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LONGINES 


HT AtBAFQKE ANSWER YOUR PHONE 

From only 
£150 per week 


j ; 1£f Upper Brook Street, London, W1Y 2HS: 


Friday September 22 1978 £ ***i5p 





MwSii 


troops 

remove 

settlers 


waver; 


up 0.10 


Ford workers begin 
striking as 5% 
pay offer is made 

BY ALAN PIKE; LABOUR CORRESPONDENT 


I London 
210 Gold Price, 


iClllCia ■ . iSVFZFSfftSl A 5 per eent pay offer in line with Government guidelines to 57,000 

Ford Motor’s 5 per cent pay rise Ford manual workers met with immediate strike action yesterday. 

■It. Menahem Begin, the Israeli offer and developments at BL Within hours of the manage- If the unions broke off negotia* jobs, hut desperately seeking to 

rime Minister, left New York Cars. The FT 30-sharis index ment's making its offer to union tions at this initial stage a much preserve -the ones we have.” 

ir home, promising to Clear up closed 3-4 down at 525J. representatives in London 2,500 more widespread dispute than 

dispute with the Carter workers at the Hale wood body yesterday's guerrilla walkouts PO Ji£amtion rn fhp cS 

- idministratina over how long • GILTS gained in spite of weak plant. Liverpool, and 500 at the would result Soact of any sinrtions the i 

irael agreed to freeze Jewish $«“*»$■ . T te . GoyOTment company^Souftampton iactory Mr Todd said after hearillg Go ^mmeiu might take. The 


«IB W 1 MT lUUBt «I 6 5 } 

Gold hits 
new peak 
of $2151 


“b _ “7 _ . . , . U.J ' lur. 1UUU auiu oner nearing uavEliuucui lane. 1 nc 

pttie meets on the West Bank Securities Index dosed 0*10 upl“ Q stopped work. the Ford offer that to describe company supplies 25.000 vehicles BY MICHAEL BLANDEN 

>.!_ > at 70.81. I The position was somewhat w .« n. — . 


f the Jordan. ««■ •«■«>*. confused W nis»ht ac til*. ms reaL-uuu aa uwapHmoLcu was a ye« u* 'J-verumem trepan- 

Israeli soldiers yesterday _ -—-xni*. „ Wiu , on ,*«„*- company waited to see the 411 B unde » ta tement of the ment* the equivalent of about a 

irclbly removed Jewish • fewtton 7 of men on ni*4rt sWft year '" but !t was ° nly the ™ onths P roductJ °n at its Dagen- 

. iuatters who had tried to estab- np * W** 1 * whil ffe m it apiWtoarthe ^ffalewood of negotiations. - We have told ham plant. 

; sh an illegal settlement on a J? de 5 S"* - workers intend to remain on ? ord . w * wan * V? oosotiafe Mr. Roots also took a firm line 

jrren mountaiotop overlooking (o3.2). The dollar continued indefinite strike in support of “ ro “Bh "re® eollective bargain- against the demand for a 35-hour 

• >e Arab town of Nablus. Mr. to decline, sinking to record the Ford unions’ claim for £20- ir L-i^ UD r .£ ere ° spirit on working . week, which forms an- 


yesterday 

Jewish 


his reaction as disappointed was a year To Government Depart- 
rf?f “ the understatement of the raents, the equivalent of about a 


: No. 27,669 Friday September 22 19/8 ^ ***iop w ^SHoilOlircd 

ll?v# m tch 

CQMT1MB*TAL SELLING PRICES: AUSTRIA S<* 1*1 MLClUN Fr 25: DENMARK Kr 3.5; FRANCE fir J.0: GERMANY DM 2.0; ITALY L SW; NETHERLANDS FI 2.9; NORWAY Kr 3 .Si PORTUGAL E»e 20; SPAIN Ft* 40; SWEDEN Kr 305; SWITZERLAND Fr 2.0; EIRE 15j» 


Callaghan 

2 J. flies for talks 

with Kaunda 

„„ 1978 

«« mm mm ms BY MART,N WCKS0N "*° Richard eyans 

— 

MR. JAMES CALLAGHAN Is to dent Kaunda earlier this week 
j*—* -m «■ -m- • fly to Arrica today in an attempt and was confirmed in a telephone 

fl tf’fcid'fl ttlfri to heal the breach with Presi- call from Mj. Callaghan on 
t f fl fill f El IS dent Kenneth Kaunda of Zambia Wednesday. 

over 3 ritfl i n ' s attitude to Rhode- Mr. Callaghan suggested Kano 
sian oil sanctions. as a venue, it being neutral terri- 

__ 1 Mr. Callaghan is anxious to tory. roughly equidistant from 

fiJP Ww IhPSI §4 repair the damage to the two London and Lusaka, where the 
f T K/viU\ countries’ relations following two leaders can talk Free from 
■* publication earlier this week of other pressures. They will be 

jr» mar rj the Bingham report which accompanied by their Foreign 

g\jr / I showed that the British govern- Minis lers, Dr. David Owen and 

VFX Lj? 1 m,J S ment knew in 196S that sanctions Dr. Siteke Mwale. 

had been broken by UK oil Although Lhere is no formal 
bv uirunEi a. .umm companies. He is expected to agenda for the Kano meeting, the 

ei MiLnAtL blanden 0 jf er z am hia more aid to counter Bingham report, the deleriorat- 

some of the adverse effects of ing position in Rhodesia and tbe 
THE PRICE of gold reached a sanctions when the two leaders prospects for the Anglo-American 
new peak yesterday amid con- met in the northern Nigerian peace initiative will be high on 
tiuuiug unrest on the foreign city of Kano. the agenda. So too "fill be South 

exchange markets. At a lengthy meeting yester- Africa's rejection of the United 

Lack of confidence in the day, the Cabinet discussed the Nations' proposals for Namibia 

U.S. dollar led to farther and Zambia's severe domestic 

J *■ — J V x economic problems. 

The country has been particu- 
larly hard hit by the operation 
of sanctions. Mr. CaUaghan. is 
expected to offer more aid in 
compensation following a meet- 
ing of Ministers after yesterday's 
Cabinet attended by Mrs. Judith 
Hart, the Minister of Overseas 
Developmeni. Britain is already 
expected to give Zambia aid 
worth £2 2.7m in 1978-79. 

Mr. Callaghan's flight to Africa 
■ may help bolster the domestic 
image of President Kauuda. The 
Zambian leader — and Black 

Africa in general — will also want 
to be assured that tbe Prime 
Minister's trip is not simply a 
cosmetic gesture of concern after 
the event. 

Mr. Callaghan and Dr. Owen 

u**. — will leave London this morning 

Attention was again centred President Kaunda: accused ?/ ter „ a breakfast meeting with 

on the Swiss franc. The dollar „ Mr. Menahem Begin, the Israeli 

dropped to SwFr 1.5 before Britain of cheating • prune Minister, who will be on 

recovering at Hie dose to rouIe frc >m lhe Middle East peace 

SwFr 1.517, compared with the Bingham report and agreed to tal ,!5 s at Camp David, 
previous day’s SwFr 1.5381). conduct a Further detailed 
The other strong European inquiry into sanctions-breaking. sld ^" t K ^"jl^ n wl LJ}S 

■££ currency, the West German D- The form of lhe inquiry is still * n iK ii S w °$* 

mark, showed some early under discussion and wnll be l u ?r u i . ni °! *“ ea Mr ; 

C TV 1 i’"- % weakness hut by the dose the decided at a further meeting of £ al lashan s willingness to meet 

European ‘D-mark .?one’ 

• T TT l ’ Ie^ e of Sw? e^rly' in \hl KL ke? wlraU^s woZS ^ ^und^to^ han long ago, 

warning by Healey • sssw 

BY JUREK MARTIN AND PETER RIDDELL MONTREAL, Sept 21. reHected in the sterling, trade- . However. - there is now little S a n ei,^s ODservauon oi 

weighted Index This reached doubt that a detaifed inquiry of siScantly Mr Johd 
-nattaCK SSaTatl?r U The ANY NEW.European monetary Britain is likely to conflnne interest may be more related to ^instituted at Mwanakatwc/’ the Finance 

t time Mr. Enver stSe has pSSS the c™ 3"?° m «l oula , , be significantly to. press In the months ahead short-term advantage of the new !l h ’ ch ri( Mln !f t Te . rs aDd civil Minister, this week revised iiis 

Albanian party twmv’s Luton and Dunstable existing Com- for changes in the compromise regime in relieving pressure on ^ L.?. t>c T , reiIul r. ed t0 glve estimate of Zambia’s re-routing 

publicS ^ritkised tnS nlants Pa^ 8 W mon Market joint currency float, advanced by Belgium on Mon- the franc in the next 12 months.: Pia ^ nrt * f evidence, as weU as oil company and sanctions costs from £4S0m 

^formL socialist * P V* according to Mr. Denis Healey, day which uses a basket of would a7oid addifl p a ■ ^ ex I ” ut3ves . , claimed by tbe UN to more than 

, a revisionist party • RATE of -return on capital C %? ce J]£ r of c tiie Exchequer. currencies ta measure diver- further inflationary elemenfas a ivJ^Vn frLTupr k lD a re f ent wee 4 ks .. President £640m over the past five years, 

rayri SS employed by^UK companies jm- .^eaWng after an address last gencies in exchange rates and 2 r JJ ”=2 depiSlMfon rpni t„ q R ^r ^nl P Ka A unda h^^repeatodly accused Dr. Kaunda will be seeking 
Ie y also condemned proved in real terms last year the Commonwealth Fin- the so-called parity grid to fix a time wben domestic prices ~ l o9 - 6 P ercet - K f ov . ern . ra f. nts some form of reassurance in 

ilisra and Soviet to 4.5 per cent from 3.fi percent “ce Ministers meeting here, Mr. responsibilities for Intervention prance ^ already aceelerat- r in iv™ vnrt «nivSS n? an ^ nib 3 b J i ai i, n3 Kano ,hat what he has caUed 

lism. Page 3 in 1976 according to the official 5 e 5. ey ^“*<5 against, a D- m one currency against another. dy * . 1 £ Ncw ^ ork *° eifforre sanctions and he has “cheating” by British govern-: 

magazine Trade and Industry. **4?* TOne « m ? uro ,J >e ' i _ . . It « feared that this could m Ain>nMPh c «>n 9C a nArfn«*tin > „ | v ^ n to ta l? e uns P” 1 ' ments has stopped. He is likely 

nalrnmA Pace 8 explained that iBntain merely be an extension of the AlthoURhseenas a P^fectly — , :wpi» Prentw Bed retaliatory action. Tbe to demand concrete proof of this, 

reicome Q could not favour any system present “snake” arrangement. “I* 1 oy President Bingham report can only have possibly to the form of some 

President Richard # FRESH hid to save the Kirkby whieb restricted ^ growth, which The precise mechanisms of the ° tstang,. Britain, it is S|mI *. gi.^io^ga si.a-Ttwcso increased his anger. kind of compensation and in a 

■an celled a trip to Manufacturing and Engineering weakened the role of the Inter- new system are not considered ar Bueo, aoes not face the same imnmh q.e?-o.& 5 ru* o.Nw.sorfu A meeting between the Prime tougher British line towards 

»a told that Prime Workers’ Co-operative on Mersey- national Monetary Fund, or Jikely to settle whether or not Pressures- Any participation by tmnnth* i.55.i.» rti* J-j*!!-'-** ']]• Minister and the Zambian Pretoria and Salisbury on the 

:olm Fraser would side is being made after London which imposed added strains on Britain joins, but they do make Britain m the_$eheme woitid ™""'- «**»***• leadet was snggestad by Presi- Namibia and Rbodesia disputes. 


ayan. Israeli’s Foreign Minis- levels against some currencies, n-week increases. 

•x, said elections would be held Its trade-wcighled average de- This would quickly bring 
' a tbe West Bank to choose predation widened to 9^ (9-3) Escort production at the neigh- 

desttiuans with whom to dis- per cent. - bnuring assembly plant to a 

. iss the region's future. standstill. 

In Rabat, President Sadat dis- • GOLD , rose $2 to v reach an Official trade union reaction to 
. issed the Camp David agree- all-time closing high of $215}. the company’s' offer, which shop 

eats with Morocco's. King stewards found deeply dis- 


tbe ability of the company to other important element in the 
meet the claim. unions’ claim. 

The company, he said, could 
Ti j *, not accept the "bland assump- 

rroductivitv tjon " “ the ciain » ^at the 

* phased "lntroductioo of the 

Mr. Paul Roots, Ford employee shorter .working wek would not 


ea is with Morocco's Kinc ° . Mewards found deeply dis- relations director, told union result m major problems, 

assan as part o£ the Enyotiau • WALL STREET was us 2.85 appointing, will he determined negotiators that the company . al re atJ y a 

Tort to win Arab supporter, at 860.01 near the dose. at 3 mating of the trade unton was prepared to offer increases vei * 

Vanco TT»? wt-,™ nt ' negotiators today. of 5 per cent plus productivity P an y.™o sorae .» ay of improving 

Sto Jordan far t* • .The reaction of the men at payments. Details of the pri Periormmce within the existing 

™hh> Timir<CP nrrtprs Halewood and Southampton will posed productivity scheme have *■**“£ oJ_ hours was needed. A 

jSon f To ■ DU ul^C UlUCl^ strengthen the hand ol some not yet been tabled. reduction in hours “in one.com- 

„„ A L A shop stewards who were saying Ford has not been enthusiastic C0Un i^L“ lso -f' 

STCCl probe yesterday that there was no about incentive schemes in the Vhnifv ltE 

ie Arab states considered * point in bfiEioninS detailed nast hut this 1*5 the nnlv arpa ability to- remain competitive. 

nser ties with the Soviet Union. • OT3VTROVEKSY sureounding negotiations with the company in which it can offer more than „-,T or 5 t l!] e 

*** 4 the. French Government’s rescue until it was prepared to move 5 per cent without running foul th^^nlirSa 

plan for steel took on a fresh beyond the 5 per cent barrier. of Government policy. cost £ ^„^M dU w!r =, *i t * ,e 

light delays aspect when the Pans Bourse Mr. Ron Todd, national At yesterday’s meeting Mr. J p^JTbo ur d «Jts eaat 60 ^ 

oro operetion^ commissioo ordered organiser or the Transport and Roots told union representatives Tb^ their 

ench air traffic controUers are an inquiry into recent steel General Workers’ Union and that they might feel incomes * ho E 

^j 11 3&are dealin 8 s - Pa Ke ^ ! chairman of the union oego- poliey constraints were some- vvfabilire to 2? 

idday today. .Airlines hope to . . • . , tiators. will be trv nersuade his fhin« fnr the enmnanv alnne rn „ ' 


• assan as part o£ the Egyptian • WALL STRLfc/i; was 
‘ Tort to win Arab support. Mr. at 860.01 near tbe dose. 

;• yrus Vance. U.S. Secretary of ' 

, 71 ft. oW. Bourse orders 

ission to rally support In _ _ 

'.amasens, the summit of hard- cfppl m*A|\P 
ie Arab states considered piUUC 

.. nser ties with the Soviet Union. # CONTROVERSY surr 
i«e *1 the French Government*] 


nss sjmaafggf S~5'S™1 MrSSf£v» s 

e summer peak travel period. Introduced new protection for furthpr |b e p 0 ^ r yesterday by serious impact on employees. Engineering companies face 

s . "°“ e wSwnffbKSsrtr. »«««» »v, r Ptl -, w F »» r 

to’ZSSXmSM- *555 S U ys ,ivi,y dML *»“« »ow .0 cr m& Dew J Bert P, g e 


Engineering companies face 
problems over Phase Four 
v Back Page 


Analysis, Page 6 
• PRIVATE g 


InriAPWnrlrl Lain • PRIVATE group of 'Mr. 
inaerwona neip . WiJliam stem, former property 

»lice said that hardened tycoon who baa become bankrupt 
iminals bad offered to help find with a record .EIMm of person*! 
-. e killers of 13-year-old newsboy debts; lent £458.000 to bis wife to' 
irt Bridgewater, shot. while dis- the three years before the group's 
' rbing raiders at atr- isolated 197& crash, a ' statemam- to 
affordshire farmhouse. T Ari creditors discloses. Back-Page 
■peal fund has be>n launched _ „„„„ _ . _ / . . 

the West Midlands council of • UNION officials recommended 
e Newsagents’ Federation. 2,500 striking -Chrysler workers 


Ibanian attack 


• UNION officials recommended V 

2,500 striking <7h rys I er wo risers By ma RT | N AND PETER RIDDELL 

to return to work today after a , 

ANY . NEW European monetary 


European ‘D-mark sone’ 
Warning by Healey 


MONTREAL, Sept 21. 


Arbitration Committee. 


Britain is likely to continue interest may be more related -to 


.r the first time Mr Enver srrike has naralv^d the com- 3?]?®“ ■5® M * a iL be significantly to press in the months ahead short-term advantage of the new 
Kba the Albanian party nanv’s Luton and Dunstable d^rept from tbe existing Com- for changes in the compromise regime in relieving pressure on 
-32?: hi mtolidv critiSd KS S nl HftJK DUD5taWe W advanced by Belgium on Mon- tbe franc to the neri 12 months. 


ider, has publicly criticised truck plants. Page 8 ac 

ins as a “former socialist / 

in fry led by a revisionist party • RATE of .return on capital ^ 
lich betrayed Marxism- employed by i UK companies im- . 
ninism He also condemned proved in real terms last year 


CIS pjanii. rage o according to Mr. Denis Healey, day which uses a basket of Thj S wouId a70id addill « ai 

RATE of .return on capital C^eUor ot^eExch jjjer- currencies ta measure diver further inflationary clement as a 

ployed by i UK companies jm- a 5, ter aa a °5 r , e ! s J aEt g®ncies in exchange . rates and resulc of tnirr ency depreciation 

y Ei.ml tm/lut year •C-monwWa Fin- Seao-callei parity _srid to lx a TJ doe S’d’omesfe'S 


Imperial is in and Soviet to 4.5 per cent from 3.fi per cent gnee Ministers meeting here, Mr. responsibilities for Intervention 
imperialism. Page 3 in 1OT6, according to the official fj! argued against, a D- m one currency against anotber. 


:ial imperialism. Page 3 

| VAn mImwv*** SHUT ‘ 4 ‘“ C “““ fie explained that Britain merely' be^an' eitensiotr of” toe " Ul ° usn “®“ “ a 

IXOn welcome P*se f could- not favour any system present “snake” arrangement. |?, t20naI a ,£P ro ? ch hy President 

rtner U.S. President Richard • FRESH hid to save the Rirkhy whidj restricted growth, which The precise mechanisms of the Gisca ™ J tstiung^ Britain, it 15 

wirt. who cancelled a trip to Manufacturing and Engineering weakened the role of the Inter- new system are not considered ar 8 ue d^ doea not face the same 

^jtralia when told that Prime Workers’ Co-operative on Mersey- national Monetary Fund, or likely to settle whether or hot Pressures. Any participation by 

-^-^^rnister Malcolm Fraser would side is being made after London which imposed added strains on Britain joins, but they do make Bn taln in the -scheme would 

%'T:r‘r§:rf''tc» bixsv to see him. has been talks yesterday with co-operative the-uotiar. the scheme less acceptable to the ma ^ e little difference to tbe 

bj' - the Romanian Goyem- leaders and Industry Minister Mr. Healey left open the British Government, current round of wage talks in 

v Ant to pay a private visit to Mr. Alan Williams. Page 6 question of whether Britain Despite the latest Bundesbank the U.K. 

.- :..W* barest. •. .-.V .. . . .. wonld; In the end, join the projections of higher growth in There has been a strong 

• SERIOUS over-capacity in the proposed new system, following West Germany for the rest of political commitment, notablv 

iurlcm ill carpet industry and weak con- Monday’s decision by the other this year. The fear remains that from Mr James CaUasta an to the 

SCfetS judge 111 , sumer demand has hit manufac- eight Common Market countries German domination of any new n f i-inrmwiitahiibi^Rnt 

> Official Secrets case.retrial, turers and distributors, accort- iff; .-Brussels, to support In European currency system would the hp]i ‘ f is that -Britain^ is in 
start at the Old Bailey ing to a study of nearly 100 principle a tighter and less militate against prospects of sm» n B enough ©Smomicnoslttom 

Monday, mar have to be post- companies. Page 7 flexible exchange rate system greater economic expansion yc!*,! S™ 

led. because Mr Justice WlUis ^ than - the ■ British Government inside the Community. witn suflu lent official reserves, 

• * t been taken ill. • 0IL P® 1 ® ha £ b ? en _°i s ' believes to be desirable. It is also felt that France’s Continued on Back Page 


at a time when domestic prices 
to France are already aceelerat- 


THE PRICE of gold reached a 
new peak yesterday amid con- 
tiiiuiug iinn- si on tbe foreign 
exchange markets. 

