture with the flashes of real dramatic dissolution of boundaries ciphprs: yet place was made in 


| 295 | 


— . 

— : 

' 46 

; 107 

; so j 

j 143 

476' .'id S W 

34 782 


64 634 




24 632 

21 197 

64 334 

33 000 


10 oooono 

10 oooooo 

10 000 000 

246 . 






;;=rc*y ,l What .'wa*. siajeff 1 *.- fa .'-or .gr hnbitoato jiasal pinched basic set served all three operas, —was a dramatic "conceit that 
'-V-;. course, a large measure- of fte cWrun Wenke, as ntade ; up of a courtly facade 

Onc c:une away from the Zurich 


Open reanseu o^CTatmwroun'ui iUpgitv'- j c^mt in which wicnoui UlViSinn OF . level pass juua m playing ui urpneus BtiiFJ >ia.uu. rur an ure Hica- 

ed it ions as sumptuously, instru- ^ liBhr stmbrette' ionrann of lnto-the orchestra. In Orjeo. It pleas to Charon and of his con- trical zest, the incidental illu- 
mented as those o/ f Baymqud. svlvia Creenberg YMeianctho) became the courtyard of the frontation. with the Underworld minalion, and the beauties of 
Ujppard^with.thedJfferenffittret the* rwar^blc trumpet- Gonuga palace, and the /or oin tMUbltohcd la dramatic impetus SQUndt one seemed to have lost 

jjffgT Leppards weredestgned forjiCF. tQned ^ ^ .soprano ■ Andreas was itself an aristocratic enter ; that survived all. the . mishaps 0 . ’ ith th oualilies ^ 

^ _^«^formance . on .- mofern; - bww)tywti fCunid hi both LTteae "tiwument in which the court took attendant on the singing. touen in tne quaiiues ui 

^^^rnents). a this directfon fianioR- anA potmcfl j ma d e spirited con- part In Ulisse. pastoral In Uluwe directorial taste was ma ^ e tIlc three operas imjx 

^^rtEcourt has progress <feai i-jbiiHons But most of the vocal dlemenfs were suggested, in at ils most heed/ess and cavalier. *anf, profound, and J)J 

^ 3 v*- further ' since ..L'iTMOTWii^ the ^ ^distinction- was ' saved for- Bapjfta imperial emblems were It would make tedious reading to enhancing in their own . right 
,u ' N jn^operas for Telefunkpu,;. ;hevhas .poppea. If- Nero must be a 

*> *.•» <* ^ ». B 


•rS^^iaMmeni at?fiiiVp^S£)Ottiffi- of the From more than 60 competing ranged or inarticulate. Because presentation .was a curiously 

wind pIoyert..ii^ih^r-S^- t ^r I S^e®^wn un to ^OThKfhass players drawn from ho piayg quite without ostenta- impoUle reluctance to acknow- 

^V” t0 tbb^fotltev^^S^^S ilnes ^countries and somewhat' ini- tion. without betraying, the tre- ledgot he admirable participation 

'V;-!nd filamo^us-r^SitoterwS^ ^lSJfFSJ. 11 ^ a tpn'or in' P rQfeabI 3 r assembled on -the Isle mendous . physical tension in- of his pianist. Clifford Benson. 

h &S^^S a beSSS and * ■%*:**' n* Hudwor volved in control of the great The programme also included 

Xi Venice jMrti: '-tiKftta&uffr voice of G»AMkitakia was declared tta bow and in stopping the strings a modern Mb .■hufantino by 

At his Umdon debut on with fingers, and thumb, one Franlisek HerU and an attractive 

Tuesdav ho was introduced bv could almost overlook the mi.?- IntcnnezZO and Tamnlelln h* 

^SFKA- SSL ■ *«*«»* lhe Mfv Hodec adopts, as 

SSie S3KS for the mating- spirit of the Many event British players do, the Gi 

-iSSSS^-^S^PSSJS -fcli wan radiwhose teMhirt- bearing the “underhand- grip of the 

as few the specially commissioned test- 
(ierman piece composed by David Ellis 

toe in the Tu«day. ho was introduced by could almost overlook the mag- Intermezzo and Tarantella hj> 

e^y& the Rodae^ SlaUord. the- well-known nitude of his achievement the Ru.*lanrCl»re: together with 

iTSTlfi one bassist who was the ani ; Mr. Hodec adopts, as few the spectaly commissioned test- 
1- nresentatiora^^ffirii Inwe sdm(iw5 the spirit of the Many event Brllish players do, the Herman piece composed by David Ellis 

uSr& t SaSh4M?irarwio^im^« > iS^M was rad IwbMe teMhirt hearing the “underhand" grip of the bow, (Malcolm miUamson having 
lis xounti^ 'TIF jotbPIs stiB '^^4i«ti!ied sim- M, ?wStion symbol of two bass but with a position of the fingers dropped out) for the Isle of Man 

”£!h»Mou^ clefA2.bade a cheerfuL defiance which -(I wa-s told) is special to competition. Mr. Ellis’s piece is 

*#£• to conventional concert n«.. -the, Prague School. The flow of an unaccompanied sonata-short, 

» cat » tone he Meed was so smoothly but of substantial interest - 
'SlJhaLT -*}sa ' undertoolt aa an tflhere- beauUfuf.wilh a range touching which, presumably for added 

Deduct: Administration expenses 

' Interest paid 

Provision for taxation 

Net profit after taxation 24 782 21 347 64 634 

Preference dividend 130 150 30U 

Equity earnings (see notes) 24 632 21 197 64 334 

Cost of interim dividend no. 77 of 230 cents 

a Share 23 000 20000 

Number of ordinary shares in issue '..: 10 000 000 10 000 000 10 000 000 

Earnings per ordinary share — cents 246. . 212 643 

Dividends per ordinary share — cents (see 

notes) 230 200 600 


L It should not be assumed that the results for the six months ending September 30. 

1978 will necessarily be proportionate to the results for the year ending March 31. 

1979 because investment income does not accrue evenly throughout the year. 

2. Particulars of the company's listed investments are as follows : 

Market value 765 041 467 354 520 123 

Book value 46 411 46 411 46 411 

Appreciation 718 630 ...420 943 473 712 

u The last practical date before publication of these results. 

Diamond Sales and Price Increase 

The company has substantial interests both in De Beers Consolidated Mines Limited 
and in the diamond trading companies. Sales by the Central Selling Organisation 
(C.S.O.) for the period January 1 in June 30. 197S amounted to R1 063.5 million, a 24 
per cent improvement over sales of R 859.3 million attributable to the previous six-month 
period. For the year ended December 31, 1977 C.S.O. sales amounted to R1S02.7 million. 

The price of rough gem diamonds marketed by ihe C.S.O. on behalf or the various 
diamond producers was increased 'with effect from August 21, 197S. The increase varied 
accordingly tto quality and size with an effective overall average of 30 per cent. 

For and on behalf or the Board 

H. F. Oppenheiraer i n . 

J. Ogilvie Thompson I Directors - 

Interim Dividend 

Dividend No. 77 of 230 cents- per ordinary share (1977: 200 cents), being an interim 
dividend for the year ending March 31, 1979, has been declared payable to shareholders 
registered in the books of the company at the close of business on September 22, 197S. 

Tbe ordinary share transfer registers and registers of members will be closed from 
September 23, 1978 to October 8.. 1978. both days Inclusive, and warrants will be posted 
Trom the Johannesburg and -United Kingdom offices of the transfer secretaries on or 
about October 26. 197S. Registered shareholders paid from the United Kingdom will 
receive the United Kingdom currency equivalent on October 17. 1978 of the rand value 
of their dividends (less appropriate taxes). Anv such shareholders may, however, elect 
to be paid in South African currency provided that any such request is received at the 
offices of the company's transfer secretaries on or before September 22, 197S. 

The effective rate of non-resident shareholders' tax is 14.9204 per cent. 

The dividend is payable subject to conditions which can be inspected at the head 
and London offices of the copipany and also at the offices of the company's transfer 
secretaries Consolidated Share' Registrars Limited. 62 Marshall Street. Johannesburg 
2001 and Charter Consolidated Limited, Charter House, Park Street, Ashford, Kent TN24 
SEQ, England. 

By order of the Board 

. . Secretaries 

- . per H. J. E. Stanley 

• <■ • Companies Secretary 

th l complete and Hindemith ’and -With aeoncerto young performer presents anew 
astonishing, master oi an mstru- | n g minor by Bottesini, a-vir- double-bass concerto by Richard 1 
mrat which I .shall never again tuoso of- a century ago.. The Rodney Bennett at the Elisabeth: 
date to calk gruff, cliuusy, short- only thing marring Mr. Hudec’s Hall on October 15. 

Transfer Secretaries: • 

Consolidated Share Registrars Limited 
62 Marshall Street, ■ : •• - • 

Johannesburg 2001 v • > 

(P.O. Box 61051 Marshalltown 2107). 

Charter Consolidated Limited, 

P.O. Bos 102. Charter House, ' • : *• ' 

Park Street, Ashford, 

Kent TX24 SEQ. . 

Registered office : 

44 Main Street, 
Johannesburg 2001 

London Office: 
40 Holbom Viaduct, 
EC1P 1AJ. 

7th September, 1978.. 



I . 

i \ 


Telegrams: FlaanttsM, London PSkL. Telex: 986341/2, 883(97 
Telephone: 8M48 8000 

Thursday September 7 1978 

A vote for 

KING CANUTE bad tbe help of 
Nature. When he needed to 
convince his courtiers that he 
was less than omnipotent, he 
had only to command the tide 
to retreat and leave them to 
watch his feet getting wet The 
Prime Minister has had less 
luck with his supporters at the 
TUC. Despite his repeated 
attempts to explain the limita- 
tions of State economic power, 
the trade unions vote ever more 
resolutely for never-never land. 


The rejection of a 5 per cent 
wage norm could be defended, 
in isolation, as a perfectly 
serious vote against the rigidi- 
ties and distortions which result 
from incomes policy, and tend 
to get steadily worse as the 
period of controls is extended. 
A resolution which speaks of 
■■ normal and responsible " 
collective bargaining is super- 
ficially attractive. Respon- 
sibility, after all, implies not 
pricing your memhers out of 
their jobs, negotiating the 
means— higher productivity — 
as well as the end, higher real 
wages, and keeping fratricidal 
wars over differentials within 
bounds. Unfortuantely the con- 
text of the TUC resolution 
makes it clear that any refer- 
ence to ** responsibility " is 
purely oratorical, as far as the 
TUC is corporately concerned. 

On the wages front alone, 
the unions apear to be demand- 
ing their rises this year twice 
over — an increase in pay of 
unknown size, and on top of 
this a substantial cut in work- 
ing hours. The Prime Minister 
got a bad reception when he 
reminded the unionists that they 
could demand extra money or 
extra leisure, but one would 
have to offset the other. There 
are also the routine demands for 
special treatment for low pay, 
reviving memories of a union 
official who once argued in a 
broadcast that everyone should 
get at least the average. 

However, claiming more than 
you expect to get is a normal 
part of bargaining, and un- 
realistic targets will not seduce 
the more realistic man on the 
shopfloon there are still en- 
couraging signs that a large 
rise in real wages does not 
encourage the sillier sorts of 

militancy. It is the economic 
policy context of these claims 
-which is more wrong-headed, 
more Inflationary, and more 
likely to mislead. 

It would he hard to contrive 
a recipe more likely to provoke 
inflation and inhibit growth than 
the blend of job protection, 
higher public spending, tighter 
price controls and" confiscatory 
attacks on wealth applauded T~ 
the delegates. Unfortunately 
is only too easy to persuade 
some men in the-, street that 
price controls stop inflation, 
that giving unproductive work 
to the jobless solves the prob- 
lem of unemployment, and that 
any damage done by compress 
ing profits and destroying incen 
lives can be put right by ac 
indiscriminate application cl 
North Sea Funds. Most people 
have now learned that they 
cannot get the moon by bein. . 
paid in confetti: some may still 
be persuaded that they could 
after all have the moon if only 
the Government would adopt 
the illogical “ alternative 
strategy” sponsored by the 
TUC and supported by some 
Labour MPs. 

Cost of harmony 

The Prime Minister and the 
Chancellor, of course, are men 
who have learned realism in a 
hard school, and there is no 
chance of their believing this 
nonsense; a Labour Government 
under either would be one 
which, while sympathising with 
trade union aspirations, would 
seek to reject most TUC policies 
for achieving them. However, 
a Labour government opposing 
the basic ideas of the trade 
union movement has to pay a 
price in -what it considers less 
essential matters — exchange 
controls, the structure of tax- 
concession s. expensive rescue 
operations, an attempt to 
enforce wage norms through 
back-door pressure on em- 
ployers, unrealistic proposals 
for workers’ participation, and 
burdensome employment legis- 
lation. In total this is a high 
price to pay for the apparent 
harmony between Government 
and the trade union movement. 
The TUC’s resolutions suggest 
that future harmony would also 
be bought dearly. 

The moment to 

FOR SOME years past and more 
noticeably since last month 
when they seized the Govern- 
ment palace in Managua it has 
been the left-wing Sandinista 
guerrillas who have made the 
running among the opposition 
to the Government of General 
Anastasio Somoza, the Presi- 
dent of Nicaragua. With a good 
deal of help from the Cuban 
government the Sandinistas, 
despite deep and bitter internal 
disagreements, have mounted 
a number of hit and run opera- 
tions against General Somoza, 
the third member of his family 
to occupy the presidency of a 
country which they have con- 
trolled since the early I930's. 

Conservative party 

At times the Sandinistas hit 
the front pages of the world’s 
newspapers as when tbe seized 
a group of diplomats and politi- 
cians during a Christmas party 
in Managua or when they made 
raids over the border from 
neighbouring Costa Rica. It is 
doubtful, however, if they made 
any real dent in the well 
entrenched position of the 
Somoza family in the country. 
Tbe statistics show that last 
year the gross domestic product 
grew at no less than 6.2 per 
cent a rate o finer ease which 
many more developed countries 
of the world have reason to- 

In the past few weeks how- 
ever a major change has come 
over the opposition to the 
Somoza government, prompted 
perhaps by the murder of the 
noted newspaper editor and 
leader of the Conservative . 
party. Sr. Pedro Joaquin 
Chamorro, some months ago and 
the insurrection of many young 
people in the city of Matagalpa. 

The Conservative party which 
had gone for decades without 
making any protests against the 
practices of the ruling family 
and its followers in the Liberal 
party suddenly recovered its 
voice and the business commu- 
nity which bad remained silent 
about the past excesses of the 
Somozas also raised its protest 

The situation today in 
Managua is that much of the 
economic life of the country has 
been brought to a halt as a 
result of a strike decreed by 

business leaders against tbe 
Somoza government Despite 
pressure ranging from arrests 
to the severing of lines of 
credit to protesting business- 
men the stoppage continues 
Traders and manufacturers 
argue that the longer General 
Somoza stays in power the 
greater the threat of full blown 
civil wax' in Nicaragua. Civil 
war, they argue would bring 
ruin to the economic structures 
of the country and would have 
the political effect of strength- 
ening those sectors of the left 
which had hitherto not been 
notable for their successes. 

At the same time the General 
himself has shown signs in 
the past few days of not being 
in control of the situation. He 
has not been able to stop a 
run on on tbe banks and whiTe 
his soldiers have been attempt- 
ing to quell the insurrection by 
force of arms he h§s made 
liberal use of verbal violence 
against those who are unsympa- 
thetic to him. He has made the 
astonishing assertion that the 
U.S. administration is under 
Marxist influence and he has 
launched a direct personal 
attack . on President Carlos 
Andrds P6rez of Venezuela, 

The economy 

While he has claimed that all 
opposition to him is Communist- 
inspired he has included among 
the . detainees numerous well- 
known businessmen who are 
anything but Communists, in- 
cluding, for instance, the 
general manager of Coca-Cola 
in Nicaragua and members of 
the Nicaraguan equivalent of the 
Confederation of British 

Faced as he now is with vir- 
tually universal opposition to the 
rule of his family it would be 
much better for his country and 
for hint. if he decided to retire 
immediately and not try to hang 
lamely on till his official presi- 
dential term expires in 1981. 
Nicaragua and its economy 
would avoid unnecessary damage 
if General Somoza were to call 
it a day, forget any ideas he had 
of installing his son as a member 
of the third generation of the 
family to rule tbe country and 
bring the curtain • down on a 
dynasty which has ruled with 
mixed success since 1932. 


By CHARLES SMITH, Far East Editor 

J APAN’S TARGET of a 7 per 
cent growth rate in its 1978 
fiscal year is coming un- 
stuck, for a reason which, 
ironically, should be very much 
to the taste of its partners and 
competitors in world trade. The 
reason is that the export boom 
which kept the economy grow- 
ing through the years of global 
recession following the 1973 oil 
crisis at long last seems to be 
coming to an end. 

The collapse of exports (if 
that is not too strong a word— 
though some officials at the Eco- 
nomic Planning Agency and the 
Ministry of International Trade 
and Industry would certainly 
not object to it) seems likely 
to leave the growth rate at least 
a percentage point short of the 
7 per cent to which the Prime 
Minister, Mr. Takeo Fukuda, 
committed himself at the Bonn 
Summit in the interests of a 
global economic recovery. It 
could also mean that growth in 
1979 .(about which Japanese 
officials are already worrying) 
will be substantially less than 
whatever turns out to be the 
final figure for 1978. 

To say that tbe export boom 
is ending is not the same as say-, 
ing that Japan's current account 
surplus is about to return to 
modest levels from the exces- 
sive heights of the past year or 
so. Expressed in terms of dol- 
lars, the surplus is still tending 
to get larger. Exports in the 
first three months of the 1978 
fiscal year (April to June) were 
running 23 per cent above the 
level of the previous year in 
dollar terms, while the value of 
imports was only 5 per cent 
higher. For the-fiscal year as a 
whole, Japan looks like running 
a trade surplus of weU over 
$20bn, while the official esti- 
mate for the current account 
surplus (including invisibles) 
now stands at Y2,700bn. (At 
tbe current exchange rate, this 
works out at $142bn). 

These figures for the nominal 
value of Japan’s exports in 
devalued dollars must, however, 
be set against "the figures for 
the actual volume of shipments, 
which show very different 
trends. Measured on a volume 
basis, exports showed a 2.5 per 
cent decline- from a year ago 
during the three months from 
April to June, while In July 
alone the fall came to 7-6 per 
cent Conversely, import volume 
showed a 1.9 per cent rise from 
April to June, and scored a 4.4 
per cent gain in July. 

The reason for the downward 
trend of the volume of exports 
and for the beginnings of an 
upward trend of imports is 
simple enough. Yen revaluation 
(hy 53 per cent against the 
dollar since the beginning of 
1977) has at last begun to blunt 
the competitive . edge of 
Japanese goods in world mar- 
kets, while simultaneously 
making imports cheaper. The 
effects of yen revaluation on 

exports can be measured by 
looking at the trend of ship- 
ments by four of Japan’s 
strongest export industries over 
the past few montoa. 

The industries concerned are 
motors, ships, steel and TV sets. 
The last three suffered declines 
in their export volume ranging 
from 45 per cent (for ships) to 
9.5 pdr cent (for steel) fro™ 
April-June 1977 to the second 
quarter of 1978; Car exports 
were still running ahead °f 
1977 levels ' in ' AprilJnne, 
chiefly because distribution 
pipelines in Japan's largest 
export market, the U.S., bad 
been allowed . to run dry and 
were being, replenished. In 

appreciation of the yen may 
almost have run its course and 
is not likely to produce any 
further savings in the prices of 
such goods (expressed in yen) 
in the near future. On the con- 
sumer durables front, an 
instance of - yen' revaluation 
taking effect is that of car im- 
ports. They have risen in 
volume by 16 per cent since the 
start of 1978. Waiting lists of 
‘*up to three months” are being 
reported for some European 
cars (notably Mercedes ' and 

The growth of- imports of 
manufactured goods and the 
levelling off of exports has 
begun to have an appreciable 

relations with the outside world 
are concerned, and why It may 
not be free of such troubles for 
some time. The second, and 
more serious, reason for anxiety 
is that the' si owing-down of 
exports has removed a much- 
needed prop from the Japanese 

domestic economy. 

The importance of exports (or 
rather of the overseas sector 
as a whole) to the progress or 
lack of- progress made by the 
rest of the economy can " be 
understood- from a brief glance 
at the-, GNP for the first two, 
quarters of this year. In' the 
first quarter, when the .economy 
registered impressive 2.5 per 


Japanese "cars exports have started falling 


July, car exports also, started 
falling, and the expectation is 
that the trend will continue. 

The behaviour of imports 
over the past four months is 
harder to chronicle tn detail 
because no figures are available 
for the volume of individual 
items. The most that can. be 
said is that raw material- and 
food imports, which traditionally 
make up the overwhelming bulk 
of Japan's purchases from the 
outside world, are apparently 
not growing, but that imports 
of manufactured goods have 
started to rise. Official figures 
indicate that the ratio of manu- 
factured imports to total imports 
has risen as high as 30 per 
cent in some recent months 
from the 20 per cent level, at 
which it was hovering until a 
year or so ago. 

Japanese trading companies 
are said to be stepping up their 
order for European and U.S. 
machinery and other capital 
equipment in the belief that the 

impact on Japan's trade bal- 
ance with the EEC, for long a 
source of friction and argu- 
ment It began .to show signs of 
stabilising during the .early 
months of 1978, after at least 
five years of Inexorable growth 
of the Japanese surplus with 
Europe. The trend seems to 
have- continued up to July, 
although EEC officials remain 
sceptical whether it will last. 

The signs of a turn-round in 
Japan-EEC trade " contrasts 
rather glaringly with the posi- 
tion vis-a-vis the U.S. • For a 
variety of reasons, including the 
relatively low share of manu- 
factured goods in U.S. exports 
to Japan, the Japan-U.S. trade, 
gap has opened still wider in 
1978 than in the previous year. 
It win almost certainly set an 
all-time record for the year as 
a whole. 

The uneasy trading relation- 
ship with the U.S. is one reason 
why Japan is still not out of 
trouble, as far as its economic 

cent growth' over the previous 
quarter in real terms,- exports 
were booming and imports were 
static, with the result that GNP 
growth of no less than fl.7~per 
cent came from . the external 
sector. .. 

The situation in the. second 
quarter of the year was the 
reverse. The external sector 
made a negative contribution to 
overall growth, so that.G^flP ex- 
panded by a mere XI cent, 
less than half the rat&4chieved 
at the beginning of/the year. 
Foreign trade though yielding 
a net surplus oh a monthly 
basis, will be making a 
diminishing ^contribution . to 
overall GNP growth for the rest 
of this calendar year and prob- 
ably well into 1979. The Gov- 
ernment thus seems to have a 
serious problem on its hands — 
how to keep the economy grow- 
ing on schedule for the rest of 
the fiscal year without the 

assistance of what used to be 
its most dynamic sector. 

The 7 per cent real growth 
target, to which My. . FJikuda 
originally committed himself 
lastDecember at the height of 
what looked tike an alarmingly 
intense confrontation with- the 

US, can be attained if, bnt only 
if, the economy manages to 
■deliver a quarter-toquaiter 
growth rate of 2 per cent In 
real terms during the remainder 
of the fiscal year (he. from now 
until March 31, 1979). . This is. 
nearly double the growth rate 
of the April-June quarter. Some 
thing drastic will clearly be 
needed to put the economy back 
on .'trend during the next few 

months. . . • 

The need for decisive action 
: was underlined in a White 
JPaper on the economy published 
by the Economic - Planning 
Agency shortly before - the 
summer holidays. The warning 
seems to have been taken to 
heart by the committee J of 
economic Cabinet Ministers, who 
spent much of August ’discuss-' 
in g ways of putting life back 
into the economy. Even so, there 
are doubts whether enough has. 
been or will be done to boost 
the growth rate during the rest 
of the year. . 

. The centrepiece in the" 
Government's ’ short - term 
economic strategy is * the 
Y2,500bn public investment 
package presented last weekend. 
It provides for the pumping in 
of funds equivalent to about 1.5 
per cent of the 1977 GNP Into 
a wide range <*£ public Works 
projects, such as roads, 
drainage, schools and. hospitals, 
and -for the allocation of extra 
funds to State-subsidised 
housing programmes. / 

Alter allowing tor the cost of 
acquiring land and for delays 
which may extend the impler 
mentation of the programme 
beyond 'the .end of the fiscal 
year, the Government estimates 
that the net contribution of .the 
package to GNP will" be around 
1.3 per cent, or enough to bring 
7 per cent, growth “com- 
fortably” within reach. Private 
forecasters doubt this, estimate. 
and ^are more inclined to think 
that, even with the package, 
growth may barely reach- 6 per 
cent during the fiscal year* 

They also ask whether the 
Government has not been over- 
cautious in confining itself to 
finan c in g the package mainly 
from reserves accumulated from 

the 1978 main budget, 
than from new defieit 
There will apparently be r . 
additional increase • . 

Government’s bond issued 
autumn, beyond the 
already allocated- for thesis 
1978 budget, so timtth&eflfc 
of the package oh money^m* 
witi be" neutral. * < - 

Another option which i 
Government seems detemfo •" 
not to exercise is to stihug 
demand by «^oans of a tax < . 
Mr. Fukuda and other eraser 
tively-mihded economists in* 
Government argue "Qjat wtt 
taxes would merely .enemm 

wage-earners to save ereh to 

of their incomes ;than 
doing at the moment . ^.$1 
opponents, who include q&tf 
number : of -the most 
guished economists : in jj 
private sector, see a ter cot 
the most effective: way of stfe 
latmgxonsumer demand (wh . 
accounts for 'over SO. per .0 
of GNP but is obstinately ref 
ing to grow), ■ ; ‘ : •; . 

The merit, of Mr. Fiflua 
. economic .tine is that it iv 
probably help Japan to 
its recoTd as dne-cf ther m 
inflation-free .major indusb 
countries in the world tod 
The wholesale price-ind 
which was originally expected 
rise by a modest 2.7: per r 
during fiscal . 1978, is in 
officially expected aptoaHy*- 
fall 1.9 per cent during 4he 
months to next March. G 
sterner prices will probably r 
by less than 5 per cent agab 
the ' ^venuneflfs ' ■ ' -origh 
estimate' ofBS per cent, v: . - 

TOe- demerits of toe Itika 
tine are that h^seems to;? 
raise tittle : or no progress 
the reduction of unemptojfint 
(or; v0at4s’ tejually sig n i fi es 
toe tindeiyemployment of to. 
in work) and ptobdily waXLIi 
beip -tiidastiy to tackle the n 
sistent and: worrying probi* 
of excess capacity (antes 
estimated, at well over 15vf 
cent). - y ■ i[ : 4- 

;■ , The* Japanese ecoamy>£ 
get-.through 1978 and theft, 
quartet of - 1979 Without te 
serious mishaps, even 
GNP .growth rate falls vrafi"T 
low.the target of 7 per cent i 
1979,, when growth may eg- 
even less easily than it seti 
to be: doing this year, ,J| 
Fukuda’s play-it-safe appxoa 
to economic policy may « 
out to be far less appropitttt 


Switching the 
court circuit 

The Crown jeweller. Bill 
Summers, tells me that be was 
slightly caught out ” this week 
when Buckingham Palace 
announced that Prince Charles 
was to switch on the Christmas 
lights in Regent Street It was 
only at the end af the month 
that he was planning to 
announce that, after seven years 
of austerity, the lights were to 
make a comeback. 

Summers, a director of 
Garrard and Co., and presi- 
dent of the Regent Street 
Association, says that the fault 
was his for not checking with 
the Palace on when the 
announcement was to be made. 
But at a hurriedly-convened 
press conference yesterday he 
had no apologies for the way 
that Regent Street is sticking to 
light bulbs while Oxford Street 
is moving with the times and 
switching to lasers. 

The Oxford Street laser jam- 
boree of a “moving ceiling of 
lights just above the roofs of 
London’s buses ” is to cost 
some £250.000 to instal and 

I can sec you lostng the 
election on toe music lovers 
- vote!” 

promote. But Summers, as 
befits a spokesman for a street 
laid out by Nash, adopts a more 
traditional approach: ■“ One 
doesn’t want to be tboujght 
stuffy, but I think laser beams 
in Regent Street would sot be 
quite right." 

Prince Charles is to switch on 
the more conventional display 
of silver garlands on his birth- 
day, November 14. The cost of 
the 5,000 bulbs is £60,000, rela- 
tively modest by Oxford Street 
standards. But from Summers’ 
air of confidence I had the im- 
pression Regent Street thought 
a Royal hand throwing the 
switch was worth any number 
of argon lasers round - the 

Flights of fancy 

Flying is fun. For those who 
missed out this summer while 
waiting two days and more for 
a plane, British Airways is 
thoughtfully spending £&5m to 
brighten up its image. 

A " warm and friendly " tele- 
vision family called tbe Taylors 
will soon take up the challenge 
of showing how enjoyable flying 
has become since those heady 
summer days. The aim of BA’s 
advertising spree is to bring a 
" sense of adventure to the air- 
line business,’* says a spokes- 
man. - 

BA,_T am told, is seeking to 
reflect how it has changed its 
face. Tbe big change was,’ it 
seems, when BEA and BOAC 
merged four rears ago — which 
shows that facia] surgery in the 
airline business takes time. Now 
the top priority is tn rid BA 
of its “ snob appeal airline 
image," and to show it as a 

“human, caring airline." What 

about tbe “Fly the Flag" Cam-, 
paign ? Well, that had been a 
“ bit heavy,” and in any case 
the airline “is now a changed 
outfit, absolutely committed to 
low fares," I was told. 

. Britain's new mass-appeal' air- 
line admits that businessmen are 
facing problems caused by the 

pressures on counters and seats 
from toe low-fare end of the 
market But now special dis- 
count sales centres are to be 
established. In a cruel cut, 
businessmen are to be dis- 
couraged from buying at these 
— though It may be a consola- 
tion that they should receive a 
faster service from the usual 
channels. It all sounds marvel- 
lous fun'. 

Stirring the sands 

When toe Nile turned to blood, 
red volcanic dust was toe 
reason. As for the pillars of 
fire by night -and of smoke by 
day, they could possibly have 
been the island of Santorini 
erupting. These challenging re- 
interpretations by Exodus are 
only two of tbe theories put 
forward this week by the metal- 
lurgist, John Dayton. ' 

His recasting of the history 
of the ancients includes bring- 
ing forward toe date of the 
eruption—and thus of the des- 
truction of toe legendary 
Atlantis — by soipe two centuries 
to 1350 BC. He also argues that 
the dynasties of supper and 
lower Egypt were not united by 
tbe first Pharaoh. Menes, until 
2000 BC, 1000 years later than 
customarily accepted. Even 
more controversial is his sugges- 
tion that Menes of Egypt and 
Minos of Crete could be one and 
the same character. 

Slightly far fetched. I ventured 
to suggest, only to be told that 
his dates actually fit in with the 
dates established by carbon 
dating — 'provided these are 
not “corrected.” The usual 
correction is to apply the 
changes necessary to adapt ages 
established by carbon dating to. 
those of the rings in the long- 
lived bristle-cone pine in 
Arizona. Such adaptations may 
be suitable tor North America 
bnt not tor this side of the 
Atlantic, Dayton firmly says. He 
is even more dismissive of dating 
systems based on pottery, 
“Styles from one year can be 
made much later too. In any 

case, if a future archaeologist 
tried to compare a plastic mug 
with a Royal Worcester cup, he 
would not get very far.” 

- His own dating is based on 
the sophisticated technology 
used in metal smelting and 
glazing. He thinks it "barmy” 
that under present dating tech- 
niques bronzes with tin 
apparently took 1000 years 
merely to cross the mountains 
from Mesopotamia to north 

In his book Minerals, Metals. 
Glazing and Man, which bas just 
been printed he lists “techno- 
logy horizons'* which abolish 
such anomalies, he claims. And, 
working from the premise that 
the processing of raw materials 
had first to "take place’ near! 
where they are found, he insists 
that civilisation could not have 
begun in the Fertile Crescent j 
Silver, tin, cobalt and 23 other 
elements essential to this civi- 
lization are not found there. 
Instead Dayton' suggests 
Bohemia is a more likely venue 

— which, instead of Egypt, may, 
have been the true source of! 
the blue faience beads found 
from Wessex to the River 

How did the archaeologists at! 
this week’s international con- 
gress react to all this? " Well, 
it is quite a task cutting the 
Gordian knot of accepted chro- 
nology. Some have said that it 
was about time something like 
this happened. Others gasp 
that my 496 pages will take a 
lot of reading.” 

Think positive 

A Surrey reader watching 
football with a Jordanian friend 
remarked oh the. lack of enthu- 
siasm of one side's half-backs. 
“You English are defeatists,* 
remarked the Arab, “in my 
country we would make such 
players feel good by telling! 
them they were half-forward.’ 

, Depart London Gatwick lX45am. . - -r 
Arrive Mexico City 7.10pm. 

.* BraniflTs colourful Big Orange 747 takes off V 

daily at 11.45am from London Gatwick and 

flies non-stop to Dallas-ibrt Mfcrth arming' / 
3.05pm. From, there connecting Biaoiff flighty 
Can whisk you non-stop to major cities ’ 

throughout the Big Country of America’s ; 
Southwest Midwest and Far-West, And, more- ; 
; specifically, nan-stop to Miesico City where • 

V ; . 
ii. V 



ZfBiGs Wsmd&i Se^sfe? T 1978 


/ . . 


C^JT f 'fTc^ 

ECONOMIC viewpoint 

*^5 Efhj: V. - 



a cool look 

h «£P„t5°^ s /? e «*“*»» «ws* iwtti wM- J® annual income is Jess than 140 
!-> ft just Ukfily to detained hr tf* first per cent of the Supplementary 

V society no one ought t(t be Indeed a lower top rate Benefit Scale. Some HG pur 
{, • poor.” «f us Wight ; wCM&ty have cent of the population and 2‘J 

(■•-_ . These .quotations renresent y^ded more rswnue. ^ The per cent of all families arc to 
i not merely two different social l ? he suggests ftat . incomes be found in such a position. For 

X . _ nh ilnfnTil* .. _r. *" above £20.000 were effect IVEly COmoariKAn )hfr nnvinlo jvT 

rioif OF HU JMES 1975-76 


There is also an interesting attention, for those in woi*. 
finding on hours of work. The It consists of Child Benefits; 

(S) (6) 

BM MflMW* f«fi cap 
of frapn U iio ft 
Cf4t of ux Net oi tu 

Psmnns, dun:. «■ hourly «m- " h paid ^ Incomr Supplements, 

ings resulting from various personal “J* ‘ ho,l . ! J wo f*'’ "J™ rent and rate rebates, and free 

characteristics taken one by one. JJJJJS.* 1 . ^ J?® /fi?* T v% school meals, to name the most 
round; ,f they are paid less, they imiMWf Mt . \ ha Tav rrwl4r 

i,; aosoiute. terms then *v« v-vuwu,™ uw »«v- -v wiuv uusierea arounu i;uo per 

‘r wealthier a natipn beeomes. Sc ^ 5* °?* l * at 01 ^ Supplementary 

greater will be thrSSSCiw «urt in the amount of top in- Benefit level. 

jj of the populatioBrtoSrr^S earned, .dec? wed or re. Some 64 per cent of elderly 

M 111 vwnim aoore a given cured. to /tiuc*We foam rather families are classified as low 

poverty standard, even if ««»nrev a* nw 

economic prooess has no effect tha ? ia g!** * r . ?* ?" fo ™ J* i ncome: and Ihe elderly account 
on the niuwAistetetiSrf- c3pita,i * * itoe|f 57 per cent of the poverty 

income. total. The crucial factor likely 

secure for all a given prescribed 

advanced modern S i n nj e 

occupational pension, 
parent families are 

,l s boiy w 
’-‘iond ^ 
ocated hJ t 

«■ - «& 

' a = e on 

atraL ^ 
option * 

lt s «n»5 

*eans J J 

1 *■*«&; 
,? d wonaisa 
>t argue ff 

d me ^lyl 
comes th^ 
fee mom^f 
who indn. 

Column 3 shows total income canted by recipients in excess of 
levels shown In Column 1. 

Column 4 1 shows income sax levied op this excess income. 
Columns S and 4 show gross excess Income divided by population 
gross and net of tax. ~ 

term: Written A)ww *7 Mr. Robert Sktldexto Mr. John «ocGtx?r. 

Htmor 4 Jett 24. ” 73 . Caiuika SQO 

UVIF it u muhuy re^liaea uxzay. im thu mainnJv hHt-lw WWM kwvci ruvu JIIUUJLJ aic ucpcuuciu uu tuiusn "muui cumi 

Social security benefits, for wiakp* among couples is latest where the otatc* for their support, gnw there arc very 

instance, are linked not only to Thmr1inrV,i^m^» iJnr hii v™ ti ' cpe are three or more children (Some 60 per cent have no other pensions of earnings, 
prices but to the movement of IT^ a . n . d * p » not working. In comings.) There uit> al*o a 

pricu out VO me movement or «!,„ Hmandntf on iho . . u ‘ l » not worRing. U1 wramss,; 

earnings in ^ the whole com- ^ne»^ y <rf bulk of ? ,s catPsor 5’ 48 P* r cent a«j' The Commission's 

^ sencrosny or me great mux or Ihr „ lino l>>wsrfV crrnnrwl Prirwr iloi nr 

lowest incomes and the general earners at the mo. 
average of the population.- T? 

The existence or some people TTomilv 
with Incomes well above the A 

employment, their poverty may marised in Table 2. The basic education, as there is to other 
lie quite compatible' with their determinant of hourly earnings, fcipdfl of investment. The other 
not having very yreat financial apart from work experience. i S fee filter theory, which is 

average is almust irrelevant to One of the swift penetrating incentive to find's j«h. appears to be the number of that educational qualifications 

the poverty debate. This is so economic investigation* of These influences may seem years of full time education, jure used by employers as a 

id crude statistical terms modem poverty '.-.'wa re ce ntly obvious, but they, do show the For instance, a man who was at rough measure of ability. People Ull ,_. | Juia ^ 

because there are not enough made by Itichartl layart and fdlillty of trying to tackle a university or polytechnic at w ^£ higher paper qualifications cent of the earnings of those of net income out of work to unpopular with Left and Right 

high ' incomes to provide assodates in a - BaAground Poverty b>' introducing a bias in Iho age of 19 plus will on mitf-have on average greater in the middle; by 1977 they net income in work will raise because it would benefit the 

resources for redistribution. Paper" for the Commit favour of the lower paid into average earn about 70 per cent ability or energy, which would 

Table I shows that if' all 'net slon on Distribution They recog- wa se settlements. Such a bias more per hour than someone still have beer, there, even if 

incomes after tax in excess of nise from the outset ^ that would price many people out of who left school at 15. By com- thetr schooling had been 

£10,000 had been redistributed poverty, even relative' povertv, jobs while still leaving the parison his father’s occupation tbruptly cut short 

in 1975-76 they would have cannot be defined dimply in incomes of many employed has much less effect The son The Comims*lun Paper also 

dpldorf £11 npr hpad nf thp !omc nf inmioH An inrnmp people— not to sneak of the -old of a professional man or no in is to an astnnishin" eon- 

opauiioA a/ i«uuu. II Uiey «r Jiwu iw imnnrtanf rh(» Tiv Credit 

“ N '*£ lt “ l«ft full-time riuotion « **2 1 “ s - 1 dim’s Scheme ntf the last Conservative 

„ 15 - 11 l 10 . P° r «« nse , 10 mett * Government for lump sum pay. 

I 1* - hourlypay leads tool perevot mentb w ^ ,„ d indi . 

1 r S £“ !“ h ,“ , ' rs - als ? red ”f riduals would also belong here. 

I- IS !' If “>«* pannents could be 

cxcei, of _j^z zJ 4 ing. On the other hand a 10 madu autom ^^ s0 tJl3Lt ^ 

Fafecrt occupation percent rise m women s earn- ^ of daimina HTre 

"*■ , ■ n,hr?^mm i ^.y ina£ I J? 10 a «. K* 0 * ** abolished, and related to each 

population - 4 the rate at which they parti- otljer in a coherenl ^ it 

S«ni-skiUcd manual - 2 CI ^ te ' ,n the labour force. WO uld be possible to provide a 

.. 3~ . ~—r — ~ Finally the Commission Paper minimum income level at any 

o Y £in f * expectance ~ spells out the way in which i eve i that taxpayers were will- 

— ^0.20 —132 unemployment hits different i nR t0 pa y f or . The more this' 

20-30 +159 ST 011 ?- 5 - The unemployment parallel system can be ex* 

m snn^eone who 30^0 —180 rate for unskilled men is. about tended, the less reliance need 

he earliest oppor- 40-50 +177 four times the national average, be placed on unemployment 

each educational _S0-r — 1S 1 while that for professional men benefit, and the less the likeli- 

F large dis- Coloured. W. Indie* - 13 ^ about half. Not surprisingly hood n, at a generous level of 

s. Other coloured ■— 22 unemployment benefit is a provision would make it un- 

L least two Wih-bom *“ 7 higher proportion of the wage profitable to take a job. 

efrpcrc nf Ha* long-standing illness — 4 when in work of a low earner _ . . , .. 

■s. There is *? marric<1 than a high one (despite the The more one thinks of it 

ll •• iheorv (The basic individual left school at earnings related supplement). c - p3 ^ er 11 . Ls 1,131 
there ic a 14 or under, had an unskilled father. We have then the cruel paradox ^ . ai ? d suaai . s 5' ste ™ for 
vSn in M «Mk «pvrie»e.. U whin lhat uncmnlnrment hits most mcnDve with re- 

estment in horn outside Ireland, has no hpad j„ fhri.p whu are already distribution would be the com- 

^Tfee nihv- !»«•». “ unmarried), ^wn: bit it is difficult to raise binanon of a lump sum social 

™Z2T£ Mak fuH ’ t5me employees under 65 benefit because of the effect on Payment to all related to family 

locations worit incentives at these levels. 

.yer, as a 11 TJ e calculation is made that tax ^ same at the {or 

tity. People a 10 per cent nse in the ratio aU tsucpayers _ This would ^ 

tm i £ Left full-time education at 

«» 32 1! 15 + 

470 16 4 16 ~ 

4,0 ! 5 _ : 

lied by recipient, in exce» of — — — 

Father's occupation 

op this excess inc om e. Professional and Managerial — 

1 Income divided by population Ocher non-manual 

Skilled manual — 

— r* -—• • Semiskilled manual — 

afif **!■' «•* «*"•«"“ ^ 

' 10-20 - 

, 20-30 + 

rn more than sn ne wnu 30 — 

ft school at the earliest oppor- 40-50 + 

nity, within each educational 50 -r 

there are very large dis- Coloured. W. Indie* - 

ESIoils of earnings. Other coloured 

TSiere are aisn at !ca^t two Iwh-bom — 

Back- theories about the effects of J 4 ** long-standing illness 

inc a ndiuMtinn »n TVop.. io ■* mafTlCd 

Zz*rz~: Lniord p! d. 

provision would make it un- 
profitable to take a job. 

The more one thinks of it 
the clearer it is that rhe ideal 
tax and sucial system for 
combining incentive with re- 

st the 
those in 
Jd recog- 

f fee £10,000 had been redistributed poverty, even relative poverty, Jons wnue sun leaving too panson ms tamers occupation amqray cut short and laS per cent :n 1977. inat even 11 mere were no nise the rights both of the drop- 

scnno»- Bl1 111 l9 75-76 they would have cannot be deftnid rimpiy in incomes of many employed has much less effect The son .' The Comrai&iun Paper also Even the flat level pay limits financial difference at all for out and ^e highly motivated 
tor * .yielded £11 per head of the terms of incomes.: An income people— not to speak of the -old. of a professional man or points to an astonishing con- of Stages One and Two did not most people between being in go.oetter. But this is the only 
• V s *® a t papulation. The confiscation of which represent hardship for and unemployed— below the manager is likely to earn only gtancy, both in the short and affect these relativities. Accord- or out of work the effect on the route to a societv which is ovi- 

^ravevar,,- incomes in excess of £20.000 a large family night enable a poverty line. AS the report 14 per cent more than the son long term, is the distribution of ing to the official policy the national unemployment rate an( j energetic at the same 

Liner danqj, ^uld have yielded £2 per head, childless couple to ■ lire- quite says, “a .substantial proportion of an unskilled labourer. earnings. The constancy was not maximum increase for anyone would rise by only a fraction of t i me> The easy -route is to one 

?r . O'tr 5i)j. (Wealth is more concentrated comfortably. The authors’ pro- of low paid employees (eg earn- There are, of course, some in’ occupational relativities, between 1975 and 1977 should a per cent. This is a criticism which is neither, 

t obstinjfe than income, although not by as cedure is to use Ibft Sdpplemen- ing wives and young people liv- snags about this analysis. Even which did in fact change, but have been about £10. In fact not of the authors but of the 

v *- much as the headline figures tary- Benefit Scale,' which takes ing at home) are not in poor taken at its face value It only In •* the spread of earnings those in the bottom tenth current statistical approach 10 Samuel Brittan 

» over 50^ 

t is obstina, 


rit of Mr f: suggest) into account family 1 '«rcum- nousenoids; and a substantial explains a little more tnan a around uie average, m iu<u me secured u:, wnue inose in uie economics, 

line ^ . But these crude statistics mis- stances and also housing ex- proportion of the poor arc not third of the total variations in male weekly earnings in the top tenth secured £26, even Jluch more interesting is the “The Causes of Poverty. Back- 
up Japanta slate the position. For i£ such penses. A family U defined as low paid.” Indeed one of the earnings. Although a umver- "bottom tenth of fee incomes though all settlements adhered “parallel social security sys- ground Paper .Vo. 5. HMSO. 

as one J | confiscation took plaice, these being" in poverty 'ff itB net main conclusions eff the Royal sity graduate will on average distribution were about 65 per to the norm. tem.” to which the authors draw 1978. 

in fee^Iod Fditor meets for first time TOflSV^S EVCfltS Sharoa Ware; SharpTSd fld£ 

Ilesale rn ... J-rfCllWO 11/ UlC X1/U1AU1 stoce the Parliamentary recess. X ^ JjTU1W Woodward (H.) and Son. Interim 

ttianallvpn. ■■■.-.-■ . — r . Middl e East summit continues fieures onlv* Moip iu 1 and Son- 

modest Fkir-MAiw-nl copter flights between Heathrow tion in my lettwr of 29 August lication of Freud’s great works, atjgimp David. Maryland. tion talks (S^LT) later this International Air Show Bank' of Canada, 

ical 197?*' Uispersal ind Gatwiek. The 10.000 pas- I selected 5 April as the year Dr. Carrick’s view of their TOT" annual conference month in Washington between rontwues. F^mborough (until q. MEETINGS 

•u-i lalS, i F . . . . vni M>q whn hirt'.'slwidv used end snipiv nn munifc of siccificancp is sueeested by the continues, Brighton. Mr. Andrei Gromyko, Soviet September 10). u/iiirA.> 1 .tuiaLMib 

ixpertedi*. tPphTliflllC the- service since H opened in simplicity and certainly not words “obsecene" and “salacious” ^cSton^to 1 coruddS vSne^u's^eretar? of^StatZ* 15 0FFICIAL STATTSTlCS ofd^^roa^^Strc^^KC 5 ’ 

r centdna: ICLIIIIIHUC June win know the journey takes because it presented my case m and he seems to think that we KfJenSlctoo«?s 0 “ unsatSactory 1 St ® t , Department of Trade survey of Binnin^ham llint. ^Bim&idiami 

next Mad From Mr. A± B. Scott. : a mere 15 minutes. ^Stodlarly. a more favourable light. If Mr. can reject serious consideration their^uest fS Cha " c ?J p 0 J'^ short-term exports (mh survey SfeShTpseSS^ vSSSS aSd 

es wiUpdt Sir,— Why indeed should any- Gatwick-is a handy» feinutes Scotton cares to re-work my cal- of fee unconscious mind as a (2k* on iis proposed t^e-over of SL«t?2ta2p p*-,, a £SS? fSKli. 1 1 a f of General Investments. 41, B^hopa- 

aamr®,- one want to go to Heathrow and by raif ftoin CeotreL' London ciilation on the basis of a 30 determinant of our behaviour, cjuysler s European operations. pl J! nouth ^f hour Partj- meeting, vehicle production (August). gate. E.C, 3J0. Cawdaw Industrial 

►»mmpnf. i . then grumble about delays and with a service erttry few April will soe lhat health and happiness because its Gfoup of Ten deputies start _ Mrs - , Margaret Thatcher, COMPANY RESULTS Holdings, Manchester, 12. 

• co 3 ‘ overcrowding in the peak tourist, minutes. ' :. v fee date Is Irrelevant. Tax for existence depends entirely on two-day meeting in Paris in conservative Party jeatiffl-, starts Final dividends: Assam Invest- Ca woods. Harrogate, 12. Daejan, 

rbJJpermt sea son? We need dispersal. - Third, all' the traffic surveys fee year 1660/81, whatever fee certain theories which attribute preparation for forthcoming Key 86315 m " est meats; British Electric Traction. Connaught Rooms, W.CL. 12. HAT, 

erits of tint At Birmingham Airport there undertaken in the last tea yeara basis of assessment. Ls payable importance to early . childhood meetings of International -Mioianos. Interim dividends: Abbey Panels: Brighton, Avon. 12. Heron Motor, 

... •, rnKm , t jc 1 npnvnrle or motorwavs and show ihaf over eleht’ oer cent on 1 January and 1 July 1981 experiences, some of which are Monetary Fund- and Morld Bank. Mr. George Rallis, Greek British Petroleum: Cadbury IVhite House. NAV .. 12. Hicklng 

13t !t saast “.®J“5* DrJC . of fe? LonE S Z S und tWs ronfera no material described in sexual terms. EEC Monetary Committee ends Foreign Minister, continues trade Schweppes; Collins (William) and Pentecost. Nottingham, 12. KIntS 

oSVmS '« not «» » ■««« ”^«3*§!St SSf m. ton* §S^SSS^ c S2&: < iR83SSd fSS 1^,^“?*": 

8E*^r«5S BA-ggSfaSag&g 3Sa Sgs. SgSlg £°r- 25 - Wlllnj 

.■mplovm«(^ fcfefeiticn Centre, and the tounst . A down domestic destinations should logically become aspects of Freudian theory: more- --r 2 - 1 1 ■ ■■ ■ — ■■■ 

ad probaHjs Suffer corresponds wife its off are served by GatWlck— includ- payable 9 months after the end over, I accept feat from a medical 

tv to tadfiee reason. " There, is much parking ing, for tbe beneflubr travellers of the financial year, as In the standpoint, classical psycho- \ 

account family dreum- households; and a substantial explains a little more than a around fee average. In 1970 the secured £12. while those in the economics. 

Samuel Brittan 

- But these crude statistics mis- stances and also housing ex- proportion of the poor arc not third nf the total variations in male weekly earnings in fee top tenth secured £26, even 
state the position. For i£ such peases. A family U limned as low paid.” Indeed one of the earnings. Although a umver- "bottom tenth of fee incomes though all settlements adhered 
confiscation took place, these being" in poverty 'ff itB net main conclusions oi the Royal sity graduate will on average distribution were about 65 per to the norm. 

Much more interesting is fee “The Causes of Poverty. Back- 
“parallel social security sys- p round Paper So. 5. HMSO, 
tem,” to which the authors draw 1978. 



Letters to the Editor 

* Middle East summit continues 

copter flights between Heathrow tion in my lettwr of 29 August lication of Freud's great works, atjgamp David. Alary land. tion 

and ' Gatwiek. The 10.000 pas- I selected 5 April as fee year Dr. Carriers view of feeir TOT annual conference month 

Today’s Events 

talks (SALT) later this International Air Show- 
in Washington between continues. Fa rnbo rough (until 
Andrei Gromyko, Soviet September 10). 

London and European Group; 
Sharna Ware: Sharpe and Fisher; 
Woodward (H.) and Son. Interim 
ch»„. enures only; Mole (M.) and Son; 

liintS Royal Bank of Canada - 


AUnart London Properties, 100, 
Old Broad Street, E.C., 12. 

Greek British 

it to tieHie reason. ' There in vouch parking ing. for fee benefltJjf travellers of fee financial year, as in fee standpoint, classical psychi 

: ii-omiKff space and many Tiotefe winch frdm fee West Crfntry. Exeter case of corporate taxpayers. analysis is a therapy of limiteu. 

carafe £ se ^ e iL 11 “ an ideal and, soon, Plyxn(rfh- ‘ ^ i , OJere are advantages available p rac ticah»Uty. 

J.' despatching tourists on coach Gatwiek is th/ tenth busiest to the self-employed but these central tenets 

ar well ora; t jmtnn is easiiv accessible alroort in Euranf. and the fastest arise mainly from the commence- * . B “ l central tenets | 

anese eea® 
b 1973 and E 

3 tq-q w 'rkr * f - 1 fe© raskdr there were to be D. W. Tu 
*™. -direct flights from Southend to 2, Buckvt 
shaps. Paris 0rly. : additiba, these 1 

h rare fills J i^buld be fee only flights from a *£ 
ret of 7 .the’ London area which would : AffV 

~i zrowfe K save one a journey across Paris T 

MsilS' thffli' fpc'a Qrty. ; Ql iH\ 

■7- 302 Beeches Rood. : From. Mr 

3isy-i t -aiev xjielmsford, Essex* . >B . . Bir,— to 



. of fee article and it seems by individuals are at best .barely 
Gate SWIj Mr. Scotton, and these as 1 tried conscious, and tbat the.- entire 
’■ 4 — to explain simply do not exist fabnc of adfet life is an elaborate 

J R. Andrews ‘ attempt both to conceal and to 

-.) Tirv . Lee House ' satisfy emotional demands which 

J. R. Andrews, 
Lee House. 
London Waff. 

jisy-iz-ait v 
; C "poiiC? K 

ar iew 




are very often (but thank God 
not always) childish or destruc- 
tive. are immutable truths, to be 
seen in every human contact. 

Acceptance of these concepts 
demands humility and self- 
awareness. They are resisted as 
universally today as they were in 
Freud's lifetime, despite fee 

302 Beeches R<wA • From Mr. Jofan N. King. - , T7-™ j; 0 „ a ♦ J r rtlr . ♦ 

xaJmSmd, Essex; . . .Sir,— In The Marketing Scene. ' rTeU 01311 Acceptance ofthese concept 

• ■" ' August 31. Michael Thompson- -- , demands humility and self- 

- . ' . - * : N0& reviews a book “Campaign, anaiVSeS are resiated as 

TVirlr ciffo nf ing for Choice” by Wendy Smith „ “ ^ „ . unlvmBaUy today as they were in 

- 172rE SIQC U1 . ftf tha As s oria*-^ 011 * Mr. P: C. L. Grteio Freuds lifetime, despite fee 

■ -y ■- tion He ouofes her as saying: Sir,— Having read many of Dr. examples, provided In the Inters 

- the .moon..-. .. . -“R^OMfelt^blidty ferbirfe David Ca*Tick*s article^ 1 have vening years,, of mankind’s 

' * — conttOL : ‘. putting contra- ho reason to suppose feat he is potential for savage Inhumanity 

Frxmi the Plasma D*etdor,' cfeption into therontwt of set hot an intelligent and coi^pas- justified by ‘rational” ideas of 

Britlsft. Airports. A utfLontg. love ind familv security should Monale man. Yet this Monday class, races, religion or national 


S kandteaviskaEnskildaBankeii/Siveden's world with representative offices and 
leading international bank, now opens affiliates. Together with our new Moa 

concern' about road and rail 

aSfe5fj profitable enterprises 

lore romnlOTentiuy on^onenfe. indulging in promis-. From Mr. Richard T. Greenhill significant steps taken by com- 

r of a single internatiopoi airporrs {nm ^ - balloons* Sir,— While 1 would not dis- paniesto associate remuneration 

system, out can w?-«iaoie- ft _-. obvious feat fee scene ffrte the view expressed by Mr. policies to individual and cor- 
Condon, fee main Emropwn air depic|s ^ most an( j Fereuson (September 1) feat fee porate achievement Wage and 

Vansporl : hub, . to rono*mc - «> irresminsible Intercourse. profit motive and individual in- salary structures which recognise 

pvelopras.the valuable national . y et air Thompson-Noel tcrest in enterprise has been internal differentials and yet 
tsen it is now? criticises those newspapers dented, I feel feat it is possible allow individual achievement to 

tfhe problem is ode of increas- W hJ C h refused to cublish this to 'view the future brtfe some be recognised by way of self- 
‘ numbers. Of particular advertisement. Optimism. financing salaiy or wage Incre- 

throw has a capacity, of 30m coyness is bis desOTp- ^.During recent yraw many com- meats, provider- practical -way 

Gracious Freudians. . .") he over-riding moral belief. 

Slowed an obvious prejudice D, C. L. Griew. 

'hich saddened but did not sur- “ White Gates.’' 34. The Hidings, 
rise me. since it is so universal. East Preston, Ltttiehampton, 
.Seventy years after fee pub- Sussex. - • 

Opm-, j 
’ 4.7 




iev ^2 


urport coped wife" 24m pas- rof „ t ca1 "nseudo-fastidiousness." “4 nnplementing policies which who contribute most in achieving 
this year fee figure is There is surelv a reasonable ** e conducive to restoring those corporate objectives, 
o -be -26m. At feis.xate of basis -for believine that if the ? pinci P Ies which Mr * Ferguson Beyond the basic wage or 
grow, clearly 30m; will be^ ■. jjSKJ* ne i, / an ^eels have been forsaken, salary structure there are now in 
reaefi. and certainly exceeded Sl ^rte^y pubS employment and indus- being or on fee drawing board 

by t&eariy lflSOs; : Tiie pro- fSl ^Ks^dSi a detached, 'P^ legation has helped, or many types of incentive payment 

tj leading international bank, now opens 

a representative office In the 1 * _r 

Moscow. Our representative w 
Pentti Nares. 

The main purpose of our new 
is to assist corporate clients ir 
contacts and negotiations with 
thorities and the foreign trade o 
tions of the USSR and to keep ii 
with the Soviet banks. 

We are already on thespot in ! 
other banking centers througho 

affiliates. Together with our new Moscow 
1 ’ to our bank's wide rangeof 
anking services. 

0 do business with Sweden, 
Ensldlda Banken is the 
already handle more than 
jen's intemational commercial 

idressinMoscowwill be: 
il. 5/6. Office address: 
►zhestvermogoTeatra 6,kv34. 
i033S. Telex: 7SS6 UNIT SU. 

by ttt early JSSOs. -The pro- szrsr;- T2&*r™3i a detached; TPi legisiauou nas Helped, or many types 01 incentive payment 

posed\mirfe terminal, cur- a SiS hindered these developments is a schemes and company wide 

rewly^^^f a public JS'™'ween SL/ 1C( ,S point but proBt^turiuB schemes which, 

inqniiTVmld not be ready until feen^Sisfreune ^SwDte' amL umoas logetier .*? J«M3r allowing for some of a dubious 

*qca htt ■— « — - tonces. Uie o those young people tm6S j^ve acted positively to natiire, are designed to produce 

the downward trend. additional remuneration for 
a -^S n particular there are employees only if fee unit or 

— prpyiaea of course that tney encouraging signs that the wider company as a whole is 

use contraceptives. 

A than JOhDi N: 

in less than 3I D&wrts side 

Gkea m, Ststton, Surrey. 

disclosure of information about sufficiently- profitable. Some of 
. > company to its employees, these schemes including those 
whether this is through collective for clerical employees have in- 
hary^iwing arrangements or traduced a particular emphasis ' 
. 'through fee initiative of manage- on team and individual achieve- 
ment in producing employee ments being essential to earn the ! 
. .reports, has led to a greater profits oat of which higher levels 
■ Tealisation of the need for profit- of remuneration paid. 

- able enterprise. Job security and It is worth mentioning the 
wages are dependent upon it special attention that Is now 
Air v ■fchmdM- <-■ » -- , j ,r„ f hot so too are fee -provision of being given to company wide 

Sjyp?” I S fioods and services for the cus- profit-sharing schemes which pro- 

Bbnsbt on .'Scof^n m Ws letter (August :31) an d otter services for the vide bonuses in the form of 

Jl 3 ! ^oawronity at large which rightly shares in fee employing com- 

- - -ymtet of fee original aracie Cr wrongly are financed by the pany. This form of financial par- 
?* I6 ®5L2 : * possible change in^ Rational Exchequer through the tidpation for whleh. under eer- 

fierrow the -basis of assessment iot coflection of taxes. tain conditions, tax relief is 

e^uri- Sfeedulfl D taxpayers. Although . There are other examples of provided under the 1978 Finance 
S ic ^/. Jn fec <ase of a ta^Wfrj'Jbb^.cwnpanies keeping employees Act. is forming an integral part 
raHnnanaai year endis^Aprli, tiie feforined and involving them in of company participation policies 
ng assessment for .. 19 79/80, for the profitable growth of fee which are concerned with profit 
as in st anc e,' would he based .on his business. This has come about growth In the first instance Iead- 
.profits "for the year ended 30 ao j because legislation has ing to employees having a stoke 
at Aprii 1978. it is nevertheless his required h but because of the in fee company’s investment pro- 
tiahfe ty f or 1976/80, which for fundamental goodwill of many gramme and. its future strength 
administ^ive' convenience may woridhg people whether their job and profitability, 
tefbaggL on fee; profits for an is ln the beard room or on the ft is therefore a case of giving 
WK ..tetf$ier;miqd. This liability has shop floor. Joint consultation encouragement to all parties in- 
out of fee preffls procedures, briefing meetings TOlved in Industry to take appro- 
eep> the th^fee taxpayer earns In the and ofeer practical forms of com- priate steps to restore or main- 
success yea^BPg/gfl and there is no muueation and involvement tain individual or corporate 
se& vJmnficafeai-.wZijtiaoever for rals- have helped re improve or main- incentives for increased 
2nd "inglffo afisifeanents in r^ect of tain viabln and profitable enter- efficiency and profitability. 

^ that ysar.if "fee. JELevenue. moves priresi. ; , Richrad T. GreenhilL 

g|L tho over to a : rijrraat yearf baris of In 7 parallel to these and other Cockman Copeman and Partners. 

'* There . aS8Bssoifi&;,. .* forms of communication and in- 17S r Tmplc Chamber^ 

h^; voty«cimntV there', have been Temple Avenue^EC^ 

not be d 

eight to te^eari-^ 


frcs ^ f !S^ £XOOai - to P rove ' ri- j 1 v « 

ment Schedule D 

services ■ taxpayers 

.to Gfifr. From ;Jfr. J. R. Andrews 
nkljhonld Sir,- — I am afraid 

V • 

ko u :* ^30 iV.Vik ; a i • xr 

SitamlARlES ABROAD: Scamfi na via n SBairifMsG3rpoadoD.MpiTYorfg. 53f3Twhrt>^^ a p n< ^ 1 TA 1 

lfTT ^ TTO n i a »irn‘rl 1 


Sun Alliance slumps f lum at 

iBulk shipping drags P & O 

-13o a 

Idown to losses at midway 

FOLLOWING the warnings given 
:in June of deteriorating trading 
conditions. Peninsular and 
'Oriental Steam Navigation Co. 
IJJve turned in sharply reduced 
profits for the first half or 1978 
L -^lawn from £26.9m to II. 12m pre- 
tj$s and at the net level, there Is 
llfloss of £3 .43m against profits of 
•£f8.55m in the same period last 

Warnings per £1 deferred stock 
aSe shown to be down From 12. Lp 
t# a Loss of 2.3p. 

■The interim dividend - is being 
t#Id at 3p per deferred share — 
last year's total was 6.5422Sp on 
a/fpre-tax profit or £42.7Sm. 

jUross revenue from outside the 
Js^jnup in the six months improved 
f flam £46S29m tn £524. 97m hut the 
operating result was reduced 
ftom £4 1.34m to £18.1 Ira and pre- 
tax profit is struck after net 
interest payable up from H4.4m 
tft £16.98m. 

-A breakdown of profit before 
interest and tax of £IS.Im 
(£4 1.34m) shows bulk shipping 
Joss (in £m» 3.4 Ml profit): 
general cargo. 9.0 (21.8»: pas- 
senger, 2.8 < 0.2 ) ; European trans- 
port and agency slices. 2.7 
(4L0); energy loss 1-8 (OJS profit): 
BpvLs. 4.3 (6.1): P. and O. pro- 
perty. 23. (2.1): U.K. banking. 
0i4 (0.5): Australia. 3.2 (4.0> and 
other overseas, 0.7 (same). 

'Intensified pressure on dfep- 
sea shipping Activities resulted in 
tfie bulk shipping division, ihe 
g&neraJ cargo division and their 
associated companies showing to- 
gether an S4 per cent or 1 19,3m 
reduction in profit compared with 

Lord Inchcape, chairman of 
P and U ■ . cruse operations 
and Boris relieve the pressure 
in a dismal trading period. 

the 1977 first-half, the directors 

Boris, the construction division, 
after adjusting for the i-xpectional 
claim of £5.{Jm received in Ve 
first half of last year, and P and 
O Cruises took advantage of 
belter trading conditions to 
return improved results while the 
other divisions taken together 

produced profits only . slightly 
down on the corresponding 1977 
perio\ they add. 

Cruising, the European awl Air 
Transport division and Bovis are 
expected to benefit from seasonal 
factors in the second half of this; 
year while property, banking and 
insurance should also increase 
contributions, the directors state. 

Conditions in the deep-sea 
trades are showing tentative signs 
of having stabilised, although at 
unsatisfactory levels, but without 
as yet any indication of a 
sustained upturn, they add. 

Conscious of the need for 
resolute action in the difficult 
conditions which are foreseen the 
Board has appointed Lord Inch- 
cape, the present chairman, to be 
executive chairman aud chief 
executive of the company. This 
will free Mr. A. B. Marshall, 
managing director, to .supervise 
and co-or\ : nate operations. 

Sis months ia 

External revenue 324-267 489 .234 

Depredation 21.446 19.282 

Operating result* 17.078 29,535 

Associates sham 1.029 I MM 

Madras 18.105 41.344 

interest 18.982 14.435 

Profit before tax U23 2MM 

UR .Tax 2.0W 2.004 

Overseas tax 1.700 5.244 

Associates tax MS Ul* 

Net loss 3.493 T 18 . 548 

MtmrlMcs 25a 1.404 

Exchatic* loss 1.386 713 

Extra ord credit ...... 181 21.276 

ANrtbufaftJe Joss . ..... 4.4*3 1 15.153 

Preference dividend ... ' 38 

Interim dividend 4.239 4^30 

From reserves 8.761 1111.853 

’ ini-lude* nrofll on sale or ships XI. 19m 
t£l,OSOm i. T Profit 7 Debit ITo reserves. 

Sec Lex 

Lex discusses the profits slump aid management changes 
at P and O. There are three major conposite insurance com- 
panies producing Interim figures and L« looks at the varying 
-impact of exceptional storm a°<i fire dahage. on these figures. 
Meanwhile Guinnesspeat’s full year resulti are as expected wim 
attributable profits lip from $6-2m to £7.9m Elsewhere Wagon. 
Finance has come through with good halt year figures but it 
is sounding warning- bells for the second hall Portals' continues 
to show growth from its engineering anftp&fer treatment 
divisions, while Hepworth Ceramic's latest figures show profits 
growth of 16 per cent The full year results Lira Group Lotus 
confirm that the compare is climbing back *lter some very 
difficult years, and Cosalt has produced a fla^lirst half per- 
- formance. . \ 


midyear after heavy 

UK clai 

~ payment 

Movitex : o.5tt 

Executes Clothes ...... lnt. 1 

Morris & Blakey ...... in t- 1.75 

Pboenb Assurance 5.11 
Bertram Cons. .int. 3.5 

Newbold & Barton 1-34 
LJL Industrial ...:„...inL 1.45 
Hepworth Ceramic 1.75** 

of. . 
OcL 9 

Corre- Total 
sponding rtr 
dtv. year 

Guardian Royal . 



Sun Alliance .^. 



P. & O 


Rowton Hotels . 


Wagon Finance 





Travis & Arnold 


FalrSalrn Lawson 


I. J. Dewhlrst .. 


Portals Holdings 


Dec. 29 1.75 

Jan. 2. 4.58 

Sept. 29 3.5 . 

OcL 24 L19 

Jan. 2 L3 
Nov. 17 1.53 

Oct. 30 * 0.45 
Jan. 6 AM 
NOV. 3 0-59* . 

Jan. 5 10 

Jan. 4 3 

Oct 30 . 2.46 
Oct. 27 0.63* 

Jan. 4 0.S7 

Nov. 1 ’ 0.69 

Oct. 27 1 

Nov. 23 0.45* 

Dec. 29 35 

Total Total 
fbr . last 
veVr year 
0.3 \ Nil 

— \ Nil 

— \ 4.11 

— •, 10.33 J 

3.0 3.0 

— 2.79 

— 2.6 

REFLECTING VERY heavy claims 
in the UK in the early part of 
the year fire, accident and marine 
underwriting at Son -Alliance and 
London Insurance fell from P «m 
surplus to a £VL5m loss slicing 
taxable profit for the first half 
of 197S from' £3(L4m to £20.7m. 

There was a total underwriting 
loss Of £6.9m on home business 
which was more than accounted' 
for by the abnormal weather 
claims, estimated at £8.5m, and 
exceptional fire losses. The hotne 
personal account was particularly 
unprofitable and the home- motor 
account also showed an under- 
writing loss with an increase in 
claims frequency the • directors 

Profitable results were 
in Australia and ® under- 

thesi* wereouwegjg gf 

writing losses 

Eurapean coun^ , for 1976, 
The marine at J=” e end of tins 
to . be closed at S h 0 w a modest 

year* £5“a? th5 stag® no 
ES-V^s b«n made to profit 
and loss account- Hf d 

a°fndty ^if^299.4nO: amnii- 
assured ^ 33 °°V 1 *p5g (£i4.5m>; 

«« Pfr Sl'Sna E I&M (£ 

be paid in respect of 1977 foBmr 
Ing the change m .tax rate, -brfc» 
ing the total for last year a 
20.154P paid from record prof 
of iSJSsn. - : :;>*• 

IMS 1S77 

to--.. £nj 

Ppmliim itx -gme* 188.2 £ 41,7 

UndenmUns loss* 10.5 t£8 

Lone -term . insur. 

profit 1-4 r,1 *, 

investment Incomes 29 -T -28.4. « 

OUier Income 8.1 _ B4 T .. 

Pre-tax - profit 20.7 

Tax . '8-CL ,U 4 e 

Net profit ll-T lff.9- 5 

To minorities ...... flj flj . 

Aoriborable ... rr ■■ . tLK 169 £ 


S % 

•29-T •28:4. 


MlTIUUiauir ... , u-n U»a Ji. 

• On fire, accident and marine. nwJj 
t After deductinx loan aocfc JaiereaT^ 

Bee Lex 

Investments lift GRE by £3m 

I * 


* rrfiuzvdJCTiL axcer a/rau^s 

increased by rights and/or acquisition issues, f l JSS94pfinal forecast. 
3 Includes 0.154p for 1977 f. Includes 0.089S5p for 1977. ji Includes 
0.088p for 1977. ** Additional 0-02652p in respect of 1977. tt Gross 
payment ’ ‘ 

Guinness Peat goes 
ahead to over film 

Portals expands 17% to £4m 

SJGNTFICANT increases in profit 
from water treatment and 
ehui fleering, where margins wtre 
higher due in part io the ltiei- 
d.ence of long term contract 
completions, enabled Pnrials Hold- 
ings to advance taxable earnings 
for the first half of 1978 by 17 per 
cent from £LMm lo £4.1 im. 

‘■There was litllc change in the 
performance of papermakins and 
external group turnover showed 
only restricted growth to £37.67m 
(£3<MSml hut the order hook, 
particularly from overseas mar- 
kets has been expanded, the 
directors point out. 