Lack of confidence in tbe 
U.S. dollar led to farther 
demand for gold, and left tbe 
price at the dose up by 52 an 
ounce at $2151. This followed 
tbe overnight rise in New York 
to $215, and compared with tbe 
previous closing peak of $214} 
an ounce in London in mid* 
August. During tbe day the 
price bad been even higher. 

The weakness of the dollar 
was again reflected In falls 
a|^inst other leading curren- 
cies, though the markets were 
less hectic than on some recent 
days. 

Some official support 
appeared to be enough to take 
the edge off the selling pres- 
sure. By the end of trading in 
European centres, tbe dollar 
had picked up from the weakest 
levels recorded early In the 
day. 

Attention was again centred 
on the Swiss franc. The dollar 
dropped to SwFr 1.5 before 
recovering at the dose to 
SwFr 1.517, compared with the 
previous day’s SwFr 1.538b. 

The other strong European 
currency, ifte West German D- 
mark. showed some early 
weakness hut by the dose the 
dollar had slipped hack to 
DM 1.9520 against DM 1.9615 
on Wednesday. 

The pound reached Us best 
level of $1 .99521 early in the 
day, and closed at 51.9810 for 
rise of 20 points. With other 
European currencies rising 
more rapidly, this gain was not 
reflected in the sterling, trade- 
weighted index. This reached 
63.3 in the morning, but eased 
to close at 63.1 compared with 
G3-2 the previous day. 

The dollar’s average depre- 
dation as measured by 
Morgan Guaranty at noon in 
New York widened from 9.3 per 1 
-cent to 9.6 per cent. 


President Kaunda: accused 
Britain of cheating 


magazine Trade and Industry- 
Page 8 


Mark zone " in Europe. ■ 


Jt Js feared that this could m ^ 


Although seen as a perfectly 
rational approach by President 




L ;Y 

i <■* j 
$ ] 

■ wR* 
^ £ 1 


* « ji 


£ in. New York 

— . Sepl. 20 

Prerttm* 

Sf«ii '■ 81.9810-9820 

1 month 0.62-O.&5 rtia 
? month* 1.35-UZ^ rtbi 

P mnnt*i> S-lfi-feXlS dio 

1 

SI.«(U*» 
0.WO.50 4K 
Uff-IJS .11. 
t.VU.80 ■«> 


screts judge iff 

A Official Secrets case.retrial. 


SERIOUS over-rapacity 


led., because Mr. Justice WiUis 

j ^ been taken ill. covered to the Bass Strait off the — 

i wMQ finri rhai’S’D coa ^ 1 of Victoria, which already — — - 

, S G **rS supplies nearly 70 per cent of • /Tt-if ^ T T fiTi ■ 

Vassilou was remanded ments- Page sr ou ^ Davy m $110m U.S. expansion 

® I SJ^d 1 to‘S?SlSte l to S teo“ : primes BARTHOLOMEW IN LONDON AND JOHN WYLES M NEW YORK 

A I 1 bound for Somalia, ders /or S “PP^ J* DAVY INTERNATIONAL, the that McKee was the type of com- can offer. McKee would bring 

ij •• «pan^ major suie coiporau . j nter j ja tto Qa j process plant pany it had been striving to to Davy expertise in serving the 

gsiftfly . . ■ th e Jap anese . government uas contractor, has reached agree- acquire for many years. food and pharmaceutical todus- 

T rtHa mMvhani Daid hin ^ e - Pa ® e 5 ment on a large expansion of its The attractions of McKee are tries. 

C*. t rhrirtfp's fnr 9 bottle m rrt rvpcs ruwprnmpnt has U.S. interests through the SllOm its markets and skills, both of The increased size of the com- 
Lafite 1806— ^moS it will buv f £5 5- 5Tn l acquisition of McKee which are considered comple- blued group is also considered 

? WpSerif SEJESi and advice Corporation, a. Cleveland. Ohio, meatary to those of Davy. by Davy an advantage as tbe 

B-a glass. Fage * ^ S 5 he^vy engineering and construe- Tfa marteets include South size ot project*. fin offer around 

, jilUl and Social Security to aid the .development or its tjo^con tract or. America kwbU a? th^TT? the world continues to grow. 

^S^MPjreh^eam^to^UEEeS twn f '■ w * tenl : l>avy^ propoeed tender offer Davy already has o^eration^in The combined ^oup would 

t Mitid S bB ' 5 of 833 a share offers a 33 per the U.S., hut McKee would make stl11 . b , e e SI SS®£ than Bechtel 

c 0 ^rc(w» 1)6 aihdriicc cent premium over McKee's New jt into a much more significant as * e, l T a | ® rown 311 d Root, two, 

bt; more comprehensible. COMPANIES York: stock exchange closing force there. sisiuaeam major U.S. contractors, but Davy I 

dd War II bomb, unearthed wiLIAAM BAIRD, a textile price on Wednesday of $24 J. Davy has in the past relied P®“ ev ®s ,t .'* roa *P ■bej one of the 
workmen digging beneath an d industrial boldines group. Mr. R. G. Widman,- McKee's to a large extent on exports and „ free worJt ^ 

rpass. caused a huge traffic announce a a £3i m s bare and cash chairman, and president, said the U.S- deal would offer many i* pa ?i . . , . . 

t on the Paris ring road. S™ 13555 it does not yesterday he was -very pleased ” of the benefits of a large home , JJcKee n J i, “» no a ^ a °rL ed? f? 

/» RAF personnel were killed Sready own of Dawson Inter- about the proposed combination, market P u Ut deS i 8 “ 

|«.*n their Aircraft came down at national a °luxury knitwear which, would be recommended to Although tbe skills of the two i!I hoSe ord ,? r 

jdator in the fourth training manufacturer based in Scotland, ^ company's board at a meet- companies are very similar there cJme ^de? prelSire Ve recenUy 

bt crash iff North Yorkshire naMt page ing later this week. are differences which will add con,e u “ aer Pressure. 


tn sum (.'lent official reserves. 
Continued on Back Page 



Davy in SllOm U.S. expansion 


- *s mi 
h ? 


^SVf 


J*0\ 

U t * i 


(JV 7 J :year - • HAROLD PERRY MOTORS 

| a Monica Sims. BBC Teleyislpn Pre-tex profits for the first half 

d of children’s programmes, ofI&78 increased to 
i‘ :o he the new controller of the £1.49m recorded in the same 

jj 0 4 m period lari: year. Page 20 

• ice Charfes iff-to visit the EEC • DELTA METAL COMPANY 
NATO headquarters in pre-tax profits advanced oy] 
ssels on November 30 and 21:31m to £14.72m in the first j 
■ember 1. half of 1978. Page 20 

IEF PRICE CHANGES YESTERDAY 


/ p > , . 

A V 
* 


The 

searchfor an 
original 
begins here. 


tog : later this week. are differences which wiil add corDe under Pressure. 

1 Davy said in London yesterday to the range of services Davy Continued off Back Page 


CONTENTS OF TODAY’S ISSUE 


European news 

.... M 

Technical page .. 

15 

Inti. Companies 

24-26 

American news 

..... 4 

Management page 

U 

Euromarkets 

.... 24 

Overseas news 

World trade news 

.... 5 

Arts page 

Leader page 

18 

Money and Exchanges ... 
World Markets : 

.... 28 
... 20 

Home news— general 

.. 6-7-8 

UK Companies ... 

...r..... 20-23 

Farming, raw materials 

... 31 

. — -labnnr .... 

.... 8 

Mining 

- 28 

UK stock market 

... 32 


ices in pence unless otherwise 
indicated) 

RISES 

ffeq. rape ’13-1?.. J98i + * 

/ibers Stores 13S + 6 

/r and WAT A ... 160 + 16 

/ tima 3? +.5 

ken. Hill Prop. — 755 +■ 50 

tain (R.) 252 + 10 

1 Elect ........... isa + iff 

arty <E.) 185 + 8 

jperrods 72 + 9 

y Prop 358 + 10 

. Thomson Cnv.pf. 246 + 6 

HUY.-J.) 123+14 

land Educational -187 + 12. 

ins 134 + 6 

somes Sims 172 + 17 . 

..t‘ Furniture' J34 +._5 • 


Stewart Plastics . 255 

Wadkra 156 

Wilkinson Warburton 90 

LASMO * 146 

President Steyn ...... 987 

Western HWis. £2ij 

FALLS 

Bourne. Hollingsworth 225 
Brown (J.) 478 

City Hotels 137 

EMT 163 

■ Peny (H-) 130 

Randalls 100 

Stone- Platt 108 

.Thom . Elect. ... 383 

Slebens ^OK). S70 

Panconttoefftal J3.1L 

Fekb-Wallsend 536 

-RTZ. ...... 241 

. Tara Exploration. . ... 823 


French steel rescued with- 
out nationalisation 18 

politics Today: City side- 
lights on Tories 19 

Energy review:. A huge 

.reservoir of h«t 9 

Australia . hit by more dis- 
' mptive strikes W 


FEATURES 

How Harris is making's pile 
out of carpets U 

Around Britain: Thames 
river fit for salmon IS 

New control at Canada's 

Massey-Fcrgnstra 27 

Farm machine industry: 


Why buying collapsed ... 31 
Enva Hoxha: The loner of 
the Conunnnlst world 3 

West Bank - ■ Palestinians: 

Condemnation irrelevant 4 
M exico City’s nightmare of 
traffic 4 


Amtatmiitt 

ApwloinNw Advts. 
Bttlk R«bnv 
Crojswri .. 

'Emcrtatammt Gold* 
54n>-wtJ«9 

Prices - 

mr-aassriM Istfca* 

Laffarx.- „ — — 


Lax H 

Lain bard lb 

Max and Hum .. U 

Pr yws rtr . — 12-15 

kaehia » 

Saleroom A 

Share lafannatlim. ... M-S 
Today's E rents ..... M 
TV nod Radi* U 


UnU Truflo 33 

Weather 36 

■m Lending Rates 30 

IHTgRIM STATEMENTS 
Am. GbM Is. 21 

(MU Mottd Co. ...... 21 

Han EogtMWrios ... 6 

Rio TMsXhie 21 

Tolerttaa Treat 22 


Staff F uniit orp 2 

Stone. Platt lode. ... 3 

Swire Fatifle 2 

Swire Properties ... 2 

annual statements 
J ames Anuta stool 2 

Catedvofawr Trust ■ 2 
Ratnert (Jtnmsllen} 2 

United* 2 



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•I 


Financial Times Friday September 22 1978 


II KOIM.AN \I\VN 


OECD to set up world A char § e Spain to let hotels fix own prices 

IS as BY ROBBIT GRAHAM J1ADRID, SfipL 

IflrtllClTV Hfl"! I ' 1 rjortfl OC THE SPANISH Government In business— tour . operator* and altered during the year. In the t . Where a client cancels a 

LlUUU an important departure from tbe hotel owners — to be allowed ease of the Canary Islands, the rag, 5 fJtt cent Of the eosl 

' — ' nroviniu. vtAllm* tn »n umrlr out nHop IpvpIr hAtlUDAn nolenrlnr wo4i* unit IlffT Hp Ahnliori be CharEfifl if more mail SO 


.BY ROBERT MALTTHNCR 

STEEL PRODUCERS la die 
developing world will be asso- 
ciated with tbe traditional steel- 
making countries in a new 
permanent committee to be set 
up by the OECD to deal specific- 
ally with crises in the world 
steel Industry. 

The agreement to set up the 
committee, which will replace 
(he existing OECD “ ad hoc ** 
steel group, was reached by 
senior officials today. It is 
expected to be_ approved form- 
ally by the "council of the 
34-nation organisation at its next 
meeting in two or three weeks. 

The new committee, it is 
hoped, will hold Its first meeting 
•t the end of October or begin- 
ning of November. 

If wlU be made up of senior 
officials “with some political 
responsibility,** according to 
authoritative sources, and will 
be given a broad mandate to dis- 
cuss steel industry crises. 


The Intention la that tbs com- 
mittee should not become bogged 
down In routine problems. 

The move to include a limited 
□umber of steel producers from 
tbo Third World is explained by 
the growing threat which these 
countries pose to Western steel 
industries. 

Japan had strong reservations 
about bringing in developing 
countries, but finally bowed to 
pressure of the other OECD 
members, particularly the UJS. 

Setting up the committee 
would have had little point 
unless it provided for consulta- 
tions with developing countries 
who are taking an increasing 
share of the world's steel market, 
U.S. sources indicated. 

Which and bow many develop- 
ing countries will be Invited to 
take pan has not yet been dis- 
closed. Bat It is generally 
expected here that the number 


PARIS. Sept 21. 

will be limited to three or four, 
including Brazil, South Korea 
and India. 

The U.S. sources expressed 
scepticism on yesterday's . state- 
ment by Viscount Etienne Davig- 
aon, EEC Industry Commis- 
sioner, that the 72 per cent jump 
in EEC steel exports to the US 
in July was an isolated pheno- 
menon. 

While they hoped that 
Viscount Davignon was right 
they warned that If the trend 
continued through the third 
quarter of this year, the reaction 
of U.S. steelmakers would be 
“quite strong— -and rightly so.” 

Meanwhile, the sources con- 
firmed that tbe U.S. trigger price 
for steel — a minimum import 
price which, if not respected, 
can lead to imposition of anti- ' 
dumping duties — would be raised 
by 4.8 per cent next month. 

French steel rescue — Page 18 


Dutch parties I W. German steel orders 


agree on 
works councils 

r By MSchaH van Os 

AMSTERDAM. Sept 21. 
BOTCH PREMIER Dries van Agt 
his worked out a compromise 
aver the controversial issue of 
Industrial democracy which bad 
threatened to split his Centre- 
Right coalition. 

' The agreement reached in The 
Hague aver the independence of 
works Councils became a 44 politi- 
cal “ compromise— neither em- 
ployers nor the unions are happy 
yith it but both the Christian 
Democratic Party fCDA) and the 
Right-wing Liberal Party (WD) 
h.ave got what they want 
* Under the oew-sty)e works 
Council, trade unions can meet 
Without a company director 
present, so that a certain degree 
of independence Is assured. But 
the V vD party was defeated in 
Its bid for a “ consultative meet- 
ing " to he held before and after 
the- works council session in 
fBSiph a director could par- 
ticipate. Meetings of the council 
ne- always chaired by the com- 
ity director under the current 
system. They are supposed to 
Jjdvfee the Board on Important 
decisions such as mergers, 
acquisitions, closures, redundan- 
ce* and senior appointments. 
r.The compromise was reached 
after a seven-hour meeting in 
iEhe Hague between CDA and 
■fcYi) specialists and the respon- 
sible Cabinet Ministers. 


continue to fluctuate 


BY GUY HAWT1N 

THE WILD fluctuations In order 
levels which have plagued the 
West German steel industry for 
most of this year continued last 
month. 

Bookings for rolled steel 
finished products— which bad 
plunged 35 per cent in July — 
rose 16 per cent in August 

Today's figures published by 
the Iron and Steel Industry's 
federation, give no real cause for 
optimism. 

August's bookings were 
running at the rate of the first 
half-year's monthly average, and 
this figure was 100.000 tonnes 
below the monthly average for 
tbe first six months last year. 

The sole reason for the upturn 
was a surge in bookings from 
third countries Outside the EEC. 
according to today's statistics. 
This grouping is dominated by 
the powerful U.S. market. 

Bookings from third countries 
rose by 82.8 per cent to 744,000 
tonnes from the July total of 
457,000 tonnes. However, in 
July, bookings from this market 
grouping bad dropped 42.4 per 
cent and August's bookings are 
still well below June’s 792,000 
tonnes. 

The figures, which do not 
Include those for semi-finished 
products, hot rolled broad strip 
and Special steels, show a lack- 
lustre infiqw of orders from 
Wesr 'OerswiL Consumers and a 
bookings from 


FRANKFURT, Sept. 21. 1 

customers in tbe European 
Community. 

Total bookings amounted to 
1.87m tonnes compared with 
July's 1.81m tonnes. Orders 
from the domestic market rose 
only one per cent from 972,000 
tonnes to 982,000. 

Orders from EEC customers 
fell back 20.2 per cent from 
July's 183,000 tonnes to 146,000 
tonnes. 

Deliveries, which were 15 per 
cent up on the previous month's 
performance, totalled 1,656m 
tonnes. The industry's order 
boob Increased by 5.9 per cent 
from 3.69m tonnes to 3.9lm 
tonnes. I 


EEC unemployed 

Unemployment in the nine 
Common Market states rose in 
August to almost 6m or 5.6 per 
cent of the working population, 
according to official EEC statistics 
released yesterday, Reuter reports 
from Luxembourg. This compares 
with about 5.9m Jobless, or 5.5 per 
cent, in the previous month and 
also in August last year. Belgium 
had the worst unemployment, 
with 6 per cent of its worker? Job- 
less. Ireland followed Kith 8.6 per 
cent, Italy had 68 per cent, 
Britain and Denmark 6-2 per cent 
each. France 5.5 per cent, Holland 

4.5 per cent and West Germany 

3.6 per cent. 


is as 
good as 
arrest 

By David Curry 

PARIS, Sept 2L 

M. LUCIEN BIGHET ought to 
be the toast of the Govern- 
ment Not only does he repre- 
sent that most cherished of 
French sectors — small busi- 
ness — but his company* 
employing about 160, operates 
in tbe Vosges in eastern France, 
a region suffering rrom large- 
scale loss of textile jobs. 

But unfortunately PL Bicbet 
is far from beloved of l “* 
Department or the Vosges 
director of labour and man- 
power. In fact, he is being sum- 
moned before tbe local tribunal 
to answer for his sins. 

His specific sin is to have 
transgressed the labour laws 
passed in 1936 by the Popular 

Front Government — an 

administration warmer In tbe 
memory than it was In real 
life. This law established the 
five-day working week. 

And M. Blchet, deciding that 
it would be nice if everyone 
had a long week-end, last 
December offered the workers 
in his jewellery factory the 
chance of working four lC-hour 
days per week. 

All but two workers accepted 
the offer. But the local Com- 
munist cell saw it all as a 
capitalist ploL “It Is over- 
exploitation at Ute expense of 
health and family-life,” it de- 
clared piously. 

The workers, none of whom 
belong to a union, have signed 
a petition supporting their 
employer, wbo risks substan- 
tial fines. “They can work on 
Friday if they want to.” 1*L 
Blehet remarked. “I leave tbe 
factory open.* 1 

In any case, he added, pro- 
ducing his trump card. **my 
system permits me to save 20 
per cent on my energy bill. It 
is government policy lo econ- 
omise. isn't it?* 1 he asked mis- 
chievously. 

For EL Lionel Stolen], state 
secretary at the Labour Minis- 
try ML Blchet is an emharrass- 
meUL “It shows that we need 
to make the law more flexible," 
he commented rather lamely. 

91 Robert BOUiln, the Labonr 
Minister, was more direct. 
“Well see how the law should 
be applied." he .declared. “Re- 
flection should come before 
sanction.” 

M. Bicbet appears in court 
next Friday, an annoying in- 
terruption of • bls-jlonj week- 
end. - • -fry. - . 






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We're old hands at new ventures. 


mm 




Co-creators of first Eurobond. 

In 1957 Petrofina had briefed us on a special 
problem. One wdlh no standard solution . 

SotogetherwilJi a small group of international 
banks, we Created a new solution : The world's first 
Eurobond issue. 

Since then we've managed and co-managed 
hundreds of- Eurobond issues. Making us one of the 
world’s leading S|x>nsors of this type of financial 
project. And the one with the fondest experience. 