Overall the make-up nf the half- 
year surplus reflects the pattern 
foreseen for 1978 as a whole. 
Group liquid resources remain 
very strong although since half- 
time the company has. as known, 
acquired a 98 per cent interest in 
Sulby Engineering Development 
Co., makers of book binding 
equipment, for £2. 06m cash. 

First half tax look £2.l6m 
I £1.8lm l leaving earnings per 23p 
share ahead a( U.22p (HUGp basic 
or 10.72p f9.72p/ fully diluted. The 
net interim dividend is raised lo 
3.S3P f.".5pl. Lust time a 4J2S7p 

final n a s paid from record profit 
of £S.68m. 

As predicted in May the bank 
note and security papermakfns 
division is finding itself hard 
pressed tn maintain profiLs. The 
midyear figure at the trading 
level was marginally down at 
£2. 24m. asain^t £2.44 m. Addition- 
ally tlm result was affected by 
industrial disputes at two of the' 
division’s largest customers which 
constrained output 

HaH T'-ir 
itrrs 1977 




External *al-s ... 

*7 .MU 


« i son 



1? <M.‘> 


W»i.,-r iivat.. ei»;. 







Iniri-prnup tvnti 




Trartlns profit 





- -4- 


VI T9 

W»i.-r (real., mis. ■ 




1 * nn iliu jii rt <-oms* 







Prv-lax profit . . . 






' 1 .fU7 

A Xtl 

Minor 1 'los 






Ptl-I. divide ads . . 





I 7?5 

4 112 

•• li-clurttrc 
orufii snnbulabl-:. 

on loan ilu-.k. 

• comment 

Portals' first-half figures confirm 

fhe trends shown since mid-1977 
— substantial profiLs growth for 
the group’s water treatment and 
engineering divisions alongside a 
stagnant performance from the 
papermaking concern. , Water 
treatment contracting continues 
to show a particular improvement, 
especially on the export side as 
spending by UK water authorities 
is still relatively low. Around 
half the company's total business 
is now done abroad. The bank- 
note side is unlikely to show 
much earnings growth at present 
with central banks continuing to 
economise on the issue or new 
notes and. inflation generally lower 
than- for some time. On unchanged 
profits front this division the 
group as a whole can look for 
pre-tax profits o[ £9.5 m to £10m 
this year against the 1977 figure 
of £8.7m. At present the orjier 
book suggests the water and 
engineering divisions should con- 
tinue their present growth into 
1979. The shares, down 2p at 23Sp. 
stand on a prospective yield of 
3.5 per cent and a p-e of 9 on 
a full, tax charge. 

DESPITE A _ . downturn _ i n 
associates' earnings from £2.76ni 
to £2.l9ra. profits before lax of 
Guinness Peat Group advanced by 
£2m to £U.07m for the year ended 
April 30. 1978. Turnover, compris- 
ing sales, brokerage and fee 
income, was higher at £444 .7:1 ru 
against £359.02m. 

Profits within -Ihe group's 
trading divisions rose by over 40 
per cent and disclosed profits in 
the banking division by 33 per 
cent to £I.6m. However, earnings 
from the group's main associates, 
Linfood Holdings and Esperanra 
Trade and Transport significantly 
declined in the year.' 

In January, in their interim 
report, the- directors said 'that 
results to date were comfortably 
ahead of those of the previous 
year's same period.. 

They now report that sub- 
stantial progress was made in all 
division*, particularly in Gainness, 
Peat International which is 
steadily gaining ground .and estab- 
lishing new products throughout 
the world.. The groups chemical 
division has been strengthened 
by the acquisition of Willows 

The group continues to trade at 
an encouraging level and is 
proceeding with an organic expan- 
sion programme of its basic 
activities. The directors maintain 

The Hongkong 

and Shanghai Banking Corporation 

is now at 

31-32 Waterloo Street 

A complete banking service, including foreign exchange and financing for the Midland's 
exporters and importers, is now available at the Hongkong and Shanghai Bank's new 
branch in Waterloo Street. 

Birmingham customers will have access lo the Hongkong Bank Group's global network 
ol over 400 branches and representative ottices in Western Europe, North America, 
Australasia. Asia, the Middle East and North Africa. 

If you wish to do business overscas.or need expert, on-the-spot advice on a foreign 
market, the new Birmingham Branch Manager,MnL C.Menzies and his assistant . 

Mr. D. S. Davies, will be pleased to help. 

their .confidence’- ih the future 
potential of the group and its 
main Associates, but say that at 
this point they can give no fore- 
cast as to the outcome of the 
current year. 

Attributable profits for 1977-78 
rose from £6.27m to -£7.9501. after, 
tux' of £4.4ftm (£3.91ra-), disclosed 
banking profits.and minorities. 

Tax was split as to: UK 
currently' payable. £0.29m 
(£1.57 ri): • deferred. £2.19ra 

(£1.07mj; and overseas, £lB8m 
f£1.2Tm).' The directors say if was 
no longer considered necessary to 
provide further deferred tax tn 
certain subsidiaries which partly 
accounts for the reduction in tar 
charge from A3 per cent to 40.3 
per cent. 

Earnings per 25p share are 
2-L32p f20.06p J and the dividend 
total is raised from 9.9o205p to the 
maximum permitted 10.25p, 
absorbing £3.76ra (£2J»9ra), with a 
final of fip. 

' In line with current practice, 
the directors have decided to 
write off part of 4he goodwill 
shown in the balance sheet. This 
Will mean that the tola) extra- 
ordinary write off will be much 
greater than usual, amounting lo 
£1. 835.000. or which £1,010.000 vvilJ 
represent goodwill. 

The balance includes losses" of 
r exchange on a Swiss .franc loan 
raised in- connection with an 
acquisition some years ago. which 
has now been fully repaid. It 
also includes the terminal costs of 
two subsidiaries which no longer 
fit within ihe framework of the 
group's activities. 

See Lex 

come from £3 1.3m 'to £33£m~ 
enabled Guardian Royal Exchange 
Assurance to expand taxable pro- 
fit from the first half of 1978 
by £3 93m despite a higher 
underwriting loss:,, of £6. ini, 
against £4 .2m last time. 

Premiums* written, for fire 
accident . and marine' business 
moved ahead from - £ to 
£33£3m and in the life business 
hew '-sums assured reached 
£l29bn compared with £lbtt Ex- 
change movements depressed 
premium, meome by £4.8m and 
investment . income by £l.lm. 

Long-term profits, excluding 
the South African results- this 
time, were maintained at £2-6m 
and interest took £3m (£3 Am). 

In tite UK the second quarter 
underwriting was profitable after 
a poor start to the year caused by 
adverse weather and the fireman’s 
strike. At halfway the loss-. was 
down at £2£m (£3.7m> bniUra ' 
Germany the loss rose to £3.7ht 
l £2 .5m) and underwritings results, 
in Holland .also continued to be 
poor. Corrective measures .have 
now been taken but .have ' 
not had time to be effective, the 
directors state. 

An ti -inflation regulations re- 
strained profits in Canada ' and 
there was - a lower result in 
Australia because of very keen . 

other areas, tfo- material ch^ i I) 
occurred. .. 

' Life business; continued?* . 

develop well and- despite ebang 
in the company's South -AfriS-- 1 
organisation life" profils 
maintained. The proposed chirat 

Mr. J. E. H. (John) ColUns), 
chairman Guardian Royal 
Exchang e Assurance « - • UK 
underwriting becomes ■ profit* 
able in second three months. 

Brazil. Hong Kong and depart- 
ments writing overseas -risk from 
London made good profits and in 

in SA are not expected . to ^ 
any material effect on - overg ■ 
profits In the current year a& flj ! 
removal of the 1978 life prm . 
there will be offset' by the aMf 
term business now directly ^-' 
in that .country.. 

An analysis «F -life 1 biaStfe 
excluding SA, shows in fidsfim, - 
sums assured £1292.5 (SiMp0 
new annuities per amum'-gF 1 ^ 
f£22.5):' new annual 'premlM^ 
Z12& (£ll£): ' and new 
premiums £8.5 (£82). 

The net interim dnridead-" ‘i 
increased to 4.65S5p f4235p) ap ' 
costs £5.9m (£5.3m) and an siK 
tional 0.08985p is to be paid; 
respect of 1977 following, the b " 
rate change. This brings the tot 
10.16545P for 1977 when pnfl 
Was £58 ^m. 

• After tax and minorils 
amounting to £14.6m (£13m) hai ' ' 
time attributable surplus cdnie at- 
at £14.7m (£132hi).. 

Investment income was split- 1 
to Australia £1.7m (£L6 q 

Canada £2. 4m f£2.7m); Germu 
£7m .(£52m) and. UK and els 
where £2L7m f£18.4m). 

See tex 

Adverse currency movements hit Phoenh 

THOUGH FIRE accident, . marine 
and aviation underwriting 
recovered from a £100.000. deficit 
to a £700.000 surplus i&rthe U.S. 
and remained profi^ible . in 
Canada, overall the loss' on thi? 
business at Phoenix Assurance In 
the first half of 19T8 rose- from 
£300.000 to £2.SiU. With, mvest- 
ment income up from £17 Jin to 
£ and long terra underwrit- 
ing profit held at £0.9nt tfie 
company's half-yedr taxable, earn- 
ings were marginally down at 
£17m. compared with £172mf-Iast 

Net premium written in fire, 
accident, marine and aviation 
were slightly up at £175.4 id 
<£174.8mt. After adjustment far 
the effect of currency fluctuations' 
and: the non consolidation t-K a 
former subsidiary the directors 
say (he premium increase tyas 7J 
per cent. 

Without currency movements 
Ibe advance hr investment income 
would have been 23a per rent 
instead of the 14 per cent 
reported, they point out 
. The figures also hide the pro- 
gress in general. undenvriting in 

the second quarter after the loss 
reached £2 2m at the end af the 
first three months. The UK fire 
and accident business, improved 
on the first quarter but still made 
a small loss, the directors state. 

In Australia pressures on rate 
levels produced an adverse under- 
writing result and there was a 
loss in Europe but elsewhere over- 
seas business was generally profit* 
able they say. 

Stated earnings per 25p share 
were ahead by 0-5p to 16.1p-. The 
net interim dividend is raised to 
5.U2p (4578p) and a supplemen- 
tary interim dividend of O.QSSp is 
to paid following the change in 
the rate of ACT. The cost of the 
.dividends is £3.1 m (£2Bm). ■ 

■ The' total payment for 1877 
therefore becomes 10.34Sp. Profit 
last year.’ Vi as a recrod £35.ftm. 

With tax for. the six months 
taking £6m (£6.7m) and minori- 
ties £1.3hi (£l2m). attributable 
net profit emerged at £9.7m 

New long term business was 
split as to: sums assured £92 5m 
(£557 ro), annuities £7 2m (£6m), 

pays lp 

annual premiums £IJ (£52m) iui 
single premiums £l0.1m (£I&n) 

■ . See hex ■ ■ ■ 

Cement price 
rise approved 

Following its call for permisao 
to ; raise- the price of~ceioen 
Cement. Roadstqne stated yeste - . - 
day that the Irish authorities hat 
approved a 5.66 per cent increaf 
effective, from September 5, . 297" 
After reftzstl of a 7.9 per ceiit ifc 
applied for -iR JatntaJT, -the co r- — - 
pahy tiad^ecentiF been 
10.9 per. ednt increase. • 'i; l 

The directors, as 'known si- • " | 
last week that delay in grapfir" \ 

ia price increase ’already -meal ; 

that results of the group’s. cero^, ? 

companies would I 

Inadequate in Die second Itf 1 

Group profits were tip 34J9,«-' , 

cent at £8-9m in the baH-year3. . i 
July 12, J978, ’ T4* ' 

: ^ I 

M r »i 

The Hongkong and Shanghai Banking Corporation 
j Bintungham:31/32 Waterloo St, B2 5IP Telephone: (021)-233 1717 
London Office: P.O.Box 199,99Bishopsgate,LondonEC2P 2LA 

The llongkonsBank Group include: I he British Bonk of the Mi ddicEusL, Mercantile Bank Limilcd an dWardlcj Limited 

Despite turnover of Execute* 
Clothes falling Trom. £614.041 to 
PMK977 in the first half of I97S. 
nrofit for the ppr’rod advanced 
from £33.496 to f S3 125. Again 
there is no tax, charge. 

The director? say ordp rv on hand 
are sati^ractorv and net profit for 
the second half is expected to ex- 
oned that of flret. For D»p 
full year profits totalled iSft.pon 
Earnines per 20n .share arc 
stated at fi.lfln f2 3fln) and retoin- 
ing the dividend Hri the interim 
is In (nil) net. navment ha*’ 
been waived on 633.724 shares. A 
m’vimum permitted final is fore- 

, During the period, interim nay- 
men is nf 7280.000 in respect h r 
consenuential lnss have been 
arrrend with the enmnany*s in- 
sttrpr^. fnljnwtn? tb** Ore at the 
Blnn+yre factory in 1977. 

This factnnr |« sl^pdiiv heinc 

restored to the prc-flre levels of 




The directors of Tebhttt Group 
announce that it has reached an 
izreement with Keydon Estates. 
a wholly owned subsidiary of 
Ebury Moreton. for the develop- 
ment of a vacant building sire 
owned bv the group at 207-217 
Pentnnville Road and 6 Lorenen 
Street. Islington. valued at 
£122 000. 

Tehhitt will he paid £90.000 cash 
on completion together with 
C J 2.000 on pl.-mnfnc permission for 
office accommodation' bein'-' 
granted dnd in addition will 
receive )0 per cenr of the profi» 
of this development. The two 
companies will he working closeiy 
tngether to achieve a successful 
outcome. - . , 

Proceeds of this disposal will 
be used to reduce . bank 
borrowings and to give additional 
working capital to the operating 
companies, say the directors. 

.This agreement gives the group 
the opportunity, to improve its 
liquidity and also enables it to 
retail) an equity Interest in the 
property, they add. 


.Lonrho announces that in view 
of the requirement by the Johan- 
nesburg Stock Exchange that the 
effective record date for dividends 
should be established as a Friday, 
it will be necessary to suspend 
the facility for transferring shares 
between the London and Johan- 
nesburg registers with effect from 
October 4 (the day after the 
record date for the interim divi- 
dend) until October 6, both daces 




The Directors have declared an interim dividend for 1978 of ll-0p per ^faare, costing 
£5. 4m. With the tax .credit of 5.418p per share the “ gross’’ equivalent is' 36.418p .per 
share. Last year the interim dividend was 30.0p per share, the “gross ” equivalent being 
15.152p per share. 7 .. • 

Shareholders will also rcceive tbe deferred element of the final dividend for the yertr 
1977 declared at the Annual General Meeting in May of 0.154p per share (0.230p “ grow L 
to pass on the benefit of the retroactive reduction in the rate of Advance Corporation Tax. 

Both dividends will be paid bit 5th January 1979 to shareholders registered on 1st 
December 1978. 


6 months to 
30 lb June 

6 months to 
30 th June ' 

. ,£M - 


I;- V 

■ ;:t ' 
■X2 : . “ 

: 05 

31.9 =*J 

0.2 -1 

Fire, Accident and Marine Premrum Income . 268.2 ' 241.7 ' ’ 465 ■ 

Underwriting Result: 

Fire, Accident and Marine ....7~ ■ (10.5) loss 2R ' h 

Long-term Insurance Profits i; 14 ' 1.1 - 

.Investment Income* 29.7 26.4 ^ 

Other Income 0.1 0.1 f : 0-2 

PROFIT BEFORE TAXATION.....?.. 20.7 ! 30.4 ^ 

Less Taxation 9.0_ 14.4 , 

PROFIT AFTER TAXATION 1L7 16.0 , ‘ 31i9 

Less Minority Interests 0.1 0.1. ®’?' 


HOLDERS 11.6 15.9 - t. 8t.7 

• After deducting Loan Stock interest. " ■ 


The half year's figures reflect the very heavy claims experienced i->the United 
Kingdom in the early part of the year to which the Chairman referred*'. Annual 
General Meeting. 

There was a total underwriting loss of £6.9m on Home business wt»h ^ more thin 
accounted for by the abnormal weather, claims, estimated at £6.5m. an^-^P 1 ' 11113 * F,re 
losses. The Home Personal Account was paniciiiarly unprofitable an'^" Home Motor 
Account also. showed an underwriting loss with an increase in claims equency. - 

Profitable 'resulUs were obtained . in Australia and the U.'S.i\P a * these, were 
outweighed by underwriting louses Incurred in several European 

The Marine Account for 1976 .to" bii; closed at the end of this ver is^xpecied to-show 
a modest profit but at this stage no transfer has been made' to Pi-ofliand jass Recount.- 

ujfe ■ -" ' -.V .yv'V'.f;.: 

New Life and Annuity Business^..; . .■ -I 

Sums Assured 

Annuities per Annum 
Annual Premiums 

Single Premiums 

6tb September, 197S: 

6 months 
.. 30th June 
&& ' . 
' 4-9 

* ■ - 
' r ; - - *• * 

6 moms to . r~: V. - i 

30th one. 

187 T 


tr -.--' 1 ’ 

' -.-fi'JaA. }£■ 






71** *111 

J 55* +3 ,k 

Mir. >»i *i 

"!? i! 

-.:. »i *; 

*.1 ■• 

••-' ,** * 


.. «1 ^ 

fentajfe ». 

Secie, ■■' 



mess com ' 




? 5 « life 

‘m in.7mi- r 
:1 ™d UK J 
m l£l».tai 

lltlV teD IT 

cior> as h»: 
.ha l dilajBr 
:rt?as? alrap 
of ;iif "rrni:!, 
would l* 1 , 
iti i!w a®, 
‘as were up * i 
u,i i3 lieb*: 

ftoneiail Times Thursday September 7 1978 


onȣ9,000 pa. 

^ Dt - * bom 6 company ooafity 

DUMncss fono, ami oanpntcr snaionciy and nmite&m; won fo 
..T^i^Kp^/filurno^j. has. dw Wed «naw^.i^^?nc^dcm; 
plans for the ncu st a ge of its dfivdtionsen: have bee o set uxUhis has 



The Ellerman Group, wbieh is based in the City has major interests in Shipping, Travel 
uad Leisure. Brewing and Insurance. / 

the city. ^ 

This !5a oewappoinlracnt. It calls for an ifjtmalc koowtedpof City 
tta ^Hh^to«nodu« BC8«jadipnnita»cdior kid 

A high parameed salary coupled wfth coiruawsion wfll icsidt'in 
earnings cl up to £9.000, and more tor onutawiiti^ptftocaaace. 
fcxpcnscs arc paid and a company car provided. 

Pfease write in ti® fint instance io F J F Hrfjqpottaft ecfaence 
.CS/87& An replies will be forwarded’ to diem. last 
separately the names; <rf any com pomes to whom you do not trail 
your application ui hcforaardeiL 

. Thomson McLintock Associates . • 

70 Finsbury Pavement London EC2A 1SX .- 



We are currently expanding our U.K. ; institutional safes team 
and have a vacancy for an experienced executive; -We offer 
specialist research in the. Electrical and Engtaettfatf sectors 
and a knowledge of basic analytical skills Ojvputd be' of 
advantage to the applicant. . - ■ -i ^ 

Attractive terms of employment are envisaged vid eppHcvits 
should write to Mr. C. C. Line, Spenthcrn House,. 22 Cousin 
Lane, London. E.C.d or telephone. 4M-42J) 4411. ' 


Reporting to liie Group Finance Director. tl>t Taxation Manager form part of the 
top corporate finance team and will head f small department involved in all aspects 
uf tax planning and compliance across the Avhole range -of the Group's activities. There 
will also be close involvement with derrl Dement and capital ImttStmeat r-royramsies. 


; ACCOlft^^ 

£4,000.00+ . 

We are a City commodity trading company with 
young staff and. small, friendly office. Our business 
includes physical and futures trading. We require 
a person with a good accounting discipline who 
is prepared to take more than a casual interest 
in the trading activities of the company. 
Ring 01-2S6 7950 

Suitable candidates are likely tor— / 

— be between 2S and 35 i 

— have a degree and/or professional qualification in taxation or accountancy 

— have experience of taxation planning and compliance work at corporate level in a 
large arjd diverse commercial organisation; or at senior level in a merchant bank 
or professional organisation, 

— have hud continuing relationships with toe Inland Revenue on tax ccmpliance. 

We feci that this i.s a good opportunity for a younger taxation specialist to establish 
himself in a corporate role as part uf a highly professional financial team. 

The position is unlikely to be of interest to people currently earning less than £9.500 and 
carries a company car and a wide range of modern benefits. 1 * 

Candidates should apply, including a personal and career rCsunse, 
/tlttJtMAfl ,w D - V- Tovor, Group Head of fttsonae!, Eller/Ban Lines 

*• r - - L T*T — r Limited, 12-20 Camomile Street, London EC3A 7EX. 


Electronics industry 


neg. c. £ 1 7, 500+ car/ benefits 


The General Manager of a recently established bask in Saudi 
Arabia is interested to interview experienced bankers for 
marketing and business development on a two-yor contract. 
Salary will be negotiable and accommodation will Be provided. 
Ail travel and consular arrangements will be made by the bank. 


. 01-283 9958 . - 


Independent Consultant running ibccessfot , search sod (election 
business based on twiddle range city and general "commercial jobs 
for bine chip organisations seeks partner, age range 36-49. 

MMfljr wiU be fanning a abnitar bociftMf.'to » wptom ai a teneeomor. 
Oner or to recruitment ««?WT of a Major OMHiwreia! orjintuboa. Earwnjt by 
praftC^dic protaWy hi tto regvys of Cf5.Ooa.per hum' pHU. . 

Write Box A.6465. Financial Times, IQ, Canaan Street/ EC&PjBY. ■. 

Our cUaai, an antonomow ccsnpony within one o£ the UX't major induaWal orgaaiaations is 
ptimazily oaonqed in the design, manufacture and supply of an ax tensive range oi capital electronics 
equipment. Although operating in highly competitive markets hi the UJE. end overseas it has 
increased i turnover by more than 500% during the past tour yean and Is confident of sustaining a 
high growth rate. 

The Financial Director ^ will be responsible lot all aspect* of accounting and financial management, 
lit addition he/n bo will be expected to anks a significant contribution to the general management and 
profitable develop m e n t of the company's activities in the U.K. and ovsraeae. 

Candidates must be qualified accountants, probably aged 35 to 45, wBh a proven record oi success 
in financial management. This must have included an extensive period to manufacturing industry 
with companies that operate on a contract basis and use advanced cart oontrol systems. Previous 
experience oi Government contract accounting, whilst not essential, would bean advantage. They 
must also be capable of exercisiiig sound business judgement and have die personal skills to 


e yv ^ u.vt'. i V <T 

■ r* c* a .a# 

Devebpment Officer 


This semoropporainity is at the Paris Branch of a major \ 
multi-national U.8* Bank. 

The successful candidate roll be a senior lending officer in the - 
Brancb> reporting directly to the Branch Manager. 

Candidates 9 male or female, must be French citizens, fluent in 
both French and English, with 5 to 7 years’ international 
commercial bank lending experience, some of which would ideally 
have been gained in France. A comprehensive knowledge of 
French market practice is essential and experience of French 
Export financing could be beneficial. 

Salary is competitive, appropriate to the seniority of the position, 

and there is a generous benefits package. 

Please send a comprehensive C.V., including any companies with 
whom this should not be discussed, or telephone (01-629 1S44 at 
any time) for a Personal History Form. 

D. M. Watkins ref. B.1018. 

United Kingdom Australia Belgium CanaOa 
France Germany Holland Ireland fcaly 
New Zealand South Africa South America 
Sweden Switzerland USA. 

International Management Consultants 
Management Selection Limited 
1 7 Stratton Street London W1 X€DB 

European Auditor 


Up to £15,000 

i - » 


pef. No: 37552 

%%>r Insurance Group 
requib a qnalifled Chartered 
AccoUjant tor their Bermuda 
office, ^cellent conditions of 
service Age group' approxi- 
mately?7/35- years. Salary 
? 18.000 La. 

Fllee telephone la 

Malging Director 
S. Group- 

(Emploj\ent Consultants) : 

. : . 0481 811 L - 

Weir eibMahcit firm of Fumimf# 
Manufacture wah to «v?o>nt Young. 
QueHtod Accomxnt (14-311 for 
Coitwp tSatfiw. Sal ley & Benaffa* - 
MlMiiUi; Write vU C.V. ta : — . 
SO, CrMRiRny Road. Hendon. 
London NW4 





. • • • . t 

NORTHWEST 9 £10 ? 000+car 

The Liverpool Daily Post and Echo Limited is 2 n independent group of 
companies with an annual turnover in excess of £50 million. The group 
interests include retailing, papermaking, packaging and information systems 
as well as the more traditional activity of newspaper publishing in the U.K. 
and in North’ America. 

Following internal promotion, there is a need for an experienced accountant 
with general management aspirations to co-ordinate the total business, 
activities of the weekly newspaper, commercial printing and information • 
system companies within the group. Reporting directly to the Group 
Managing Director, the successful candidate will work closely with the 
individual Managing Di redoes of six separate profit centres based in the 
North-West, London and Pittsburgh, .U.SJL He will cover day-to-day 
management problems, financial planning and control systems, new business 
development and corporate strategy. 

While experience of these particular indue tries is not essential, applicants 
must have spent some time in non-flnanclal. functions in businesses operating 
proven systems of management information and control. The successful 
candidate will be a qualified accountant preferably a graduate and/or 
and aged between 28 and 35. Prospects of further career development 
within the group are excellent ( 

Please apply in zoriting with full career and personal details to:— 

Personnel and Training Manager, 

Liverpool Daily Post & Echo limited, 

P.O. Box 48, Old Hall Street, 

Liverpool L69 3EB. 

Our client is a large US insurance group with world wide interests. Expansion 
necessitates the appointment cl a Resident Auditor — Europe to conduct 
financial and operational audits of the company’s UK & continental offices 

and subsidiaries. 

The post will report to the Assistant General Auditor responsible for the property; 
casualty section. The duties will include development and maintenance of audit 
programmes; ensuring compliance with company policy and procedures; 
appraisal of internal controls; and recommending improvements for revenue 
increasing and cost reduction plans. 

Candidates will be chartered accountants or equivalent, probably v/ith a degree in 
- business studies or economics, and have had up to 5 years post qualification 
auditing experience with financially orientated companies. The post requires a 
high level of analytical and critical skill coupled with an ability to operate at all 
management levels. Fluency in a European language in addition to English is 

highly desirable. 

Location is flexible, and the remuneration package will be arranged according to 
individual circumstances. 

Please reply in confidence giving concise personaf and career details, 

quoting Ref. TB86/FTtod.D.Atcherley, 

Arthur Yoong Management Services 
Rolls House, 7. Rolls Buildings 
fetter Lan* London EC4A 1NL 

Financial Analyst 


£7,000- £8,000 range 

This apfx&nfament; which is aimed at 
candidates in the 25-30 age bracket, arises 
in Hie Financial Controller s Department of 
an international retailing czmuusatioa 
aid will- be based at the Head Office in 
Central London, llie company holds a 
leading position in high street trading and 
is currently undergoing an extremely 
interesting phase of reorientation and 
image development ■ . 

A University education in ***mnrmr<2 or 
fin a n ce followed by two or three years in 
the corporate finance or corporate planning 
department of a large company is the 
minimum essential requirement Respon- 
sibilities will include monitoring of capital 
expenditure, long and &oxt term [planning 
and financing, financial modelling and 
analysis of treids and variances and their 
impact on trading and profit etc. 

Applications in confidence quoting refi 6255 to E. C. Smith, Mervyn Hug 
Group, 2/3 Cursitor Street, London EC4A 1NE. Teb 01-404 5801 (24 hours). 

Nervy vt Hughes Group 

• Management Recruitment Consultants 

Commercial Accountant 

- West Midlands , . circa£6,5O0p.a. 

Oor client, an autonomous group 
within a major UK. international 
organisation, has a vacmcv for a 
Commercial Accountant io be ha yd 
at its Head Office. 

The successful applicant vill be 
responsible to the Chief Accountant 
for export documentation, sales ledger, 
credit control .both home and. expert; 
data entry, trapes and insurance. He ur 
she. will additionally be req uited to 
ciriy out ad hoc financial cxerdses. 

Applications are invited from quali- 
fied Accountants who are, ideally, in 
their early jo’s. Preference Mill- be 

given to candidates^ who have pre- 
vious relevant experience in. a mum , 
facruring company. The company cun 
odier excellent career o ppo r tu nities and 
an attractive renmneutioa package. 

Applications, together with full CV, 
salary progression and career objec- 
tives. should be forwarded to Position 
Number AfiC 6961, Austin' Knight - 
Limited. London WiA iDS. 

Applications arc forwarded to the 
client concerned, therefore companies 
in which you are not interested should 
be listed in a covering letter to the 
Position Number Supervisor. 

{ak} advertising 




A jJ iV ' W t« - | 

-• —KENYA 

AppHcatlms are Bivlred for ftp pwt 

ApuUeasts -should have al & 

decree trilb tiitor Aecww- 
brt or Finance as a major subject 
and, jirpferalilT, pro/essiomii qdhillit'A- 
rtraj In Kcounrirus. Tracbina «-■ 
ucxuax ai L'alvnsiur level »««w 
to jut ddVWUfit. Salary: Lfdnrer 
K£JH«-KOJl2 PJ- fK£T=rt.» smrllnfii. • 
Tto British Cownanem mar supple- 
«Mijt salary by £3756- £4200 p.a. 1 st*T> 
Vtesf-for married appamfet- or C4M- 
Jfffn P.S. iBirriiafi* for *“*!« 

iKvievei annually and 
toauallT free at aU «*« snd .orovMe 
iSWrttfd cdacahM allowancre and 

visit pMMfces. Faaulr a y 
«WeS\raSF or FSSUJ 
i«v -Acdical ariicmc: 
ftvaot <k toori« aHewapcp. PwallHf 
appHaidPth rt copies- wii» canton* 
fen vjlttTfed undo: 3 referees io 
Uo-tont dhreet to Registrar IHeenai- 
Trahitaa». unmcwtiv of 
'Vitoofai, PO Bos 3IW7. *a!reto. 
I'vr. j. brll OOober JJTB AppUrtW.s 
resident 'ta the DJCdwaM am ond 
«W «W .tOvlillrr-UOiversuv Coaorfl. 
WH Tat icfitote.'Ceo* S«d. Loadni 
.WIP »Tr -Ftotbee dHtfrav-ba 

.OMaiced.-'from eahet. - 


“Wc currently have well in excess of one hundred vacancies located throughout the UK 
with major finance companies who are seeking finance house trained personnel (either 
sex) with business development experience in consumer and/or industrial finance. The 
most urgent vacancies arc listed below and in addition to salary, offer an attractive 
range of fringe' benefits. ... 


Ayr, Cardiff. Coventry, Derby, Exeter, Fariiborough, Halifax, Leeds, Reading, Sheffield, ■ 
Slough, Southampton, Stoke, Sutton, Uxbridge, and Wakefield. 


. Banbury. Bournemouth. Bunticy, Chester, City of London, Colchester, Coventry, Edin- 
'borgb,. Exeter. Farabo rough, Halifax, Hayes, Leicester, Lewisham. Liverpool, Maidstone. 
Manchester, Norwich, Reading, Romford, Sheffield, Slough, Southampton, Southend, 
Stoke, Uxbridge, Wakefield, and Wolverhampton. 

’ Phatt tefeptono for on application form to Salty Toffs or writ* "It* full after details' a: . 

-Lacffa M* Sqofiw, Managing Director. All repJta will ta treated In tta itWcuit confidence. 

f] : Jonathan Wren City Ltd. 

; Financial Fersonnd Consultants • 

60 Cbeapside, London EG2V 6 AX. Tel. 01-236 4441/2/3. 


The fast developing UK subsidiary of the major French chemical company. Rhone. 
Poulenc at present employing about 70 people in their London office, is looking for a 
Company Secretary. 

Reporting to the Managing Director, you will, in addition to legal and administrative 
matters, have overall responsibility for the accounts, shipping and personnel 
departments. You will also be responsible for preparing board meetings and for 
liaison with the central administration of the group in France for legal and financial 
affairs. - w 

Applicants should be aged 40-50 and have gained broad commercial experience, 
including a basic knowledge of computer techniques and an understanding of 
accounts procedures. The Company places the greatest importance on applicant's 
ability to communicate effectively at all levels. A working knowledge of French is also 

An excellent salary and range of benefits are offered, including a non-contributory 
pens ion sc heme, reflecting the importance of this key appointment to the organisation. 

Please contact Sally Phipps on 

01-2357030 extension 227, PER 4/5 Grosvenor Place, 

London SW1. 

Applications from both men and women are welcome. 

Professional ■ 
& Executive 


Financial Controller required a]r a 
Group el Rriviu Gunpnte in Etun 
engaged in die wtefente and recall 
meai trade. 

Tire new post mrtrirtt che prepara- 
tion of monthly manag g ttg m accounts 
and annual accounts together with 
the supervision of all aoooonung end 
related administration farctiom. The 
tommencing ulirji envisaged is circa 
£6.500 p.a. A comptny car will be 
provided and there' will be participa- 
tion in the Company Pension Schema 
after a probationary period. 

Pleas* wrr£t with fall persona! details 
and C-V. » CH.Ci, Romford 
Humbert. 33 Market Place, Romford. 
Euex RM ! 3AB. reference P.M. 



Eurobond Brokers require accountant with experi- 
ence in Euro-Bond Market for newly established.U.K. 
brokers. Must have extensive experience of UiC. 
Exchange Control Regulations. Salary by arrange- 
ment. • * 

Apply Box A.6464, Financial Times, 10, Cannon 
Street EC4P 4BY. 




Interim Statement. 

The Directors announce that an interim dividend in respect 
of the year 1978 will be paid on the 6 th January, 1979, of 
4.6585p per share (1 977, 4.235p per share) which, with the 
tax credit available to eligible shareholders , is equivalent to 
6.952985p per share (1977, 6.41 667p per share). On the 
same date, a further payment of 0.08985p per share (gross 
equivalent 0.1341 Ip per share) will be made to compensate 
for the additional amount that would have been paid in 
respect of the 1977 dividend had the retrospective reduction 
in the rate of Advance Corporation Tax been known at the 
time. These dividends will be paid to holders of ordinary 
shares whose names appear on the register on the 24th 
November, 1978. 

The unaudited results for the first half-year are — 

First B 

Fust 6 

Premiums Written 
Fire, Accident and Marine 

i nvestment Income 
Less: interest paid 

Short-term (Loss) 

Profit before taxation 

Less : Taxation and Minorities 

Profit after taxation 

Preference Dividend 
Ordinary- interim Dividend 

. 331.3 



Z 6 * 

( 6 . 1 ) 




312.5 591.5 









0.1 0.1 0.2 

5.9 5.3 1Z9 

"635 5.4 13.1 

'Excluding South Africa 

The Ordinary Dividend cost for 1 977 has been acfjustsdto 
reflect the supplementary dividend referred to above. 

Territorial Results 









Under - Investment 

Under- Investment Under- 


















— . 















(including Marine) j 

Miscellaneous 21.7 

( 2 . 8 ) 


39.1 | 

(including Rep. 
of Ireland 

’ J 

( 0 . 2 ) 






• (6.1) 





Exchange Rates 
Australia 1.61 

Canada 2.03 

Germany 3.84 

Life New Business 

New Sums Assured 
New Annuities per annum 
New Annual Premiums 
NewSingle Premiums 











The proposed changes in our South African organisation 
are not expected to have any material effect on our overall 
earnings in 1978 (nor on the comparative figures in 1977) 
as the removal of the 1978 South African Life profits wiii 
be offset by the short-term South African business now 
directly owned. The Life new business figures for the year 
1 977 and the half-year 1 977 have been adjusted to exclude 
the South African business. 

In the U.K. the second quarter's underwriting was 
profitable after a poor start to the year caused by adverse 
weather and the firemens' strike. In Canada the Anti- 
Inflation. Board regulations still diminish the satisfactory 
profits that might otherwise have been made. In Australia 
lower profits have resulted in response to very keen com- 
petition. In both Germany and Holland the underwriting 
results continue to be poor. Corrective measures have been 
taken but have not had time to be effective. Brazil, Hong 
Kong and departments writing overseas risks from London 
have made good profits arid, in other areas, no material 
change has been encountered. 

Exchange movements have depressed our premium 
income by £4.6m and our investment income by £1 .1 m. 

Life business has continued to devejop well and despite 
the changes in our South African organisation life profits 
have been maintained. 

Royal Exchange 

Royal Exchange, London EC3 V 3LS 

Hep worth Cefamic £2m ahead 
midway, despite difficulties 

well ahead 

Financial Tunes Thursday September 7 197S ^ 

Caravans protect j fir 
Cosalt’s progress 


GROWTH of Hepworth Ceramic 
Holdings was held back in the. 
first half of 1978 and pre-tax 
profits finished the period some 
£2.07m ahead £HL8Sm. 

Mr. Peter GoodalL, chairman, 
reports that the six-months under 

review had their difficulties and 
what little added momentum 
there was in the private house 
building sector was very much 
more than offset by the worsening 
of the deep-seated recession in the 
steel industry which Is a world- 
wide recession and has now gone 
on for four years. 

He says that he does not see 
the general trading situation 
improving to any great extent in 
the remainder of this year. 

Six Six 

months months 




1 000 


.. 123.541 


Tradlos profit 

.. 13.302 


Share of auoc. loss .. ... 



Interest less lot. Inc. .. 

. 60S 



. .t.WT 


Profit befor* tax 

.. 14X80 


Tax ;..... 



NVt PTO^t - — 



exchange losses 




.. 8X23 


trial dispute lasting some seven 
weeks in the Hepworth Iron Com- 
pany. mainly confined to the 
Hazlehead Works, and this had 
some effect on the results in the 
first half. The dispute, which is 
now settled, will also have 
affected the results for the cur- 
rent half year, “ although we shall 
make every effort to recover the 
position. 1 * 

First half earnings per 25p 
share are stated at fi.Sp (6.4p) and 

ended Ane 30, 1977 have been 
nnaEin restated' 16 reflect the changes 

BOARD MEETINGS ,- n accounting policy for deferred 

The following companies haw tnmfieA taxation and the. revised 
dales or Board nrettiacu to uu- sioc I? tatlon of differences on- trans- 
Eschaiwe. suet ntevUuss an? usually j at j on of ' foreign ' currencies 
* raDS,der !I!S effected in the accounts for the 

dividends. Official tadfcaUons an; r ..n 
available whetbur dtoMeuh conccrnvtl arc lull year. 

Imyrfnis or finals and subdivisions -m. j. 

shown below an based- mainly on last • CO HI m 6111. 

year's timetable - - _ Hcpworth’s growth in the last 

Interim*— Abbey Panels, BrtXKti Prtro- ***“ ^StincUy 

team. Cadbury Schvenwi wimitn Col- impressive and HOW pre-tax P«J- 
llns. Ru-hard Cost am. General aH nm * fits and sales are a further 16 
and Finance CornoraUno. ijlbbons ahead. The company 

Dudley, imperial -CtemlSd industries. P" «■“* ™ ve a] - how ffluch the 
London and European Croon. prorincial not T®, ea lu n « “P,, 

Laundries. Sharna Ware, Sharpe and strike cost in the first half but 
Fisher. Wilson <cmmoUyi. b. woodward- with some recovery In the second 

^- ta TrSS iU s Britl!,h Elec ‘ a[x months full year profits of 

tnc TracUon ^ CMteL £ 29 m-£ 30 m look, possible. The 

Interims— FUTURe ° ATES problem at tbe moment is 

Banro consolidated industries seat. 32 depressed world demand foe 

Black and Edcfneton ] s^pu w refractones — in the past exports 

Bnvdon and cloud Hiii uiiie" . have helped counter a dull- UK 
i wotIss Scot. i» performance. However, the 

"' "T : ££ it group’s historically smaller but 

tiered .s f pt. u expanding plastics and industrial 

Fisher (James) s-;pu u sands divisions have made in* 

i 1 ? 3 ? 1 ? nnrt"=hi""‘ ?3 creased profit* ahd should con- 

£Sl h ttoue to grow in v toe current 

viewers Sepr. 2S period. Plastics in- particular. 

Final*— - have been helped by" the private 

DIY plcb-up. 

thall buoyant did not do quite- as welf - 
PROFITS of Newbold'and Burton DESPITE the caravan anticipated but : the 


r **&SoZ?£ , %**** c^teSd'Tn-the 'Tnte^ 
for the 1P78, wifi) down of tbe hnance division,-!}* 

yeftr JfLmrfJftlDOtf better at Ing 1978 the related bom*™ 

Homings, tacues tootwear maser; of wwan =-522,—-- wa * m ai 

show a S5 per cent improvement prtUfroA 2 S&"<m.Q00). 

to £319-, 000 In the first W of WWr £794.000 ogetong J* r aethri . No problems 

on turnover uni 25 'per cent to ships* chandlery the pnuntered in the 

.. . • ... iim croup 

£4.4Sra. With excellent order ties, __ llUV , ^ 

jgjg ‘ «9.0OT better at f h |J d 97S b , th c B ut n ^JS 

fident for the second six months. by lbe j£ia nC e^lrie from cnstoiiS^' 

The interim dividend is raised £2:92m to , es.+im). ■' Load factors to date at j 

The interim dividend is raised £2:S2m to 44m). ■' Load factors to date at j 

from UB7655p per 25p^ ^ctmtent at to fore- Wales, part of the group's oft 

share — last year’s total Was time performance but activities, have been broadly" 

nre-mx nrofits of the - ^““indicate another -good forecast and good , progne*, 

pre-tax profits of ^ espied, expected during the 3^- 

for tne months. ' 

\ ! id 

\ 1 

2.7P51p from 



Tax charge in the first half is air. ^ & r«ort 

leaving in 1977-7b profit was 

£114,000 against £83,000 ^ lol . 

net profits at £105.000 compared £2.6lm. . h aD e-for-tvvo 

with £76,000. Tbe Interim dividend At the time ® the direc- 1 S?s ebandiery-’.'- 
absorbs £40,000 (£38,000). . scrip issue 

Steadily .increasing turnover * be maintained 
means that the present borrow- share . Recent 

ing limit of £800,000 fcs restrictive, f* nravents this and the shura rtandJerr 

the directors say. They propose flowed now -would be Caravan a -. . 

to alter the articles to enable t-a-l e n t 2.050^p). This Bctris- & ab-.Con. 

borrowing in aggregate up to tbe fo IP ^-S667p) 

total of the issued capital plus 5,i ,e 4 n?SSn with the b^nce P m» 

reserves. ■» tsib u >nn«ttinn t— 

1 haJr-rear;-^ 

mo twr*^S 

{ Vst 

■profit, v Cains. 

In addition, there was an iodus- Borait Tin and wottram tr?Pt- 1* housebuilding 'and 

- .734 
. 678 


4-BB* j. 


.1,314 j* 
- :hs i- x 
• «B-.r 


■ m t'S 


Staffordshire ‘Potteries S,.-pi. 12 - 

Tor investment Tnuu s*fpc- u outstanding iR5t year, sbODiu dc 

* helped by high demand, impres- 

sive margins and the UJS. acquisi- 
tion Dickie Clay — this company 
the interim dividend is stepped has scored well- against com- 
up from 1^5p to l.Top net at a petitors by stocking up in the 
cost of £2.24m (£135). a further traditionally quieter , winter 
0.02 65 tip has been declared to take months when the American con- 
account of the. change in ACT in structlon industry closes down. 
1977. Last year’s total payment At 941p the shares are on a 
was SJSp from profits of £.’ 6.72m. prospective T/E of 7.0 and a yield 
Results for the six months of d£> per cent. 

S' S' is Clsyware, meanwhile, which was 

Sh^ibe p^ion 

Based -on the 1977 accounts, this then the finai £3E£. 

would increase the - borrowing accordingly the directors p^^ec <Uvb. — _ 

limit to about'£L5m. explain. . . - Attributable — .811- E73 

; worship chandleiy- division t L«s. 

• comment . 

Of the traditional Against 

Movitex back 
to dividends 

_____ enme oi xne irouiu>,u«. a background of-nroUa. 

have been bard hit in both the fishing zmTcarft 
cutiack in the British industries, Cosalt has managed .1 
by the d the first-half - 

Wagon Finance £1.3m midyear 

ALTHOUGH pre-tax profits of 
Wagon Finance Corporation rose 
by £191,744 to £3^07,465 in the 
first half at 1978, at present rates, 
higher interest charges are 
expected in the second half and 
the directors say ' they do not 
expect the first half' profit 
increase to be reflected In results 
for the full year. 

With lower rates prevailing for 
most of the first half, interest 
charges were nearly £300,000 
lower despite higher borrowing 
to finance expansion of business. 

However, despite these fluctua- 
tions, Mr. S. M. de Bartolome 
reports that the underlying busi- 
ness is going ahead wen and that 
amounts advanced under new 
credit agreements were 31 per 
cent up in the first half. At 
June 30 the group's instalment 

balances, before deducting 
unearned finance charges, 
amounted to a -record £43 .9m. 

Earnings per 25p share are 
shown to have risen from LSSp 
to 2„>p at halfway and the net 
interim dividend is effectively 
held at 0.625p. Last year’s total 
payment was equivalent to 2.0625p 
from taxable profits of £2.15ni. 

1378 IS” 

: i i 

5.174.73* 4.354.577 
2.454JH7 2S5I.333 
1. 147.742 l.trSMll 
H3MAtS 815.721 


TradtfK profit — 

Interest payable .. 

Profit before tax 

Tax - 

Profit after lax .. 

Dividends 144.3&5 

Retained :. 435,194 








Wagon Finance has taken care 
that shareholders should not draw 

the wrong conclusions from the 
60 per cent leap in its first half 
profits, and has left its interim 
dividend unchanged to reinforce 
the message. Hie .current six 
months may show a downturn 
following pre-tax profits of £L3m 
in each of the last two half-years 
when -interest rates were at their 
lowest and the company’s margins 
high. However, the outlook for 
turnover is promising as tbe 
consumer boom in the UK is 
keeping instalment credit 
business strong. The company 
is still overwhelmingly concerned 
with the buoyant motor vehicle 
and motor-cycle markets, which 
account for 87 per cent of its 
credits. The shares at 44p, yield 
S per cent on the assumption that 
the final dividend gives a 10 per 
cent rise in the year’s overall 

SKTV*f d t£| 1 ttW on-related ; Stocte 

After a three-year absence, the well i n both the gain in spite of some sfoai 

group is returning to dwntends . JSS^nlienjort markets and the price increases, whieh is prolid 
with a sin^e payment of 05p- —^^1979 models have had a a reflection of the quality of t . 
gross per IDp share. Bantings per SXr «. cention at the early trade product range. Other actmti 
share are shown at 0.799p. com- Vh e production facilitlefl such as the Air Wales subsidia 

pared with a loss of 0 JB 6 p- ^ division are being further can provide only li mited sapp 

Tax charge is £80^00 (ffl®iS79) extended and improved and the for the present, so ^wtb M < -* . 

and there are extraoTdinaryd db its Sectors expect it- to adueve c^ent V T ^ i X ( ] * 

SWMK! -sussri, r A; ‘ ‘ - 

5®.***- mtaarfUra ’ SLmSlFSSSiA'S MSfWVi 1 Sjn Ml 1 

Group Lotas recovers strongly 

Fairbaim Lawson £0.75m in first half 

RESL^LTS OF Fairbarrn Lawson 
for tlie first half of 197S are close 
to plan at £747,000 pre-tax and 
the board is looking for the profit 
improvement— 3.6 per cent and 
20.3 per cent over the first and 
second halves of 1977 respectively 
— to contiue in the second six 

Turnover advanced from £8.S9m 
to £8.7Sm, including a contribu- 
tion from the Westwood Group 
acquired in January this year. 

Tax charge is £191,000 (£105.000) 
giving earnings per share of 4.84p 
against 6^4p. 

At the time of the Westwood 
a-rqufcrtton, a total dividend of 
5p was forecast for the current 

Sir John Lawson, chairman, now 
says tradinjrconditions and results 
experienced continue to be in 'line 
with forecast and Treasury 
approval has been received to 
implement the dividend policy “on 
the understanding that the current 
regulations are still in force when 
we recommend our final 


Six months 





External tirnwrer - 



Trading profit - 






Prefit before tax 



Tax : 



Met profit 



Preference dlvidenrls 



Ordinary dUidends 



Under these circumstances and 
in view of the reduction in ACT, 
the interim dividend is doubled 
to 2p and the chairman reiterates 
the commitment 'to achieve earn- 
ings in the second half which 
will support payment of a 3.0757 p 

Jn 1977 a total dividend of 
3.&460p was paid on pre-tax profits 
of £1.34m. 

•The capital goods division 'ales 
increased in the half year and a 
significant element of this has 
been in sales generated by invest- 
ment in development expenditure. 
However, the contribution of this 
division as a percentage of total 
group sales has fallen to 50.3 per 
cent compared with 62.5 per cent 
and 33.2 per cent in the first and 
second halves of 1977. 

There is under-utilised capacity 
in this division and working capi- 
tal requirements have steadily in- 
creased under the severe market 

Filtration and fluid control has 
grown materially following the 
Westwood acquisition and will 
continue to benefit in the second 
half not only from Westwood* but, 
also from the acquisition of 
Bolton's Superheater and Pipe 
Works and Stockport Engineering 

There has been further substan- 
tial growth in. officp furniture 
following the acquisition of 
Kasparians. Sales and earnings 
have shown a satisfactory im- 
provement over both the first and 
second half of 1977. 

Packaging division sales are up 
over the first half of 1977 but are 
slightly down on the second half 
of that year. However, earnings 
have shown a steady increase over 
Ihe first and second halves of 

This division has not made the 
progress it anticipated in its new 
product development, the expendi- 
ture oo which is written off as in- 
curred. but its existing products 
have done well in the market- 
place and have stabilised sales 
volume and earnings, the chair- 
man says. 

In property, progress in letting 

continues to be satisfactory and 
the property has been substanti- 
ally filled. Income from third 
parties accounted for 61 JB per 
cent of total rents compared with 
47.3 per cent and 55.4 per. cent 
respectively over the first and 
second halves of 1977. 

The directors are concerned 
about- the value of a part of the 
investments shown in the balance 
sheet at £357,000. The unquoted 
investment In Ausack In Australia 
represents £132,000 of that total 
or i.i4p per share. A receiver has 
been appointed, and directors are 
currently negotiating to protect 
their interests. 

As a result of the acquisition of 
Bolton’s Superheater and Stock- 
port Engineering it is intended to 
incorporate the surplus arising 
from the revaluation of their free- 
hold property at the year end. 
This sain is expected to be 
£165,000 or 1.43p per share. 

to £0.59m. 

PRE-TAX PROFIT of Group Lotus 
Car Companies continued to 
recover in 1977 ■pnA fin&hed.tfce 
year well ahea d from -£L6£86 to 
£556.676. At the interim 'stage 
an advance from £35,000 ' to 
£285,000 was reported. 

Turnover for the year increased 
45 per cent to £8.I7m and Mr. 
CoSn Chapman, chairman, reports 
that this was achieved without 
a. change in staffing fevefe. 

Again there Is no dividend. The 
last payment was a total 2p net 
for 1974. 

.Mr. Chapman says that during 
1978 market demand has continued 
to be buoyant and the company 
has just announced a series of 
model updates as pa rt qf . its 
continuous product Hnproranenf 

Hie after tax profit for 1937 
was £274330 (£16,803). Tins time 
there was an extraordinary debQ 
of £108,090 in respect of expenses 
associated with funding agree- 
ment. Last year there was a 
credit of £109,923 for surplhs on 
sale of leaseback of planj^ 

• comment / 

With sales 45 per tent up and 
pre-tax profits at their best level 
since the oil crisis and subsequent 
crash of 1973-74, Group Lotus 
seems to be climbing out of its 
depression. Since then the com- 
pany has gone up market, aban- 
doned its kit cars and set up 

& £2m financing scheme with first mortgage debenture stock 
American Express. This has not the subsidiary. ChesteriSe 
SShdped cash flow but enabled Brewery Company 15 . to 4 
Sms to better support its ^ 

dealer outlets in the UK, an area than March 31 next year- 
where previously it had lost out 
to .-competitors. Meanwhile, pro- 
duction units for the year totalled 
1.970, including a 57 per . cent 
increase in export volume. Much 
of this went to the UB. market 
-and. largely due to. the dollar 
crisis, gross margins slipped half 
a point in the second half to 
63- per cent. This has introduced 

.some uncertainty in the American . _ 

market but the company, says 3878, profits before tar of Lj 
sales are still good. Nevertheless, Industrial Investments were litt 
with recruitment now needed, to changed at £164^44. again 
sustain increased production, the £162,530 last .time. In- 1877, a r 
company must rely on better cord £310,000 was achieved . 
volume in tbe current year. The • Although half-yearly sales tte 
spin-off from success in the world better . at £2 -33m (£2.0Sm), tl 
championship and buoyant _car directors sa7 the figures fell'b 
markets In Britain - and the U.S. -low expectations .and they J a 
should 1 help this time — but there bow ; seeking to improve- tfc 
are already question marks over : trend. * • ; 
the motor sector for 1979.. At After tax of £85,563 OSL52 
46p the shares are on a specula- attributable profits emerged 
live P/E of 9A . ’ J 

L.K. Industrial 
little changed 
at six months 

For the first six months * 

£73,981 against. £78,010, givn 
earntngs per 25p share omy ml 
:ginaliy better at S2$p (125p). 

The interim, dividend is steppt 
up to L45p (Ifip) net, costh 
£32,717 (£29,332), with cert* 
directors having waived tbf 
The outstanding 4 per cent first right on 425,000 shares, 14 
mortgage debenture stock 1992 of year’s final was L3p. 

Mansfield Brewery Company is to The group manufactures 
be redeemed at £103 per cent on-and inflatable- products and 
January 1, 1979. The 4 per centto the clothing trade. L 


Pre-tax profits of Bertam Con 
solidated Rubber Co. fell from 
£651,484 to £585,690 in the year to 
March 3L 1979. Rubber sales were 
lower .at £I.42m against £t^7m and 
income from Australian farming 
declined from £14,187 to £7.499. 

The interim dividend in lieu of 
final is maintained at 3.5p net on 
earnings of 6.9p (7. lip) per lOp 

After tax of £310^S3 (£367,204) 
the attributable balance emerges 
at £287,833 (£285,160). 


Chairman’s statement 

Prieska Copper Mines (Pty) Limited 

(Incorporated in the Republic of South Africa) 

Improved efficiencies outweighed by weak metal, prices 

— Mr R. T. Swemmer 

Despite an outstanding achievement in milling and treating a record 
tonnage of ore. producing the highest ever combined quantities of copper 
and zinc concentrates ana reducing unit milling costs by 1196 (R12.06 to 
R1 0,74), the profit of R8 221 000, including sundry revenue of R961 000, 
for the year ended 30 June 1978. was substantially below last year's 
R17 252 000. This results from the weakness of copper and zinc metal 
prices on world markets — factors that have affected our operations since 
inception with only brief periods of respite. After deducting R2 234 000 
(1977: R3 585 000) for interest paid and other expenses, appropriations of 
R3 231 000 (1977: R5 01 5 OOO) for capital expenditure. R4 267 000 
(1977: R4 742 000) for loan repayments and taking into account 
R1 539 000 raised through a further note issue, R28 000 (1977: 
R3 910 000} was transferred to general reserve. 

The continually bearish influences of weak demand, high stock levels and 
over-production of copper and zinc were reflected in prices. The European 
producer price for G.O.B. zinc retreated very rapidly over the past 15 
months, failing from S795 in May 1977 to S55Q/m ton in February 1978. 
The average price for zinc during the year was therefore only 5604/m ton. 
compared with S784/m ton in 1 976/1977. With signs of discipline emerg- 
ing among major zinc producers, evidenced by real and significant produc- 
tion cutbacks, there ar e indications of some stability returning to this 
market As supply and demand patterns come into better balance, the price 
should benefit This is evidenced by the increase on 11 August 1978 in 
the producer price for zinc from $550 to $625/m ton. However, in the absence 
of a strong economic upturn in major consuming countries, ws do not 
foresee a rapid return to the early 1 977 price levels. 

The average price received by the Company for copper was £668/m ton 
(1977; £81 9/m ton). Recant events affecting copper production In some of 
the major third world production areas did not have any lasting effect on the 
London Metal Exchange copper price and the past financial year has been 
one of the worst for the copper industry since the second world war. if these 
events and other production factors (such as the loss of expatriate miners 

from tbe Zambian mines) have the effect of reducing stocks and the supply 
of metal to the market there may be same improvement However, as with 
zinc, a strong upturn in demand must occur before the price recovers to a 
more realistic level in real terms, which is essential for producers to earn 
adequate returns on their investment as well as to encourage new 

Although capital expenditure lagged behind our forecasts for the 
year and stringent financial controls kept mine .working costs in check, 
■t was still considered prudent to negotiate the substitution of the 31 
December 1977 loan repayments lo United States Steel Corporation and 
Anglo-Trarrsvaal Consolidated Investment Company, Limited ("Anglo- 
vaal") with a further note issue of R1 454. 000 and, simultaneously, to 
raise an additional loan from Anglovaal and Middle Witwatersrand 
(Western Areas) Limited of R1 539 000. also represented by notes. These 
arrangements were effected on the same basis as those made in 1976. 
Without these funds, which totalled some R3 000 000, the Company's 
cash resources would have been seriously depleted by the year end ; in any 
event, cash reserves were reduced from R8 977 OOO at 30 June 1977 to 
R7 099 000 at 30 June 1 978. 

CapiralexpBndrture in the current year is estimated at about R7,4 million 
and will be confined mainly to gaining access to the deeper parts of the 
orebody involving, amongst other items, preparations for deepening the 
Hutching!* shaft and the sinking of a 1,7 by 3.4 metre sub-vertical shaft. 
V ery much improved metal prices during the current financial year will be 
required to enable the Company to meet this expenditure and loan instal- 
ments of some R5.7 million from internal sources. 

Prospecting work on the orebody and of its environs continued and it is 
estimated that this will absorb about R300 000 to June 1 979. Drilling from 
surface into the area where the upswing of the orebody takes place 
(referred to last year) is presently in progress. 

25 August 1 S7S 

The annual genera! meeting of members will be held at Anglovaal House. 56 Main Street, Johannesburg at 1 1hOO on Friday, 29 September, 1978. 



Interim Statement 


The following are the estimated and unaudited results of the Phoenix group of companies for t 
six months ended 30th June 1 978 with the comparative figures fox the corresponding period hslS^ 
and actual results for the full year 1 977. interim figures cannot be taken as a reliable guide to resS 
far the full year. . . , . 

fi months 6 months 
, to 30.6.78 to 30.6.77 

1 £m £m 

Net premiums written: General (fire, accident, marine 
and aviation) _ _ __ 175.4 174.6 

Investment income _ _ „ • " 19.5 

Underwriting profit: 

General — _ mm ' 'j» — 

Long-term — — _ _ — _ 










Less expenses not charged to other accounts — 

Profit before taxation __ _ 

Less '.Taxation _ _ _ 

Minority interests _ M _ , 

Net profit — . M. _ — 

Earnings per share __ _ ■- — 16.1 p • i5.6p 

Overseas currency transactions have been -converted at rates of exchange appropriafto the ; 
periods in question, fn converting US dollar transactions for the 6 months to 30th Ju&tS78 
a rate of $1.87 has been used ($1,72 for the 6 months w 30th June 1977 and 
the year 1977). • " * : ■' ^ 

Comparisons with 1977 have been distorted by currency fluctuations and .to noriv-; 
consolidation of a former subsidiary 

After adjusment ■ ,,y. 

. As reported oF1977;gtnes 

Premium income. '.-J-0.5% -7.1%;: - - 

Investment income .... ’ +14.0% --23.5% 

The net profit of f 9.7 million compares with £9.3 million as published or 18 . 6 million after 
adjustment - _ . 

In the general underwriting accounts the United States has contributed a preit of £0.7 tnilEoii . 
(operating ratio 96.1) compared with a loss of £0.1 million (98.7) for the ccrespo riding -period 

of 1 977. Canada also remains in profit. • 

In the - United Kingdom the second quarter's/fire and accident account poduced a small loss 
but a much better result than in the firstquarter. 

In Australia pressures an rate levels produced an adverse underwriting asult. Europe showed 
a loss buteisewhere overseas businesswasgenerally profitable. 


6 months 

6 moiths 



to 30.6.78 

to 3C6.77 










6.0 '• 




" 11.5 .. 

■_ - 


1.S - 

: 19.0 




New sums assured 

New annuities _ 

• New annual premiums _ " _ 

Newsingle premiums . •• 1 - 

DIVIDEND . ‘ ' r. 

The directors have declared an interim dividend of 5.11 2p (7377 4.57fip) per ShaTO which, rf thei 
tax credit available to eligible shareholders of 2^1 8p per share is added, is ecuivaient lo j.630p 
(1 9/7 6J936pj per share, an incieaseOf .10%. 

The directors have also declared a supplementary. interim dividend of 0.088p qer share. With the - • -i- : 
ax credit available to eligible sharehofdeis of Q.043p per share this is equal to fte reduction injhe . I 
gross equivalent value of the final cfividarntfOr 1 977 which resulted tram the proactive chang** 0 ^ 
the rate of advance corporation tax. ’V s V’ r .‘ 

The cost of the two diwdends fa £3.1 mifllbri (197ZC2E miHtori) and they vtil 
January 1879 to members on the-register;aMfie close of>usiness on 24th'Noi«^ibar1 : 978. - V :r- . ; 

mS&tefQber f978 ^ '.‘v* vv; 

: :ld a 

- i. *.J . 

bex- > 


r ess 


yii^rnciai T™bs Thqrsd^ .g^^nbBr 7 1978 

%*- ..V ' 


u >. PROFITS of Ratorfc for the first ' fteles 
^ the ,?- l • h a ‘* ®*. WSc«hqv* B mode&i lij- frow HJBm iQ ELiJrn. Non 
9 fin»„.%k7 cfease-frona; £l,4m >x> riASra anri r+*+A*J* — 


‘ 23 

for ,4b* Jutff year firev* 
J “"an.- .- Non- 


. the up from 145 .. 

effectively net per 25 p share eosxine £103.4S1 
' * ’ * '* was 

The interim dirittend is slcpiwd 
T^Sp to i?43S7!«p 

'Lors , cn> EarnmKs . per share are *h<m: 
1 of ii! Q C’ 1 ».-op o^antst 7.4p and tk 

£HI*4JlS' i SaL i* *Sfcttr«! 

Midway rise 



profits were £352m. 
?iet probts for the first half 

anaL 1 *’.** comi *' d 

: Creditable resuits have Main 

-hAMi uthUfHuf it .. _ . 


: te 

’ «*a! 


C : 






".-j • 




k . 

» f 





r utauwcQ dim 

ISS?^ rc . ex ? e,ned to eMrtnue 
tnroiiffhaut tite year. although 

1 margins •*•*« — — *- -• ----- 


wdi remain ' under 
* lanje part of 



*^ > J jUs ^ 1CS5 -North -America, IN LINE with /projections made 
anarp movements in tbs dollar at the test -Annual MetSoR.' wtie,i 
80 B ?Preei afete effect of 1, J. . iMttfatnt Mekttags. the 
,on ?nc. iurures, the directors say. clothing grtmrk rose' by rimosi 25 
™ marine division had’ , an per cent to and pre-tax 

.an-jatisTattory start m the year. proGis by Just odder 20 i 
and has raUcn well below expect*- "from fSM.OOD to £8W.«00 
uons. However, corrective action - faaif-ycar to Jaly U. 4818. 

lULi now been taken and the divi- At the June ACM. the directors 
Jiion s rc^uiis writ beam to shew sitd that the . group was on 
nn improving trend in the Mcontl course for its half-year sales target 
tF- rn , •’■ ■• of f?m and preffts were eirpected 


; Rowton 


ch «kUej!* 

i, "'hich i«? ; 

Jn ihc £* 



Hotels up 
at midway 

to he U) excess of 4575.000. 

They now- report Inst demand 
for the croup'* v products i- 
■renerslly good and' it baa a fuU 
production programme for the 
remainder of the current ytvr. 

For the whole of the J977-7S 
year, taxable profits were ahead 
from 4914,000 to a peak .11. 05m. 

After half-yearly - tax of 
£75,000 (£45^ooi, pet' preflti for 
U| c or," ' ^ ~ the period advanced from £45!i .Sim 

‘? re d a ^ REPORTING TAXABLE ' profits to £32fi,fl0D. representing earning. 
,lte of ahejd from £381.000 io £455,970 per Mp share of &35p (adjusted 
tses.whiriT f ? c Thc Rrt,t *** «0«bs of 1978, -iMp). 

1 ihe^,' ! llc directors of Rowrum. Honk The interim dividend nr ■ cflec- 
npc. ntK^ >!,y ,nd > cations arr (hat the tiveiy lifted from 0.45p to 0.5p 
: Air \Vau7 : VWM half result from hotels net, costing XjMffc . and rhe 
- only ii2 a ^ hoslels cou.d at least equal directors intend to recommend ? 
•sent of Iasi year* -same period, final oC in — Iasi year, payments 

■ar viii • l ?or "41010 of 1977, ownll totalled 1.32p. adjusted i or. a one- 
no moreV ^ T0U P ^* >hr *** a PP* XS45,S«. for-three senp^sue. ' 

;*»• the si* 

• lc *d b 4* j! 


Travis & Arnold ahead 
9% to £2. 18m so far 

DESPITE A slow -dart due to poor date, a freehold property with .. 
v-ca (her conditions, pretax profits book value of gllSW tux been 
dcberruir* nf Travis and Arnold, builders* transferred to Elba and. Evcrard 
diary, n merchant and timber 'importer, reducing the figure to’ £S^9m. 
-ompair.- *' advanced by 9 - per cent from Welland Fuels wttt continue to 
f oracticabi- . to £2.ISm for the first trade as al present .but it is 

51 Dtstv^ baif of I97S, on higher sates of . intended • to morn -SHU and 
^ £30 Mm against £23.8Sm. Everard f Build in* Sappltes) with 

tt , Buildins activity ha, incrcaiw! »" d *S"TS! 

IndlKtt <ner t* 1 ® period and hid ica turns f 

AUUUSI are that the fiicher level should ^ a 

I be maintained For -the rest of the 'cJljh fVLT 

changfl Tral ^ *“ SSS3 A ,S;w4”ttfhL«^ 

SS' ‘SI* 0, tha™ 

Mopped upjrora O^to O-TT^p ^^ ^PSS T? 

force, in the 
.. _ Industry.* 1 Mr. 

r ip l«**'*n IM w.lj'lll. . J Tpg ylf fi tales. •* .••-■■■■ 

00 ast rsITjm A pro fonna balance sheet of 

ijj.009 ff-lp.DOP) and after - peer the group after the acquisition of 

f ® ro r i T > d ' v ' d r c0ds ’ ret3iDed P^bts BSD shows combined netfcurrpn t 
‘i JSS?- emerged “ as^ts of 411.2-lm. based on Travis 

«y i.l c £Si9i.OOO {£9 1 bfi09). . and Arnold as at . December 31. 

j:c;* aid a. .Th#- first .half.. figures do not 1977 aqd BSD as ' nr* Ami' 311. 
- '.0 i*p{ Pelade «oy costs of- or revemie hk - “ * 

" from the acouisition in 'Aurnst At August 28. 197R flic group 

x moult 

first e 

before tB- 

nvcPnmbt!, HiD * “ 9 J° r 

h £WSi. ,Vofi| 3 »r OT-tm d a Pro-Ux building supply 1 

» nmp C»l iJ.i.’m. . -• Trarh; sralM. * . -■ 

from the acquisition in "August adkiui s», i»ik me sraup 
; ^ 5] nf .the t«c companies m the build- fincliidihg BSD) haif jutstanding 

• p-wto aei * 0 .™ supplies division of Ellis and borrowings amounting to £7.42m. 

rm S Everard— ElHs and Everard iBuild- These comprised 5-S per cent 
•r jjp sluffApuj* Suppljea) and Welland Fuels, unsecured loan itock 1987-93. 
er i-.'M’nCl M April 30, 1978. the audited £420.000; secure^ loan. £45J00; 
uu dividemfc! h® 01 * value of the net assets of unsecured bank overdrafts. 
-1 1 Up 1 ft j ihfr building supplies division £526m; and ajz\.7m balance of 
■>/ ;-■•> 1 { 1 BSD) before deduction of inter- consideration to r the acquirition 

I. ‘. nn i company Indebtedness of £3J33m, of BSD pay#>1e not later than 
•25.1V00 Jur£ ^amounied. to £3.5m. Sfncc that October L 1079. 

_i ‘ . ■■ - - •• ■ ■ : 

p najauiSJ 
i'i:j L-j-ic. 



pg period is- 


. Manufacturers of Ladies 9 Footwear 


6 mopths to 

Sales ~ 

Net Profit before Tax ... 
Net Profit after Tax ... 

Net. Dividend — pence 

per Share .-...• 

Amount absorbed by 

• 30th June 






iSOth June 


' £76,000 



Year to 
31st Dec. 
£ - 





The Interim Dividend will be paid, on 24ih October. 197 S to all 
Ordivarjf Shareholders on the books of the Company on 29th 
September I97&.. . ' * 

'jJ f Salient points -from flie Statement by Mr. V. F. Barton (Chairman). 

* The profit for the first 6 months of 1978 was ah Improvement 
of 38% on turnover up 25%. 

• ExcellenL order books and higher levels of production make 
115 very confident for the second half of 1978. 

Australia blocks Brooke Bond’s 
plans for major tea takeover 

ju>,i inree months alter List )v;ir the ■ group ?pent pwnt 00 tore tax ft 
lifter announcing a relaxation of almost £900.000 in Australia — to ended July 31. 1977, 
the rotes governing foreign invest- buy out minority ?• takes in Sea- and 'for the ten me 
menl In the country. kisj, the food importers and dis- etnted May 31. I97S, 1 


THE AL T STR,\LlA.\ ruverument would have at least something to 1951 and carrier on busmens as 
has blocked Rrouke Bond Liebly's eonsidvr. As at this moment Ir a manufacturer of specialised 
■diim. bid for Rushclls Invest- looks as though wc have nothing," plastic products from Its factory 
mcnis, Australia’s largest tea eont- tqid Mr. Somerville. premises in Homsiuondcn. Us 

pany,' just three months after List year the • protip ^pent profit before tax for the vear 

‘ ’ - T, was £219.123 

months period 

- — r — - . S, was £170^58 

Mr. John Huwiird. Austrnlmn tributors, and the tiny Brooke Thu acqtu&itfwi represents 
Treasurer said that the arquid* Bond Monbulk meat business. It further development of the 
linn “would be contrary to the had planned to pm both Bushells pteifiies division within John 
national interest. “The bid ftan and Seakim under the umbrella Jn®®* Indu.irial and *t is intended 
ut'un rejcvied under the 1975 uf a single Australian subsidiary. th»t Ihc business will continue 
Foreign Ta kcuitrs Act BuslieUs conDoTs around 45 per U> *xpand along its present lines. 

Mr. Harry ScmcrvUle, Brooke cent uf the Australian tea market 
Bond finance director said last and 20 per cent or the coffee ntccmcvr nArnrnc 
mKht that he was surprised anil nurket. This may have rained DloblUhNT HOLDERS 
disappointed- by the drcision and monopoly considerations, although IN OLIVER RKX 
ncscribtd it as a siijnUicant blow Brooke Bond has no other tea or ta err inneCDe 
to the uroup > plans for \ustralia. coffee interests in Australia. *r«*.ul^T ti^- h . V? nii,„ 

He said; "lie had cspeelcd that At the lime of the bid Brooke r h w d ^ ? h ?i ! 

any npprm-nl would he i|ii,-<nficd Bond said that u wanted to % n rin n . L ‘ ir J Vidsr which is 
but Jhd not evTicct a flat rejection, increase its presence in Australia JSSS-^Ga pctm" 

A 1, tin- *.r.ise n y have in order to reduce its dependence ■ c c5?Sr«. rn ^ c{ ‘! 5 '- w,t " 

arSSEjT- “ " K ‘ b,u ^ r 'f — ,or ««“■ ^w7 5 -'- , !o ad, Sc™"^'*S! 