Why new ventures appeal to us. 

Because all too often the old answers aren’t 
the most precise solution to new financial problems. 

Or maybe it’s because we’re snobsand we 
prefer to custom-tailor solutions lo each customer. 
Rather than force him into off-the-rack answers. 

■ But we don’t innovate just for innovation's 
sake. When the standard solution still fits, we offer it. 


All the expected services. 

We have the same range of fir.nnrnal servic-.s 
as other international banks. And we hack them u;t 
with an international network of subsidiarii:*. 
representatives, nlfi hales, ar-vociati.^, cntTf^pondenis. 
and Iwnking contmuni ties like SFf anrl As«ociat«’.-l 
Banks' of Europe fABECOR i. And with 1%0 ivia'i 
brandies in lielgiuni. 

But what makes us different from ether 
national hanks isonr innividual attention jnencii 
client’s inrlividual problems our reluctance 
to the traditional answers; and our u-iLinpiess to 
stick our neck out in new ventures. 

Like the day we stuck our name on die world's 
first Eurobond. 

^ Baroque Bruxelles Lambert 

banking, a matter of people 


are the ABECOR bonk in Belgium. Mamixtam 24 , 1050 Brussel. Tel. ffZ/SlJ.Sl.gf. Telex 26392 BBtlS 


'tX&lr.t. • aAj;.' r' H. > 


mmm 


BY ROBBIT GRAHAM 

THE SPANISH Government, In 
an important departure from 
previous policy, has decided to 
liberalise hotel prices. 

Hotel owners will now be per- 
mitted to apply prices they 
choose themselves, and will only 
be obliged to notify the Ministry 
of Commerce and Tourism. 

Despite some concern that this 
will lead to sharp price rises in 
the Spanish tourist industry next 
year, the genera] feeling is. that 
market forces will preclude this. 

Hotel owners have been press- 
ing the Government for some 
time to make such a move. 

The existing system of 
officially controlled prices was 
designed to consolidate the 
development of tourism in tbe 
1960s. As such, it served its pur- 
pose. The Government now feels 
that this paternalistic approach 
is no longer necessary. 

Officials argue that it also 
makes more sense for the two 
most important elements in the 


business — tour . operators and 
the hotel owners — to pe allowed 
to work out price levels between 
themselves without government 
Interference. 

The existing system has 
allowed some hotel owners to 
avoid price controls by undis- 
closed deals with the ' tour 
operators. usually involving 
extra payments outside the 
country. 

The Government believes that 
now when the industry Is under 
pressure from greatly increased 
overheads. especially wages, 
liberalisation will stimulate 
greater efficiency. 

The sole limitation on price- 
fixing under the new regula- 
tions concerns the differential 
between peak and 0ff-9easod 
charges. Peak season charges 
cannot be raised more than 25 
per cent above the off-season 

charges. 

Prices will be fixed on a 
calendar year and cannot be 


altered during the year. Is tbe 
case of the Canary Islands, the 
calendar year will not be applied, 
but will run instead from Novem- 
ber l to October 31. 

- Thus tbe Canary Islands 
tourist industry will be the firet 
to reflect the new pricing policy. 
(A special year also applies to 
ski resorts, running from Decem- 
ber 1 to November 30.) 

Tbe regulations also cover in 
detail various aspects of price 
calculation end ‘ billing. In 
pricing ftill board, the regula- 
tions state that hotels cannot 
charge more, then 83 per cent for 
food out of tbe. total cost Of the 
published prices for breakfast 
lunch and dinner. ... 

Ob down-payments for advance 
bookings for hotel rooms, a 
maximum payment of one day 
will be required for every 10 
days booked. For apartments, 
the maximum permitted will be 
25 per cent for one month. 


MADRID, Sept 21. 

Where a client cancels a book- 
ing, 5 pa- cent of the cost will 
be charged if more than 30 days^ 
notice is given. If less than 30 
and more than seven days' notice 
is given, 60 per ceot of tbe book- 
ing will be charged. If less than 
seven clays’ notice is given, the 
booking will be fully charged. 

Some attempt also appears to 
be being made to tighten up on 
hotel owners providing the 
client with what has been 
promised. 

Under Article 11 of the new 
regulations, the company owning 
a hotel or holiday village is 
obliged to ensure that the 
accommodation is provided as 
specified under the original 
booking agreement. 

Following these new measures, 
the authorities are expected to 
revise their existing system of 
hotel classification, even though 
do official mention of this has 
yet been made. 


Naples in Iceland’s new Premier pledges 
employment not to change foreign policy 

mir acle BY wbjjam dlhikwiCe . REYKJAVIK 


BY WILLIAM DDLLFORCt 


REYKJAVIK Sept. 2L 


. ICELAND WILL make no fun- avian countries, Mr. Johan boss On increased consumer subsidies, 

By Paul Betts d amenta! .changes in its foreign said. Its studies would provide a cut sales tax on foodstuffs. 

ROME, Sept. 21. policy, Mr. Olafur Johannesson, better basis for discussion Of doubled wealth tax and Increased 
WITH UNFAILING punct ual ity, Prime Minister of the new Left- Iceland’s' security. taxation on corporate incomes 

the miracle of San Gennaro, wing government, said here “We all need to review our by^ per rent, 
the city’s patron saint whose coday. thinking from time to time,” Be These Steps have widened the 

coagulated blood liquefies ^ statement removes any kddud. . J * ut t 1 *) 8 

every year, took place before immediate threat to the NATO Th e new govOrnmenVa main Government was determined to 
a crowd of some S.000 in airbase at Kefiavlk operated hv task would he to combat mfl a- restore the Budget to balance 
Naples this week, but the SeUa operated by ^ which by fte mitJdUj of uus over the nest 16 months, 

miracle did not stretch to the ' _ ... year was running at an annual Full employment would be 

other pressing problems of a Marxist People* Alliance, mB 0 f 65 per Cent bn consumer maintained, public investments 

city now virtually at breaking ?* hlch has gone into the new nil- prices. This would require dose cut, and a stricter credit policy 
point, with chronic unemploy- “S coalition wire the Social co-operation with trade onions applied to private investment 
jn en L Democrats and Mr. Johannes- anri employers. The Government would not 

During the last few days the » oft ’ s Progressive party, opposes . a tripartite committee is he- balance the Budget by boirow- 
prtjblera has been highlighted the base and Iceland s NATO ing formed to revise the wage- tag more abroad. Some short- 
by street riots over tbe selec- membership. indexation system, regarded as term foreign loans would have 

tibn of 4,000 out of the city's The parties have, however, one of the main elements fuelling to be converted into longer term 
estimated 150.000 unemployed agreed to preserve the Stahls Iceland's inflation. 0fle8» hut the Government did 

for special training courses, quo. but to allow no new major Tbe Government's already Intend to increase the 
jointly sponsored and paid by construction work withlfl the secured an understanding With foreign debt 
the local authority and tbe base area. the main unions on wage re- A heavy foreign debt was more 

European Community. Not that . . n4 _^ strain* through next year. dangerous for a country export- 

these training courses will Mr. Johaftiesson said Ireland ing price-sensitive fish products 

di recti v lead to a job, but they con li?Hf te ^J!i JJ? had devalued the krona by 16 than for countries with more 


people selected a temporary . cause tbe fish Processing plants Iceland wonld not take in any 

monthly income of L200.000 opposition, will bs repre- would have had to clow If they mere foreign risk Capital for the 

(about £140) — enough to make Se 2i ed on 1116 comnmtee - bad not obtained a higher krona time being. The island’s large 

ends meet for the time being at , Tbe committee would fnfio- income from exports. Untapped power resources would 

least tion rather like the International Under Its agreement with the have to be developed carefully 

In a city under constant ten- Institutes of the Scan tllfi- unions, the Government has since and slowly, 

sions as a result of its exces- — , — ^ — ■ — — - ■ 


sive unemployment and the 
subsequent drastic social re- 
percussions, the selection 
process for tbe openings 
has been at the core of wide- 
spread agitation. This bad led 
to demonstrations outside tbe 


Chinese minister visits Greece 


BY OUR OWN CORRESPONDENT 


ATHENS. Sept. 21. 


u Viuvuw’u Ui »uuo wi* UlUt- lUb . , , • • r 

-mHn TB * Po^itities of broadening ideology. It is determined te stay Greece 'officially recognised 
rtKfriEJ P 7 ' ° relations between Greece and. gear Pf «UY struggle between China. 

Late last night the Communist- China, especially in the cultural CM** “f Soviet Union. With Mr. Panayotopoulos, the 

dly’ *nd trade sector, will be discus- *Sil 

reached a broad agreement red by Huang Hua, the Chinese SSfiE* P ° * 

over the selection for the 4.000 Foreign Minister, during his Greek Frtme Miftistef, Mr. Rallis Ofi Saturday, Hoang Hua will 

fon|, - day officlal *** 10 Gnece >tad to. George Fanayotopoulos, yisit Hellenic Shipyards. 
moL e ?n° 5 n which began today. Gie Minister of Commerce. He Greece’s largest shipbuilder 

k' r SnrTP 3.3TO he The vbir. rt Prid«-, »» St ^ sSliS, iUM, "S 

selected on the basis of their stive, highlights China's interest Hflang Htta la accompanied by are understood to be interested 

O? ISZ ^ the ™ following its Sung dick-lcuahg, the Assistant in buUding ships at the Niarchos 

of the remainine varancies will rupture with Albania, once its Foreign Minister, and ChltaUflg- yards. 

TT, t0 T,2w.« IU ! R staunch supporter. Soviet hua, the Deputy Director of the Meanwhile little progress 


tho^fSt official * here &aTe PrtYJrtely ex- foreign ministry’s Western Euro- appears to have been made to- 
i?hmiv S .*rh> t Mn iiS Passed concern about the visit pm afiaire depaftmenL . wards bridging the differences 
£ *?S5L I 5 wMch cbnias oa the heel s of Hla ialks with the Greek dividing Greece and Turkey 
mrtil mnn rtcent to neighbouring fYemier and the Foreign Minister during the second round of talks 

under -the counter arrange- R 0m aniaand Yugoslavia by Hua are expected to include bilateral here between the secretaries- 


Th?« I. ffMarie a n A-rtremp at. S 1 *?*® 0 * ***• CwuMfllat Party and International issues. It is general of the foreign ministries 

Th _* nAhVfepv nni Chairman and Premier. It also understood the Greek side will of the two countries earlier this 

' fol,aws * , week 8 v H lt briaf Huang Hna on the Cypres week. - 


M-i— ,,n follows a weeks visit to the brief Huang Hna on the Cypres week. - 

Soviet U 9 f TO Z 7 4Bfl ™ disputes Ttetireen a joint statement yesterday 

B „iS! c 7 V 5J p lin* ,e nf The ^5,, G £f ek Greece and Turkey over terri- said Mr. Byron Theodoropoulos 

LmlinS moTSner hhnwteT eafUw ^ month - torial fights in the Aegean. and Mr. Sukru Elekdag agreed 

c-m are under Commenting on the vtsit, A enltuwl agfeemcbt between that their dialogue constituted a 

.v. . • F on” th» Political observers here pointed Gte Wo countries will be signed method conducive td the search 

nronineof thi 'nwKhoo! y,,r that ^Ithwieh Cnm hu tomorrotf.^ Q mmOKlal. m i pping lot eomiam Mlutions They 


BY OUR OWN CORRESPONDENT 


ATHENS, Sept. 21. 


sa,d » seeks friendly relations and aviation agreements were decided to meet again in Ankara 
harp^rttdv^reSlred a d£ with ati countries, irrespective of signed In 1&73, one year after next January. 

turbine qualitv. .... 

Athens municipal election fight looms 

conten7 e Tn7 ^5 ?i?m.° weS BY OUR OWN CORRESPONDENT ATHENS, Sept. 21. 

asain underlined tndav with 

the killing of a 17-year-old mr GEORGE Plytas. the agree bo joint candidites in Zorba tha Greek bad split with 
Student on his way to school Minister of Culture and Science Athens. Piraeus and SalOfiiCa the KK£ in 1968 when he was 
in Rome bv another youth in today announced he was resign- where the Pahheilenic Socialist held in exile by the militarv 
another incident two youths ing his post to run for Mayor of Movement (PASOK) of Mr. junta which ruled Greece 
were victims of what has Athens In tbe municipal elections Andreas Papandreou, the opposi- between 1967 and 1974. While 
become an absurd, bur also of October 15. tioa lender -and the Greek hi* -break with the KKE was on" 

svcminelv externally motivated Mr. Plytas. a former successful communist Party (KKE) have he briefly joined the Enrol 
u-ar between young symoa- ma y 0r 0 f Athens, told a press con- put forward separate candidates, communists, then EDA and for 
thisers or the extreme Left ference be will submit his PASOlCe candidate la 50-year- some time tried to set up his own 
and those or ihe ext pome resignation to Mr. Constantine old MyrDemetriW Beft. until now cultural movement He returned 
Fight m certain neignJiour- Karamanlis. the Prime Minister, Mayor of Zografou. one of the to the KKE after a recent visit 
hnodi of the capital. in two Or three days. Suburban municipalities of to Moscow. 

Aeain«t this backcrnund nr His decision to try to recapture Athens. He is supported by the' yh* Government has said it i- 
grewnnz sr.riaj unrest in the capital's mayorship signals a Union of the Democratic centre n m sup nortica an v c?ndi do t L 
d»nre ? sed Smith and ln_ the toU£; h contest AlthOueb muni- fEDYK). the Communist Party 


the cenrre of talks between opposition parties have given Democratic Left (EDA — Greece's Democracy 

UnSrirei 0 " ^^""nathSa! L hem ***££*& cOJourins own -brand of communism) 0 f Athoi? from 1964 uSS“the 

' r «nf JSlLrton * rS hy e3 tablishing popular front Composer Mikls TheodOraVis is April 1967 army coup, will be its 

r m ? ^ r0 ederatI0 ' Con ' cooperation through joint candi- the candidate -of tile Moscow- favourite, 

rindustna. dates in most dues and towns, oriented Klffi. ' 

^wlnm-nt ''OTarnmce^to^a However - th «- v hav# tailed to The 53-year-bld composer of mm ^ 

euaramew iw a - , • •„ ctay* and i imiiam.jj.s. wfrKrfpuom «c».no 

widn-mncinc series of joh- ■ - - - - * . i0 ° . •Pf* 11 Sf r 

cwi powwr paid ae New York. N . Y. 


creatine mvwstmcnfs. | 

For ir«; nart, the Gnvprnm*n» bac 1 
ptedeed create some 600.000 I 
nw joh« in thp next three I 
years rhro’ich its economic I 
reeovPTv nro«ramtne. To dn ! 
this, however, it l« strpssine 1 
the need to reduce labour costs I 
and intrndure maior reforms tof 
cm t>ac^ nuhlic expenditure. | 


Dissident loses 
citizenship 

By: David Satter - 

MOSCOW’. Sept 22. 


Jail call at 
Lockheed trial 

ROME, Sept 21. 
THE PROSECUTION at the 
Lockheed' bribes, trial here today 


Central your Company 
fuel costs by giving 
your drivers the 


MR. ALEXANDER ZINOVIEV, a demanded terms f for i rwg (for- 

. ® mer Italian Defence Ministers 


Wh.fo political partin, and the philosopher and author of the CttargeT against 

union? hmar.lv me. there are Yawning Heights." a satirical them. ' ^ 

siojnr mwci vines on ihe nossi- 1 nnv _ . ■ihnui th* Cnetet it*inn . 

•p‘i.tv of the Government eft- " ‘ aooui me so let Union, The constitutional court was 

forcing n; medium term pro- h » s b ® en stripped of hla ciUzen- asked -to, jailexMiaister Sig. 
-mminp in toll. Ae fr is. thrj^hip by a decree of the Supreme Marin Tanasfil, a Social Democrat 
TariPt of finn.non new ioh<; is | Soviet, the nominal Soviet Par- for nine. years, fine him L40OJW0 
r^carderi hy snuir? as optimistic. liantenL (S480).and ban him from holding 

De«nit«> the prespnt relative Mr. Zinoviev, who wag pro- Public office, 
decree of political stability, fessor of logic at Moscow State Ttifc ■ Public . ProsMUtOf 
lhcr» 3re now siens of crowlnc University before taking up a requested a SiX-yfiar sentence 
Tendons between the various I one-year appointment at Munich plus a L700.00O ($847) 'fine and 
parties cupport ins rhe minority I University in July, becomes tbe the same public office ban for 
Christian Democrat Govern- Mates* lo the growing list of the Other el-Minister. Sig. Luigi 
merit The recent revival of: Soviet political and cultural Cui,. a -Christian Democrat .. 
the controversy nvpr thp kid- j figures who have been pressed Nine-year sentences were' also 
nappine and murder of Sis. to leave the Soviet Union and enu«hc for two brothers, Sig. 
A Ido \fnrn. the late Christian then deprived of their citizenship Antonio and Sig. Ovidlo 



A Mo \fnrn. the late Christian then deprived of their citizenship Antonio and Sig. Ovidlo mamc 
D emcicrat Ipader. k becoming while abroad. Lefehvre. .j- 

increasingly bitter, and the rvw The decree, signed by Presl- Seven other defendants have 1 *— — — 

between thp Socialists and ihe ^eor Leonid Brezhnev. . said that been accxseO oClnvolvemoPt US a a COMPANY. 
Communists is showing no Mr. Zinoviev was being Stripped Bribes Scandal related to rite . : . 

?igns of aha tins. All this 0 f his citizenship for actions Government purchase of 14 Her- | aQnj .r-- 
could Jeopardise vlrnrts to hr? harmful to the Soviet Union's cules G-lSy tranzpbrt-planfts from 
to brir.3 the rountr- mi* of its prestige. The action effeetivelv the US.rtackhoed'Corpftratibo le j -*■ ■ ■■ 

pr-cenr « octal ud economic prevents- Mr. ZinovieV from 1969_*Rfl IWlk , - 

dlfficultieci returning co tbe Soviet UoioiL . Reuter . V - ^ * *■ m. 


The Card for 
PETROL, OIL. DERV only. 

VnOO OARAGES NATIONWIDE 
BE GASH PUMP-PRICES 

* MAXIMUM CON TH0 LAND 
SECURITY 

* NO MORE CASH FLOATS 
TAX ADVANTAGES 

CWI us fora broth ura or 
mail tha efluporiio : 

ALL STAR PETROL CARO LTD 
P.O. Sox SS. London N1 9 5NB 
Txlophono: 01 - 27 a 77i* 




,1 








W. German 


was 


K.i R0P1 AN M:\VS 


tax package strike 

” likely to hit 
-cnmnanipe builders 




■mier 

?lon i 

"'is** 


- BY ADRIAN DICKS 

1ANCES OF any measurable 
ccicraliozx in West German 
.-anomic activity would, have 
•en slim this year andjnext had 
e Government not proposed the 
;vi 12.25hu (about £3bc) pack* 
:e of tax cuts and other stimuli 
■ tw being debated by the Bunde- 
*sg. 

The Munich-based IFO 
mnomic Research Institute 
ncludes this in its latest sur- 
y of big companies’ medium- 
on expectations about the 
ohomlc outlook. 

The survey covens about 320 
-mpames accounting for 28 per 
'Ut of manufacturing industry, 
easured in employment terms, 
id including 70 per cent of all 
e companies employing 1,000 or 
•ore people. 

Answers to. the standard half- 
jarly questionnaire were com- 
fied in June and July before the 
frveranient’s package was com- 
ete. 

But they leave no doubt about 
e greatly weakened economic 


background, against which Chan- 
cellor Helmut Sehmidt and his 
colleagues were obliged to fall in 
line with the other six partici- 
pants at the July economic sum- 
mit meeting here. 

For 1978. most of the, respond- 
ing companies said that "in June/ 
July, sales were expected to be 
at most 1 per cent better than 
in 1977. 

Outlays on new plant and 
equipment, expected to rise 11 
per cent from 1977 to 1978, were, 
according to plans in' hand, 
likely to rise only S per cent in 
1979 compared to this year. 

Companies reported that they 
had been disappointed by the 
continuing weakness of export 
demand in the first half, of 1978. 
and also hy the limited -impact 
of the 1977 package of tax cuts, 
worth about DM 11 bn 

A prevailing view was that the 
main beneficiaries of this boost 
to demand had been foreign 
travel and imports. 