In June Mr. Howard announced The Brooke Bond bid L otic of lhey shouW t:,ke 

changes in the «unlelines on the largest 10 be rejected by the ihambn^rc 

imnnt iiu-lutllnq a Foreign lnve»imeni Review Board h( Z!£ d R l T? ur J. r wK^' 

" ItexiWe upproach to local which ' in its first 13 months in JfnJfJ ' thr 'nf rit? 

ownership. existence rejected only seven out SSJ^er p.\our \fmehSter 10 -ho 

Hus permitted overseas owned 4jf 1,403 proposals considered. - nn L r n, r C ^ C t hI? Pm 

companies i„ proceed with new It is. however, too early to KtS future^ » Z* 
mvcMmcnt provided there was a determine whether this decision I^Lient ru miv.nv” ^ ^ ^ 
eommilmeni to eventual 30 uer is an UidieaUoii of current policy. p ^Sn V 

cent Australian ownership and af a time when the modification of „,J?£?,, r .n f "| } nm 

that there was already 33 per cent the guidelines has . prompted a gEfVffr IQ Str V 

overseas jj^reholders. 

Rix's shares are very widely' 



in Foreign invi*stmcnt lievipw Janies lounstnai Homings nas claim mat nanng acquired tnc 
jan! that it would be prepared bought W. II. Bodd I region and Co., shares by way nr a mortgage from 
negPli-jte the’ pos-.ibi1ity of a a private company bared in Kent, a company now in financial 
lure Australian stake In the for £Wii,4«0 cash. The value of trouble, rather than as & direct 

local, ownership. sharp increase in 

Brooke Bond holds a 20 l*r tatarawt in Australia. Wif afT . r 

cent interest in Bushells* main FIRS i> currently considering a a mon--t several ‘thousand 
operating subsidiary but has wily number of proposals uicludln? u Jgg, investor Tfw on’v ^^ 
a 1.1 wr cent stake in the parent Abl»n i£100ra) bid by British *ak!* ~ * 

group, h hinj already agreed tn Potro eum to acquire the remain. ‘^ d b , Cn , u 
acquire a fun her 52 j»er rent slake. inc - ,u hvr cent uf Out ha Develop- ^ Nomine 
«1 Ute parent group from the Sy^.„! 1 , p 11 ^„ l H r S I ^TrS^ re»vcrship ..ud the share Make 
Bui hells and Oxley family hold- L. 8. lyuuun Daniel K. Ludwi,. 1* mortgaged to Lombard North 
Invs Central. Both Lombard and 

Mr. Somerville rind that under lOWTV liMFV r.pni !p Ccdum bus’s receiver have .said that 
Sydm-y -.lock exchange rules the r»t iDrmci: L3 unwr they intend to procure accept- 
Brin-h group were required to rUKLnASt a nee from tile ultimate owner of 

bid for all the remaining shares Julio James Croup or Companies’ the stake for the offer, 
hut hvl indicated to the Austro- wholly-owned .subsidiary John . The dissident shareholders 
ban Foreran Investment Review Janic-s I adust rial Holdings has claim that haring acquired the 

futiirv . _ 

eomnreny. • - the assets acquired is marginally investment decision. Lombard'- 1 . 

*• \\> had not. ojinci-terl- unquall- lower than the purchase price. posltijn is different from that of 
tied approval but had thought we Boddington was incorporated in tbe other shareholders. 

Carrington’s £10m for Compton 


Carrington Ybella. one OF and profits were lower at £l52m, wife, Mrs. R. Baker have disposed 
Britain’s largest textile groups, against £L38m. In May the com. -of 75.000 and S5.000 shares 
has emerged as the new bidder pany said it would hold Its own in respectively, 
for J. Compton Sons and Webb the current year. Gen eral Funds Investment 

(Holdings), uniform maker, whose The offer price represents an Trmt: Due to the dissolution of 
shares were suspended last week exit p'e of 11^, which compares ! rus, - s director Mr. J. N. 

ai a:|p. w-uh just over seven for the MeCances non beneficial imeresi 

The terms are Tour Carrington, textile sector. b « s reduced to o8.1oC shares, 

shares plus 3Up cash for every 

three Compton shares. The offer, * otrvr’f i-rtrt* r»ir « 1 FSTATFS AVn 

which Compton says it is consider- ASSOCIATES DEAL Srwco 4 1 ‘ U 

ing. values tho ronipnny at about . E. B. Savory aillln and Company GENERAL 
5S.7p l>e r share, or almost £10in. bought 5.000 Weston Emits EfUles and ficnerallnveMmeriis 

Carrington Informed . Coniptnn °« , i n il ry sharc ? "‘J^S* ° n hBh " jr i Jial C rowlu J? HoIdmBS ^ as 
on AugUKt 31 that it intended of Johnson and Firth Brown. - advised that Prow tins has 

I asking 0 an offer for the ordinary SWi*? 1 iu " p ii on to acQuire r 

shares.. The following day Coroi>- CUARP CTAWFC the % balance— 49.38 per cent— or 

{ion asked the Stock Excbunae to pL- h i-SL-i In 1hl ‘ “I® L of Moum Rov >«ur.- 

lUSPend dealings so that discus- - Sai l interested m nu which company and its 

Kcould take place 7M.UU0 Tehidy Mineraly ordinary su bsidiary owT>s 980^90 E and G 

This was exactly a week after S Amnjrnmaf^ niKiiiiMi Pm- ™ are ? o ^ S ut !. h o 

it was announced that bid talks d * t ™ , S a I . m ?"g hoTdm? in E and G 

with Vwitona. the Manchester- -JJ MOM ?h^ at 34? on ^ 001 affected - , 
bared textile group which holds AuJust ^ 

B«t aw* May: Tygon Securities 
r .L n '. X ant ^ is now Interested in 437,500 shares 

at the time that the bid had 

failed because it had- been unable ^CM t inns- C Britainnim- Assurance „, lndu>u 1? 1 and Commercial 

S.*«. e * a VeU!V forthe remain ins Co^S^'has bought a further gSTSiS of Cl^and 

shares, doo shares makinc total 61(4 500 ■E2t>0.000 id tnc fonri of loan.s and 

Yesterday. Carrington said that sh ; irM f yjg S per eeSt) 1 an «l^j-slake into a nw com- 

a further announcement would he j™ investment Trust: London *“ ny j Steelwort... which is to 
made as soon as possible. The Trust Company has void 230.000 “ cquir 5 ? . ^Ionlapie R. Jason the 
Stock Exchange has been asked to caD i, a ] shares* reducing holding domestic hardware distributor:: 
lift the suspension and dealings ”^50 .000 shares fS29?per cent). ?"^ Il j s “Pf liers 10 furniture manu ' 
in Compton shares are expeaed Herman Smith— Donegal Sccuri- n ?Mep r 71 , n f . tD „ 
to resume this morning. ties, of which Mrl Herroan-Sroith , - K „ J° take n " 1>er 

'The company advises share- and Mr. R. Herman -Smith fdirec- Jfl'l 
holders to take no action in tors of Herman Smith) are both 2" lh ;; ,, ,^2!??!® „ f d 
respect of their shares. Carrlng- directors and shareholders, bought !Sh n |Jl^“ L r M * 
lave a stake lannn< nr ifm «•*■» «?•<»>"? _a_30 per cent in- 


ton, wrhlch does not have a stake 13,000 shares at lOp. 
tn Compton, said yesterday that Gleves Croup— Hr. 

B I R tcrt?it - Mrs. Sylvia Jason will take 

a 15 per cent stake. The deal was 

there would be no redundancies Scruby. director, has acquired f n ii nu -in» »kp a- rt *h 

m« a result of a merger and that ifl.000 shares. «r 

Compton would rein in a separate Rothwhild Investment Tc«rt: ni^rtZ! 

identity within the Carrington Shield Trust holds .2.001.029 ? n Sintoguf f ^ 

-^Compton’s sates in 1977 Leslie and Godwin (Holdings): Motm-uK expeetjuawm 2S 
amounted to £1 8.74m (£19.1 3m I Mr. Pv. W. Baker, director, and his ^ pron^ or a^Imd XIOO.OOO in 

“ ' "" the current year. 

CRA getting diamonds 
in Ashton tests 


THE LATEST news from ‘.he significant concentrations of quality, and worth only a few 
A-vhion oiocmnd oxploratiun hoi* diamond:. being recovered, dollars per carat But if it were 
spot in the Kimberley region of Furthermore, it is pointed out of gem quality its value could 
’.('e-stern Au«:ra'.M, announced by that the present early results from easily be 1,009 tunes greater. 
Conzinc Riotinto of Australia, is limited quantities of near surface Meanwhile, Australia’s Audlmvo 
that firs: tc»:ioy cf samples by tho material -can be misleading; reports that it has found more 
new processing plant has resulted reliable results can only be diamonds at its Cope tun prosper 
in Lhe recorery of about 173 obtained from deeper and larger j n New South Wales. Results 
carats (there are 142 carats n scale test?. from testing s\ the fourth ex- 

the ounce) . of diamonds, the L'ndersiandably CR.^ is ploratory shaft have established a 
largest of wineii v.yjghs auproxi- concerned to play its announce* far thicker band of mineralised 
m Th£ U r'I {r , n , coo! against the background sediments than was previously 

Th.s e — . f-.oni. one n f over heated sharemarkel encountered. If typical, ihesc 

me p.ant hop(r<i .. nfJ , ntlw j f j< ts f ar t0 o would justify commercial cx- 
cu early to expect anything else, ploitation. it is stated. 

!n fact, the latest announcement So far, resting of material from 
has onlv been made at the the bottom 1.S2 cubic metres in 
v.if request 'o', two or the -Vhton the shaft ha s yielded seven email 
Thor venture nartners — Northern diamonds weighing -Lm carais, 
W.nre nf t .Mining t per cent) and Malajsia while a further nine - stones 

V 01 ^ Mining Corporation 1 27 per cent) weighing 2.4.1 carats have been 
“ti .'■^7 u Uk 1 . c« — which arc planning to make recovered from Tour cubic metres 

n .3* S*®? *:.*« C V-T" share offers: -The other partners or material examined from 

a J nre Siboka (7 per cert) and higher up the shaft. A fifth 

ci Screes' tn~*Ki ^-urr-we o* Tamunyika Holdings (8.4 per shallow shaft is to be sunk, but 
each TSrtoiv of The SmSrlire “ nt >- lta ' in a CR.^ with 32.6 per bulk sampling on a larger scale 
pipes which z.m juJaed to be of 
IMtent-aiiy economic ‘i.v. 

Work Asliion venture 


month s operjiinr. oi 

which handled some 1.91S 
metres of materia! from near 
surface trenches. By South 
African standards, thi- is 11 lo 

cent. v* :l! bo necessary before any con- 

But there U no doubt that the elusions ran be made on com- 
resulls >o fra* obtained at Ash<nn mt-ridal v:abdi:>. 

□re very eneuURnsnq and the | n a |j ie | V share marker yesier- 

h.'is non- eon:ir:i:t- H tiu* luvscncv • — in □ meiy mwu- ■ 

<if 26 kimberlite pipes with a total "» of t'K- r^ular quarterlv re- d3y> C RA jumped ISn in Xi«p 

surface area of about 599 heeures. P®rli.. covering, the three months while the London parent Rlo- 

tn tiS previou a ro\5r; of JuJ? to Scptwnoei 30. wifi be eagerly T | alI> .2inc rose 8p -to 240p. 

13. LRA had found :i* vino w.ih aw wiled. Audimco were nominally • Op after 

a tore* are r i of 2sq her! ares Work In a*>-e>sin-4 future results a overnight strength in Australia, 
is no- ’ iM-in ■ enneentrared on vita! fachir will be whether the Amnns rl>e other diamond hope- 
seekin 1 ou* which V any of lhe tests yield diamonds of gem fuis. Northern Mining put nn Hip 
pipe* contain pclentuiliy economic quality- CRA docs not know to 10 140p. Tanqanyik-a Concessions 
cw/icentratt.T?* of diamonds. vrhut extent the stones so Tar gained lOp to lS7p and rises or 

CR \ emrt ta .av-»eft lhf? the recovered include those of qom Op were seen in Bamboo Creek 
current phasocf testing can onlv quality. A reasonably siged (Sip I. Jones Mining (4ap). Oiler 
serve as p ha.s:s for inrger scale dtemond of 3JT carats could be <50 p), Spargu’s Exploration (4bp) 
bulk tc-it.n^ :r :l.c event of only of heart, or industrial and. North West Minins (o0p). 

Fraser may meet Aboriginals 
for Ranger talks 

.MR. MALCOLM FRASEl!. the ■'! bcltevc 1 hat once the matter laid off the majority. of us S00- 
Au-trahan Prime Mim-tcr. is :s ex phoned to them tthe strong work force . 
scekin" ia*ky Ir. Darv.In inaorrow Northern bpd Council) then At the Phoenix Mining and 
with Mr Guiurrwuy Yunajtinju, they will proceed with the sign- Finance extraordinary general 
a kev’ \buriaina; leader ulio is rag of the agreement." he added, meeting in London yesterday < 
chairman of the Northern Land .Mr. Fraser has. sent a lelejiram sbarelioiders agreed that the com- 
Council in 1 bid ir> urcv®ni to Mr. S'utiajtinsu sugecsting a pany’s holding of 252,754 sha res in 
d to thr devclajvrr.unt of the meeting. He wifi be in Darwin Globe and Phoeniv Gold Milting > 
Ranker urani-m d^no-it anyway for the first session of should be offered to members by . 

harder uranu.a lh £ lantern Territory’s Legisla- way ol a rights issue. 

A recently signed d.«t. .i.-ree- live Assembly since the grant of .The New Zealand Government 
raent between the Government self-sovernment. is pressing ahead with a coal ex- 1 

and the Aboriginals 11 in jeopardy Meanwhile Pancontinental has ploraliun programme, reports Dai 
following a warning from air. reported a net loss for the year Hayward from Wellington. Ten 
Yunapincu to Mr. Fraser mat the , 0 j une „f AS45BJI00 f £271.650) drilling rigs are working in the 
agreement might no: be siened. compared with a' loss of AS36S.400 established Waikato region. of the 
reports Laurie Oakes from j n previous year. North Island. The programme is 

Canberra. , n I/0ndon yesie'rday Pancon- going ahead despite the fact that 

The Northern Land Council, a 1 mental shares were £14 J. Those production over the next five 
statutory body sc: up to protect of Pokn-Wallrend were 37(>p, years is expected 10 be greater 
Aboriginal inrercstx. i* to meet while those of EZ industries were ,1an demand. Official reserves 

next week to consider the Ranger 2S3p. 
agreement setting out the level 
of royalties 10 the Aboriginals and 
the condition-- under which 
Ranger may be developed by 
Pnko-Wallscnd and KZ Industries, 
the joinr veniurcra with the 

Yesterday. Mr. Douglas 

nuw stand at i.lTbn tons. 

Thin times 
at Prieska 



, Metals Explore! Ion of Melbourne INDICATIONS * >F some srabjDty 

Anthony, the Deputy Prime has accepted a ABlm !£391.0(10I reluming to the zinc market are 
Minister, expressed tbe Govern- Western' Australian- Government mentioned by Mr. R. T. Swemmer 
ment’s concern about the recent development' loan for a four- vear in his statement with the annual 
run or events by saying that n programme at its Nepean nickel report of the An.glo-TrausTaal 
decision by the Aboriginals not m j„ e south of Cooigardie. • group’s Prieska copper-zinc mine 

to >i=n would set back Ranger’s The loan id to eiuurc cnnlin'iiiy in South Africa, 
development by about a scar. of employment for the workforce. He a*Ids. however, that a strong 
Mr. Vunopinitii threatened not and lo ' cna hte the company to economic upturn must occur in 

He criticised particularly n Gov- "‘Mr ^ Andrew Mensaros the is ewential if producers arc to 
ernmeni decision L-ial week to Mines Minister vesterdav said the earn adequate returns on invest- 
allov. Panconlinental Mining tn loan^ would alii w the company to “«»« and n "' inveslmem is to. 
extend lhe Arnhem Highway to „ 0 a h ca d with mine development be encouraged, 
its Jabiiuka deposit, desnito opjv>- j* n thp nej£I r our years and pro- ,n the year 10 June.ttf). Prieska. 
silion from Aboriginals in the vide enough pro-developed .ore for R,f, U 5h!' 

area. a r,i r jhi>r neriod hevnnd cos,s hy II per cent, but the, 

Mr. Fraser apparently hopes lo J Metals Sploration *^" *■«*»•>« depressed level of metal 

Mr. Yunapingu that j he loan over 7ou r yea ra ‘start /n« * jn P ro A s t*™** do- 
does no. mean ° L ^ develop “‘* nt mEl.*****' ™‘°‘ m m ‘ 

ment has already decided to give M J . Capital expenditure this year iy 

Pancon tinentai a go-ahead for estimated at about R7.4m. Mr. 

mining RftflNf)*! IP’ Swemmer says that very much. 

'If Pa neon tinentai builds the improved metal prices will be 

road they will be building it at The' strike by mill workers at required to enable the company 
their own risk. The Government Tara Mines* lead and 7inc opera- to ru-et this spending and theT 
at this stage has not even eon- tion in Navan. Ireland, has ended, company's loan repayments of 
sidered the likelihood of Pancon- The company has lifted the force a'bout R5.7m from internal' 
tinentai proceeding with -its majeure on shipmenis which has sources. A direct 24 per cent 
mining development” .Mr. lasted since, the strike started at stoke in Prieska Is held by .Middle 
Anthony said. the end of July. The company Witwatersrand Areas. 

Jones Stroud sees 
further growth 

The directors of Jones' Stroud second half result little changed 
(Bold lugs) arc conGdent that the at II -24m against £1.22 or. 
efforts which have been made On u CCA basis, proGt is 
throughout tho group will soon reduced to I2.11m by adjustments 
make good last year’s second half of £400.000 on depreciation, 
profit deficiency, says Mr. Philip £32.000 on cost of sales, offset by 
L 'Jones, the chairman.- in bis gearing of £130.000.- 
annual statement, and -he expects rise in turnover from £21.05ra 
that current year profits will com- fn £25.39m for the year resulted 
fortably exceed (hose of 1977-78. j n a decline in profit margins, the 
As reported on Julv 19, pre-tax nios t significant reason for vvhich 
profits rose front EJ.Win to □ was the cost of continuing 
nwgr than expected - for endeavours to develop and 

the year to March SI, 1978, after a rationalise both the group and Its 

constituent members. 

4 Is 

‘ T, 

VS 8 ? * 

n .-;*b 1 

J2:.& * 
g.5 flS® 9 ’ 








-!ea» • 



t--'* ; 

-p4 r ‘ 


© Promheforetaxup10% 

Q PercDhlagd of pretax profit 
onShafehoIders’itsids 27% 

Report of 

The Wellman Engineering . . 

year ended 31at March 1978 

Salient points from the 
circulated Statement of the Chairman 
Mr. Alan C. N. Hopkins, M.A. f LL.B. ■ 

Q Order Book'30% higher than at 
corresponding time last year 
Q Business of British Furnaces 

Facts and Figures 

Profit before taxation 

Profit after taxatio’n” 

-Assets Employed , 

AssetValue ^ per 
Earnings ^tertax . 
Qividemi v ; V r J. share 




61.1 p 

. 6.89p 



53.5p. - 
; '2.145P - 

Mr. Jones explains that this 
process in both expensive : and 
time consuming, but tbe directors 
are hopcrul that the current year 
will sec? the end of ihe .major 
projects vvhich the group has been 
undertaking over iho past two or 
three years. 

“ Most of the expense bas now- 
been borne and Tuture trading 
should benefit from the actions 
which have been taken." he says. 

Alter last year’s advance, the 
companies in the textile division 
maintained their contribution to 
the group at the higher level 
despite continuing losses in over- 
seas subsidiaries Certain 
disposals wore made during the 
year and Ute. chairman states that 
further developments are both in 
progress and being planned, ’ 

The group’s electrical, com 
panics again did not make the 
progress for which the directors 
hoped—market conditions did nnf 
improve and. despite considerable 
efforts to increase sales and 
manufacture more' economically, 
they wore, unable to improve on 
last year's performance. 

During tho latter half of the 
year. Anglo-American Vulcanized 
Fibre moved from one of Its exist- 
ing leasehold premises in London 
to a freehold site at Poplar in 
order to gain greater scope tor 
expansion, but this adversely 
affected profitability, Mr. Jones 
points out 

A further temporary adverse 
factor in. the electrical division 
was lhe commissioning Qpst of a 
new tube mill at Beam Group, 
which although uow In production 
will continue to make- losses at 
a reducing raie.Xor some months, 
to come, ho says. 

f.i .t. i . 


19 7? 

The Queen's Award for 
E sport Achievement 

Banknote and Security Paper, Water Treatment and Engineering, Property 

: — 30TH JUNE 1978 

Group Turnover 

Group Profit before Taxation 

Profit attributable to Ordinary- 

Basic Earnings per Ordinary 
Stock Unit 

Six months to 
~30"June J978- 

£ thousands 





Six months Lo 
30 June 1977 

' jC thousands 



1,725 . 



The make up of the profit in the first half of 1978 reflects the pattern 
foreseen for the year as a whole — little change in profits from papermaking 
but significant increases in water treatment and engineering. 

For a copy of the full interim statement apply to: 

The Secretary, Portals Holdings Limited, Laversfcdke MiU, Whitchurch, Hants RG28 7NR. 

_ ■ Telephone:. 0256. 82 2360 . - . . . 

24 ' 


I: ; .; Financial Times Thursday bg 



Occidental Petroleum bid 
attempt for Mead blocked 


MEAD, the large forestry pro- 
ducts company which is fighting 
a takeover bid -by Occidental 
Petroleum, won breathing space 
today, when the Ohio division of 
securities announced that it will 
hold bearings on OccidenlaTs 
proposed tender offer. 

The hearings will take place 
from September 11-23 and mean 
that Occidental cannot go ahead 
with its offer in the State of 
Ohio, where Mead is head- 
quartered. until October 20. the 
date when the securities division 
says it expects to be making a 
final decision. This effectively 
blocks the whole tender offer for 
that period. 

The bearings are planned 
primarilv to decide whether 
Occidental is providing enough 
information about itself to 
enable Mead shareholders to 

make up their minds about its 
offer. ET the division decides 
that Occidental has not supplied 
enough information, it can either 
ask the company to disclose 
more or reject the. offer in Its 
present form. 

Occidental's tender offer, which 
has no officially stated value 
chough analysis have put it 
between S730m and SI bn, is the 
largest in the U.S. this year. It 
has attracted interest because it 
brings together an oil company 
with a forestry company and is 
thought to mark a growing trend 
among energy companies into 
sectors with self -reproducing 

However. Mead has strongly 
resisted the offer with a barrage 
of publicity and letters to share- 
holders, mainly on the grounds 
that Occidental is offering con- 
vertible preferred stock, or 

NEW YORK, Sept- 6. 

“ paper,” and not cash. But it 
has also pointed out that Occi- 
dental's chairman. Dr. Arm and 
Hammer, is SO years old. that the 
company is subject to numerous 
lawsuits, and that in 1976. Dr. 
Hammer pleaded guilty to 
Federal criminal investigations 
in California. 

In an interview with the Wall 
Street Journal today. Mead’s 
chairman. Mr. James McSwioey. 
claimed “ we’ve run a good 
show.” Mead’s liquidity is now 
said to he such that it will he 
able to invest Slbn in new facili- 
ties and businesses over the nest 
five years and still hold debt at 
a conservative 30 per cent of 
shareholder equity. 

Mead officials also say that the 
company, which has raised divi- 
dends for five consecutive years, 
will be able to pay out about 30 
per cent of earnings. . 

Strong third quarter for Fluor 


third quarter . is reported by 
Fluor Corporation, the process 
plant and construction group, 
whose earnings in the first half 
were hit by the prolonged strike 
in the U.S. coal industry. 

Net earnings for the third 
quarter have jumped to $23.5in 
nr S1.3H a share, from the S20.4m 
nr Si. 21 of the comparable 
period. Sales of S747.0iu compare 
with S579m. 

The upturn brings the total 
earnings for tbe nine months to 

Julv 31 at $55.1 m against S56m 
or S3.26 a share against S333. 
Sales have totalled $2.03bn com- 
pared with Sl-37bn. 

Tbe strength disclosed by the 
latest figures will provide addi- 
tional backing for the Board's 
prediction in June that earnings 
for the full year would surpass 
last year's $4.48 a share. 

Providing further encourage- 
ment for shareholders is the 
disclosure of a substantial rise 
in the orders hooked by the 
Irvine. California-based group. 

whose interests include a 10 per 
cent stake in Peabody Coal in 
the U.S. as well as leadership 
of a consortium drilling for oil 
in the British section of the 
North Sea. 

At the end of the third quarter, 
reports Fluor, enters outstand- 
ing at $765m showed an increase 
of or more than 250 per cent 
over the figure of a year ago. 
and contributed substantially to 
i he increase in the backlog at 
tiie nine-month stage from 
SS.56bn to S12JbD. 

expected on 
on Pan Am 

By Stewart. Fleming.. 

NEW YORK. Sept- 6. 
chairman of Pas American 

World Airways; predicted today 
that the company’ would reach 

a definitive merger agreement 
with National Airlines today. 

The two computes were 
negotiating throughout yester- 
day on the terms of- the $550m 
proposal to acquire National 
which Pan Am announced last 
month. National Is fending off 
a rival takeover attempt from 
a smaller regional airline, 
Texas .International Airlines. 

If. .the two ■ companies do 
reach formal agreement — and 
Hr. Seaweli gave no indication 
of whether the proposed S41 
a share terms were being re- 
vised — the deal would have to 
be approved by the Civil Aero- 
nautics Board (CAB), whose 
chairman. Mr. Alfred. Kahn, 
has indicated that he would 
prefer lo see Pan Am expand 
its domestic routes itself rather 
than through a merger. 

After yesterday’s negotia- 
tions. National , said, that its 
board would meet today to 
consider definitive -. merger 
terms. Mr. Seawall said this 
morning that “final negotia- 
tions are in progress and it is 
expected that a final agree- 
ment will be submitted to the 
Pan Am board today." 

Analysts’ new look at Deere 

DEF.RE's strong third quarter 
profit performance has caused 
financial analysts lo raise their 
197S earnings estimates for the 

Merrill Lynch Pierce Fenner 
and Smith analyst. Masses 
Mi oh as. raised the estimate of 
Deere's fiscal 197S fending 
October i earnings to $4.57 a 
share from the previous estimate 
or $4.10 lo S4.30. 

Despite significant losses from 
translation of Foreign currencies, 
he said. Deere's third quarter 
result “were 20 cents a share 
above Hie estimate we had pub- 
lished in April this year” and 
30 cents above the earnings a 
year ago. 

Tin? company recently re- 

ported third quarter net of SI.3S 
a share against SIJiS a year ear- 

Deere's retail sales of equip- 
ment during the important 
spring selling season were 
strong, causing dealer inven- 
tories to remain at a low level. 
Mich as said. “We now expect 
the company to increase pro- 
duction schedules next year and. 
based on that assumption, we 
estimate an increase in earnings 
in fiscal 1979 of about 10 p:-r 
cent.” The Merrill Lynch esti- 
mate for Deere for fiscal 1979 
is S3 a share. 

William L. Roberts, of the 
analysts. Piper Jaffray and Hop- 
wood expects strong combine 
sales in the corn belt. Roberts. 

CHICAGO. Sept. 6. 

who had been forecasting a fiat 
fiscal 1978. raised his estimate to 
$4.40 a share from $4.25 and is 
looking to the range of $5 to 
S5.I0 for fiscal 1979. .In 1977, 
Deere earned S4.24 a share. 


Roberts added that even 
though he recently raised his 
estimate, he is reviewing it. 

Mich as expects that a t the end 
of the current fiscal year Deere's 
balance sheet will be fairly 
liquid, with trade receivables and 
inventories at or near last year’s 
level and with much lower short 
term debt. 

The company currently pays a 
quarterly dividend of 35 cents a 


North Central 
and Southern 
fix terms 

By Our Own Correspondent 

NEW YORK, Sept. 6. 
NORTH Central and Southern 
Airways, which are proposing 
one of the four mergers 
currently confronting the U.S. 
airline industry, announced 
today that they had 'reached a 
definitive merger agreement. 

The deal will take the form 
of a merger of Southern into 
North Central, with North 
Central exchanging Z2 shares 
of Its stock for each Southern 
share, provided Southern 
achieves a pre - determined 
earnings level this year. If 
earnings arc lower, the ex- 
change will be reduced in 

The two airlines, which had 
announced their intention lo 
merge back in July, have still 
to get approval from their own 
shareholders and trmn (he 
Civil Aeronautics Board before 
the deal can go through. 



U.S. $300,000,000 
Medium Term Loan 


Amex Bank Limited 
Banque Rationale de Paris 
Chase Manhattan Limited 
Dresdner Bank Aktiengesellschaft 
The Industrial Bank of Japan, Limited 
Manufacturers Hanover Limited 


Algemene Bank Nederland N.V. 

Banco do Brasil S.A. 

Continental Illinois Limited 

Cooperatieve Centrale Raiffeisen-Boerenleenbank B. A* 
Credits nstalt-Bankverain 
Union Bank of Switzerland 


Banco de la Nacion Argentina 
Banco Pinto a Sotto Mayor (Paris Branch] 

Banco Portugues do Atlantico (Paris Branch] 

Banco T otta & Acoros, London Branch 


Amex Bank Limited 

The Chase Manhattan Bank, N.A. 

The Industrial Bank of Japan, Limited 
Manufacturers Hanover Trust Company 
Banco do Brasil S. A. - London Branch 
Ccrfipera&eve Centrale Raiffeisen- 
BoerenJeenbenk B.A. 

Union Bank of Switzerland 

Banco Pinto e Sotto Mayor [Paris Branch] 

Banco Totta &. A cares, London Branch 

Irving T rust Company 

Republic National Bank of New York/ 

Trade Development Bank, London Branch 
Nomura Europe N.V. 

Banque Vemes et Commerciafe de Paris 
Credit Lyonnais 
The Fuji Bank, Limited 
Marina Midland Bar* 

Banca Commercials Italians London Branch 
Credit Commercial de France 
Union M6diterran6enne de Banques 

Banque National de Paris 
Dresdner Bank Aktiengesellschaft 
London Branch 

Algemene Bank Nederland N.V. 

Continental Illinois National Bank 
and Trust Company of Chicago 
Banco de la Nation Argentina 
Banco Portugues do Atlantico [Paris Branch] 

Citibank. N.A. J 

The Mitsui Bank, Limited 
The Sanwa Bank Limited 
Daiwa Europe N.V. 

Society Rnanti6re Europfeenne finance Company N.V. 

□G Bank International Soctete Anonyme 
HiB Samuel & Co. Limited 
Andresens Bank A.S. 

' Banque Frarcaisadu Commerce Ext6rieur 
National Bank of North America 

AUGUST. 1973 


with the 


foreign banking takeovers in the 
U.S., one bank has featured more 
than most as a possible target: 
the Bank of New York. Apart 
front possessing a memorable 
name and som c S6.4bn in assets, 
it is the. city's oldest bank, all 
points which seem to make it a 
prize worth seeking. 

Bui Mr. Elliott Averett, the 
Bank’s chairman and chief 
executive officer,- scotches all 
rumours of a takeover. In a 
recent interview, he said: “I’ve 
beard these rumours too, but I 
can tell you we -have not had a 
single serious approach/* 

In a city where hundreds of 
banks vie for status and business. 
Bank of New York (BNY) takes 
a somewhat low key approach. 
This bas partly to. do with its 
history, which confers upon it a 
lustre no other bank can match. 
But it also has something to do 
with its size which puts it con- 
veniently between 1 the big 
leaguers, who come under 
constant public scrutiny, and the 
medium leaguers, who seldom 
get to open offices plumb on Wall 

Bank of New York, whose 
telegraphic address is a simple 
BAXKONE, was founded in 17S4 
by Alexander Hamilton who 
later became the nation’s first 
Secretary of the Treasury. This 
date. Mr. Averett says makes an 
impact even in London, where 
the bank has a branch in Leadep- 
hall Street, and to reinforce it 
in people's minds. BN Vs New 
York phone number is 530-17S4. 
Amid the antique furnishings of 
the executive floor at the Wall 
Street headquarters, the bank 
has framed its first warrant, for 
S20.000 advanced to the Treasury 
in 1789. This was the opening 

instalment of a S200.000 loan, the 
first ever obtained by the U.S: 

“Werget blamed for starting 
the Federal deficit” said Mr. 
Averett, whose office features, an 
ISth century partners desk’ of- a 
quality rarely seen this side of 
the Atlantic. 

For many yean* : BNY was 
New York's only bank, and until 

York City and “Pstate York 

through acqusti “ United 
IOC al banks l^ to * 

National Ban k oi Nearly* 

banking sub- 

gsSi« in*', sjgf&sr* m 

“VtoTome a bn.te scat- 

Amid the flurry of foreign bank takeovers in the ILS- the Bank 
of New York, the eity’s oldest hank, appears a P 1 *?® ' 

iag. Snrii rumours, however, have been scotched nyimBmto. 
which though “marching with the parade.” accordlngto ■ 
Elliott- Averett. the chairman, is still in mmds 200111 mc . 
banking -tread towards electronic gadgetry 

BNY claims to run its retail 
business at a profit *• 
tbe general experience of the 
New' York banking mdustg. Mr. 
Averett attributes this partly to 
well-placed branches.-. and partly 
16 the care they take not to look 
like further outgrowths of Wall 
Street Perhaps for this reason, 
BNY is still in two. minds about 
the growing trend towards, elec-, 
tronlc banking led by the indus- 
try giants who seek to. make 
banking more attractive to he 
public, and profitable to the 
banks themselves. 

“You could say we’re march- 
ing with the parade,” he said. 
But the Bank has yet to take 
any decisive steps of its own, 
fearing possible consumer resis- 
tance to electronic gadgetry in 
the touchy world of personal 
fl nance. 

Despite its strong ‘local '.in- 
terests, though. Bank of New 
York shares the concern of the 
giant Manhattan banks about the 
"high level of Government regula- 
tion of tbe hanking business. As 
current chairman of the Execu- 
tive Committee of the New York 
Clearing House Association. 
which represents the big banks* 

1820. all its accounts were kept 
in pounds, shillings and pence, 
while most of its business was 
conducted in foreign -currencies. 
Apart from financing trade. -the 
Bank's early growth came largely 
through personal and corporate 
trust services, an image which 
still lingers in the public mind 
even though this activity now- 
accounts for oniy an eighth of 
gross income. 

Today'. Bank of New York- is 
in many ways representative of 
that segment of the U.S. bank- 
ing Industry which has expanded 
abroad, often in the wake - of 
clients; but which cherishes its 
home base and community image' 
for the strong dollar-earniag 
ba?e it gives them. many, of 
BN Vs branches, for instance, 
are designed in English Colonial 
Style. with white painted 
weatherboarding and ’a. -dovecote . 
on lop. though there , may be a 
drive-in teller round tbe back. 
There are only three overseas 
branches. London. Singapore 
and the Cayman Islands. . 

BNY's main domestic activi- 
ties now revolve around cor- 
porate and retail . banking, 
following expansion ' in New 

interests. Mr. Averett babe* 
that deregulation would ioctti 
the efficiency— and. profitaiffl 
— of the banking system. 

” At the moment we baye r^ 
14,000 banks in the country* 3 , 
says. That’s far too many -w 
ticularly when you consider hi 
a fraction of that number on- 
age to. provide natlonvi 
services' in., say. Cahad£.v 

Part of ’his concent ■ iivfe 
legislation currently 
through Congress 7 to iegufc ’ 
foreign banks in the 
set back rather than advancki 
danse of reform. This iCglsfeo ‘ 
will subject foreign hauls’ 
many of- the controls ' coved 
domestic banks. when it 
Have tackled- the problem- -fri 
tbe other end — by.gfrf 
domestic banks the same free* 
as foreign hanks. " . . 

However, Mr.. Averett am 
that when deregulation fln» 
domes. wUl 'not -iuwessax 
produce, a stampede as the l 
bahks sweep across the cdubi 
gobbling up every small hafifc 
their . way.. For a start tigru 
deregulation would" come 
ally, probably by geogrS 
region. And even.ihen. tog-bar' 
wottid -have., difficulty acqnfii 
or merging because of the' at 
trust iaws. -\i - V\ 

• ' Smaller banks like histWh.- 
says. will be fn a better ppsfo 
to expand because there. irBK 
less doncern abouta reduction 
competition. . • '- 

Meanwhile, though; BNY see/ 
to- be managing pretty welLT 

improvement 'in spreads ;fa 
enabled it tb reverse the deefi ' 
in earnings last year, incet 
before . securities transactions; ' 
the; . .first half . was 81 7.7m. soi - 
20' per’ cent up on last year. & 
the price earning; multiple ba : 
shares is about 6.5. of'-avera 
for the sector. 

Syntex maintains 
growth in earnings 


THE STRONG upturn In earnings 
at Syntex Corporation, the 
pharmaceutical and animal health 
Foods firoup. was maintained in 
the fourth quarter, bringing an 
Increase in net earnings for the 
full year of 43 per cent to 853.Sin 
Or S2.90 a share against 81.83. 
Sales jumped from 8313.6m to 

The fourth quarter returned 
earnings of Sl3.1m. a gain of 
50 per cent on ibe comparable 
period, following a gain of 54 per 
cent in tbe third quarter. 

The Board says that it will 
"Pek to recover some damages 
exceeding S3m from Philips XV 
which has terminated an agree- 
ment under which Syntex was to 
supply CT scanners to Philips 
for resale outside the U.S. 

Syntex says’ it will seek to 
recover damages from Philips 
which also claimed undefined 
damage? when it terminated the 

marketing agreement ... either 
through negotiation or through 
the arbitration procedures- pro- 
vided in the agreement. . 

The scientific and a medical 
instruments division which manu- 
factures the CT scanners suffered 
a decline in sales during 197S 
after focussing attention on the 
international market via the 
Philips agreement, a move 
prompted by the continued, 
deterioration of the U.S. mark® 
for the scanners. 

Because of the action by 
Philips and also of the staie'of 
the U.S. market for scanners. 
Syntex has increased its reserves 
for the writedown of assets and 
for the estimated lo^ in tbe 
scientific and medical instru 
ments section by- about S3.5m 
to about 36.3m for. -1978. Syntex 
describes the scientific and 
medical division' as “a small 
portion of its business." 

Second Half” 

Mr. John D. Saville, Chairman, commenting on the 
results of the year to 30th April. 197S said: — 

"Tbe results shown below, whilst falling short 
of the record level -achieved to 30th April. 1977, 
are still I feel, commendable in view of the very 
difficult trading conditions experienced earlier in 
the year, resulting in pre-tax profits for the first 
6 months of only £202,035. ' 

"On the basis of the prevailing market con- 
ditions. the Board is confident that the current 
year will show a significant improvement in 

Results for the year to . 

30th April 


Profit before tax and 
Extraordinary Items 
Less Taxation 

Less Extraordinary Item: 
Loss on sale of Sub- 
sidiary Company — net 

197S . 




1977 . 



924.0 IS 







A Final Dividend of .1.2255 pence per share is 
proposed, making a total of 1.6255 pence per share 
for the year. This is the maximum permitted under 
current controls. 

J. Saville Gordon Group ttdj 

Thix advertisement u issued in compliance with the 
requirements of the Council of Tim Stock Kxrhange. 


Placing of £500.000 - 
18% Unsecured Loan Stock 1070/91 
at £100 per cent 

Application has been made to the Council »>f The Stock 
Exchange for the above Stock to be admitted to the Official 

In accordance with the requirements of tbe Council or The 
Stock Exchange. £100,000 of the Stock is available in the market 
on the date of publication of this advertisement and until 
10 aun. on Friday. Sth September. 1978. 

Particulars of the Stock have been circulated in tbe Extel 
Statistical Services Lid and copies may be obtained during 
usual business hours on any weekday (Saturdays excepted) 
for 14 days from and including 7th September. 1978. from. 

Sheppards and Chase. 
Clements House. Gresham St., 
London EC2V 7AU, 

and Raphael, Zorn. 

10 Throgmorton Avenue, 
. London EC2JV 2DP. 


ECONOMIC ACTIVITY— Indices of industrial production, mtrou 
factoring output engineering orders, relaiL sales volume (1970= 
100); retail sales value (1971=100); registered unemploymen 
(excluding school leavers) and unfilled vacandes (000s). :Al 
seasonally adjusted^*’-" ’1 ' ’ • r . ~ : •' \ 1 . 


OUTPUT— By market sector: consumer goods investment good* 
intermediate goods ^materials and- fuels); engineering output-, 
mcial manufacture, textiles, leather and clothing (1970=100) 
housing starts (000s, monthly average^ ; . . 

--- -Consumer - 




2nd qtr. 


3rd qtr. 

115 j 

4th qtti. 



tsi qtr. 


2nd qtr. ’ 




March , 


April. : 


May - 


June .' 




S8.1 ■ 


■ S9.6 






.IfttnuL -;-Eng. 
goods output 

105.2 994!. 

1KI 100.1 
10L9 99.4 








100.7 : 
19L2 . 


Metal Textile Hori* 
mnfg. etc. stacl 

80.5 100.2 

83^ 100.7 

74 Jt 100M 

76JS 99.7 17 

, 83.1 100-5 . 26 

78.0 100J) 15 

- 78.0 100.0 211 

- 85.0 105.0 

-53.0 9S.0 -Z5. 

80.0 98d 


EXTERNAL TRADE— indices' of export and import volurie 
(1975-100): visible balance;., current- balance; nil balance; lerpn 
of trade (1975=100); exchange reserves. 

2nd qtr. 
3rd qtiv 
4lh qtt. 

1978 - 
1st qlr. 
2nd qtr. 
March" ' 
May : 



Export Import Visible Current Oil Terms Re« 
volume volume balance balance balance trade OSsor 

118.0 109.8 

124.1 1054 
117 J9 102Ji 

-764 —365 -745 

+ -54 +537 - 602 

+" 45 +486 -657 


Idl.0 13.4 

102.4 2W 

102 Ji 114J! -574 -305 -646 
122.6 ' 110.0 -139 +22L -420 
321.4 31IL9 -279 -IK9 -209 

125^ J04.1 +187 +307 -149 

119.9 114.1 —218 ~ 98 -155 

12I_9 11L9 -108 + 13 -1L6 

126.9 117.1 -150 - 30 ■ -229 













FINANCIAL— Money supply Ml arid sterling M3, bank advances 
in sterling to tbe private sector (three months’ growth at. aI 2 n “£ 
rate);’, domestic, credit expansion f£m); building societies ;■ MT 
inflow’: HP. -new credit;, all seasonally adjusted. Mlnimu® 
lending rate (end period). .. 



/. Mfg. 






output - 




ployed ’ 



— . 

• < • 

2nd qtr. 

102JL . 

• 1033- - 


V 1023 



3rd qtr. 


104J) - 

. 106- 





;th qtr. 








1978 . 

- «... .. . 

« - .. 

# . 


1st qtr. / 


1033 ' 

. '08 *. 

10K.3 ’ 




2nd qtr( 



• .' f ‘- * 




2 . 

March ' 


m ' 

■ 10LO 


•W0.» . 

1 ' 

April • 







2- r ; 












.,1087 ■ 


- 1365 


July J 



2 - - - - 

vt j 

M f 

\ fl r 

2nd qtr. 
3rd qtr. 
4th qtr. 
( qtr. 
2nd qtr. 
April . " . 
July . 
August . 




advances DCE 

BS ■ 





. £m 



24.8 ‘ 









+ 365 







1365 . 


: 24.7 



+ 1.818 


: 1350 . : 






1393 .". 

24.7 / 






' >19.1 . 



+ 1,433 

333 r- 


. 133 

' 17.4 


+ 1.124 






+ 337 



’ 9.3 



+ 114 

180 • 

•-- ' 458 ‘ 

■ * 



INFLATION— Indices of earnings (Jan. 1976=100); - *#4* 
matenals and fuels, wholesale prices of manufactured prodiK^ 

( 1970=100); retail prices and rood prices (1974 =300) r'r* - 
commodity index (July 1952 = 100): trade weighted value ri\ 
sterling 4Dec. 1971=100). •- 









Foods® comdty. 


2nd qtri 



259^ . 


191 ji 


3rd qtr.. 

. 1163 




. 192.1 


4th qtr. 





193 J3 


1978 - 

. • ■ 

1st qtr. 



279.0 - 




-2nd qtri 










2793 - 

190 j6 

■ 197^ - 


- 125.0 - 


“380.6 J 


198v4 r 



* 1273 







.129.4 * 







343. 1 

286.3 ' 


206. 7. 



• 34QJ2 

288.7 - 


«.2 Suffix 


- V“." \ % 

’ •’ 


* Not seasonally adjusted 

. •" : **i 

^ ytaaRciai Tipos Thursday Ste^emtier . 7 1978 

f.rnational financial and company news 

eedas k 

Spanish banks 
in merger deal 




MADRID. Sepl. 6. 

Mr , 

! ,a w£V 

<nkin 5 •• 


n ‘ 

h ‘ S *** 

*m£? 5 s . 

nks J? to.. ••■ 

ST uA* - 

?-sag. v 

^ * 



; n 5 ?S ^ 

> b «=au£eV, • 

™ T 'M likefc 
•'■ m a ^ 

_ “ecau.^ n*. 

n aboutaifc 

‘•p- • hf.urh.Bv, 

J ^’ n A pren- 

Tn ln ^ 
to rever» K „ 

b?t i W ;. . 
!"' ,s * »*, 
\ j!f C- •• 
it u? on lag. 
■arnin^nmj.. : 
ah( *>il t>=t j. 

• Bp-'Our Own Cormpomfcnt r JHAVLNG.illpptd Jo Mod, place The authorities made charges! 

E03IE Sent 6. J 3t rtie ew * I®** y * 9 E; Banen in connection with exchange* con- 
thp -iMiiiM. Eapoool i&' CredUo (Bancsloj irol regulations, and the Fraud! 

u!! 6 ^ JSl* * r b*s finally rwatnad its positum Squad began to Invest icate^ 

■■ V™.’ VSJSS I jffvf 1 “*?* as Spain* largest WMrauauon property deals in the south of: 

L 01 hanking interests. ' Spam, in winch C»ca had 

chenueals- groups mi Deen.. Banento formal] v allc K edl >' been involved. Coca's! 

granted provisional liberty after lawyers have vet to receive! 

loss from 

By Our Financial Staff 

Dutch to reorganise paper industry 


j HOLLAND i*i to itart a radical closed down, as will! six of tho (BTl— have faced seve 
’restructuring uf ltd troubled 15 paper-for-cftrnigatcd board cult years Sharply 
.paper and board industry. Corru- machines. Of the three factories imported pulp price: 

gated board production capacity facing closure, !wft De Vrijheid rapacity and sluggish demand of IPiS :i i-xucrt^a re.isonj 
{will he reduced, three faciorics and De Halm in Suidskanaai. will have led the companies to carry- ir.cre:i-i.» .r. n?l P-'-t >'»r Inc y 
brlongin-^ to small isdepcndeoi ' be closed this year and the De out Iheir own internal rcorgam- as a whole n:i hi? tier sales. 

AMSTERDAM. Sept. 6. 

several diETi- day — has had an easier run. 
arply rising Having maintained profit and 
prices, over- turnover gra’.v.h in the first hub 
»«ish demand of 1P7S ;i fLucrt* a reasonable 
aninc in earns ir.erea^.i ir. n.-i nreii: fur the year 

[producers will be shut down and Halm factory ia Haogkcrk- is sation. 

Xcl pri.Jil rohi? 

;vr cent, in 


eramea provisional uoeny alter ■ **»» “ vw \ w ' r lawvers havo v«t in re#H»iv* i ,u -* 1 *"•**?“- 

eight weeks in prison pending fSETcwa * The' 2ffprovM?I r,m,?Ial notification of thit. but LlSS 
the further U B^co ^cd The ^ providis win rontesi hoth conclusion ! F 

,aS- hlm of flCM * al = mor^toPti * 3 ES .ShS: s- «««««« «- ® rnve ; SSS«* !& 

oL^i se^ k inma£n : SjinfSc ; su ^ ’J 0 ' McRl ' d ^wnariUcK j iSmutcd 

outer senior in onagers rrom wc,. i* . » 50 o#wv itnuts surfaced, many ohserveru ^us.fpis T'bu at 

or -c-ea .J,., a „ a „e„p, AS p ; , 

l the net. after laxj 
part «f restructuring | 

in the area. 

■ aeeusfrdoflrr^ariti^in^h# = its main rival, BauM C^ntrut. . ®»de in embarrass i Buncsto D f its shipbutlding and heavj- en- Bwteco uf the 31 fond board Holland’s three ntaj 

; T^neTcoca wnl. P* I11, « ,| y* While Coca was i fiin.TriiiR operations. VMF is lo »Ml»ines now nperatins within manufacturers - Van 

" ^ran^t^finunre tt^constniS ?' v Rf 1 d ,1 - v . f,nt '. of thc ^‘ sl knrwn icccivc some FIs L’SStn in state '.the Dutch paper trade wiii be KNP and Buehrmanr.-' 

Dan of a petrochemicals Plant in 1 

is. TO. finance the construe* . Banosln begin last^Dfcember, on tanUnu' fsmiltes to have pros-' a id 
pf a petrochemicals plant ia ’ the day that ihe Banco Central pprm i i in d er t[j e Franco regime, ' The 

prospects. have been set ajain^t provision’* 

major paper More broadly leased than much f llT foreign invcstnicnt risk.-, 
fan Gcldrr, of the compelitinn, BT— whose These provisions mv vxpfctvd to 
Buehrmanr.-Tettcrode interim results were unveiled to- cover most uf :hc further eu>is. 

Thc halfiear deficit includes. 

trhimica’s P ai J n * enmpaw,;in the ^paniih.^nl?inK ?y«pm. among ibom- iwniters who regard ‘ to January. ' by iohm wince 

-LKiulgas. m which he is the - which beRan in Jhe jx^eof the tough act am to clean up the The company said It expects 1 : BY JOHN WICKS 
main shareholder. -failure ^ syst.-m and tn penalise currency; the full 187S ouerating ln.-s to be REPORTIN'! ; 

The plant in question, at bank^. prominent among which vtnugglin^ and tax cvumuo, us lower thaw la.-a yv.»r*> FU 53.3m. ' c«Fr l0 4Sm 

Sahnc ln Calabria. Ls uce of four . was the Banco de Navarra. essenti.i! Baneatu itself, m ‘ It also points out that provisions in ommi no 

Liqutctumica plants covered by' The Banerto-Coca ■ fusion was finalising the merger, seems to 
a financtar rescue plan pat for*, s jven the blessing of the Bank have decided rhat any damage 

ward a month ago by a group of -: 0 y Spain and Ministry of Finance, that ran he done to Us image hn«, 

creditor hanks. The' rescue r a nd appeared to be settled when already Uei-n dune. Fur their 
'■project, which would have in- the shareholder* oi-boih, banks part senior banking, authorities 
volved an Immediate credit line ; approved the teruM of tlie deal have greeted the fusion with 
so Ltquichimica of L30bn (S40ai> ; m Apr jj 2 a . quiet relief. 

!,'* hc, ,P tl DUt . fihaBCial V. o«e • month liter, however. Banesui 1 ms issued u Maieiucnt 
diihcutues. ^ well as a wont- . allegations of irregularities in guaranteeing to its new clients 
tonuni on debt, has run uitO'; t j ie cqm accounts began. to filter a service as efficient as they had 
• prntiierns becaase of subsequent : lo the surface. .;. . . r . . . / always been accustomed to. 

■ misgivings by some of the ranks. .- 'j- 

Th^ Bancp di TJapoli, in par*: . — ; — :: : 

Earnings dip at Interfood 

ZURICH. Sept 6. 

a dip To SwFr from SwFr 7.7" m. I97S. sai**< in terms uf leva! cur-- 

from SwFr ll.Oint and companies wnb pj;. ments of reneufs are also higher by 10 pvr 

Iggesund se^s 

improver 7 ?!!! 

By William DulJforc? 

STl'CKHl's.M. Srpl fi 

tin. 1 Sw.-di-h boa id. 

Alfon nfT j »sviiu,< ••■ :*■ Oil'll 01. lUKl^vn 3UU4LiUa — 41 p.PtiDUa LFilftJ I Jr •- ? •rw' ; 

Olienng dividends .if SwFr 21 per u \ n :eveS. the r*e la group sale.i b - an! »’ ^b- 1 * ■mother m.norily . pulpi Vjs ilA ;ir; , V eii and l' 

Bi'NN Se**t fi ' < siswrc and SwFr 105 per **B" would have been of as much P a rticipatitin — that in the . '.^peeled to re.-Y.l'. in a ln;i?cr 

.. .* 1 * ’ • Jatart*. This foL'om a rise m as 19 per cent last j ear. Brazilian company Copate— will : urofit performance miring the 

JJr b £„? fc ™ in jS l 'ji? ,l !5iP ,rcj,t net profits to For thc first seven months of soon begin making chocolate. jb.s» five monins. legesund l w. 

try will make an offering of;. e 3 ! tiierefnrt . fuivea-t'.na a lU7h 

six and .seven year treasury ! rehiilt ul-^e to 1 .?*t year's pre- 

notes ( Blindesschatzbriefe) tm PIIPOROtoinC i tax of Ss\r Sm. 

Gonmnlu. mi... ..<■ .,.>. I fcW**^BVnUJ . .1 . k,-. . ... ..n 

BONN. Se;u. R. 

licular. ii understood to he! 
pushing far the extension of the ; 
rescue- plan to .other companies '■ 
in the Liquigas group which also 1 
owe it money. Negotiations are • 
in progress between banks over! 

ii.viraved and i' 
rv-.r-.tU m a belter 
rvsmce during the 
ii hs. lugesund is. 

in progress between banks overt • rjuiia, oept n. 

the rescue -project but mean- ; YAVLOVREC of. France ^nd a ti5.9 per cent tnteritst and 
while the plan is in abeyance -CockenJl of Bolghun are to CoekeriU C6.1 per trui. 

: j merge their snuU*dlameter At a later stage, a new com- 

. ..welded steel, pipe productions, pany will take over ihe Belgian 

\nprrv f -Itlivo/v .subject to Mpproni. by the activities of the two t'QiiE|iaRie.s. 

• ^perry untvac r-.^spoggff^ dnU rue two new „ nl .s v ,u «,n- 

withfirsawal 1 national gwernment^. tinui* to purrhasc Kieel fioni 

. uiuiuiarr ai . Under u reeenUv-^i&ned pro- mesnhers of the Rnrnn.>-in trnnt 

Banks split on Eurofranc market 

By Our Own Correspondent ' 
NEW YORK, Sepr. 6. 
SPERRY UNIVAC announced 

_ . -Bt >tx and .seven year treasury: - 

| Joint venture for Cockenll eurobonds 

issues raisin yields as much as ( ■* ■» • . - y . g* 

s „ p - ws ' s ' pt \Ss^»nveffi% n T,; Banks snlit on Eurofranc ms 

.•YALLOtftEC of France and a tw.9 per cent interest and. ( . um . n{ .offering of treasury: UM.M A-/U1 Mlflv AUW 

; Cockenll of Btlghrai .ire tu Cot-ken I j C6.1 per ccui. , , notes, which will expire Septcm- -by our euromarkets STAFF 

.merge iheir MnsU-dlameter At a later stage, a new com- be r ll ' euromarkets staff 

P a . n v. w,n *;‘ k « ov ; pi ' lhe Ttie new notes offer a yield i THE REOPENING of the French i: may have hen worth reopen- mum rate set at 

rnmmunUv- And ^ ,wo *-’WiH«nie». , at maturity of 5.44 per cent on! franc Eurobond market is inc the market for French Credit Suisse First 

t un^T ■ Bw arj irh^ntc • ■ dIIU The two xic«T units will um- lhe six-year issue compared with current i> under consideration, borrowers. Opinion appears lo manager. 

\ national sovemnwnu*. tinui* to purchase steel fiom .u 4.9B j>er cent on the current ; The Treasury has not made any five shifted since and the idea SundsvaJsBankee 

Under u recently-signed pro- members of the European tlnal offer. The seven-year Issue yields ! final decision and French banks now is that potential borrowers largest of the Swi 

tocol, lhe. wo COOipWiiei will and Steel Community cECSC) in 1 5.71 per cent at maturity against I are divided as to the opportunity are more likely to be foreign banks, wants the 


.group' their French production, order to eontnbule 
i involving eight plants, into, a new -recover v nf the sector, 
r unit in which Yafloureewill have AP-DJ 

lhe current issues maturity ot[°t a move. 

not made any hvc shifted since and the idea SundsvaJsBanken. which is thc *-.*«• pcu'-i ^ v.i.s V"'" j" , 

French banks now is that potential borrowers largest of lhe Swedish regional : ?‘ u ^- , T: 

ic opportunity are mare likely to be foreign banks, wants the money for • fta,,rjl! ' ,n -'- 'iw »h!» 

: tax i-.» of S-vr 

SaL-i dunry ?h-v .-cM’n snr.nth 
__ , persad SKr SfiSm 

iVbT’A^' i.n-Ji'Mui :. -i.-iM-r.-ng ..-n increase *>f 
18 SVtrl, SKr 1 fifii n. Total 1WS itiraovi-r is 
ONpecti-'t. tu - » aci • just over 
1 Khr't ;n-- SI* r !.27bn If 
.stock c.-un-i n.'v ci’.t Hjsaied J he 
fi per cent. |’re-t:i:; ''•« c -me- •■’.n at SKr 32m 
Bust on is lead . asma-P - !•:/* ot >K-‘ -5tn. 

The ;*r; t3: «;.. , ;. , *n:--:iiuin flu rme 
i which is th» »-«■ P-’ J'" 1 *-esi:«. nuinly l.rom the 
1 . niun. sic.M ami -n-jinecrmu 

names than French ones. 

5.21 per cent. 

i -While some are encouraging The idea ui iwjicams ousiness. i 

j tKe Treasury to go ahead and Eurofranc market was raised The next issue in Kuwaiti : !j? an } ^ nri . -urniral iii 

| give hte gren light, others take immediately after the election dinars after the Philinpines ( -^ter dem-c- 
| a more cautious attitude. They result in March stabilised pro- Development Bank will be for j •'M l ?- 0 - dl ';.V ^ 

| fed that there would be title spects for the franc. A fear that the Brazilian utility Elptrohra? | cia inn oi a*\- 1 

reopening the business. 

development of its international ; a 3 ,,v 

■ - • rtflv.4 

I amv was rot 
• advance made 

niTse! l»v ihr 
sn luJeVund's 

12I productas.- 
^a!es vciIuhkf 

tiered uiKK^ 

acunciei (ft., 

detail Cn» 

electronic supennaricet P ^edcoiu j.RWE dividend hopes | French chemical industry ahead 

equipment owing to resistance In ! sWiniscli-Westlftelisches Elek- V LIIVIIIItflI lUUlibll j 4IIC4U 

equipment owing to resistance in \ Sheiniscli-We: 
ihc retailing business and poor triritaetswerk 
profitability. • * •.. ] Germany's lar 

PARIS, Sept. S. 

profitability. - - [Germany's largest electric utility. l_ t ,_ PD . . ,. . ' 

. . It has been producing the {expects to keep Hi 197S dividend ; TI »E FRENCH chemical industry open-end investment funds 

point in reopening the market demand would be based an specu- Due 


I Hmhcr palp uricus and better 








LB ] 




U £ 












st* von- month 

od? ir.VfclHS' I 

; or.^’ne-.nw J 
ci o'.sia? 1 


i'.K.iJ. 1 

lory number, enabling the June 30 giw by 8 per cent to Industr 3' Federation. ihc Paris Bourse Commission. Of 

.retailer to ring up a sale, and DMi2.83hn. Parent, .company; I' reach exports during . Ihe the total, hbr 22.i8bn was 
.keep track of stocks sizmib turnover also rose- by 8 per cent., I P pn ^ ^creased 12.6 per cent accounted for by French ordinary 
. taneously. - - . ftb D3*a23bn; !- ' ! - - : *» F ^r 18853bn. while imports and bonds. and 

. ' 1 " i rose 11.2 per cent. With men- £.* , r5.<0<bn by foreign securities 

, • .- • - ■" . "■ 111 1 '■ "- 1 1 here of the European Com- The remainder was made-up of 

.*.- ... ’ =• - i. mpnity, however, the industry mortgage bills, treasury bonds 

... Weekly net asset vatae t recorded a defieit rtf FFr 1.52bn, and liquidity. 

- f ^ 60 September^th. 1978 iffiAfuSabn ^ Net subscriptions during the 

; ' — ■ } ■■+ : , «wond quarter of this veaf 

- V - i Tokvo Pacific Holdings NV 7 - -• V/ith non-EEC countries, lhe amounted tu FFr 127.7ra un 

• - . e S? ■ noidmgs n.y.j .. surplus stood at FFr 4.76bn. with from FFr 426.5m during S fiS 

US.-f72.-11 ./ «*l»n*-' of t FFr 9 Jbn and imports quarter and FFr 427.4m in the 

.-7 QrFFr4.4bn. samp- 1977 period 

Tokvo Pacific Hotdihas(SOBboard) N.v. • Net assets of the 96 French AP-DJ 

■®® ,n al end | strong, not least from Swiss launched. It is $20m for seven holder*' untinn to redeem after increaw. An apprec'^i'ie n-ipi » •■ 

if.. s, ’ghtly up on the j banks. years tbulleti for Sundsvals- sevpn yea rv The issue would h«* ! men l in*;.: 1 !' .... ‘l";,’,"' , n ^ 

’rrL9.9bnal the end nf March, I The whole issue has been Banken. A margin of a quarter Riatp-?naran<pert. THp lead ; ocenii*ng 1 ,is f '' • - [' r ; 1 ' . f 
iccordinK to figures published by; under review since earlier this of a point will be payable over manager is Kuwait international SK»- 16‘im steel turnuvtr 
inc Paris Bourse Commission Of summer. At that time it was felt interbank rates with the mini- Investment Company. -eon. - 

the I ( VI?* tci ■ ' _T_- 

**** JV 'll • 1IT IW- . ■ !■■■ (I 1, . a 

been Banken. A margin of a quarter stato-siiaranieed. THp lead ; oceini-nu ! -•' p . f/.Vr. 

Focus on Hessische Lundesbunk - Girozenlrale - 

Weekly net asset vabie \ s ■ 

on September "4th. 1978 ; j 

Tokyo, Pacific Holdings 

U.S. $72,11 ‘ / 

Tokyo Pacific Hotdihgs (Seaboard) N.V. 

U.S. $52^54 " " V:. ■/ 

Listed oh lhe Amsterdam Stoc^Exchange 

Infoimdao: ftynw. HtMringX IbrnnH^. Hw«iincht2t4 < Aaintidam 

- ^ 1 - ■ :, ■ . . / . 11 — - 


DM Bonds 

HFL Bondi «L Nom . IDJ.00 102.86 
U.S. * Scrt Bond*. W.« W.I9 . 
Can.-DolUr Bonds 91.76 99.38 

S.9.78 29.8.78 AVERAGE YIELD 
I0S.62 105.24 YDM Bond*' 

5.9.78 29.8.78 

HFL Bonds « Nows 7JS6 
U4. S Sen. Band*. 8.943 
Csn.-DoJIS' Bond* 9.589 

1 Royal Exchange A ve.. London EC3V 3LU. Tel.:' 01-283 U01. 
' Index Guide ia at August 30, L9J8 (Base 100 at 14.1.77] 

Clive Fixed Interest Capital 128.40 

Clive Fixed Interest Income 114,12 

45 Comhill. London EC3V 3PB. Tel: 01-1123 S314 

Index 'Guide as at September 2. 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 

banks are Frankfurt-based. 
We’re one of them.” 

This armoxmeemeni appears as a matter of record only. 


Memorex Corporation 

Common Stock 

Lehman Brothers Kahn Loeb 

2*»cexpoat*d. 1 . . 

Blyth Eastman Dillon & Co, 


Bache Halsey Stiiart Shields 


Donaldson, Lufkin 2$ Jenrette 

Socnritlat Carygatiaa 

The First Boston Corporation 

Drexel Burnham Lambert 

■ IncorporaMil 

ISdder, Peabody & Co. 

■ .Incorporated 

R'F.Hutton & Company Inc. KjQoear, Peabod y cs u 

Loeb Rhoades, Hornblower 8s Co. k 

Salomon Bro&ers . Smith Barneys Hams Upham & Co. 

Inc o t p andod 

Wertheim & Cos ine. . ’ Dean Witter Reynolds Inc. 

LiF.Rothschild,Unterfaet^ Towbin 

Atlantic Capital • Daiwa Securities America Inc. Eu 
Robert Fleming • New Court Securities Corporation 

Dillon, Read SsCalnc. 
Goldman, Sachs & Co. 
Lazard Freres & Co. 

Atla ntic Ca pital • DaiwaSecurit 
Robert Fleming : New Couri 


Nomura Securities International, Inc. 

Paine, Wpbber, Jackson & Curtis 


Co. Warburg Paribas Becker 


nc. Bear, Steams & Co. 

Shearson Hayden Stone Inc. 
EuroPartners Securities Corporation 

tion The Nikko Securities Co. 

International, Inc. 

SoGen-Swiss International Corporation 

> Yamaichi International (America), Inc. ' rnmTpmiaU Tt.1,-^0 Samud Mont^a & Co. Pierson, Heldring & Kersou N.V. 

^ ; 14ml tad 

jiHepjy Sc*rbtoW^&^/ yereins-undWestbankA,a 

Aoguat,1978 ; 

Let's sUrl with Frankfurt. 

Why Ls Frankfurt so important? 

"Frankfurt ranks among the 
w orld's foremost banking and finan- 
cial centers. 152 German banking 
institutions operate here, and 
Frankfurt has 161 international 
banks, more than any other city 
in Continental Europe. 

The Bundesbank is headquar- 
tered here, and the Frankfurt Stock 
Exchange is Germany’s largest, 
accounting for nearly half of the 
stock exchange transactions, 57 per 
cent of dealings in foreign shares 
and 80 per cent of the business 
in foreign fixed-interest securities. 

Perhaps less well known inter- 
nationally is that Hessische Landes- 
bankis one of Frankfurt’s big 
native-born- banks. Half of Ger- 
many's top 10 banks are Frankfurt- 
based. We're one of them.*’ 

Now about the bank itself. 

Whafs its size and structure? 

“With total assets of DM42 billion, 
Hessische Lundesbank is Ger- 
many's Sih hugest bank, 3rd among 
Landesbanks. Asa government- 
backed regional bank, our liabilities 
are guaranteed jointly by the Stale 
of Hesse and its Spurkussen and 
Giro Association. We also act as 
banker to thc State of Hesse, from 
which our name is derived, and 
perform clearing functions for the 
52 regional Sparkasson." 

What about your sen ice facilities? 

“We concentrate on wholesale 
banking and medium to long-term 
fixed-rate DM lending. As a Ger- 
man universal bank, our facilities 
cover the lull range of commercial 
and investment banking services. 
Because we don't operate a branch 
network, we caii devote our lime 
and energy to wholesale banking 

In recent years we have strength- 
ened our international investment 
banking capabilities considerably. 
For example, in 1977 we participated 
in 289 international issues. And 
we provide comprehensive invest- 
ment management and brokerage 
service*, including securities trading. 
Our membership of lhe Frankfurt 
Stock Exchange facilitates dealing 
in quoted shares and fixed-interest 

And sources of funds? 

"A large part oi our funding is 
done by issuing bearer bonds and 
SD Certificates (Scjiuldschein- 
dariehen). The total in circulation 
is more than DM 20 billion." 

Helaba F^otMos-tt' 

Hessische Landesbank -Girozenlrale- 

Who are the bank's main clients? 

“As a wholesale bank, our service 
facilities are tailored for large, 
internationally active nms, 
tbreign govcmmcnis. and other 
financial institutions, as well as 
subsidiaries of international 
companies operating in Germany. 
As bankers to the Stale ot : lesse. 
we naturally support its state-wide 
and municipal program*. We also 
work closely with i iessc's Spar- 
kassen and their clients, especially 
on the foreign side." 

How do you see \our position 
developing intemafiuisulh ? 

"Frankly, a number uf German 
banks oiler similar high-qu.iliii 
services, and some «>i them have a 
head start on u*- in the international 
field. Without neglecting our home 
base in Frankfurt, we h.iv e assembled 
a team of banking prolessionals 
devoted to building a strong inter- 
national track record based on 
pragmatic banking principles, the 
most modem technical ami support 
facilities, and the highest standards 
of client service. Banking in Frank- 
furt is quite competitive, anil ihc 
banks who try harder lor their 
clients and give them last, personal 
serv ice often have the edge. This is 
one of our major objectives." 

Hessische Landesbank 
- GiruzcfiiraJc - 
.Junahnfsirasse 18-26 
D -60110 Frankfurt /.Main 
Telephone: (06 111 132-1 
Te!?;:!MH333 . 

' Financial Times Thursday September 7 1978 


Overseas banks in 
Tokyo share 
in yen foreign loan 

for trial on 
bank fraud 


A closing of the ranks 


TOKYO, Sept. 6- 

By James Bartholomew 

«tavi nfmwrrnn THE ANNOUNCEMENT vester- tioos are strongly with the is in partnership in a number 

1|| § II I fr*10fl fl Cll3T2vS i da v of the purchase by shipping British oriented sector. of aff-ehore companies. 