Thus, the average expectation 



Enver Hoxha 


HOXHA REAFFIRMS 
HIS STANCE 

Albania, 
the loner 
of the: 
communist 
world 

By Paul Lendvaf in Vienna ?•. 


BONN, Sept. 21. 

for 1978 was a sales increase of 
only 5 per cent — a figure itself 
pushed upwards by the con- 
tinuing high level of orders for 
cars and consumer durables. 
These remain, according to other 
indicators, the main object of 
West German private demand. 

For 1979. the survey found, 
most industries were in June/ 
July expecting little change from 
this year. 

Sales were not expected to in- 
crease any more rapidly than 
during 1978, while investment 
plans were mostly still concen- 
trated on rationalising rather 
than expanding capacity. 

Most companies reported plans 
to cut. rather than increase, 
their labour force. 

The survey found the motor 
industry once .again to be the 
single bigqest generator of new 
investment. The steel and 
chemical industries also 
emerged as important sources of 
new investment, although at a, 
more cautious pace. 


\ USSR 

f V 


j*^, V. ROMANIA**. 

% K— ^ 

V 


% /BULGARIA J 


f V! 

Albania 


LTURKEY 


200 Miles 


. =CE ALBANIAN party leader various- forms had been restored. But to the Soviet Union and 
. " r. Enver Hoxha (above) has Mr. Hoxha claimed . that Nato it is Albania’s strategic 
. ; ■ r son ally attacked China for the Albania was the only country in importance and economic poten- 
,;. -st Ikne as a former socialist the world with genuine, democ- tial which command attention. 

•urttry led by a revdsdomst party racy, where the ratio of earnings The Soviet Union was caught off 
■ "fadch betrayed Marxism- between the highest-ranking balances by Chairman Hua Kuo 
•'jainism” in no way different functionaries and the average Feng’s recent visit to Yugoslavia 
om the Soviet Union and workers was lwo one *’ ; • rhe aT, d Romania but has been mafcr 
-ugoslavita.' However, the 67-year- Albanian leader also asserted ing a consistent effort to improve 
^ d ruler of. this rimy Adriatic “ at except for the Albanian its position in the Balkans. Re- 
4-r* s p mntry also rejected recent Co mmunis t Party all other com- lations with Turkey and Greece 
* \ 2 blue initiatives . for a parties degenerated, into are being assiduously cultivated. 

^ ll >rmalisatio<n of relations. revisionist and reformist' pwties. Leaders of both countries have 

.- “pur people w^ways fight an d ChS?, don? wiSf^me Sdfind Sticina^Kd ti?e 
-yjravennglyagamst U#S. im- “EurchGommiwfct parties -fere Sort« Uniw wo^ c ^y lSe 
jnalisrn, Soviet social nnpema- attacked by Mr. Hoxha as “gtXe- t0 jmprovr its relations with 
■ d £L th? dlggcrs °* TCvQlution -” Albania- because of its strategic 

The Albanian leader revealed position oit the Adriatic and its 
” S, ^ de aS1 ^, for the first time that General B. cotnraon frontier with Yugo- 

“* Stand ’ *“ -BaUuku. the former Minister of sla^ta. 

. resseu. Defence -and Politburo^nember ' Yugoslavia, with its own lm. 

The full text of the important two other senior Inembers, strong, Albanian minority in 
' >Hcy statement detivered by Mr. reported to have been Kosovo,, its most southerly auto- 

- oxha at a meeting ostensibly in „ ot three years, ago, tried to nomous province, has internal- 

'mnection with a general elec- SDa *|S8“ Albania the aa d external reasons for wanting 

on scheduled to take place on * .P 17 of better relations, 

ovember 12 in this one-party Meanwhile ■ the withdrawal of 

ate reaffirmed Albania’s total -. ““Jjjf’ Chinese economic advisers has 

olation in world Communism. c w s ^ ;t JP raised the question. of Albania’s 

r. Hoxba has been the leader nfthpir future economic development 

• ' the ruling Communist Parly uMiMtn Among the projects built recently 

*r since World War IL ti h 2ST 3ST oS ^ Chinee help ¥ e an oil 

■ averick Albania iwith a papula- SfeiMhSS on rela tions with «fi n «y at Ball«h, v which is 

yn of 2.4m publicly broke wuh ne^ehWine Greece Mid Italy believ *d to make Albania self- 

• :Sld I SJS 3r WhKi W anefto. a Lre limited- extend 


The Soviets put out public and * a85S‘ Robinson adds: 

■ivate feelers stressing their Although Mr. Hoxha has re- wu <iuced copper ’ 

Ish to normalise relations iterated in forceful terms his “i^w- anu cooair. 
j tween Albania and the Soviet intention to follow a policy of Albania is the worlds third 
or which have been reduced splendid isolation Albania can largest producer of chromite and 
a minimum since 1961. How- expect to be the centre of con- is. believed to have a consider- 
>er, Mr. Hoxha, In an S.OOO^word- siderable - diplomatic and sbLe mineral potential as well as 
■ ng speech published in all economic- Interest from its untapped hydro-electric capacity 

Ibanian newspapers, not . only Immediate neighbours and the and oil and gas. It alBo contains 

-. mdemned . what he called the. great powers in coming months, what must be the largest extent 

perfidious stopping of aid ” by For China, it. was Albania's of unspoilt coastline on the 

counter-revolutionary and ideological usefulness which Mediterranean with a consider- 
■visianist China, he also once seemed so valuable in the able hard currency earning 
7 j j-pfeatedly- attacked 'Yugoslavia context of its ideological potential. If ever Mr. Hoxha. or 
,,d the Soviet Union as struggle against the Soviet his successors, decide to open up 
! * w Siv “nintries where capitalism in Union and revisionism generally, to the West. 


and an 800.000 ton metallurgical 


iUAi 


By Stewart Dalby 

DUBLIN, SepL. 2L 
IRELAND’S flourishing con- 
struction industry is likely to 
be severely affected by a strike 
of 600 drivers which started to- 
day. 

The drivers work for Cement 
Boa d.st one, the country's 
biggest supplier of ready-mixed 
concrete and other hnllding 
materials. 

The strikers are members of 
the , Auto native General 
Engineering and Mechanical 
Operatives Union. Tbelr 
action follows the breakdown 
of talks with the company late 
last night over a two-year pro- 
ductivity deal. Negotiations 
have been going on inter- 
mittently for nearly a year. 

The union indicated It had 
of talks with the company late 
- on two grounds : first, money 
terms were “Inadequate” and 
second, certain elauses in the 
long and complex negotiating 
document “could have meant 
a deterioration'’ in members’ 
working conditions. 

The- onion had been discuss- 
ing increases of £8-£9 a week 
on average weekly wages of 
between £50 and £60, but the 
deal being discussed concerned 
productivity. Thus, the in- 
rejected the company’s offer 
across the board. 

The company has hinted it 
does not regard the talks as 
having failed because its mone- 
tary offer was unacceptable but 
that the breakdown was due to 
“other factors.” 

The prospect is of a strike ! 
long enough to cause con- 
siderable standstills in build- 
ing. 

This morning, pickets were 
set np outside the company’s 
depots around Dublin. Pre- 
liminary indications were that 
none or the company’s other 
1,400 main depot workers 
would break the pickets. 

The union said no appli- 
cation had been made to Uie 
Labour Court Ireland's 
equivalent of ACAS. As far as 
he knew, no Government 
attempts at mediation are 
. being proposed. 




CHURCH-STATE RELATIONS IN POLAND 

Accord gives way to antagonism 

BY CHRISTOPHER BOBINSKI IN WARSAW 

WHEN CARDINAL Stefan Wys- 
zynski flew in West Germany 
this week, the Polish Vice- 
Minister of Foreign Affairs, Mr. 

Jozef Czyrek. made the unprece- 
dented gesture of being at the 
airport" to see him off. 

But ohe person notable by his 
absence^ was Mr. Kazimierz 
Kakol,* the Minister for Religious 
Affairs." who. church officials ex- 
plained, bad said he had another 
engagement. Whether accident 
or design. Kakol's absence and 
Czyrefc'a- presence is symbolic of 
the condition of Church-State 
relations- 

Last autumn, when the Polish 
leader, Mr- Edward Gierek. called 
on the Pope in the Vatican and 
when Mr. Gierek and the Cardinal 
held their first public meeting, it 
seemed as if rhe Church and the 
State were about to embark on 
a novel policy of co-operation to 
solve some of Poland's more 
pressing social problem. 

Now. almost a year later. 

Cardinal Wyszynski’s first 
journeyi to West Germany (his 
visit to -Bishops there has been 
i twice delayed) takes place when 
Church-State relations appear to 
have «Upped back to their 

former muted antagonism. .,ww*. •• 

thrmigli6ut Un pni3nd e0 w S cre ?a read Wysaynski receives flowers on his arrival in Fnlda. West Germany for a conference of 

an outspoken Pastoral Letter in German Roman Catholic bishops, 

which the Polish Bishops criti- 
cised State control of the media The letter also expressed the up Church resources for a while# church activities seems to be on 

and called for the limitation or Bishops’ regret at the persecu- Thus the Cardinal’s visit to West the increase, 

even abolition of the censorship tion of those who have “ the German is timely as it may help The Polish leadership, bow- 
svstenJ- ' ! < ’ State censorship has courage to express their judg- to secure some material support ever, is faced with consumer dis- 

always i.becn and remains a mentis and opinions on public for the building programme, content caused by shortages 

weapon - of totalitarian svstems. matters." The West German Church — which will continue for some 

The aim or censorship ‘is not “The BishorK are vnpaltinp th* * hich acc ording to one observer time. Under these circumstances, 

only W guide the mental tiTe of sam e lanBuaee « the onoosTtion " !! h j* s plen F of resources and a it seems logical to assume that 
society but also to paralyse the |L™ a deSed dSinter after H? d “ ns <; ien « -has helped in some concessions to Church do- 

cultural and religious life of the ^idiSc^ the lefter^ His reaction tb,s way ,n the pastl Diamis which vU1 serve 10 sten ? 

whole people.” it said. W3 c a far erv from the anxietv The communique which fol- the deterioration of relations will 

The Jetter called on the man v like him felt last Jt>wed the autumn meeting soon be forthcoming. But the 
authorities to transmit mass and au tumn when thev feared that state fi that the Church had a misgivings of party hardliners, 

sermons' on radio and television. ,jje rapprochement between the rl ® ht t0 heJp in sha P ,n S the well- with whom the policy of coopera- 

demanded the right to publish authorities and the Churcb might being of the nation. The promise tion with the Church has never 

at least one independent j ea( j t h e latter to weaken in its of Eurther cooperation remains been popular, will have to be 

Catholic;, daily, plus more resolve to defend human rights unfulfilled, however, and Church overcome before this can happen, 
catechisms and prayerbooks and 6 " officials do not hide their dis- Cardinal Wyszynski's own posi r 

ended with a call for the faith- The autumn meetings gave the appointment at the lack of pro- tion has been strengthened since 

fui to listen to Radio Vatican. Church little apart from a wel- gress. There is mounting sus-iastautunra.Thankstothetneet- 
Parish' priests should encourage come increase in Church build- picion that -the Party is in Le res ted ing with Mr. Gierek, the Cardinal 
such listening by posting up ing permissions. The number of more in gestures than in con- secured a public assurance that 

Radio ; Vatican transmission these, while still not covering Crete acts. To make things worse, the Church had a role to play in 

times bn their notice boards. Church needs, is enough to tie official harassment of some public life. 




Vvv ' • 








1 


• • 




ry<t 






mm 




*7 

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Si 


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LMT.'- 


a 


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WRTi 


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For more mfonnarionj contact your 
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4 


AMERICAN NEWS 


Conservative poll success 
upsets liberal Democrats 


BY STEWART AS4ING 

TWO UNEXPECTED defeats in 
primary elections are forcing 
senior liberal Democrat politi- 
cians in the U.S. to re-examine 
their election strategies to 
combat candidates who are call- 
ing for tax cuts and reductions 
in government spending. 

On Tuesday, Governor Michael 
Dukakis of Massachusetts, one 
of the most prominent liberal 
Democratic governors and a 
spokesman for urban renewal 
causes, was defeated in the 
Democratic gubernatorial 
primary in the state by Mr. 
Edward King. The latter took 
conservative stands on social 
issues, inciudmg abortion, and 
advocated deep tax cuts. 

Last week in Minnesota, a 


state with a proaauacfed liberal 
bias, Representative Donald 
FraseF, a notable liberal in the 
House of Representatives, was 
defeated to the Democratic 
primary for a Senate election 
in November. The victor. Mr. 
Robert Short, also took conserva- 
tive stances on many issues. 

These losses have led Senator 
George McGovern, now perhaps 
the best known liberal Democrat, 
to remark: “ When two liberals 
go down in states like 
Massachusetts and Minnesota, it 
cannot be ignored. You have to 
sav the danger to liberalism is 
greater than it was.” 

Republican Party leaders have 
heen sensing the shift since June 
when Californian voters over- 


A little executive cheer 


jnr our own correspondent 


Washington, sept. si. 


THE SENATE Finance Commit- 
tee has voted to water down what 
President Carter has called the 
14 extravagant " entertainment 
allowances which businessmen 
can offset against their taxes. 
But it has decided that the now- 
celebrated “three Martini lunch” 
is something the corporate 
executive still needs 

The Committee voted to repeal 
the tax deductions which busi- 
nessmen are allowed to take for 
such private entertainment 
facilities as yachts, hunting 
lodges and country club dues, 
which can run to thousands of 
dollars a year. 

But the Committee, which Is 
working on the proposed tax Bill, 
narrowly rejected proposals 
which would have cut the corpor- 
ate tax rate below 46 per' cent 
and another proposal sponsored 


bv Senator Robert Dole to 
“index" individual tax rates to 
protect people against the 
impact of innation pushing them 
into higher tax brackets. 

The repeal of the allowances 
is a minor victory for President 
Carter, who had also wanted the 
repeal of business tax deductions 
for such items as theatre tickets, 
sports events and first class air 
travel, and limits placed on 
business meal deductions — the 
** three Martini lunch." as he 
characterised it. 

But the Committee did not 
repeal these allowances. It 
remains to he seen how much of 
the reduction in the tax allow- 
ances will hp retained The 
business looby is expected to 
press for the deletion of the 
repeal clauses when the Bill 
mores from the Committee to 
the Senate floor. 


WASHINGTON. Sept. 21. 

whelming]? approved id a 
referendum an initiative to slash 
property taxes. 

This week, leading Republicans 
have launched what is being 
termed a cross-country “ tax 
blitz." Campaigning in tradition- 
ally Democratic blue-collar areas, 
such as the car workers’ districts 
in Detroit, the Republican 
leaders — led by the party 
national chairman, Mr. Bill 
Brock — are promising tax cuts 
and jobs in return for votes in 

the Congressional elections in 
November. 

The Republicans are spending 
SloO.OOO and visiting some of the 
poorest neighbourhoods of cities 
such as New - York and Los 
Angeles in the campaign. 

Some liberal Democrats have 
concluded— as the leader of the 
black caucus in Congress. Mr. 
Parren Mitchell puts it — that, 
although the primary results may 
exaggerate the public mood, 
“onlv a fool would fail to notice 
that there has been a shift to the 
Right." 

Mr. Dukakis himself, at a news 
conference following the election 
defeat, said, ** there is more than 
apathy out there, there is real 
anger.” 

But opinions differ on the 
reasons for the voters’ mood. 
Some are less sure about the 
existence of a shift to the Right, 
and argue that what is being 
expressed, io the Californian 
referendum and the primary 
results, is frustration at the 
impact of inflation on everyday- 
life. 

The defeated Mr. Fraser is 
quoted a* saying, “ the voters 
cannot hit the grocer or the 
manufacturer, so they, turn 
against the Government because 
there is a degree of account- 
ability. there 


Concern over Nicaragua deaths 


BY HUGH O’SHAUGHNESSY 

INTERNATIONAL CONCERN 
about the situation in Nicaragua 
mounted yesterday, as reports 
continued of atrocities being 
committed by the National Guard 
there in areas it had recaptured 
from rebels against the rule of 
Gen. Anastasio Somoza, the 
Nicaraguan President. 

The U.S. Government 
expressed its “deep concern” 
about the reported atrocities, and 
called on the Somoza Govern- 
ment to “discipline and control” 
its troops. 

The Socialist International — a 
global grouping of social demo- 
cratic parties, including the 
British Labour Party, the 
German SPD and the French and 
Italian Socialist parties— has con- 
demned the action of the Somoza 
Government. British church 
groups have also expressed con- 
cern about the situation. 

Venezuela is pressing for tough 
action against the Somoza 
dictatorship. A meeting yester- 
day In Washington of the Foreign 
Ministers of the Organisation of 
American States, to discuss the 
Nicaraguan crisis was prompted 
by Venezuela. President Carlos 
Andrds Perez of Venezuela is 
expected to address the UN in 
New York on Monday on the 
question. 

Venezuela has sent military 
supplies to Costa Rica, whose 


frontier has been violated during 
the current unrest by Nicaraguan 
National Guards, and which has 
no standing army. Colombia and 
Panama have also sent mjlitary 
aid to Costa Rica. 

Stewart Fleming adds from 
Washington: Anxieties about the 
National Guard attacks on 
guerrilla strongholds prompted 
the U.S. Government to call for 
urgent investigations by the 
Nicaraguan Government, and by 
the Inter-American Human rights 
Commission, of the situation in 
Nicaragua. ■ Tfag Commission is 
Hue to ‘go theA on October 5 
to examine Charges of violations 
of human rights, but the State 
Department has suggested, that 
in view of the new allegations, 
the trip should be brought 
forward. 

U.S. officials said that the 
statement was provoked by re- 
ports in the Washington Post on 
Tuesday, quoting people in toe 
Nicaraguan city of Leon as say- 
ing that more than a dozen young 
men were machine-gunned to 
death by Guards as they pleaded 
for mercy. 

Gen: Somoza has denied that 
his forces have committed 
atrocities. In spite of these 
denials, however, the U.S. 
administration, clearly influenced 
by President Carter’s stance on 
human rights, is evidently bent 
on keeping the pressure on the 
Nicaraguan Government. 


Reuter adds from Managua: 1 
The tanks and machine guns of i 
government troops smashed the 
town of Esteli. last bastion of 
rebels against Gen. Somoza, 
refugees said today. 

A local doctor, who left the 
town during a lull in a rocket 
attack by five government' air- 
craft, estimated that several 
hundred had been killed, and 
said hardly a building remained 
unscathed. "They are burning 
bodies in the streets." Dr. 
Salvador Mairena said . 

The town fell two days ago — 
the last of four where a rebel 
insurrection was crushed - lit 
fierce fighting. The other towns 
were Masaya, Leon and Chinan- 
dega. 

Dr. Mairena said local youths 
were still holding out in isolated 
positions against the government 
troops, in what he described as 
a suicidal last stand. 

Dr. Mairena said his house 
was looted after he had been 
ordered out. “ I saw soldiers 
come out with radios belonging 
to my children stuffed in their 
tunics." he said. 

The refugees said they had 
been without light and water for 
almost a week, and the popula- 
tion of some 20.000 was living on 
a meagre diet of rice and beans. 

Dr. Mairena. a member of the 
Esteli chamber of commerce, 
said, “It Is wrong to call this a 
guerrilla war. ft has been a war 
of the people against the army." 


The 
Mexico 
City 

nightmare 

By William CKslett in 
Mexico City 

WHEN THE traffic lights turn 
red in this sprawling city of 
13m people.- ragged children 
leap from the pavement with 
buckets and cloths to clean car 
windscreens. Their attempts to 
earn a few pesos highlights the 
problems of tins nightmarish 
city. These youngs ter? could 
be considered the luckier ones 
for, with over L5m cars on the 
city's streets, they usually earn 
something during the day. But 
even this, most humble of tasks 
faces increasing com pet lion, 
for officially 2.00C people a day 
are arriving in Mexico City 
from the countryside. Un- 
officially. the figure is put al 
1,400. 

This enormous flow is posing a 
tremendous Strain on the over- 
worked authorities. Oni;. about 
half the city's workforce is 
fully employed, and housing, 
educational and transport 
services will never catch up 
despite the Government's 
awareness of the problems. 
When the school terms began 
recently it was heart-rending to 
6ee the endless: queues of 
mothers seeking • places tor 
their children. . • 

The population of Jlexi'f City 
is expected to increase lo over 
30m by the year 2000. Unless 
present trends are radically 
changed, it win be the tersest 
city in the world by the next 
century. 

The 66m population of .Mexico as 
a whole, rising at an annual 
rate of 3.5 per cent will prob- 
ably double in the same period. 

For three weeks, 20 workmen 
have been drilling outride mv 
flat at the pedestal or the 
statue of George Washington 
which needed tb be moved to 
make way for traffic improve- 
ments. Day after day. and 
night after night.' the workmen 
have laid Into toe thick con- 
crete base of the statue with 
their piercing drills. A few 
explosives would have done the 
work in a matter of hours at 
less cots, but would have meant 
meant work for Jess people. 

The continual hum of car and 
the beeping of. horns is supple- 
mented by what must be 
among the noisiest buses in 
the world. 

Couple the noise; with the city’? 
situation 7,400 -feet, above sea 
level, which ag^avates the air 
pollution, and it Is riot surpris- 
ing that eveiy^Weekend those 
with transport See the city for 


OVERSEAS NEWS 




Israeli troops Remove new 


BY DAVID LENNON 

ISRAELI TROOPS today forcibly 
removed Jewish extremists who 
tried to establish & new village 
on the West Bank in defiance of 
the government freeze on settle- 
ments in the wake of the Camp 
David summit. 

: At the same time, however, 
Mr. Mosbe Dayan, Israeli Foreign 
Minister, said that Israel wiU de- 
mand the right to build new 
settlements on the West Bank 
even after a peace agreement 
The settlers were reported to 
have resisted efforts of toe un- 
armed soldiers to drag them to 
waiting buses from their new 
village on a mountain top near 
Nablus. 

. They were supported by" other 
members of the Gush Emunim 
movement who blocked some 




1 

Jerusalem; sep£ zi 


roads on the West Baak. Gush 
Emu Dim believes in the fate 
toricai right of Israel tope, West 
Bank. 

The settlers fear that if Israel 
gives up the settlement: in Sinai, 
there will be pressure do the 
same on the West Bai L 

The totally oppose me agree- 
ment with Egypt, matte by Mr. 
Menabem Begin. Isradfs Prime 
Minister, to halt aU new settle- 
ment projects while peace nego- 
tiations are in progress. / . .. 

Mr. Dyan admitted £bat -some- 
difference of opinion, existed 
about the length of 'time the 
freeze should last This stemmed 
in part from toe fact giat.it was 
not dear how long negotiations 
on the Palestinian is$ae would 
last, be said. * 


He believed that the tint siege 

Hfejssw 

iuhjTtWs 

jreJs - vsSg 

shortly. Mr. Dayan added. He 

a. “■ * we 

"“.“r 

jeri* towns on the West Bank. 



THE WEST BANK PALESTINIANS 


Mr. Fahd Kawasma, mayor 
Hebron, and Mr. Kfeiia 
mayor of Ramalteh^fcavr ts&fcL 
sidefaMe Influence: BpKjj; £ 
understood that' *- they';’’ both ' 
oppose the local autaoemy ntQ, , 
posal, as do all but nut-pf the 
other mayors. ' - ■ .'r-.:. - -V 
The 15 municipalities ' 6n j&e ■> 
West Bank staged 
in protest against 'ttedkHiissai- 1 
of one mayor who had^ been : - 
found guilty /attacking.. *>. ' 
policeman. He had appeatetfhi* :■ 
case tb the High Court, antf-lost, 
West Bank; 1 sefawtehiidrett 
demonstrated against : the. Camp - * ■ 
David “ seU-oat" - , of tig,: ■ 
Palestinians by President- Sadat 1 • 
This was the ef-'? . ■ 

demonstrations-' but; :RO---%noht- ■' 
clashes have been departed.. .:? .- 


v.-.‘ 


“Condemnation will not solve the issue” 




Chile ‘not to buy fighters’ 


BY ROBERT UNDLEY 


BUENOS AIRES. Sept. 21 


LATIN AMERICAN Influence 

al the International Monetary 
Fund and the World Bank is 
expected to inereas&fe a result 
of a derision taken ItikAcapnlco 
at the dosing of the meeting of 
governors of 'Latin American 
central hanky* whereby Spain 
will form part of toe blech 
made np of Central America, 
Mexico and Veneznela, our 
Mexico City Correspondent 
writes. 

As a result of this move, the 
block, described as the 
Northern Part of :• Latin 
America, moves up from 12th 
to 4th place in the IMF 
hierarchy, and from 18th to 
fifth In the World Bank, 

The move Is one more sign 
of the Increasing links between 
Latin America and Spain — 
links which have beenjquickly 
re-established since the death 
of General Franco. Spain has 
applied to join the EEC. but, 
at the same time, is Furthering 
commercial relations . with 
many Latin American 
countries. *. 


the nearby countryside- The 
smog bangs in toe ilr like a 
dense cloud, prevented from 
dispersal by toe suTjuundini 
mountains. Mexicans say it 
is possible to lell when the pol- 
lution is really baxh because 
toe mountains are rrfrisible. li 
is also possible to teB because 
car fumes cause eye-watering. 
A local newspaper recently dis- 
played a from pa?e photograph 
showing the lop of obe of the 
mountains. The caption read: 


THE CAMP DAVID summit 
decisions hare split the West 
Bank, and may have ruled out 
any agreement on toe Palestin- 
ian is s u e in the foreseeable 
future. 

The most prevalent feeling 
among toe 700.000 Palestinians 
who live on toe Israeli-occupied 
West Bank is that President 
Anwar Sadat of Egypt has sold 
out toe Palestinians for a 
bilateral settlement with Israel 
But some Palestinians argue 
that the Camp David decisions 
have to be recognised as a 
reality. They say that however 
unsatisfactory the decisions, they 
should be used as a basis for try- 
ing to win an acceptable agree- 
ment on the future of the 
Palestinians. 

Some of the most vocal and 
practised exponents of toe 
rejectionist view are to be found 
at toe Bir Zeti University, a few 
kilometres north or Jerusalem. 

The students and lecturers 
argue persuasively and with 
varying degrees of sophistication 
that the sell-out is so total that 
they have no option but to 
struggle on towards toe dream of 
a fully independent Palestinian 
stale. "They say a deal which 
relates only to the West’ Bank 
and Gaza and ignores the rest 
of the Palestinians is totally 
unacceptable. 

They are universal in their 
condemnation of President Sadat, 
who they say made a bilateral 
deal with Israel eft the Palestin- 
ians’ expense. They accuse Tiim 
of betraying the Arab cause be- 
cause of his desire for self 
aggrandisement. 

Even though the students and 
academics feel toeir cause has 
suffered a setback, they believe 
that there can be no true peace 
is the Middle East without a 


BY DAVID LERNON RECENTLY IN BETHLEHEM 

solution to their problem. elected 
“Our two great assets." ex- the Camp Dai id framework, the 
plained a lecturer, “are Ihat only Bir Zeit staff fear that some 
we can legitimise a settlement. local leaders * may- su ecu mb to 
of the Palestinian issue, and toe blandishments being otterea. 

that we can ensure that people One man they ye 

don't sleep well on our- graves” ferring tu is Mr. Euas Frey, me 


Criticism of Egypt intensifies 


BY OUR FOREIGN STAFF 

THE SECOND DAY of toe * 
meeting of the Arab Readers 
most opposed to . Presidents 
Anwar Sadat's initiatives to., 
wards Israel opened yesterday 
in Damascus against a hack-: 
ground of growing criticism; 
among moderates, ; . ; '■ 

At the opening, President - 
Hafez aJ-Assad of Syrciu who .* 
Is host 16 the leaders of. 
Algeria. Libya. South Yemen,:, 
and the Palestine Liberation' 
Organisation (PLO). launched ' 
a scathing personal attack >on 
Mr. Sadat, aceusing- him la 
effect of plotting a jolnrattacb 


> with Israel on Syria. He was 
followed by Mr. Arafat who 
described Mr- Sadat as the 
* Petal n of the Arab world. 

A senior Palestinian source 
was also reported yesterday to 
have said that the main 
Palestinian groups had decided 
to escalate guerrilla operations 
and io attack American and 
and other Western targets. 

In spite of the atmosphere 
of hostility. Mr; Cyrus Vance, 
the U.S. Secretary of State, 
- was still due to visit Damascus 
on Saturday to explain to Mr. 
Assad the content and aims of 
the Camp David accords. 


This latter comment is a polite 
way of saying that the: Pales- 
tinians can-wage limited war- on 
its enemies, both Israeli and 
Arab. 

Their rejection of the proposed 
autonomy settlement is tetaL be- 
cause they see it as. being a 
condominium under which “the 
Jordanians will tax us and the 
Israelis will jail us." the lecturer 
explained "! ' 

Even though, the majority of. 
the mayors, who constitute the 


Mayor of Bethlehem. He is the 
only leader who has. refused ta 
totally condemn the Camp David 
agreement . -\ 

“The Camp. David decisions 
are so serious and important 
that we cannot ignore then! or 
deal with them simply by rejec- 
tion. and protest.* 1 Mr. Frefj 
explains. . 

; The text of the agreement 
about the future of the ' West 
Bank and the . Gaza Strip is 
‘Vague. unsatisfactory and falls 


Sadat sets out to convince the 


short of 'our demand -for " Pull 

seH-dBtermination, r he -says.- But 
he adds chat condemnation wilL 
not solve toe issue.-' ' . V : 

The mayor notes -that' the' 
Palestinians have aiways.xejected 
what - was offered tir them. - often 
without' even studying, the pro- 
posals. . This time, . he says, ibe 
proposals should be.studifedVand- 
he lias suggested -that the .West 
Bank leaders seek permission 
from the Israeli mlfltary' govern- 
ment to hold a caucus to discuss- 
the issues arid formulate counter- 
proposals. - :y • 

Mr. Friej finds that toe Caixip 
David , agreement has positive 
elements. “It's .half a- step, -but 
if is a • step in -the right dlpee-- 
tion/Vhe -believes. - ' 

..The biggest ■ mistake at- Camp 
David, in Mr. .Jfreij’a- opinion, 
was that it Ignored "the Palestine 
Liberation Organisation. ; -^Tlm 
PLO is a part of -our lives and 
no one can ignore that fact-” 

But he is a.Bttpportef' pf.Kirigl 
Hussein— w our King," a* he calls 
him. While be doubts, if Jordan 
wiH join the talks at this stage, 
he does hot -rule.. it. out. particu- 
tariy- it the United States applies 
strong pressure on the King, 
which he . considers, would 
ehange the whote- situation. .-. 

Regardless of who participates 
in : the. peace talks, “vie muit 
stair -making decisions for our- 
selves because' this may.be our. 
last chance." says Mr. rreij. . 

He is not alone in this view; 
although his Is a lone voice 
among toe Elected leaders. ' 
.Today there, is unity oh the 
West Bank only on rejection of 
Israel’s proposal: for local auto-- 
nomy.. . But there in no unity on - 
what compromise they are pre- 
pared to mgke between that offer 
and their, own demand for fuH 
independence '‘now. 1 -v " * 


.■ -■>: 


«.'l 1 1 
>»* 


ier 


s :■ 3 

. i * ** , 



BY OUR OWN CORRESPONDENT 


IN HIS first meeting with an 
Arab head of state since the 
Camp David accords. President 
Anwar Sadat of Egypt hopes to 
convince King Hassan of Morocco 
to support him and persuade 
other "moderate" Arabs to do 
so as well. • 

Officials say it is unlikely that 
King Hassan will make a public 
stand at this juncture, prefer- 
ring secret diplomacy in any 
attempts to convince other Arab 
leaders, notably Saudi .Arabia's 
King Rhaled. with whom he is on 
excellent terms. 


Although Saudi Arabia has 
criticised heavily toe Camp 
David framework, it has indi- 
cated It will not interfere with 
its application, which Egyptian 
officials regard as a positive step. 

Mr. Sadat Is also expected to 
have contacts during his two-day 
visit with Prince Abdallah Ibn 
Abdula/iz. the Saudi second 
Deputy. Prime Minister, who is 
here on a private visit 
At borne. President Sadai is 
likely to. face a harder task than 
first anticipated in convincing 
the Egyptian public of toe 


overall benefits of toe Camp 
David accords - ■ 

The growing feeling of unease, 
that Egypt may become Isolated, 
within the Arab world wili-prote 
ably not affect the hero’s' wel- 
come given to Mr. Sadat when 
he arrives in Cairo on Saturday. . 
but it is certain to be reflected 
in the President's subsequent 
actions. 

.Plans are already being laid to 
whip up public support and -Mr. 
Sadat has begun a newspaper 
campaign to demonstrate the 
benefits of peace with Israel. He 


y ■’ RABAT, Sept. 2 L - ^ . 

announced ‘ today that Egypt . 1 .. . ~ ' 

would;. become a- member ol- th» _ ;. ~ 

Organisation of - Petroleum E*. ; " 

porting Countries in 1980 when, 

on too return of all the Sinai 

fields, bil .production would top 
lm barrels a day.. . . . ' ; . ... 

Biit the promise of substantial ' ; !hN ; f* & V 
economic- benefits- will- not be 
enough and Mr. Sadat win have ; 
to find a major issuc^oh-Which^A.r* 
to ' concentrate: people’s tainds.ji/^ 3 , 

now Israel has been -dtt"- but * 
removed as the main target for 
national reseatmenL * t ! 

itaste 


THE CHILEAN Air Force com- Supreme Csurt will take four service, Dina, and Capt. Espinoza 
mander-in-chief, Gen. Fernando months to decide whether or not and Lt Fernandez were Dina 
3f atthei. has denied reports that to grant toe extradition to toe operatives. The three were impli- 
cit ile is to buy 100. second-hand, U.S. of three Chilean army cated in the bomb murders by a 
British-made Hawker Hunter officers accused in Washington of U.S. citizen. Mr. Michael Town- 
fighter aircraft from India. being involved in the murder ley. also a former Dina agent. 

The purchase of the Indian there two years ago of a Left- who is io jail io Washington! 
fighters would have been wing former Chilean Foreign where he has turned state's evi-l 
dictated, it is believed, by the Minister. Sr. Orlando Letelier. dence. Mr. Townley confesses to j 
Chilean need to arm more and his American woman asso- having placed the bomb io the ; 
thoroughly for a possible armed ciate, Mrs. Ronni Moffiu. rar which killed Sr. Letelier andi 

conflict with Argentina over the Yesterday, the U.S. Ambassa- Mrs Moffit on September 26. 1 
Beagle Channel boundary dor in Sanirtago. presented the Sr. Letelier was toe Foreign! The Government 
dispute. 400-page allegation against the Minister of the Marxist Presi-I tralisation from 

Although Gen. Matthei denied three officers — Gen. Manuel Con- denL Dr. Salvador Allende. whoi 
that Chile would buy the Indian treras. Capt. Fedro Espinoza and was overthrown by the military 
fighters, he Indicated that the Lt. Armando Fernandez, all of in 1973. and. as such. Ibe murder 
purchase had been under con- whom are in protective custody could be interpreted as a politi- 
sideration by the government in Santiago — to the Chilean cal crime. But toe murder of 
when he said that the aircraft Foreign Minister. Mrs. Moffit 1. supposedly, is dif- 

“ .antiquated and expensive.” Gen. Contreras was the head of ferenL in that she was a U.S. 


“An exceptional day. !Tbe wind 
oui of 


• It is expected that the Chilean the now-defunct Chilean secret citizen 

New bid to end NY press strike 


BY JOHN WYU5 


NEW YORK. Sept 21. 


NEW YORK newspaper pub- bring about a settlement ever This, he says, is " to make the ! 

liahers were today considering since the sioppage halted pub- full resources of the mediation ■ 

a proposal to shift peace nego- licatton ef the New York Times, service available to the parties', 

tiatlous to Washington in a bid the Daily News and the New and bruig the negotiations into! 

A ne '?<, ® re for York Post. a new and positive setting away! 

settlin g t he 43-day-old press- in a telegram to the Pressmen from some of the disturbances 
m n5Li i_ r „ „„„ and the publishers. Mr. Moffet and distractions which have 

ve™ cESSXdlTfti.'S: »“ "W-ttl « resumption of »«■ ■" New 

federal mediator. Mr. Kenneth talks io Washington next Mon- ' 

Moffet, who has been trying to day. 


Reporter imprisoned again 

BY OUR OWN CORRESPONDENT 

. NEW YORK. Sept. 31. 

THE NEW JERSEY Supreme York Times will appeal against toe publishers and toe union 
Court today ordered a New York the decision to the U.S. Supreme ^ ave been sidetracked by an 
Times journalist, Mr. Myron Court, arguing toat conviction of argument about a possible role 
Farber. to return to prison next Mr. Farber for criminal contempt tor the lawyer-mediator Mr. 
Tuesday, and upheld bis con- breaches bis rights under the Theodore Kbeel. 
viction by a lower court for First Amendment Mr. Kfaeel is advising the 

criminal contempt The New Jersey Supreme Allied Printing Trades Council 

.Mr. Farber has already spent court rejected this argument representing nine other unions 
27: days in a New Jersey prison ... thflt Mr whose members are out of work 

ftff refusing to hand over notes ™ one wmch claimed that Mr. becsuse of the prtS6me n's strike. 
t«£a judge in a murder trial. The Farber was protected by a New 

cake has 8 become a national cause Jersey “ shield law “ which was yesterday that Mr. 

ctilbbre and is seen as establish- supposed to free journalists from Khee ^ would attend all future 
ins a ‘precedent which could the judicial orders imposed on negotiating sessions. But hopes 
determine the constitutional Mr. Farber. The reporter was that be may play so active 
rights of journalists to protect found guilty of eivjl and criminal mediating role are running Into 
r ry5»f«nat Marne*. The New contempt el tb* and of July, awmsiHiei from Dm pubVebma. 


The Federal Mediation and 
Conciliation Service would not 
explain toe “disturbances and 
distractions “ lo which Mr. 
Moffet referred. 

But the mediator may well be | 
irritated by toe fact that during' 
the past week, contacts between 


dislodged 8 00 .000 tunj of smog 
from toe va!te> of Mexico. 

-ee$ decen- 
Mexlco City 
as a priority. Government 
officials not required, in toe 
capital are bein? moved out 
amidst protests, bur :wito the 
hope that industry m*y follow. 
It is a vicious circle, for toe 
more attractive toe city 
becomes, tbe more people will 
come in from the countryside. 
On toe other hand,; the city 
cannot deliberately, ibe ruo 
down to the exieni in. making 
life even more intolerable. 

The reality is that life for the 
poor here is jusi aS.ltough as 

m the countryside. Inflation is 
higher, in almost any direc- 
tion from the capita!'*** mite 
after mile vf “ lost 'cities " of 
poor peasants lacfcihS basic 
uLilities. Bonie> are.bften im 
provised shach- nf wt^od- The 
unpaved roads arc cither dusty 
time of toe year. /Water is 
obtained From tanks 'on roofs, 
from communal tap4 or water 
or muddy, depending °n toe 
trucks. 

The cost of improving the city's 
services is so prohibitive that 
any improvements can only bo 
minimal. It is estimated that 
just to raise toe wafer supply 
(45 cubic metres a gecond) by 
I cubic metre a second would 
cost $40m because pipes need 
to be laid over the mountains. 
The growing feeling among 
officials is that this Mind of 
money is better spent creating 
new cities, which means that 
Mexico City’s nrolfeins will 
continue to get ‘worse- 


UA COMPANY NEWS 


Merrill Lynch moves Into resi- 
dential real estate; ;.jM*adud 

Oil of Indiana eee! veet Sense* 
wfl rumour: Allecfctuir MO* °P 

IDS stock— Pa* 4 « 


Only one Namibia party 
welcomes poll prospect 


BY QUENTIN PEEL . 

ONLY ONE political part; in 
Namibia 1 South-West Africa) has 
welcomed the prospect uf early 
elections in the territory— the 
ethnically-based and pro-South 
African " Democratic Turnhalle 
Alliance (OTA). 