■*"*"*■ «/ X VA Vlbll ■*■'*•'*'**■ I O i magnate Sir Yue-Koog Pao and Hongkong and Kowloon Wharf One possible consideration in 

By James Bartholomew . his family of a major holding 1° 311(1 Godown is certainly a part the financing of the share pur* 

BY RICHARD HANSON TOKYO, Sept. 0. 1 ! the asset-rich Hongkong and of that British establishment, chase is that the Pao companies 

„ , ... J i Mr. Amos Dawe, a financier Kowloon Wharf and Godown Traditionally the chairman of will receive a huge infusion of 

FOREIGN BANKS In Tokyo will type of activity can be expanded, - most of whose business activity ! company for an estimated the Wharf company is the chair- liquidity If the Japanese govern- 

for the first tame be the major to make up to part for the! has been in the Far East, will . HKStoOm (some USS95m) is m 311 of Jardine. Mathesou aod ment goes ahead with its pro- 

partiupauts in a yen-denom- sluggishness of traditional areas I stand trial in San Francisco [being seen here as a closing of Co. Mr. David Newbigging is posal to finance the repurchase 

mated loan to an overseas bor- of busioess in Japan, such as on October 10 on charges of I ranks bv relatively conservative, the current encumbent of both by Japanese shipping companies 

rower from Japan. The loan at a making dollar loans . defrauding three California British business interests against positions. Other board members of some of their chartered flag- 

rower from Japan. The loan at a making dollar loans ! defrauding three California 

new floating interest rate, based There remains some doubt, hanks of $L3m- 
oo the Japanese long-term prime however, over how much lending Mr. Dawe surrendered blm- 
rate - of this kind will be generated, self to UjS. government offl- 

Tokai Bank is the lead manager because of competition from rials last week at San Francisco 
of the syndicate, including nine Japanese banks. It Is also International Airport on 
foreign banks, which will lend generally agreed that the Finance arrival from Taiwan. His 
Y5bn for eight years to the Ministry, which approved the extradition to the U.5. had 
Banque Populaire d’Algerle. The participation by foreigners in been sought since July 1977 
interest rate will float at a margin the comparatively small Algerian when a Grand Jury accused 
of 05 per cent above the long* loan, will not allow a foreign him of fraudulently using 
term prime rate, currently 7.1 per bank or banks to take the lead) funds from the three small 

been sought since July 1977 
when a Grand Jury accused 

a takeover attack by more Include Mr. P. G. Williams, of-eouvenlence vessels. Pao is 
aggressive Chinese entrepr e ’ - - the largest owner of these 

neurs. „ .. . .. _ __ Shikumisen ships with 79 vessels, 

News that Sir Yue-Koug Pao representing about 55 per cent 

; It also marked the end of an ^ Ws famiIy acqaired 
i unsuccessful but highly profit- . -- ■ n on 

■ able takeover exercise by the * “*°f « 2 ° 

’ rapid! v expanding Cheung Kong ** er 5 en ^ * n Hongkong Wharf 
1 (Holdings). Cheung Ko'ng today has been followed by the an- 

and his family have acquired of World-Wide Shipping's total 
a stake: of 15 per cent to 20 tonnage, on charter to ' either 
per cent in Hongkong Wharf Ja P an Llne or Sanko Steamship, 
has been followed by the an- has speculated Pao, 

nnnncpmont that who is a shipping investor rather 


niw wi uauuiuenuj uaiuu • TTr.n^k-fin" 

funds from the three small 1 

Kowloon Kong (Holdings) sold its 11 tbis opport^ w mora 

, — ~ ... oanK or oamss io uuve me ieao juuut, irura me toree small e v an , e „„ j ~ T T. . V_ — iai\e luis uppui Luuiiy uiuic 

““F w«l* a four - vears s racc in a yen loan syndicated for an I California banks to support his P* stake in Wharf in some of his and his companies' 

period before reoavmenls Start. i,n D ,.ca,c Knmuar I nn,n;» l jtaren Wim tne mtention ot Title In Rnm Cnna 4l,« -saepre intn nmnartr i n pp'rtmpntc 

By mid-July it had built up a 

Jnly. In Hong Kong the 
moves are seen as a c! using - 
of British interests against a 

assets into property investments. 

His statement that he intends 
to bohid his stake in the Wharf 

holding of 10m shares, rep re- takM company as a long-term invest- 

senting about 11 per cent of the takeover attack by Chinese me nt would seem to confirm 

wharf equilv. However, because 
nf the rapid rise in the Hc>ng 
Kong stock market, which 


ment would seem to confirm 

It also fined in well with the 
aversion the British-oriented 

Dawe's lawyer. 

inflated the price of Wh3rf Hongkong institutions here felt at the pros- 

period before repayments start, overseas borrower. j international business empire. J ^ nrrft1 6 to tontion *> July. In Hong Kong the assets into property investments, 

the rate will be reviewed every participating foreign Mr- Dawe Is currently In- * * . moves are seen as a closing' His statement that be intends 

? nd banks are the First National! volved in litigation against the ' mtdJuly it had built up a of British interests against a to boh,d sta , ke m thfi 

signing of the loan agreement is Bank of Boston Chemical Bank. Moscow Narodov Bank, the holding of 10m shares. Tepre- . company as a long-term mvest- 

espected by October. CoStinenuI lll^o^ B™ IrwS ! Beslan owned *hank! in the ' senring about 1! per cent or the takeover attack by Chinese ment would seem t0 conflrm 

^foreign banks here have to Tras! and “lanu£cSIS! BritUb Swuts. 5 os cow wharf equitv. However, because businessmen. this. 

date played only minor roles m H an0T er from the US along Narodny finKiced many of 3Ir. ' oF rapid rise in the Hc-ng It also fined in well with the 

yep lending overseas. With the , th en Commerciale* Dawe's deals Kong stock market, which . . jji t , , aversion the British-oriented 

rate based on the long-term .. .. nputsche Bank. UBAFl Mr Dawe's lawyer Mr ’inflated the price of Wh3rf c ^ aiI ? n B n Hongkong institutions here felt at the pros- 

gnrne rate, and being changed I n i o ^ Nftionale dP Parif James MmA aSed for a shares, Cheune Kong decided the Shanghai Banking Corpora- pect of ch euils Kong and other 
frequently, rather than at a fixed an | 0 k a ? Baii sa^ that ^he ' de£y before^ the SS5 in orfe? ; operation would be too costly. Chinese controlled development; 

ar Msawas ~ si^cSSrijs: ^ a. wsst-s 

Si 5 a “ d e^ a Sink Ck BriSsTem ! Sewtoper’ witK *** 2*, ffl ”oi« 0l wa°tLf rant SvSmenf 

?u P ^ e on a wt- ' ° ** *" “ ° f S^nt by Cheung 

The foreign banks will take previous business Involvemente. ju^e lnSmi Franrisco. Judge . . , _ They will now be joined by Kong chairman Mr. Li Ka-Shing 

Y3bn of the loan with Tokai Bank The Yobn loan will be used m Robert Schnacke, rejected the The identi^. of the buyers t.f gj r yue-Kong Pao and his son- that his company had been a 

and Cbiyoda Life Insurance, a an agricultural development wones*- « “ e fbar^ whicl hweresodl ^oth in-law Mr. Peter K. C Woo. Sir heavy buyer of the Wharf shares 

member of Tokai’s indus*jial project m Algeria. The project "* r % ,.° or * ^ ^ ^ r ; : 311 ^ off the market, has not Sue-Kongwill be no stranger to largely confirmed the speculation 

grouping, handling the rest. involves an irrigation dam Dawes life bad been threat- oeen revealed. However, the f e ' Newbigging, Williams and Mar- that bad been rife In the stock- 1 

The forei&n banks win take previous business Involvements, judge in San Franrisco. Judge 
Y3bn ofthe loan with Tokai fKnk The Y5bu loan will be used Jo[ Robert Schnacke, rejected the 
and Cbiyoda Life Insurance, a an agricultural development request 
member of Tokai’s industrial project in Algeria. The project Mr % Moore said that Mr. 

grouping, handling the rest involves an irrigation dam Dawes ufc had been threat- oeen rev eaicu. nowever, ioe re- Newbigging, Williams and Mar- thal had been rife in the stock- 

In previous cases of foreign estimated to cost about 8S5m ened and his client believed relation that private companies den as he is a co-director with market for ..the past few months, 

participation in yen loans, only (some Yl6bn). The remainder of Ws life to nc in danger. controlled by Sir Yue-Kong and t^em of Hongkong and Shang- that a syndicate of Chinese com- 1 

one foreign bank has been the funds, 880m, will be lent by n>s family had recently acquired ^ Banking Corporation panies, said to include Cheung^ 

invited among ten or more a 22-bank syndicate for eight! C^..***! between la and -0 per cent o. (HSBC). It is this connection Kong and Sun Hung Kai Proper- 1 

Japanese banks. years, led by Interunion Bank.; (5011110 SlOWlD !“ ie .^ l ' bar | eqm^y. le * Te s with the bank which has helped ties, had been building up a big; 

Foreign bankers participating based in Paris, and including . m _ » . ! doubt that they took the hulk of Sir Yue-Kong find the huge cash position in Hongkong and'Kow- 

Ln the yen loan hope that this Tokai Bank Nederland NV. ! af ^|2lI2lVSW3t2 the shares. outlay for the purchase of up to loon Wharf. 

J Although Sir Yue-Kong is ISm Wharf shares. - This market activity saw the 

— By Wong Sulong .ethnically Chinese and. as the The HSBC Is already heavily. Par HKS10 shares rise from 

„ . i largest independent oil tanker involved in Pao’s shipping opera- around HKS14 in March to 

T t)nf Awifiin cn-kd-o KUALA LUMPUR. Sept. a. owner in the world heavily in- tions. U bolds around 21 per HK$46 on Monday. It was also 

, I j n II SvlS lCCUrQ MALAYSWATA BERHAD, the; volved in an industry which in cent oF Eastern Asia Navigation, one of the factors which sparked 

biggest steel company in ( Hong Kong is Chinese- the main listed company in Pao's the current stockmarket boom 

BY JIM JONES JOHANNESBURG SepL 6. Malaysia, reported a satisfactory ; dominated, bis business connec- World-Wide Shipping Group, and here. 

1 ' year ending March, with net] 

SOUTH AFRICAN mechanical .earnings would peak in 1978 as profit rising from 8.1m ringgits j 

and electrical engineering group many of the group's contracts to SL9m ringgits (U.S53.9m). its m- j «i m ar a 1 f JP±j_ 1 A. 

E. 1*. Bateman, has. reported .written in more buoyant time* The company, which produced ! Vh Vll'l lA llTl C TIl^OTlT^h QYIIl Tit) Vfllll 

record operating profits for the .were completed. In the event, 150,000 tonnes of steel products VilllUIt IT luiUCU RU.lrO |Ji viliO (IUU pM J VIII 

year to June 30, last, fuelled by Bateman has increased emphasis during the year, pointed out that 

ihe boom in capital expenditure on the export markets with the its profit* would have been BY OUR OWN CORRESPONDENT • SYDNEY, Sept. 6. 

Mur^^^er! totai issLirzffi'jss: & 

bmTr^t ren“ S^e^d^to^rt U ^ f ° r!an « Company has repo^ a Directors “ tacribed the they had decided to adojtl con- 

:R1.9m. the year’s total has been centives. i The company's increase inir®. L ’® r ^- , proflt ,e of AS6B6m premium increase of 11.7 per sereative approach and to pt^ 

boosted from R4.Sm in f977 to Earnings per share- of 13S 1 profits resulted from improved | U P 15 P" cent from cent to AS7315m from general vMe for the full amount of 

B5-3m (Sfi.lm). cents, against 112 cents in 1977. l productivity, and took place in!^ e A$s -' m for lbe - vear to June insurance as “ satisfactory m the cover required before the 

. At the time of the last annual were in line with Johannesburg! spite of higher costs for raw! 30 - ....... of t “ e wtrenely com- changes. 

report, fears were expressed that expectations. materials and services. ■ The annua] dividend is to ri-c petitive state of the market The company s subsidiaries all 

— - ■ - — ■ ■■ ■ ■ ■ ■■ ■■ - from IB cents to lb cents a sb.i"c The company's underwriting produced good results, according 

i ■ af tor a final payment up 2 cents deficit of A55.16m was caused to the directors. New life sums 

1 A to 10 cents a share. This will be mainly by chances to the Wor- ni-ru nnrl Viif ilf Arrt*t Ai il A "\T lltll aT I 

invited among ten or more a 22-bank syndicate for eight! j 

Japanese banks. years, led by Intenmion Bank. ; oOUnO SlOWlQ 

Foreign bankers participating based in Paris, and including . _ ° . 

in the yen loan hope that this Tokai Bank Nederland NV. ! af \'1afaVSW3lJ 

£. L. Bateman sets record 

at Malayswata 

By Wong Sulong 






Interim Statement 

Unaudited profits amounted to £729,420 for 
the half year to 30th June, 1 978, compared 
wrth a loss of £431,908 for the first six months 
of the previous year. 

The Directors declare an Interim Dividend of 


Sales for the first half-year amounted to £23.85 
million showing an increase of 22% over the 
same period last year. The higher level of sales 
is continuing into the second. half and will be 
improved by the production now emanating 
from the new Cardiff radiator plant and by the 
improvements made to the French manu- 
facturing facility. 

Given continuance of the good industrial 
relations experienced in the first half, a further 
improvement in profitability should be seen in 
the second six months. 


Interim Report by the Chairman, Mr. K. BL Bevins, CBE, TD, 
on the six months ended 30 June 1978 
.The Directors have declared an Interim Dividend of 3.46269 
pence per Ordioaiy Share in respect of the financial year which 
will end on 31 December 1978. This Dividend carries a Tax 
Credit of 1.70550 pence, malting a total of 5.16819 pence per 
share. The Interim Dividend for 1977 was 3.07155 pence per 

Following the reduction in the rate of Advance Corporation 
. Tax, the Directors have also declared an Additional Interim 
Dividend of 0.08072 pence per Ordinary. Share which, with the 
Tax Credit of 0.03978 pence, amounts to 0.12050 pence per 
share. This Dividend is in- place of the extra amount which 
. would hare been declared as part of the. 1977 Final Dividend 
bad the redaction in the rate of Advance Corporation Tax. been 
known at that time. The Additional Interim Dividend declared 
at this time last year was 0.07336 pence per share. 

Both Dividends will be paid on 2 November next to Share- 
holders in the Register at the close of business ou 23 October. 
PREMIUMS WRITTEN on the three open Underwriting 
Accounts in the first half of 1978 totalled £9139,000, an increase 
of 4.2 per cent on the comparable figure for the first half of 

THE 1976 UNDERWRITING ACCOUNT at 30 June 1978, after 
making provision for all known claims, showed a credit balance 
of £2,049,000. This compares with a credit balance of £L236,000 
on the 1975 account at the same stage a year ago. 

IHE .1977 UNDERWRITING ACCOUNT showed at 30 June 
1978 a credit balance of £2.035.000 after making provision for 
all known claims. The credit balance on the 1976 Account a 
year ago was £2,109,000,. including at that time the sun of 
£500,000 transferred from Profit and Loss Account at the end 
of the first year of the Account This transfer was written 
back to the Profit and Loss Account at the end of the second 
year of the 1976 Account. 

All balances exclude the Underwriting Contingency Reserve 
of £500.000 created at the end of last year. 

As anticipated, the Company's premiums written on the three 
open Underwriting Accounts have /been, affected by lower 






CparV nnK?,riteh? rJnten ?rv tn^n,£ri P u T,v, ^ c ,flr!u, 0 J Life rose b y 39 P er cent to by. policy-holders. The l976 and 1977 Underwriting Accounts 
scrio issue andTseffecS!te"irt 5 ASSSm'S** ThJ Jin? AS250m and Dew annual P re - have -progressed most satisfactorily. The 1978 Underwriting 

nr>r ^‘nt hkhJr . miunis increased 49 per cent to Account however, has so far borne the brunt of the fall in 
per cent higher than la>t years tors said that the deficit would 433 s m . . nNMN i„ ni . ,hii t* r,.„ 

ordinary payout. Last years have been decreased by A$4m. Overorovsion for tax last year 
ordinary distribution was aus- less an Indeterminate amount re sult3™n a net tax credit of 
mented. however, by a special for re-insurance and other ad- asi 16m compared with last 
centenary dividend of 4 cents a justmenis. had the company fol- year's bill of ASASin 

have -progressed most -satisfactorily. The 1978 Underwriting 
Account however, has so far borne the brunt of the fall in 
premiums written hut, with thirty months stiU to run before 
Its closure at the end of 1980, it is too early to form any 
definite-view as to its outcome. ■ 

5 September 1978. . 




Mr Hilton S Clarke, chairman, reports that pre-tax profits for the year 
ended June 30th 1 978 increased by 26 per cent to £886,000 (£701 ,000) 


Totai Assets 
Loans & Advances 
Capital & Debenture Funds 
Pre-tax Profits 

June 30th 1978 


International banking with particular emphasis on medium term loans and 
Euro-currency finance, with loans extended to 37 countries. 


Manufacturers National Bank of Detroit 
Shawmut Bank of Boston 
Banco di Napoli 
F van Lanschot Bankiers 

The Secretary, Atlantic International Bank Limited, 

65-66 Queen Street, London EC4R IE H. Tel: 01 -243 9001. 


il-ras Australia *;p: 1?S9 . or. 

-UIEV SV: :0?T Hi 

AuvraL-u Sir-c UlSi . 94 

AiUUmiAO M 4- 5. Sip,' a< gs; 
Esrdars SanJ* IMU. M> 

Bovaier ftipc 15W- ?.«} 

Can. X. Rillwar 8 !pr Sj; 

Credit Naiicaai Si pc IfSi . 97 

Denmark J9V4 97! 

ECS 9pc 19*3 BSi 

ECS Pipe 1M7 

EIB s-.pc I99-; 9;: 

SMI 9iDc 1099 

Ericsson SJpc 19?9 9.,; 

E'SO Spc I9JH Vnv 39 

Ct. Lakes Paper I5J4 9-1 
Hamcrsley 9 «pc 139.’ . .. . 100 : 
Rrdxo qiu'hci: 6 pc ’.WrJ 

ICI jjpc 19S7 ?.•; 

ISE Canada PJp,’ J0W . 
Macmillan P-!om 1 pI pp .7 ion; 07 ; 
Miswv Fcrcu 9 nn 9- pc "SI 
MicbcUn 3: PC .. J91 

Midland Int. Fin. f fpc ®7i 

Vat 10 n. 1 I Coal Ed. -pc !!«7 
'■‘a:!. W>FTim.Hl* r 9p<- igin ?V. 
Na-1. u'mnntir 5p. '«■' :vi: 
\'i- louadand 9p._ 19S9 O'- - 

Varlic Lav. Bank- *.pw tos? 07! 
VorS'* Knm. pv - . -'pc 1^9.’ 

Xnrpipr sire . !<■.; 

Vout Hydr" S*pc !P 9 :' ... 

c j^in 9 pc ;«SS 33'. 

Ports Atirnnomes Ow. ’00i 
Prov. Qn«*b“C 9 pc jvsts ?•;; 

Prov. Sa#kasch'- n. s;pc 'J.i 9:1 
Reed International 9 pc 1057 9"5 

Rn!J 9 pc 1092 3i : 

Selection Trust S;pc !B»9 «ii 

Shell intL Fin. ?ii>r 1990 ... p; 

Skaui Easlnlda foe ;?9l .. 93 

SKF Spc 1367 0:i 

Sweden 'R'dreni :9j7 3»i 

fasted Biscuits Spc IPW ... 77 j 

Voko Spc :??7 March Kl 


Australia 7'jc I3r< n;« 

BcD Canada 7 :p? 1057 .. "j 

Sr. Colombia Hrd. 'ipc 
Ca- Pac SrPC T95i .... flr. 

j t\rv Ct casual Spc 13Sj ... 3j, 

I ECS 7|pc iS''; f.<; 

i ECS s;?.. 9..; 

! EEC 7-pc IBS: 

j EEC Tiro ;ki 3i : 

[ Enso Currcir 5;sc iiw 9j; 

J Ci:av?r''«» Tlpc its ... 


Syracuse , New York, U.S A 

has acquired 




has ac a maim 


KtH'Inmis Spc 19.'' 9oi 

M! SllcheUn s:ne msa 9i 

Si* Mon oval Urban SJpc ISSl 98 
Wi New Bnirmwirk Ppc 1984 ... Wi 
W! Nuw Bruns. Prov. 8 5 pc ’S3 9S 
M Now Zealand Stpc IP5H .. w: 

» . Nordic Inv. E9. 7ip.r 19W .. W 
W Norsk Hydro 7ipc 19fi2 ...... 8.'*: 

9,i Norway 7!pc 1992 94! 

95} Ontario Hydro Spc 1957 ... 9".; 

1M Sinscr Si pc 19S2 .... . 6.4J 

9* S. of Scot. Eld:. 8! pc I9S1 9S 
9A| Striven iK'rionn 7 !dc 1992 93! 

39 Srvdtrh Stale i’o. Tin*: ’52 931 

97} TeUrr* B'PC I9S4 97! 

99! Tvnncco 7;pc 19S7 Mac ... Pi; 

99 VolPswasen 7:pc 1957 ... . 94! 



9« -HI I” 'I Brcwnncs I0‘pc 1999 537 

103* ‘'liicorp jnpe 1WW „.. 91 1 

9?! CoanauMs O.’pc 19S3 S9> 

85r ECR '»!pt; |<K# P5; 

100 EfB «.’p.; !P5« B7i 

99 E[8 IWJ .. K 

941 Final:* for Ir.d. O’pc 13=7 91 

UWr Finance Tor Ind lDpc 19S9 «*i: 

Ittf! Fimhs 10jn*~ 37; 

100 GeMorncr Urc I9S9 9a 

951 INA lOoc 13S3 «•!} 

5 H Rna.-ntrfi' lnipj; I99S 92* 

97 S:«rs= M'PC 19 13 K 

93i Total OI! 9 !pc 1SS4 59* 



97: Asian Dev Bank ijpc !£KS 94: 

93i RNDE d.pc 193ti 97 

9X Canada 4jpc 1S53 . 99 

91 Den Norekc Ind Bk. riocVu 99, 

021 Detltsvlhr Bank 4Jpc 1SS3 ... 9* 

95 2 EC.S 3: pc I BSD 93 

99} EIB 5ipc !990 93 

32a Elf Aquitaine Sine 19SS ... P2 

1W Eoraiora pjpc 19S7 »r f 

99 Finland 4ipc 13M Ps* 

84j Foreniart:* 3!pc i»0 .. . 9'i* 

■Slerrco 6pc 1953 

Aorc-n* 3:nc MSB n* 

90i Xonrai- 4ipc ;PRi p.4* 

931 Nnm.v itn: 1953 Wi 

94* PK Banknn 5ipc l«* ».i 

9Si Pros-. Ou. he,; n P c ]WH 97 

9tL Rauraniukki r.;pc VI 

33* Snjln Sn*- 

34j TmnrtWeim Sine WS . ... 03’ 

9j TVO Po-ver Co 4ac IP >5 . irij 
33 'Vn.-TU-'j ,ip,- 93 

m: World Eank 3!pc 1993 .. fles; 



Gar!: of Toltyo inf4 S4pc .. 93 

— EKCE 1954 9 ’tape 

BXP 19*7 wsb: fs; 

BOE Worms 1S»J Spc 93 

r CF 19<v3 -Ipc !«>.; 

Chase ManVm. '33 BSiepc 97* 
frcdtranstalt 1951 3} pc ... 99 

D'l Bank 1953 Ppc :. !■<*; 

<~,ZB IBS1 9Sp<: . . B9J 

MIL Wcatmliurer !9S4 Spc n F7 

Lkiyd5 13?3 a:J|spc 39; 

LTC3 19r ? 9Ir-pc Sfll 

Jlldland Inr. FS ’ST sn^pc 
Midland Inr. FS "93 9t|SPC 3Sr 
Xat. iF*srTnltrMT. "3v 3^, pc 39 

■IKE 1953 Sine MJ 

SXCF 1833 9awpc 99 

Sid and Chtrd. '34 grisne 39i 

Source: White Weld Securities. 


U.S. Rubber Uniroycrl Holdings Society Anonym© 

6 ! iSS GnaranfeedSmkmg Fond Debeniures fine 1882 

Debentures due 1982 (the “Debentures”), at the- 
amount thereof plus accrued interest to the Bedi 

km price of 100% of the principal 
Date. ■■■ ■ 

The se rial num bers of the Pe lwuti frti a wlflo h ha v e hegnteeleeteflfhgredeng tl op 
(each bearing the prefix letter i W7’) are: 

28 1523 E5C8 3189 
33 1553 2518 3193 
199 1601 2527 3265 
283 1669 2534 3359 
345 1703 £553 3389 
362 1851 2601 3409 
37? 1882 2635 3440 
465 1905 2632 3446 
518 1913 2643 3449 
523 1959 2852 3463 
547 1970 2710 34E1 
574 1977 2726 2-’95 
698 2029 2750 3515 
747 2040 2820 3516 
738 2182 2865 3534 

915 2202 2966 3563 

916 2256 2978 3582 
'976 2399 3020 3632 
1107 2417 3060 3639 
1182 2427 3063 3643 
1224 2434 3076 3644 
1325 2444 SOBS 3702 
1452 2476 3123 3775- 
1458 2501 3131 3787 

On and after the Redemption Date the Debentures designated above wm become doe and 
payable upon presentation and surrender thereof . with all coupons maturing subsequent to 
October 1, 1378, attached, either, at the option of the holder, at the office of Chemical Bank, 
by mail: F.O. Box 25983, Church “Street Station, New York, New York 10349 or by 
hand: Corporate Tellers, 55 Water Street— Room 234, 2nd Floor North Building. New 
York, New York 10041, or at the 'office of Mees and Hope in Amsterdam, the office of 
Soctete General e de Banque S JL in Brussels, the office of Deutsche Bank A.G. In Frankfurt, 
the office of Hambros Bank Limited, Samuel Montagu & Co., Ltd, and S. G. Warburg & Co. 
Limited in London, the office of Banque Gent-rale du Luxembourg. S_A. in Luxembourg, the 
office of Banco Nazionale del Lavoro in Milan and the office of Credit Lyonnais in Paris. 

Interest on the Debentures so designated for redemption shall cease to accrue on and 
after the Redemption Date. A11 coupons maturing after said date which appertain to such 
Debentures shall be void. Coupons maturing on October 1, 1978, should, be detached and 
surrendered far payment in the usual manner. 

DATED: August 31, 1978 

U.S. Rubber Uniroyal Holdings So Crete Anonyme 
By: Chemical Bank, Trmtce 

i as aznattor oixecazd aaly. 


A memberof Ihe Lloyds Bank Graup 

acted as Financial Adviser 
to Cable Supports Limited. 



American Erpri-si 4ipc ’87 


Kahcock f- Wilcox 7p-r '92 



S'?atrlrp FooMa J-nc 1992 . 



Beatr!'.-*? F 0065 4!pc 1992.. 



Boi-rhain ij’jic 

1 : 1 * 


Sardes ope 199; 


1n»ii«-ay Hal" 4ipc 1957 . 


Camatlnn 4 pc I!«7 


7 7\ 

Chevron jp- IPfS 



Part «pc W«7 

Fat^inan Kridak lltv iw 



Eoutwmlc Ijjk 4;pv 19*7 



h ir- iron- ."r-- litfs 

7 iI 


F«rd -re IS(*S 

t*l' m 


C'wwl Ek-ciric line I 9 »r 


HillCNc lip? 19T7 

■lOHM a Be T9?7 


Cult ar.'l ’.V.*y»^rs jpi 1?S9 


Harris fro i“J 


Honey*' • 11 •lac !?«; .. .. 


TCI •Upo 1!TC 



INA ypr l«nr 



IpcIkmpo isp; 

11 .' 


ITT 4fri: ■.•’-7 



Jinco -toe lip; 


1 M 

Komatsu TlK 1990 


1 M 

J. Hay McD'.’rmDit ^hn.- '57 



MaranMiti ; 9»1 



Mirant r»pi: i»n 



J. P. Morgan 4!pc IK7 



Nabisco iipc 

Owens mmols 4loc T»“*7 

1 'Jli 

J. C. Prniwy 1 ‘nc U57 


Rcrjon 4;pc ;?sr 



HesmoM^ Jictak- ipc less . 


sar.tlvtk ti|pc i9<J 



Stjcrrr Ranri me 195 ? ... 



Sonihfj Jipe ;<»<7 


Ti'xaim 4jpc 1 WS .. 



Source: K.d J-:r. PeoUody 


U.S. $50,000,000 

Westbume Petroleum Services Ltd. 

a whoUy-owned subsidiary of 

Westburne Internatioiaal Industries Ltd. 

Senior Notes Due 1993 

Tha undersigned arranged iha priyafo 
pl tt a em e a ttoi tSasolVoteg w M t i n stxtatianal rterirdoia. 

Lehman Brothers Kuhn Loeb 

T i h yuy iMlwr. ~ 


September 7, 1978 

i f tn^wra u iviniLi 

jsioasr 138 
. s-xsasna* 
: & 3 penes* 

Afo/j Ay George Philip and Son Ltd. © V97& 

A range of Intematfonal 
services no other bank can offer. 

,» e /4n»»r * 

3as»*. iW ' 

International Finance. Competitively. ■ ■ M 

Short-term and fixed rate medium-term 
finance covered by ECGD guarantees. •_ ^ 

Negotiating or discounting bills, Acceptance . 
creditSj Eurocurrency finance, Export factoring. 

" • International leasing and Instalment finance; 

International Branch Network. Competitively. 

Being the exclusive U.K.. member of European Banks 
International (EBIQ Midland can oifer their clients the complete 
facilities of seven major independent European banks with 10,000 
branches throughout Europe and a world-wide network of joint 
ventures. ■ ■’* •• y : 

International Transfers. Competitively. 

Foreign exchange,spot and forward contracts. 

Clean payments, mail transfers, telegraphic transfers, drafts. 
Billsforcollection^documentary credits. - 

International Corporate Travel. Competitively. 

Exclusive to Afidland,‘direct access to the world’s largest 
travel company— ThomaS'Gook — a member of the Midland Bank 

Group. : . . : 

. . ! The fastest growing company in business travel providing 
the most comprehensive business travel service including foreign 
exchange inl50c.mmc^travellers cheques, V.I.R Service 
cards and 870 offices in. 145 countries. v“ • 


To ensure your company 
makes the most of its 

International Merchant Banking. 

A complete range of international financial services 
from Samuel Montagu, a major Merchant Bank and 
a member of the Midland Bank Group. 

Eurocurrency credits, bond issues, corporate and 
investment services. 

Samuel Montagu are also major market makers 
in bullion, foreign exchange and Eurobonds. 

International Insurance. Competitively. 

Comprehensive insurance and reinsurance 
broking services through Bland Payne— a member of 
the Midland Bank Group. 

International Marketing Services. 

A unique range of marketing and export finance 
services through the London American International - 
Corporation Limited, operating in over 100 countries. 

Information on regulations, tariffs, documentation 
. procedures and exchange control. 

you really should talk with us. 

For a prompt answer, contact 
George Bryen, tel: London 
6069944.Ext 4057 Telex 
888401 or contact any of our 
branches throughout the L'.K. 


MMtand Bank International Delivers 

7 Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel : 01-606 9944. 


with the 


Company analysis - 650 major insurance companies world wide - 
general and life underwriters, reinsurers, specialist offices, main broking 
and agency groups, underwriting groups and consortia - these 
companies conduct the bulk of insurance business in leading markets. 

This section includes : names, addresses, classes written, company 
structure, shareholders, directorates, management, subsidiaries and five 
year group results. 

■^National Markets - Vital data from more than 80 countries including • 
insurance laws and regulations, basic economic, social and risk 
conditions, insurance industry statistics and listings of useful addresses. 

^■Insurance Terms - A trilingual vocabulary of key words and phrases in 
English, French and German. 

■^-Sectional Indexes - Alphabetical and classified indexes to companies and 

IVIonte Carlo Reinsurance Conference: Simon Moore-Brown, 
Advertising Sales Executive, will be staying at the Terminus Hotel and 
Jeanne Milling-Stanley, Editor — WORLD INSURANCE YEAR BOOK 
1978 will be at Le Siecle Hotel. 

If you have any queries they will be pleased to help you. 

ORDER FORM TO: Salas Dflpt.. Financial Times 8 treinAas Publishing Division, 
Minster House. Arthur Streat , London EC4R 9 AX 
Telephone:!)? -623121 1 Telex; 881 4734 BUSPUB G. 

P;=J5* i«'d n« . 7 .'coo i os of the WORLD INSURANCE YEAR BOOK 1973 

? i::« i‘< 6.50 Surfact .'.'ail. £ j^.50 Ait Mail Payment must accompany o-der. 

Mr.*.*. Va /Miss 


Nature of business 

Croa«t;a ;ion 

Address ... 

Signed . Date — 

The Financ isi Times '.inured. Registered in England Number 227590 Printed in the ILK. 

Bank Account. Midland Ban'<.5 ThieadneedleStreei. London EG3. Account Mo. 10957275. 

Financial Times 

Thursday September. 

Currency, Money and Gold Markets 

Dollar nervous, 
pound steady 



One mourn j % P.a. Three maothr 

j.75-U.5hc.i'ra *.52 iW5-l,S&c.nM 

THE DOLLAR racrred rather fixed at DM 1.985.1. slijfhtly better j p, 
erraiicallv in Yesterday’s' foreign than its early morning level ofjji 
exchange' market, seeminc: to lack PM 1.9820 and compared with i 
any positive direction. The U.S. Tuesday's fixing of DM I.B790. -jr. 



bill, UlljMlJ 1 

rftnuTfl m LIRA trim 


per cent froor the I September » 

" Unjd'nl* 

litial activity *aw F , 

franc/dollar rate. During the dampening effect on dealings. In aw11 * f ’ 
afternoon trading became a little later trading the dollar fell to 
thinner and the dollar began to Dll 1.9S20 with some dealers sue- nSnciii frlm«- « 
weaken, although it finished above gesting this as a- floor level for - 

its worst levels for the day. the time being. Against 32 cur. 

Federal chairman G. William rendes ’ the Bundesbank trade. THE Dv 

weighted mark revaluation index 

eased siightly to 147.4 from 147.3, * 

-4Zr-i — — — i — ; — r~i — r*n — — a ns** o£ 2.0 per cent from the ! September » zz 
f JR A i ! end of 197? - i^Td-nS- 

•; ' ■ i i ? i ZLTttCH — Initial activity saw Fr j* 2* 

\ j Jj |J ;■ i the dollar move firmer, possibly Danish kt 5-** 

\ i i : gaining some impetus from a D-Mark * 

-a£ um fr«”i ’ _ narrower ' balance of payments J*° rL ** ,n, » 

\ j surplus registered by West Ger. Fr v.® 

1 | | i i [ ! many. However the trend was Fretreh ft fl.wi 

I ' - - ; l-J : soon reversed and the dollar ; Swedish F.r « «s 

T Ui ' i I 1 i weakened in fairly active dealing. Ten r , 

I ! : | | Market, sentiment still remains' SSJbFr uu 

-Ag __ \ 0 * fftLa' i pessimistic bearing in mind the - v $. o»iu 

rather gloomy economic outlook - 

\ in the UJS. At mid-morning the 
_ VU- dollar tv as quoted at SwFts L62T71 rr IFIRE 

and DM t.9S4£*. which was down ^ un 
fmm the morning peak of — ; ‘ 

l.... 1 — I — I — i — i — i — i — I — 1 — DM 1.9570. September 5 

dnoj fmamjj as PARIS— The dollar dosed little I 

W7T 1978 chanced from its morning levels l si«utie 

against the French franc in -U.s -loiter — 
Miller stated lhat the dollar retoti vcly calm trading News ^ J SSST 

r 5fii-'w 'L’^n n ' £rtib,C frdnC3 

Financial fr.inr « ■■*«= hn ‘ . 

l5.Sa-».S6ypffl( 11.27 9.2S-U.9B ^ 25? 

■ 20-10 um pm i 8.48 42-82 nn un> L-'-jrS"; ' 

44-2# C-ian j 11.88 f8V8Vc.>nf • 

! Sis-month forwart dollar 

i u-memth s.«-5.4Sc pm. - A* > 


Austria Scft 
Swiss Fr 

8.56*4-0 8*£ 
7 15K-2.15M 
;■ jsn-iJAfS 



07 iM».» 



a <0504.4 "P 
118.15-140 65 

1 6145-1-0113 

p.a. Tbrnaw ath#. 

S.&M4-4F0-86T2 ! il5c-# Me dfcs -fc» 0JT4JMc d4a -«£l 

2.1515-2.1539 [ O.66-04Zc pm 32? 1.744:74c pm j» 

; >lc b*i» 6 6* 4-I« pm uf 

5.4625-5.0645 1 - 

1.1830-1. sats ; O.SW.TIpr pm 4-51 2.66i61pf pm 5V 
4 SJ 0 - 45 S 8 i — 

?32.50-*JLflO J 2.9M.3BI|re4ls -4A8 «.TM JBBrafc 
5J3a5-MMS ! — ~ . V 

4J4S0-4J47B , PaiNKr #1* “4-26 4*,JJr |(tt ■_ 

4J4SMJ47B j Par-2? r #|« 

A.42554.4Z75 I — 

110 jo-118. 35 
It 62S5-L6220 

1.15-1 Ky pm 6-56 
138-1 Me pm 7 A 

l_i c *'nt per Caattflan 8- 

56' fta 

7« JJ3-3rBenm lN 


Mdii Emvpup i 


September 5 

dollar relatively calm trading. News -of ■ 1 S2JS 1 iSlf™ 

would continue io have problems JvFr Mbn budget deficit for 197Q j Bgj^n fian i; ... 
if Congress did not act on the had largely been discounted by the iDanwi kmu* 
energy situation, and this hardly nwrkeL The U.S. currency was o«wh ***** ■ 
helped sentiment. quoted at FTr 4.3443 compared \ KSJJt 1 ' f 


took place with o high for ihp day ot ] urj DCh ...^ , . , ! ,: . 

I » M 1 i -i — i — L I ,i.J DM 1.9S70. 'September S “EHE? 

dnoj F m a M j j as PARIS—' Tbc dollar dosed little I " - - - — 

197T 1978 chanced from itf? morning lei'els ^lerune • 

against the French franc in - L.s iinilar *.* 

Miller staled lhat the dollar relatively calm trading. Newsjjf a 1 SSSjS 1 !! 18.2045 WJ 

would continue to have problems FTr 1-5 bn budget deficit for lQp [ fra n.: fiSS 7ir 

if Congress did not act on the had largely been discounted by the. c-anwi kr»»u-? - 

energy situation, and this hardly market. The U.S. currency wasfpeutwtie mb* 

helped semiment. quoted ai r m com pared \ J*J{f “ s.siflas s.« 

Most movement took place with * high for the day of j u/j 52 

against ihe Swiss franc which FFr 4 3333 and Tnesdays level of . v«n ..... W-™ 

opened at SwFr l.fiOTt) in dollar FTr 4 3400. The Swis* franc; 'ias| N^vrciBn kn»r . 

terms hut rose a« one point to lightly easier at FFr J.67S9 EJSSSn *■£«£ ** 

SwFr 1.6370 before closing at against FFr 2.6940 prerioosly. Iswim franc 2.0»W 2M 

SwFr 1.6100 conmared with SwFr MIL/UV— The dollar rose against - 

1.6200 on Tuesday The West the lira In fairly light trad! ns and : 

German mark improved slightly to was quoted at LS12.70 up from madkptq 

DM 1.9S10 from DM 1.9S30 having Tuesday's fixing of L831.03. The OTHtR Wl«nrv ,& « & 
been up to DM 1.9770 during the Swiss franc however cased in lira , 

day. Using .Morgan Guaranty terms from L517 to L516. J £ f 

figures af noon In New York, the AMSTERDAM—' The dollar was " 

dollar’s trade weighted average fixed at FI 2.1360 compared with A „„ tlna p«..„...7i 1.624-1.688 
depreciation narrowed slightly to Tuesday's fixing nf FI 2.1480. \Straiui Ou'«ri-r.- i i.680D-i.687q 

9.1 per rent from 9.2 per cent TOKYO— In rather subdued Fioimirt Mprkkn... 7 9iM-7.aa55[ 

previously. trading, the dollar eased slightly BimiiCrureir.' ... 3^37 • , 

Sterling opened at ¥1.9420 1.9430 at the close against the Japanese 1 q aa-’a ba • I 

and during the morning eased to yen. The U.S. currency finished at ' ! 133- 189 

Uatt of 



1 .24720 



45- DTK 

2 xmr 

Buk of iton 7 
5«ptenilnr 6 EbjM Caarajnr ' 

md« chiMg% 

Stcrlfnjr 88J5 - 

U.S. dillsr . 84.14 - 41 ? 

Cana 01 an dollar . ... ILU -m- 

Aosttlan Echiflnjg ... lO.rr +??? 

Beim-m franc 118.42 . : 

Danish krona ' 113,46 4- u 

nputscha Mark IA2JS -3WV- 

SwlOT -franc 280 -M — 

nolMpr * 114.46 Ytlt > 

French franc ..v. 493* — #i-.; 

Lira 5584 -aar-' 

Ten -... 15M6 +a> 

Based on trade weiahted chanaea lm 
Washtogton agreemur- December -• -m 
fBank of Enslaod lnitex=lBD>. 

■f ■ ■* 

I >'ote BatM ; 

dollar’s trade weighted average fixed at FI 2.1560 compared with . p M o.... i 1.684-1.688 '836.03 63IM.038! a ortri# i Z7.Mj.Z8 8tf 

depreciation narrowed slightly to Tuesday's fixing nf FI 2.1480. \Stmiia i i.6800-i.68?q 0.864»-0.Bfi85jBeipium [-68.30-63.30- 

9.1 Per rent from 9.2 per cent TOKY'O— In rather subdued Fiatann Mprkkn... 7 91M-7-9353 ^.OTefiJLOTMiDeicHPTk. [ 10 , 

previously. trading, the dollar cased slightly Bnml Crureir.- ...1 ^57 . ,ia.5|3. 19.048 ...... - 8-W-8.4T- 

Sterling opened at ¥1.9420 1JH3S at the close against the Japanese ^,£^52:^.; 7, sKSJ 44 ’ llSieS ; 

and during the morning eased to vpn. The U.S. currency finished at ! iss-139 68.468-7 L56 ?!jii nu. j 370-300 

¥1.9355 before closing at 61.9420- V1S9.625 compared with Tuesday’s Kuntt Dinar (KD>; 0.525-0.636 0. 2703-u. 8754i>-etbertan«i» ....... j 4.124.23- 

1.9430, unchanged from its open- clo« of VISO'SO. .\fter opening at Fr-nc; - • -| RUa-iOJia 

ing level and Tuesday's close. On VI89.MI. the dollar traded narrowly MatayvaDc-iMr.. . ^-^60-4. 4510 { 

Bank of England figures, sterling’s between Y1S9 35 and .YlfiO.O. i ; 

trade weighted index remained at Volume was light with snot deal- 1 4.RBfco-4.36B6j 2.z403-2.a4aBinnitedStat»«.. J I.fl4-i95i« 

62.3, having stood at 62.Z at noon ine*. accounting for S447m and ( south Afnc*n eswii 1.6740-1. 6999: 0.86(8-0.875 U’D^iavia. 3&oa4iJio 

! and early dealings. combined forward and swapt — * : — 

FRANKFURT— The. dolUr was trading amounted to S"99nL. Rat® eua tor Argentina is free rite. 

3JKKL3.341 ¥iritz(trlBiiE.... 

14 1 13.145 

Rat? aivm tor Argentina Is free rate. 


f . Funrl sf«*rlme : C.7. tVIlsr ■ Denticnellarl. Ispwiese len; Kreocb Frtnc twin*- Fram- ( Dutch ^SulMert. Julian Lira. I Canada Dollar j Belgian Fair, 

I'oun-1 isrcrune 
I l.’,i. Dollar 

Lleul-chc Mark 
Ur»iH > ,e Vcn I.W 

l-rrach Franc l*J 


I Uiitrn (rudder 

Irallan Mra l.CO) 

uuci-liaii Iv.-iur 
Hei-I-ntr*™ !<*■• 

410.4 \ 

4364. j 

"iii4. I* 


. - a. 764 
" '14 93 




The Republic of Chad has applied for a credit from the International 
Development Association (IDA) and other aid agencies to help 
finance a petroleum development project supported by oil com- 
panies active in exploration in Chad. The project aims at meeting 
part of internal demand for oil products and consists of bringing 
into production one of the oil heating fields already discovered, 
of constructing a pipe line for cude transportation and of building 
a refinery in n’Djamena. 

The pipe line will link the Sedigi Field, situated on the northern part 
of Chad Lake about 250 km away from n'Djamena. to the refinery. 
It will be 350 km long, the diameter will be 6 inches or less to allow 
for a maximum annual flow of I million barrels of crude, without 
intermediate pumping stations under normal operation. However, 
since the crude has a high wax content, the line will be divided into 
several sections with scraper traps at the ends together with 
foundations for pumping equipment of temporary use. 

The route will cross semi-desert area without special points nor 
afrimctric difference between extremities Soil characteristics w ill 
facilitate ditching but adverse conditions may prevail for trucking 
and joining pipe line route, since no roads exist in the northern part 
of the route. 

Detail engineering — Following site investigation — supply/transporta- 
tion and laying of pipes, supply/transportation and implementation 
of all equipment, including cathodic protection and telecom system 
will be soon procured following international competitive bidding 
for a turn key contract extending to start-up and design flow 
operation together with a training programme for local operational 

Potential engineering, suppliers and contractors who wish to be 
called for a joint offer, possibly extending a suppliers' credit, are 
invited to register their names, qualifications and references 
indicating who will lead their ioint venture, in a letter addressed to; 
Monsieur !c Ministry de I'Economie. d«i Plan et des Transports. 
Palais du Gouvernement, n'Djamena Tchad not later than September 
30, 1978. 

A copy will be addressed to project consultants : 



TEL; <1)749.7171. TLX. BEFRAG 690212F 
BEICIP shall provide, on request, additional information on rhe 
project and also 4 questionnaire to help reply to the present bidders 
prequalification procedure. 

■ CTf* AI MATirCC desirous ro supwri or ooook the maWna 
LtuAL NU I IUL 9 or an Ord?r on th? taid Petition may 

appear ai the tune of heart ne. in person 
^ ■ | nr by hi* coonnrl. for tiha: purpose: and 
NO (UM .%31 of tors * WPT Of the Petition will be furnished 

, v tt'«T,rr : b>' the undersized -o anr creditor or 

1 ,n *e HtejR COURT OF .U*STTCE | rontribntor? of the aa'il CompanF requlr- 
! Chancery Pirtwnn Companies Cou p. In j iq^ 6 nch copy on nannent of the resulaled 
I !h« Walter of MULT WAYS FREIGHTING for ihe samr 

LIMITED and in the Matter of The BR.VJRV fr H'.U LEK 

Companies Act. ISP ? n. Bind Court. 

NIITTCF. IS HEVSBV GIVEN 1 , that 4 Fle« Suroe!. 

Petition for the Windine up of tb» ahnrP. London ECU t«>S. 

named Company bv the Hu* Court of Kef; F."BH- Te|; m-iB 3 SSU. 

Insure was on the wh dar of Angnt Foltcltore fnr the Pmitimter. 

1«T». presented tn the said Omrf ny NOTE.—Aira person «ho Imendn . tn 
NTH A fU.K. LEASING* LIMITED vW» appear on the hearlnst of -he said Fodtioa 
registered office is Sjmate at: North sor> on . ar SPn d by twt W. the 

Boa*p. nnsar Road. Brentwood Esvx^ ahore^iamed nonce in wntlns of hi» 
Lessors 0/ Trailers and EmiipmeilT. ami ,ptontien 50 »o do. The notice must state 
•hat the said Pentlon 1* nirei-fid M n me name and address nf :h" person, nr. 

tieard tierore the Cnrirt sirfina at tn« tf a firm rhe n»me and address of the 

Rn-al Couth of .lust ire. Strand. i.wwnn iin ,j must he slmert by the persot* 
wca ?LL no the iwb day of Ocwwr or firm, nr his nr thetr snlirtior >if anv* 
'n*. and ane erediinr or ronlnlmiory miisi h» eertwl itr >f n«sted mo?i 
Of the said CMppanv deSirnus m snnpon ^ wn , bv in fU n5 CI « nr ;iTt , a to 

or oppose the maWn% of an Order nn j rtir above-named no: later than 

•he said Peril ion mar aooear at w» | rotjr n -dor> in the afiernnim of the 
'line of fleams. <n person or ms ; ,- !h 4 Jr „f ootober 15 ^. 

■-nnTis»l fnr ihat porpnse: and a cop* 

ir Hie Peririon wilt hr furnished tw Ihe . 

■inders'wrd to aor .-r editor, or enntrlhn. No. nn^.iHl nf J!> 7 « 

■nrv of ih« sa'd Comnanr renmnns wicfl Itj rh- BrGH CAI'RT OF .TT.'STICE 

copy on parmeni of th*- re col ft ted ebarse cbaocerr DlTtsinn r.omnin«-« Cmir?. In 

S*>pl A 

. iherbnp 

• r.!5. Dollie 



Dutch fill! liter/ 


Fnioc j 

YTwt Giwtsi! 1 
>l»rk j 

French Franc 

T tell nn Lire j 

-Anon 9 

Jmfnneoe Yen 

ish'jrl feim.. 

7 der’s notice 
Month . 

Three mt.inrht ! 
■si* nmmb». > 

Otic Y*ST .. . . 

12'i-15 -i 

12m 12rx 




j 8>-8i5 • 


05f-9 ! 

9-9 ii i 

• 9:?- 9* 1 

8U 9'-» 
8!i-9'i : 


9r-9A , 

9^-9-, ■ 


4 7s Jin' 

4 »,-S 

5SS-6U ' 


■1-v ; 


ra -1 ; 

r-’i ! 

1-1 'A 1 

1 '.£.(■« 

6.V34 ■ 


3r>-3i4 1 

■7-V7H . 

1 JOtif-lKMt f 

ia-16 J 

12k-X3U i 
11 >3.-1217 

JSip-Mlj 1 

BiaiSte 1 
. SrV-8r^ 1 
Brt-844 • 
9ii:94o j 

la-kl* ■ 

; JW?, 

| 2jjc4Mt 

1 ' Srv** ' 

The foDnu-ma nominal rates were quoted for London dollar certiticates cf depont. One month s 4S-S.33 per cent; flu« month* 8 TfrSA) per centt six monthr g_3snnj 

Wr LonsJerm^EorodoiTar Soposux^fwn sears osje.nT]* c-- '■rut; three rears nf-os per -ni- four ream S'w-Hm per renrrfrre i^^mdotc 

Shon-term rates an? call tor sterling. U.S dollars and Canadian dullars: two da.-?' nooce for guilders and Swiss franc*. Asian rate* are dostn* *rt» in Branapore 


New York rates lower 



for ihc -am- 

wR.\nv tr WM.I.ER 
7 T Rind Court. 

Fleet «irwl 
t.ooilnn F.riA .'HS. 

Rer: F TTH. T»I- M-T#» *S11. 
Snlirttnrs for rhe Petitioner. 

the Matter of CRISP! V\ W'ff.HT 
I.IMtTEn and in rhe Matter of Ttl<? 
Comp«nies Act. iw. 

inncF nVRFKY r.rrr.V that * 
r-iitloo for rhr Wmdlne np «*r th“ ahove- 
nairrH Company t>T ’he R>sfi Cmm of 
Jirstire was nn ihe Uih da- pf Angnw 

N«TE.— Anr t“raon Whn Intend" *0 , mtt to th.’ *j>h rwrrt hv 

anrvar nn ?he Hranna or the mid refilion tTF.Nt.VS I.F.VSF UMTTF.n wAmne 
mun wire on. nr send h- pesi to m* pffi« i« sniare at; Henlya 

nhnrr-named tmuce in vmilnc of bis t*.-, T Ea«'ot) puad. London. 

lnl“nifon s« m do The nninv mn-,i sta e ir t and that th* <114 pennon le 
, Ihc MP and artdrrs.'. of th- n-rson. or dlr ,, rIafl ^ heard Vrnre -he Court 
; -f a firm Hw prnie and address of ine chins at th* pnval Courts of .tirstlcr. 
I firm and mw b’ «=n.-d te- »he person S(raw1 London Vf.'\ m i., nn -he IRih 
or fiimi nr hte or -V 1 ' ani'Hmr uf am ■ dlr # nr?nher ns*, and any rrerftfor 
I md most he nnrre.1 «r :f r«l'd ™« nr r-,nnHhumr- nf 'h' **,d Company 
! h “ ^ Jn, H J'""’ ' n J’^T" LIT H-Virnn. t" ■OITPnn nr maWna 

l?"* " r an ""Iff «> ;h " '""I P-imnn mav 

Tour nrln^t in the oftentonn of Ule ww ., r Ih „ „ me ^ n.. aP ,„. 4 . tn ^ 

[ nth dav nf nember I47S flr (, r f,. c cnnnyel. fnr ih^i punvw: and 

\'n nn-r*i rr mr* 2 r "? r <*. _! h " will N- fn-nlsbed 

' ri hr 'he nndersien.-d »n ,n» rr-ditnr «r 

I In the ntntl cniSKT ff JI.STICE pnnmhmpir nf rhr <aid Comnanr renttlr- 
fTilipwir Dimmn r.-onnanr<w Cmir'. In ma mch enpr on nai-ment or ihe romiaWJ 
rhi Mane, o' VAI **E F1'TINlV ,r RE chare* fnr »hr same. 

RTOHFS 1 pitted wl i" rhe Maftrr 

ol The Cnmnan'oc Are. IMS n>nit roort 

SOTICF rs HVBRBV rtIVKN Ihar 4 Flrel Streel 

P-’iitinn fnr *h» WlndiPB on of the abnr»- lai-idon Eras -.l>s 

named Cnmpa-iv hv the Hish Co'trl of R r f yfjp'Rr t«[ ot.V9-.J5U. 

! Imnh-e wav nn 'h- Mih day of July Snlim'nrs fnr ihe Critinn-r. 

in:*; pre«. n>P>! to Hie «ih1 Cnnri he NilTE — Any periiin *-hn ln-.end« :’-»n 

EVINS fi-knititrk MNTPnNATlrtru. ann- ar op ihe h-anns of , h e « 41(I p-ilfinn 
SALES » I.P.fITEn whn«e registered nffire runs' wp- on. or send h' pr»r tn Ihc 
■s sftiiale ar l.rnnnln nnad Plch Wrenmhe. .itini-e.nirr'il notice 'h m'ns of hi* 
flliey* KP1‘! WJZ 'Cred"Or^. Fnmlmm ininqi|«n nn in do The nm.- rnifl slate 

Treasury bills were qun(“d 
sharply tower yesterday with 13- 
week bills al 7.58 per cenl com- 
pared with 7 6-T per cent nn Tiips- 
day and 26-week bills easing lo 
7.67 per cent fram 7.72 per cent. 
One-year hills were also easier at 
7.S4 per cent from 7.S6 per cent 
Federal funds were trad ins at 8& 
per cent after Si per cent and the 
Federal reserve intervened in Ihe 
market by making reverse over- 
night repurchase agreements. 

Bankers acceptance nffered 
rates slightly higher at 39 days at 
S.19 per cent from 8 per cent 
previously. Sixty-days rose (n 8. IS 
per cent from S.03 per cent while 
Ihe :i0-day rale was firmer at S29 
per cent against 8.05 per cent. 
.Similarly 120-day rose to 8 JKi per 
cent from 8.23 per rent and the 
rate for 130-days stood at S.35 per 
cent aeainsf 8.30 per cent 180- 
day rates were higher at 8.40 per 
cent compared with 833 per tent 
previously. High grade commercial 
pappr rose to 8.125 per cent for 
30-days from 7.95 per cent while 

fin-day paper was quoted at 8.20 
per cent from 8 per rent. The 90- 
day rate also rose to 853 per cent 
against 8 03 per cent previously. 

BRUSSELS — Deposit rates for 
Ihe Belgian franc 
were quo led at 51-6* per ccni for 
rail money, unchanged from Tups. 
day. as were the one and three- 
month rates at OJ-fiJ per cent and 
74-7J per cent respertiveJy. s>iv- 
month deposits were sfiphlly 
firmer at T-V-TT* per cent from 
71-7J per cent .while the one-year 
rale stayed at 7J-7| per rent. In 
the wppfc ending September 4, 
the Belgian Central Bank foregn 
exchange reserves fell BFr l.nnsbn 
to BFr 8fi.323bn. However il was 
sterssrd that a large part nf this 
fail was not due to any interven- 
tion in .support oF rhe Rplgian 
Franc. Call money fell sharply in 
4.63 per rent from 5.65 per cent 
on Tuesday. 

FRANKFURT — Interbank 
money market rates were again 
unchanged from 3.3 per rent' for 
call money through to 4 1)5 pe r 
cent for six-month menpy. Th e 

Bundesbank decided not tf* bold 
a conference after the fortnightly 
meeting ’ o£ the Ceiitrfil Bank 
Cnuncd. This is normally taken 
as an indication that no credit 
pojicv action will' he taken. 

AJflSTERDAJW — Interbank 
money market rates were 
generally easier with call money 
al 4»-51 per.. 'cent compared with 
5-31 p«r cent and one-mooth. funds 
falling ta 5J-SJ per cent from 
5J-33 per cent. Three-month 
funds were also down at 64-6 j per 
cent against Sjr-6} per cent while 
sLx-month money eased to 6#-6| 
per cent'from 65-6f per cent • 

PARtS^-Money market rates 
showed littje chance from Tuesday 
with day-to-day funds at 7t per 
cent, one-month at-7i-75 per cent, 
three-month. 7J-7j per cent, six- 
month 7,-71 per cent and 12-month 
S*-8t percenL 

HONG KONG— Conditions in the 
money market were tight with call 
money at 5J per cent compared 
with 53 per cent on Tuesday and 
nverniebt business at 6 per cent 
from 55 per cent previously. 

Gold improved $31 an ounce in 
the London bullion market 
yesterday to close at $2l2J-213); 
After opening at S212j-213, tlis 
metal tourhed a low for .the flay 
at $2103-211} just before 
morning fixing of 8211.75. By ihc 
afternoon 'ft had Jiuprovetf a lftt» 
tn be fixed at $212.09. However;- 
trading elsewhere saw the metal 
lose ground after the close of . 
business in London. . •: 

In Paris the 12*-kilo bar m* 
fixed at FFr29.370 per fctfa 
{$210.07 per ounce) compare^ 
with FFr29,450 {*210.63) in ftf; 
morning ard FFrZJWm {S210.9S; 
on Tuesday afternoon. 

In Frankfurt the 121-kilo s^ 
bar was fixed at DM13|3B0 per kur - 
{$212.37 per nunce) compared 
with DM13.420 ($210.92) 

Tuesday. '• 


I Vimnlfrc. znit rhit *h- suit IVH'Inn j ;h.- nam-- ,ind arirtr.-v nf ih-- iwnnn nr. M _ ____ _ * JL ^ .. *B 

■ s rtinrcrrel *n hi" hr.irrt Vfnn* :hr "ran J i» n firm th-- niwr anH »it<Iro«s nf fh^ ■ CllDDlir 

[ sitlins! gt ite Bjr^l Cn;.r., nf fine anrj mrtre hn .Im-rt ”r^n J A CC AJI VAIi L ^ 11111 ) A V 

Clranl T.m.lnn »n".\ JI I.. nn »hn H'h 1 nr 1m. nr hi* nr ,h«-ir «nli,-rf„ r ,.r an *i 

■lav nf OrfobiT I^TS an*f .in? rr«r!ilfilp i iM mnn hn rm-mi a. . r — » 

Siranl T.<ni1nrj 31. 1., on f h<* 1 np firm, np hl« nr rhrif ,-r - n vi 

■lay nf flrfob.-, i»^s anH any rerefilnr , irrt rnnst ha srrmH. n,. ,r n-w-pH inns* 
nr i-nwnlnHnry nf um silif CnirtTwnv Ik. wm hv post in snffii-irn* nrnn -m 
Hneimua in snprvirl nr nininw ih.' m.lVIns n-ai-h ih, ,ilm..njmorl nn- lamr H|»n 
nf an OrrlrT nri Hln salif Pr-ri'iftn mn fnnr nrliK-b In ihr ari^mnnn nl fhr 
aixmar »: th-’ nra* nf hi-ann*. in nrrsm ia»h .lav nf ilmnlinr nrs 
or hv his nwinuM fnr r»ia“ ihiitm 1 an4 
a rntvv nf Hl» PrrtHon »HI! hr flimlsh-’il 

te the nn4nrs|:nM in am- .-pi-lirnr nr nrt 7RfI1 nr 1JIS? 

■■nnri-ihiitnn- nf th' *»n1 Crennanv rrnuir. In ih<- TIiniT rr»i:»T fiF n-enrs 



flm BUB. iv.urrt 6.9.rB at a - »n | 
mat II re S.12.T9 Total appllralHm ■*'» 
[(m Total Oii’itairJ'nq CZ.Zm 



&?- in 9 i-«iav Bins r 9 tb Us 

TI2.TR at *pniicat’on» lo*alled 

t20m. L4 55m. [ 

(400.000 Bin-- ««urH eih Seplcnthur. 
tq;g, due 6lh D«rmber. 1974, al 9'.",. ; 
AnnlKBiions totallnd , 

£400.000 Elite «* OlitsfaniiifMi i 

C.Om 91-fit Bills, issunri 6.9 71 fo 
6.I2.7S At 9*.’: "A. AoEaicatfons total led 
£ 12-Om. No ottiefs. Oijtaundlna. 


£900.000 Blits maturing on 6th Dee- . 
ember. 79TB. were and Issued . 

«, «h September. 1973. at an average 
r«W of 9 , ';“a P ■- Total applleations 
for this Issue amounted lo £9.000.000 
and these are the onl» Bills In issue. 


r . '. -mo . 000 B»n> Hue on 6.12 78 were 
nSWred nn 5.9.TB anH arm allotted at 
, of 0?i;“«. Aprl'catlPds totalled 
f.ZiTsbo.OOO three a-C fh< onlv 6.11s 

o.if> undino. 

1 HL6S 

E6.000.qon Bill*, matnrmo on 6th pnr. 

pmhir. t97R wee nPaieH and IwiH 

nn 6fh "Sepfereber. ** 

rale nf O'.:"- P.B Total aurlfraflniw ftw , 

this issue amciinfed »n f 57,000 OOC and . 

are the nnlr SUI» •" Issue There , 
4n ,‘ 'E2*.OOOJ”7" Pills noWanding. 



hv the nnderslzned tn a nr .-re-lirnr nr "Wl nr 1?7S 

■■nnfnhiilnm- nf th' said Cmuntlr rrrujir. In the HIGH CHi:RT fiF Ji-g-rrra 

>nc ettei! nutv nn psymrnt nf ihe regulated I'hinrer, T>ivi«mn C<’i>irseia( Cnnri In 
■Hiar=n fnr Ihe satne Hi- »tn— r nT T? Pnwri.I. tvn CAN 

MICHSFI. rPICVTI * CO.. I rsm-F-n and in the L,’*, 

.11 l.nictiam H-r ; e|. 

I nrdnn W|»; ."niN. 

.Se»n!s fnr 

.1 \*.U*S R RENNETT A rn„ 
H S*l»p St r,r “. 


Bnl.euors for Uie P»i|tpiner 


■ dlv'demi due 30fb September. I97S. mar 
I now tw claimed a» Ihe rate 'hftwn hnlow 
I on ermaintalinn In the undc-.ioned o' 
i Coupon IB together wilh aorcial ih.rinn 
| forms which are available from the 

: Gross Divideitt 1 per share ^ US%q.Q2l055 

, L<« is^i Japanese with, 
i holding Tax Per share USt0.QO5l5B 

t rtTrTFn and in the Ma:rer of tfw 

Oratfsiiies t-TI Idf 11 . 

N'OTICF 15 HFBFTIY 17 1 VP?: Hist a 
Aer.unn for Ihe wind lire, lip nf |ha jhnvr 
n>me,i rntnp.inv h : - rh.- Hreh C-pnrt nf nn rhr 7?nrl i?\ n f Mignsl 

tnrs r»<>r-l in Hir -.,.d .-ni, r . ip.- 

.-nst'ircSTPVFR5 OF i l>STr,M<; '.RP 

r.-rtfK -tnv pere.vj uhn intriuf' In vxrptF nf Kmc R Ream Hnu-l. 'tut 
\ ip" r ar nn :hr h«stln= nf Ulr paid F=tl!lOh 'larfe l.arta. leindnn Fr-ij rne ,M di*t 
. mil-' srrre np nr «ct|4 hr post in Hi, -h* said Mihnn is ditvr-ed f.." he heard 

Bank nf EndanH filiniinum 
Lrndlns Rate 10 ppr reni 
(since June S. 1DT8) 

Pay lo day credit was a£am in 
sraod supply m the London monpy 
market yesterday and the 
authorities mopped *ip the 
.surplus by selling a moderate 
amount of Treasury hills all 
direct to the discount houses. 
This may have been slightly over- 
done with the likelihood of hanks 
carrylnc forward run down 
balanres to today. 

Discount houses were pay me 

Si -SI per rent for porinrd ran 
loans at »he and closinr 
haJance-; were taken between 7 
prr rent and 8} per cent. 

The market was fared with 
bank? bringing fnniard run dov- n 
bnlanres and a small nor takn-up 
or Treasury bills. On the other 
hand i here was a modest excess 
of Government disbursements 
nver revenue transfers to tile 
Exchequer and a small fail in the 
note circulation. 

In the interbank mark'd over- 

niphl loan? opened a» R ?-8i per 

cent and on news of a slight 
surplus! eased to S-Bl per cent. 
Bates soon firmed however lo 
Si-SJ per cent before e^sim; back 
to 7-7J per cent. With some de- 
mand for late balances, rates 
rinsed around 10. per cent. 
Activity now seems to have sub- 
sided jrenerally with little 
enthusiasm to take new positions 
ahead of what many people Fee 
ac nn inevitable October general 

Rate? In the table below are 
nominal hi SO me cases. 

f»gld Bullion n fin< 




Mamina flxins:.... 

AfiertKmn fixing - 





1 OM 

CfoM Tnins .. 



Sew .. 

Old Soremqnc.... 

520 Escip, 

MO B* B lre 

8 » Eft-kn 

Sfpfv | S-.“ 

S21S4-2IS4 MOM*' 

, ; *aia,-2ia nuzjiV s 

.'3211.76 « 

!iE1W.278l (£IBMM.y 
.: ¥212.32 8*92:“,.'.. 

JfCIBS.lWj \ 

i's Es 

32 IB- 221 S*IK-*W^ 

i£l 122-1183 

|f£40-S1i jWl®. ■« 
■861*-6Sj WltfSLif 
..£31j-mi w£SU-®*F'^ 

I j ■ :,?i 

! S21B*-22W HWK-iraii 

WTi-88* 1 «t;- 

f« l«-47Ji 
iS I62-1BB 


Net Oi.ld-nd oar itwrr 


United Kinodam lijomp Ij, ,1 the 
r«t oi ia*« i" «c £ *in (>t deduced 
from ihc amount ol tn» di»ld*rd except 
In cn«i where coupons jre <Kcomp«nii>d 
bv United Klnodom inland Revenue 

alldav,, Of ggOSSSrSTk. 

Broad Street. 

' London. E.C.2. 


EVE. IB?. Reoent JTirai. rs* qfir.7 n m 
, C«r»« Or All. in M»n>' . thf r* J»r*-Uoihir 
Floor ShOMK 10 4S. 45 and i 45 ,rrd 

mii’-l-, of Johnny HawKetwurth H Frir nds. 

GARGOYLE. 49- OM" Sltnnt. Lrnrtijn w7l~ 
ntw striptease F LOOP SHOW 
Ihnw al MhJiiibM anH ’am 
Mnn .m. ciowf satufdavc. Of.aj? 4455 

..r nrm. or hi, or , heir solir.lor Hf 

iihI iraisr te wrved. nr. .f nosuH nun . p~.,i,« n ihut anmar « :h r , inu . « si"" 

ire.nrti tire .ir»OTC-nam«l not Lifer Ulan n.,rpo-=r- nr-1 .1 m lh e PeM,.™. STli 
1 '"'ir n dock in fire afiemoon nf Uin 1 bo fnrnKli-1 by the imd.ri-nM 
[nib day or October W7I. I nr 

; xo.^-omsS I BVSSThEI TTaff 

; In the HIGH COURT OP Jt'STTCR I fl. F. r.I.nAF *' 

dhar.crn - Division Cnnjpjolec rmin. ? n j Nine's Ream Hnure 

•he Miter nf ABER DFYELOPMFNT 11-41 Mark I.tire " 

t.T5»ITF.n n-W| in the Md'ter of The t-«ni«i. F.C.1R rqF 

Crrmpanrec 4i-t. ;M< . Mnlreimr In Hie Fermnnam 

N-nrrCF. 15 TU'FEFY GTYEN, a -;OTE.— Any ^l^nn , n 

Petition r->r ‘hn windina up nf :be ah aw. ‘ lntrear on the heann- nr ‘ -ha aM 
tiinrad Company hy lire Rith Coun of j Patitipn mn-- on «- wri h- H-a.i -n th? 14lh day nf Ausiim > lo Hi- nho-e-mm.-J notlre- iii viitncnf 

•irrnna ( 
' nf .lejxwit | 

Uveivnalti . . 
i .tan nrttiec..f 

i -lay-, nr 

- . 1 

1 (hv- n*v».. 

— I 

i»ne month ... 

®Tr'6r* j 

IWm nvilthr... 

9|« 9 1 

tbrre mt.wuli-. 

9-leali ! 

•is month*... 

USa-sMp ! 

.N’me nwaih-.. 

6i*9r> 1 

Unn v**r ... 

9->a o» : 

lien Teor- 

- 1 

la'i*dl , A111I1 

Aniij'/r'iy J uec.Hmtiie j 
itel>jNtP ; land- ; 

_ j _ ,- 

air - 85 * j — i 

Sin's** ; ~ 

a j 914.9*4 

91* 1-59 

<J-> , 9 sis 

9i’-s3j 1 91i-ji, 

- J 9 ij JO 

10- IC 1 , ; 91 ? IUI 5 

11 - 14 la 

kinauee 1 
UnUMt [i 

□eprKifa [ 

1 Dhjiunl 

a<n-s ! 


»u ! 


lin 2 line 

i IrcomiT . 



■ Buie* j 

81 ire * 

1 H.hBd- 

■6*8 ’ - - 

Jn-8ia . — 

in- nm-e-mm.-tj nor In- , n UM> rj 

iim. r-rmrenred rn :hr n-d cwirr hv ; h.o intrmtnn to Ht.. Thr "tuvrU^nw 
'’J'V F,rce f ' ,,,tn:D ’«*"■»■ ! name ton ftf 'X 1V r-?^. 

reel*!.- red Office it mpja-e al SMimn . or rf a Am n* njm , ovl .ddrT^Tnf 

■tpcroaeb Rn«H Cpul«Inn. Surrej Rmlttert 1 <he fim. ,nd mum 
Jfep-h.tPia. add ihjf th* v,od pciihon i rervm or firm nr ti.., „ r ,- nhntnr 

« H-ram-d t.1 nr ftr ar d Vfnfw ftje Cmirt ..f .,n; ■ ,nd m..." V S 

•ifina at ih- m-ii <*min« of iirtmv oo«ied mn.t h- ~ '1, 

ctrap.1 l nr. mn W r?» M.t do the IRffi J ,0 TU-rh rhi 

<1.iy of Oernhef io.t and any <Tg4|inr . Hub Tour ■•Vinci, , n ,h, A f.,.' n .' ^ j... 

or roijfribinnr.. nf the said Cornwy Itfh rtav of OCnbcr iMi * . 

,n , t . Il TJ 1 ' qnf1 h . n,|H * s vtvn dm m nmico. mhery uur du.. * Longer-term l«al luflionh- nenttns* 

rare nomin.iilv thren ycari Ufr-Ii* u»r cepi: lour years ner ni. Hi. ■ . lir , i;*.i-j per cent • Saak t>m raie^ ui 

!ini ar, ‘ hl,r|nz for Dr,mr 04Uf*Y. Pnvins rai?s fnr fmir-monffi hint wile pj.M.r. per vents lour-monm trade bills oi n»r 

AorinrsurMiF v-lllns raiea tnr ntw-montb Treasure bills lv w p«r .-«n» and nrn-mnmh- « Per «:enN rhr*»»h 
Approx mi.iin v..«,n» rare ter ^-mnti|h hint Hill-. ?!«!.,* wr rfm m-n^rnni h n-Bim per cent, and ihm,- 
nwnib P-re-?.-!* IK- -enf. Vnnimmh nri e Ml; !» I'-v <■*</! momunth ner ,v. u t. an .r ntan mfmi.nmiirft’«’p'r cent. 

Fidanrn Hnrere Ba«o H 4»t« < nuWiahod hv Ih» hiiMniv linns-:- Avmnaimni in £w r fi-nm .vpremher.l. IWS Ce.annq 
Sant Onprani Raten 'ter -mall «m L - ai w-n HaiV nmire. r,.r per rent. Ctearino Bank Base Ratm fur len-lnie IP D«r rent. 
Ti DHMFif Kill*: ,\vprja« h?nij*r rat^«i nf di^^unr ffJUM s*»r # pm. . 