Even the conservative Afclur 
grouping, which .includes the 
bulk or the former ruling 
National Party, and is thought 
lo have majority support among 
the territory’s white population, 
has expressed reservations about 
tbe lack of campaign time before 
the declared polling days. 
November 20 — 24. 

Both toe internal wmg of the 
South-West Africa People's 
Organisation (SWAPO) and the 
Namibia National Front fNNFl. 
which includes the other 
nationalist movement, toe South- 
West Africa National Union 
iSWANUL have said they will 
not take part in any election 
under exclusive South African 
control. 

At a news conference today, a 


JOHANNESBURG, Sept 21. 

spokesman for the nuddle-oMhe- 
ruad NNF said that he could not 
rule out 3rmed struggle as a 
response tu the South African 
decision 10 reject the Untied 
Nations peace plan for toe terri- 
tory. The NNF oppose the elec- 
tion “through all the avenues 
our disposal.” said Mr. Rein- 
hardt ftukoro. the Information 
Secretary. 

The Aktur objection to 1 he 
elections is to the two munfh*' 
campaign time available. Rm 
observers do not think the party 
will refuse to participate for iha'i 
reason 

• Lord Carrington. Conservative 
leader in the British Hou*e of 
Lords, yesterday condemned the 
South African proposals f or 
Namibia and called for further 
negotiations on the Issue. “ it 
is absolutely essential that the 
Western powers and the Security 
Council should not allow rhe 
progress they have made to dis. 
appear overnight.” he mid a . 
meeting of the Royal African! 

Society m London. I 


Zambians sad and angry 
about Pretoria decision 

ST OUR OWN CORRESPONDENT 

LUSAKA. -Sept. 2L : 

ZAMBIAN COMMENTATORS re- particular by Angola.! .tiuL a 
acted with a mixture of despbn- major initiative by . the .“front 
dency-and anger today.. to South line” stales to put pressure <ni- 
Afpca's announcement- that rt the SWAPO nationalist croup tq. 
was going ahead with its own accept the Western terms - for . 
plans for Namibian elections. Namibia has foundered because 
“Mr.. Vorster will go downVin South Africa dug to its-- heels. 
the tonal's of history as toe one It- ..seems increasingly- certain 
roan' who could have put bis thaf .the - . -West "and. »fcp-. United 
country . on to Ihe path of Nations will conu» under mpunt; 
nationhood hut -allowed his ing nressurc from black AFrira 
narfow-njindedness in hiuld a tn overrule South Africa or .ferf. 
Sopth Africa' abhorred .and -growing deniandp for ecnnotiiic' 
loathed bv rhe civilised worfd:- sancrinns that would damage, 
she Government-owned Zamhla W pure in and. in particular. 
Dailv Mail said in a commentary British investment . . 

The- senii-official Times of Referrinc to So Vi pi and I'-iihan- 
Zambia declared:..” South Africa influence in Africa the Titnes 
has.onre aoain shown her.com- editorial, said:- “ It is .the Wes. 
pleter.-and ' ntrer enntemot for. and its blind pursuit of mark*!? 
world opinion and ihe United that creates the condi which ' 
Narioos . . she has Issued a 'fame -’African freedom' fisbleti ' 

challenee. to the wrjrid that mu^t t 0 seek aid from whoever wn 
be -faken up. If Vnrstpr. eoes give if to them"./. - ' 

ahead - with his plan the -United Renter adds from Paris: Frahtt 
Nations must act or. be com- has condemned Sniith- A f 
pletftlv discredited." -• decision to organise elects®!' 

Underlying the commentaries unilaterally in Namibia this .**®] 
there is also a deep disappoint- and called on the Smith Atria* 
meht. likely -to be shared in Government tb change its. tn.iflS-.. 


- \ ■ ... 


■\ »■ 


Lobbying in S. African race 


BY QUENTIN BEEL - 

WITH THREE candidates left 
in the contenst to succeed Mr. 
John Vorster aa the South 
African Prime Minister, inten- 
sive lobbying within tbe parlia- 
mentary caucus of toe ruling 
National Party is already under 
way. 

The succession will be decided 
by a meeting of tbe caucus on 
September 28 in Cape Town, 
which had already been sche- 
duled to elect a new state pre- 
sident The decision by Mr. 
Vomer himself to stand for that 
post makes tbe result a foregone 
conclusion. 

with the withdrawal last night 
of Mr. S. P. (Fame) Botha, the 
Minister of Labour aad Mines. 
tram . the mania* for the pre- 

Nl e rah l n . tbe aeMldiiy ai ICz. 


R F. “ Pik "• Botha. The Foreign 
Minister, has received a con- 
siderable boost 
However, the two front run- 
ners remain the respective 
leaders of the two largest pro- 
vincial wings of toe National 
Party: Dr. Connie Mulder, the 
Minister of Plural Relations. m 
the Transvaal, and Mr. p. \v 
Botha, (he Minister of Defence 
in ihe Cape. - - 
On toe basis of provincial 
loyalties. Dr. Mulder must be 
expected to have a head start 
for tbe Transvaal has 83 mem- 
bers in the 175 member 'parlia- 
mentary caucus. By comparison 
Mr. P. W. Botha's Cape bas on Tv 
55 members- Thus, if provincial 
loyalties are paramount-^- aad 
the? are probably the main deter- 
mining factor— Mr. Botha «*eu]d 
' fe tftite itt ton* kW 


provinces to. defeat the Trans- 
vaal- • 

Mr;’ "Pik Botha's significance, 
boweyer, is tool he - can be 
expeeted-to' gain some of the 
votes -from the Transvaal (he 
represents a Johannesburg con- 
stitiienCy> : aod be also can boast 
a close flefKonal relationship with 
Mr. SocsXer. Indeed, his presen- 
latioh yesterday at Mr Vorsrer’s 
fesigriation'news cnoforence. and 
subsequent appearance on tbe 
front \pages of all : *c leading 
Afrikaan’s newspapers sitting 
beside the. Prime Minister, must 

constitute-. a " very powerful 

personal endorse merit from ibe 
premier, r.y": 

Moreover Dr. r Mulder's stand- 
m '^hw ; Hmfefed ■ ' conaiderably 
foUowinz„",the ooUapse of hit 
Wrnfuir ffWrtriurest of inform *- 

' ffcto.v yoar— trie 


JOHANNESBURG. SepL ^ . 

information function bae 
been assigned to Mr. Pik Both a < 
Foreign Affairs Ministry 1 ^*£$1 • 
as Mr. Fanie Botha and 
Botha might have '^>lit 
Mulder .vote,; toat.' tad"/."? 
expected now to go iargeljr-S- v 
Mr. Pik Botha. ■ --r -_ -- -_^s 

Pol 1 lira 1 com men ta tots - h«P5. _ 
still incline to- back either ^: 

P- V Botha or Dr.' Mulder > 
men with ihi" widest pariy -■ 
port, which Mr. Pik Botha v 
lacks. tbey see Mr.-p. W. Bolg' • ": 
the senior member., of- ^. 7 : : 
cabinet, as toe JlkfiiyivfetoTi'1f§.-*>' s 

stoly with Mr... Pik Botha riWv.: : 
him bis support m the final 

off. The defence minister is 5|‘ . 

tod tharefore not -* '- 

expected to hafd tbe preaitrr 


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FSnaicfal Times Friday Septemtier22 1978 


I WORLD TRADE NEWS 


China seeks Western help 

in communications plans 


proton on i uk embassies ‘little aid in disputes’ 


new French 


trucks rule with Third World governments 


ohe 


; BY JOHN LLOYD 

'.SSI YE modernisation and 
■. ‘■•’ension programmes are being 
tinned for the Chinese tele- 
- : > ununications system. The 
,-nese Government has made it 
. if that it will buy western 
jpment and advice to speed 
■ ' its development 

• V- □ a recent statement Mr. Liu 

• . sjflg-ehing. Vice-Minister of 

' is and Telecommunications, 
;-.s i that Chinese telecommunica- 
vis workers should “strive to 
mote friendly contacts and 
jperation -with the people of 
countries.'' 

lie Chinese embassy said this 
;k that a delegation from Mr. 
, Cheng-ching's ministry* may 
;t the UK later this year. A 
legation from the Central. 
*Jjgi:idcasting Administration has 
?ady visited France, Sweden 
1 West Germany and inspected 
■adcasting and telecommunica- 

• . is facilities. 

.lie Vice-Minister said that 
line 96 per cent of the com- 
. nes, and more than 70 per 
it of the production brigades 
.. Jer the communes, have a 
jpbone service." 

• le stressed, however, that 
. eh remained to be done. 

' elecoram unications should be 

demised. A mans drive to 
V mge the backward state of 

• inu’s posts and telecommunica- 


tions and catch up or .surpassa 
advanced world levels is now 
under way:" 

The " Vice-Minister outlined a 
surprisingly sophisticated . level 
of production ip .telecommuni- 
cations. Telecommunication 
workers had “ manufactured a 
wide range of up-to-date tele- 
phone equipment, such as fully 


SIR PETER TENNANT, presi- 
dent of the London Chamber 
of Commerce and Industry, has 
been invited to Join an EEC 
delegation to China. The Euro- 
pean Commission Is organising 
the visit following the signing 
earlier this year of ther EEC- 
ChJna trade agreement; 

electronic and semi-electron ic 
telephone exchange - systems, 
cordless toll switchboards, PCM 
(pulse code modulation} terminal 
equipment, video telephone 
systems, letter-phone sets and 
different kinds of . carrier 
telephone terminals.” 

While be does not make it 
clear what level the production 
of these technologies has 
reached (that is, whether they 
are in the developmental or pro- 
duction stage), the list .itself is 
impressive even when compared 


Japan may open state 
tendering to foreigners 


to the capacity of many advanced 
Western countries. 

The UK. Tor example, has still 
to introduce its first fully 
electronic (on most definitions) 
exchange, and a video phone 
system is still * only in very 
limited use. 

However, it is thought likely 
that the more advanced equip- 
ment is still in the research 
phase, and that the bulk of the 
equipment in normal use is age- 
ing electro-mechanical tech- 
nology. 

Our New Delhi correspondent 
writes: China has told a delega- 
tion of the Federation of Indian 
Chambers of Commerce and 
Industry that it is keenly, 
interested in importing wheat, 
sugar, high-grade cotton yarn, 
iruQ ore, steel and non-ferrous 
products. The delegation return- 
ing from a 10-day visit to China 
is now urging the relevant parties 
in India to follow up this interest. 
Indian companies should get in 
touch with their collaborators 
and others in the West as well as 
in Japan to undertake sub- 
contracting work in tbe turnkey 
projects which are in the offing 
in China. 

The delegation recommended 
that the Indian railways should 
make a bid for laying railroads 
in China and also try to export 
rolling stock and other equip- 
ment. During the visit the dele- 
gation bad told the Chinese that 
India could supply machinery 
and technology to China at prices 
which were 30 to 40 per cent, 
lower than Western countries 
could offer. 


By Lynton McLain 

BRITAIN, West Germany, 
Italy and Holland have 
formally protested to France 
over Its plan to Impose 
unilateral mandatory design 
standards for industrial trucks 
only days before a common 
European standard was to have 
been published. 

The French plan calls for 
tough new standards to be 
applied to Industrial and fork 
lift tracks sold in France after 
December 2. The deadline 
comes after six months’ warn- 
ing from the French Industry 
Ministry, bnt most European 
manufacturers have been left 
with no chance of complying in 
time. 

The result will be an effec- 
tive ban on the sale of a range 
of Industrial tracks In France. 

Britain and other Govern- 
ments in the EEC have pro- 
tested .to the French 
Government and to the 
European Commission that the 
action cuts across moves lo 
harmonise industrial track 
standards. A common standard 
has been prepared by a work- 
ing group or the Commission 
as a way of cutting non-tariff 
barriers to trade in Europe. 
This was to have been pub- 
lished la draft form by tbe end 
of the year, but the French 
action may accelerate publica- 
tion. 

The first nnited protest by 
Germany, Italy, Holland, 
Britain and other EEC mem- 
bers on the working group, will 
come next month. An 
emergency session of the group 
on October 17 to 19 is to con- 
sider urgently the implications 
of the French action. 


BY DAVID HOU5EGO 

BRITISH”' COMPANIES with In- 
vestments in developing 
countries apparently feel that 
British embassies are “ not much 
use " in backing them up in the 
event of a dispute with a foreign 
government 

This sharp conclusion emerges 
from a survey of 13 British 
multinationals carried out by 
PS1 (Policy Studies Institute) as 
part ot- an international study 
into the problems of multi- 
national xompanies operating in 
developing countries. The British 
sample includes companies in 
extractive "and manufacturing in- 
dustries 'and in banking and 
insurant, with between them 
more than 250 overseas sub- 
sidiaries. ' _ 

The British companies feel 
that the. lack of support they get 
is partly' due to the reluctance 
of embassies to take any action 
which might imply a preference 
between 1 "different companies or 
which could complicate political 
relations. They say that embas- 
sies often show a distaste for 
getting too involved in industrial 
and commercial matters, particu- 
larly if-'.It ; is on behalf of only 
one company. 

According to the PSI survey, 
which summarises extensive 
interviews conducted mostly with 
chief executives responsible for 
group operations to Third World 
countries on ihe basis that their 
companies' identity would not be 
revealed, British companies feel 
that the gulf belween the Civil 
Service . and industry is even 
wider abroad than at home. 

The survey says that com- 
panies ;feel that in British 
embassies they are dealing with 


amiable amateurs who know 
little of industry or trade — and 
often not much more about the 
country where they are working, 
because by the time they are 
beginning to understand it they 
usually get posted somewhere 
else. Several companies took 
the. view that French. German 
or Japanese missions were mucb 
more effective in supporting 
their countries’ companies. 

But. damning with faint 
praise, tbe survey found that 
most companies thought it worth 
keeping in touch with their 


similar reports from other 
industrialised countries, includ- 
ing EEC members, Sweden, 
Japan and the U.S. 

Most of the British responses 
to questions on the policies of 
multinationals in developing 
countries and the possibilities 
of strengthening relations be- 
tween overseas companies and 
Third World governments were 
predictable and non-contrbver- 
sfaL But anonymity obviously 
also freed companies from the 
responsibility or defending their 
remarks. 


Companies feel that in British embassies they 
are dealing with amiable amateurs who know 
little of industry or trade. 


embassies "particularly on the 
rare occasions when they come 
across a commercial attache 
who is really effective.” 

On how mucb and the type 
of support they should get from 
home governments in the event 
of a dispute, the companies were 
sharply divided. Almost half 
felt that reprisals against expro- 
priation without proper compen- 
sation in tbe form of such 
sanctions as cuts in aid would 
be totally inappropriate. Another 
five felt that such sanctions 
should be used, partly in the 
belief that unfair treatment 
should be punished rather than 
in the hope of securing a 
reversal of policy. 

The British section of the 
study Is to be co-ordinated with 


The final report covering the 
activities of about 100 multi- 
nationals in developing coun- 
tries is being prepared by tbe 
New York-based Committee for 
Economic Development. 

On corruption, the British 
companies took the view that 
unilateral action by the UK 
Government to prevent the pay- 
ment of illicit commissions 
would put British companies 
at a disadvantage with other 
countries such as Japan or 
France. Most felt that com- 
panies themselves should keep 
unavoidable corrupt practices to 
a minimum. 

Most also said that pressures 
to give direct help to a political 
party or faction abroad were 
common and that they were 


t 


BY CHARLES SMITH 

: .’l.OREIGN COMPANIES may 
’-‘lortiy he allowed to partiri- 
--ate in tenders for- the supply 
goods lo Japan’s major 
~ . ate corporations instead of 
;ing exploded from approved 
• -nder lists as has been the 
ilc up to now, the Japanese 

- overnment hinted today. 

- The opening of stale 

. trpo ration tenders lo foreign 
idders — if it happens— would 

; I rm part of Japan’s rontrihu- 
: on to the package of a trade 

•. .bera lisa tion measures which 
expected to conclude the 
. okyo Round of multilateral 
■ade negotiations. 

The three major state 

jrpo rations to whom the move 
ould apply are Japan 

ational Railways, Nippon 
elephone and Telegraph, and 
le state tobacco and saft 

- umopoiy. According to rough 
itimates, these three bodies 
aend some $5bn per year on 
rocurement of materials and 
juipment The proposal 
p pears to be that foreign eom- 
anies would be allowed to 

Lj..artidpate in tenders for large 
P ; fize procurement Contracts ' 
U l Worth 9250,000 or more. 

The de facto banning of 
jrrign companies from public 
orpo ration procurement 
ecame an Issue two years’ ago 

- -ben an attempt was made to 
ain access on behalf of 


USTRIAN TRADE 


TOKYO, Sept ZL • 

Canadian electronics . com. 
parties to some tenders cabled 
by Nippon Telephone. ■- The 
Canadians were told that, while 
theoretically they could Md 
for contracts, lit fact they' had 
no chance of being chose* as 
suppliers. 

A spokesman far. Japan 
National Railways told - the 
Financial Times yesterday that 
some 80 per cent by value of 
annual procurement worth 
about Y400bn (about . $2tm> 
are made from companies bn 
a select list which happens not 
to include any foreign .names. 
Goods covered by tbe . select 
list Include most high, tech- 
nology items such as signalling 
equipment and rolling stock 
bnt also steel rails. The 
remaining 20 per cent ofjspan 
National Railways* annual i*o- 
enrement Is made on open 
tender which means that. any- 
one can apply. . , \ 

Japan's closed system 
Government procurement has 
been criticised by the UJS. li 
■recent bilateral trade talks. 
It appears, however, that if Is 
by no means unique, ff the 
system is liberalised as fiart of 
the GAIT package., Japan will 
almost certainly i&rist on 
moves by other countries (in- 
cluding the U.S. and the EEC) 
to make their own systems 
more open. / 




n 

r 





embarrassed on bow to react. 
Several felt that it would be 
better to pull out of a country .. 
rather than give way to such 
pressures. 

Almost all of the companies “ f 
told PSI (formerly PEP) that 
they had experienced pressure 
to export part of their output. 
For a few this presented no 
problem. Others said this pro- ' 
duced a conflict with the host . 
government in that their product - 
was too bulky or too closely • 
matched lo local tastes to be -• 
suitable for export. ' * 

Alt the companies in the'.', 
sample denied that they them- - 
selves had indulged in manipula- _ 
tion of transfer prices. Some of 
them, however, thought that such; 
practices were widespread, par--' 
ticularly in natural resource in- : 
dustries or in companies with 
integrated production arrange- 
ments and considerable internal 
trading. 

Only two of the companies said 
that they would like to adapt 
their products more to meet 
local conditions in developing 
countries in the sense of provid- v “ 
ing more rugged and easy to ' 
maintain equipment. The major- - 
icy of companies said, however,’ 
that they made some modifies- ■ 
tion to their production methods 
to take account of local condi- 13 
tions. 

Few of the companies showed 
much interest in the broader : 
questions asked in the survey 
relating to increasing the flow., 
of private capita] to the develop-. .- 
ing world, codes of conduct Tor. - 
multinationals, the harmonisa- 
tion of taxes or international in- . 
surance arrangements. 


crrrn 


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rkets 






* " t'W« 


Engineetitisfi)raqulcktunm*iindmlloiigKong 
Ibis 45-tonne moving turntable for the new Hong Kong Mass 
'Jhmat Railway System is one of the many world-wide 
engineering projects to which our Design and Projects - 
Division is contributing engineering products and know-how. 


Wve added one skflb lo the power oflhe press 
High-quality printing, speed and economy arc the qualities 
ci isl omens demand from printers- nnd flic Sovereign Pros 
ft- ’in Crabtree- Vickers is providing just these advantages to 
the priming industry itself. 





Hi^h-specd bottling is one of our lines 
Many of today's best-known drinks are bottled on high-speed 
handling nnd filling lines produced by Vlckurs-Dawsoo, and 
this is one of our big sales successes in UK and export markets. 


Hopes of new posh 
in Eastern Europe 


BY PAUL LENDVAJ IN VENICE 


I . Tl n \JOR ECONOMIC co-operation Germany last spring when 
, . ^ ; i {] ■jjfu rijects are likely to be finalised Chancellor Bruno Kreisky con- 
;> .-w»w ^ ,nng Austrian Chancellor Dr. eluded an informal agreement 
- J -,'!,un6 Kreisky's weekend work- the East German leader to 
, -i . i T J ’ 1 Qtl"! visit to neighbouring expand bilateral trade. Since then 
j - » t » i 1 1* ngary.' His forthcoming talks the East German side has 
h' Hungarian Party leader Mr. pressed for more credit facilities. 

T ms Kadar and Premier Meanwhile it is understood 

oerav Lazar were preceded by that Voest-ALpine, the leading 
■para Lory talks conducted in Austrian steel concern, hp also 
:nna by the Hungarian received an order which i^much 

lance Minister. Lajos Faluvegi. ? an JSftfE' 

P . j, to erect a steel- plant at Uspn- 

The projects discussed involve burg in Germany. In con- 
nt development of lignite t0 ^ 0T ^rinaj project 

ierves in Western Hungary worth £35^ the final contract 
it the Austrian border at an may pow reach £150m_ A series 
imated cost of £I50m to ^ other co-operation projects in 

. !0m. Austrian participation in third countries "is also - to be 
■ building of a Danube power discussed in detail during- talks 
tion as well as the provision this weekend between Mr. 
machinery and know-how for Gunther Mitteg, Central Com- 
• modernisation of the niitlee Secretary of the East 

ngarian rail network. The two. German Communist Party and 
e-5 have also conducted talks 
mt co-operation in hotels 1 * — * 

lding — earlier this summer EXPORT - Credits Guarantee 
stria opened a £160m credit Department has guaranteed 
e to finance the erection of repayment and funding for a 
els and catering establish- 9220m project Hue of credit 
nts in Hungary by Austrian which Barclays, aeting on 
lding companies. behalf of a syndicate of banks 

lungary is Austria's number Jjj®® made ava Ha ble^to Poland. 

, trains partner in Comecon We ?««■««>»■ 

. i the pace setter in joint .”2*^ 

itures between Austria and it 

stern European countries. UKcompanjcsforplantand 

an while the Austrian Govern- S^J?® e JL lp 2 r the Vrsa * 

nt is also seeking lo Tra«° r Project 

engthen economic co-operation ——————————— 

h Bulgaria and East Germany- Dr Gerhard Beil, Secretary of 
Igarian party leader and head state in the Austrian Foreign . 
state Mr. Todor Zhivkov and Trade Ministry. 

associates this week !o. These intensified contacts with 
;nna discussed the possibilities Hungary, Bulgaria and East Ger- 
increasing trade in. both many may give a new push to 
L ections. Austria is -well Austria’s exports to East Europe 

9 dt W ~ ced to secure Important which for the past two years have 

3 * • lers for providing infra- been virtually stagnant 

u ct ure facilities for tourism. Austrian exporters are con- ' 
Igaria wants to diversify its v! need that the key to the future 
iristr industry away -from the- growth of Austrian exports lies 
' ' :essive reliance on. summer in Eastern Europe. But tbe 
' itors. demands ; of Comecon Integra- - 

^resident Zhivkov, who today tion, their shrinking foreign 
1 eluded a four ~day official, exchange .reserves and the diffi-' 
it, made it clear that Bulgaria culties of' selling East European 
s keenly interested in parch as- products oh the Austrian (and in 
; cable railways, equipment Western markets in general pre* . 

power stations and the sent problems. Intensified Wes- 
irist industry facilities. tern competition for a stagnating 
. tfhile Austrian exports to market and the.growing demands 
:ngary during -, the first six for compensation deals are fur- ; 
• mths of this year were up by ther adverse factors. This Is why 
. per cent on the same period - the Austrian business community 
t year, and with- Bulgaria 4>y hopes that the political goodwill 
per cent, sales tq..East;GeF- shown by the. Bast European 
my dropped in the .same neighbours, towards Austria and 
riod by 9.7 per cenr with a the frequent working visits of 
. oilar reduction in purchases by Chancelor Kreisky to the neigh- 
. istria. •' .V- " .- 'bouring countries and aiso-to ■ 

, ..-'..Austria, has just doubled the -Poland will yield some tangible 
. ' ; v 00m credit line -opened to Bast dividends. 

- r ^ . - ■ 









•• lili 


m 







-Winning asvards and markets for raachine tools 

Tbe KTM 400, one of many hi&bt-icchaokiEy automated 
machine took froraTCTM has woa significant sales 

ltiTYin ghmit ibowo ri dandaDgilsn fr ntn 

GauudL - 


Huddling xuidear projects throughout the world 

Our products for research anil commercial reactors include 
nuclear irradiation test rigs and remote handling equipment 
kT use In radioactive environments. 



7* ... : T— 

' -“ft C 

i^|§ 


A dependable power in mining Iran Vickers 

Sat. sure, dependable power tor die coal face -and for many 
other exacting environments and industries - is provided by 
Yk-Lns hydraulics equipment produced ut South Marston. 
SwIihIlhi. 





Part of our defence strength 
Equipment Ihr defence which is wlnnjng IJK and mnlti-mlllioa 
pamdeagportordasindnites the Mark m V ickers Mum Rati lf r 
Tbwkattd a<«nniB tfri reri w &ry g riiMiwiL 


Btulding for bigger sales at MkheD Bearings 
The reorady completed i!4’. million dc vdopmen tat the 
New castle plant of Michcll Bearings is part of the expansion 
programme <rf a company which now sells over 30% of its 
c>utputonecseas in markets as varied as Canada. Denmark 
and Italy. 


■atf 


>■ "... The strength of the Vickers En^neering 
Group depends on far more than its wide 
diversity of products. 

:V; It is finnly based on the ability to build 
^pn strength in the areas we know, and from 
tto comes our outstanding record of 
achievement in the world's most demanding 
markets. 

We are currently supplying high 
.technology machine tools to Scandinavia, 
.medical equipment to.the USA and nuclear 
\&st rigs to West Germany, We are also 
providing engineering know-how for major 
projects throughout fie world through our 
Design and Projects Division. i 


To achieve these successes.we are 
building in other ways. The recently 
completed £4^ million development for 
MichellBearings in Newcastle, and a new 
multi-million pound investment in our 
engineering facilities at South Marston are 
just two such developments in the Vickers 
Group. - 

All of which increases our contribution 
to the economy and gives more work for 
suppliers and more scope for further growth 
and sales. 

The Engineering Group in the UK is one 
of the six operating groups of Vickers which 
cover Offshore Engineering, Roneo Vickers 


Healthy progress in medical equipment 

Portable? incubalors frum Vickers McJicjI have prmvd ilicir 
■ value In comprtliive markets and ofhir higlily ?pt\i:ili?*.\l 
eiiuipimnl micIi as Isolator I’cnts anti I lyjvrbaric Si stems 
an* sai iut* lives olid n inning market:,. 


Office Equipment Group, Howson-Algraphy 
litliographic printing plates eind supplies, 
and Engineering in Australia and Canada. 

However diverse their products, all-these ■ 
groups have one thing in common - they are ~ 
building on strength to win even bigger sales 
successes tomorrow. 


u moors 

Building cm strength.. 

Ylckas limited VickersHouso Millbaiik Lcmtloa S\V1P 4RA 





8 





TIME Magazine is written to provide weekly insight 
into the worlds of politics and business, art and music, 
books and science— all kinds of news that can be both 
intimate and global. The interests of TIME are as broad 
as the people who read it. 

Although its home is America, TIME is now read by 


26 million people in 145 countries. And of all the readers 
outside the CIS., 92% are non-American— informed 
citizens of the world who value TIME’S global perspective 
of the news. 


TIME. The news magazine for the internationally minded. 




; »k MgSei '"*g aife ; 


Engineering exports 
show fall during 
last 18 months 

BY KENNETH HOODING 

THE ENGINEERING industry’s seating the statistics in Trade 
export performance has been on and Industry magazine today, 
the decline for the last 18 that “ the volatility of this series 
months, according to Depan- renders the trend very difficult 
ment of Industry statistics pub- to assess and predict" 
listed today. Export orders-on-hand fell by 

Unless there is a sustained iur- I per cent between March and 


prove ment in export orders soon, 
the inevitable fall in overseas 
sales will begin to show in the 
balance-of-trade figures. 


June. Order books “ are at a 
Sufficiently high level to sustain 
export sides in the short term, 
but in the longer term prospects 


It is now possible to see that are dependent on a sustained im- 
By the end of June the index of provement in the inflow of 
riew overseas orders had fallen 


Manufacturers raise 


BY DAVID FREUD 

STRONG GROWTH in manufac- per cent between last year and 
turing investment in the second this year, 
quarter of the year was con- A longer-term comparison 
firmed yesterday in figures shows that the volume of in vest- 
released by the Department of ment In the first half of this year 
Industry. was 2.7 per cent, above that of 

The revised estimate of capital second half of last year. 

expenditure by manufacturing However, this figure was con- disl ribative^^ service indus- 

— ■ by the 


steadily by a total of 11.6 per 
cent compared with the Decem- 
ber 1976 level. 

r The adverse trend was 
obscured earlier this year by a 
large inflow of orders from 
abroad in February. 

The fall in new export orders 
by 4i per cent between the first 


orders.” the Department states. 
In total, when home orders are 

included, the engineering in- 
dustry^ ’s intake fell by 2$ per 
cent between March and June. 

At home new orders showed a 
levelling of the improvement 
recorded since the third quarter 
of last year. 

Home order books remained 


and second quarters of this year stable in the second quarter, 
hi part reflects the February Their level has shown only small 
boost variations within a very narrow 

. .The Department admits, pre- range for nearly two years. 


New move to save 
workers’ co-op 

V BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

A FRESH bid to save the Kirkhy said as he left that the talks had 
Manufacturing and Engineering been ** very worthwhile and con- 
Workers' Co-operative on Mersey- structive." 

side is being made after talks in The co-operative, which has 
London yesterday between 700 workers, faces a cash crisis, 
leaders of the co-operative and and has asked for an immediate 
Mr. Alan Williams, Minister of injection of £500,000 by the 

State For Industry. Government. Estimates of fUr- 

‘ New plans for keeping the enter- ther investment needed to make 
prise in business were discussed its main radiator-manufacturing 
at a five-hour meeting More business profitable range up to 
talks will be held next week. £6m. 

'The plans were not disclosed. But the most widely accepted 
though Mr. Robert Kilroy-Silk. figure is £2.4m on top of the 

Labour MP for Ormskirk who £500.000, an estimate by PA 

led the co-operative's delegation. Management Consultants. 


industry shows growth of 5.5 per side rah ly depre sse d 
cent from the depressed first decline in the level of in vest- 
quarter to £971ra in April-Juhe ment by the iron and steel in- 
11975 prices, seasonally dustry. This was 21 per cent 
adjusted). This was only £7m lower in the first half of this year 
below the provisional estimate, than the previous three months. 

A .harp rise m mdh.try-s „ iron s[ee , , ndust[7 


stoc.-s was’ also confirmed. Most 
of toe increase seems to have 
been due to rises in finished 
goods held by the food, drink 
and tobacco and engineering 
industries. 

The second-quarter pick-up in 
manufacturing investment is in 
line with the department’s latest 


figures are removed from the 
total, the gain in the first six 
monlbs of this year improves to 
5,7 per cent. 

On the same six-month to six- 
month basis there was strong 
growth in investment for coal 
and petroleum products and the 


Lloyd’ 
names 
suspended 
broker 

BY JOHN MOORE 

LLOYD’S OF LONDO^esterday 

first half of the "year was about * disclosed the identi^ of the 
4 per cent above the level of the \ insurance broker susp^dea from 
previous sLx months. i placing buaness vn ^ Lloyd S 

I after a meeting on Wednesday. 

J he , o£ . w] d a nd ! Crow Dalton Lambert has been 

r isSs : suspended because theeommittee 
££5LJ?*i !! 1 of Lloyd’s “ is not satisfied with 
the administration off the com- 


in the vehicles industry, up 18 
per cent; and the paper, print- 
ing and publishing and instru- 
ment and electrical engineering 
industries, both up by 11 per 
cent •• 


tries, excluding shipping, in thei 


survey of investment intentions, food, drink and tobacco groups, 
released in June. This predicted both of which recorded gains of 
that capital expenditure would about 25 per cent 
increase by between 10 and 13 Other large increases occurred 


prices, seasonally adjusted) in 
the second quarter of tills year. 
£25m more than provisionally- 
estimated. 

The increase in manufac- 
turers’ stocks was revised 
upwards by £24m. to £210m, 
mainly due to higher levels of 
work in progress and stocks of 
finished goods than originally 
estimated. 


Hope of ship order fades 


BY IAN HARGREAVES 


Bank hours ‘not 
more flexible’ 


BRITISH SHIPBUILDERS’ chan Pakistan will receive £52 m In and ECGD is unwilling to cover 
BRITISH shipbuilders’ chances UK aid. any shipbuilding loan, 

of securing an early order from Mrs Hart told Mr Gokal that Mr. Gokal is on a shopping 
Pakistan wftta the use of over- she wou ld explore with the trip for 21 vessels, which are 
seas aid funds, vanished yester- Departments ol Trade and needed to replace aging ships 

day after a meeting between industry whether any alternative i n the Pakistan National Ship- , pov W4TTFRSI EY Prices 

££,*£? Mta&r STS? 5^ he fl LSi“ eta * "* deal P ”J. L T S flecL „ 5 3££I?i5£K 25 

M ustaf n o k al Pakistan** Shi o- cwlW be ^ The Japanese have made a: ran - voiced regret yesterday 

Dine Minister ’ But any contract ’subsidised by strong bid for part of this banks bad failed to make 

ping minister. r> - *»_ offering credit 


pany. „ , 

Under the suspension ruling 
Crow Dalton is also prevented, 
from renewing existing business 
at Lloyd’s. However Ithe com- 
pany is permitted to cqptinue to 
service existing Lloyd'* policies 
until further notice. - 
None of the - Crow ' Dalton 
directors was available. for com- 
ment last night. But the British 
Insurance Brokers Association, 
of which Crow Dalton is a mem- 
ber, said that the matter was to 
be referred to its metiberatT 
and investigations committee. 

Crow Dalton was admitted as a 
Lloyd’s broker in October 197L 


f SmSSSTli^Sr^ teria. over 30 years with a 
£S5™ tranche of which has not 10-year moratorium on payment 
"°iv>ng .^ u r° r t . fi o ve . yet been touched— would still and an interest rate of 3 per cent 

Pickettg ffyard inSuaderUnd? d ^ ulre backing, from the 0ne of the few export orders 
PicKersgiU yard in buaaeriana. Government - s Export Credit booked by British Shipbuilders 

, uZ Guarantee Department for the in the Ia ^ year, a £52m deal to? 
loan. 


opening hours more flexible, as 
recommended in the Price Gain- 
mission report this year. . ? ’ - 
He commented that the Issue 
involved the interests of bank 
staff and their associations. 

He was reporting on;disct& 


But the Pakistan 

apparently made it clear that his r - maininB 

Government was not interested rcm!uain s , 

in switching any of tts pro- M present, Pakistan Is re- won with toe aid of an overseas . arising 
grammed aid from Britain into garded as a high-risk country aid grant for the full sum. t report on oank charges. 
ship purchases either this year 
nr next. During that time. 


build cargo ships for India, wasjsions with the banks on issues 

i — »-» — from the commission's 


resigns at 

Barrow 




. T! 


BY MARGARET R^D 


SBL RICHARD 


ODEY .has Ml. Odey w^?. ifaeyffcst ebah> 

. ,, -hief excutive and man. of British Tar 
resigned as -f Rarrow Hepburn In the process of 
a director of Barrow ncpun* sfimmed 

G A U board statement yesterday In the 

said that bis resignation followed in June, Mr.. Edwar^JB&ia 
--roup’s planned withdrawal became chairman .jftflrittfc < ■ 
from its major leather activities ners, and Mr.’ Odey -la*-,- left T; 

and that Mr. Odeys principal board of that 
interest was the leather industry. Enterprise Board has . 

It was indicated at the time share stake in. BariwHeJjbmni-' ... 
OF tile annual report that w Barrow Hepburn haihad a bis 

Hepburn was to develop-.ite non-. * Wem ^ £ hl d^Sg 
leather IDl ^„ Tfr W, Scbrader :Mit<*e^ ^-: 

annual mee V^? ° t ° d ^director Weir, where losstoas a result of 

Odey was re-elec tea a "rector. Bawjmic hniwrnlaritiArftf' 


SS 

J£»°SK and ZJfim mJ and cooJd-^miit ^ 

miie Mana«f2nnt m o”the c«n Mr. OSey told 
nah d v w?s at Present in the hands the annual meetiag tha t the com, . 
sftLhnard. P an T was ^ consideringV.f.Iegid •’ = 

'Last year. Barrow Hepburn’s action against “both ihamdual* 
»vw*hiPTn-vexed taning interests, and groups." -. 

5SS hived off to be placed in : Accountants JJinney^Munay 
fl company, British Tbnners are examining Schrader Mitchell 
PrScts jointly owned with the and Glasgow : deiotrves-. have 
Wati final Enterprise Board, which been called in to .investigate thu ^ 
invested £Sro in the- new concern, possibility of £ratid . ; L- 


Tories renew emphasis 
on reducing taxation 

BY ELINOR GOODMAN M 

A CONSERVATIVE Government aftowed to keep''- more bt their 
would regard a reduction in income would the economy start 
direct taxation as its top priority, • again;. bes. suggested. - 

Mr. John Nott. the Tory trade . Mr.-Nptt said the -average 


spokesman, promised yesterday. 

He attacked- the taxation 
system and the bureaucracy .it 
involved. Only if people -were 


Hall Engineering 
(Holdings) Limited 

Interim Dividend on Ordinary Shares 

The unaudited results of the'. Group for. the six . months ended . 
30th June. 1978 are as follows:— ■ . 



First half 
1978 
£000’s 

First half 
1977 
fOOO’s 

Full year 
1977 
£000’S 

;• Turnover 

38,371 

35,523 

69,312 

’ Profit before taxation 

2,250 

1,80 0 

4,409 

Taxation 

1,170 

936 

2,184 

Profit after taxation 

1,080 

864 

2.225 . 

; Preference dividend paid ...... 

Earnings per Ordinary Share: 

32 

32 

64 

Basic ■ 

8.73p 

6.93p 

18.00p - 

Diluted 

7.78p 

6.25p 

16.01 p 


The Directors have declared an 
interim dividend of 2.47I0p per Ordinary 
Share (1977 — 2.213p per share) at a cost 
of £297.000 (1977— TOMIMO). i n addition. 

•JTiiittue If Acting the final 

dividend in respect of 1977, there is being 
paid a special additional dividend of 0.0335p 
per share (1977 — 0.030p per share) at a 
cost of £4.000 (1977— £3,600). Both these 
dividends will be paid on 3rd November. 


1978 to shareholders on the Register at the 
close of business on 13th October. 1P7S. 

During the first half of the year £2 .022 
of Loan Stock was convcrtc-1 -*»i&*>,2eS 9 
Ordinary Shares of 50p each. 

The results for the period have been 
achieved despite the adverse effects on 
profits of tbo labour dispute at our 
Shrewsbury works. The second half of the 
year is expected to. show an improvement 
on the corresponding period for last year. 


Hall Engineering (Holdings) Ltd., Harlescott Lane, Shrewsbury SY1 3AS 


in those cases 
recourse to 


have 

the 


Both companies have attempted. - They say that anyway they 
to find insurance against thd' have always been willing to take 


NEWS ANALYSIS 


risk. Bardaycard has taken but 
limited cover; Access decided 
that it would be too expensive. 

So far. indeed, their experience 
has not been serious. Barclay- 
card, with about TaaOQO new card 
holders to whom the provisions 
apply, says it has had only one 
case under the Act since the 


up a card holder's dispute with 
a retailer, with their agreement 
with the retail outlet as a lever. 