Tiravury ehjir n:>-w*i «■ S i 

Treasury Bins I'Sa-wceki T4T-; »•:. 4 


Dlsrount Rale -/..I 

Pw moDih ... I® j 

Thrire munttis *-L ,r-:' 

Six months .... •* 


rjbPMunt Rare . . ' .Jf ’ . 


Dne month .... 7.*3- 

Throe moaths — J-52 r .■ 

Sk mnnths 

JAPAN ... : 0 

oj-t'Qiitu Rat. - ,...L • 

CaH • bDcqmfihfinalY ..’ : 

^ill* Ptseijuni Rate fcks 

« ,,1r SeotomMr i 

^ J lre 1 " - ,- ■ a • V 

:: • <5 * rt 

■ aiJSV:.. 

Jyzil IrUfA 


^ financial /'nm'T&iir^v' Septi^pSer? 1978 





i-.V ' ■»* , n -.«•. 
■ >; 

Uni*' Hi. 

■m?* *■ 

5 .«*■* ■ 

in heavy early trading 


NEW YORK -®° w J0 ™ 


.-• **■■> to- <« 5 %r . 

Bffetort <4a5%> 

i!Tftrt*c ftv -fj’ 

ttat *dded $l.*l Prorttr - cvajyieraieci." percent in Hon* Kong and Kow- economy b> Pnunvu! $vcrcta:y 22 ivnu rue on its Bo ’so- Creek 

*nd Gamble .14 at MS*,' wnton. Gaming >hdrcs were sirens. loon Whirl but did not intend Philip Hatidon-Cne. due No. 2 ueil oU Bow report, 

which lost vvecfr-sald -it w found Kesarth Iiiieruaiiuml rose 53$ moving to a majority equity tomorrow. BHP recouped an early jOSs to 

hydrocarbons In ii* Baltimore to S 12 U,, ('.olden Nugget $13 to interest. finish unaltered at AKf.34 

Cacyoji .\*«i!,' i : lo IMJi Daw $34* aud Norm $2j to $172. Dealers said selliuy »uried Australia PaMora! companies « ere in cood 

Chemical 1 * to t&l and Disney Irom small investors aifected b.v form, helped by fiimcr wood 

also 1 ; to $ 445 . , CinaHa newspaper suggestions that the Markets lost sente * of their prices, while Breweries mainly ios- 


lTATIV am 7 r ,w '”4 if it _ ujuiwai hi . iw _ IV u pi 1 in mhs«w<h. ... . . ****»'»4 

STOkjJxj y n W ail Street staged Canyon .weil* to SMJi Daw $34i and \urtre SSJ to $172. Dealers said selling started Australia ftiMoral co 

» widespread advance m heavy Chemical 1 ? to ?Z»i and Disney Irom small investors aifected b.v n form, heipi 

< rooniinp. ■ also 1 ; to $445. . Cinarfa newspaper suggestions that the Markets lost senu? of their prices, while 

* 1 ■ j0D £?* Airiuics contaurtf l* report ™ 7* , . _. .. . recent market rise was on tfu- upward momentum yesterday and proved. 

Average, follow mg Tuesday's rise hi -her Aiumnt traffic figures and Losses. held a slight edge over pack of takeover rumours about dosed- on a rather mised note 

of i potnesr strengthened I05i were generally liiKher, but Sloton.. Sums on the roronto Sh in active the Wharf company, but this died The focu* nxs in Diamonds Tnlrvn 

more to 896B3 at Ipm. The NY>S£ of ter resuming late Ausnst car * ar, y Kading yesterday, the out and the market rallied followin'.; ufficia! confinmtmn 1 

recent market rise was on tfu* upward momentum yesterday and proved. 

BHP recouped an early loss to 

finish unaltered at A&f-tt idSuuwlu.. ira.ttU6.72- 3 B 0 .M. 9M.12 

U 'ul »» *» «' ».=i; jj» 

sen:.?* of their price*, while Breweries mainly ia>- Tran*ra*t~. :M.67!bi.$i 2«7J» 24SJ7. 2*7.75 g<cs.7B- 254.67 

IC.ltlin 107.44 107.21 |0fcM 10B.U 108.16: 106.03 liglsa 
Trudies «■!. .... 1 

742,12 1031.70 41.22- 

iiUtt rl];l ',5, i2.732) 
88.73 — - 

• l!'! 

193.81 279.83 15.581 

i 8 ’J 1 iI:2-83'* . 2 . 75Lj 

105.84 163.K 10.38 ; 

2i f23 4iig 

A 6 AINs; 

All 'Common Index moved 
02 - cents further to $5933. 
rises, outpaced declines by 

Closing prices and market 
reports were not available 
for this edition. ,• 

.1 tltree-te-one. margin. There was 

mg the 
b. The 

Co'it 2.178 86.110 S 8 . 8 S 8 87 J50 M.7M 81,760 — — 

• Baits f \ lcf.rr rbsajcd imn. Augiui 

tract ciamK. 

Firestone Tire 
■r<r and pm on ■ 

2bt>.; * SSS?* J m te,€l ^ Actr.c Vonwio-widTloM* 


a«pr. ' Anq. - Aug. 

1 51 >3 

jhbtv l'innpil*l‘n- 

2052 m. . 

a», ^4 Analysts said sentiment .was 

helped by an improicracnt in 

fiisd sliarcv. however, ran 

counter io the nmekfiSs • . Honw- 

helped ny an improicracnt in st3kf yua^. i0 <t st to S36*. 
* m«kc VeadeMhip. with Glamours CmupfceH Betflahe It to $3S« Sad 
^ 4 i ®^ uc Wing ahead Rosario Resource* * *0 $202. Dome 

- *•*■*»»* a ^ 5 rol a t ^e'isSj doxmnance by sr,nr » twit t; to SW^-o. owns^a 20 

t,m wi” a'.aruSlabirSS ^m^n, U surfwe and consequent* are not aafl UUs 

* 31 ttt «hf company s ,|d 10m ttlurf .uch » T.lito ■ >— r- ma.IHM V.l.W 1H.SS' 1U.I1 «.W ; l«g »:» .,'»■« .-J?-# 

tss&r^ ,r ssrz zs&rt 't&jriz&z »?*-£«- *— — — — — %?, ■ ^ 

Hong Kong 11 Ho'i^Kons Iliok losl 30 ceou ra«*« tu<!ll ‘: d "<’> uncoilfim-'id w * 3 * Q,ti'"af ' PharWMt^cai 

.Additionally, the market" has- Pe;roicum. k 

remaining, rose in cents to rcleajea t« «ii 
f IKS 14.40, which urn Iwilin- 

Hong KOUg Hong Kong Bank lost 30 cects market fuetk-ii bj 

Share prices reacted sharply i 0 HKS21.I0 and Hong Kong Land reports from IVi ih. 
aiTuss, ifiL- bun rd ul the opening oy eonts to HKS14.20, but Jardine After tne rt-ccnr u 
vrsicrtlay, but subsequently ral- Matheson ended in rents up at tbnped . ,D 

I - — Wit ‘Mtt- |*e;rO 

— .... app arent ly completed its digestion TitK 
'•“n. fit .Summer gains and seefn's ready Wuc 
KlOVtu. lQ : move higher again. They also mure 
said its ability to absorb heavy' sii*rc 
tolling in the past few weeks with Hoi 
? n k' m!rior losses could in Itaelf 5 £.o« 
^ be a boy sigual for some uistitu- that 
linnal trailers. )«■ 


iicd to leave the Hanc Sens (Oder HKSlfifio 
SE Market uniy 4.S» utisicr on the day at _ 

xhpped «o Attite. out then 
advanced to A «3 sj oc the release 
ni tbv rc|-.oi i before finally 

Kakva Chemical declined Y90 to 
S t 25?mi. Chugai Pharmaceutical 
1'4u to YSGO. .Mitsubishi Paper Y 6 
to Y177. Fujjva Conrtft'lionarr Y32 
Iu Y«!I jud Honda Motor Y7 to Ind v»f -i .% 

Y:,,r * In.l. P-E lii'f 

Aug. 30 

A Eg. Co I Aug. 18 ' Tear ngo iinptin. 
4.69 ! 4.70 4.59 

y.i» -q- 

*»M U 

iw.w ‘ll 
u>,«* •*: 

1S?JJ 4 ii 


i»:S *»• 

n U * B| 

, '*■« 5 


■* 1 i Ihbo'.L 

\ -Hi .t<Kn>M9£:*ji|r . 

! -Vi %'liw I. Il l I'm, 

-flr . ... ( 

A '>i»r)\iuDiluii3ai 
rJ| «bu M-.-irfi 

' » Wi'J'ilW.. . 

35 ;, i PL Io; : ra'oina: az : . 

09 'i rtuvf . ‘ J 4 :> 

42',, •* ’■'•V-* '*i 26> 

jju i M!i4e:ErrWr;i' AS - 
All* : Lu:fHfUn» EofflU*"- J 9'< 
k i.-u.; in 

■ T ~”' 4 i:^f.e=v Pm>r.. I 8 t b : IBs* 

I i-^iQinC, ■ "38 
.4 '!:«l Ss-re* .... '.- : 27I < 
All:; Lbsinxri.. 571* 

AUAX ...,.- 40 

UnwiJa Hew.-, 2 B <2 

; Pao* ... . 

-Out lmH.ur.d . 
i PtUT? • .... 

; MU^'c 


i Uecttplv tat*r._ 
; lirtrta . 

'/nUm.'Mjuirit.V ., 821) 
JO ! J..Un*iflili'lin*vi 06 
ai • .f/-hnvw 27*i 

20 ;* 3-*a*auI«-n.r k' 3 S-i 

At,*, ;Jv. M«r * -in*. • KUt|* 
!Oo fcfc.<rAltimiu! ”i- 
17i » 2‘« 
k'Wt.'lw;. .. .: -0-4 

29 ! « -fin* :. , *a«« 

47j* k«iwe«4l-... . . I ^ 

33'* jSisrlkiiK.... . 49 :* 

39*1 •;&*!# «'•»*<.. 37 

Wl*. TlCisteriy tier* . 471* 

21 : J fcopppr* 22 !) 

I*H iKtSli.:. 471; 

an*.*: * /.it. 

at ; 1.T-, m«Mi Vnili. 32** 

27'; . B.J 5B’>a 

34 i If*. !i'm4i Urm-I!. 29 

27, 4 ' p,. I.-.,-:! Iui* r . .*414 

ib |(i.)iii> V fliu*.. 35 

29 « tonal Dutch. • 04'* 

12 «TR .. . 15*1 

24 V 'Ciraltp... 12 

4y; n iinbrifMHH... 28st 
46:'. ’ >atP»uV 01 -*m» ■■ ■ 433| 
47', J st. J<i#allUArula.* 281a 
22.-4 ; ti. UadftlWicr .. 5 32** 
4<ja„ I -sanUi'e . • 3&1> 
S4 " i -H'.il lliif~* .. . . 71* 

S5>i { W'.iinurlb 5 1 >3 

317* I W 1 It b'~ 

SB Xrt«\ 59V 

29V I Iu 

34'(i ./riitlL llailuj 17 1 * 

45“ , l'.“.Tr,m«.4i:i1£C- 105 
1 ITSVrf allaliJlpt . <81. 
63 v a f.S. W uav bUk... 7.5Si 
t5*i ; 


diamonds in >. s Wales anil Oirniicnls Y.V» Y31l». 
ycsrenlay n.*|#orl«-d ilnit it his 
eocfluntcrctl soiiil- snu.1] in 
.1 deep work in? face, moved 

ahead H wins t.j so cents Market »‘On;ni::e-J 10 

L’nmunii. Nirm|M of jjie, were 'V s r V' c '-‘ Tlt . advance 3 
a lil^e unreri.iin follow tng s ie- V 0 '"* 1, . , '* iSor. R,,ai! rtriii 


s>er4- St-pi . Aus. ■ Aug. — - — — 
^ 41 High 

90.91 55.54 58 io SB. 48 5326 


Rises asd Tolls 

?r;.:. o emit. 

7uc« Lrudod 

Him - 



Aw Highp 

Aw Li-n* 

1.902 X.B73 

B43 636 

b35 057 

424 400 

Market »*ot:*ili:ifd to cunaoiulu'.c 
its recent advance and stocks 
closed with * issjonty-of kisses. 

__ **"*■ 

\ Si iilpr llirving. 

l.wir. Ati.lin... 431| : 44^ 
lit ip-. Slarvlael .1 Sll* ’ 52 
Aircr. vi«B„. .! 36ia ! 36-i 
Inrer. ret. 4 Tel.; 601 ? 60s* 

U- Utik I 35“; : 351* 

4UF 19 1 « V 19J» 

A SIP ^ 37J* ; 37 

Ampet..._ 1 16't I .17 is 

.1 U':_ii»r Soiling.: 30*11 < 30 
Acbruscr Bcsctr.; 26i" | 26 

Armco steel .j 31*3 : 31 T - 

A.S.A..^. 27i* t--27b* 

Asomeiu OH . — l 17i’. > .1713 

J4hi- fcjwtmsM 6 *:* 

52 ■ ( £j,., c . 40 

S&'-l . - 

60s* !K-r..£ (i.. ; 30!* 

35 ■* i Ki ,\a:. fou S7?« 

191, j Ettrm .' Mie 

37 ; KnrMeJf’ A-rnr. 37 

17 11 i T-snen A-arf ‘Ut3ii - 271* 
3Q'; ! K 1 ..W 1 T f ’ 40 

i nr 1 . Iowm tetui.. a 3 v. 

ta * 1 Ift! «>* 

. laxVy^bevt .. • 1 ^.^ 

30 r* 30 i* OTvY'iiagrt' <*"• 11 

S7r t ■ 17 * MwMilliu lias 

341* 34:* |l*4*yK.U «2 r s, 

37 3ffTf i3(Ua.^n>arei-. . . 38-, 

271* ‘ ZT'.j jlhpo 88 ; i 

40 S9:-| • SUi*rln>aUU.. . 47$3 

21 * S' .;3todiftMilSO'i. I5 3 i 

24 1* ’ 2* -2 , SUffl*fl riel± .- 23 

22:3 22 j M»v llept. Stc-ie» 27 :« 

51 : 49;* fJUtAwi , 38V 

AOSa . 37 S M-dterincXl 25 j, 

36^.- 3B1*. ■ < UiJ/aanHl Uougi 37 J* 

l£i ? lBi| tVWrtaw Hill... 25 U 

31*i 31*« ' jjlMues 54<t 

«3a« 22J, ramk,... . .. . • 62 1 * 

351* ; 5612 . : IteirtU Unc.1 -.. 22 

31 ^- 7 . 31i») Hen CetMleiiin. 34U 

261 = 1 26 *£.*Lt 21 * 

31 >2 : 31 T ? ■ fiogellttni^.. . 24 >* 

27i a t--27b* | Kumu 29 
17*21 17*2 jlj'hji 22*3 

g* . 

Si 5 sis: i FcJ. 30^ 

fll rn.Nai.BonM. 3U . 

J55 ‘ ! l-!o« Va S . . :.. .. _;Was 

551* !• 15;? ' Flwtkijte. 351* 

AfblawtOi! ; 884 

P il.r R-t,,-. \ i: . 51^ 

~ — > Vut'. 0*B I'm ...• -321" 

dr 3\ C. :... 135 b 

IIC Avcv. — '33is 

A' i-n I'roducp!... GO’* 

?? 1}^ ftn:. CVai’Rlwt .. S65* 

AT |fi. Rank America. - 28 *a 


23 ; - , -w-«ilc 

45 * ; Mn toicioj, l. .. 

17i; iSKDCn . .. 

IO:., !>l*4l I HI 

11 'i : si 4 ,4iTiani*j=’rt .. 

42-, ' “120*1 

; sigiuifieCon* .... 
53‘-<; i SIMRlSCtty Rat.... 
471;. J “I!» 31 T 

saia ; 28 j Abiiilji Paper ..... 1 IBs* 
32*i ] 38'o I % gnln 1 Eagle.. .. 691 

35*8 36 i . 4 i»-« ii A lu minium 36<* 
7*4 7*4 I Mg>=na -rti-el... . 23*t 

64*. ■ 6*2 ..Ucit'w (45 

12 1 * 13*« I UanLi'l MfuircnJ 23** 

90*« 89*| I HanLX.'vaVvtta. 21 ^ 

20-; 20 j; | Mn.b- li>-vHir,r... t4.00 

16'-* l&'« : Unll l.-ltiiln-im 59 -t 

22-S 23 . Hi m ValicT iiuT. 4H? 

0*2 . BV : 

«« - n B 1 * 1 * l ana. la ' 18V 

5 * ® 52i' h ' Km-inii 17*i 

344S 34 }s Drill,-., 77.50 

A? ' ill* I t«*a«ii tv«n 39T; 

?5i‘ Sf ! 1 lOamft.a Mini*. t5l 2 

441* 434i I I 'aiwuU < 'run ■•!.. 11 

?■} .! I Caa=4a \W Lao. 11 ■* 

4A> 44 '- ! ■’ao.ltui* HL Vylu 28>; 

SG‘l 1 W*: C-ituds likhiai....' ; 22 V 

8 J.I I fan. iv-ltle ' 24 

tj. . *?, I Van. IVcitio lav. 24 

" ,, 7 Y r L“ ' »;■ 1 » ■ 1 * 0 . si„»r on,..; 63 

MnliUhlrar 96 *j I 964 | L'arihuiU'Ksae..- 4.70 

SulitK* 4 4 it,‘aa«hir IiImm .1 10 

FU,^. 384 .. 38^ - .. 

^T£S£r" 5 ” v 07 !: i F.U l. ...... ..- 254 * 6 .* {sUSSSf-.- ■ 66 »s 

',R i;:; iZ?" |Zj? |Knui:Jt«or. .: . 44>|. 443s UuBWMf*... .... 57 5 b 

W « ? ^ S: 3 -' %V\ FiwiB-J8L3ruSS... 22 ** . 224 lUmganJ. *. . 49.; 

__ 9»atri«i»» Fyud.. ..-_ 27.* *•;» iFusbosu.. 357a ifct -- Al-»tvi-i4 49.* 

S* £fi , A , ^SL !,nn ' If** ' laiJ ■* Fwd-lin Mm* . . 11 4 104 iMba^oii... . 

n - 5n??' Frecpral Afin-ral. 274, 27i* . Aabaci 

Hend la. .. .. .... 40V* .401* 

ijc Ren-ii»T C*«n» -R‘ 45* 47* 

•- Krthlehem steel.' E34 . 23 
'1 R!*. k X. ll<alw.. 20 Jb ‘ 20JH 
R.»4rs*.-.. - 74 • : '7S4 ' 

llorrel-WM-ade.... 32 32 V 

R-mlcn - 2ar*. 294 

limy Warner....;. 321“ . 324 

» Ora niff InU^..:... 164 ‘ ’TGI* 

Krtn-au 'A’..! 14Tj 148* 

Jijeal HriMtll :.'. 38 , . • • 38 s* 

— TT K Pel ADtit it-.. 174 174 

u ) PtvL-kwty Ul*«U7 314 1 32 

,**. UruMwlct ; 174 ' 174 

j Kn«u*i>r 325* 

{ Fifia* In,.*.. ...... 124 

jfi.i.p..: ^34.. 

Ircu-licer. Im,. 107 b 

ln:.\.T,A. : 30n 

j Ueu-CaU* . 20*2 

l wen. Uyuamlo..: B5s* 

; Sea. Kitutric*.... - 53.4 

; tea. r<H»u 33 

UuuenrAUIb.... SOS* 

1 General Minora.. .634 

UruMU-ldt : 174 ■' 174 ', Qeu. Pub. UtU... 17:g 

lui.-yruii trie -■ 194 194 ( Ocu. Aiguui - 304 

J 4 *’ Fnl'jraWmcli 8 ?» | 87« C*cu. Ti.Oi'jsd ... 30s* 

; T '!’ r.nrPnRUm Ntbn. 434 43. j Hen. Tyra«:...-.- 304 
* T ' S . flurrugiu _ SGJb-J- W -.'tieitML.... i ..63* 

32U f-Vata-CbemkaU. 28i- 
.-82at F Nai4qul6*a 20>* 

■i?3 !» 

IQt* . Aaih'iuil 6 lV*l. . , 30 vj 

30a* •; hagiM* 

»4 xeik.' 6b*i 

854 %*•««• l«4' - 26>s- 

M JrVLiglaDd Kl. 23 m 
32r* pea KuglaiMlTcJ. 33-'» 
31 14l* 

62-49 3 i* 3 *»aM»»V 11 *B 

17»u‘ ! 234 

Sjj i A' fi-dllWi-Mrm: .264 
30& i Swl 1 , Aai.tian . -36** 
Vli, .\llin.Miilia Pur. 264 

l'*T<i{4«ilSi*ip. 364' 37lr jGmu»Ki* KiiACv, > . 314 Jzi 

i cmuluin Pk.'jcc- 21- 204. : Oett.v Ifcl 40 ^ r 40 

T, /r;34r*F 1 « ewuJuilJ 21 - 204. IP* 

CauaiKnuilulpb^! 114 ‘ lt-t. . 
r S | *i*r i':*ru*tiju^__.... 29o* i. 294 j C7ii 

rs| -»xr l amjtiJLi Z9. 

r/anriafnr I'.wnff* rienera.s.AZ 

204 ; 0 ett.vO:l..: : 40 

114' ‘ : • 

294 -GlBetle ; 3lJ» 

111. <RMlT!,hK.P ?n’ 

<. ailrr Han >cl . .. 

‘i aicrpilftrTnicl.*] 

v B!r 

i eUuese LVn-u -j 
t euiral A ».W... | 

l ertauuce’J - 

I o«Mja .Virt^all 

A2- 12*a ^GondrldjU. P-... 20 f 

194 • 394 iO.uuu.ieai- li:e... 17r* 

614 J 60*4 |2=a 

594 684 ,/U!hi-*W.U. 474 

424 . 414 !.Oil.lU»nIW».- 7*n 

16 "r Iftlj-’rtrT. Aonh lnm^'"26l’ 
214 214 | Urtyhnuvi. 14 

* 4.4 ! . 444 - = r;,jt *■ 15»< 



i oue jianuuuD. ao<S ; mm 

< he»,iK»IBk.NY.;. 4Qi* . 403* ; H*UUurt<« 765* 

% lUHiaio*. 44-;.-. 44 lOciUew 27 M 

«..>■<-. lli!a>^.m. .. 354 . 36 I u.J. . mu 

Jftsi' • SU, . ■ H WCTuMM... 894 

hiwtesrv.MS- !»■ "•“-!-!•. «-■ g 

I itvrowio*.., 17 . 174 aSESSff'” •"* . 70^ 

l levciawi CIBil.i 59T B 60 Uuueywuu* /uas 

- >444 . 45 I J — ‘ it ? 8 

i ity laee-niDg.^.' 17 
f level* n*i QUtik.i 591g 
l\k*i.'uI* - .•- 444 

_,■! filgite Faina.'....;- .214 1 21 
^ -f:; SB f^.Ciiilw Aikuiaii.^ 124 

h*ij!:l n 0 JcLoliimbia G*i...'.-.i 29J* i - 29 *s 
-a 3 * SR“.t nlnaiWa PiuU-.,' 231* :• 244 
. ^iCrS 1 t'ofo.Iarf’-a.r-tAin 19** ' 191g 

] Hi.-ner »,' 135* 

[ Rrof“Uorp. A mer 424 
Houbua.Nat.Uai'* 25** 
HuntlPb j!)Cbm. 144 

TtaUfln (E.F.U....I 218e 

. I.C. Indiulnes...' 31 
ISA -3....: 446. 

XUim-l l"'IUv»: 34l*_!_ 32*s 

fz l Mlin'Iil BmunBT' 86 ** 26'. a 

40 ■ Ivtl-.u Miu**ii. ... 194 : 197 ( 

iAx-M* flial lVin* 205s 211* 

311= !L*K:4v^laii>i-r>;:' 264 1 264 

li -4 : link* im-ti . . .. 174 . 174 

I 7 ( S : OI.ii t 16 .' 164 

5~i® j Cherf»»‘ M»i|«* i.i -87v 1 28 

-Onvii!.<Aa.:iii||..-'M5a 1 34S* 
'traeiis filnud*. £28*' r £ 21 * 
I l’aciir. *.«- • ... ‘ 844 . 844 
if. • l'lf-.ii.- f j^Iii ,*ij;.. 19 . 19 

1 |>MUP«!..I lie..- 22 • 217* 

7«!? j tVnMn U..I-.I Air 86* 84 

h«7.rt HitmuHn. SO : 30lfl 

£?’* reai-.lj lull •„. 264/ £*?4 

* Peu. !■«. a I '814 - 21=8 

dsn ilVuuiJ.l 384 ASM 

£* « ;Peuii>.-:i 304 294 

‘ 7 '» I-om .es Pru^ ; 13 . 13 4 

w ay I IVi.ple' l*i»r .364 -. 35 

69 • ferlnn hmirr.... . 

4 % IK*”" 

257* l I'SwlP 1 ,w 8 'j“.!. 

(S.imbdonn 454 | 45 

2bi.. i 'M=itlmm('*l. til ' 261a i 26 

53 :Z i Suiitlim Cu. ! 151* I 15« 

2b-- 7**in. N.a. We ; 347*1 354 

A7> SiiUlHiU ttu-iiii-.i 314 : 317* 

25H •'k*Dt4iemlt«il«ai! -544 ! 54ii 

|f! r * SuuitiWiuJ 315* ■ 3X4 

5, 4 S'w’t B»m..liare..l 274 ’ 27 

ri- fnwn' H'itd. ! 214 • 21 

47m S,«p Hand I 475 e 404 

* -«ii£b 351* ; 33 • 

fS* SibuiIbuJ Brand.: 284 ' 284 

S2-. 5M.UiK3bIIuuii»I .464 , 447* 

Sin. Oil lu'bana.' 497* ; 494 

? KM- >»il 1 37 • 36s* 

j?/ StRulT Lbemkal.. 474 j 46'* 

„/ 1 Merhtu; Omj.. . 175* 174 

| -Mrak-UUer ' 634 . 647* 

5’, Sun On ^ • 444 4«* 

* SuiiKtrand. .53 . 53 1* 

21.-. syntei * 334 i 324 

l4i? Te.JmU^W. ' 124 '13 

32^ rekironix- 434 44 

Is lelMsue ■ 1084 : 105 

54 u> TljIpa 84 ' 84 

leij Tenewi SO 304 

23 1 * Te-wpi 1'ri minim 104 1 10 1* 

14'. TcMivRutf 1 204 20J, 

114 Tea a* fcaaMan ...I - 38I« I 384 

23 4 r.'jae 871a l 857* 

86 ri-MsOUAt.W 287 B • 27'j 

*6 r. .a-. I'tilttiw .. 21 ! 214 

264 lliiH-tlu. 475* 481* 

“ ' 344 ' 34 

52^ ' 52i* 

44s? • 444 

L; 32*a | Tiiim* Mime 

-. - i.r-^ w;. . — — -a ■ iua 

■ I7f : * n n* 5 us«.nj Kug,. 414 1 414 \ lugeraoU Baud.^.' ' 5«4 

S 1 LTufi 151* j . 154. f TaSutd Steal - .37 

mS ! "f.' t^O'nj'wlh fidiMr. 274 27*g ■ Iu*j[ro *■ 154 i I5lj 

.if ?:H ,3 . .-C’m^w'thOI? Ttief.' ' 24 i *" £i* - 1 - ' _ , _ 

. ...rnTei'M'uaiaj.-SaierUie.' 424 '.'42 {IBM......:..- 299.5 I 293.5 

■ '",'U fl*‘'i.'mupnl*rSc!ein->. 164 .- -104 Iinl.F4*-nui».....'. -25 - ■' 25 

1 - ' .u^L-junLiieias 4Qi* 39V iMl. Burelet,,.- 43-. 

■re "La.^oraL-..:..: 224 • W4 ‘ InU. MlnALLem 40;« 

c, p - Ulf I nattli-cw NV..J. 234 234 IiU*. AluaUfaiai*- 20M 

' . i nn-iil Frawi. '-. £4*z •' £45* Ire" ’ 164 

^ . ke-i un-al Nutln*...' 40 -403* 1 1 ml tVptrr . 46»2 

14jfl I PUllMleiiJira Itift.; 17J. 77"a 

2 iu I Philip • ; 7 ? >4 ' : 7lJa 

31 . 1'lullijr- I*rtn»'n».; 324 325* 

' 44 J, fiWeirr 45 ! 45 

591 , • Will ivy br.or*-...' 26*j : £6 

IL! ilMid-a ^ 824 j 224 

’ Pkewy Ud Aim: 20 . 194 

I'liuki-u , 524 

liane 44se 

l'miiBineni-n 18 

— 914 

Tun-,'-n 1 345* 

I Turn- - a*) Inlr'n. 254 
Tran. W.icw Air.': 29*t 

'Traii'ter^ 38 

i Tn rnnimeiiliU..' 194 

Irni'irOll A Wna.- 64 

1 mi ; 41 

3)1 h OenuiM Fox' 384 

l'. 5.1 _...i 44 Vr 

t'ARt-U 254 

l til ^.«.i 20 

l-nili-*«r 41 

I'liilevn W 601. 

. I.'mi.n H. 1 U. 1 HV-... 26.* 
I nu'ii OaHide..... 414 
L'uuhi Limnurtrei 104 
I in. ul Oil l Blir. 1 50 
full i|i I'ai-iCe I 544 

L liir»,. 1 *l 7s* 

- L'nliM Brand*...] 131* 
fB ihilM«C|a._.J.} 334 
I'e. (lyinuoi. 1 30V* 

Iralal 157g 

luland Nat. Gn»..| Has 
UltVT »7r*' tJuri 17 
Kaiser Ke-*.-UH.-e> 15 4 
(Attti Kin. Corn..' 84 
LuMntv LV-ni. ‘HV 4.20 
Mcmii'u ISU^ll...- 234 

Vusey Ft-rgi!**), 13a* 

Uelnvyre • 264 

illume IVeyn . . 354 

MnontalnSlalellv 3.00 
.Nunuula Mine* . 344 

A.tfivn fiiry!'... 1714 
Sthn. Telei-nm ... 364 
.TiuuacOII A Mir; 234 
OaUvrmd FcJrl'ui 4.70 
Ilf-llU.- L'i,|<!>er .11., 1.85 

15: b I 16 
114 ! 11* 
17 •: 16m 
15 m 16 
84 ! 64 

4.20 1 4.25 
234 ! W 

I'e, iiyinum 1 :5U4 ■ am* 

tS bLe. 281* • 284 

I'S Meel ; 264 ! 261* 

IVinllt-l'einrieujii' 361. . 7-,. 

I*au. I'm. I’K'm. 40 36 

H*lin.i 17 : 17 

fti-lile* Wei*, s-i 5-50 5.62 

l'ltee iVu. A Oil. 2.10 i 2.05 
Htii-frUeitki|inil, 254 - 264 
f'lBitCuni'nii'n' 194 i 194 

PrUv ; 184 I 18 

Oudieu Sluraemii 2.20 I 2.20 

Hanger UiJ ' 174 i‘ 17 1 * 

lteed Sten1u*i*e.J 11.** 1 111; 

KU.AIkoui .; 34 Vs • 354 

lui>*l ML. id Can,' 33v* 1 333* 
Unfa) Trail I tl9 i 119 

Scriitre It’inJurae*' 74* . 84 

S93.5 ’ P.»4nvl -. -34S* 53fc* 

25 j Pili'iiiic Kin- 15 147* 

434 . I*PU ln-lu-ine*..; 89 . 29 

41*a. I*nji('r iininlde...,’ .87 ■ 87 

20', ! I'ui> Set Kiwi -S3 1 * . 234 

164 • Pul man '. 664 

454 , — ; r-iST a ‘ i2 ,a 

37 ! Ouakertlai*. . .. -271* • 27 

144 lt*|*i AuK-iitau.; .. 15- 147* 

32h . i Mk ; 52 

384 1 Wt- .1 ■ 33** 1 324 

121* ’ ItepuMlw Sled... 1 24Sr ! 2*4 

I Warner- tamltftlj 287 g 
1 Watte. Man'tmiul! 311* 

494 ! 487* 
22 > 22 
141* 1 141* 
281* 281$ 
565. : 561* 

Sbdl Can* 

ITS TacktHjkwie*., 494 ! 487* bbdlUjwl*. 141* 

l V loriu*irws.„.i 22 > 22 a^errma.M'ne*: 87* 

Virginia Klert....' 141* 1 141* SjebenaO. b - 357, 

WBlgieeu j 281 * 281s “Wv -v- _|> 

iWracr-l ommu. 565, : 564 *?**• *?. S 6 J* 

IVaruer- lamiiertj 287 B 284 >«eepttock Iran.. 3.55 

Wirie-U.nWm! 311, . 31 Terac.iCAaaiU..... 474 

} IVetln-Farj^'. . ..' 324 ' 324 l-wot.itiirai. Ul. . 204 

W«.iern hanernr 424 i 424 tra"»*-»n t'jpelji! 174 

! lv intern N.Ameri 35/* | 357* irau* Uuuur Opr, 9 

VVrMwii Vnl»a...; 21 ; B07* W*-«- ' 

VV,»Mn^U’*e Klft-| 22S* I 227g J'-Sfi 1 u-UZ 

. .. , ... l'l*.!)liirasi 1 lM, 8 lR 

'Weax-un. 28 K9 Walker flirtm.... 365* 

1 WevenaMMr. ..! 304 so We*i tk**t'iran», 12 


IVetlH-yargi.. . ..' 324 
W«. 1 ern Hanrorji: 424 
li'i^ieni V.Ameri 35/* 

tVliiuOon. I ml.. I 224 
William Co. 224 

Walker Hiram.... 
Weal Goad 'Iran*, 
Weston lieu. I 

324 • Urti'fl^ I" 11 - ;-;717*; , 1101; pTieraKirip Eln-t.. 1 281; 

t Bid. xAaKed. • Traded. 
S New *»du 

,ernonr , 

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KLM r 
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-KLM-T.lB3.40i T48 - 14 = 

KLM F.IM' 15 . 9 ! 

KLU- F.I61.90 ; - 40 ;-;8JO- - 

TCLM F- 17 1.40 ; -. 30 > 4-30 -1- 67. 

KLM' : 19 2 . - 

KLU F. 190J60: - — - 142 

KL1I F^OS.BO- J40 

>X F.Sa^O ’ 2 14.50 ' 4 

\.V F.toajo, '£ <W 0 . -- 3 

\ V F.110 ‘ - - - — 

V> • F.118J«yr- ' — \-V .76 

PHI t.22M — - 11- 

Hli . F.35 ; 22 : 4J0 - 21 

I*Hf F.27.S0 , 45 - 2.10 " . Itt- 

1*H f - K,30 : 63 030 ~ ■■ 60. 

TRD "550 • ' 10 ; 64' .." 

n:u 360/ _’i 0 ,.lk — 
INI F.120 .' 10 :17J5 '••' ' - 

HV -.M30 . 44 i - ;'8 ..- -;"34 

JU> F.14Q , 1 ; 130 26 . 

13 31 

11 I 20 

12 L 26 
'22..: ,. 27 

1 . ‘ 24 

36 3030 

31>B ; - 

aoi* - 

36 ■. -. — 

142 . 4.70 
MO 2*20- 


-78 . - 430 ‘ 
11- 7,80 

21 l 8.40 

xo-. s;tdi 


20. 6.30 
4 4.50 

>165 3.90 

■•8 « 34 : S.6ST . : . 

Sft.;-' 26. 1.5.60 -, 

5 - }-. 40' i ■ lstf 

.10 I; 1 -I io. 8 ff 

•- ■ - '?S5 

fl “ r. 13730 

52 1 6.10 'f -137. BO 
— . ; , *254 

“ 1 . H F. 129. 10 

62 .j 630 ; ,i 

64 * .- i .“ 


V: A.B.N. Back 10 % 

. Allied Irish Banks Ltd, 10 % 
' American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 <>?i 

. Henry Anshacher 10 Ti 

. Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 30 % 

Ban q ue Beige Ltd. ... 10 % 
Basque du Rhone ...... 10§% 

Barclays Bank 10 °h 

Barnett Christie Ltd.... 11 % 
Brejnar Holdings Ltd. 11 % 
. BriL Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Pcrm’t Trust 30 % 
Capitol C £ C Fin. Ltd. 10 % 

. Cayzer Ltd, 10 % 

..Cedar Holdings ......... 104% 

■ Charterhouse Japhet... 10 % 

Choulartous 10 % 

C. E. Coates 10 % 

Consolidated Credits... 30 

Cooperative Bank ''10 °n 

Corinthian Securities 10 ,r a 
Credit Lyonnais 10 % 

. The Cyprus Popular Bk 10 % 

Duncan Lawrie 30 % 

EagH Trust ; 10 % 

English Transcont. ...11 % 
First Flat. Fin. Coin.... ;il}% 
First NaL Secs. Ltd. ... 11 % 


,. 10 % * Hambros Bank 10 °h 

I, 10 % * Hill Samuel .: 810 % 

l. 10 % C. Hoare & Co HO % 

.. 10 % Julian S. Hodge 11 % 

. 10 ,r n Hongkong & Shanghai 10 % 

,. 10 % Industrial Bk. of Scot. 10 % 

,. 10 *0 . Keyser Ullinann 10 n £ 

*, 10 % Knowslcy & Co. Ltd. ... Li <7i 

. 10 % Lloyds Bink 10 % 

30 % London Mercantile ... 10 

10 % Edward Man son & Co. 114% 

. 104% Midland Bank 10 % 

10 °o ■Samuel Montagu 10 % 

,. 11 % ■ Morgan Grenfell 10 % 

I. 11 % National Westminster 10 

l 10 °o ' Norwich General Trust 10 % 

. io % P- S. Befsnn & Co. ... 10 

it 30 Ro5sm]nster 10 

I 30*^ Royal Bk. Canada Trust 10 

10 Schlesinger Limited ... 10 °i 

104% & S. Schwab 

in" o’ Security Trust Co, Ltd. IT% 

• in & Shenley Trust 11 % 

‘ ,« o- u Standard Chartered ... 10 % 

‘ in i? TradeUev.' Bank 10 ^ 

tr Trustee Savings Bank 30 % 
s io Twentieth Century Bk. U % 
inn United Bank of Kuwait 10 % 
: 10 ir Whiteway Laidlaw ... 1QJ% 

K Jo « Williams &. Glyn's ... 10 % 

; Jo tg Yorkshire Bank 10 % 

• ]1 % ■ Members of Ibe Accctuine -Houses 

"1 1101 Connitne®. 

' * May deposits 79. 1 -monft deposits 

• 11 % . i**» 

■ rikk mm r Mar demslts on .Hqns of 

}S £ and under «*. TO » X3S.M0 74*i. 

Greyhound Guaranty... 10 % SS ^ Esm tn. 

. Grindlaya Bank J10 S r c*n dewata «er n.wo t* 

.■Guinness Mahon ...... 10 % t Dw»»w and depoen* 7ft. 

• 204401 193.63- W7.C 204.60 (S'?' 
' 21I.S5: 207.74' S0&.B1 2II.EJ il.i, 

TQEONTO Tt.~ ; .,®tel.S56.} 1263.0 12s2Jl 1215.7 12*5.5 

ment nj-i Panrontinental, i:nVi:i D - ! • w - Eiec!n cai» 

40 rents oil .,1 .\S 17 .iiO. to dnie reacted, cut exception was 
u road uji to its arc*** agpinst Siemens, *.vhich gained DM LJO 
ihe Council'. v;she>. Peko-Wall- 


17. i, H 

262-1 ; 259.2 ! 259.9 : 254.9 
254.9 253.7 < 262.3 262.5 

272.0 /!4,o» 

162.SD :!0Ci 
170.62 1 20 01 

S93.2 (5C.1-. 

1B5.0 >20 4) 
194.9 ■ 1331 

send reacteil s cents :a ASB.fifi 
and . Kathleen Investments jij 
cent* to as; u*j 

Selected Oku stacks, however, 
were, well -iu.ojiorled. i»ith Thless 
m re*ponat- :o the higher profits 
jud share Milii .itlv.memu 
cents to At; 4 U ' vtah iidiicd 3 
cents at AM mi 

tlsewliere innuui; Minings. 

Chcm-caJs and S:cres dosed 
lu mixed. v;h:ie Steels ar.d Utilities 
were lirm sector*-. YEELA rose 
DM 1 10. Klneckaer Dll 1.S0 and 

DM 1 10. Klnccfcaer D:.I 130 and Australia »•"« ?i 
Krup DM I.W B*!giasn 7 - .21 

l-inde. in Enuinerir. 2 . 4 . advanced 
DM 4 -in jnrt flortcs. ia Stores. Denmark'** 
rose DM , stl 

*.m tne Domestic Bond market, fI * nc 
turu.iUT v.-.i.-s sparse but a firmer Germany 'ii i 


Il4-i. ,rl, 

tiou> . Li.iir 

Spain • * 102 .*! ■ lu 2 ~ n.'.; &■ c,.-=~. 

■PCi >ii. PI 

Sweden ■*■ 5^>.ii js/ -A.vt 

•4 5. '3-!i 

Switzerldi’ 2 . 9 i 4 2i7.t ir-.-td -iv.O 

<2sw . .23 4 1 

‘97D. *2 Hans Sen* Beak 31/ T.-64. : S*noa 
Commerciale Indiana I97J. a ToKvo 
New SE 4.-1/8S- b Straits Time* Ifinn. 

tlse^vliere ;,inui:« llinm-s. irend ..rc-vailed- Ga.ns of up io An. iSiJSJSi? 1 a V»-. 64 - 

Rreteen Tin ."3 corns to -J.» pfennig* vore reuisiered HoUand ^ «*.c . 9 .VJ gg^gf® /«s. a Itr.M ' t im«. "!?£!! 

‘*i ,c} umsolidated Gold aeainst isolated .o?es extending - on „ ^ , , -„oy i :»?•« ^Closed, d Madrid SE 30-12.7?. cSrocfc- 
Fietas IS ceni.i tn AS4.0S. Io Ij pfennigs. The Rc-’Ulalin" Hoa S fc Vij'i? h® 1 ™ 1**4nnnal •n/SH- I Swiss Bank 

Oils turnct; easier. wiLh Bridge Authorities sola a nominal Italy tf 5 .il i« rvt k>^i ^'1-, ^nxirjrjnn. v unavailable. 

] U*'s!*r \* 1 «*ro*.l 10 10 

tiliiiSlaiii - 2 B .’2 ' 261, 

Cmnluto ! 295, : 29!, 

CuDik.lUJitnt.. i 34i* ’ 641* 
I'oiiniiii.'r fi*r. . ' 191* 1 I® 
Crack* Kr»mnce>‘ ' 6 lj •' 6 'j 

Urjjlu < 134 > 134 Devri 12 ! 11 U 

(imranii Mine*... 81 : 80 

Uoiu Mine* I 105 . 104k: 

Horae IVlnileuaii 957a >' 95J-., 
ISnnlnlnn Urid^e: |26I| . . ?26J; 

UoraUr. -....; 18a, . 22 

Du^nur 14V g ■ 14sp 

Kilrun'xr-Mrkri ' 271; 371; 51.4.4 Can. 7771- 791; 

ItvoMu- 321, 32), 

UUnrVflScLone. 141* |14 

Huir Oil Uwli. 34/ g . 364 
H«iriei ski. Can.' 8 :* ■ 8 t 3 

Hollmeer. 401- ■ 414 

R.-meiHr a .\'_... 43 ’44 

Hral-oultay Uatc 19 IS l, 

Kuilmn Bay 224 - 22 »b 

UdiIioii Oil £ Gu! 441, . 44 U 

1.3.1' lB7g 187* 

Imaj 4 i> 1 36a, 367* 

ImiwrUIOll i 224* : 22 l a 

Inc. 1 184a 185, 

Oil, ®t ASI 4u. reacting 20 cents DW J.Im of stork a-ams: sa 
op profit-taking, after Tuei-dai^s of DM K.9m on Tuesday. 

NOTES: Oreriejs prices sbowa Delon- and/or srnp issae c Per snare. / Francs 
exdnde * premium. Belgian •hi'jJ.-ol'* o I'.ross dir. h Assumed divided alier 

Japan « 

It I, si) ' rtiVlV 

. 4 A,.vr S8I.75 364 .C 4 TUESDAYS ACTIVE 5TOCKS 

• .b4| MlU. 
4.3. .’a S05.K'4».75.£62.<' 
; 76'9i lA'I. 


>rncSs Clotuu on 

are alter vni/ihoidins tax. 

imp jnd ur n stirs ^sue. fe After local 

« DM M d'-nom uniats Mbem-lse staled, taxes, m-iiaxtre* a Kraacs iiiclodlne ,w » e««K NYSE AU Common — 3u Hotida: 

SfeJda .based on orr dirldeods pins rax. uni lac 'd:r. p Nntn. - -i Stars spt.r. a Die. SandaMs and Poors— 10 and Toronio Bally 

• Pta Vn aoiiorn. oR^nrLse stated and yMd -xcluSr special pjjrmeai. ! Indh MO— ihe law named based on 17751. Mattel 

* DKr 1M deaom u/iless affierwise wared an-dtftv. wVimlEnal v Mmanis ■ EvcMibi bonds. f 460 Indostmls. Berice) 

4> SwPk son dcrinm. and Bearer sbarei holder;: only j '.Verier p^nimc. * AsVed 7 -iWj Industrials. 49 Utilities. 4u KlDance Caesar 

unless other, lie stated. * Y50 denom. 7 Rid. 1 Trai 
unless *tt*r\nse stared g Price ai lib* hx nchis. 
of sowennlon. ■> Fiorlns. A SehlUlncs. scrip Ls-me 
cCeatr ,! DIvidepA after pendme rtahts "jrreasert 

t Traded. . Seller. ; A 
iishLs. xd Sx div.ilend. 

bank Dec.. 1953. <? Anuierdein loduslrial Exxon 

traded once 


RiUiudu Inns 




Holiday Inns 




Bally life. 






12 : 

— | 

Bet-key PSoto 


Caesars World ... 


4i : 

4 If 

Pan-Amer. Air. ... 



-Vail. SemJc'ndurt’r 



Del E. Webb 









: TOKYO fl 

"Pra-e +.jr lliv. IM.j' 
Dm. — • 

Stft. fi Dm. — • A | 

\ EM 4 - 81 -1.5 _ TT 

Alli«u2Ve»ii-li... 496.0' 31.2 3.1 lean. 

•Pill-. +CI 

Yen — 

81 -1.5 - -• 'Vraiiti.b,.* 354 

496.0' 31.2'aiem 447 

BMW.*- 225.1-1.4 28.03 6 . 2 jt« ». e28 

II1AK.E 140 -0.2 18.7? 6.7;<.uimui 4&4 

Hait i. .. _. . 142 —0.2 18.76 6.6 I*hi I'.-nii 570 

U*«i-i,|^u 289 —I 28. 12 4.9 I F>i.-i 546 V>xytnMA. 328 '-l 18 2.7iUiia-U! 228 

L'il«Im.N<sl. «»rt»' 168 —5 — — 1 Uraala *516 

i'.rtuni,-: l«iil..„. 229.6 -0.8 26 56 i 1.6 1 11- .* 

Conli l.isiuiul 76.5—0.5 — - ;« . |T-- 1 i 

Dai ml. -r Hen- • 320 A -eO.5 28.12 4.4 ! li.-l 

Dcs.rt-a 267 17 3.2 | -l«..-r 

Uturas 167 -2 17 4.2 J.A.I ! 

Ileal-, lie RmL .. 301 8 -0.7 28.12 4.7 1 Mral.l'a. 

D 1 .-..I 11. 1 Bank... . 243.5 -l 28.12' 5.7 ! h-iu«i -- 

ric. L.-H-ff Zimi.f 185 —2.0 . 9.38 2.5 ; ...... 

OunHea.nuw._- 217 -I 12 2.7 

Ilriwi. 1J">U 119 —O.S 14.04 5.9 I 'l*'-u-.bile. In.: .. 

Hari-nrr ! 163.5-2.5 16.72 9.9 tin H-n„. 

B.sxli -1 • 138^-0.7 18.75 6 . 8 ! Mu-. I vl, ill, »i> 

Uia-v'i — ' -49.3 +0.3 -- i li'|.iiinslii * 

Hi.m -11 170 -3.5 9.36 2.8i .’liiM.iA ■:. 

hnii •< m 1 mu • 150. 5 -r 0.3 14JJ* 4.7 : M n In. ... 

229.6 -0.8 26.5SJ 1.6 ill.*.,* 1.220 —30 

76.5-0.5 - - ;«.l!.'l. 269 -27 

320^ ^0.5 28.12 4.4! It. el.. 1.760 -30 

267 17 3.2 I - 1*, .-e 770 ^28 

167 -2 17 4.2 J.A.I B.eej +3U 

301 8-0.7 28.12 4.7 1 Kanrai Mral.l'n. I.32J -10 

243.5 -1 28.13' 5.7| h..»u*i-, 330 -5 

185 -2.0.9 38 280 . ... 

Z17 -1 12 - 7 , K,„,.ei ,rai,..-. .5.630 -70 

H.iwli -1 ' 1S8.3 - 0.7 18.75 6 . 8 ! Hu- M- 1,: ll.-n-.> 123 

Uia-v'i — ' -49.3 +0.3 -« - ! U'l-uhislii » .ji-.. 441 

Hi.rti-n 170 -3.5 9-36 2.8i .’l.ieniA 209 

Kali «iei mu • 150.5 -0.3 14U* 4.7: Mum.L..|ii. ... 586 330.0 25.44 3.6 I Itoi, ...... 1.45J 

Knnil»,i - 242 -0. 

Mra-iuer IIUI'.O.: 97.8-1. 

Kilt 185 -0. 

Kran 110.5 -el. 

Uimle : ' 269.8 * 4 

lemiiMu Mi',...- 1.590. . 

Llflliiansa 109.1 — 0. 

51 IN 206.5 - 0. 

.Matjiw icaiiu ' 175.5 — 0, 

Mel elites 255 -4 

Miiih.-U-uer kucL.' 580 —2 
\t*>.-n>ninn_.... ; 161.5 *- 1 
l*rm— *•* I'll IK- 131.5 *0, 
Klein n --a. Kh»v 182.5 - 0. 

s,Hn.nn^ 276 -O. 

Ata-uirii. _■! 298.5 - 1. 

tjn.I /ie Ui-r j 255 -2 

TUv*»-n .V.f, U9.0-1 

Van* . 193.8-0 

VKIIA , 131.4-1 

Vet, -in L Weaifik 1 293 .. . »-en ,230.2ir — 1 

242 -0.5 18.72 3-9 1 | >ni:i|«ii 

97.8-1.8 — — Ti-nl. U.u.— .. 

185 - 0.2 .13.76 5.0 ■ ... . 1.590 

110.5 * 1.5 — - | ■rai.V.. k> -tru ... 241 

269.8 - 4 8 2b 4.6 ts.*.|s,ii I'lrtal,... 945 

1.590. .. 25 7-9>M-r.i 

109.1 — 0.9 9.36 4.3 ! .“>i»;. 1.500 

one c r »7 is . 1 o 1 fti-l;., l|«i lln- 23 1 

Its :! -o s ii k 4.9 ;£•«* 1 _ 

255 -4 10 1.9 11 h -070 

765 --20 

580 - 2 18 1.6 }-‘.*n. .. ' !16 . . . . 

161.5 - 1 - — » I'-'.i,. Maun,.. . 4B7 —1 

131.5 - O.S — - ; l-u. v*' T 1. 12 j - 20 

182.5 -0.3 25 6.9' *■•••.* • "Wiv 527 -5 

276 - 0.5 28.12 S 1 i 143 

298.5- 1.3 25 4.2! 1— 135 

?5 S .2.5 28.34 a.3, l-'i'ula M'd'-r .. .. 8 iQ .. 

255 -2.5 28.34 5.3, 

119.0-1 17.16 7.2 

193.8-0.2 17.16 4.4 
151.4 -1.1 9.36 3.6 

Snurcr TCikUr, Securities. ToXvp 



14 2.0 Al MIL (25 cental 

12 1.3 Vi-t.-n \QstraIm 

25 1.5 AMATILSL 

20 2.2 Am|.J Kxplnraxion- 

18 1.6 -Vui|>,l IMroIenm ... 

15 1.4 ' Aw,-. Sllnrrafs .. JT. ..... J. 

12. • 2.6 1 A»m*-. I*ul r . Paper 3! 

J? f-J I Aw>»s « '••u. Iu>tu*lries 

• ™ L^lAust. F-rtinilati-Bi Tniewt... 

12 . 2.2;. A. VI 

30 0.9 i liblini'M 

13 • 0.8 | A„-.l. (.Kl A Gx*..J 

-■ — f Kami. ■ • C raek Gr.ld 

JO 4.1 Klin- .Herat Ithl 

18 2. i H, 'Unmiii il It l upper 

15 2.7 Umiil*li» IraJuBlrira — 

35 0.5 Kill l*ri>priaiar«-. ... 

20 ' l.S; “H S..uih ' 

10 1.8 >'tail1.-u L U'tei 

12 4.9VSU/SD ...... 

13 1.5 1 1 ra-klinti CcDient 

14 2.3 i Ti. J.I.. 

20 1.7 ; ‘-.Ml-, (■■■bluelile AUeU .. . 

15 0.5 I. mi I aider iSD 

12 0.8 | ,4l,put- Kiuttatn 

16 ' 1.1 <.-,eit,j| Ansiralia 

48 1.5 ]Jnui.,i. fSl> 

12 3.5 l tSl ‘uil 

30 1-6 ; Kliiri-smitb 

-0 0.9 j Fn.lft*,<«r tlevMiir-es 

40 1.3 K.7. JutiiRinr* 

11 2.4 I Ueu. I'ruperl; Trim 

15 1.8 • 

30 0.7 ! Ilin.Li-j 

10 4.3 . H 'I Vn-Tralia 

11 1.1 : liner-i ■■i.jii-r 

8 3.6 I •l••llllillKs 111* In series. 

12 i.8 J,,iie- llan>l' 

1U 3.3 1 |«s,inn,i liil 

10 3.7 j ili-la l> K\| 

20 1-2 | M I M Il.rlillu-s 

\ ^y , ‘ r Lu«1*lriUBI 

rc,kvt * I .Sen* 

Mi li„i*» lulerinlvnnil... . 

I Nr-rlli Bniktii UMJn^* ict‘ - 


.... — 


Wire _ ‘+wr ciu- r.i. 

I 3 ceaita OP_ 0.97 -0.01 0.12)12.37 

I Maut-fl du Brazil.. 1.88 -0.060.16 8.51 

’ Uaut-o Han PN .. 1.39 -O.0!|Q.37:26.fil 

‘ Belfio Uinrira Ol* L24 -0311:0.06:6.45 

' * s Araer. * »P.. 3.57 . -0.03)0.20,5.60 

-0.85 U.^as Aiuee. *»P.. 3.57 . -0.0310.20,5.60 

11.30 ;...-! Petralw PP_.... 2.38 -0.0! 0.13 5.46 

rl.60 . „.... I Pirelli 1.55 • (MOilOiSa 

tl.90 . I bnum On* OP.. 2.81 -O.06<8.£2 7432 

+1.13 1 1 mp PE 5.80 +0.W0.88<4,31 

1 1.62 -0.02 ■ A'ale tfiu Dure l'l‘ 1 . 24 _+ 0.0 10. 18 14.51 

1 O. 8 O +0.11 j Tumttven CrJCJm. Volume 83.8m. 
Jj-if , Source! Rio dc Janeiro SE. 


-O-D-j ' Pri'-e + ui ' OiVdTld. 

-0.02: Sepl. b Kn.noi — ^ 1 J , 

tl.59 -0.02 

-2.02 1-0.02: 

I Brtscn Bank 101-1 9 1 8.9 

-0.02 . tK'treaaani 76-1 — — 

1-0.02, rt«8itl«nk 114.0 -*-0.5' 11 I 8.8 

-0.10 1 Kosinu*. 285.0’^ 2J6 20 \ 7.0 

'- 0.01 j Kretlltkasarb 110 .-1 11 10.0 I Xne-k RTilflCti- 335.5-9.5 12 4.1 

I s-ttirebrarul 100.0-2.5 7,7.0 

■ 5.78 -0.06 1 

1 1.85 .. .. i 

- 0.06 j J oha NNESBURG 

...' .. ! MINES 

: Sepremher « 

' Anglo American Corpn. 
Jj ji i Charter Colsolidjccd .... 
_o a* ' £*3 Drielontein 

1 KLihur? 


Ali'i-I .M. -vi>. ... 

XL/- ll I. -Ui 

>e,ii .4 1'ri.x- + . .r Kl ■ ; :Y M. \', n ‘ ’ h V* ' ml ^ '," n 

■ 1 . , Piuiwvr iuni-reir 

V L l-'e.-k in .\. C< ,lmaa 

. Arte 

I'rv-r +.u l»ii..Ykl. lirrkifi -ir .. 
FIs. — f. *J * .8.1!. I •-■■■•-■i! 

— — — — Ink.l.i; 

1 16.0 + 0.5 :26 4.8 KB1.S .... 

\k/-ili. m. ' 35.0-0.1 - - I K.i-H 1 : 

+'-krlT.K*> 381. D- « 4.5 1236 7.S 1 1 nM eiuv N/.» . 
IMH '.I-.. IOi... 90A1C-G.7 50 5.5 Smi-K ii. , 

Anir.H*iii. iH.W> 84 -2 A255 5.4 'in -.aril 

Hiinik.+l 100.0 — 0.5 26 8.2 |l.|t|. (Ilm\ t.. . 

_d [ H. t . Melgii 

tn iifi - *, **ailliinuii Mining. 

-12 io! i s t \*,*r r ^ x :„ 

■ 13 x f 7 f 6 ! w>i!.'«. : ... . ■ r : .. : . 

_‘cq '450 & ” j Wealcni-. Mthiuj; iCOr-ent* 

nf • -'£ I tt r».|-.»l,|4il* 

to!s3 toios ! 

* £ 

■1 23 _n ft* ■ "tool 

' .'Xo ■ RustenburA Plaiinum 

•'•g? St. Helwu 

'. Sonthraal .... 

| Gold I-ii-Ub SA 

■?-2s -2-5* L'nion Corpora nan 
;i*S2 -0 - 01 1 Dp Berts Deferred 

• £-55 htyvoaroiulch 

;?'?S i East Hand Pty. ... 

! !*29 "S'E ; Sian* Gcduld . . 
■1.80 .-0.02 ■ Prealdem Brand ..„ 

JO-15 ! Prondem Stern 

j0.55 ,-0412 ■ Sill funic in 

: 1.70 .. . Wetkom .. 

:2.96 +0.1! | West Dnefoniein .. 

Amr-'iani. iH.iflJJ 84 ,2 

Hi vi 1 k.«l 1 OO. 0—0.5 

UnkoV, i-j niiF.tOi 152.2— 0.5 
Uiiluii, I' ttcnVfe., 75 1 

IKkCi-k- V 310 -8 

EniiiaN. V. IhranV 150 -l 

Earirnliil -UiFJJl'J . 68.8 

Ui-t nl llt.*ra«Ie*n i 42.2 — 1.6 
Du'ui k, ;i • KL a;. 1 10.3 — U.2 
U «ii-> iFl^fiy 40.6+0.4 
Uunur i'.iJT.tOi 25.0-0.3 
K.L.M. -'I i. Itii*.. 163.0 r 6.5 
Ini. VIi.imt iLiDi.. sO.if. 

i i. Ki... 28.7-1.3 

Nal.N^Mn.tPl.lT, 113.1.- 1.9 
Nel U'l iHu'Fl.ZU' 62.0 - 0.5 
3rd II -.ilikiliav. 216.1- 

132.2-0.5 82; 6.2 1 IM 

75 —1 26 . 6 . 9 : 1.765 -IS 142 

12 T ? i'? 1 . 7.0CC . ... 290 

22 „ t1 s;l l & i I-* It-.* "I- lleije. 6.300 -40 22 ! 

68 . 8 ......^ 943 b.o ; 2.954 S 2 .I 

,f2.2-1.6 20 4.7 . . 3.62S .. . . lBu 

110.5-0.2 14 12.7 , Baraw 5.075 -25 205 

40.6 +0.4 :n..-r.rai IVIgetur 2.005 —5 14CI 

25.0 t 0.3 12 4.8;. -.-H 1 , a 3.180 —60 215 

163.0 r 6.5 8 4.9 ,+vU*-. 2.450 \2V 

30.2' . 

-50 430 6.2 ] J, ,‘ ™T. 

-25 170 ti0 ' l 

- 8 ° l U 6.5 ! PAR,S 

.. . .164 .10.7 '. ' " 

-IS 170 7.0 j 

-IS 142 8.] | ! 

. ... 290 4.1 itell/i S; 

-40 225 5.3 Alrniuut.K+kl'IV. 

12 4 . 8 ; 

8 4.9 

7. to ' Jrai-lii,ii I In- 1 2.565 

28.7-1.3 12.5 4.3 I n il 

113.1.-1.9 48 4.2 | I ■■ Uin. till 

6.8 V n-|IU- Al.nia^ 

5 1 ' 

I*. e 'I : — . 178.5 —0.5 

I'gi'in 55.0-0.2 

\ an *'u'"'rrr+r..„ 149.0 + 2.5 

rakli-r-i •I'.liN.,; 42.C 

n>lii|.- ■t ? l. I'//. . <29.1 +-0.3 

Uju-iliV.-i'l’I.liO B 2.9 -0.6 

K.Hf' t'-'. 179.0-0.3 

It'ilIU 14&.4 +0.6 
U<ueiu - i'll. 'A*,. . 124.0 

178.5—0.5 36 4.0: _ 

35.0 -0.2 25 6.6 j SWITZERLAND 0 

S2.15. 2.7 1 Ai“l*|U*Je 324. 

... . 1BU 4.5 ' Auitilame 534 

-25 205 6.6 ! Nik 466 

—5 140 7 Buuyaiiee .. ..; 838 

-60 215 6.7 ILto.N. fieri las... 530 

V2I0I 8.6 lane* mu r 1,690. 

-15 170 6. to t J '*.K 568 

-12 — — I'.I.l. Alrairi 1.000 

■ -8 — 50 6.7 1 l-ie Uaiiinin* 40B 

-40 - — 1 1 lut'Afolllei 409 

1 Oi+lil l ’ 1 , 111 . Free' 121. 

i fii-,,1 l*>iie 97. 

* ; I nun -1 . _ 646 

< t'r.lVirflpft -127. 

tO. 77 Western Hold loss 

10.34 'Western Deep 

‘ :?;|2 ;{u)2 : INDUSTRIAl 

;0.B8 +0.01 'J® 1 , •••• •■- 

ii-ent*. : 1.82 + 0.02 ! * n «, to ’ An ^ 1 r -J InTOvlnal 

*1 68 ■ Barlo>v Rand 

- ! CNA lnvi-snmiiis 

Cumt Finance 

. . : De Beers Industrial 

Price . + ■•/ Hie. lid. ■ Edsanis Consolldared lev 

Fr-. ! — Fra. , U ! Ldgara Siuri-s 

EierRndr s v 

740.2; t- 0.2 1 4^ . 0.6 | Federate VuDitsbeleuinKS 
422 +2 21.15 5.0 1 Grcaterarans Stores 



4 or— 



-u.Jfi , 


-9.U5 i 


—0.05 i 


40.15 • 

11 du 



40.02 , 

1 U.W 


+ 0 .IU ' 


40.15 ; 


7 S3 



b. 2 S 

I+I. 2 S 

-o.iu ; 

IS. 30 



— 0.03 




—0.25 ‘ m 



-UJ15 ! 


4 0.05 . 


40. IB 


—0.03 ; 



—0.05 '> 





-ff.Itt ' 

- 2.00 

-8.05 ; 

a».l+-0.3 17 5.9 5*1 J- : 

B2.9 -0.6 -- | 

179.0-0.3 V25a 7.2; 

145.4 +0.6 - l Viiiiiiiuiuin 
124.0 -9 3 5.8 UHt M’.... 

+ .1 l*i v. 1 :,l. 

H,,ia> ImlrluFCOI 137.9 - LI 55.7b 7.8 1 i il+ineiyi 1.U00 ; 261.5 +■ !.5 20 7.6 . !»■>. Pan *.e:r. 740 

MexiiilJrpmjOt! 114.U— 15.0 27,. 4.8. D-. »i-j. 5b9 

Tua.V'I'a- Ulct.S] 150.5 -0.5 AC. Hi U.t : » 1 . Su 8 --*.. . 2.530 

L trite* er.fVJJl.- 129.1+0.9 *2.ll 6.6 , Klfli.raal! _ . . 1.990 
vikmc to-s-uitXi, 41.8 -0.1 <0-20 1.1 Fi'riuT . eOo 

Weall. l n.Hv|2ikl 396.0 + 1.5 33 4.1 1 H>+mia>i PM. erf*. 65,250 

’ " 1 lh.. .-Ilia;!,. . . 6.500 

i Inter!- •= U 3.900 

JJeDiuii 'FT. !«;... 1.595 


• : 4* ur Dlv. V!iL 1 < ,I crllk, ' n 1 {*'f 2*!*®® Kn.ner — <» 3 . ; IVrilibJJ -r A*j. Jy 

- . "auci./ il r. ... 3.DL 1 

.... 22 

+ 5 22 

t 4 22 

+ 30 16 

- 10 10 

—5 5 

: nil 

. . 20 

8 5.4 
10 3.U 

1 1 ,rii. 1 »■ ,-i.iriiia ir. 
. Illlrln! 

1 .Ihi%|Ih+ llfirrl.. . 

■ .*.. ...... . 

i I /Mien l 

324 a -2.1 16.5. 5.1 Guardian Assurance /SA*. 

534 ^ 7 .26.25. 4.9 I RilltotU 

466 -2 13.95, 3.0 1 LTA ..... 

838 —23 42 i 5.0 McCurtlv. Rod nay 

530 + 9 40.5' 7.6 - 

690 - 1 75 4.4 1 us Bazaars 

568’ ,0.2 8.6 1 Premier STOU/ui 

000 - 20 76.50. 7.6 Pretoria Crmen; - 

40B +3 13 : 3.U : PfHi'H Boldines 

409 -4 11-26 2.7 ; Rand Mines Properties ... 

121,5 » 1.4 12 9.9 1 Kembrandi Group 

97'2 .09 Reno 

64B , 6 ' 33.75 5.2 . HoWiuus 

127.7 - 1 4 1«.I0 11.0 J . AP - P1 „ -• .••• 

202 - 1 8.25. 4.1. J- G r*?.'. 1 “ ^ u *- ar ' 

, . hA Emvnrt 

-3 - 

- 0.6 16.77: 8.1 
+ 10 15.97. 2.2 

5.7 9.3 Tiiit-r Oafs and X*tl. All£. 11.43 

3.U ia-KnnM 1.819 ,- 2 3S.7S. ff.O 

2.0 Mai -uir, I’UniU.. 552 + 1 . 39 J! 7.2 

3.0 I lii.-tirlln -B".. ..‘1,262 —2 32.5S, 2.6 

3.3 1 3i<it l Hfuniswy. 534 ,8' 2.4 

Unisex ... . . . I.IN 

(Discount of 33.8%) . 

Securities Rand US$0.77 J. 

32.5S, 2.6 j 2.4: 

5 ;2.1 SPAIN » 

Au.lrh'-au.en 142 

Dart.kt- Hank...... 128u’ 

Lan .\+i« , i r Ch... 165 t. 1, 

Fumi^iutm.... _133i;... . 

H^-nt-nT 1 367 —2 

Fvt.l'ai T Ml* r l; 

HalMri-'rti'l : 129 ... 

l,.X»lii.ll 'KriO 260 +1 

\i**l lB31j - 1 

Olwta«>:>' 1181 c -Is 

JVi» an milk...—.- 1331; 

Pn'fin-1 1401, ... 

Sopb. nr;. n*en ..' «0Sij.+, 1 

finpciiua . — -.. IBS!* - 1; 

lB31i - 1 

118+2 -la 

1331; - 

1400 « 


182 ! ■ -l 2 


t:r«.iitau«!Rli 342 

PcjTOh.Me’ ...... •+ 274 1 + 4 

Ml , 

;«ni/c* > l 87 

vj*«r Katir.wr. ...' '219 T 1 
V«t Baaiiwr 235 . + 2 

' -ttu,ii./ ii'r. it’!-.. 3. BCD -75 2b 1.8 

, IN . Pan" fen-.. 415 ... ._ 26 3.1 
7 . 0 ; jell miller i.t IV.'t 215 —10 12.4.4 

'& 4 I >«!.:> r 1 1 Fr. ilvi 302 - 7 14 4.7 

7,4;H«v*«.: "F>. ■o.'. 815 .... 1U 4.3 

9.7 1 Hnk Kr.iv.' 393 -6 10 2.5, 

' 3.2 i i"' Kcj ■ 1 t^X*/' 4,940 -40 14 2.0 | 

- : I uHiii Hao*..—.- 3.295 -45 2'J . s.O; 

8.5 1 /urse'i in. 12.400 -400 44 1.8 

3.9 ! 

6.2 ■ 


16 3.4 : Huiiliites I40.7rf ... 5 i 2.1 ; 5PA1N » 

10 2,5 1 l^rr!«. ......... j 176.5 — 1.5 13-95ill.3 ■ September 6 Percent 

5 4.2 Pen-U.iiex ' 91.30 + 1.55 8.2 I ^ 12 f“ l 

il£ - I.-L : S 

.'.Ii'? Is ' F'-nlcuL- ...' 113.7 -3.7 9 ' 8.2 1 G«nada'"’i Wfll 

15 13 1 *- 146.5 t 0.9 14.55 10.0 j , 

S.! ■: 1 ’||9 4 -J s 6 If. Banco Inti Cat. "n.m> 

2b 1.B , »■■■■ ■. 285.4-0.6 +63 03 B Ini] 3, WiU;rrantu . 

_ 26 s.MTiUinw.Biiiue I®* + 5 = A 5 :M s Banco Popular 

Kran.lT. 226.0 +4.5 16. lfe 6.8 1 &M sanandor i250« 

l -«l|rar . . .. B2.1— 0.1 — ! — I Ranrti [iron! In /I IMIi .. 

4.7 . . : : . ■ . ‘ ! Banea OnuUJo fi.ow. 

4.3 ernnrum M : Bnneo Vizeaj-n 

2.5 (Banco 2stfa«osano 

2.0 ” "r'liL-e + o' Oir. * 1 . 1 . . Banknnion 

3.0 J Kei4. 4 ' kr-iie — Ki. -j ' Bungs Andalmta 

IX It.' 


Flat ' 


119.75 + 10.15 
655 -15 

i^u70 -20 

l.b69 + 19 

14 2.0 1 ' ~ p» ice + o- i»iv. Ift.i". . Banknnion 153 + l 

2J . 5.0s Kei 4 . 4 ' kfiie — Hi. -j ' Bangs Andalmta 200 — 

44 . 1.8 — — ] Eabedck M'ikox 29 — 

Ali* lii'K/JU. ... 210 — 5 6.6 2.6'CIC M — 

Alla>; ] 4 i ,_-3 5 3.5 i DrjjwdfK. ... 215 +5 

i*.El /Er.*0.„.. 94 i 5 5.1 1 lntuobamf 71 — 

.MU^o^fKrifij. .125 6 . 4.8 ; fi- I. Aranooesas H.7S — . 

UUkra-i 66 —1.5 4 ,6,1 Exuanola Zinc 101 — 

DT»“VTT Mv.„ n 117 ! . . .. -,4 3.4 Expl. RIO THRO *6 . — 1 ' 

«aZ£m~:.: : 241 £l 10 . « J FCTc a. riJM Oi - M 

— ■ — J Bkn'hrfirnSito; 146‘ : • 6.3 ; 4.3 : I »*« .. • 77 - • 

_ _ {Erk'MtfE'lKnu*, 137 -2 . S , 4.6; Wlaq«* <4». US - 

its :-s ,S» IS'- 

+ .if liTt.'Yii]. 

(rank- - 1BQ 

LTIIulraa S41 

IWhnPB’rKrbO; 146' 

Eriewn'li'IKraiii, 137 

66 ,-1.5 
117 ' 

ISO 9.0 i Paper*!* 105 -2 

Fur ,• hrr.. 180^)0 —1,75 . — j f nugn ,‘in*i 63.5—2.1 — 

U:v. YaJ. . Ira ler i null 15.695 + 5s 
* ' - a • luiMiirr ■ 359.0+11.35 

600 3.6 • Hamiln-haokni... 390 j- 

k, • IlaSuirr ' 359.0+11.35 — • — ; JIaraJion + 120 i 

— [ :>l«!t.d«umi 37.200 - 650 l^N 3.2 Ui. Orb Dumdu.. . 66 [-4 

2.9 [ \], mtrai- .ii ' 197 *9 . - - j ria&luik *8* Kr, ' 256 .—3 

3.3;m*1*kii Pm 1.269 -7l — \ s-lLr.-II’ Kn> 74 j -1 

7.5 . Pin>!:i A Oil. 1.850 ~ 51 . 130 7.0 . rtkarnl En+aiUa.. 178 '—3 

- I PiietH >:* 9*1 -11 80 8.5 ; ran>h<iL ‘B. KrM 69.0 

, I 1 I U^JUW.IU 

4 ■ 5,1 fOlarr* ... . 

in. a i ; PspetaTO RcusUaB 

b K 7 : Petmiibcr 

3 e - 7 . Petroleos 

: -■«. > » Sarrio Papa ler* ..... 

3.73' o.O i cnln/e . . 

4 - *=: ! sniaic 

4.4& f.l.SOScfisa 
B 4.3 Tetrfnnn 

8i 3.6 Aunt VI -era 
10 - 4.3 

-21 - — 

l d.JL-U. -l ii i _ .. 
Viilin ikt. »l. 

66. 5 —0.5 to— 

Z'ff T4lffflH)M 

'■*;T« 7 aK Hoatnch 


.. i CIImd Elec. ..... 

1 M - 1 

57 - 1 

120 — 

305 + 2 

47 - * 

45 — 

127 — : 

S2 “ 

n - j 

9430 — OJO ■ 

7250 — 




for Coiporations 

Unusual opportunities to acquire 
control of successful U.S. businesses 
have been developed 
LWchfAtvrly b>' our New \ork ollice. 

VVc welcome enquiries from 

European corporations who have serious 

intentions to expand their profit making 
potential by operating businesses 
in the United States. 

D The larger inmpunv in the l. SA in the Held 
of pecan niiK ifur the cake. v.ind\. etc. 
invluMrie*.i. t ne.iied in lc\:iv 
Sale-: s [u million. Net Pi..iit: > l.»i million. 

I~l l-\clii-i'e I5(i mom- hotel in Jovn-iovui 

diplomatic .ue.i nt‘ W.i-hmylon. ««ppu>nc new 
Hu— ian 1 inha— >. 

Q Mini-congliimeraic in Florid . i pi mh icing 
.niiomali\c pair-, con-intciion*, 
pump-, etc. Sale-: s -loo million. 

u Manulaeiuiei of 1'oilci. I't— ue and i dated 
paper produet-. SnimeJ in Noilh (.’.nolm.i 
Sale-: S h niillion. 

D Puhli-hcr m Mid-We-t ol juvenile Hook'-. 

Sale-: S 2 m • million. Vet prnin: > 14 million. 

D Department--! ore chain operating Irom Bo>ton 
lo Washington along eastern -eaboard. 
Speci.di/ing in women’- apparel. 

□ W ell-estahli-hed hank in Connect ienf. 

.\-king price between t»o and #»5 million dollai-. 

Dr H.W. van Hilten 
Investor Relations Inc. 

n<iJtnliiil iipm l math 

641 Fifth Avenue NEW YORK. N.Y 10022 

European and Middle Eu.\t e/u/nirie.\ 
to our Amsterdam office 
6t? ApolloLiair 10 BE AMSTERDAM 



Arc you obtaining th: belt price fa- 
vour low-milcjgc prcitigc morer-carf 
Wo urgantly require Rolls-Royce. 
Mercedes. Daimler. Jaguar. Vandon 
Pla*. BMW. Parse he. Ferrari. Mascrau. 
Lambourghmi, Jenson Conv:rt ; bic. 
Rover. Triumph and Vo'*o cars. 

Open 7 days » week 

Collection anywhere in UK. Cash or 
Ran ken 1 draft available. Telephone u; 
for a firm price or our buyer will call 

Brookwood (04847) 45fi7 

Corporation & Income 


can be 


and turned into 



| and their shareholders 

Write flo* G.2J77. Financial Times. 

10. Cannon Street. £C<P -AflT. 


- Ikillv-rvMirl'ucitl 

. — -.f ■* * \ itt-wim in white 
j ,7 1 and nui-i -i.nul.iril 
' a I r.iciimi 

cT'j ’. ” .if the rx-pJai'c-mi-m 
. nw.lurt‘\piri 
\~rj Kuaranu-cd -or vies- 

' \ * oimtaci: 

' Balh Sts ive*. 

Zti Komillv Mrw .1 i^uiduri \V| 
Ti-k-phunv 01-4S7N2 VS S7I i 



locking for Patontnl Suppliers in 
Food Stuff* and Ladiei snd Chi'drcn's 
Cloth:*. Toy*. Photographic Equipment. 
Our Company has a ma-ketlng divi- 
■ ipn n help overseas firms to get into 
the Saudi Arabian Market. 

Send inf or moti'an and catalogue; 
with four enquiry to: — 


9.O. Box 2789 DAMMAM 


Te^x: 60(382 GTCC5I 

AIm* at: ShHThHd AV'wkIu-ut. 

^ NBirnW.,kikLih. j 



Opportunity ta stjaire Gibraltar 
Company holding a prime sea front 
lire in Puerto Pollcma. with planning 
approval for 40 Apartments. 5w.nuning 
Pool and Restaurant. Subject to 
agreement the Company may be 
acquired for 5:orling without payment 
ol the currency premium, as the pre- 
mium has been paid lor the purchase 
of th? «te. 

Write G.25I4. Financial Tinies. 

JO, Cannon Street. EC4P 4Bf 

We are i he U.K. distributors of 


* Ctnadian cement ^iscd concrete 
and masanary n-accrprooling material. 
Wj know >t n top m its das* for 
repair and specification work. Wj 
want to hear from any person or am- 
party with useful experience in buying, 
selling, distributing or min; similar 

Contemplate Lid.. P.O. Box 215 , 
London 5.W.I. phone 01-222 7245 
or telex 196691 TLXIR G 

The best 
are in 



Suhscnplion form Iron, 

37 Nottingham fWi 

Lont.lun SW17 7EA Tel. 01 -7 6 7 1 :., T 1 


To eica.- at fraction a> ar g.nal pub- 
■iihvd price, these directories *ti|t 
contain a wealth a! nimble infor. 
nution on agency and business law. 
hotels etc. plus a classified Trade di-rc- 
tory with full names and addresses. 
Tefophonc, trier or write for 
fu,ler details to- 

Prter Watson (Middle East) Limited, 
!JW St ««. Henley hr Arden, 
Sofihuj] B95 SAN. Warwickshire. 
Telephone 05642 3816 

Telex 338623 Watson G. 


Retired Wine Mcrchm: of many r- ars 
experience with tonutu , C cki Wine 
Company to Invest, lor return of 
Equity and Part Time Guidance and 

All Applications will be considered. 
Write Bor G.2S23. Fr.vmciof Times. 
tO. Cannon Street, FC4P 4fly. 


Consultant, resident U.S A., offers 
service* in product search, licensing, 
commercial intelligence and market 
research, >n di*er*,rication. 
new business opportunities. 

Write So* G.2066, Financial Times. 

-10, Cannon Strtret. EC4P dflV. 

£85.000 purchases my take-away 
food shops in N. Surrey. 
f-o. £125.000 & growing fast. 
Offers an income in excess of 
£12.500 co husband & wife -cam. 
Included in sale is c.h. 2-bed flat. 
Real app to develop a young bus 
into a well-known local chain 
from ground work already done. 
Phone Esher 62356 (eves). 



U.S.ilOO.DOO IO U.&.SIO m. man. 
English FCA. MBA. Real Escjic Broke-. 
Licensed Securities Dealer resident' 
Miam-. Paroser reside ni London. 

C. R .Collutsan FCA. MBA, 

S8 Rramtan Square. Knlohtsbridn. 

- . London SW3. * 


by IBM. Buy. save up to 40 p.c. 

Lease 3 re*n from £3- 7 Q weekly. 
Rent from £29 P*: f month. 

Phone: 01-64) 236S 


Formed in UK A Worldwide 





Cantoct; CCM Ltd . 3 Prospect Hill. 
Dauglu, i.o.M. • Tel: Doujlai 10624) 
23733. Telex; 627900 BALIOM G 

How can a 
merchant bank 
help a private 

Do you need to increase your overdraft: 
or should you look for an increase in capital? 
How are you planning for the future?. 
GRESHAM TRUST can help. Solving 
problems like this is our business. . 

We are a long established merchant bank 
who specialise in financing private companies. 

That's why we'll always listen - whatever' 
your requirements. So don't be afraid to write 
or ring one of our Directors. 

Why don't you do so today? 



Where the successful private 
company feels at home. - 

Gfe-n^T’ T--,;;.L:d . fc*r>; -fiiin Hxiw-. G’e::Vii‘.. V-- ix-'. L-.-ndor EC2V ~-i£j 
Tel: 01 -o0? t?474 

B rift, e. ton-.,iiuHc;'ji«?. Me-' h.ill S' i -:c‘. nYinghimBj StVv 

Tc-i: 021 -236 1277 

Credit Aid Limited 


By reducing debtor days, we increase your cash Row. 
thereby improving your working capital 

Contact in strictest confidence Tor 
« Commercial Collection & Business Information 
ZA A. B. Badenoch. A.C.A. D. Vi. Clark, A .CA. 

"jr' Credit Aid Limited 

•l .'Ik'.*. Briiiai? S:«c>-. London E'J4 W (iAA. ThhAm* 01-353 ~~2? 

Managing Director - Sales - Marketing 

An exciting and challenging opportunity for a successful sales and 
marketing executive co head new sales organisation of general 
merchandise for the UK market with potential turnover of 
£10 million p.a. A successful track record essential. Share and 
directorship offered. Please send curriculum vitae to 
Mr. Wee, 31-32. Polantf Street, London, W.l. 


Jn exchange for reasonable participation in future success, private individual (48 1. 
ex -finance director offers:-— 


On full or part-time bail*. If you nod in/ or ail a! the abo-e. in worth 
a Chit. It doesn't con anythin; just co find out. ’ . 

V/r.te Bo* G.2524, Financ'd Time*. 10. Cannon Street. EC4P 4 BY. ■■ 




Capable of Manufacturing com- 
plex machinery wishes to expand 
its product range through sub- 
contract or acquisition. 

Cash avanaoic for Lorn panics wrth 
established produ:: and good order 
book sut lacking finance or manufac- 
turing facilities. { For turnover up to 
£4 million per annum 1. 

Replies marked Private and 
Confidential — Managing Director. 
Bo* G.2S17, Financial Times, 

Iff. Cannon Street. EC4P 4BT 


Large quantity U.K. made enamelled 
steel bathtubs, links, shower trays, 
vanity basins, stainless steel sulks, 
catching sinks to clear at competitive 
prises. Of interest co capon met- 
thanes, construction companies, over, 
leas buyers, and others. 
Telephone, tele* or write icr 
full flit to;— ■ 

92 High Street, Henley in Arden. 
Solihull. Warwickshire. 

Tel: 0S44U177. Telex: 318423 



negotiated for Sale/ Purchase 'of 
all types of Businesses in.. all 
areas. Expert and Discreet 
Service. 5? 0 commission - on 
completion. Please forward par- 
ticulars of proposals or require- 
ments to: — 


35/37 Clarence Street,' . 
Staines. Middx. . . 



All new and surplus tft 197(1 require- 
ments *0 mrlhon resistors, no lacpnds, 
ira rejects etc. - ' 

World famous manufacture.-. Witugc 
range 0.25 is I.5W Tolerances I • 
2 : j. 5%. and ID 1 Mott Vahiei 
ava-table. Realistic offe-s mil be-wn- 
tidsrcd ior all or pa--: of surplus 

Write G.ZFfZ. Financial Times, 

10. Cannon Street. E C4P 4BT. 



Manufacturing and merchanting non- 
ferrous industrial raw materials al-nost 
has exhausted its initial equity 
(£60.0001 and needs urgently up to 
£40.000 wo-kmg capital injection ra 
bridge the gap co profiub licy. Rialis- 
tic fifiinciaf forecasts available. 
Interested tonics (principals only 
p'casef cont cat Bo* G.25I5. 

Financial Times. 

10. Cannon Street, EC4P 4B7. 


For furtfiormlormalion conlacl: 
K. Dean, 

Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


Partner required CP invest £35.000 'n 
a Trimaran currently under const -ne- 
non. Total tot: will be £100 000. 
Soat Is specialty designed for Modi, 
urrancan and Caribbean charter. 
Partnership Terms Negotiable. 
Replies :o G.2S2B. Financial Times. 
fO. Cun -.on Street. EC4P 4BV 


'■ Fret apartment in Ha-^a-i for one 
month a year for 5 ,.,r, 
w 10 'i compound inter ;si for 5 "yr* 
•• Capital gam in the Srh year - 
original capital r;curn-:d 

FOR ONLY S75.000 

Contact Roger Moss, Moss & Partner* 
629 9933 

£250,000 PRIVATE 

Required by private company 
on business premises valued at 

F "il class -efcrcncei supplied. 
Please wr,(e Bo* G.252Q. Financial 
Times. 10. Cannon Street. EC4P 4flV 

Well established 

Based in che North >i seckinp suitable 
person prepared to invest '£50.000 
equity capital and be involved as, a 
working director io assist the com- 
pany in us future expansion plans. 
Principals only Wr.te .11 confidence 
ta Bo* G 1521. Financial Times. 

»0 Cannon Street. £C4P 4BY. 


Is interested in acquiring con- 
trolling interest in trading Com- 
pany with minimum profits of 
£50.000 pa. Existing management 
to remain with service contracts. 
All replies In ttrla confidence to 
Bo* C.249J. Financial Times. 

10. Cannon Street. EC<P 4BV. 



30 C'ty Road. EC! 

01-628 5434/5/r3of. «9j* 


ran SALE. Can't a I Gains Tax Loss Com. l.irlv required. Write Bo» G.2Siq 

nanv £100 000 RfHCM la* Jossis. IOb F-nantnl Timot. 10. Cannon &ucet 

Mi Mif £• Telephone 01-405 1166. j EC4P 48 Y. 

TION E5TABLI5KM6NTS Can DC rcacltcf 
Dv ma.l. Tjic Edutatfonar Aaurestinp and 
MaiiiDB_Ier\‘ce. Oeriiv House. Branili 
Surrey BH1 JOM Mertliiam 22JS 
No caolfdl rcauircd ETWbli'tti'Xl Orcr 
30 Ciienu in ^2 lountrins Seaa 

jarae U,( —wade Oepi F.. P O. Bov 
9 MariDOnWiN. WiK». 

"J"*". Soanisb inter. 

ffS K r - cl *‘ encjnccrinq MBA. Bo. 

Stfwl* «Cdp 4n 4BV Ci ~ ?0 C,nnBn 

"siittr r .lSS: 

000 1 "■* «n< now 
oroDicm iniermied m mcra cr or ;n ies . 
Mon »l capital, w .,11 Bet G2513 

EC4p t Mr. T, "'“ 10 ‘ Cf,nnon Sinec ' 

Financial Times 

i . DENMARK '1 ' 

Naphtha Steamcracking plant to be sold as ' 

. separate items. 

16 destination -column* -i •':• .v- - -• ' 

315 compressors, 4 sngo- gas-engine and steamdriven 


— process compressors. 2-3 stage, electrically driven 500-900HP 

— 75 process'pumps 10-100HP . - , . 

— heat-exchangers 

— vaTves. 

— spare parts 

transformers 6000/380 volts _ . 

— tanks 80-18000 cubic metres. 

Materials carbon steel, stainless steel, alloys for. hoc and (aid- 
service. all' eleccrial equipment explosion proof. 

.Please contact us for further information or pay us 4 visit on 
open days l4ih and 15th September (978. 


70, Kloevermarksv^, 2300 Copenhagen S, Denmark 
Telephone Copenhagen 1 54 58 14 Telex 31334' DANKEM DK 

Thursday September: t 7 ' 


C halfen 01-4933933^ 

0FTHE woPEKiYmi^ 

We are retained by The above. clients^ 
to acquire property house building, v 

1. ’ Whether, trading-tor investment. 


2. Private -or quoted. .. . 

3. With or without tax losses. 

4. . Preferably with substantial portfolio^ 

Far prompt and confidential consideration contact: 'John R. Sims » 


We are a small- successful engineering company 
and wish' to enter into equity participation >ith 
a similar successful engineering company with 
nett assets in the region of £150.000. Must have 
manufacturing capacity to handle up to-an addi-. 
tional turnover of approximately £500.000 within 
IS months in CO- welding and tube fabrication. 
Approximately 10.000 sq- ft. of modern factory- 
space required. Existing workforce with good 
labour relations essential. Principals only need 

' Write Box G.2525. Financial Times, - 
10. Cannon Street. EC4P 4BY. 

young businessman with i 


Turnover in excess of £1.5 mfllion. .. .. j : t. 
Turnover next year £3 million - : ^ 

requires the help of a ; - W 

full-time accountant • x«: 

to cope with extra workload. Prepared to. 
some equity in the company. We are situated & 
South-West London.- • • 

Applicants must be prepared to work' hard ai^; 
only first-class references need’-apply to 

Box G. 2522, ‘Financial Time's, 'v 

in. Cannon Street, EC4P.4BV.. 

Regional Agents 

For Forgings and Fabrications . 
Firm Needed 

Principals to reply to Box G.251S, 
Financial Times, 10, Cannon Street. EC4P 4BY 

Major Thermoplastic Resins producer seeks contac 
with coni pany wh o would act as ... • g 


in the United Kingdom 


Ideal candidate would- know tbenuoplastics. ’ .thermosets'-jq 
chemicals market and would have a. broad knowledge of tliei' 


warehouse space' at strategic locations. Any company inlcrcsief’ 
in adding a thermoplastic resin to its present line may coiiiS: 

‘ Bos F.1047. Financial TimcSj 10. Cannon SlreeL EC4P 4BY. - 


I cornu Itanis avaiiaoic '" r • wo ^ - “J?L umfir'CS a~micii' 1 
lonu H-riR tomnftiiJpnJ. RltfiarfiL ..StQd, Excnamre. Misuse Mlmlo«:|a. 

0898. Tele* Sijl : 

l tong tnrm tommrvslpni. Hicnarai ..5*0,^ Exaianffe, McsL&jgc 

I HolUnd and Associate*. 07-202 S625 - - .national. 01-628 0898. 


Wxr'jrii - W offices in the 
ZvS South and West 
* of England 




1.SU0 Units South Devon including modern chalets ] 
and caravans. Full range of entertainment and 
amenity buildings. Lessees ingoing approx. £220.000. 

22 Cathedral Yard. Exeter. Tel. (0292) 51571. 


Old-established Vrest Midlands-based Contracting 
Company with land bank For residential development. 
Good forward workload. Excellent profit record and 
cash at bank. Principals only. 

Write Box G. 2505. Financial Times. 

10, Cannon Street. EC4P4BY. 


ducts). Numerou#’ Trade Mark* UK vi-' Abroad.- Modern . Factory 
& Plant with arfienities & space for'-'ex pa nslon. Average' Profits 
before Tax £30jBQ0 p.a. lastS years^'Auen Surpius approx. £250X00 
' ‘(Cish £80JXM)-£J 00.000). ~ J 3’ 

AND OR/ AMINES- requiring ‘a captive" customer . of substantial 
tonnage^ The business. 'can then, be expanded two to three nines-, 
at least, to meet competition in'Europe. FafHy quick results car. 
/ '= be expected. _ - , - 

.. Repfies (Prinelpfl/ssMify^ to Box GJSff, 

^ Financial Tlmgs,. 10, Cannon Street, EC4P .4BY. . . 



Includes, club bouse/ professional -shop; imposing detached private 
residwice:'- '• . '-’ 

T PI^CE £450;000 

FuH dciails fromr^— ■ . ■ • x 

HQ8ERT 5ILK A FTWM.. 5 Lmdon Rood, Sout>wn|»«fln. (S.T.D. 0703) 




Well-established; substantial profits. 

Good current contracts and land bank. 

PrinciiJuLs only please write Bux G.2507. Financial Times. 
10. Cannon Street, EC4P 4BY. 


The owners of a well established G.B.. N. Ireland and Continent 
Full Load Traffic Organisation wish' to dispose of 'their business, iu' 
a going concern. Turnover approx. £2.tnHlion with profits to matcK 
Write Box G.Z494, Financial Times'* TO, Cannon Street, EC4P4BY'. . ; 

('inlarsaald pnvately) 



known ns 'The Nile Spot of the West" 
Nationally known Residential Hotel 
and Country Gufa near Bristol and 
Bath in a prominent position close to 
the MS. being the main holiday 
route to Devon and Cornwall. 
Extensively enlarged Ballroom/ 
Entertainment Centre/ Restaurant - 
Over 60 Bedroom.: 

Standing jn Grounds of o acres 
To be offered for Sale by Public 
Auction on the Premise; at 3 p.m. 
Solicitors: Messrs Trump & Partners, 

31 Sl Nicholas Street. Bristol 1. 

Tel: (027’;/gngriI 
Further particulars irom 


sndson. CfiarterectSDr/e'/crS' 

7& 8 Queen Square Bristol 

m TetS3272J 293171. i 

Well established 




Producing own range of tubal 
-intuRLpan equipment, theatre and 
diagnostic lamps. skin treatment 
equipment, small transformers, etc., 
along with general electrical engineer- 
ing including electric motor re-windlng. 
sub-contract machining, etc, Good 
order book. Well" equipped freehold 
factor/ m north of England. 

T/o £180-000 p.a. 

Principals only write Bo* G.250(i. 

Financial Times, 

JO. Cannon Street, EC4P 4 BY. 


. FOR SALE AT £200.000, 

Estimated profits £200.000. 

- - Rwiuires udditional cash of £50.000-£100.00Q. ; / 1 

Principals only apply Chairman, Box G^533. Financial Tim^i 
L0. Cannon Street. EC4P4BY. .. - ; .■ 



.. in Central North Western To wn, - . ’■ -•Vjj'ftr*, 

_ . T/o £200,000— Full Order Book . . • Y 

Freehold, Land and Buildings with Large Storage Accommodation^ * Vj 
available For purchase, or lease. • . 

Transport and Equipment in first-class’ condition. ',*>**- 

Enquiries in confidenc^ 'ta: — ~C\ 

Box. G.2530; Financial Times. 10, Cannon Street, EC4P 4BY. , *v 



Manufacturer of tp^rial tutting tools. 

lulry equipped modern ma;h.n : 
roofs value £80.000. Present turnover 
£230.000 Per annum, minimum profit 
£30.000 per annum, belorc Mtnag.*. 
mwnt and Depreciation charges Sale 
of Shares £1 TO. 000. Far Plant and 
Goodwill Pius net working capital 
approx. £5.000 

Enquiries Bo* G.25J), Financial Times, 
10. Cannon Street. EC4P 43 Y. 



Would Consider Full o- Partial Sa:c 
of Two Wholly Owned 
Lang Established MALAYSIAN 
operating as exporter* of Timber and 
other produce including' edible Oil*. 
Rubber, ok. Alto reg, stored Office lor 
trading in Singapore. Finance available. 

Principals only reply 
Bis* G.2329, Financial Times, 

10. Cannon Street. £C4P 4BY. 



: -1 V 


interests Bui id mg and Building M«*n. 
tenancr. Office Cleaning. Catering, for 
1st class city clients bated on city 
borders. Turna«er £300.000. sron r 0 - 
covery £120.000. 

Pncc. including leases etc. £120-000 
. . Principals only. 

Write Box C.25J0. Financial Times. 
10. Cannon Strbet. EC4P dflr. 

Subwaniiil cltenu ^vvish io acquire )0O -i control in. South-east .basts?':; 
'■ Going Concern ” with pre-tax profits of be tween_ £15,000, ?nS>.' 
£l50.000~per annum. VirtualTy'ariy sector of the market 'with. groifftf?.' 7 ' 
potenthri of interest. Continuing management preferred, -chough.;] \ 
not essential. 

- ■ Will Principals only please contact Box G.2S08. - 

Financial Tiipes. 10, Cannon Street, EC4P 4 BY. 

— : 



With leasehold premises of 
10.000 -square feet and trade 
of £200. GOO for calc, as owner 
wishes to retire. Home Counties. 

^ r, lf flo* f«. 2*6 7. Fmanciai Tlrtvt m 
»0. Cannon Suck I. EC*P 



Details in confidence to Box G.250P, Financial TitiiS 
10. Cannon Street. EC4P 4BY> - 


Importers/ Distributors of wall 
and floor tiles. Pre-tax Profits 
in excess of £150.000. 
Substantial asset backing. 

Principal aqfy please reply ta 
^Bor^G.2531. Financial Times. 

10. Cannon S trm . K4P 4&Y 



Top Quibsy (moHly 4 colour p'ocmj 
Luho 65 % — Ltiicrprus 35 — 6»r 
Midland*, is i going* concern. Turn- 
over ipprakimatcly-£-40D:0IN> P-*-' 
Principals pnly to.-— - 
S, N. Gordon., Thom ton Baker, 

8. West Walk.' Leicester. 


Seeks to. acquire family engineer- 
ing business occupying modern 
premises »n Home Counties. 
Ideally, company active in fabri- 
cation. with turnover £2.000.000 
p.a. and proven continuing 
management team. 

Details? Please, fn Confidence to; 
Box G.2496. Financial Times. 
tO. Conrfoh'Strect, EC4P-4BY. 


BMwfvMr hirniAied M d fully equip, 
ped ta eirer for special diencHk in 
luxury Mr rounding*. Delighctullv sited 
>n 'CalQurful Hi idem ovorlookins river 
and valley. Managed, self financing. 
Prehcaalc. <*hihi supplying • superb 
base, for owner. 

■ Reluctant Sal* — £145.000 
Particulars: 042-122 3S42 



&ttsines.owhing4ny«tnrent Pto- 
percy widy.mVkn values at least 
£250.000 Wow cost. 

Wrire Bo* G.1524. Financial Timet. 

' I D. Cqnnan.SlrVet, :£C4F *By. 



Import warehousing or. .retail 4* 
finance avaiiabfe for efluW! 

■Write la confidence, 

Bo* CJ527. Financial Times. 

Iff* Cm tod Strwt* ECtf. W! 



.. Urgently sought anywhere; ^ 
the U.X. A single 
or Multiple will be 

• .'--promptly-- ' *• ’ 
Write Bax G4*55. Fmaoejdf fffS', 
*Q. Canndn Streati EC4F 48'- -. 



oveto 35,1 Bid to increase 


Our Commodities Staff j 

POTATO . 3faritf» fa n jT Board ! 
.announced a new measure to i 
e AM pressure on markets j 
im prove ' tie ' .quality of ) 
going on sate. . . . i 

jewellery sales 



^ £ per IfOy ounce . 

. Free Market 

\ :/A ;■ *“ 

1 - « -gfh- 

i - * - 

i - J 

i JTv > 

f" Producer { 

ouxszade notatces BID T0 popularise platinum pure platinum, whereas IS-carat J F M J AS 

for £14 a tonne. The Board ; ,ewelJery in lhe Wes! and ereat 1 30ld had onl y 73 P«r cent gold 
will sett them foTfeeSaa 13 new , Mles oa ; JeJ for ^ me !f COn ^" t aTld ^e-carat as liule 
», -\o AfKHiateat .£12 a wane lotiae! Jr ^-r^ 7 ' 5 P€r Ceat 30ld ’ the withdrawal of the Soviet 

>> jTlt W4JW0 a tonae in paj>er Sacks.- • ^ ,e lip5UrLie iD lhc sold price -Union as a seller. The Soviet 
t ** i OtttKrades are nr -wL ^° Uth Afnc *° sroup .lmpala in recent years has made it far Union was previously tbc main 

^ 1 P a . I i _ : . jn ie ” competitive with platinum, supplier to lhc free market. But 

i|.; llri in S rtS St S^? ^S^ l0eS ; o A ^ no “ ncins lh ^ ™ which is priced at S25Q an ounce it suddenly slopped selling last 

!y G?f h if r *:® ona . St ««‘ !*«*>?/ f«30) by the South African pro- year claunmc E.l needed the 

platinum for commemorative 
coins to be produced for the 

ri,eTo n r„ 5 ^ ™^e^ 1U, 0,1 sans 

'Buying these potatoes off thej Platinum. Mr. Ian GreiS. chair- Ho wer. platinum prices have forthcoming Olympic Carnet, in 
^ l VsT barfefit was begun in 1973. but man of Trapate, t»id that in nsen stroosly in the pwt nine Moscow. Trade sources believe 
. 1 Sras suspended during recent i 4«u»ii*n» mdus. ^ ■ — -> — — — *«- — ■ 

■jeoiuKu. 17-- ouui ui supplies. as a re SUIT Ol TllCKel CUIDPCKS. 

. Tbs Poiatff Board lias also re- 1 n \. °‘ tota1 non«CoramuiiiSi The South African mines pr* Nevertheless, the Russians are 
. '■ ■ hijqitijoded ianners thai its main ; consumption. 1 - ducer price has climbed from still not sellers at a time when 

: ojVtJ-. 'upport buying programme I comparison. 1 tfte : use or the depressed level of S162 an speculative interest in platinum 
‘ doses soon. •' 1 platinum for jewellery else- Dunce last -November to 5250 has been stimulated by the 

• _7.-’.- : The Board has offered to "bul i where was minimal, It- bad not recently. There has been an. currency changes, particularly 

J • in 10 bier ei»nl nf ihV K.I..V 1 always -bpen SO Mr. Creig said, equally dramatic move in I he the weaknes*. in the rlnllnr 

irices rose slightly In the past’*™ the 
✓eek. Early varieties are still'; -said it 

25 and £45 a tonne. t 

Main crop varieties' are selling ! 
. X slightly higher prices— going 
•'%tt up to £48 in (he eastern I 
i,-:egion. j 

S. ducers and in Canadian nickel jewellery remains strong, 

that all hallmarked mines, where platinum is a by- Whether the West can be per- 
iewellery .- *old in product. guaded to show the same interest 

teen, riariy va.rjeoes are still 1 -«“«u »ui »«* »*»nwa*»eu lumn, wucic piaunuu ta a uy- nnrwer me 
ilentifuJ and leirinag between * Platinum jewellery - ^bld in product. guaded to show the s 

25 and £45 a tonne. j Britain had to be : 95 iter ' cent Equally important has been remains to be seen. 

World grain crop forecast lifted 

- <$nm Twapli iYOUR 

Ttm* acu I PROSPECT5 FOR . big world : 

■ j . * cereal crops this . y earl have ' 

.t, Cotton CrOD : 1brighlened because of abundant i 
r - i summer lains. according to a 

— n B/ Our Own Correspondent r F W *?*“«* by^the UN 'Food , 

. ■ ■ F . and. A en culture Organisation in . 

■ . TEL AVIV, Sept. 6. Rome yesterday. - . ; 

, « " . . ' The report said- estimate* of ] 

V :tHE ISRAELI. Cotton Marketing • prospective 1978 world. crop had 
board expects to . realise S80m; becn revised 'iipwahb". Belter ( 
^^rom this year's cotton harvest, - ' prospects for coaFso grain crops, | 
^jriwch is about lo. begin. .. mainly in tile ’ VS... and for. 

Of the anticipated, yield of wheat in China had more than , 
0.000 tonnes of fibre, 26,000 will offset reduced wheat" forecasts i 
ie needed by local spinners and for. Europe, where heavy rains , 
4j000 tonnes' has been sold had damaged grain. . ] 

— ff q ava rd. - FA O now predicts-tiiati- world < 

— *_ui view of constantly riKng wheat output this- year will reach i 
:n mces abroad.^ the . board has 40Bm tonnes. 5.7 per cent more 
wtl «en in no hurry to comniit the than let 1977 but below the 1976 i 
ernalning 30,000 tonnes.' - record outturn of 41 8m tonnes. . 
: ^ The prospective export total ' Coarse grains proddetioa is put i 

lS.000 tonnes and brought In I paddy (imPtiUedi rice produc- 
; ;;i 46am. .j tldn at 375th. tonnes is jiisf about 

.. Z] The j'ield of 130,000 tonnes dfjthe 1977- 372m fpnhes. 

. i jotton seed will be partially used] Total wheat, coarse ®*ah» and 
I’. jor cattle feed and partiaflly fori rice output at 1^80m- tonnes 
' ’he production of cotton oil, of, would be 3 per cent, morir Than 
iiiich 14.000 tonnes was exported In 1977 ‘ and could: • boost food 
last reason . = •? ■• v - - v -carryover- stocks lo a • record- . 

195m tonnes by the end of 1976- 
IttTfc sc.’i^nn. 18m Tonnes more 
than a year earlier. 

The report points out that 
cereal prices in world trade have 
already eddied or dropped in 
anticipation of a bigger supply 
be im; available. 

The food outlook report pre- 
dict smaller cereal trade needs 
in 15)76-79. because of the favour- 
able crop prospects in most im- 
porting counlriejL. It also fore- 
sees improving 'food supply 
prospects for many developing 
regions, with an expected sub- 
stantial boost ;in developing 
country cereal crops. 

Most of the prospective gain 
will be in wheat, notably in tbe 
Africa and Far East regions, 
which had accounted for most of 
1977's crop shortfalls. 

World wheat and coarse grain 
imports could decline after ad- 
vancing sharply to a record 
132.5m. tonnes in 1977-7S: the 
report notes. Total world im- 
ports could drop by 10m tonnes 
for 1978-70. Expected world rice 
trade of 9.0m tonnes for 1078 
would be 9 per cent under 1977s 

i. - 

Coarse grain export prices 
dropped by one-fifth in the four 
months ending in mid-August, 
reflecting ample exporters' sup- 
plies and slacqening import pros- 

Wheat prices have- been rela- 
tively stable due lo a tighter 
prospective supply balance than 
for course grains and withdrawal 
of as much as 10.5m tonnes or 13 
per cent of U.S. wheat supplies.- 
under tbe three-year U.S. re- 
serve programme. 

Thai export rise prices eased 
8 per cent during July and mid- 
August to $365 per ton, but re- 
mained $90 over a year earlier. 


BRUSSELS. Sept.. 6. 

THE EEC Commission authorised 
sales of 38.900 tonnes of wbite 
sugar (43.000 tonnes last week) 
for export at its weekly tender, 
Reuter reported. ■ 

The maximum export rebate 
was cut to 35.40 units of account 
per 100 kilos from 25.64 the pre- 
vious week. 

acts on free 
milk offer 

By. Our Commodities Staff 

ment of Education and Scienece 
have been contacting local 
authorities ' around the country 
asking them to decide quickly; 
wheiber they want to take up or 
refuse the offer of Common. Mar- 
ket subsidies on milk for seven 
: io 11-year-old pupils. 

About 30 authorities have still 
\ not toTd the Ministry their plans. 

; although ibe first term of the 
j new year is about to start. 

So far 4i have agreed to 
! supply free milk for junior 
l school children while 29 authori- 
ties baye refused ibe offer. 

;• Stocks of skimmed milk 
, powder rose lo.S per cent during 
; August in the European Com- 
; imwlty. while combined private 
and official butter stocks climbed 
13J. per cent, AP-Dow Jones re- 
ports from Brussels. 

Skimmed niiik powder stocks 

at present total about 693.660 
tonnes — up from SI 1. 000 tonnes 
a month a^n — while hotter 
stocks have Increased to 4SS.620 
tonne* from about 412,000 

| Rise in Thai 
! tapioca output 
j forecast 

l BANGKOK. Sept. 6. 

! THAILAND WILL produce 2 0.6m 
j tonnes of tapioca In the 1977-78 
season — about 640:000 tonnes 
more than the original target — 
j tbe Commerce Ministry said, 
j A report by thp Ministry sub- 
: mltted to thr Cabinet said total 
tapioca production next rear 
would probahlv reach 10.7m 
tonnes, althuush export* misht 
face, restrictive measures from 
1 hr -Eurnnean Economic Cum- 
■mnnitv. the major buyer of Thai 

Thai’anri exnnrted 3.3m lonne* 
of faninca t>i? 1W« in the first 
seven months nr this war. mostly 
to fhp EEC. enmnnrofl with 21m 

tonnes in the cnmnarahlo part 
of 1«77. the Board of Trade said 

There- -have heen oomptaifiis 
from within the EEC. when* 
taDioea is used (n animal feed, 
that “excess i vi»*' imnnrts of rhesro 
tsninwi would roninete with and 
damage »hp market for bome- 
onwdi harlov. 

prime M>ni*rer Kri»n«?w»k 
Charnsnand vpct*i T dav asked Heir, 
ine’ "Frenrh Forei<m MfoistPr 
Louis d" nitirin^aiid to heln nor- 
snarte ih« FFC not to reduce 
tankwa imports. 

.Tapioca exports this veari 
cnulitrench 4.9m tonnes, accord- 1 
'osr tiHiffieial forecasts. I 



New role for women 
on the land 

may soon be given its biggest 
sh3ke-up for decades by tile 
intrusion of a new group of 
workers. At 50. their number is 
smaii, but that is not important. 
What is significant is that they 
are women. 

Tbe Agriculture .Ministry of 
Bangladesh is aboul to recruit 
50 women to its team of 
instructors which is a liule more 
than 4.000 strong and aU male 
10 dale. 

The Ministry hopes that with 
women members in the teams 
the country's agriculture will be 

able to make progress in 
important new areas such as fish 
farmim.’ and vegetable produc- 
tion. The women may also be 
able to help the country round 
a numher of important problems 
winch have slowed down the 
growth of agriculture. 

Women hardly figure ai all in 
Bangladesh labour statistics. As 
in xnanv developing countries, 
especially those where Islamic 
influence is predominant, their 
overall role in society is played 
down. Paradoxically, in certain 
areas the women’s influence is 

Paradoxically, in certain fields 
the influence of women is power- 
ful. They obviously have a 
formative role in shaping the 
young, and in agriculture they 
have a critical importance-— as 
officials found when they tried 
10 develop new programmes. 

The officials had the idea that 
Bangladesh’s 600.000 village 
ponds, covering 200.000 acres, 
could be used 10 breed fish and 
so provide a valuable source of 
food and protein for an under- 
nourished people. 

Given that even on a rough 


per capita basis Bangladeshis do 
not get enough to eat and are 
particularly deficient *fo protein, 
it seemed an especially sound 
idea. Breeding of tbe Nilotica 
curp imported from Thailand 
had proved prolific in tests, and 
the fish would help supplement 
the predominant diet of grain. 
Then it was found that looking 
after fish was traditionally work 
done by women. 

Other officials 3lso found. that 
Bangladesh's programme- of im- 
proved agricultural production 
was moving more slowly than 
hoped because of problems 
about the quality of seeds. The 
task of preserving seed also 
falls to women. 

Other jobs usually done by 
women include threshing and 
winnowing of rice, which is the 
country’s siaple die!, erowing 
veselahles and tending domestic 
animals. In each of the main 
areas of potential actvnneement 
for Bangladesh a°' ’eiilture. 
women are crucially involved. 

So. with the encouragement of 
President Ziaur Rahman, who 
recently directed thai women 
should be given at least 10 per 
cent OF the jobs in the labour 
force. Mr. Ohaidultah Khan, the 
Agriculture Secretary, gave the 

The potential repercussions 
and benefits from women work- 
ing officially in aari culture arc 
enormous, provided that the 
obvious, immediate difficulties 
can be surmounted. Although 
tbc Government's taking on 
women is a breakthrough, it 
remains to he seen how the 
instructors will get on with their 
male colleagues, and indeed, 
how they will be accepted in the 

The numher of women instruc- 

tors taken on initially is tiny. 
Bangladesh has 65.000 villages 
and S4m people. 90 per cent of 
whom live in villages and 75 per 
cent of whom derive their liveli- 
hood from agriculture. 

If they are accepted, though. 
Bangladesh’s agriculture could 
grow quickly precisely because 
women, though not officially 
counted as members- of the 
labour force, do piay a vital part 
in agriculture and its support 


Perhaps more important, there 
would he an important, dynamic 
effect on society. Acceptance of 
women as workers would be 
important as a general principle. 
The roles carried out in lhc 
home by women mean trial the 
lessons would be picked up 
quickly l»y children nnd "the 
whole pattern of society could 
change rapidly. 

One example of the dynamic 
effects of this development is 
provided by a village u few 
hours' drive from Dacca, the 
capital of Bangladesh. In this 
village women were encouraged 
10 play a bigger part. No only 
did traditional agriculture grow 
faster, but new crops were tried, 
women's clubs were formed in 
which the principles of family 
planning were taught and 
attempts were made to get over 
longstanding caste barriers that 
affect even Muslim countries on 
the subcontinent. 

The women began to make 
jute goods and other handicrafts 
and progressed so well that last 
year they earned more than 
810.000 m exports with their 

Recipe found for shrimpers 9 waste 



A JOINT British-Mexican 
scientific team has produced a 
nutritious substance from shrimp 
by-catch which could have 
important repercussions on fish- 
ing industries in . developing 

Previously the shrimp by-catch 
(small fish brought up with the 
shrimps!, which accounts for up 
to SO per cent of what shrimp 
fishermen trawl up. had to be 
thrown away because it could 
not be pul to good use unless 
some was used for. animal fped. 
But now, however, new develop- 


?. HAflnlEi Dace MCTaIC U*.aftewbobv6fflie* jPKled lower and — 4 . - ... 

OA0C1 fflDlALo tb* chwft'on iheli.i.-rb^aa £T«3.i Turn- ! 'a-n.. ;+ nr p-ra. j-| 

! COPPER— Moral narrow!* on The Loot 

Uw cta*~«n 'Uie Jvvr 
over 28.0M loo&eb., 

’ ' a.m. 1+ nr p-ra. ;+ or 
TIN ' I •Orm.iaJ \ — : L’ooitlclat, 1 — 



,'Son Metal Exchange with the price tend- ^^tiwajornlii^cirii wuxtarTiraded High Grade x L ~r~~TT~ we n at*'.rii«l hy trad? burins ihrww 
- •- ■.Huje re dittt. Uirwiah Writ ai iniwwr. uEb..^.,.., bS7J-9D +35 6040 60 -3S om the worntaB.' Proud Bornhi 

'Forward octal started -aT 74G» bat Uiere- Ji^ Ti * 4 \a <15™ Csrtmto ’three -4 umntbe.! 6BBJ-90 j+*8 J d B B S-SQO -I 2.S reponwL Values steadied wroen-bat 

-was Hnle respmwe to nun our* of * jwf Kerb- Wlrebars, c«h ' SonievoXi M90 ++U ’ - ; a rcwiU. in ihe early afternoon, but 

litwty renmi » work to Oiflean and Sundani: . weak Nev York narttet prompted funl 

-Perorlan mlnea. wr to. the. news at mMihs CT44. U»0._.-..|697u.90;+S?.B 604OOO --35 rclllne. tareina prlcrt -bach to I 

* wildcat suite ax Phelps. Bodge. In -^ Cathodes, cash a wuntha, 6866-70 1 -r 25 , 6665-70 -20 • Iotb.’’ Final values *a* £40 to* 

n.m. -K C&iebari three mtmius £?«. 1 - « " J ■ " baUnce ^ :_ 

ROBUSTAS opened sharply lower, but The market opened £1 down, picking up 
Commission ‘Boose loop Titjutdatloo m& to fl34.D0. basis December. Prices neia 
well ateorhed to trade burins ihroush- on steady Chicago openins. and rallied 
oui the . inondns. 1 Drcxel- Bornbam at Chicago sained 4-3 cents. SNW Com- 
reponed. Values steadied muk what as mud m« reported. 


COPPER :■ tjn. 

, i e i £ ! r : 

.Wirobaxaj I • • ! 

r.*sh .-.:7 7SX-S v— 3 t tsm 
li months j 745-6 r *JKi 743.-4 

Settlin' at '731.6 i—3 -V - — 

.CoXbc^ea- !■ .-j- ; - 

fc or p.m. ‘ \ f&r •-Kec^wieb»s. three mouihs ITM. ’’H “ f ■- ■ 

fL l n£Sdal .-HA «■ «;5- X^Ywk ^ (* \ - 1 ^ 

weak Nev York market prompted funber 
+57.8 6940-60 <— 3B selling, forctnu prices -back to the 
866-70 ; -r 26 . 6865-70 —20 " lows.” Final values were £40 lover 
bb9U '+46 1 — r .- . 0° balance. 

J Xtsientavj 
t Com 




- * 1 ' " • TIM alter fonvanJ metal " — "L" COPFEM 

i * started fcrrnrousiy -on sngsesuons that . More mg. Standard, cash a.97fi. 90. 

f • • i-U .. _ __ [■ c kiiw*. three months £S2M. W. 65, TO. Kerb; 

-i25 rrc -nie EMI Standard, three months £8289. 33. M. 

SS-.^SS?^! n SM thc Foniard C im-ta Afternoon: Standard, threu mootlw BU5«l. ;ameiu ier 
waa.nnner oeeroisw. . rorearu niriai , „ , KlJP s. j5t an H3«t Xuvemiier. 

: Yescerda^ > i Ui-U.t-er 'lit 6tH1.7;-O.M 11226112B 

OUiw- ■ . -f- or I -BuHineu Uccvmi«i ...'.-1 14.59 MJti — u. 15-1 M.4> 11.51 

1 — ! Uone Ft- riiAry [llh^ll 16.4 — O.1B'I16 ji0 

J t-er uinw! 1 . A, |l 16.011 H2|— 02a — 

r-f -fum?.:...- !tl(J0 l#J'-O.60 - 

1375-77 — L1.6i 1600- 1548 A.icum ^.IlS.Oa/O.k, - 

1495 97 —37.0ii320-l4fto tviniiei i J 17.59 21.U- — 0.8a; - 

Sates: 88 <125 1 tout oTlOfl tomiM. 

rC I’d Uinne! 

“ —M3 lonnes. 

" I.G. Index Llntited 61-^53 346ft. April /June Jobber 64.10-64.75 

j, . -^r j\ 29 Lamont Bead, London SW10 OHS. - 

' u Tax-free trading on commodity futures. 

VJ\iPA- I 2 - The commodity futures market for, the smaller investor. 


EP v mne L, 84. e: M. US. TO, 65. Kerb: Standard. X 0 vcmi«r..., 1495 97 -57.0' InZO- i48o u.t..nn |H7.W 81.U'-0.8a; 

burinE. The price reached £6.S£J before. LEAO— Low aronmi in gain trading. . imp 15 '—57^-1246 la IB _ _ . — , _ 

proflr-iaJan* caused a stlsln reaction to After qpcmng ai IMS forward metal tnuru.- j .- ' . 1075 afi — 64 6 1321 ISM ^1 GAR 
a clow on the Kerb 0M6 J73. Turnover 3^ pressure ndtowans stale buD -Tifl lllO- Ss 

5.KC I oxmes. .Injuidaiion which touched ofl some sums . j_0HDOH DAILY PRICE <raw sugar) 

■ . ■ ■ - . ' f around tbe £Mfl level. The prittc dipped L_ 1 £M.oo -samei a tonne cil ror SepL-Oa. 

' ■ ■ . ■ ' to a low of £339 in ibe afternoon but Bates: 3,389 tS.112*- lots of 5 tonnes, shipment, white sugar dally price waa 

” recovered marmnally on the -tele Kerb ICO Indicator reins for Scot. 5 «U.S. flxvd a: nw.00 UQ 05-Oil. 

■ April/June Jtnbber 64.10-64.1 3 to dose- ai J041. Turnover 5JS5 tonnes, cerns per Pjnndi: CoJombUn Mild First trades were about So points 

bc ' . . Arablra* isiJd ttmjtvaliahtei:. .unwashed jtKiit kerb' levels but then heavier 

; vg AD 1 «-t"- i+ ««t- P-“- )+«■ Arebtcas 152.08 t unavailable 1: rntor mild offennis exposed a lack of buyers and 

odity futures. . OHh-4«i I — - / DoodSctail j — Arabicas 156J3 (unavailable); Robust as jossrs of about 100 points occurred. 

mwollo*- im’Klftr ~ - ■ ; j :! 1CA 18^ UT.» 'mjavaUabtet? Robraiaa Lat*-r. htwerer, after itnnroving Sew 

sazxet for, the smaller unesiw £ ; a; | a: - 1 ica mbs 140.00 t unavailable Daily ■ York prices, me losses were 

c«^h ; — 

Urf*. bpou 

ii 1 £ ■ '1 ICA 1988 148.00 tunavailsbtei.- Dally - 

S57.6-8 42S 3S4.5-5 -6.S6 average 133J.7 (unavallaUei. 

543-.S 340.P-.76 -4.6* ARABICAS Hn order iwrer. • seller. 

*38 i—2^> - — I business, ■ sales)— Oa. 1 85.00-187 jo. 

- I 831^6 

.Morning: Cash £338. S7J. -38. Three 
taontiu £313.5. 43. 44, CA 43. 42J, 43. 

I Kerb: Three months £343.5. 4X25, 43. 
Afternoon: Three months' C4£S. 42. 4L5. 

Rero: Tnree memos mu. «Lnu p 43. GRAIWS , -r £i«ru<nne 

Afternoon: Three months I34L5. 42. 4L5. LOMbOW FUTURES (GAFTA)— The w gn », \ 0iLR5^8.25 

41, 40.5. Kerb: Three months £340. 39^. marker .opened 50 points • higher with 

ZWC-Easler in very subdued trading. 3la.v Ha-JO 12^8; M2.Z»- 12.40 MSJ6 10.75 

Forward • metal opened at S2B and SJh'm 'ttahmess tathl ‘MbLSion Au! J tt8-i51bASl1b.4u-lB.6U UB.8>14.76 

traded- within £323 and £326. ihrougiwm jSJisttPing vaSa clwed Uct 'najS-18^»[IISJ0-20Jftina.75-JSJ0 

SHo wrnts hlstor-mStoiT^Bartey U^.-. . ^la.n-ijhjrtS.TS^.Ool __ 

« Turomer a.6» tonnes. ■ remained oulet Unwighout the day. Sales i.aI8 t3.485i lots of 50 tonnes. 

1 i STml +"c«i pTm^ ,1-Kir ahhough commerthal bayera? appeared on Tare and tole cx-refinery price for 

ZING t oftknai — PnofflcbJ 1 — the afternoon din. when values" reached granulated basis white sugar was £2£4.8a 

■ ■ 1 ... •« 20 points lower. The market closed 1 sam< 1 a tonne for borne trade and 

£ I £ £- l £ steady at between 10 and 20' points higher. £159.0D 1 nine) for export. ' 

,-v. t • • ■ , . I . I -- ■- - — - — — — — r . - international Sugar Agreement fU-S. 

.ESteS: 52^5 aKaSrpiS w*** t - MRLEY fss &£5S^fcTUTS 

tftaoni^.. 5IB£ ' jYesmrdto’b' + w YaatBrisy's! + or 7.75 154^ arerage *7J8 iTJB?T' 

recovered.. C. jCzarnikow reponed. 

_bu^*r ; - i 

Prei. lYetterday*. 

i j 

[ Previous | 


Comm. Close 

Close ! 



1 ] 

(GAFTA)— The 

... r. CJF’i 1 ' 


Mare Street, London E8 4SA 

Since 1 SOSrthe Sisters of Charity have cared for 
Jthe dying poor in the East End of London. At 
■ - pFesent they provide pain control and final com-- 

forts for 600 cancer vrcaifns 1 every year in the 
« e ifospic?e add in their hompSt^Their. personal needs 
T P <al J £ ay8’smaft but : the cost of running the Hospice is 
beyond their means/' The^j have given their lives 
, - s z»ED to this delicate work^-can you help them to con- 
tinue -vyithTa little spare cash? Any donation 
i : ' would be gratefully received by Reverend Mother 
■ : " at die above address. ' (FT) 

316-.5 —5.61 SlfrJt. L5-26 

,5montba.J 524-. 5 j— 3 I 
d’tnont^J SIBJO ^B.s! 
IMjiuitobiJ — ■ I ! 

3 24-. 28 j— 2.62 WifeAT T ^ 

— ' ' jYesumlajr**' + or I YastenJay'iJi + «■ 

S151__| SL’nibj clow j — j ci«w ] — _ 

^Morning: Caab £SLA. hL7S. three mombs 86.00 ;+uJJ8j 78*4 ' +0.18 WVUL rUlti 

Bi-.aa|..ffis :ss i55=g3&5&S 

k Ceoia par pmbtd. Jill par p ictU- Enstaess dona: wheat— Sew " 6S-0D-85.5S <*re*« r w c *= ,, | lafow ■ — ■ 

■On prevJnui) unoffidal chma. .\ov. S7..<**::7.7fc Jan. Man* f 

05.1MUB. Ito aoiTMSM. Satea: 202 . .. „ ^ I - 1 

• • cirvrD .lots. Barlar: Svpr. 38.7V-7&30, Nov. So:75- ™4^2«-D ,„..j 

■'SILVER •- • ■ 80.56. Jam 83J6^3.84).. March 6.854J5.5S. - JJj™ ; 

snver was flirt fl.459 an orniee Intfwr w he ^kjo i prices May 2 «Lb-47!o • 1!™! 

at S| jatL^^eSit oeMr raim *^ Shropahlre £B4.4o! Julv jjS' 0 ' 6 ?' 0 ' — 

JS£t«*li*JZ2Z£ ES Bex Otsa. - feed wheal-. Shropshire lh.-u.wr MUl-bSJl ! 

+ 0.16 l»UV 
■‘‘S'm -Dull and 

■•-U.10 — - 

4 0.1a 4upini> | n> 


.Dull and-.leatiiratess. reponed Bache. 
‘teui ■ par ailo> 

[OMBniVta-f- or; 
- tifiae : — ■ 




silver was fixed 0.459 an ounce togber 
for cpst dcMverr m the London bullion 
markci yesterday at 286_55tl. - U.&. cent 

ZivUrniV imttaih ««■ EWes rjAJS. - feed when: Shropshire th.-u.#«r . — 

- I 

average BoJlp <4 2-8*. Scotland— Cattle 
down 1.0 per cent, average tfB-ISp 
(-O.DS'.j Sheep up <X* per eeoL average 
iSJ-ip « +n.Si: Pigs -down 2M ter “ht. 
average SS.ip 

COVERT CARDEN (prices UI sterling 
per package unless saied' — Imported 
produce: lemons— Kaban: 100/1205 uew 
crop 6.30. Oranges— S. African: Valencia. 
Late* 4^0-3.20: Brazilian: .Valencia Lates 
SJO-aAO. Crapefrnrt — S. Alrican: S7'J2 
:130-L35; Jaffa: 48 b 4.BB: Californian; 
Marsh Seedless M S.60. » . 3A0: 

Dominican: Lfll-iiO. Tangcrtaea— - 

Brazilian: Per bo* ILS8-3.08. Apples— 
French: .New crop C olden OeUcfoos 2tf-Ih; 
72s 2.55-2.80: 40-lb 5.20-5.-10'. Portuguese: 
C olden Dp I loons per pound 0-18. F«r»— 
French: Guyot 2S-lb box 3.80. WiBlims 
O0. Alexandrines 3.10: Per pnnnd Italian: 
Guyoi 8,15. WUluuns Poaches— 
Italian: Hale 11 trays 2.80-2J8. Oilier 
varieties l .804.20: French: 1.58. Crapes— 
Per pound' Cyprus: Alphonse Lavallea 
0.2S. Thompson 040. Rosati 0.22. Sultan* 
0.22; Fraoclu AJpbonse Lavaike 0.31: per 
5 kilos Italian: Regina tSO-2.M. Cardinal 

4.00. Plum*— I tab an: per pound Stanley 

O.IS. Giant Prunes 0.10: Hungarian: 
Swnrena 13-lb 1.50- Bananas— Jamaican: 
Per pound 0.13. Avpeadas— Kenya: Fuerte 
It "24s 3-704-30: S. African: Fuerte SAO- 
4J0. Capsicums— Dutch; Per 5 kilos 2£0L 
Onions— Spanish: SJIt JW* 3^A0. 
Pldstera 18 kilos 1.40. Tsmatses— Dutch: 
2.40: Guernsey: 2.M. Hetens— Spanish: 
Yellow 6,'H 2.00-2A8. _ • . 

English produce: P«afcpw-Per Wjos 
UO-1J50. Lettuce— Per 12 round 0.80. Cos 

1.00. Webbs LOO. Cucumbers— -Per tray 
12 '21a new crop 8.78-LW. Mushrooms— 
Per pound B.50-O.70. Auntas— Per pound 
Grenadier 0.04. Lord Derby O OB. Bramiey 
0.07-0.10. Discovery OJkM.12. . Tydeman's Winter Pearmains 8.0WI.IO. 
Pears— Per pound Dr. Jules 0.08. -Williams 
0.10. Plums— Per pound Belles 0J0. Per- 
shores O.Ofi. Victorias 8.10-0 J* Damsjsn*— ■ 
T^r pound 0.13. Tomatoes— Per 12-lb 

iW-5.10. Cabbages— Per crate 
0JSO. Celery — Per head 0.10, Cauliflowers 
—Per 12 Lincoln L40-LSO. Runner Beans 
—Per pound Slide 0.06-0.10. Boelroot— 
Per 2S-Bs 0.60. Carrots— Per 3W6 
8 AS. Capsicums— Per ponnd OJM. 

Courgettes — Per pound 0.08-0.09. Ojfiafl*— 
Per tMg; Swedes— Per JBHb 8^8. 
Turnips — Per 28-Jb lJO-1.41. Panmlps- 
Per 33-lb 1.40. Sprouts— Per pound 0.10- 
0.1L Cobnuts— Per pound Kent 0A0. 
Cara Cobs— Each 0.0M.06. 


GRIMSBY FISH— Supply poor, demand 
good- Prices at ship's side (unprocessed) 
per stuw: SbeV cod £5.w-m.»5. codlings 
13. 00-1430; medium haddock £4.40-15.00, 
«mall HU80-f3-40: Urge plaice £5-2O-£4J0. 
medium £L20-£4^0. hesl small X3JS044-20: 
large skinned dogfish £8-50. medium 
skinned dogfish £8.00; large lemon soles 
£7.oo. medium lemon soles £B.D0. 

Nickel mine 

meats could mean that shrimp 
fishermen will no longer have to 
return so much of their catch to 
' tbe sea. 

Specialists from the UK 
Ministry of Overseas Develop- 
ment and the Tropical Products 
Institute of London have been 
working in collaboration with the 
Mexican Fisheries Institute at 
the School of Food Technology in 
Guaymas. Monterrey, under the 
direction of Dr. Richard- Young 
of tbe Ministry since May last 

Now the .tpanr has come up 


Prince per losne unless otherwise stated. 

jdopt. e -f- or Month 
j tSTB I — ' aj;o 

with a kind of fish-cake made 
from shrimp by-catch which has 
been satisfactorily tested. 

It is cheap and has tbe advan- 
tage that it does not need to be 
refrigerated. As a result it could 
be transported inland to rural 
areas and its use need not be 
restricted to coastal zones. 

The product was tested on 
Wednesday night during a cock- 
tail party for Sir Peter Vanneck- 
the Lord Mayor of London, who 
is here an an official visit -The 
Lord Mayor found it quite 

U S. Markets 

Rally by 

KSSlmnm....' — .'.jmo +30 ;*»80 DFCCIOllS 

Free murk* takUijM....... . : S«MMb r* ~ V 

U<p{vrcul)lf.Biu , jr’iSfl£ i-3>ffi'£!24 j l 

d month* do. do.ie7-13J -3.26 C7A3 A mAfOlC 

Carii CMbmta :«I19.6 ( -1 £717.76 lilddllo 

; month, rto. do.'fiThS^S-a.aS U737.5 

fmui _Trov W-'>2t».Bia S2KJI76 NEW YORK. Sepr. 5. 

Lena rath. i £334.76-5 .2 d £323.1b 

.% month. ,K340.fl/fr- 4.6*5 C5ZB.78 PRECIOUS METALS rallied on Com- 

NEW YORK. Sepr. 5. 

Mcwe- ' i mission House buying and Rhort-coveruur 

Free MarketicurrftbvS l.BO 41.78 ! 4mid concern over Uw israehEuyunan 

; 1.93 1.B7 ! sunzmtt meeting Copter dosed tower on 

, | Commission Rouse liamdation Following 

, lo . 1 termination or ihe Peruvian sin Up ana a 
platinum itwv pe.. £130 ........ L18B i lnv . er y, an ^oeoed decrease in the LME 

Free Morkejj.-...,R137.IO — 1.45.k.ld6jre stocks. Sugar eased on Commission 
(JuKkoiirer£12 o :oO'.._ . . . .. UwBe proAt-iaking. Bache reponed. 

Platinum tn»v oe..'C130 

i COO— I Sept 162.10 «i£!.00i. Dec. 161.10 
Tin^h^ S 1 F llw <161 .Dot. March 158.05. May 151.70. July 

iss2 , &-£s;Si«f.i — .fisr»£ mSsato&JB 

Sr 0 ’ ■' 'IKibS iSiill MOW. May 136 45, July IW.50 asked. 

_| «M | 63. w (63 ^ >t 0ct . „ 

bcoouttrPbiT) |s745b j-10 j|630. j mw£'«S£ jlto'S. &w?! 

ramdmiu. .i&BB £640 [ WJBli Dec. 70 05. Jan. 7045. March Ti.lS, 

tOMWl truafliv>..<£330 £331 ; Ala y 71.93, July 72 Jo. Sales: 5.108 tots 

aim Malayan. >...j4b86r .-8 ,&a36 Cotton-No 2: OcL 63.1543J6 -63.65I. 

• < Dec- 85-2HB.33 (85.641. March 67.1 S. May 

j . B7.70. July 67.84-67515, Del. 65.55-65515. Dec. 

lc«n« *1 d5 - T0 S* 1 **: S- 3 ® hales. 

,tr P 5»"\‘"’'lc«*n, Is s2BS.7S I "Cold— Sept. 213.10 t23DJMi. Oct. 214.58 

* -sscrzsESii •* —So “ 

team aft [S137JS] s33« ..S5JJ 

WpMnun S8J34 bell 5140 44 '.-,lo3-47 | 

Zinc caah_. l .._ v ...j£3 15.26 IC33I.5 

A rtMitba»_.._w.l£3£4.12S> [£53L6 

Produoere I382S 11660 

Oils I i l 

Coconut RPbiTi^ S745n t— 10 jS630. 

Grmmdnol £668 I £648 1 

Ltoveel Cru3enn.. : £330 ! £331 

Yalm Malayan. ~...|Sb86r 2 ,ba36 


loya Phillip- 'S503* -t 11 S435 

— ...14650 'fflW ! ,BT tHS ' 

1 ! Capper-Sept. 63.40 <t 

ho.rabeaa :U*Af-)....|SS60r -3 >268.76 1#1 J— *5; fcS’a'SS.TS! 

221.80. April 224.30. June 228.00, Aug. 
_ . I l . 231.68. Ovl. 215.28. Dec. 238.S8. Feb. 

Grains : 242.40. April 245.00. June 20.60. Sales; 

Jharlky EEC : J 14.300 lots. 

Hmue Futnm....;£80.70 »t 10 ,£81.8 tLard— Chicago Ioosp 26 50 lunavaflaDle). 

"MCItejlMLllfi, G99.5 3 ’ #D Wded ‘ S7C 

u_i j_-_„L ot .- ; ;vg, 75 1 tMalze— Sew. 2I2IJ12 I213I». Dec. 2281- 

Ao. SprtnulLBrc *91.79 . J2W ,222^, March 228! -2291. May 203*. 

; July 23*;. Sept. 2384. 
j fiPlatlnnm— Oct. 266 20-207 no '282 70). 

u_i j_-_„L ot .- ; ;vg, 75 1 IMalK— Sew. 2I2IJ12 <21311. Dec. 2201- 

vSgSiSSS^Stma rs-mn »«««• *»«■ 

Uwwa>hipment-" £1 , 8M -|7.| M.M9 Jan < 264 70 1. April 2.1.20- 

ivfh^Svw^ ( *-l.®57 |+ 27.6 1.1. fiB , 7 , ^ j0|y 27350.274.10. Ori. 27A30- 

j— 37 £3.138.5 ^ M 

SsK'SCHM'' WSS;^ oa . 

P ,£93 «S5S 10.- NOV. 36L3U. Dec. 5dSX). Jen. 

Sr^£b^“!27Bp I— :jbip «*2* J*\ ™ J“L y 

HufHter uki " irO*7birf! I T-SWwer — SepL 555-<D I554.30J, OCL 

k^?(£vL^Iumi .£93 [ '^s 10.- NUV. 36L3U. Dec. 50S.30. Jen. 

irStOte WakikP '27B □ : Slp H3, 'C h May .MBii. July 

SggSESgLBigaugBB — *° 1 P. 1 59a90. Sept, ew.oo. Dec 622 00. Jan. 

• Nominal. tJfew crop. J Cnuuoted. 1 826J41. ftlarcti 636 40. May 646.10. July 
r» Jnoe-Auc. aJuly-Sepi. u Sept, r Oct. 835 »0 Sales: ll.itoO kns. Handy and 

H- - 

• ;,,i 



A' — 

World Commodity 

-Ifyodr imsiaess' interests demand 
r^& ; mfeimatioTi on anyof the 
; ; worlds commodities , just clip your 
• busmes$ cVd to this advertisement and 
return it to the;addressbeIow: we will 
send your a sarnple copyV, -; : ’ " 

-IBe; and «-mo'mh EMJc dmni OJc. _PK.moncninr dheflicfcni far week from sales: Nil (same) loin of 1.300 kilos. 
Tto mctai o^ed n U U expected to ramaip un- SY0 Hev -cumsy-cur. .a order 

r^SWvt «ni dostxJ al 3S6 ^ STp ESC DAILY IMPORT LEVIES and buyer - s *’ , if r ' *U8*aeS8. sales!. Mloren 

,s *^ c '- ■ ■ - bSl;" 1 ,;, 

t i 1 I current ; .levy plus Oct.. Nov. and Dec. E^i ivim st«- v™*? 

-SILVER ■ Bullion «-«■ L.3L8. i+ ot prenUmns (with previous in brackmi 'all TBiMBSS’^^ jnlv £ mbJ’ 

yr - - 1 - - 1 r— S?5S6SfiJfteW Si.oA'Si gg BdSLWf 14 

SSsm# ttS'iSJSp S af^wsras 

le monthBi 318- IS? (ether than hybrid tor seeding!— 78.07. 1S5.8. untraded: Uay 1SL6 1S&0. 185.0. 

J : — !— pa. pfl; ns <77JB, an, nu, niD: miiim— 5; July i63.o. jssji. antraded;_0a. 185.0, 

LME— TnnKJVCr 133 OS7) lots or 1MHM 42.12. ufl, OU. ofl .4L4S, nil, ulk nU»: - , B ?S C ’ 

ots. Morning: Tttree mootta 4i Grain f8ratonpJ%n r nO, pH. nU twmrL SlS d Sta*. antr,ded - 

ivurbs: Three months »4. Afternoon: Also, for flours: Wheal tr mixed .wheai Total sales, a lots (same). 

Thr« months 2M2L 4A. Kertr 7hnK and 1 rae-Ufl.87 023.1711 Rse-liS.14 . fr i T /«> prrrrim rc 

months 294.4, u, 4j. - iiam M.EA1/ VEGETABLES 

peace bid 


& BMOthi ] 293-TOp U7fl2MJflp 
S monUu.'?. 30 1.60p jifl.70| - 
18 montilBj 318. IS p |4-1.76j — 

KeAs: Three months 3HL' Afternoon; Also, for flours: Wheal, tr. mixed .wDoat 
Three months 284^. 4 A. Kcrbr 7hnsr and rae— 126.87 023.17 K Rare— 129.14 
months 294.4. AL - 1125.B1. . 


RUBBER SM1THF1ELB (pence per wmndi— 

TATflA nuuuut Be*r* sronsn. tilled sides 5U ro 3SJ). 

Wvl/ri steadier . owttw . on the London ui«er aiwJfltartm 66.0 ro ss.e, fore- 

' TraAing ouiedy' dunttg much of the phrsJMlJ market. : Fair, specuiairve quarters 37.8 ttra9J)r Eire hlndonarters 
flay, the marker' came under renewed interest throughout the day, closing aio to ^O foreqnarrcrs t:0.e -to 38.8. 
bSins pressttre during the late after- slightly steady. Lewis and Peat reported, veal: English, fats sio to 72.0. Dutch 
Boon zuuf rallied sharply In done at its The Malaysian marten i egg dosed, binds and ends S3j to SC.O. 

itcctt*'. ••higha.'' Gitt and DufftiS — — ' Lamb: English small fiS-'O .to CJl 

rctmtiad. , •.. 1 medium SL« to SS.O. heavy 34.0 to 58.D: 

cpvtUHI. Via I Vm ■fturiMi* * mdvflisw. » sen Inti 

'5Ywwnfiy'«| + or j Borinew 
Close — i Good. 

IhC Malaysian market was dosed, binds ^ end« 83_5 to 66.0. 

r : Lamb: - Encash nun oS-'O to CJJ 

.. . . . . ,. - j medium 54-0 to. 68.0, heavy 54.0 to 58.0: 

aw. I .Yesieritaiy* Traram* ( uinintu Scottish medUmi . 54.8 to 3S.0. hea\T 32.0 

; ■ . SeadJd;-/.'’. . j'7 •.?. ■ . . 

v.jjg^ Financiai Tin& tt4,^Brac^e^ House, 

tiCr p 10 CaBiion. Street, Lon(ioii^ G4P 4B¥v 

to 36.0. lmponed frozen SZ: PL 33.0 
to 54 J>. -r- 

- ; . — 1 : — : — .. i Pgr*: EngHeh. under 100 ItW 37.0 IO 

Su.btbttr'fc t Om; -...'.tfljM e5.t8U7.8M8.40i • — r . «-0. lOO-LJO Ibl,38J} ta 43.0. 120-ISO lb* 

topt.^., Jl8MJi-48A W0.» 1MUL1BM -BuJia.ei.'-Ol 58.00-68.48 . ‘ - 35. 0 to 42.0. - 

W&L.L«-. 1 t8MJ>-SB^ f+'ttJ»1S4SA-W4l i\tr Dae- aLSMB.Mlt HLH Grw»c; TiesJ 189.B to ttO.Oeat*: 

Mart* 42540 16584HM2 Ju-lliri 62.40 l 2.6» 61J26-6t.4^ WLdb-BIJO ParyWw*:^ Young 208.0 to 248.8 each- 

M«v^.'._.iai7Jl-VJ +2IL50 lW8J-tm AppJOfii- M-<*44.8ii CUtKM 43^ W44,ft 

July _^Jfhfl/Aa3.0 r+2I^S.t8Ml J-1WS Jy- >op t 6B.00-Si.96 

I426.M Gct-Dro. 873B^7Jaf 88^98081 87.BM7.S6 Mg,> T r ^*7 

I+1BJ8 J *8.840 JJ Jao-Mart.SUO^o!^^ -K1MbJsl : fiL» ’’ . W^^rwegnutlw mariceta. Mfti 

^t M - ,-riz ' Ap^Jue! 7JJB k 7IW« KJO-flaS- 70.08-70,18 ?.5^« 

SaJea: 1334 .MLIISt lots of 10 tPOBM. 

■ Imcrnadwal Ceiea 'Oraanteatfan fUA. .: ■ _ . . *— 

rraiii -wr :po tmd >— Dafly . priuC S*pt. -5: Salegr 388 <377 lot 9 of- is ionnea. 
l81J4,Ofl?i8v.- Indicator prlceo- Sept fc . Phj-slcal dostog wices ihmerei were: 
lMay. AiMUM .15X04 .4133J}); IS-day Spot. ffi.50p 1 37.73);, Oct. 50.7op 4a9>< 
average: '154.14 . IT53.5U, . Nov. 60p (58,38 1. 

UK— Sheep U7Ja ®er kjte6t.tLc.w. <-3Jt. 
GB— PlCS 6iflp per kgiw. I +2^1. 
England tad -WhW-Caltlc number d up 
13.3 per ««: averaae price «W5P 
i-OJN i'- 5n®® flowo per can. average (-J.&i.i pjgB up 2.S per cem, 

TORONTO, Sept. 5. 
WORKERS AT International 
Nickel will meet the company 
and a provincial mediator to- 
morrow in an attempt to solve a 
contract dispute, Mr. Robert 
Elgie, tbe Ontario Labour 
Minister, said. 

The company declared yester- 
day that it would extend in- 
definitely an expired contract 
agreement with the 12,450 em- 
ployees, members of the United 
Steelworkers of America. 



NEW YORKfl Sept. 6. 
Traders here said that workers's 
Peru’s iio copper smelter had 
ended their strike. 

This should pave the way for 
copper production to restart at 
the Ho refinery, which had not 
joined the strike, .they added. 

In Lusaka, Zambian * railway 
workers were expected to return 
to work yesterday after agreement 
was reached on a. wage inerase, 
according to railways spokesman. 

aScpL-Od. uAuz--SepL 
x Indicator ^priee. 



SopL S 1 5«pt7 4 j Month afioj Year ago 

249.89 1860.61 I £36.01 I 241.0 
“(Bww July l. iwasiBO) 


dopz. eJSapl. 6 | Month agoj Ymr ago 

1471.4 j 1470.6 ! 14ftftL6~| 1501 JS 
(Bsm Smtombre ti 1*51=188) 


how | SpL ; erepcl "'"ifinuhj rear 

Jcroes J 6 i 1 : aj,D i H)T> 

cipoi ....377.S1 S79.l-r355.E037U.lS 
Fntur«|374 2d'375.68343.Bl|3g7.40 

(Ararat* - 1924-75-78=10(1 > 


l .bWLf t'ept ,!M onth j Year 
iy’» | a | l ; wpi | *«o 

x Per ten. Hannan spot bullion 552 10 i5to dim. 

Soyabeans— Kept (656i. Nov. 631- 

O '644;.. Jail. K6‘-«a. March 645-E4af, 
May 647-Ms, July 64S-649. A us. M4. 
_____ 'Soyabean Meal — so pi IeUIu-immO 

■ ICbigv L>CL 166.00-166 24 HSPUfl-, Dec. 

I 50-168.30. -Ian. 163.50-168 March 1 
. 171 6U-17I s«. May iT-j.SO. July 174.00. Aim.. 
174 08-174.50. - I 

> Soyabean oil— Sepr. 25*15-75.90 i26.«n,< 

ES i Oct. 2<.»-?44lj iM.48),. Dec. 2338-23 W.. 

raCSfiSST i Jan - 23-70-2S 60 March 23 45. May 23 25- 

I i«r ago |2asn Julj , AuRi ijad 

q. i n Sasar-No. u: Oct, 7.65-7 87 (7.681, Jao. ; 
i a5 ^ 1 : u - i 9.05425 19.151, Morel) SJWSI. May 9.69, 
:180) July 6^1L&S2. Scpi. B.05. OcL 9-15-8.16,. 

Jan. 9.28-9.4B. Sales: woo. 

Ttu — 639.00-622 BO nom. «615.0(WJ0.1I0 
— nom.i. 

Year ago — Wheat— S«>1. 8.144-334 j 13391 >. Dec. 

. £94-2293 1 3331 \ March 5274-3274. Muy.' 

1501.5 322i-822. July 307, Sent. 310 nom. 

31=108) ! WINNIPEG. Sept S. ttRye-Oa. W«1 

' hid i90.40 Wd', Nov. 9148 nom. 31.40 
i < ashed). Dec. SS.50. May 93 90 ashed. July , 

: *«.m , 

thj rear riOms— ijci. 70 00 <71 Oil*. Drc. 71I20 - 
• i **?> askna 1 71 .00 asKzdi. March 09 all aski-d. , 

— i — May 71.30 ashed. Jutv w on ashed . t 

B037U.15 trsartey— Oo 69 un rfi? T0i. D.'c. 70 70 

B 1,327 -40 a«k^d -n an bid) March :u ffl asked. May ‘ 
jfiii t fl on iKktd. .July asked. | 

> {gFlaxaeed— UCi. 2« Wl hid 1 246 70 hid), i 
Nov. 247 50 bid 1247.00 asPedi. Dap. J4i Wl- ’ 

j j 24S on. May 251 so. .inly 250 08. • 

untbilew tHWnit— SCWRS n 5 ter will orntein 

MPJ |iR0 ocmtcfli ctl Sx. Lautence 169 »I78 12 l^. 

Hplu UwnmB-i939.4'944L5!fl2I.a:886^ 
- rowwiber si.' iott= 1 Wi 


COTTON, t fu erp— 1 1 S pot aad nbfpmcni 
sales zmomned to 420 tonnes, bruising the 
local for tbe week so far to L5S2 tonnes. 
Fair Transactions were asaln reponed, as 
nsen warned -to ensure adeouatc supplies, 
Tradinz developed In North and South 
American' crowd), with occasional sup- 
port in Alrican Qualities, F. V. Tattersall 


, All cenrs ner pmmd ’ «-w»retimAe i 
! unless Mlwrwlve stated. * to oer trey ; 

ounce— 1 (M> ounce Inii, tCbica«n ■ lm>*e ■ 
is per 100 lbs— Oept of Ak- rmces pre- 
vious day. ’ Prime steam fnb NY bnlR - 
rank care, i Cents per 564b w»lwl «- 
wareftonse. 5.000. bushel lots. 4 3s per - 
'nw onnee for 58^w. units of M.8 per ; 
cent nunty deliveren ny. 9 (tents per 1 
croy ounce wt-wamhnase. h New ’* K '• i 
contract tn 8s a short mo for balk Img •' 
nf 100 slmrt tons 'rlPllterod fob ears ! 
CMeacDi Toledo. St. Loots and -Altoih^ 1 
*" Cents per J9.lh t»rshel in slwce. , 
^ Cents per 34-lb bushel n Cents per 
\ 49-th bushel et> warehouse., Cents, per 

. 56-lb bushel ex-warehmise. t.WHWiusftd 
! iota. Cl ac per tonne. 


■Financial Times 

Thursday Sept'ember-f i^ 


Equity markets consolidate after 

Shnrt-oih-c imnrove afresh— Sun Alliance 

- Account Dealing Dates 

•First Declara* Last Account 
Dealings lions Dealings Day 
Aug. 21 Aug. 31 Sep. 1 Sep. 12 
Sep. 4 Sep. 14 Sep. 15 Sep. 26 
Sep. 18 Sep. 28 Sep. 29 Oct. 10 

.* “ New time “ dealings may lake place 
train 930 a.m. two business days earlier. 

Lead mu industrials managed to 
consolidate the previous day’s 
.sharp technical recovery despite 
continuing political uncertainly. 
Once again, trading was ai a low 
ebb. with potential investors con- 
tent to hold oft ponding today's 
half-yearly results from ICI and 
British Petroleum. 

The equity leaders tended a 
shade easier at the opening, bur 
the virtual absence of selling 
prompted a gradual improvement 
and by 2 pm the FT 30-share 
index was showing a rise of 1.6. 
Although not unexpected, news 
that the TUC had voted over- 
whelm inelv against the Govern- 
ment’s five per cent pay guide- 
lines tended to dampen sentiment 
in the late afternoon, while 
vague talk of a large funding 
ipMie In offing also nude Tor un- 
.•-/■tl lenient. As a result, the index 
slipped back in close uilhuut 
nl [era lion ai 503.5. 

. Elsewhere, in the equity sector, 
company news provided the 
nia it source of interest. Poor 
interim ligurcr- front >e\ eral lead- 
ing Com posit* Insurance com- 
panies. in partimlar. Sun Alliance, 
down 24 ai £i+p. made Tor 
maejeed dullness in this area The 
read in n was well illustrated bv 
the FT-Actuarios index for the 
subsection which Tell 2.3 per cent 
tb 128.34. Overall, however, the 
trend was to higher levels and 
rises led falls by about 11-4 in 
FT-quoted Industrials. 

Interest in British Funds again 
centred mainly on short-dated 
stocks. Cautious Press comment 
on the mid-August banking 
figures prompted a slightly easier 
opening trend in rhi« area of the 
market before scattered buving 
on yield considerations pushed 
prices higher to finish with net 
rises of i on balance The longer 
maturities were neglected, but 
followed in the wake oT the 
short® - early l»v.«ps uf ) were ibus 
recouped by the close. 

A varied and good -"red trade 
made for brisker dealings thjn 
oF late in investment currency 
with the result that the premium 
fluctuated between M2 and 00 J ner 
cent before settling a net ' lower 
at per cent. Yesterday’s C E 
conversion factor was 0.7030 

Disappointing first-h3lf profit 
performances from the three 
major Composite companies which 
reported yesterday made for dull- 
ness in Insurances. interim 
figures from Sim Alliance were 
deemed especially disappointing 
and the shares fHI 24 to 53 +p, 
after 524p, while Phoenix dipped 
6 to 244p and GRE softened 4 to 
232p, after 232p. In sympathy 
elsewhere, Royals dipped 8 to 

370p, while General-:- Accident, 
222 p and Commercial Union, 149p. 
fell 6 and 3 respectively. ’ . 

Comment on the mid -August 
banking statistics helped the 
major dearine banks improve 
afresh. Barclays put on 6 more to 
3.130 and Lloyds added 3 at 2BSp 
as did Midland, at 338p. whiie 
NalWest closed the turn harder 
at 270 p. Leopold Joseph put tin 
t 0 203p in a thin market among 
Merchant Banka where Guinness 
Peal edged forward 2 lo 252p, 

figures. Among other Electricals. 3 to t99p. Secondary issues were 
small buying lifted H-K. Electric notable Tor a speculative rise or 
7 to 224p. while Tele Rentals. 54 to lOOp in Norcros and a ca ,n 

BP steady 

Following Tuesday’s 

rise following -the announcement 
that a substantial minority stake 
has been acquired by Sir Y. K_ Pao 
livelier *nd bis family, 

144p. and Comet Radiovisfon. of 4 to HJSp in Pea (os; the latWf trade during which the leaders I foflowine as-maU 

13up. nut .inta p.™ A foll owing buying ahead of n«. perforna-d well. ,u»,er cond.t.ons of 

Textiles had John Haggas 6 


J * " *19V J * 

however, slipped 15 lo 440p Tuesday’s results. FairbaSrn 1-aw- prevailed yesterday in the Oil T ^- ureliminary fibres, 
following Press comment on the son. 74p. and Hepwortb Ceramic- sector awaiting todays interim 1 u Se ro» another ltt to SS5 d 
preliminary results. 94Ip. both rose 2i In reply to thcr results fr0 m British Petroleum, Gulhne rose aether UMo 

H GKN again came on offer and respective Interim announce- which dosed unchanged at SJHp- mirroring Jar eastern demand, 
closed a further 3 off at 272p: ments. while Marshalls Universal shell made -modest headway Lo 
the interim results are due edged forward 2 to 162n on an end a couple of pence dearer at 
tomorrow week. John Brown investment recommendation.* At*!* 574p. "While Ultramar found 
softened 2 to 468p but Hawker Research nut on 5 to 136p and Dc further support and finished .6 to 
rose G to 248p. Other Engineerings La Rue gained 7 to 462p but P nr_ the good at 244p. 

Good demand for CRA 

A report on the latest progress 
at the Ashton diamond project in 

gcneraUyVfosed’Grmer for choice fate’ 'dec fined 2 to~23Sp7 ihe last- s^HoffaungV o off at 72p, pro- 
although Rotork gave up 2 at o5p named followin': the disappointing vided the only noteworthy move- *® r .‘v® 

on disappointment 

_ wfth half-vearly results. Deal-mr* fire ment i n Overseas Traders. SEPdfimoiB exploration 

first-half profits. Capp««r N«m to resume In ComP»"« Investments were ' firm despite ol ^ 0 d n T?h? rartclMn^i 

revived with a rise of 5 to 84 p Pona aisd Wphh today at around a low volume of business. Still r -n a 

and Hill and Smith closed a Mn , compared with the M*"- reflecting the publication of its Sj^htaiTSf SS D Northern MId- 

siroHar amount better at 87p. R , on „ r1cP or 43p , following net asset value, New Throgmorton , a^o 140nthe uTrnadfitered 

while D. F. Bo van added 4 to 26p. , th wj d ._. p yestprtfav from p an j t3 ,i = *o id2n far a two- if®, I? 1 Jjis. itgisierea 

•ssw svsmss { 5sr=jffi-s?rs sssrs ssyws 


dlv reacted 2‘ to 55p on late ner- Dowty were to the f ° rc „ 'j 94 P- Rothschild Investment, -top, diamond explorers all attracted a 

vnusness that fund-raisipg pro- Motors and Distributors an ,_ and FundJnvest Capital, 6Sp. mod two-wav -business. Gains oF 

after 2.7:; | », on the iinnuj] results. 
Higher interim earnings prompted 
an impruvenient of a penny to 
44 p in Wagon Finance- 

Press co m men l created a fair 
amount of interest in Dbtllieni 
which rose to l»9|> before closing 
a nei 4 better at 1U8P- Elsewhere. 
.Matthew Clark, at lffilp. gave up 
half of the previous day's rise of 
12 Mansfield Brewery 4 per cent 
First Mortvace Debenture 1992 
were marked up 27 points to £102 
on the reo3ymenl proposals. 

A firm undertone was main- 
tained in Buildings, but the g?ms 
were usually restricted to a few 
pence. Travis and Arnold 
improved 3 to 172 on the higher 
inrerim profits, while G. 11. Down- 
ing put on 5 to 140p In a 
resinned market. Miienol end 
Southerns and BMC firmed 3 
apiece to 220p and 14Sp 
respectively. while Alien haw 
added a couple of pence ai >54p. 
Awaiting today's interim results. 
Richard Coslain held ai 242p. but 
Higgs and Hill found "ihe odd 
biiver and hardened 3 to 87 p. 

1C1 were subdued by the near- 
ness of Ihe interim results, due 
today, but closed marginally 
dearer at 401 p. 

Stores were notable for renewed 
strength in Burton issues, specu- 
lative buying continuing on bid 
hopes leaving the ordinary up 6 
more at 192p. the A 5 higher at 
183p and the Warrants 3 dearer at 
48. Elsewhere, buying of a similar 
nature helped Liberty advance 10 
more lo 200p and Jax. Walker rise 
5 to I28p, after 133p. with the 
latter’s N/V dosing a like amount 
better at 117p. afler I20p. Time 
Produets revired with a rise of 8 
to l87p. while Exeenlex put on 4 
lo 42p in response to the sharply 
higher interim profits and resump- 

■ u i , IUIM . , QCKCI tfb Aim lui 

on further con- mining higher at a 1078 peak of S4p. OUer. 50p. and Spargos, 48p. 

-yearly Gainsjif i nno * o^i»f e ?rfari»s p and . 0 DcfeiTed were the The strength of diamond stocks 

i some London 
Australian mining 

Slews tha* the Australian Govern- SlSSSe' " ’ tS? Ut sulSan Sally* ^ 3end“and *rei»cf. that the Hrst-talf 2“more To'^So^noid^hjrthar 
meni had turned down Brooke ggJJJ earnings, or the isolnied figures were no worse than speculative interest. In Coals. 
Bond Liebig’s request for per- ^f spo ^ Lwas Industries expected. Other issues edged Th.ess Holdings rose 9 to 283p 
mission to lakeorer Boshell’s s hed 4 cheaper at 32Sp forward in sympathy with Ocean following the increased proflts 

Investments made little rmpret- lonal b uvin® was res non- Transport finishing 3 harder at and divided and proposed one- 

Sion on Ihe former company’s „ ; ^ a rl° n fl.°^ n °in,Y r S nv^Lnis H5p and Furness Withy 5 better for-five scrip issues. 
price which finished a shade - n News papers where Daily Mali 

harder at 4Blr». A 335p. and United. 387n. both 

Rnwton Hotels hardened a added 5 Similarly. Thomson 
nennv to I37n on the first-half 3 to 260p. In contrast 

profits Increase, while Trust pea^o,, Longman and S. Pearson 
Houses Fnrfe, an erratic market werp further unsettled by con- 
of !«♦»». finished a ppnnv cheaper t i nuet j institutional opposition to 
at 223n fnllowins mihiiceHnn of t be latter’s offer, for the outstand- 
the mntorwav rateHn-T report tug minority in Pearson Lorn:- 

Nocrss wanted , I “ , 2 S 0 PL ,0 230p ” nd 

A few miscellaneous Industrial Business in Properties left much 
leaders took ' the previous day’s to be desired and the leaders 
technical rally a stage further hut drifted narrowly lower. Secondary 
the volume or business remained issues were selectively wanted and 
small. Rwkiti and Colman nut further speculative interest took 
on ■ 7 to 507 p and Reed Inter- Mountview Estates up 4 more to 
national, still awaiting news, of a 197S peak of 75p. Country and 
the Reed Paper sale 'alks. rose New Town attracted a similar type 
4 more to lG9p. Turner and of demand and added 3 at 27p. 
Nrwall. however, cheapened 2 to Dull of late on adverse Press com- 
173p, after I72p. following adverse menl, Daejan found support at 


and. leerwood. Tele- 
Barker and Dobson, 
A. Steinberg, Rank 


First Last Last For fusion. 

Deal- Deal- Declara- Settle- Burton 

ings logs tloo men! Organisation, Halma, Otter Ex- 

Aug. 30 Sep. 11 Nov. 23 Dec- 5 ploratlon, Oliver Rix, Roslen- 

Scp 12 Sep. 25 Dee. 7 Dec. 19 berg, Lonrho. F. W. Wool wurth. 

Sep. 26 OcL 8 Dec. 7 Jan. 9 Ultramar. Whessoe ah * Northern 

For rate indications see end of Wining, while doubles were 

Share -Information Service arranged in Grand Metropolitan, 
Stocks to attract money for Steinberg. First National Flnantt* 
the call included Fitch Lovell, 9* per cent Rnstenberg, Mersey 
ERF, London Brick, Hettoy, Docks Units, Lonrho and British 

Haden Carrier, Burgess Products, Land. 


The following securities oooteo in- the 
Share Inlormatran Servic* yesterday Clay ■*.) 
attained new Highs and lows lor 1978. 



N.2. 4 pc 1976-78 



P,tCeG “ BANKS rr, 

Allied Iran BEERS *11 

WoUerhamoton Dudley 

Downing -G H ) RMC. 

Nevwood Williams Warrington 
Marshalls iHalHax) 


A KZO British Bento' 

3rMi( Chemicals 


Burton Group Liberty N-v ord. 

Do A N‘V Ra'mar Textile. 

Execute. walker 'JO 

Goodman Stockman Do. NiV .. 



Amal. Power Delta Metal 

BovamD.F.) Edbra 

Blackwood Hodge Miamq Sopolrts 

Oanks Gowerton Stothert and Pitt 

FOODS r2) 

Carr's Mlllliw linigate • ■ 

HOTELS *11 • • 

Mount Charlotte 

Sellair Cosmetics . Pentw 

Do 1 SocCv-Ln. '85 
Reed inti. 

Relvon PBWS 
Sketch lev 
Watson >R. K.) 


PAPER t3) ‘ 


Oxley Printing 


C !»owq Secs. jermrn Inv. 

Corn Exchange Mount. lev 

SHOES 121 

Nevtbold and Burton Ward White 

Haggas > J.) Small and Tidmas 


G.T. jaoa-> Haw P» 

jarSinc japan Condon Merchant 

Authority ImrS. 


Magnet Metals 

S<me Darbv 

MINES <3) 

Tanks Peko-WallsesO . 

Consinc Riottnto ' 

NEW LOWS (C) . . 


Jones Stroud 



Wilson Watson 


Reardon Scuta Rearoon Smitti A. 





iiogoo-Pefeoah A 
Coon Alima" 

Low and Bonar 
New EaQlomeir 
Nu-Switt LEI5 UR E 1 21 

Mor, * p MOTo^?r 1,,e Leraure 

Utd. Newspaoers 

Up Dawn Same 

British Ponds 

CorpRL. Dom. ami 
Foreign Boodr 19 . X ..-IS 

Indestrials . «60 Itt 

Financial and Prop. 162 57 2R 

Oils U 1 IB 

Plantations 9 J 2t 

Mines 56 22 50 

Recent Issues 7 5 51 


7«J 260 l.«2S 


Gearing «P for 
a beer battle 



SSsd sVsStwUSS 

of Rioom aw “ nJtenn interest. 
rat^°h2ve a fallea since the start 

? r R T 4 ^ l and P R76.9m short-term. 

ratio of 0.51:1. 
fo r a coming to the market 

It is no* com benlure issue 
with .a K4uni q[ n2 per 

carrj'ing average term of 

P“* will be 

l',5 veurs- the current 

3&&JSSK medium-, erm. 

Because of technical dlffieul- 
'Uesthc FT Stock indices and 
London traded options da jiot 
appear in todays .Issue. 

SSurels. f SA S Breweries Js 

^ C \o n bave C yi^d n wl?h an> : 

gearing considera- 
tions, SA Breweries March 31 
balance sheet can hardly have 
been described as strained. Buf 
the group is faced with the pros- 
pect of a protracted beer war as 
Rembrandt - controlled Inter- 


continental Breweries gears it 
for an assault on SA Bre* 
dominant ' position- -Ji 
tinental is looking for at 
20 per cent share of the i 
beer market. And 
Rembrandt's backing could aftS 
a drawn-oat. price war..' ..-7^ 
Next in line for funds j&u , 
the capital market • ty-'c^g - 
controlled steel eompah\rj £* g ; 
It is looking for loan fTm&S. 
R60m with- maturities- 

from eight to 21 years-and^^S 
to redemption from 10-58 wh . 
cent lo 10.10 per- cent. ■£ 
locally registered- loan StOclCi 
being underwritten by 
Merchant Bank. : Union * Accept f " 
an res and' Cehtral -Mercl^ 
Bank. " -* 1 

Six months ago It was onli)& 
that a : borrower. .■ with -^54 < 

. Breweries' Tripite-A rating jvom 
have been able to ratse fnafes ' 
less than 11.5- per cent.^a ■ 
present SA Druggists, ^whidi^ 
part of the Sanl^m Group; 
ins the market with a 
debentare at ^ 11.4 per : .. 

Despite Sanlam’s implied = haeS '- 
. ing. SA Druggists’ credit rat® 

• is nowhere' near as high asi:^ 
Breweries. But a recent R§ . 
debenture issue by the engines - 
ing .company. - Asgociste . 
Engineering carried a_ E pa’- ' 
cent coupon, while the industij 
conglomerate. Protea’s Rf® 
debenture issue ; was recent! 

. placed at 12.1 per cent 

Kensington branch brings 
Coutts’ network to ll j 


COUTTS THE upnuarket-bank 
owned bv National Westminster, 
has opened a branch in High 
Street Kensington, London. 

The branch, in an area which 
has become increasingly popular 
in' recent years wilt wealthy 
.residents, brings the bank’s net- 
work to 11. -,'V 

Mr: Julian Robarts, the deputy 
managing director, said ttjart the 
opening was' pact of the planned 
programme of expansion.*.. .“We 
have chosen Kensingtoa because 
we believe that this. is an area 
where our high atandafd ol- per- 
sonal service will Jje especially 
appreciated,” he added. . \j. 

The branch bits been' taken 

service to customers prepared, b 
pay rather more than at qthe ■ 
clearing banks, has recently . beet 
ex an ding its network. It move 
outside London with the openhi 
• O' fa branch in Bristol in 107 = 
and ' a representative office is 
Norwfcfr last June, and is cor 
. -sidering further expansion. - i* 

. The bank expects to be aW 
to retard ttr its head office fr' 
the Strand^ which has beet 
tinder reconstruction, for fivt 
years, -towards the end of thL 
year-. . , ' 

Manse change 

CARRERAS OF Northern Ire: 

. land has become Carreras Roth 

NatWest, which relmquls^d the .jnmx (Northera lreland),,, Lon 
premises air’ part o£ jts : own , Duhfeath, chairman,- said yester^- 
rationalisation. .. . .-'• day -that the new name reflect* ; 

Coutts^hich: offers a personal ^tbe! company more accurately =' 


Kellogg executive changes 

Mr. K. A- Branton has been 
appointed deputy chairman of 
BRITAIN having been assistant 
managing director, corporate 
planning. Mr. J. K. S- Fielding has 
become director. corporate 
development, from his previous 
position as director administra- 
tion and legal services. Mr. J. G. 
Tracy ba-s been made managing 
director, frozen foods division He 
was assistant managing director, 
sales and marketing, and will 
retain bis position on tbe Board 
of Kellogg Company of Great 
Britain. Mr. M. FL Darling is now 
assistant managing director, sales 
and marketing. Mr. Darling joined 
the UK company recently after 
holding various posts at Kellogg 
Salada Canada. 


Mr. Angus Maitland has joined 
responsibility for developing the 
agency’s planning and research 
facilities. He was previously with 
the Weir Group. Mr. Peter Rees 
and Mr. Simon Dixon have been 
appointed associate directors of 


Mrs. Helen Waudhy has been 
appointed a director of MERCAN- 
the first woman to join the Board 
of tbe company. 


9 Mr. Keith Macdonald, who was 
deputy managing director of IPC 
appointed managing director. Hr. 
Peter Way good has been made 
publishing director and has joined 
•the Board of tbe company. 

* INTER! RUCK has made the 
following appointments to the 
Board: Mr. Douglas J. Eaton (sales 
and marketing). Air. Michael 
Colyer (operations) and Hr. 
Richard Derry' (buying). 


Mr. Jacques Boel (Belgian) has 
been appointed a director of 


! Mr. David Ashmore has joined 
DOWTY SEALS as executive 
director, marketing and sales. 


Mr. Robert P. Pease has been 
appointed a director of Thompson 
Graham (Reinsurance Brokers). 

He was Formerly a director of the 
Latin America Area Division of 
J. H. Minet and Co. Mr. Keith T. 
Barham has been made a director 
of Thompson Graham (Aviation 
Brokers). The following have 
become assistant directors of 
Mr. R. N. Austen, Mr. D. K. 
Bryan. Mr. N. Fenner-Fownes, 
Mr. D. CO. Ford, Mr. J. Gibbard 
and Mr. B. West. 


Six new members of the 
been appointed for the next three 
years. They are Mr. Charles 
Drury. Mr. BUI McCue. Mr. John 
Murray. Mr. Michael Spens. Mr. 
NigeJ Thomson a*»d Mr. Hugh 
Rae. Mr. H. J. Barnes, Mr. Alastair 
Fowler, Air. John Knox, Mr. Ben 
Smith and Mr. Derick Thomson 
have retired or resigned. Mr. 
Michael Flinn is leaving the 
Council at the end of September. 

will officially open its new Euro- 
pean headquarters building at 
162. Queen Victoria Street, Lon- 
don, in the week of September 17. 
has made two appointments From 
October 1. Mr. Kirk R. Hagan, 
who was manager of Continental's 

London City branch since January 
’1976, will become a section head 
in rhe European headquarters 
office <in London: Mr. J. Roy Deyen. 
hardL until recently manager of 
the. bank's branch in Taipei. 
Taiwan, will succeed Mr. Hagan 
at the London branch. 


Mr. Peter Reynolds, a director 
of ''Bayflne. has been appointed 
managing director of H1 GHCA TE 
COMPANY. He succeeds Mr. 
Francis Strauss, who becomes 
director of the frames division. 

Mr. Geoffrey Spencer has been 
appointed manager of the new 
branch of COUTTS AND CO at 138, 
High Street Kensington, London. 

Mr. Ken Winkle has been 
appointed to the Board of 
port director. The company is a 
subsidiary of Imperial Foods. 


Mr. R. G. High has been 
appointed to the board of the 


Mr. John O’Sullivan, marketing 
manager, has been appointed to 
the Board of PROWTING 



De Beers Derd. ... 

BATs DeFri 

Barclays Bank ... 


Shell Transport... 

P & O Derd 


BTR ‘New’ 

Lloyds Bank £1 

Reed Inti XI 

RTZ 25p 

Bonnier £1 

Burmah Oil £1 

GEC 23p 

ICI fl 



... RO.05 
.... 2.ip 
... £1 
.... 50p 








m.irks price (p) 

on day 





~ 3 





- I-- 





+ 6 



10 ' 


+ 4 





+ 2 





+ 2 










+ 4 





+ 3 





+ 4 



7 - 

240 • 

•*- S 





- 3 



6 ' 


-+ 1 





+ 1 





+’ L 






SLP Group wins £6m 
Fulmar Field work 

Sheil/Esso have awarded a 
£6m contract for the construc- 
tion of two modules for their 
Fulmar Field “A” platform to the 
SLP GROUP. The platform units, 
one for power generation, will be 
built by SLP Fahricarine Engi- 
neers at Lowestoft. Work will 
begin immediately and the 
modules are due to be floated out 
to the platform in May 1080. The 
Fulmar Field,- with estimated, re- 
coverable reserves of 500m bar- 
rels of oii. Is due to come on 
stream in 1981. 


DOWTY ROTOL. Cheltenham, has 
been awarded contracts initially 

worth £3.!m from British Aero- 
space to design and manufacture 
the landing gear and flap operat- 
ing system for tbe new BAe 146 
four-jet feederliner. The landing 
gear has been engineered tb per- 
mil rough-field operations with 
BAe 146. Both systems will be pro- 
duced at Dowty Rotor*; factory at 
Staverton. near Gloucester. 


Conoco Ls planning to build a 
£630.000 simulated control room 
for training operators to work on 
the main offshore platform for Its 
North Sea Murchison Field- The 
training device will be developed 


The fell owing Labia shows Lhe percentage eft 
equity sections of the FT Actuaries Share Indices. 

Gold Mines F.T 

Mechanical Engineering 

Mining Finance 

Contracting and Caostructioa 

Overseas Traders 

Toys and Games 

engineering Contractors 

. twice Equipment .. ... 

electricals — — 

Capital Coods Croup - 

electronics, Radio ami TV .. 

jf ah aging and Paner .. . — ... 

Newspaper* and PoMtshhig 

Consumer Goods t Parable > Group 

Motors and Plst ri bot o rs — 

Building Malwtftb 

Tobaccos — — - — 

Wines and Saints — - 

industrial Croup — . — — ..... 

Other Groops - — 

SKl'.Eliaw luck* — , >...—.4 - 

Metal and Metal Forming — 

iBWstmeiiv Trusts 

wbicb have I»an place since December 
It rise contains tbe GoM Mines Indmt' 

M. 1977, tn tt*" prfadpal 

+ 17.00 

+16. n 

+ 15J6 

+ 11 .Si 
+ 13.61 
+ 12 *> 
+ 11.87 
+ o.zs 

+ 1-55 
+ 4.13 
+ 9J2 

+ a M 
+ 844 

Alt-Share Index 

Consumer Goods fNon-Durabfe) Group 

Pharmaceutical Products 


Food Manufacturing 

+ 7.71 
. + 6J8 
. + 6J< 
. + 5-0* 
. + S.9S 
+ 5.77 

■surance Brokers . 7 1' ■■ 7 1 + e*7 

Food Retailing — _ T 

Insurance (Life) — t 

Merchant Banks . . _ . + 

Entertainment and Catering ^ M 

Kliiaiicial Group — gjjft 

Breweries , . ... ... _ — q 28 

Banhs - 1.05 

Household Goods .. , — sin 

Hire Purchase . _. _ , _ U1 

Insurance (Composite) .. . - — m 

Discount Houses — | 

Shipping .. , ....... -12.67 

’ iVrrentajw changes tusod on Tuesday. September 
19T8 Indices.' 










5 -z 

J £— 






r “ 







Mrtiers lSu|ierlunc1>.... 



o.i| 4Ji 6^ 





24 6 

E4 ’ 








4.6 1 

a.C| 8 j! 6.1 

2.1 j 5.6jl29 



: 0 

— Co 

2 S £ 

x 15 




’•rf — 

4- - 

“ “ 

5 s- 




141 X1 

r. p. 



• « 






UinClen Var. time bwl. W8A 



• m 

9 ■ 

• • 













» 2 ) f 

Do.- UQl Koi. 1885 

Itiinb 1 tibt/erwood 103 , Pra. — . 
t^n«W Spriut! loierkm !0%.Pref. 
K.BJ. 1« Olios. Ptri. 






■ • 



IOO u 



F 1’ 













fl. K. BuMiu^s 

lu/nstm^un sou (Jlielsm Var. Hale. 1984.. 

Liitbuin Jarata 8% Cura. Pref 

llunerra 12% Partly C-m>. L'na. Lo. "86- Ti 






^ lOOp 

r .*■. 



N.ifttiauipUni Var. Hare Kerf. 1963.. 
Piiruan lu&iiini. Prri. 


HW.i J 

■ »«■+!* 

• 4 





. osi; 

Ita.vbfvk io;* tum. I*ref — 

llntork96%l ; nni. Hrei : 


• 6 




•rolliefty Parl/e Beruw Cum. Prtd 

. 98 





991 k 

Stniibeiyile V nr. Kato 1983 

.1 B8i* 












+ 01 



















+ 4 " 

74 » 









1 5pm 







9*1 pm 



+ »s 
— 1 











3 >: pm 



— 1 
j— 1 















89 pm 




IA4 . 


95 ' 


KeuundaDon date usually last an? rar oeailu tree 01 samp aucy. - 0 n cures 
based 00 unsDeaus ertmaie. 0 Asmaaen dtvKeKt arid yield, u Konsast divtoeod: 
coven-^ bastst. on presiqfe veafs eartHms. a Dividend and yield based an prospectus 
m outer official estimates lor 1979. . 4 Grass. 7 insures assumed. I Cover uUom 
tot conversion 01 sure* not now rriuu hw dividend or ran* mg only for tenneren 
dmdunda. 1 Pladne price r. public, pi Pence unless otherwise indicated. 0 Issued 
by tenner . || Offered 10 UoldetK nr onttoanf shared aa a “ rlahls.” “ Issued 
by way of captraiwaUnn. ti MintmtPP render dn«. S9 ReintroduCM' SI (asoetl m 
ommciNf) wiih rnreaDinatinn merger «r tahe-uver. I|l| [nimtiuctlon. 1 nwied 
in funner urelcrcwe twhUra ■ AlkmneO' IcrreiB COT (OUyqaMI. ■« ProvifisWa! 
or paitly-wiQ allounem letters. * With warrants. 


These indices are the joint conflation rf the Fmancial Tunes, ^the Institute oi Actaaries 

and the Faculty of Aetnaries r.—y] 



Wei, Se^, 6,1978 



.5 . 



.- 4 • . 



■ 3L 




Figures in parentheses show number of 
stocks per section 





• : - 1 







■ .DIv:-- 




^ - 







. Index 
NQl . 



"i . ! 

. No. 















Building Materials (27) 












Contra cting.Constructlon (27)_. 


















Engineering Contractors 1141.... 











Mechanical Engineering^^} — 







190 It 




Metals and Metal Forming(16) .. 














(DUBABLE) (52) - 











14. Electronics. Radio TV (15) ... 







. 262.43 




Household Goods 02)— a 












Motors and Distributors (25) — 











(NON-DURABLE) (175) 










-• ---A 

2 ftp.V 










Wines and Spirits (6) 








Entertainment. Catering (17) .... 


+0-4 . 



- 9.46 

■ 8 

T ’nTT 











Food Retailing (15).— — 







Newspapers, Publishing (13) 








Packaging and Paper U5> 


■ +02 










Stores (40) — 


46- 2, 











Textiles (25)- 










Tobaccos (3) 











Toys and Games (6) — 























Chemicals (19) — — 









Pharmaceutical Products <7 1 — 













Office Equipment (6) — 







Shipping (10) - 






a.+»/ 1 


Miscellaneous (56) — 











^ V t 





Oils (51 











ft kij 


*», l -i 



















7in M 


Jf-jf l | 


15 00 







j s&3£: 


Insurance (Life) (10) - — . 









Insurance (Composite) (7) 



















Merchant Banks (14) — 






Property (31) 



, 2-92 





Miscellaneous (7) 





II?, 26 



Investment Trusts (SOI 






Mining Finance (4) 











Overseas Traders (19) 













British Government 



xd adj. 

xd rib- 
to. dam 


Under 5 years—— 



' - ' 



5-15 years,. 


- 719 


Over J5year^.. 

171 M 







All stocks. 


1 +0.04 

_ -. 

’ - 780 

Sr. Govt Av. Gross Red. 

• ■ - 5 years 7 
Coupons 15 years.. 

25 -years.. 



5 years.. 
15 years:., 
25 years.., 



5 years.. 
15 years.. 
25 years.. 




. -e ; 











- 5 








. 12*2 





t * 

IVe-t. Svpt. e 

. Tun. 
5+ [it. 

a '• 

AJonilayj Frutay 
dcpL. . bulili. 

« ■'(. i . 

.Aug.. . 



1 Tubs.* 

] - 
i £9,- 



tuflex !'SWi' 

• N«- ! %. 1 


30-yr. Red. Deb & Luang (15) 

57.84 'flZ.84' 

! 57,84 





57-, 85;! 




InveMtuenl Trust Prefs. f 15) 

51.38! 13.64 






.61^32 1- "6 L32 

-58.10 • 


Coml. and IndL Prefs. (20) 








.70.82 j 


- 71 &] 

• rawmww new. -Hmtis and lows recent, base <*— * am. van 
I Issues. A" list ot the CoanKuoMs is avaUabta hwn tftr -PuMtHierg. 
Londtm, ECtP 4 BY, price Up, bv post Z2j>. ' 46 CorrbCttd- 





f AM«y l ? n!t Ts^-Mjra.- LUtfe) ' -- * 9 Minster Fund Managers Ltd. Provincial tile lav. CaT- Ltd.* 'Saw* ^«>Pcr contiaued 

r W«.C*Kth«i» RdL.Aytoabary, iWWmi : Mtn5ta> H»^-Anhui-stRri. 01«SJftSQ '2£S.T»i<hw>swui.ecr. OJ *2478133 ScotW* Securities Ltd.* 

Abbe? Capitol 354 

l^b&tegpiE Si 

■.Abbey Gen. Tst — mj 
, Equtts* FTO6- T bLTM 

THjdiom KBdi Dnrkfmt 
FrLtptfcPror. UH~W<: 


■ e-iw 

Allied Hambro Gnuutf (a) 
HanbroUst, Hutton. Brentwood, twin. 
D1-58B SKI or Brentwood flOUjIsiMaa 
Balanced roods 

s iv^ ’flH Ug ia a— 

■i.. "• b ‘ BarahroAoe. Fd..; 

I • j * loren*; Fowls 
■’■'-> :r; . ] . JUS* Yield Pd™_;|7U 

; rit <^SHHE=d« 

lunnuanial Vnuk 
International ill 

Pacific Fund — 504 
Scet. (H American 57,* 
U5A EX«wpCO_pS-l 
gpecliHtf Ton* 

,'*C Smaller Co-'s Fd. _UU - 
2nd Smlr. Go's FtiL. 484 

•RceovenrSits. u OS ■ 

Het-Min-&C’dty... 43.9 
Orer&otf Earnings, 61.3 

4M GIT. Unit Managars Ltd* 

**• IS, PWrtoy Cflrtto ECSKTDQ 
■ CJ.Cap.lBd -WW‘ JS3 ~~ 

' gt-jS: ~. 

. oxvAfcfioaZ-w.* '.:-m — 

’ SHWfiSfc»:.ja-=: 

IT; ImlFond^ g4 J 16Ui 

: 1,1x1 “‘ s,? P f ' r JT75 -»s| • i 

+g-Jj_ 34? ^“'IllAWSBstSt-IWOl 104 7| | 

MLA* Unit Trust Mfiemnt. Ltd. 




mjtmtnn t'W Queen Strutt, SWIHJUG. W-KWTKa 

m-exem mlauoHs |466 «o| "If Sw 


*01] 371 


Target T$L Mgrs. (Scotland) iiXti) 

10. Athol Coeseept. Edtn. 3. .. 031-228 88SUB 

H 3 J^3 Jg 


51 H tS-fi V£ Tarcrt ThtatfeZI^fi? 6 _45’8| +oS 551 

I +0.41 Enr 1 Income Fd._ 



880 Mutual Lnit Trust ManagerE*(aXg> 

^20 lS.CapUiallABB.ECSRTBU. 01-0064803 

0® Mutual See. Pliut_..‘ " 

- - .... . . 5-ffi MuiufllocTrt... 

5/M ftT. IniTFUmd? 

U4 «LT.FnurYtWPtl-.i 

S|s ft.-**: Trust £)<*>; 

5. tasb Bd, m^utwand ? 1 ' St- Andrew Square. EdUbuBh (Bl-5te9:U Mfflpiui^FU.!!.'! 

G.fc A ■■■■ — 4 «7. Income Septfi. .. IM3.2 169 2| -5.3 5 ,« SouonJeT iAccj 



560 -tOU 
77 S +0,7 
49J ..._ 
665 +0.4 





Prolific Uni n.: B1 - . Wffl +ff.b] 2 46 TSwabUr-- 1« 4 

Hidrlnconic ^.HZZS 131.5]. +0.9] 716 SCTt>i<» 531 

MrOtlhtH**— — — .160 6 *6.11 

PmdL PortlolloIHngrs.Udf faMbWO SzJ 6 ‘_ 

Hulbarn Bart. EClS JMl . 0MG3S222 fPnc^.M August ia .Vest sub^Mi’ Sept 13L Trades l/jtiou Uoit Tst Manag ers* 

ltndcnuai— .^.■..1^4.5 +10] 4ji gcfcijatogeT Trust Mnos. Ltd. (2) ioo.wooastn?ct.EC.i. . - 

■piO/SosSlh Street. Dortanj. [0306186441 TLIIThepLl pl.7 Sf.vlxt | 5J2 

25.41 +H2j 2,79 

Quitter Management Co. Ltd.* 
The sik Eschanee. Etas imp. on 
Q ua Ora m Gi-n 1U. 1112.8 117.61 ...,J 
4auhdntlRciHnu.„]l325 136.6] .. M J 

01 -W0 4177 SSSfc TdM 



.National and Commerefal 

Caitmon Fund Managers V. JaMs) caAfept!®™ 

2.StM«yAxe.eC3A8BP. V 02-383358! IAkiuU- Uni«l 

60 4 

Com modity Share .. 1714 
Eitra income T»t_ »5 
111 Far Em±, Tree,: . 405 
Hfgh Income T*t__ HA 

income Eund 776 

Ins. Aecmetcs _(l4R2 


l J83 ois G(ld>s (Antony) Utdt Tst. Mg&' Ltd National WesUmnsierWa). • 

jji n m m ^ : • •_ _ ■ _ mi r p.wi- phm a! mm 

Inti Sfcmpt 

(zillUL TttAAMJ. 

.8. ..IU3A 16921-6.! 
a*--. BZ3.4 231.6] -7.! 


( - oi. 


42.9 J 4 25 , 

143.2 ...J 720 * 

153.9 j 'ZW 7 

tetcmufJingnYid , 

..... SfiSSii 

Reliance Unit. MgrS. Ud* ■ 

Reliance Hie. To nbridee Welt- Kt 089222271 imlbivmh^ 

.6 77.01 .. .. I 4.85 ln*.T«tV«iU 

Z • Mfl'+Oj] 546 >tatMtto«dcrB_ 

Kdrfordc T. Inc. — 



Ridgefield Management Ltd. 


|Ss^io™ip™rtd.Btj„ K M Wrs .u4* S*S!H+«b»g**r. "»»»=> rflraji...v™ii 

4& Grmcccburt-h Kt. EC5R 3HH 

toj og N.T.l.Rlh.lla.Tsl ...1479 

iSj IiVwu* L'ljllw- JS&5 

+« fa NH O'mss TVUst ,.135.2 14i: 

iSlS 2.77 , Accum.l , nlls» , *...|145j2 153.'., 

W< 5J9 "F"™ 6 Aoeuaai Nc\1 deallnp Sopt- S8 
+®.4 0.92 w,t *4 *“* hept. & Next dealing Srja. 20,- 

RWgeneld Int.UT. I1Q40 

OI4C34aid Ridgefield Income, {till 

mo] . „J 285] 



2.04 TrannHanHc and Gen. Secs. Co.* 
is 01-90 Nw London Rd, 

IS . Bu6km.Uiis.31. 
ojh iAeeura.t'nlU. 1 — 

1” 'BSuU.Expt.Aue. 
2.91 BurWm. Anp 31. 
40 b lAeciuiLUaitsi- 
4 1 ] ColomoSept .1 

31.9+03 -■ »“ 9 &Cnit». — 

1 +n Cumhld. SepLfl. 
L9B fAccum. UmUl . 

222 Gl+n.Sept.5 

401 lAcrura Units;.. — 
401 Marlboro bept. 5_ 
Accum. Uniui 


l =1 i 

i S 3 12 gtaasSJSP 8 ' HdfJS* «i 


Antterson Uall Trust Ltd. <mA.Gi 

IS Fwichurch 5L EC3M 6AA ' (J23SS31 

.G.lBCome ,, .._ ®T3 . ] 8 .W 

lalAjC. CrowtMt^. MJi - : «L« 480 
,G.TarEa**_ 2 73 - SUM 0.30 fir 


: Dealing ■Toea.'TTWe 

i vpUaUAccuflM..,. I 

Extra loe. ,M.b 

Kinancial 36 B 

i.rmutb Inv WJ 

lftroow— — 38.7 

Portfolio Inv. Ed 732 

LmversalFdidj 615 

Rothschild Asset Management (gi r“«taswL 5 " — 

n^n.Ualrtouw Rd . Aylesbury 02806041 ,a«Sj. .. I™. 
N.C.Equ tty Fund ..I2S3.2 1917|+Dfl| 318 IncMDSScpt. & ... _ 

N.O, EnByHci.Tiu. 1161 123 j] -r0.4 243 (ACCCUP Units. 

N.r.Inc«w»-Fund., 1562 146l]+1.4 600 — ' 

SC. ItuL Ed line ! 94 4 1K.4^ *0.2 1 46 

.V G. Ion. Fd. «Acr 1 95 6 191 J +0 3 

N Smllr Cd)K Fd 159.9 1702x4 +1.6 

9JJ J. Henry Schroder Wagg & Co. Ltd* V8n.GwUi. ,, sSt.5- 

l3f,a**P*‘‘ic l lZCZ 01-24SM34 

G«e*slScp« d.„ 


u SS; 

'j,.—” •/•'S : Aadorwcm tr.T.« 1913 990} „4 502 Gorett (Jehu)* . 

Ansbacher Unit Dfgmt. Co. lid. : T6L9J NKL Trust Managers Lid* (a)(g) 

j: IKBhtofitjEaVTJA. . 01-8286374 OaAcrain^^^ 163 Milton CduADorkiru!.*:— a 

■■ -.i- '•? Xw. Monthly Font. {X7D;0 10008] l 9.02 Nod deaRnf day 6 m*-® Ndstar 

Grlevesen MunagenKsit Cd Ltd NeiaarHighi 

Rothschild Sc Lowndes MgmL la> ! " 

■a. Swilhliu Lone; Lda. EC«. 01-001336 w r-For las 

MnwCt. EsscaupU.. ]£1370 1450) I 4 17 

Prices, on Aug. is. Next dealing. Ecjit 13. 

292 4 
113 7 

J1W.0 , 

las exempt funds only 

234 VanUySept. S — j... 
TO Vaag. ree Ana.30. 

tjff rArcum. Vnlla.i 

;;v- Wlck'r Aae.3! 

i Accum. Units' 

Wide DI.SciU.1 

Da Accum. , - 

CiKdm dord 0345 5 1S51 


























1(1 . r 



U 6 






73. J, 













>1 _ f . 




84 2 



Tyndall Managers Ltd* 

467 I®. Caaynee Road. Bristol. 


















Rowan Unit Trout Unfit.. Ltd*Tal 

ATbnflihot Securities Ltd (4X0 . WCxeahamSt-BCSPaDE. 

37. ^>oeea£L London EC4B IflY .01-2333X1 SairiastooScpLdkBai 

CfflidDorluiw.SuTOT. 5911 <nij-Galcifcc,fitobuiyS<i,Eri. fU-CMIOW U TSsriM"te?«r«*.S 1 ‘* 

r-,- -. .1649 M3] +02! 420 Am-nctm An*. 3I_t720 75IH I 097 • BwWnR day WedaeadM. 

rUlghlnc._]50 9 535^ ...1 7.98, SwunUM^S-.U^O- 18703 - J s.9« s«baf;Unit Tst. Managers 14 

-r; ,*■ extra TeeomaFd— 1089 

- .- , -3 EJdllnc- Fund SB 

’ > i .. H&cnnn. UnHti._ 58.6 
j T. •>. , '• t0i%. WdrwLUta.1 564 
. . . '-if Pwfeiwe Fimti.. m n 

■■•In ■ , f Accum. Unltp) 37 A 

■■ • ‘ - Capital Fund.. 193 

..." I- Cnmmodilv Fund— 613 
• :.''W fAcCUB'.'UsSW— — S8.3 

.-.- 537 

■■ FmAPiopTd 186 

-r i ■ GiHsUFund 400 

‘ ' Ij. [Accum Unlla)._;._ 470 
- r;#». Growth-Fund — 363 

->• .. '• rAcecm.Unltxi 43 6 

. • ^ Smeller Co >/ Fd. 289 

• . Eastern fclotL F<L . 294 
r 8 %W dr»I Ut5-J„. 224 


FarolKn Fd. WA. 

K. Amur. £ Int fU&S 

rAccum. Uoitsj .. 

Bln8.H.YdAns.3L. 189$ - 
s Accum Uni tsi—. 2184 ^ 
Ende*v.SepC5„ 2343. ' 
(Accum. Units' — I4U- ‘ 

Grncteir Sept. ] UL 1 , 

<ACRRtL V . .. 105 0 

UsABnls. Sc|it- 8 . 720 
vAccumLolcy 763 

Norwieh Union Insurance Group (b) (Accum unSwi 

0«MaBR5r » I «K=» 1 

4 jj p c». Box 4. Norwich- N R 1 TNG. 

7.34 GroupTsLFd. 13708 3 

231 Pearl Trust Managers Ltd (aKgXz) ' ?eyal Td. Can. Fd Mgxs. lid 

52J 255 High llt/Ihcati. WC1V7EB 54. JcrTO;nSt«Ot 1 S W I. Ol-C 

2 90 Pearl«K»«hFd.-^.7 266) +0.1| 4.S4 CiipjtBlFd. — -—..{723 763| 

it BT-Ncxi i 

Income Srpt. 6 

Scottish Equitable Fnd Mgrs. Ltd* Capf^s^Si&ZZZ 

28 St AwlKu'sSq.. Edinburgh 081-8588101 

*w**IM» II?-? 558] „..J 4.98 SSSS 

»*+ int Earn. Sop 8 ~. 
■Accum. Units! 

_ Ltd* (B)- ^StSSWBoZZ 
7.34 FQaoXSU, Bcklhry. 01-2385000 Scot. Cap. Sept. 0— 

337 Sd»t&PtolFff.-m.B 375+0.4} 309 (MliaiMM- 

337 SehMlu«w» Fd--|l2.7 34? +03| 7.96 Scot. Int Sopt 6 

London. Wan Giant 
Capital Growth 184 8 

Security Selection Ltd 

ikhk 15-M.Uocoin a Inn Fields, Vi'd 01-831 0B3M D u. Ac cum 

, I ■ rrt. Tw * .. fir r I inv Ertnlnc.r 

,S Accum Mu III. [29.3 

XM Pearl Inc (34 1 

Pearl Uml Tst «76 

Guardian Royal E* Unit Mgrs- Ltd. lAci!U01 - VniL5J — (487 
Royal Exchange. EC3P3D2T. , ot-S» 8 DU Pelican Units Admin. lid (gXs) 

income Fd 

Prices at Aug. : 


2A7 Extra Inc. Growth- (48.4 

217 Do. Accum. 

Financial Prity . 

15--St«wart Unit Tst. Managers Ltd (a) Do.Ac«ot-._™bo.6 

Save & Prosper Group 

4. Great St. Helens. London EU3T 3EP 

WGB«dh.OTm_|9tt, ,*rtri.+O0] 4^1 BIFdu ^:<,l.X^£ 0^MB3 

Henderson Adminstratidh* (akcKg) PeHcan l-niis. 191.4 

21+0 5| 4.70 

ftegtoOTMrta. a Bariririta^^ Perpetual Unit Trust Mngmt.f (a) 


Archway Unit TSf. Mgs. Ltd* (4(c) 
317. High tfoJborn. IVCIV 7 NL ' . 01-631 «n 

Archway Fund |M 8 940" __.J ■ 583 ’ 

Pncei -it Au^ua 31. N ext mb. day SapMnnbcr 7 


— 1 185 rjg. Finds 

362{ +03f Iff r«. Growth Inc..-.! 

<I»p, Grwtti Acc_ 

Save & Prosper Securities Lid* 
intern oriroal Fnads 

48 Hart St. Henley on Thames 

4771 4 '3» 

High I: 

265 PpctualGpGIh...,-. 144.5 

5^ Piccadilly Unit Trdrt (aXh) 

Aniany GIWw Unit Treat Mmssers LUt 
■ S 8 Krcdcnck'a Place, Okl Jem-ry, 1£C2R BUD. 

040126888 Cm ?** 1 


Barclays UnJcora Ltd.(aKg)*(e) 

1_ i Uaicorn B o. 252Komfa*d Rd. trr. 01-S34B44 
Unicorn America _[36D 3871+0.11 120 

Do.Anri.Acc.-. — BOA «. (J - 0 ^ 165 

, Do.AM.lBC, _ 6 aa-Ori 165 

■ Da Capital .fa 78<M(-ri>j{ 420 

n Da ExemptTst Jll5J. JWT 

Da Hjirn Incoavo J 
Do. Financial 

■H brin 

. Do. !W.; ;.f781 

Do. Gcacrnl 133.7' 

Da Growth Act 

Da. income Tst.— 
■Do. Pet A ‘ns Tei_ 
Prices at August 

•- 1 "' Do. Hecovcry- _, 
- -... .-Do Trustee Pnnd.. 

Du. Wldwide TcL 


Do. Accum. 

Sector Fuads 
Financial & ITT,,. 

011 6 NiL Res 

jn} *iTritf]fttiii 

Win. wide Sept. 4, , 
Owrveu Tunda 
AMralian^. W12 • 

+R4 779 gS’ES 11 

01568 4111 

Tiu F-clralncoou- J3QJ 

? ” Small Co's FdL " 

“•» {7 ranit-ll Punrf 


Capital Fnnrt |<S 9 

... Ini. Eras & Asu-ts-[49.7 
8H Prh nli- Fund. 137.7 

L48 a ecu mil r. Fund: ._|67| 

NAin_Exp(. Kept. 1.030 8 — 

CobotAmonScLCd. HM 

33 3M+01 
, +0.31 



m 5a| +0.6 




33.71 +0.4 


if Baring Brothers & Cor lid* (aKx) 

28. LeodenbaQ St. E.C1 - Ol-ESSaSHt I&teL* (^(g) 

L 0 24103 ”Z| 

4-31 Tcrlinnloey Kundir.KS. 1 . 

FarEast Frt. . 5l.2 

234 American Fund [267 


f-Ji Practical Invest. Co. Ltd* (yXc> 
ic? -U. Bloomsbury Sq.WClA3RA 01-0X18083 
127 Practical Kept. G... .1162.0 403 

Ai'cura. LinlU |2Sl.. 24341-7^ 4.05 

MS HIR Samuel Unit TsL Mgrs-t la) ■ . 

■45 Beech SL.EC2P2LX ’." . 01-6CB8011! 

(blBritlshTnust [UU - 17271 +T0I 5. 

U> Inti Trust 390 • 2. 

IV Dollar Trust — MS -fiS-rt.? 

ibi Capital Tmrt„ 313 * 3Ui +0.7 

(b) Financial Tran. 96A RB3+0 1 4. 

(b)lncamoTni*t„_ 2B.1 , 30J1 +0^ 7^^ 

(bt Security Trust— 340 5044 5.15 

lb) High Yield Tat- plA ' »B +53l 7.82 

ir.u too 

Unit-. Qwwth-— |S.9 
IncreaduE Income Fund 

High-YIdd 1568 

High Income Funds 

High Return |M? 

Income [43.1 

VJK. Funds 

4^ -UK Equity,, [45 6 

*■” Otwracoa Fundaiz) . 

Europe— — 

Japan — ——11069 

43. Chari oRc Sq.. Edinburg b. 

tfltewort American. Fund 

Standard Units 168.4 

Accum Unit* 73.7 

Wuh^mml Uni ts .. [54 6 
■SUnMh British Capita] FMud 

Standard,, 11397 13ZM { 

Units . — ,162 6 176fl 

Dealing fFri. 'Wed. 

««*m fflffiSS£S & SI 

Special Sin.. 

260 2 

1 1730 

1084} -26j 7.91 

2002 -13 7.91 

1410 -l3 4.03 
1984 -L» 403 
1186 — 2.C 7.66 
3680 -3.C 786 

2734 —51 4.69 
3042 -5.6 489 

1060 1125 

1312 —02 1325 
3634 -26 ' 522 -32 
1764 —3.6 




1*7 . 0 



90 7 +L0 
952 +12 
43.4 +0.6 
■508 +0.7 
171 +0.2 
220 +02 
71.7 +05 
34 4 -03 
367 +05 










T8B Unit Trusts (y) 

21, Chantry Way, Andover. Rants. -0284821881 
Dealings to 02M KW323 



2JB San Alliance Fund Mngt Ltd 

. . _ tn „ , _ KtmABUnco (lor, Horsham. 0(0364141 


463 j +da( 827 Target Tst. Mngrs. Ltd* (>)(g) 

iblTSB General 147.9 

Ibi Do-A ccnm,-,— M.7 
ib) TSB Income— [628 

j&J&Ssr — 



510s +0.4 
660 +05 
666 +0.7 
693 +0.7 
960 +0.3 
1020 +02 













jl.Greohnm St_EC2. 

490^+0.4} «» gSlgSM^ISSS 

Ulster Bank* (at 
Waring Street, BeUost. 

(b)Ulater Growth ^.[390 

Sector Panda 

Encrey- - 

Financial Sere,- 
aigb-MInlmBm Funds 
Select Internal. — 1271.9 
Select Income .,-,.,S65 

9741 +D2{ 
■114.3 - 0 . 


Lial Bnw—, |76I 



Target Growth 292 

~ ‘ — 29.0 

Target Growth 

8841 +03! 389 TwgOttatL 

7S.d+02l 168 Da.-TBHnv. Units _ 

8 L* +021 2.90 Tm^rilnr. 

2869-031 206 



'.Sept. 6 I: 

59j +D^ 696 Tgt Spw'ial S| is. _ 



. Stratton Tsl„ „ 

-■ Do. Ucftm. u..J 

Neat sub. 

13. Cbrlotiopber Street, KHX. -‘ 61 ^ 2477243 ] 
Intel. Inv. Fund fttS 99J} 1 610 

- - - James Finlay Unit TraistHafit Ltd* 

Bishopsgate Progressive Hgnd Co.* uj-m. west ftOn Street, mugow. 041 2N iasii 

9rPiahopi«Wc.EC2 01-0080280 CJ.Intmmtl 1258 Z7J8+0AJ 80S' 

c B'gatcPr.**Aug30~ [195.9 

... Ajcc UI***Aiis 30.P33J 
— B'^aclnt. Septa*. ,085.0 

••* i Accum. ■ Sept 5*... [2352 

: Neti sub. day "September lfl. *+Septmnber 12. 


Accum. Onlm M 2 .32^+08 2 M 

CJ.Income.*_«_ 15.6 H§-0.Z 7.87 

C. J. Emu. Fin. 280 ... I53-+0 J 375 

Accum. Units. 920 . - 33 +0.6 3.75 

C. J.TlLTuv. Tri 29.4 . ' 31.9 -0 A 400 

AcauaGniU. @17 .367Jr4.9| .400 

Prices Sept 8 Nest dealing September 13. 

Bridge Fund Managers* (aKc) 
ting william St. EC4R9AIL 0W«3tt5l Key Pond Misrafierr Ltd W(g» 

ie chaw | 

American & tien2-J266 

f nenrne*—~— — 548 
apftaMnc.t— — «8 

Do Ace.twi OIT. 

y Erempri: — -_u-li470 

> OF K2 

• • i'i-w: Dealing- VlW +W^L 

. " ?■ ■ • 30/31. & 



Si 45J2 IS 

157ttJ +Sj -IS 

19.4 +0.4 3.04 
„ -m +48] 304. 
A Th n q . Fricm Ang. 

23. Mitt St, W3V 8JE. . j ' 

^5Wi5 S-Ei/ • 

01-000 7070 J 

e 3 SaSB*':. ,, fK 3 !« 

KeyFia^IatFU- 12-74 


:"Ltm irjlz'.i j.-r 

::.-.:\ 2 i w ± ^ g Bri'iaiuria Trust Managetnent la) (i & - “ 
•••• zm ~ ; ~ lr ^ 3 lijadcm^Van-BuildlngA. London Wad - 0K-B.ynUFdAc_i. 
r . l..r7ZrWndimHCaM5QD. K3.Fd v lflv.Trii_ 

_.- - -j.i Assata-. I; TO9 84.9| +1.11 .470.. 

KeyBaoinco'flTiL.pnJ . xuaf+flii- 5.62 

IQeConHiri.Beiuon'UQft Managers* 

20, Fencbarch GL,EL'0 . 1 *1 • ■»: . - 014B28OOO) 

Capital Ace — 

■ riSttmETSaz: 


Commodity . ^ 

Domestic — . . — 1410 
Exempt ___4ll9.9 

Extra Income 409 

Far East.— 24.9 

Financial Sctw.., — 68.4 

Gold 6 General IK! 

„ Groath_ _i — 978 

-n nr l<*g Growth 782 

>' ui a*— * i-i-rrtMBih 

liuT Growth. — 70.4 

Inveat-TftSharea- 494 
Mineral* 44.1 

Narth American— 315 
Pndesaional, — 553.7 
Property Shores „M1 

■Shicg.1. _r 48 4 

.'Status Change 33 l1 

C niv Energy — — - [342 ' 

The British Life Office Ltd* (a) - 
Reliance Hse , Tunbridge WeUa. VAO063 2227 1 

SJ9SIK=ffi -.""MlSl-lk 

EL Dtvtdeod* ::{4S0- •- . '4ai| ~„,-4 9« 

. 'Price* Sept.. 6 . Neat dealing Sept. 13. 

Shipley & CouXtfiL* 

iMngra, Founders Ct. ECS 

- -BSUniU Sept. 5™ [224.7 

- -Tr a)a+CC.)SeS.5L_., 

- '* ■ 'Jj Omidt liiffli rti 

i, r— Z Gt i. Hfctr 

'.I: - w; Genial .Iita 

>‘ t - t;. Growth Accum.—, 1467 
• *5 Growth lncotae— 130 7 

:Ir.: ^;.jS^»Income— — J^.7 


«•[. OvCTseas - : — 202 . 

-. ■■ ’ IVi Ioi ounce — JI 61 Bn 

■-. £# Recovery - — — . 220 . 

— — -t Exmpi. August 10„ |6t9 

-^Canada Life Unit Tst Mngrs. Ltd* 

2-BHighSL. Potter* Bar, "Berta T.Baf 51122 
-JS ran. Gen Did. — JB-! - 420ri ..... J 431 
“ jDaCim. Accnra— T49.9 52J9t4flJJ 401 

“ ■* 

yf ’•yfify KBS mirilg'afd l nc. 14 9.4 

uShvSLFdJnc^|fi 0 
*' , ’ U 53S Hi^hYld.F 6 Acc_KM 

^Zr&C Unit Trust 
878 Km Stock Echmige. 

.434 . LWlae.Kdja-j_, 

846 LftClnUiGtolFd. 

6 ^ Lawson Secs. 

3 S 37.Qneen'aSU 
73K * Haw.lbitfSrtMs 

4 ^ flcKdW^' 

+5 American F 
a ii ifVccnmUmi 

- BSi WqO. -Tnra. ttwed. tThurs. 

Legal fi^Goienl 'Tyndall Fund* 
I&CBUjfRfe'Ruad.BriBlot. 0272322(11 

M±::l S 

'-F ■■ Next reh. day Sepu 18 

LeAdBe Adiiiinlstrathm Ltd. 
“.DnkeSU Loudon Wllfe/P. 01-4883804 

aui + 61 ] 

910| +00] 

AW Xley ds Bk- Unlt Tst MngTs. Ltd* (a) 

:*M 4 iar 

Second (Cap.) 57.7 

-Do. jABCum.)^— —1. 728 
TTiirddncamel- — . 178 
Do t Accum. U9.9 

Xlayd'4 Life Unit TbL Mngrs. Ltd 
72-80, QriefaouseBdi Aytobuty. . O2S85041] 

Equity Accnni.' PM4 1783] +02 [ 876 

M & G. Group* fyKcKr) 

Tima Qnm Tower BIH..K3B SBQ. 018M «« 

. .. Sea also StockJCwbMlge Pauli 

. Anedem— STM 

• AAMmn.UnlttU— B4.4 588 

^Anatmloahm— . J584 .. 620m 

T^-^SSsfesth-iis iSl 

01-0008520 J-eO.IHal, — — (Z?? 

.'I»oo accu bi - .—[860 

62.0 +03 
78* +0 3 
94J +0.2 
m; +04 

680 +0.9 
778 +08 

200 ] 


'-Conventon-GrowihjJO J 

. . . . _ ' C(in*bviaQlD£, ++W. FfnA 

m; Cariiol Unit Fd. Mgr&: Ltd* (aXc) . Dividend-— gzS0 

'—l. -+?\rilbnrn-Rmise.NWicmle-qpon'Tyne BUS ^nltW— -JS6T 

‘S'J ^.Tarital ■- r .j»0 . 74.6J r 84] .000 «“®WSf- 

:«■: iTDondon WaJLTOi 1OT. V ; 0WW81TO {JS.fflj- 
i ‘ J*"rJ '“*+IU*faJne«n# !t i 

. nctHBfc Augnst15_JJ42J7. 
^-iccllJil. AoguK 15 l-|27666 
4 Unauth. On|y wnHabljt. to 

^- riieftairi Trust Manager! Lt&mM(g) * Magnmn 

_ . . l.Ncw si EC21MTP. - -. 

Dnerlcan -6rfi44 . . 

Si l ij:b tacov n e - - [44 Ai ■ . 

^,-t nlernaltooBj T»t„lir 1267 

’ ’ >laslc _RdTCCi_Ts 4 a .6 .__ 30 ^ | BcctmdGAx. 

non. Growth Dtt_I 

or-»^ ISuEStfEZLz: 

- jJJ 1 (Aecttm. .Units)—— I9J-8 



Uni La) 2828 


Units) P-i 

OTfeder^fea FTuufeMgt. Ltd-* (a) 

fl) Ch onemyian*: WCSIAIJIR C:- 01-3420282 jBpee*naed ftanda 

3399 'Trustee 

(Accum. Unital JH J05.l>___ 3210 

^5 TMUHqpollfam Fnnd (Haita*«B. • Bis 1588 

•f^.a PcntSueeLLGndntfSIglwy. ®j-* 3 S 8 W. JS-fi 

> 'fGUWpohl.GUcFlLjlBQ . '-*41-1041 "fliO mULEtSeK.4, 

-- JoJjicbrocFd.— I-4S3 

If "^-5; . >' IttnClh FuiKt^-^0 i;=l-470( u,J. 3 

!r5 TmuMMlUan Etmd-JKrewiiM- - - 



-2; Trescttit Unit ’StZ MgXS. Ltd (attg> 

FcHi.tafcMI4.+ - r t«6B 158Vi 
'S4—4 UJ8 Wnnnlif r ManigetneBt Ltd 

StGeorge’sWar.Stewsnagn: ■ O4M5«01| 

-> ^ ' Bri.ti'iiHfifi W ™>_ . - | _ .. .• 1 j ... , Growth D ni la .,.., . . [534 584| - I 

’ -ti i ’’p<M«rilIoCM,E<flBbaigha' v. CGTS304S31 - - . •- - _ _ # j- 

, ;i *T. :> y. Tea. Aher. F «t-';._i» a 0ea i i 1 . 4 Q ^Mayflower I '-magcinent Cd L«l 

,-J iE 14^BG»h*lu96.ECaVTAtl. J «fjl 

- " KsasaffidB 1 a 

- f. 



ImereaU. Aug-SS—f 


liscretionary UnUrFond Maiu^exs Merc m y Fond Managers Ltd 

T-- - ] tiBIranfirid SV EC29T7AL - - 0I-838448S 30 , Gresham St.. EC^2EB. 01-*K)4B5| 

^IK0«K-^0.. ^.^;.8I7 .^ g*.. .g| r 

A F. WiRctesfer Fund MngL Ltd ”» 

ild Jewrr.BCa- ;7 sT OMMSIO’ .ltecjetiAntMi.. 

i- /.r rawWiacbedoi-M#': - 26H . u „.| 43 .AeffluUttJi^aL-JaOJ 

*: .- . I-Winch er CrwaSSS • 3.92 y Group 








u ^ insoa & DntDey TsL Mngnmt Ltd 

ft ArlinetDna,SWj : • -' dtKMMt .^ 3SSy *ti ! tit & 51 ”*^^0742 

• - :* 0U«] Dtt«ey IhLia.9. . .-75J1 —4 3J0 - d jji « 

;■% amity & LaWUn. Tr. ILfM »Kc)tt) 

Cramuffltr ficG^. .{74.9 

■;? quayfittw^fc-pas 

8M04 33377 
78fi] ..—I 392 

\ Tamlington. Uolt-Mgt LUt (a) _ 

->■ *7,lreland Y»ri .’EC+B SDH- 01-246 «n 


fSqutfyl ffl T i Hi 't* __ - | 

•pirieea at jaly^L^Neri dealing Augiiat S- 

so U +03{ 405 
■97.9 +J-S 

4L4 +8.2 
44.4 +0.J 


530 -81 











; tPWP^.Gwwth-^-^ 


t vaiibrtjgh Guarflnt*fi5lu^..;~« 


' . fAtMWg •ritU TOTn uferlM^iapea <nB P j » p eri j ,Bdnd.TabIfc- - - ^ 

0232 35231 

423*4 +08[ 504 

5.79 Unit Traat Account & MgmL Ltd 

4^ King WiIU*inSLEC4R SAB 
.HS Friars Hue. Fund— PK-O 
2^2 Wider Grth. Fnd. -.[31.7 
2 JJ Do. Accum. ______ [37J2 


sg Wider Growth Fund 

7 j 5 KlngWiUlamSLEC4RflAB 

11,79 Income Units [31.7 

4 1A Accum. Units jj7.2 


01-823 4851 





MSI— i 




Abbey Life Anhrance Co. Ltd ‘ ". " Crown Life Assurance Co. Ltd* - ■’itef&s Life Assurance 
1-3 St. Paul's Churchyard. EC4. O1-24B0U1 Crown UIoHbc.W<*I or, GU21 1XW 040825(03 20. CfiBbti St, EC2A 4MX 

EqnilyFuiul B7.7 ' 

Equity Arc (52.7- • 

Propeny Fd 15117 

Property Ace 1569 

Selective Fund 961 

Convertible Fund- 1328 

VMoney Fund 1260- 

VProp. Fd. Ser.4. I2C.9 

VMon.Fd. Ser.4 1968 

VEquIty Fd. Sor.4-{36 2 

'■!. Scr.4 (1128 


13 H 9 

Hous'd Fund Ace., 1068 
Mone-dFU. Incut.-. 106.6 
Manif d PC. UiH+_ 1058 

Equity Pd. Arc, j 10L1 

Equity FtLlncuu,. 1011 

Equity Pd lull, 100.4 

Properly FtLAcc.- 962 
Property FU lnem_ 962 

Property FtOnlL —1952 
- l Tot. Fd. Aee.._:h07.9. 


InvTst. Fd. Incm. ,h07 9 
Inv.Tst. Fd. I nit. hi! 5# 

Prices at Sept. 6 Valuation nonmUly Tuesday- Fixed lot. Fd.Acc.. 908 

' Fxd. Urt-Kd-lnem.. 98.B 
Inter 1 !. Fd. Acr..,— U78 
Albany Life Aasnnmce Co. Ltd. . imor'l.Fd.iM'm.-. ii7B 

31. Old BurtingUm.Ht.W.l. 
V Equity Fd. Acr — 11994 

V Fixed I at Acc L 14X0 

VGtdJUbaryFtlAc- U58 
VlnU Jlan.FdAem. 1U8 

VPropFdAcc 1098 

Vn'ttlo lav. Amu— 171.7 

» Pca.Fd.Aoc. 2370 
l.PrnAa 1 ... 1790 
rnri-Mnn.PeitAccj. 130.9 - 
Inll.Mn.PqFdAcc ... 32D.9 - 

PropJWlLAcc 1281 

Mple lovTcaAcv.-PlLB 

01-4373802 Money Fd. Acr. 960 

(fancy Fd. Iqpm 960 

Dtri.Fd.Innu. 1072 

Crown Rrt. Inv-, ‘A‘... 1630 


12X4 .... 

1150 «... 

180,7 ...7.. 

2502 -.... 

1570 .—J — 
1278 —4 

12221 -+0.4J 

110ffl+0.« — OptTA’Egt.AjieJl. M0J. 
lD6ffl+X2 OpcyA'HYAugJl, 156.9 

679 OpiffAVao AUS3L. 1564 

— OptfAlTpt An g31 - 122.4 

1064 +12 
1058 4-U 
.1912 +0.7 
1012 +0.7 


m3 +17 
1228 +XB 
1040 +0.1 
104.0 +0J 
129.9 +0!U 
123.4 +0.7 
1322 +0.71 

. „ MlttGth. Srptfi — I 188468 IRUB7M — 

645 OpC0Ut'Pr.Aa B 0i..h39.7 147.11 

782 l 0 ndonlBdenmilyftGLaLXiis.Cn.Ltd. 

Schroder Life Group* 

Enterprise Hauab Portanwathl 

Equity Sept. 8 2452 

Equity 2 Sept, fl 291* 243.9 

“ " cSScpt-S 1265 

lBt Sept. «_ 1390 

FixedInL3 Sept- 8,. 149 2 

XaLULSepLlfl 1964 

KAS Gilt Sr pc 8 1467 

- 121.4 


Mngd JU* Sept 8 _. 1368 
Managed 3 Sept, fl- 1503 

Money Septa: 1085 

Money 3 Sept 6 1167 

Property Sept 8 fi5>.9 

Tvt 18-M.TbeFcrbury. Rending 583516 

- SS.TSffiS' il|^| = 

ure Fix^d Interest.,. — [34.7 36H.408] — 

iu The London ft Manchester Aw. Gp.* Proper^ 6 _ b565 

Winajlde Pa rV. Exeter. f Oa0WE165. 



Cop. Gfowth Fund- 

t Prop. FdJ 


» Fund.— 


Crusader fatsnrance C*. Ltd. _ 

VincuU House, Toww PL. EC3. 01-8380051 fW^toFuml 

<5lh. prep. Sept 3-4728 - OhLDopwRPljl^-. 

Eagle Star Aunu^Midland Assnr, MftG Gruup*^ ■ • 

’’ l.ThreadneedIe 6 t,EC 2 . • 01-6881212 Threojanyo. Tow-Htll ECTR gBQ^+BB 9388 ; 

RogIertO«LUnlte-.[55.4 5781+61] 695 

MaPnCpBSept.e_ 2063 
MnPuAcvBSepCA, 2462 
Kxd.lnLPea.CamB. 160 
Fxd.InLPn.Acc.B-_ 97.9 

Prop. Pen. Cap B 962 

Prop. Pen. Arc. B— 973 
"Money Pen. Cap.B. 964 
Medley Pen. Ace-R. 975 

rwMiiM.f ,, jOftn 




124 9] 










— J-9 

, +0 J 

144.1] -05 — 

1143 + 0.1 — 
+02 — 
+61 — 

164.71 +08 

+02 — 

+02 — 

2173 -1.7 — 
2*90 -li — 
-00 — 
-08 — 







5211 —080 



Emperor Fund.: 


3 S 

«27‘ -S3 


AMEV Life Assurance Lid.* 

nuroaiHse- Alma RtT, Retiow. ~ netxaW4om. Equfepa 

Equity ft Law Life Ass. Sot Lt d-* 

Bnwd.Bigh 040433377 Kami 

coav.mpo^t* In 92 

AMEV Manured _p45J 
Atey 8 


Int 928 

AMEVProp.Kd.-_. M3 
AMEVMfidLPmuFd. 1032 
AMEVT2jKL^n.‘B 1038 
Fieri plan— .. .—.[1018 










Property Fd- 

.Fixed Interaot F.__ 

Gtd. Deposit Fd. 
Mixed Fd. — 

0218. . 




U 6 « 




iron ml ua.*_ [60.9 

Prices on *Sept & **010. 3 L 

+001 .. .GlttBoOfl**.'. — . — 

-■-■I — Interna tnL Bond**. 
+08] — Managed 
—■ — . Property Bd*» 

+08] — ExTWeIdFU.Bd.-_ 
Recovery Fd-Bd.*. 



59* *10] — 
640 +10] — 

Scottish Widows’ Group 
PO Box 082. Edinburgh EH1B5BU. 031-8630000 

Ik.Iv, Series 

Inv.Caoh SepL I— 

ExUtAcc Ang, 30 __ 

ExDUncAng.30 — 


|H 88 








[ r 1 




— 02 ] - 

Arrow Life Assurance 

SO, Uxbridge Rood; W. 12. 


Barclays Life Assur. Co. Ltd. 

General Portfolio Life Ins. C. Ltd.* American Fd-Bd.*" 

00 BurthoiomcwXt, Writham Croos. WX3lfl71- Japan Fd. Bd.' 

ParUalfoFnwf.— 147* • I — J — 

pcntoUeCapiwI— (428 440] . — J — Merchant Investors Assurance* 

Gresham Life Ass. Soc. Ltd. Leon Use, 333 High st- croydon." 

= Prince of Wales jfoL. Btnooth. 0202 787BS5 S3~ 

O1-T00111 B.L.ra*bW,nd.— -JJT 7 102 M +08 — Property Pent 

I — GX. Equity Fund.,, Q13 1 mS -12 — 

1 — G X Gill Fund 0133 H98j+02 — 

, nUInUFond S3 7 13ffl3-L2 — 

I — GJ-PjMy. FRnd,.-497* 1031 4«31 — 

Growth ft See,. Life Ai* Soc. Ltd.* 

Solar Life Assurance Limited 
10/1S EhrPlaee London ECJNflTT. 012422905 

Solar Managed K 

Solar Property S — 
Solar Eqnity S„ — 



Equity Pen*—____ 

Money Market: 

■Money Mkt. Pem. _ 

Depo»n — _... 

DcpoallPeU— . — 

Weir Bant ErajMm-Tboroex.'Berk*. 06282+284 M°uaK«J Pta&TSZ. 




0I-K45&44 Fieri bin Klnanee_ 

Land bunk Secs. 
Undbotik Scs. Ace. 
G. ts. Super Fd. 

W J— I =■ 

^i^'ljjs? 0 j itt;| — 

InU. Equity.. , 
iwl. I 



|i(l , 


61 5 


wm ’ m „ 





11M# . 







rak— • 


— ■ 


.... . 




016U9171 Solar Fxd. fia 
Solar Inti S v .. 
Solar Managed P, 
Solar Property p, 
Solar Equity P,. 
Solar Cash P__ 
Solar Inti P 

13*41 +0.5 

U9.C — 

3*2.6 +0.7 — 
1235 -1-0.4 — 

187.4 — 

1898 +12 — 
139X +05 — 


1*28 +0.7 — 

1238 +08 — 

1872 ... — 

X898 +12 — 

NEL Pensions Ltd. 
UlLion Coart. Dorlrtng, surrey. 

.In] rial 


■Cutzent unit, ndhe SejRnmber 1 

Guardian Royal Exchange rwexEq. 

Royal Exe lunge, £.<13, OI-2B3710T NelexEq. Accum.. 

Property Boadai — [1048 1922] — Nelex Money Gap.- 

_ . - • • Nelex Mon. Ace. 

Hamhro Life Assurance Limited * .Noiexctti inecapi 

- - — 01-4990031 Nelex (ILhXaeAce- 


Sun Alliance Fund Mingmt. Ltd. 

Sun AUioneoHouae. Horobam. 040*04141 
ExniqU«t.Aug9-|a362 .JHJU-hI - 
XnLBnJSept.a 1 £1487 1-02*4 — 






Beehive Life Assn r. C®. lift* 

71 . Lombard SL.EC3. >•; 

mk.Hnroe-5Bpt.t_I. 13425 

Property. _ _ 
Managed Cap. 

0I4S331298 Oycroeas- — 
| — G lit Edged — 

American Acc;_i-.h042 

Canada Life Assurance Co. 

Beau. Fed. Sept. 7. ( 



Pen. Mon. Acc -_i__ 

Cannon Assurance Ltd.* 

Pen. RS. Op.-.. 

LOinopfic WFi Wembhsy HA80NB 01 -802 8870 Pen.R&Aci^. 

SqctUy DnltB — i£16?3- — | 

r Units-.. 


BaL BdJExeriUnil. 10X44 


Equity AccnpL [Mg 

Property Accum. - - [0299 — 


- iltjr. 

2nd Managed — »0i 


3ndL America n._~_ 968 
Sod Eq. PensJAct. 101.9 
, 2ndPRLFena/Aco... 1165 
L*nd Mgd- PnnlMc 1033 
2nd DanPana/Acc. 1003 
3nd. QUcPena/Ace 90.9 
0BdAnLP«six7Ace. W .6 


L6ESXF.2. [260 

12_73j+0.1l| — 










+613 — 




+ 22 } 


Current value September 6 



-1M , 


-200. A 




■ „ 








t J M/ 


1 V—. 





• 1155 

l- ,„ 























] 1082 

— — 

Pea. DA. F. 

Hearts of Oak Benefit Society 

xSf +221 

Net Mid- Fd. Cap |461 50.6) 

Nci Hxd. Fd. Ace__]«J 5Xfi| .... 
Next Bab. day September 25. 



Sun Alliance Linfced XJfe Ins. Ltd, 

Sun Alliance Home. Hnniham O4C304141 

Equity Fund—,— 
Property Fond 




— lnicrnirtlonal Fd T109 4 

DeponU Fund., 

Managed Fund 

1370 +L7] 
112.7 + 6 T 
1170 U_.| 
1132 ..... 
M2.! _... , 
H93 +0.4 

NPl Pensions Saoigenmit Ltd. 

46 Greece hurohStitotPami. 01-6234300 

Manned Fbnd (1565 • X65J[ I — 

Pnce* Sept. 1. Next dealing Oct. 2 . 

New Zealand Ins. Co. (U.K.) Ltd.* 

Maitland Hrew, Soul heod GS12JS 0702.62055 
Kiai 15*81 _.... 

Small Co » PU 1069 . MM] +64 

Technology Fd m3 

Extra IncTFi 1008 

American Fd U5.9 

For East 1261 

Gilt Edcod Fd- — 104.4 
Cou. Deporitpd — 1770 

Sub Life of Canada (U.K.) Ltd. 

2.9.4. Cocfcopur St, SW1Y5BK 01-0305400 

Maple LfGrtb 1- 2U8 

MapIelX.Mangd.~i 336.9 
Maple Lf.EgSim. X342 

PcrsnLPiLFd. 2110 



1-64 — 

X264 +3.1 — 
1 B5A +10 — 
122.4 +18 — 

3327 +8.9 — 
109.9 ...... — 

1826 — 

Norwich Union Insurance Group* 

— 15- IT, Tavistock Place. WCIHBBM - ,01-387902!) po Bo* 4. Norwich NKiaNG. 

Target life Assurance Co. Ltd. 


Mon. Fund Inc W 8 J 

Man-Fond Acc 12X5 1270 

Prop. Fd. Inc 109.7 115 4) — 

Prop. Fd. Acc. 14&-0 

Prop. Id. Div 109.0 

Fixed lot Fd. Inc. 10X1 

Hearts of Oafc.x: — 072 39 JJ _.~| — 

Hill Samuel life Assur. Ltd.*. 
M-ATwr.. Addlocnmbe Rd,Croy. 

♦Property D □ lta'~_ &S64. 1674} 

J nM^ 109,4) ,,. 

Property Series A ... 
Managed Units,. — 

— Monaced Series A..KB3.8 

Managed series C„ 

Money Unite 

Money Senes 
Fixed lri.Ser.A_~ 
Equity Series A 
pns. Managed Cap, 
Pus. Managed Acc.. 

Pas. deed. C4p-L_ 
Pns Gteed. Arc.,.,, 
Pena. Equity Cap — 
Pens. Equity Arc— 

Png.F 3 fiJnt.Cap _ 


. Capital life Assurance* . — _ 

aSKZaE^^.!!!?^ R=S? 

ParemakcrinvFrt . [ 10606 " 









968 . 

Managed Fuad. 
Equity Fund_~, 

. Property Fund. 

01-6004353' Fixed InLFund — 

Deposit Fuad- J 

. 6 Nor.UnttAQg.iS;' 

1031 ..... 

-1262 +08] — ' 
10J-6 -.-Dll'-— 

982 -....a — 

1023 +08] — 


113.! ~~ 

- 910 . 

101-0 I 





00ra 33200 Ocn.E 6 Acc.lne— m.O 

2318 +08] — 
3«28 +X5< — 
1620 +08| — 
1122 — 

Ref. Plan Ac. Pen. _ 767 

KeLPIanCapJPen 652 . 

RetPlanMan.Ace-, 13X6 
ReLPlanMan-Cap., 1208 

GUt Pen. Acc. 13X5 

Gilt Pen. Cap HZ3.4 



xa« ” 

13*3 -wo 8 ] 
32981 +0^ 


Phoenix Aasumaee Co. Ltd. _ . 4 „ .... . T 

4 - 5 . King wilUamsuEc 4 p 4 KR. oi^afliWTis Transiutenutloiial Life ina- Co^Ltd. 

Wealth Q170 

Eb'r Pti.ASS^ 5J.1 

Eb'r. PnJSqX. J018 

— . Prop. Evdtar.ft life Ass. Co.* 

1 IS, Crawford Street. WlH 2 AS. 
R.SllkProp.Bd__| W.i 

Do. Equity Bd. 79.4 

Flex Money Bd 1518 

,2 Bream Bldgs. EC41NV. 
TnJlp Invest. Fd— [1508 

Tulip Monad. Fd — 


Man. Pen. Fd. Cap.. 


Monad Inv Fd InU ..[1020 








1565] . 

1302 ;... 

1340 .... 

1438 .... 

1078 .... 


Charted) ouse Magna. Gp.* 

1 1 — -I — ' imperial Life Ass. Go.. of Canada J_ 

ImpeririRouae. Cofldford. . . . . T1255 

-81| - 

Property Cmgth Assur. Co. Ltd.* 
Leon Kauae. Croydon, CR 01 LU 
Property FundL. 

•Stopheunon Has. Bmoel- Centre, SMcMcy. P«a- F«- ^ 

ttutoa Keynes I 
I Ctartiua Energy 
Cbrihse. Money. 

Grt-F-iS^i.-^jraJ C-flj ^ — 

nfcrd Porttoll 

-MadiTf nlrl ftOC — _ 

Magna Msnnged 

[398 • 438 

»4‘ ■ 510 

MB 42. 11 

374 ‘ . 5M 

■ U3.6. . 

1506 - 

OOIMlSn MM agcd Fund 1979 , - 18! 

“ Fixed let. FiL__— .[96.7 ', . 10! 

T , Secure Cap. Fd. 

“ Equity Fund— . — , 

Abbey NriFfl-fAj.; 
Imresiment Fund— 

Investment FdjAi. 

Equity Fund____ 

SquiU- Fund (AT-. 

Money Fand^. 

Irish -life Assurance Co. ' Ltd. 
li.FlnobwSqnarc. Eat 

Blue Cfap. RepU — [79.2 

Money FUB^, 


Citr of Westminster Aiinr. Co. Ltd. ManagedFuad^. 


Equity Fung ..„■ — . 

FttmtadFttad — 


Pmn.Jfiagd.CA 6 — 
Pent llngd. Are— 
Peril Money Cap. - 



Perform Unite..— ■ I 


GUt -edged Fund— 

01-8208353 um EdR«IF».(A) 
500 * Retire AnnuUy 

— dimmed. Ann tj 

All WTber AtlhaJ 
e.\il Weather Cap . 

-• Pension Fd- Uk 

BJ-«23M33 Copy PfM-Fd.^--, 

M367T+1U0I - -.ststsae 1 

Man. Pem.Up.Ut 
Prop. Peaa.Fi._.^ 

King ft Shaxson Ltd. 

62 CwnMLLfXS, 

H ond Fd.Ex cm pt . .. fl#287 

. Nexvdedag dale Sept ai 

t jiiMhewi Life Agsuranee Co. Lid. -— r -- _ ... 

LMghMi Hi, HolrqtiTook Dr, NW4 jOWTOWI 
Larriifim‘A l Pl«X.i65.1 £- - m&^CvTvtL 

•Prop. Bond.-.,, — 
WlsjJ lSW Man Fd. 

7767 . 
69J5 . 

Trident life Assurance Co. Ltd.* 
010800808 Ronriado Rouse. Gloucester - 04S£30G41 
Managed J ““ ' 

Did. Mad. 

Internationa] __ 

, Fiscal — 

Growth Cap 

Growth /tec, 

Pens. Mngd. Cap.. 

Pens. Mnrd. Art. . 


Prop. Crow* Ruilm tc Annul Uet Ltd. 

“ ' “ 1003 145.4] 

1290 mM 





Peat Gtd. DepAcc.. 
Pens. Pptjr. Cap.— - 
Pens Ply. Aec— _. 
Trdt. BaU 












— ■TrfLCJ.RODd R9.0 

1342 -2U — 
1578 -08. 
940 +03 
123.0 —02 — 

1500 -00 — 

1388 -08 

130.7 +0.1 — 

1148 +02 — 

1363 -XS 

332.7 -2.4 
1375 -25 - 

126.7 i. 

1140 ._ 

1222 _.. 

1261 .... 


’Cash value for £100 premium. 

petty wT Westminster Assur. Soc. Ltd. -com i initial. 

Tetopbme. Dl-ffl* 0W4 Do-Aecnm. 

nrriUnhev.~x— . 

PoopwWUaito — 

LfgJi Gewnd Woit. Assnrj Lti 

Klnnswood Home. Kingawood.- ‘ Txdworch. prov.CaihPB.JSTGSjb 
Surrey K7SO0BU. -Burgh Heath 33466 cHti Fundfe-.. - pros 

Provincial Life-Assurance CoJJi - g’Be»i«»t- A«*.7i" 
01-7478533 ^ 

Do. Bond Aug. 1— 

7>ndail Asgnranee/Peiisloiu* 

16 Csnynge Rood. Bristol ' 087289241 

B-Way August 31 

Equity August 31 — 

BondAngustai — 

Property Aagm — , 

Deposit Au 0.31 — _| 

3- way Pen. July 20- 


,902 “ 

Equity Initial n .^:jU9X' 

. «,.i 1 JMlUlij itmiaim., — 

i? ‘ *SS — I “ Do. Accum l.,i— 1328' 

0 M 8 J J — ■ Fixed faitiri 1174 

Do. Atraw 1208 

Commercial Union' Grofap tSHSSffzm m 2 

Sl H idan' 0 , 1 , Undentudti ECS, •' 01-28S75W MansgedlnitiaLx. 123.2 
VrAnAeUl SenL 1 _ j 39.96 | ;...V.I — .' 

Do.' Annuity uts— .. I 3900 | .-..-1 — : PropBris lnltial— ,.W-9 

Confederation Life Insurance CM- Exempt Caahiiilf.. 

B 0 , Chancery Lone, ?GA UiE._-. _ ««««» 






XH 8 | 

,9 1978 



Do. Accum. 1345 

Exompt F ed lml 124.2 
Dn.Acctm-.-.— ,, 1188 
Exempt ftRJgd-Init. 127.9 
Du. Accum. ..— — ^ 130.S 
EsoniDt PropJalL. 975. 

_ Do. Arcum 


• 3368 +U — 
IMi +f' 

3266 +08] — 
114.1 +0, 

' 1160 + 0 . 

129.7 +0, 

1338 +0.L, 
1032 ._..] — 

Do.Acrum...— .^0825 '. -307.91- . 

legal 6 General (OriTntorissiiLtd. 

1 ffig 







— Propcrtyfund , 

— Equity Fund^ 

— , Fid. lot- Fimtt- 

1294 . 

1113 ,. 

3242 +05] ™ 
101.9 ... „ 
31H +0.7] - 


. 1768 


167 6 






•1744 * 



UB .8 ' 


Vanbrugh Life Assnzance 

41-43 Maddox St, Ldn. WIR 8 LA. 


Managed Fd- 1352.0 

“ “ rFd. 1247.6 


n ... 1090 

Prudential Pensions Limited* 

Htd born Bar*, BC 1 NSNH. 01-4030222 

EqultFd.AuLI6_iE27.lS 2» 

Txd. InL Ang. B900 39. 

Prop, K* Afl«.iS.pfiJ| 27. 

Reliance BfataAl 

+nnhndor Wi-ff» l .lt»nf 0602S271 Vanhl ugTi T towefawe Limited 

ReJ.Prop.Bd4. j 2038 1 4— 4IHB UaddoxSt, Ldn. W 1 B SLA • 01-4094823] 

BothBchUd Asset Managianent Mom ted ]ms i« 

SLSwitblB8Uiw,l0ndOfl.BC6 01«843« pi* ^8 

N.GfT 0 ^-____[U 75 _J 25 . 0 i ---I — Fropeny 1037 ] + 

F^xed latent Fd,._ 

Property Fd 

Cq*h Fund 

260 7 +X7| 
112.9 -08] 
1770 +08] 

Cnxrsatsed see Tu. Base Rates' table. 

Cdntfi&l Insurance Co. lid. 

SS,C4rahiU.E,C3. .01-628 MI0 

Feb, Auft.iX- [1365 ; - ].—] ~ 

^SSrBa Wd s\ 

oil Sub. day September 2 ft. 

Soysl Insurance Group 

Now Hall PD cn. Liverpool. KR22744S 

RoyzlS6ieidJU_4i4*j 1519] —1. - Welfare Insurance ‘Co. Ud-* 

Lefial ft General Prop. Fd. Mfirs, Ltd Sjn-e & Proper Group* Wl naiad* pork, Escter 03B»2im 

1 XQWBM Victoria sti EON 4TP 0 1-248 BffZB 4 . ctS-Hriany Lndn_ EC3P 3EP. 01-3S4 8800 MoneremkgrFiL_.| U 00 . _J 


Credit ft Commerce IhiHira&Cft 

LAGPrpJU. Sept. 6(978 ' UJLTt — BoUnv.FA . 
' Next auh. day pci- 6 ProirirtlTR.'' 

LifcAssur/Ce- of pemaytvanfe 
3ft« New Bond St.-WlMflO. ■ 014DOB 
LACG!^nlfa^8-49«' . . M«I _;.] — 

Lloyds iSlJ. Unit T$L Stafics. Ltd. 

lax R*f*atSr.L«!Kifin wirjfe. 0i4387i)tt.Ti ( iuo«b8hiSt,«c». 0 Leai 2 ». I *P?‘ 

Cfitfi Magi. m.-..^ua,o - 3324 . -Ereapi-_i, — -.Era*,, 1 . :mi| — | ixt 

PMoa«fis»&,pIfi^c refer to The London &j 
Manchester Group. 

Windsor Life Assur. Co. Ltd.. 
Royal Albert Hae., Sheet Sb, Windsor 

T3tr1lw.PI .ni_ 


Ret Awd.-Pena.—. 125,90 J 
Etatttv, Growth „lHR7 1U8| 








Alexander Fnnd 

37. nw Notre Dame, Luxembourg. 
Alexander Fund | SUS7.60 — 

Keyseles Ittngt., Jersey Ltd. . • ,vJ 

PO Box 38. St Heller. Jency^fEnfr «-fflaTO9» 

Net asset value AuC- 30 



Keysclex Inn. 

Kfjselet Europe— 

Allen Harvey ft Ross Inv. MgL (CM 

I. Ch«5 BSCrosi.StHirHcr, J^- ClL 0934-737(1 
AHRGilt Edfi.l d— {3000 • 10021 3285 

King .ft Shaxson Mgrs. 

Arbothnot Secnrilies IW -United 

Pa Box 284. SL IlBlier. Jersey. 033472177 iThonui. Street. Dounlas. LOJ 6 

Cap-Tu. I Jcisej- 1—11190 123 0) .....I 405 r,iUFumiiJcrieyi_|9 U 9J 

Next dealing date September 12 Glii Trurtif. a M 1—1035 10S.9 

GovTBecB.Tjrt.^— T]99 • 10 11 ..• •_■ J 32-00 Dili Fhd. UuetweHW 53 9i 

Seen. Tut, 

.1E17.97 _ 

First lniL— j; j 157.99 1BB0« 

UB+xaecB-^at.^ sui| ..— I “-“u uut ma. ij-uer 

No« den lino rime Septombcr 11. __ j—i &_ 
Eaat*lmITriiC™[ 12 Z 0 12901 — .] 190 S|«StertlM 
Next dealing dale September » FoalSfiL 



Australian Selection Fnnd NV 
Market Opportunities, c/o Irish Vornng fis 
Ouihnlte, 1 ST, Rent St. Sydney. 

USSlSbnrrs- | SUS1 62 ] .] - 

Net Aim* Value Amins* 24. 

Bank of America International SA. 
36 Boiticrart Royal. HHttBhoen : GJ} - 
mdiatest lacvme. 11131337 lUBI 

Klein wort Benson Limited >*- 

SO. Fuochurrh St. EC3 01 -eaWO# 

Lurinint Lux. F. 

Guernsey Inc— — 

Da Accum.. 

KB Par Rut Fd. — 
Kfilnti Fund 

KB Japan Fund 

7.47 K B. aSTcwth Fd,. 

Prices at August JL Next sub. dale Sepiember Sjffrt Bermuda — - 

6 . 

Banqne Bruxelles Lambert 
S. Rue Dc la Rccenrc B 1000 Brussels 
Renta Fund LF [1916 19751 +2[ 

UnirondsiDMi — .*» .* . 

■KB art as Loudon paying agents oro. 


47 +D 
35 +0- 

B (—0-1 





51IS40.47 . 

SUS1385 I+-0-771 
SITSS25 1-0-W 
[1970 20701-0801 

3.98 , 
2L9*' 1 


Lloyds Bt (C J.) VfT Mgrs. -’j 

P.O. Bra 105. St. Heller. Jersey; 004 
Lloyds Tsl Cteax.. 65.9] ...-4 OJS. 
Neil dealing dale Sept, la 

Barclays Unicorn Int. (Cb. Is.) Ud, 

1 . Cttertnc rross. Si Heller; Jrsy, 063473741 • 

Ore^^lnroqie „]466 ^S/jtskI Uoyds International Mfimnt SA, 

liar Trust 

Uaibond Trust .....BTHM 1 E.O]+OM] 8.00 
•Subject to fee and withholding taxes 

*£%> 7 Rue du Rhone. P.O. Box 179. Mil Gen.oraU^ 


Lloyds Intrtrewth ISFMU 
Xliiyd-s InL Income. ISF2975 


Barclays Unicorn InL (1. 0. Man) Ltd. 

1 Tbomaa BL,Dougl as, IaIL 1 0634+8S6 

Onlwrn .MiEUErt. . [56 9 

Da.Aim.MiO 370 

Do. Grtr. Pacific 69.7 

Do. Inti. Income 408 

Do. 1. of Man Tn. 46.4 

Do- Manx Mutual— 278 




Bisbopsgatc Commodity Ser. Ltd. 
P.O. Bos 42, Douglas. Lo. 6 T. 0624-239X1 

ARMAC 'An C- 7 IjySBtJ 8151] — I — 

CANRHO "AUR. 7..ltL047 181T 1 

roinn-Miii. : lr?d» 

COUNT— Aon T. _ [£2432 1580} ™ | 123 

Originally usued M ”510 and **£LOO. 

Bridge Management Ltd. 

PA Box 508, Grand Cayman. Cayman I*. 

N 'b as hi Sopt. 1 | ¥17021 | | — 

G P.O. Box 580, Hone Kong 
NipWnFd.ScT4-6~U5s»B 0*1+8.43] 0.76 

M ft G Group 
Three Quays, Tower HID EC3R SBQ. IM* ‘ 
Atlantic Sept, 5 _..ISU5123 35“ 

Aust. Ex. Sept. 8 — 

CldExAcc Sept 6-1——- 

Island D368 

I Accum Units) — 1192.7 

Samuel Montagu Ldn. Agts. 

114. Old Broad SL.E.C 0 . 0I-S8BMB4 

Apollo Fd. Aug 30 . ISF4605 

lli Grp. Au e. 25 HK1152 

117Jeree]riMig.23- f5f* 

1 17 JereyO'EAegJS (02.18 

Britannia Tst. MngmL (Cl) Ltd. 

30 Bath St, St Hclier. Jcruej-. 053473114 

Murray, Johnstone (Inv. Adviser ) * 
ie3.IfopeSt.GRuBow.C2. (Hl-ZDlBal 

■» w a,n | sugjg _J - '. 

•NAV August 3L 

■Murray Food 

Sterling Denodnaicd Fds. 






Jersey Energy Tst . 


High lnt£tlg.Tst |960 99. 

l : S Dollar Drnomlnrted Fds. 

UnlvaLSTst ISUSSJ3 . S«H ~ 

TatHIgh Idl Tst IsTSl® UU| ] 9.00 

Negft S-A. . 

10a Bouknard Royal, Luxembourg 
NAV Sept 1 | 5 US 12 .Q 1 | 1 — 

Nsgit Lid. 

Bank of Bermuda Bldga, HamUton, Bnodo. 

NAVA..[-11 1 £685 — | l — 

Value Sept 1. Next dealing September 1L plu^lx International 

Brown Shipley Tst. Co. (Jersey) Ltd. G ‘2X T 1 : 

p.a Bra 983. St. Heller. Jersey. 0534 74777. lntor-DoUarFiuid-UZ.44 2** 1 

Sterling Bond Fd.-|E9.97 10.00x9) : [11.70 „ „ , „ . „ , , 

Quest Fund MngnuL (Jersey) Ltd. 
P.O. Box 194. St Heller, Jersey. 03342344*' 
Quest SdgJFxd-Int. [950 18L7 

Quest DuLSccs.— .BDCT78 1852 

Quest IntL Bd. pS978 185.41 

. Price at August 3L Next dealing! 

Butterfield Management Co. Ltd. 

P-Ol Box 105. BoHuItoo, Bermuda. 

Buttress Equity |ASL45 253] — .] 165 

Buttress Income— JSU53.W 28fi| | 789 

Prices at Angnst 7. Next sub. day Sept 11. 

Capital International SA. 

37 rue Notre-Dame. Luxembourg. 
Capital InL Fond— | JUS1989 |, 

Charterhouse Japhet 


Richmond Life Ass. Ltd. 
48. Aibol Street Douglas, LOJt 
i x iThe NlvwlhidJyU 

Richmond Bond F7.]1790 

Bo. Platinum Bd 0280 134. 1 

Do. Gold &) 11145 120. 


Do. Em. 07(02 Bd. U 6 A 2 




CUve Investments (Jersey) Ltd. __ __ 

P.O. Box 391. St Heller, Jersey.' 053437381. OX"-. ComnnHBti'* .J 
Cl ire Gilt Fd.lCLI j9.80 »04|+OIB| 1100 O.C Dtr.Comdly.t~ 

Clive GUt Fd-Usy-), t9.77 9S]+O03| 1100 “ 

Botffifehnd Asset Management (GJL) 

„ P.DBox 58, St Julians Ct Guernsey. 048128331 » 

OCEq.Fr. Auiy J1..I574 . 60* -ZM 

o r incj- ri. Sc I 1_(1615 lTlffl 601. 

O.CJnU-Fd-t 51.43 i53 JOS 

CH.’ SmCoFdAug31 .Il54.0 163M . — S0O. 

1 — .0 XS281 .Jll] 4k2« 


Prices 09 Aug. 31. Next dealing Sept 14. 

Co rnhifi Ins. (Gnernsey) Ltd 
P.O. Bax 157. St Fetor Tort. Guernsey 
lnzolMun-Fd. £778 193. Of [ 

t Prices on Angnst 2L Next dealing Sept, 7.. 

Della Group 

P.O. Bax 301% Nassau, Bahamas. 

Delta Inv. Sept 4— pUSUB 2J0f m.,-1 

Royal Trust (CD Fd. Mgt Ltd. 

P.O.Box 104. Royal The Hse, Jersey. 0534 27441 : 

a ”i js? 

Prices nt Sept S. Next dcaCng September 12 .' 

Dentscher ImrestmentrTnist Deaiimt to- 

Pontfacb 11685 Biebeigarae BOO B000 Frankfurt. 37 Bread Stl, St Heller, Jersey 

Concentre [KCD.% 2ZOM-OJO] — 

IntBententonds^- UU8JD 788* “ _ 

Save ft Prosper International • 



VA DoUaiMtommlaalrd Fluete 

Dreyfus Intercontinental Inv. Fd 
P.O. -Box N3713, Nassau. Ba ham as. 
NAVAagusL39__4JlK1554_ D5!| — 

Dir. Fxd. Int-t- 


North American *r. 

Emson ft Dudley TstMgtJrsyXtd. 
P.a Bra 73, St Heller. Jersey. 

E-D8.CT. |B10 13981 

Eurobond Holdings N.V. 

Handelakade M, Willemstad, Curacao 
I — ten AtteetKlnleL 15 Christopher St, ECS- 
Td M-MI 7240. Telex: SS14488. 

NAV per share September 1 5US3D0O 


StoUnf-dnumtnxtBl nab 
Chinnef Capital*— [2488 
Channel IvlandsO— ^g0 160.^ 

053420581 CDmmod.***t 0270 . m ^ 

— 300 ISt Deposit MOiT -J ~-4_,«03 : 

St Fixed— * JpU 1 120.91 I T8J0 • 

•Prices on August 30. "Sept 8 . — August 3V 
rtuittal offer. jWeelay Dea l lngM- 

Schlesinger Inlernathuial Mngt. Ltd.; 

4I.U Matte St, StHelier, Jersey. 093473388, 

F. ft C. Mgmt. Ltd Inv. Advisers 

I -2. Laurence Pountney HOI, EC4R OB A. 
01-083 4080 

CentFd.Ail*30_.| SUK 6 A 6 | 4 — 




Fidelity Mgmt. ft Res. (Bda.) Ltd 
P.O. Bra on. Hamilton. Bermuda. 
Fidelity Am. Abs.._ I JUS30.17 
Firieliiy InL Fund- 

Fidelity Pac. Kd. JT7S5857 

Fldeiliy Wrid Fd_ SUS1780 

lull. Fd. Jersey __ 
IntuLFALxmbtg. _ 

•Far East Fund 

■Next sub. 


tu* 1 

day September 13. 

Schroder Life Group 
Enterprise House, Portamoutb. 
lntcrMtio&al Fnads 


Fidelity MgntL Research (Jersey) Ltd. 

Waterloo Hse, Dcra St, Sl HeUer, Jersey. 

0334 27301 

Series A rrncnl.r — ] £481 ( .....J — 

SoriesB (Pacific l_ | £1085 + 0 . 45 ] — 

Series D (AautxM £2801 1-052] — 


£Ftxcd Interest..— 
SFlxed Interest — 

CManaced „ 








1285 +08 — 
1528 +0.9 — 
1400 -08 — 

1308 +08 — - 
139.7 —08 — 
132.4 +0,4 — 

First Viking Commodity Trusts 

0824 4082. Ldn. Agts. Dunbar A Co. Ltd, 

53, Pall Malt, London SWI75JH- 01-0307857 
FsL Vtk.Cm.1V._p48 365^ 

J. Henry Schroder Wagg ft Co. Ud. 

120, Choapridc. E.CA 0L3834000' 

Chap 5 Sept I 1 SUSliSJ 

Tratelcar July 31 „ • 5USU3JQ 

Fst V kj>bl Op.TR . fM.O 

480 J3pan 



Fleming Japan Fond SA. 

37. rue Notre-Xleme. Luxemboun; - 
Fleming Sept6 — \ 5CS6356 l+OJl] — 

Sentry Assurance International Ltd ; 

P.O. Bra 320, Hamilton 5, Bermuda 
Managed Fund JK51Hi 282* — ,J ‘ — 

Free World Fnnd Ltd. 

Butterfield Bldg, Hamilton. Bemuds. 
NAV Aug. 31 „] 511 Sl 94.91 ! 1 

G.T. Management Ltd. 

Singer ft FrSedlander Ldn. A^tiitg - 

20 . Cannon St, EC4. O1-O4&084B- 

Dekafonds jDM26M^ HUrt-ftlBf 604, 

TUksoTotSopLl—l SU.S.4000 ] .Ti-4 155 \ 

Park Hse. 10 Flnsbura Circus; London EC2. 
Tel: 01-038 813L TUD 888100 

London Agents (nr 
Anchor 1 ^ Units 

Anchor Gilt Edge „ 
Aortiiir lnl Fd. 

Anchor In. 

Stronghold Manage ment Limited , , 
P.O. Box 310. St Heller. Jersey. 0536-71400; 
1.93 Commodity Trust -[9083 9407] —— 1 — * , 

1209 J 

20 Surinvest (Jersey) Ltd. (x) . ' 

®-ZJ Queens Hse.Don.Rd.5L Heller. Jsy.0G34273fiDj! 
® American lnd.Ttt_H8.06 BM+O^tl _ f 

^ Copper Trust |OL2B IXHI-aoffl — 

^ Jap. Index Tst |C11M 11. W] +087) — . 

005 * 

+aos] a« TSB Unit Trust Managers (Cl.) Ltd.: 

c-v ,ri 1 I J_ A,| C Bagatelle Rd,SL Saviour, Jorsey. 0534 734M 

uanmore Invest. Lid. Lon. Agts. jfrwyFnnd M9.o •ot.U 1 4 jfi ' 

2 . SL Mary Axe. London, EC3. 01-2833531 Guernsey Fund — t‘W .0 Sis| 1 456 

Gartmsre Fuai MjuL iFkr East) Ltd. Prices on Sept & Next sub. day Sept 13, 

i^Uotohison Hse. ID Horcaurt.Rd. ILKon^ . 

050 Tokyo Pacific Holdings N.T. J 

180 Xntmris MaoBCemcnt Co. N.V n Curacao.’ 1 
NAV per share Sept 4 3UST2-1I r 

Bcrty Pac 

Berry Pac serlg 

G.T. Ann Fd. 

G.T. Asia Sterling™ 
G.T. Bond Fnnd„_ 
G.T. Dollar FU--__ 
G.T. Pacific Fd 


f ..„. 

E940 9-8S 

SUS5.14 A* 

, Wa „ 

30J 328 


32LOO 33592 


nasal tut 

rtfi 93 17.74 






I1K i Pnr. U. Tst f 

Japan Pd I 

_N’. American Tst t 

Inti. Bond Fund |SIKua 1L7I 

Garteare I wantni Hip. Ltd 


POfBo* S2, Dour 1 

Carunore IntL Ine_, 

Gart&mre lnLL GrtblUJ 


■ 10.10 

Hatabra Pacific Fund Mgmt. Ltd. 
2110, Comuiujtbt Centre. Hong Kong 
Far East Sent7__|RK16J9 UflTI+B.'nl — 
Japan FbikI — ..|Wg33 9S!} 1 — 

Tokyo Pacific Hldgs. (Seaboard) N.W’ 

Inti mil Management Co. N.V, Curacao, : 
NAV per shore Sept 4 5US9E06 .j 


Hambros Rank (Guernsey) Lid/ 
Ha mbr os Fd. Mgrs. (CJL) Ltd. 
P.0. 80 x 68 . Guernsey 

CJL Fund 1152.0 

Incnl. Bend 5US 10&41 

IntRjpiUy SUS|l845 

lot Svg» 

•B‘ SUS]L25 

Prices on Sept 0 . Next dealing Sept 11 

Henderson Baring Fund Mgn. Ltd. 

605, Gammon Hpn.v. Hpng Kong 
Japan Fd Ane. 30-138337 SI 3531 ...J — 

Baring Hena. Bond Fd. Sept 1 SUS108S5. 
■Excluilvc of any prelum charges. 

Tyndall Group 

P.O. Bra 1258 Hamilton 5, Bcnmub. 8-X7SO 

Overseas Aug. 30 

1 Accum. Units; |SUSJ7 

_ 3-WayInt Aua.17,. 

noni 5 New St,SL HeUer. Jeraey 

04UIJQ3ZI ToreLAne.31 U880 

I'vccom. Sharen 02.95 

American Aue. 31— 435 

lAceum s ha res! 

Jersey Fd. Aug 30. 2174 
(Non-J. Are. Uts.i.... 307.6 
Gilt Fund Aug. 30.. 106.0 
i Accum. Shares) 1400 










loao . 

gj -J “ 


Victory House. Daaglra. leleef HtesLWUauil. 
Managed Ai«. J7...?135.4 2424] . 


lUd. InlnL HngUmt. (C.L) Ltd. 

14. Mu] caster street SL Heller, Jersey. 
XJ 8 B. Fnnd .- PUSKgg M«j| .7,9* 


Hill -Samuel & Co. (Guernsey) Ltd. 

LeFebvre St, Peter Port Guernsey. CJ. 

Cuera«yTst_. {16L2 17381 +10J ' 

Hfli Samuel Overseas Fund S Jk. 

37, Rne Notre-Dame, Luxembourg 

jjusais aai+0.111 - 

r . . . _ „ __ : ^ , S, C.- Wnrborg & -Co. Ltd.- 

international Pacific Inv. Mngt. Ltd. w . Gresham street ECS. 

United States Tst. IntL Adv. Ce- 

lt Rue Aldringer, Luxembourg. 

U.S. TsLlnv.Fnd.-l SUSS13T I 
Net assets SepL L 

-4 OJk. 

FO Box R237. 56. Pitt St Sydney. Aust. . 
Javelin Equity Tst. |iA288 2A01 ■! — 

JJE.T. Managers (Jersey) Ltd. 

PO Bra 101 Ron] Tut HbR, JersopHM 27441 

Jersey EjtrnLTju. [ 186.0 1974 »--l - 

A* at July 3h Nest mb. day August 3L 

Conv Bd. Septa. 
Em, Int Sc m. 5^. . , 
GrStSFd. Sept 1 ..] 


MercEbdFd AugSO. |KUIB3» 

Jardine Fleming & Co. Ltd. 

4ddt Floor. CWmaughi Centre, Hone KoM 


JjrtUnc Fi eri Tut 
Do,(Amua.). u _ 
NAV An* 3L 

HK515 01 

•Eqitirtlcnt SOS8204. 

Warburg Invest. Mngt. Jrsy. Ltd, '■£ 

1. Charing Cftae, St HeUer, Jiy. a 0554 737*1 J 

CMFIXd. Anft.31-BDBSB XUft J 

CHTLld. Aug.31 _. 0902 54Jffl ..,.1 ~ ? 
Metals Trt.Aug.lT_ 0282 3203 .)■ — 

TMTAucuatti- sosmt hjh _ J '—. I;, 

TUTLiiAufi.U--tnI« UHI —4 — | 

Plea sub. Sept 13. 

World Wide Growth M a n a ganen t^ j 
10 a. Boulevard Royal. Luxemhour*. T 
Worldwide Cth Fill SUSlfi.94 l+UBt W l j 



Intiode all expensed, b Ttulay's c Yield baaod on after price, d Eatimatod. a TMs& 
-sgssJas price, h Diriributlaiili'woiUJttUM.p Periodic premium towmmee pl*na.» Smut 
premium 'lasunsce. x offered prire include* all expenwe except oaeafs comsmt 
y Offered price Includes all- expense# u bousht tlffoagh manaqerB. a Prevfmm day *8 urtca. 
* Net of tax on realised capital gias tuitejs laflteted^Ojg Gumaey STaca. I .SuspemfedLi 

Jersey sax..t Ex-snbuvtrion. 

„ F" 
... i .‘ 

I‘-n!:n fi i'nzuilliam Square. 

TV-1-?* 34 M 7*1. 7B53Z1 
E-lir'-wrr'i 1.7 ‘■uurs.v Sirnot 

TL-i'rl Tel U3122B 41110 
•>;r.lijn lm Vu.-hserlnijof 13. 

4l.Zk.ti U1 S5K3 0 
Ji’hi.r.r.?'.! IT. |*i'i Rox 11138 

7il«v r-UST 7t ! tW»7S4fl 
l.:-.l?or* Pr-|-j| Al-.'Zn.i S»ID, Lisb'ifl 2. 

T.'lev Ilttvl r-.-l 309 

ir'it r.- ,-.ron. wl.i lit M ■'■•Iriil 3. 

Tvi. -m: >~j 


r-.iTUinj.ii.irri ••■.-.■niv liotivc Uourzc Head. 

IKPjeW Tel 021-454 WE! 

*■ 1.1 ■ nl •urn"!' iT iji/. «ri{o Strcul 

T.14Ri T«*l U3 1-226 41.13 
• 'r.'i.ikfun Itu ;icch icntauer 12 . 

T l-Il-x ;r.26F Ti.-l 55466; 
i.« -.-d' f .TTOni.T .1 l ! mi. - a 1 , rhi- HcAilruW. 
Tel: «&£ 4:i4r«i 

Overseas advertisement representatives in 
Ventral and South America, Africa. Uie .Middle Kart, Asia and the Far. East 

I-’nr (urthvr details, plrnse roniacl 

Overseas Advertisement Department. 

F.nurur’nl Times. Bracken House, 30. Cannon Street. London EC-JP 4BY 


v'oriv.' ••'btainahli* from nvu*-:ii:otit¥ anti bookstalls worldwide or >m regular subwriMioa from 
•JnhMTiiHinn lienMimenl. Klnani'inl Times. London 









; j 






Thursday September 7 1978 . 



0742 734068 

Rhodesian Government 
to meet black-rule date 


finally admitted yesterday that 
ft would now be administra- 
tively impossible to meet the 
December 31 target date for 
Ihe hand-over of power to a 
black government. 

At the same time, Mr. Ian 
Smith, the Prime Minister, 
promised the nation tough 
action in the wake or the 
killing by guerrillas of the 
survivors or last weekend's Air 
Rhodesia plaue crash. 

He did not spell out what 
measures lie was contemplat- 
ing. but be toid a hushed 
Parliament that they might 
upset Rhodesia's friends in the 
world. “ They have got to 
realise there is a limit beyond 
which we cannot go,” he said. 

“Wc cannot go on allowing 

ou r reasonableness to be mis- 
interpreted by others as 
weakness. They believe they 
have got us on the run and can 
push us around. 1 warn them 
they have seriously misjudged 
the case.” ■ 

Although Mr. Smith did 
describe the Government's 
promised action, there was 
speenlatiou that it might launch 
a revenge strike into neigh- 
1 jouring Zambia and Mozam- 
bique against guerrilla bases. 

.. Mr. Hollo Hayman, Joint 
Minister for Internal Affairs, 
told Parliament that it would 
be impossible to meet ibe 
December 31 hand-over date. 

The Government set np under 
Rhodesia's so-called Internal 
settlement last March has still 
to publish its Independence 

constitution. Mr. Hayman esti- 
mated that it would take at 
least four months from agree? 
meat on the constitution before 
a majority rule Government 
could come into being. 

The December 31 date bad 
been pyschologieally impor- 
tant for the Salisbury Govern- 
ment and Its deferral Is yet 
another severe blow to the 
credibility of the interim 
administration, which .has 
failed to stop the guerrilla war. 

Government officials have 
also acknowledged that It 
would be extremely difficult to 
conduct a free and fair elec- 
tion while large tracts of the 
country are under guerrilla 

Meanwhile, in London, Dr. 
David Owen, the British 
Foreign Secretary, yesterday 

delivered ah lltb-hour appeal 
for a spirit, of •• compromise 
among the parties to the 
Rhodesia dispute— but be 

offered no- real hope that such 
a compromise whs in prospect. 

Speaking to a meeting of the 
Royal Commonwealth Society, 
he said Britain was still work- 
ing for a round-table con- 
ference on Rhodesia and added 
that it would “be preferable 
to have a temporary ceaseHrc 
while negotiations continue.” 

If this was not possible then 
at the very least he would 
urge leaders on all sides to 
send out orders that “they 
will not tolerate incidents 
involving the loss of life of 
innocent civilians and that, if 
there are such incidents, those 
responsible would be brought 
to account.” 

Former Minister defends role 


LORD THOMSON of Mooifieih. no oil had been going, to Rhodesia 
the former Commonwealth Secre- Rhodesia directly from British Marques, 
lary at the centre of the companies " for some years.” capital. 

from Lourenco jurisdiction. The UK Govem- 
the Mozambiaue ment had had no power to stop 
it, but it had applied diplomatic 

Rhodesian oil sanctions ronlro- He told a meeting of the Royal From 196S to 1970. the Govern- pressure on the French Govern- iaQce 
versv last ni^bt defended his Commonwealth Society in ment had made arrangements ment to stop the flow of nil. 
role " and thaT of the 1966-70 London that “since the summer with the oil companies to prevent Lord Thomson asserted that 
Labour Government in the cn- of last year no oil— I am assured any further British oil reaching the Wilson Govermneni 

— from British companies. Rhodesia, he said 


forcement of sanctions. 

October 1968. was one of t he 
major figures who gave evidence 
to the recenf inquiry by Mr. 
Thomas Bingham. QC. into the 
breaking nf sanctions by British 
oil companies. 

stopped the flow of British oil 

nwAw"* i rrespective of whether they have Lord Thomson said the 1988 into Rhodesia from Lourenco 

3 * subsidiaries in other countries, is ararngemenls were “second best” Marques by insisting that the oil 

reaching Rhodesia." since they did not stop Rhodesia companies ceased offloading any 

Lord Thomson, wbo as Mr. getting oil. “But they did mean oil in Mozambique and delivered 
George Thomson had depart- the .Government was ensuring it all to South Afrfica.” 
mental responsibility for that British companies under * ■ ■* 

com ' Rhodesia from August 1967 to their jurisdiction were observing JLlDenil CHIl 

British law and that was of £. Mr. David Steel, the Liberal 
capital importance in maintain- leader, said yesterday that the 
ing the pressure an Smith for a Liberals would demand a full 
negotiated settlement.'’ explanation when Parliament 

Lord Thomson's statement did reassembled of how successive 
not spell out what those arrange- British Governments had allowed 
manta were, but other evidence 0 U sanctions to be so ineffective. 

„ „ presented to the Bingham inquiry The British taxpayer had paid 

concerned a fuU account of all ^ lthoueh Bingham report suggests that the South African £>00m for an apparently useless! Since then, the second quarter 
that passed at the meetings with has t ' 0 ^ polished reports subsidiaries of British oil com- blockade and the prosecution of j has proved to he disappointing, 
the oil confutes. of j ts contents indicate that Lord panies arranged a complicated minor figures for breach or sane- ’ Recovery was slow on the home 

“ Tiie obvious ineffectiveness Thomson played a central role ‘swop” with the French group, tions was no substitute fdwr an! front, and underwriting losses 

of Rho design ml sanctions and in Jia j eon hetween the Govern- Total: they would supply Total open and searching inquiry into ; continued, though on a very 

the implications this constituted n)ent and the oj | companies over with oil. which would then the political failure of the Wilson ! reduced scale. There was 
for the British oil companies the enforcement of sanctions. channel it into Rhodesia. and Heath Govemroenls to’™ a marked deterioration in 

were in fact discussed frequently Defending hi s actions, l^rd Lord Thomson said that implment their declared nu I icy.! the 

by the Ministers concerned Thom so last night said that it accusations that the Government 

before I joined the Cabinet dur- transpired that between 1963 and was parly to the. “swop” with 
ing my period as Commonwealth 1967— unknown to the London Total "miss the reality of the 
Secretary, and afterwards.*’ Boards of the oil companies and situation.” 

In a separate development. Dr. despite their instructions to *beir 
David Owen, the Foreign Secre- subsidiaries— British oil 

tary. yesterday said he believed being diverted straight 

issued by Lord Thomson impli- 
clty contradicted Sir Harold 
Wilson's assertion that, when 
Prime Minister, he- had received 
no reports of British oil 
parties breaking sanctions. 

Lord Thomson said he had 
exercised bis rights as a former 
Cabinet Minister to consult the 
appropriate papers and these 
confirmed that he conveyed in 
writing to the Prime Minister 
and other Ministers most directly Accusations 

£ 10 . 5 m 
first half 
loss by 



ALMOST £12m was wiped off 
the stock market capitalisation 
of Sun Alliance & London Insur- 
ance yesterday afternoon, when 
publication of the company's 
interim results . : showed the 
extent of its underwriting 
losses in the six months to the 
end of June. 

Against the. £2.Sm profit made 
on underwriting fire, accident 
and marine business in the first 
six months of 1977, Sun Alliance 
lost £10.5m in the first half of 
this year. 

Mr. W..G. Niven, one of the 
company’s general managers, 
said yesterday that losses were 
likely to continue into the 
second half of the year, but on 
a smaller scale. Nevertheless, 
the company's shares closed 24p 
down at 534p. 

After allowing for £1.4m 
profits on the long-term insur- 
busines. and investment 
income up 12.5 per cent at 
£29.7m. pre-tax profits for the 
first six months showed a decline 
of jnst under £10w at £20.7m. 

Jreraium income, up by 11 per 
cent at £26S.2i7i. reflected the 
effects of parity chaoses. If 
currencies had been stable the 
increase would have been nearer 
14 per cent 

Lord Aldington; chairman of 
Sun Alliance, told shareholders 
at the annual meeting In May 
that underwriting eimerience in 
ihe first miarter had been had 
because nf the severe weather, 
the firemens’ strike and the in- 
creased incidence of motor 

...... overseas 

because of 

hit sines. largely 
competition and 
restrictions in 

There could lie little doubt that, 
but for this failure a peaceful | government 
transition to majority rule could j ^ 

have been brought about without , 

The exchange agreement had the bloodshed and atrocity which j. h ® thought thaj. mo company 
was been made under South African bad built up to such a horrifying i |lad a,so 156071 2 unfor " 

loco law and was outside British extent in Rhodesia. 

it therefore suggests the need 
for closer contacts In' tween BL 
and a European manufacturer — 
most obviously Renault or Fiat — 
with joint production of some 
models and a co-ordinated com- 
ponent and sales strategy. 

Union leaders will h e seeing 
Mr. Eric Varley. Industry Seere- 
ta;>. to discuss the motor 
industry next week and are likely 
to argue that European co-opera- 

to launch 
Daily Star 
early next 

By Ray Perman, 

Scottish Correspondent 

plans to launch the Daily Star 
• — a tabloid— on October 9 or 

The group's circulation 
managers have given notice to 
wholesalers Hint they would 
iike to distribute (lie new*- 
paper from one dt those dales. 

Time has been hooked with 
independent television com- 
panies for an advertising cam- 
paign to start on one of those 
two days. 

The paper is to lie published 
from Manchester and is 
intended to compete iu the 
Sun and Daily Mirror market, 
ralber than with the Daily 

Mr. Derek Jameson, editor of 
tbe Daily Express, said Iasi 
night that a firm date bad not 
been decided for the launch 
bat the aim was to get the 
paper out as early as possible 
in October. 

One factor which will decide 
how soon the launch conn's will 
be agreement with unions. 

Earlier losses 

Mr. Jameson confirmed that 
Express is exploring the 
possibiiily of printing 50,000 
copies by facsimilte reproduc- 
tion in Inverness. Tbe campany 
has been negotiating with 
North Press, a recently-formed 
printing business in the town. 

The north of Scotland and 
Aberdeen were areas in which 
the Daily Express lost circula- 
tion heavily after it withdrew 
from priming in Glasgow. 

Now it has to fly copies of 
ihct paper from Manchester to 
Lossiemouth in order to pre- 
vent further losses to the Daily 
Record — owned by Mirror 
Group Newspapers and printed 
ui Glasgow — and The Sun. 

which nl^o is planning to print j they will fulfil the »air;t 
in Scotland. .... — r • «. ~ 

“ We are hopig that, with Ihe 
support of the Highlands and 
Islands Development Board, we 
can trv fascimile printing in 
Inverness and cut out oar air 
service to Lossiemouth,” Mr. 

Jameson added. 

“We are looking at produc- 
tion schedules now to see if it 
will he possible to include any 

late news, but we will want io 
maintain a balance between 
the needs or tbe Daily Express, 
the Scottish Daily Express and 
the new paper. 

“W« are exploring Hie pos- 
sibility of using facsimile 
reproduction hetween London 
and Manchester and 
Maucbcsicr and Scotland.” 


Chrysler, unions report 


for The relative weakness of thp 
tbe French components industry; 
British motor industry in any motivated the French Govern-' 
takeover. ment to assist its development 

The report is one of the most a-nd guard against the expansion 
extensive joint trade . unions of foreign companies in France, 
research exercises yet under- The major proportion . of 
taken. It will be before union Chrysler UK components were 
officials today, when they meet manufactured in Britain but tbe 
to consider their reaction to takeover could he expected to 
Feugeot-Citroen's failure so far be detrimental to the British 
to agree to detailed discussions industry unless firm commit- 
on the takeover. ments were obtained. 

in order to be viable tbe report So far as Chrjsler's truck 
says an automotive company has operations are concerned 

UNION LEADERS will today for adequate safeguards 
consider a report which suggests employment prospects and 
that there is little realistic 
alternative to accepting a 
Peugeot-Citroen takeover of 
Chryeisr in Europe, although it 
poses a series of dangers to the 
British motor industry. 

The report, by the main unions 
with members at Chrysler UK, 
concludes that the possibility of 
a counter-bid by BL is For 
financial, structural and 
technical reasons “ unlikely in 
the extreme ” but that Peugeot- 

Citroen ownership of Chrysler to become a large multi-national, report suggests that Peugeol- 
UK would increase the corn- On the basis of size, ihe industrial Citroen, with no solid base lu 
petitive pressure on the British logic of a Peugeot-Citroen take- which lo add the existing 
motor industry. over of Chrysler is “close to Chrysler products, might con- 

being iinpeccahle.*’ sider re-sale. • 

However, so far as the impact The industrial relations record 
on he British industry' is con- of both Peugeot and Citroen, 
cerned, the inevitable con- particularly ihe latter. is 
sequences would be to accelerate described as " very unfavour- 
the technician drain to Europe, able” with the general attitude 
It could only further weaken the of both companies regarded as 
design capacity of the British 
motor industry 

“ Without affecting dramati- 
cally employment numbers it will 
- . . . result in further deterioration in 

lion is the best way of giving BL the requirement for skilled .. 

ihe sue and capaothij io compete workers.” There was a danger of ment either lo authorise the 
in world markets. the British car industry beconi- National Enlerarise Board to 

i The TUC congress yesterday ing “little more than an obtain a substantial chare in ihe 
* passed a stronc resolution cutting assembling industry.” Peugeot-Citroen Chrysler UK 

lunate'* in the series of large 
exceptional losses it Incurred in 
some out-of-the-way territories, 
in the first half. 

Problems in the UK now 
mainly i-oncem the low level of 
«*nver taken out on household 
(bouse and contents) business, 
in which Sun Alliance has a large 
(approximately 14 per cent) 
share of the UK market. 

Sun Alliance introduced a 
uolivy of encouraging policy- 
holders lo index-link their sums 
assured a year ago. and has re- 
cently adopted a tough line 
towards those who -decline to 
raise their sums assured to keep 
up with price rises. 

Other insurance results Page 20 


at P and O 



at 5035 

P ah d -0’s interim -result are 
predictably bad. Prd-t^x profits Index WSS unchanged 
have slumped, from £26:9M to 
£Llm and after taxation there 
is an attributable loss of £4.4zn. 

But this has not stopped the' 
company dipping . into its 
reserves to pay ah unchanged, 
dividend and the sharesrrose 2 Ip 
to 86£p. 

The results themselves hold 
few surprises. Tbe interest 
charge has risen by £2.6m to a 
hefty £17m, the bulk shipping 
side has sailed deeper into the 
red and pre-interest profits of 
the general cargo business have 
collapsed from £2L8m to £9m. 

Fierce com petition .in the Noxth _ 

Sea has hit the profits .of the. 

European- transport Side while 
the much vaunted energy 
operation has . been '=• losing 
money. Meanwhile, the Boris 
business and the passenger 

F.T.- Actuaries 
Indices A 


A V : 

, .* w* r< 

.* - « v 



though GRE still faces problem) -at 
ixx Germany, while; Australia ifni 
on a declining trend. -- 

- For 1978 as a whole CRf 
should now be able .to produo 
something over £fji5m pre-taa ; 
perhaps nearer £70m, agaios 
£5S.8m. For Sun AUiahce. how 
ever, the question is whether.! 
can claw back enough In 
current half to repeat the 197 . . 
total of £57 -2m pre-tax Meal 
while there, are no real sui 
prises from Phoenix the thi* 
composite to report yesterday - 
Like tbe two larger groups ii 
underwriting experience j ■ 
proving sticky outside the- Ui 
and pretax profits after si 
months are a shade lower i 

Guinness Peat 

Has there been misnmte 

ousiumw aim uw *wu«*uBcr- . . ^ , c tlv standin S over J 5 ) * divide* 

cruise side have done somewhat „ L Jt J322J control rules at Guinness Peat 


necessary that a (dear statement Lagf year, following the acqu 

should be made of what is going 

sition of London Electrical an 
General Trust, Guinness Pci 
announced that the dividend fc 

1976-77 was being increased b ■> 

It looks as if the last Jhalf saw on within the management 
the worst, as far as P and 0 is. yesterday's terse hints will 
concerned, and although the hardly satisfy shareholders. 

group is not expecting to- make ‘ . t ... . . 

money on its bulk shipping f nmoOSlteS P .t r ce ^ t w,lh the ‘ 

operation until 1980, the second; - ^ _ the T jT as “^ y * T^s yea. 

six months of the year should Warning noises from Sun however, the Increase is bem 
see some recovery. Even if pre- Alliance had not sufficiently limited to 3 per cent e 
tax profits for the whole of 1978 softened up the . stock market Treasury- instructions. C. 
only of the order ot£10m-£15nL for yesterday’s half-time figures, directors are convinced that tit 
say, the dividend does not seem and w jth P^ tax profits down restriction is entirelv consists 
to be in imminent danger^ .from £30.4m to £20.7m the with the rules, though some ar 
However, the real ---mystery shares lost 24p to 534p. The upset at what they see as a. 
about the interim Statement Is' group's above average exposure annmoly. Oddly enough, .thet 
the news of the management 1° storm damage and exagger- was no reference to the 1976-7.*. 

ated fire losses (after the fire- dividend concession in th 
men's strike) early in the year leGT offer document 
follows inevitably from its -big 

reshuffle with Lord Inch cape (a 
non-shipping man) taking over 
the chief executive functions 

Dividends apart, yesterday 

from Mr. Sandy Marshall. Since market share of UK property Drp j iininar . flgu res — showin 
P and 0 fought off the- cheeky insurance business^- Moreover al ‘ tr jj Juta j 5 ]p pros t s 27 per cei 
Bovis bid in 1972 the record of UK motor expend nee appear - Sre well u 

P and O’s management .(headed to have worsened. The ove rall ^ . expectations Wit 
hr Lord Intthupel h** 

trow spectacular and it is tart !™”.° ( Ul n 0 5 ™ <le ™' rltJnf “ a broking, all divisions srom l 
to see why this latest move will loss ot . havg ghowQ sood profit grwwt| .:. 

alter that The group did man- " But although Sun Alliance international projects bm 
age to spot the onset of .the complains about excessive world ness in particular has contr 
tanker crisis and take pre- insurance * capacity. and k Ute <j t0 the years result 
cautionary measures but tire ; depressed premium rates, there incr{?gsin( . ils contribution t 
takeover of Boris and the is a .heavy exceptional element pre . tax profit from L4 to 23 w -- 
ambitious bid to become ihe to its setback, both in terms of £ pnt i ine the di 

largest independent LPG^oper- UK weather and unusual fire P » n 'j nTof s r frfim ctuinnes - • 
ator in the world -ta« .proved losses in Europe Certainly the Mahn ° n banking activities is u 
verj 1 . expensive mistakes. The. experience of Guardian Royal ont * t hj rt i at £L6m 
Group has yet to prove, more- Exchange has been Jess severe. F i nance director should no» ‘ 
over, that its investment in high though even here the slight gp has decided to sfi 
risk energy projects is going to deterioration in underwriting w ; iUnf , off ' its goodwill (show 

be a moneyspinner. 

losses from £4.3m to £6.1m, and 

at £6.7m in last year's balam 

The problems at Bovis seem the on y modest rise m pre-tax j as an extraordioai-v itei 
to have been just about sorted profits from £26.3m to £29.3ra, ‘ s a “ „ Li? ' 

out but tbe .group has still not are mildiy disappointing. Here * Thp ' 

solved the problems of its heavy too. the first quarter in the UK 15 Pa rent a year. T1, e receny . 

exposure to LPG carriers which caused problems, with an under- approved (though ^not yet uv 
are standing in. the books at writing loss of £4m on the UK.P. leme . nted * Efc,c . , • , “ re, 1 . 
£l60m with two. more worth fire' account, but this improved fave is s®*® t0 ^ 

£40 m apiece due for delivery to .a. profit of.£L5m. in the factor here, 

over the next year. second quarter. For the second At 252p the shares trade- o 

P and 0 has already once Ire en half, UK business ' offers a p/e of 10.36 and a yield of 

turned inside out by a board- substantial recovery . .potential per cent. after the restriction o-. 

room upheavaL In the over - a poor period last year, the payout 

Continued from Page 1 

French budget 

general 10 per cent offset against ^enterprises and put up the cost 


Two area of expenditure are 
the) being held io lovrer-Lhan-noruia! 
increases: administrative costs 
will rise by 11.9. per cent while 
Government intervention in in- 
dustry and the public sector will 
cust only 9.9 per cent -more be- 
cause of recent moves to limit 
subsidies lo public and Stale 

of a wide range of services in- 
cluding electricity, communica- 
tions and transport. 

Other priority areas which 
receive large spending increases 
are agriculture, education, youth 
programmes and sport, job train- 
ing and defence. 

The cost of debt financing will 
rise by 37.8 per cent. 

1 anti-union.” 

Presuming a BL bid for 
Chrysler to be unlikely, the 
report concludes that the most 
“realistic and logical alternativ"*” 
would be for Uic British Gbvern- 

Contimied from Page 1 

Invisible exports 

Pension funds 9 protest prompts 
consultation for takeovers 

projection of a £750ai surplus for 
1978 looks out uf reach. 

The detailed breakdown on 
invisibles shows the surplus on 
services fell by £134in. to £590m. 

There was a sharp decline in 
[earnings on City financial ser- first half as a whole the surplus 
j vices from the exceptionally high lias been running a third below 
flrst quarter — down from £469m last year's leveL 

to £355m, with a £79m decline 
io insuraqcc. 

The net surplus an travel of 
£18im in the second quarter was 
slightly larger than in the pre- 
vious three months, but over the 


THE PENSION funds' outcry they wanted such a change, 
ae&inst the technicality which Now. in what is obviously an 
allowed Allied Breweries to issue important precedent, two com- 
Nhiinf* fur J. Lynns and Co. with- panics have agreed with the in- 
out first seeking shareholders' stitutions ihe wording of a 
I approval is already affecting the promise which will fully salisfv 
altitude of major companies. the pension funds* demands, 
j In separate meetings later ibis As a result the National 
l month two large companies will .Association of Pension Funds 
promise their shareholders that has written to member* recoin- the. sort of takeover which could 
nrl nol mending them 
just the letter »r the Block Ex- increases in the 
change regulations over major two companies. 



CLOUDY, some fog and rain with, 
bright intervals. 

London. S.E., E. Anglia, E. Mid- 
for shareholders tu have a clearer j lands, Channel Islands 
view of the businesses in which Fog early, bright intervals, 
they have invested.” Mr. Read; some showers. Max. I8C <64F>. 

Cent. 5., W. Midlands, S.W. 


Early tog, some rain. Max. 17C 

N-E. England. Lakes. Borders, 
Edinburgh, Duudre. S.W. Seot- 

land. Glasgow. Cent- Highlands, 

to approve fairly lie defined as a change. ■ Argyll and N.W. Scotland 

capital of the Sir John Buckley, i-huinnan of | Cloudy some fog and rain with Aoifirtm. 
Davy, also confirmed j eslerday, bright intervals. Max. 16C 161F). 

said, “and it is uniy right and 
proper that they should lie told 
when the nature of the business 
might change.” 

It is thought that L'nigflte will 
live shareholders an example of 

Wales, Isle of Man, N. Ireland 
Some fog, rain. Max. 16C (GIF). 
.Aberdeen, Moray Firth, N.E. 
Scotland, Orkneys - 
Cloudy, fog, some rain. Max. 
14C C57F). 


Cloudy, some rain. Max. 12 C 

Outlook: - Unsettled, cloudy, 
some 'rain. 


i takeovers. The companies involved. Davy that he will be making a srtate- 

Ailicd Breweries had claimed International and Unigate, are meat which would guarantee 
that the rules said shareholders' both seeking increases in their that the company could notissue 
| approval was only needed for an authorised capital above Ute shares in a takeover . wliivh 
, acquisition which would divert normal limit which shareholders common sense indicates is a 

i mure than -5 per rent of assets traditionally approve without change in Ihe nature of the 

lor profits into a new business, question. Unigate warns to business, without first consulting 
i Since the Lyons deal did nut Fall increase its capital base by 2S per shareholders, 
within these criteria, and since cent and Davy is looking for Both companies emphasised 

it was an extension— not a nearly SO per cent more. that they were more than happy 
] cliance^-to Allied s own business. The actual wording the com- to respond to shareholders' 

1 * ,E £ nwa l n ® u ' dc 4. panies will use to reassure requests for just thb; sort uf 

The pension funds argued Unt shareholders is not yet known clarification. Sir John said that 

but Mr. John Read, a director of he was pleased i u see share- 
cnnfinaie d yesterday holders, actively lookin'* after, 
as its that it will fuly clarify the spirit thei rown interests “1 have been 

. per- nf the Stock Exchange result grilling at them f or too long 


” a change w-j* a change ~ In - 

takine over a food enmnany with Unlgate. 
a turnover nearly as big 
own. Allied'-; business was. 







Capo Tn. 

| PDbruvnlk 
j I 'a CO 

1 hud a right to decide whether ** We believe that it 


riyhL said. 

their indifference,” be j i 

• n -I 

«f Man c 





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