Liability 


Access to aid over faulty buys 

THE- CONCESSION announced purchase transaction, where the their liability arises even if the effect has been to create two 

yesterday by the twwhank credit garage arranges a loan at the card is used merely as a means classes of card holder, before 

groups Access and Barela veari same time as selling the car. of settlement, and the debt is and after the relevant date, 
is an important step towards im- It also affects the bank card Paid off without extended. credit. The banks have not been wilt 
proving the protection enjoyed companies, which similarly have They have nightmares about mg to take on the full “ability 
by their card holders. direct agreements with their far the thought of an indivldpal’s for the old card holders. 

The voluntary step gives those greater number and diversity of usm S a card to pay a modest because they are unhapp y with 
who first took but their cards reta ii outlets. American Express deposit on a new car that proves the burden mvojved and b^roe 
before July 1 last -year limited and Diners’ Club, which do not faulty and is conrequentiy M i any case ^ ir J^erpretetion 
recourse to the cffc^L com panics provide extended credit, are not involved in an accident Hu ? e Qf lav. would mean that they 

for faulty goods bbiz&ht through involved. damages might result Aat the would not 

the cards, , • The new law means that where c ^ d companies woitid have ^ 

It - follows a longfc itecbnical'-a consumer uses- a credit card r ’ 

argument betweefl'-"-6ie cird 5 . 
organisation's and -the Office- of 
Fair Trading over the applica- 
tion of the Consumer Credit Act, 

1974. ‘ 

The step is unlikely to bring A 

the argument to an end. • ' 

For their part, the banks will _ _ _ _ _ 

continue to press for a_ change CREDIT CARDS 
in the law, to reduce what they 
regard as an unconscionably 
heavy potential liability en them 
for fault)’ goods. 

On the other side. Mr. Gordon 
Borne, Director General bf 'Fair 

Trading, made clear yesterday to make a single purchase for a .. ^ 

that he regarded the ; banks' value of between £30 and £10.000. new provision.’ The banks have the value °of Ihe" whole* trans^ 
action as falling short of what he has a claim against the card insisted that it relates only to action, but excluding consequen- 
he wanted, and that he still company If the goods prove those card holders who have tial loss, down to a small deposit 
disagreed with the interpreta- faulty. • actually taken out their cards That accords with the method 

tion that they have put on the The card company, in turn, has since July 1 last year. they would like to see used 

Act. recourse back to the retailer. That has enabled them to avoid throughout, for new as well as 

The issue revolves^ round However, the card groups have the responsibility in relation to old cards, and, the banks say, Us 
Section 75 of the Consumer argued that the liability implied the many more people who held similar to the' liability imposed 
Credit Act. The sectioa, made is excessive and that they do not cards before them. in the U.S. and the approach 

effective on July l year, believe the 'original intention of The Office of Fair Trading expected to be adopted in the 
gives extensive protection for Parliament was to Impose such maintained at one stage that the EEC.. 

consumer borrowers involved in a burden. . Act should apply to all holders, Mr. Borrie’s comment yester- 

what are known as “connected The liability covers not only since the renewal of a card might day was that the card companies 

lender" transactions. ^ the amount of the loan taken on be regarded as a new contracr. had "Boated the Intentions' ot 

Those arise where -the con- the cards but to the whole value That point seems to have been Parliament.” His concluding 
sumer borrows money to pay for of the goods involved and to dropped. But Mr. Barrie still in- remarks indicated that he was 
a purchase from a lender who possible consequential damage, sists that the law implies full far from satisfied with the whole 
has a direct agreemeaf with the including compensation for responsibility on the card com- situation and would consider 
retailer of the goods. injuries or damage arising from panies for the liabilities covered whether the law should be 

Typically, the provision would the defective item. by the provision-; and that it is changed so that all card holders 

apply to. .the traditional hire- Moreover, the card groups say, entirely unsatisfactory that the would get the same treatment 


Now they have voluntarily 
taken a further but limited step. 


By Michael Blanden pr^sibn took effect; Acc^ays 2^2 S^SSr^S *SE%- 


it has had three, all settled with- 
out reaching the courts. 

The second main issue has 
arisen over application of the 


in relation fo “old” card holders; 
but only up to the amount of the 
transaction charged to the card 
holder’s account. 

That might be anything from 




amount' of income tax paid by 
each household- had more than 
doubled in. the. past four and -a- 
half years- j . - 7. 

In Darlington, Mr. Francis 
Pym, Opposition, devolution 
spokesman, decided the Prime 
Minister’s reputation ,a& a states- ’ j i\ 
man-like figure. . above party 
politics.' Mr. LaDaghan^he .said, 
liked . to . -adopt the ■ guise of 
moderation, but evidence sag- , L 
gestedj- that . the rest of the • 

Labour Patty was becoming more 
extreme daily,-. - - ~ 

'•..-Mr. Ron Hayward, ; general 
secretary of the Labour Party,- ' 
accused' the Tories .. of: ‘being- - • 
divided over pay policy, taw and’ 
otder,' and’- tinatigratioff;-: The : - 
only uhifihg: fectQr . was that - 
both sides wanted .power... “ 

• Mr Stanley Orme, Minister ' 
for. Sociai.-&curity, said that 
1,000 - dew* Jobs -would have to 
be created.-every- day for-: three' 
years ^reduce unemployment - 
to below lad by 1881 »- To an '“. 
arrives . ip Tribune, he- urged-- : 
a wealth .tar mid .a stiff .capita 
transfer tai ' --T- - -• 


Searetaries 
rare 
as servant^ 

Flnanesd Thnes- Reporter « y.,- ; -• 
SECRETARIES will ooe day be 
as rare ’as domwtic servaats- • 
because of poor-pronH)lf(m pros- 
pects. and growing- office - auto- 1 
matron. . . . r 

• That was the conclusion of a 
conference at University College ’ 
Lohdpn,- yesterday to iafestjgate 
the capital's secretary -shortage. 

The organiser. Mrs. Kay 
head of a West End employment; 
agency, criticised managemebts 
which denied secretaries promo- 
tion oo . the basis, bf their qualifiv 
cations and ability and regarded: 
them merely. as “a. valued piece: 
of office furniture." . ! .' 

Equal Opportunities for Secret 
taries, available from Kay Syke^ 
and Partners, 10; Golden Square, 
London , WI. , - ,• r . 














Financial Times Friday September :2?1978 



M 



HOME MEWS 


ro 


'Ulster 
warning 
I on jobs 
euphoria 

• By Our Belfast Correspondent 
i WARNING against *' an early 


Carpet trade profits 
hit by over-capacity 

by our textiles . correspondent 

SERIOUS overcapacity - in the particularly in Europe where UK There were signs that profi- 
carpet industry aHff :weafc con* products remain highly competi- pects were improving, hut it was 
sumer demand has hit the profits five. but price competition likely to . be some time before , 
of both manufacturers and dis- among e\ porters, the report by there was a return to the profit*, 
trihutors. according to a new Inter - Company Comparisons ability seen in 1973-74— the last 
. study of nearly 100 companies. notes, has . tended to depress good period for the industry. i 


Tin mine’s Cut-price goods 
future offer in race 

- V . • 

‘resolved for holiday trade 

JJ ^ BY JAMES MCDONALD 


reland Economic Council. recorded a rise of 44 per cent. companics-Axminster Carpets pa nieVin ihe induitry but in the 

a,^!i , , re ?^ n ^ 1 h ;s?. s s p c,s 

( *b filin' ^ C " n6 "'' red ,0 ° 

-bort of that needed to have a hnnrfwLinZm nut and thn turcrs are becoming more aware • . .... , 

iffnifirant effect on ihp i-nrp of ,,n P I 7 > ' ein vnt petered out ana the jr th« nud Dn.hn- Of the companies listed only 

■ he unemployment problem. losses increased ^to six. and^ e c^ d /o°iroT at w 11 h ffi cfedU “ per wnt increased turnover in 

. Ulster remained heavily -1 . . periods being marginally re* . tw< * y . e3 £f 

ependent on industries more Among manufacturing com- duced and a slight improvement UD “ er review, though about Sl 

.ikely to contract than to pames - !*«»»• **** BQm * m Mock turnover and asse* Wf cent managed to increase 

xpand their workforces. ”* ov fy u,i Iisarion. during the period profits - 

Jthnn 7 h there was no cause for i® ar . * n 19*5-76, but at the end under review. Carpet Manufacturers and 

esDundency. the prospect ofl? r period there were seven lr says that the industry cvj- Distributors. ICC Business Ratio 
noravement must lie some dis- * 2 concerns. . dently has hcen unable io raise Report. £55. Textile much inerjj 

•ince In. the future. .T 116 we . a ^ |* on,e market -J* as Prices sufficiently to allow for big muvJiSacttirers and distributors. 

compensated for ro some extent increases in the cost of raw ICC financial survey. £27 .so. Sl, 

JlfficUltV by increased exports activity, materials, overheads and labour. City Road. London EC1Y 1BD. 


s ' . . 
< i i ■- 


nprovement must lie some dis- 
. ince La the future. 

difficulty 

The council, which was rceon- 
tituted last year and consists "E^'l m ni pp * > , 

:-\£5s%- ^slsst Plessey sees maior Sheffield area 

rged the Government to speed V .: lahrklir marbot 

-y the preparation of an - • A lalWUl UldlliCl 

'HiSSSs market; for new to be surveyed 

re difficulty lay in the fact that - - r 

1-Vie province was neither a poll- _ A ~ w J* _ .a By Oar Sheffield Correspondent 

“real nor an economic entity. rt i flP/ilt i r ■ £1 II life CPl THE MANPOWER Services Com- 

In the corauag year, the council, A V'lJFV/ JL Jl JVl mission is to carry out a large- 

ft* jaded by Professor Charles * scale study of Die labour market 

yjarter. lately vice*chancellor of BY JOHN LLOYO in ih* metropolitan areas of 

incaster University, will con- Sheffield and Rotherham, South, 

der preparing a document on i PLESSEY INTRODUCED' jester* Frank Choriev, managing direc- Yorkshire, 
e prospects until the turn of j day what it claimed to be ‘"a tor of Plessey Electronic Sys- The study attempts definitively 
-r.e century. I wholly new concept in radio com* terns. said that there might be to identify future labour needs I 

- It said that it would not he i m unications” which It expects a market. for 50,000. in the region and relate those > 

:...sy to restore the momentum to lake a big share of a domestic ■ -.tw —e around 250 000 to training facilities available in 

, economic development of the and export market estimated to * «« j C Zj| M 7C the public and private sectors. 

: 80s. This would depend on be worth about f350m. - ■ Jet at the momeSt We reSw Skilled workers there have 
ore peaceful conditions in The device. Grounds#, is a that there could be a Groundsat *lw«w been few, and the 

.Ister and an upturn io the portable very high frequehey j n use with everv fi ve Df region's basic industries, such as 

ternational economy. fVHF) repeater station- that can setiJi on ave ra*e ” coal ani * special steeL are intro- 

receive and transmit radio 1 mes- ’ during new technology. That 

\rri it -tt sages simultaneously on the same . 1 equipment has ^ been ne- reduces manpower and raises the 

’ I fiiKS Will channel. It thus provides soldiers jjsned by Plessey over the last i eve j of recruit quafity likely to 

: x In the field with, the ability to f. 8 months and the company be- be needed in the 1980s. 

hrPdlf communicate with each other l* eves that it has a decisive lead r 

• IIUI UiedJi and to their command ppst while over every other manufacturer. 

out of ,ine of s ' sbt of each other , It considers that its HF, VHF 

. (ICalllUvIV as lung as they remain, to Hpe of and UHF “family" of radios con* 

■ rv. b •. . sight of Groundsat, wlilch- relays stitute a complete, advanced mili- 

.By our »«nst v-orresponoent their messages. \ . tary- communications system- 

R, ROY MASON, the Ulster VHF cannot communicate After field demonstrations to 
■cretary, has begun a new reliably outside line of sighf and the Ministry of Defence this 

• und of talks with the main to overcome that - gating week. Mr. Chorley said that 
.ditical parties in the province, military repeater stations, use officials bad been impressed with 
it they bold little prospect of one large set to receive ■ and Groundsat’ a performance. The 
caking the stalemate between another to transmit. --They are Ministry has ordered sets to test. 

-e two major blocs. commonly fitted into a VehJele. Mr. Chorley believes that the 

. . Mr. Mason, who will not he Groundsat cun be carried on export markets for Groundsat 
tiling forward any fresh pro- a man's back in addition 'to other will be mainly In Africa and the 
isals, is inviting, comment on equipment. It can be Operated Middle East, where Plessey's 
ans for a strengthening of unmanned in repeater moder.ind military communications equip- 
cal government first mooted double as a normal 'VHF pdek meat sales have grown most 
<t year. * radio. rapidly in recent years. l 

. . Ke has already . met the The set is battery-powered -and The . . Electronic . Systems [ 

: unly Roman Catholic Social programmed to switch itself off division has a turnover of £160m, 

-.‘mocratic and labour Party while not receiving or transmit- about a. quarter of the company's 
.r discussions which coincided ting. Batters' life is reckoned to lotaJVThe division has an annual 
“th increased demands io be about 12 hours. /• targer\growTh of 15 per cent, 

itain for a withdrawal - from Groundsat will .' .pell, with bringing, it to a target of £250m 
e province. _ aeriels; for about STOOD. Mr. of turnover by 1982. 


riessey sees major 
market for new 
repeater radio set 


BY JOHN LLOYO 


yu'fti 


ternational economy. 

Talks will 
‘not break 
deadlock’ 

.By Our Belfast Correspondent 
-R, ROY MASON, the Ulster 


BY PAUL CHEESER1GHT 

THE GOVERN M ENTS sea rch 
| For a means of keeping open the 
i loss-making Wheal Jane tin 
mine near Truro in Cornwail is 
leading tt back to Consolidated 
Gold Fields, the existing owners 
wbo Ceased production at the 
beginning of May. 

Since then the Department 
of ladUStry has held talks with 
other ' companies, notably with 
Cornwall Tin and Mining, the 
owners- of Mount Wellington tin 
mine, which is adjacent to Wheal 
Jane. . Indeed, the closure of 
Mount Wellington in April pre- 
cipitated Gold Fields' decision 
on Wheal Jane. 

Although Cornwall Tin had a 
report, prep a red on Wheat Jane 
and submitted it to the Depart- 
ment 'at the beginning of this 
month, -tt has made no definite 
proposals, for a re-opening. 

Mr. Michael Davies, Cornwall 
Tin's manager at Mount Welling- 
ton, said yesterday that the com- 
pany : would take no further 
action pfl Wheal Jane until it 
had revived Government re- 
action th its report. 

Discussions 

This .apparent tardiness is 
pushing, the Department into 
stepping up the pace of discus- 
sions with Gold Fields. It is 
likely that the issue will be re- 
solved within the next six weeks. 

Gold Fields has made no new 
proposals to the Department 
but a scheme to safeguard the 
future of the mine could emerge ' 
as the. discussions develop. 

The shifting pattern of talks 
about -Wheal Jane has become 
more ''Complicated, however. It 
is believed that an American 
businessman is interested in 
mounting a rescue bid for Wheal 
Jane.- -although neither his 
identity- nor the terms under 
which - he would contemplate 
action are yet known. 


BY JAMES MCDONALD 

PACKAGE TOUR operators are 
bidding against each other with 
offers of cut-price goods to win 
next year’s holiday market 

Thomas C.ook, the Midland 
Bank subsidiary, led the field 
yesterday with an offer starting 
I today of a £40 holiday boons to 
anyone who books a package 
holiday, including week-end 
breaks, costing as little as £15. 

The offer also applies to 
holidays Cook’s sell for -other 
tour operators, such as Thomson. 
Cosmos. Global. Horizon and 
Blue Sky. Cook's has 160 High 
Street offices. 

The Automobile Association 
is offering binoculars, cameras, 
luggage and a wide range of 
other leisure items to AA mem- 
bers booking air inclusive holi- 
days through the association's 
40 travel offices in Britain. The 
move has been arranged in con- 
junction with leading tour 
operators. 

Mr. Andrew Barrett, marketing 
director of Thomas Cook, said 
yesterday that the Cook's cam- 
paign, apart from the advertising, 
would cost little. 

The offer is in the form of 
discount coupons, given to custo- 
mers when they have paid for 


Job laws are 
recruitment- 

BY RHYS DAVID 

EMPLOYMENT LAWS ere 
making companies on Mersey- 
side markedly less inclined to 
take on new workers, according 
to a survey of companies with 
less than 50 employees. 

The survey, conducted by the 
local Chamber of Commerce, 
conflicts with a recent report by 


their holidays and available for 
one year. 

The discounts arranged with a 
□ umber of national suppliers, 
include 10 per cent off any pur- 
chase at Green's Stores and Hi-Fi 
stores, plus a free film offer, a 
£10 reduction in Avis or Hertz 
car rentals, if booked at the 
same time as the holiday, and 
£5 discount od a minimum pur- 
chase of £35 at Hepworths 
Menswear. 

A £5 discount is offered on 
any piece oT Antler luggage cost- 
ing over £35. and the scheme 
also indues a saving of 5p on 
NTvea suntan products at Boots 
and a £2.80 reduction In Cook’s 
existing Countdown Discount Ser- 
vice membership. 

The AA offers members who 
choose a holiday from one of 
the tour oneratorn in its scheme 
gift vouchers valued at £5 for 
everv £100 of the value of the 
ho' 1 day booked. 

These vouchers can be used 
to hiiv goods from the AA’js mail 
order catalogue, which includes 
books, cameras and luggage. 

Among the travel agendo* 
allied with the AA are two who 
are also in th« Cook's fold — 
Global and Thomson. 


inhibiting 

study 


the Department of Employment 
among manufacturing industry 
as a whole- The local survey 
showed that 82 per cent of the 
firms said provisions on unfair 
dismissal inhibited recruitment 
Redundancy procedures were 
also mentioned by nearly half the 
companies as holding back 
recruitment 


Church 
will have 
to find 
extra 
£15m 

by james McDonald 


THE CHURCH of England will 
have to find an extra £8m this 
year and a further £7m next year 
to keep going at its present rate, 
says a report from the joint 
liaison committee of the Church 
Commissioners and the Cburcb 
of England’s Central Board of 
Finance. 

The report, published today; 
on the Church's finances for 1976- 
1979, says it cost £I02m to 
operate last year and that the 
amount is likely Jc> rise to £117m 
this year and to £131 m by lBTft. 

“Nearly half of this must come 
from church members; the rest 
from investment income and 
fees." 

Inflation 

Id recent years the Church’s 
income had not kept pace with 
inflation. “Between 1966 and 1976 
income from regular giving rose 
by SOp in the £1 in money terms 
but prices considerably .more 
than doubled over the same 
period." 

As a result, the real value of 
regular giving to the Church in 
1976 was a third less than in 
1966. ••• 

Tbe report shows that eacm 
church member might consider 
covenanting £1 a week for every 
£1.000 of annual income. This 
would be equivalent to about 5; 
per cent of net annual income. 

Sir Ronald. First ChurqJj 
Estates Commissioner, said that 
the Church was increasingly 
dependent upon laity support. 


l^Fodens wins £5m contracts 


FINANCIAL TIMES REPORTER 

DENS, the truck msddng 
•up, has won new orders worth 
)ut £5ni lo supply 300 heavy 
7 winter maintenance 
ucles to the Department of 
import. 

They will replace the present 
?t of motorway snow plough 
tting machines and will be 


supplied ovqr the. next four years. 
The first year’s requirement is 
66- machines worth £1.7m, 

Tbe group has also won an 
order worth £L7m for rigid tip- 
ping .rve hides for the Tarmac 
Bnadslone Group. 

Countries including Nigeria, 
Tunisia, North. Yemen, Saudi 


Arabia, Libya, Iraq and the 
United Arab Emirates have 
ordered more than 40 .vehicles 
worth £L25m. 

The company has made a 
break-through in Ireland with! 
tbe sale of rigid tipping vehicles 
worth. £600,000 to the Roadstonej 
Gfaupi 



AI Bank A1 Saudi Al Fransi 

. I The Saudi- French Bank ) 

fcOMXI 

JEDDAH* SAUDI ARABt^ 

is pleased to announce the opening of Sts bmnch on 
September 23rd* 1978 - In 

RIYAD H 


Address - : Airport SdadU - 

P. a BOX 12 9 0 A 

, Telephones : 60284 - 60288 - 6376* 

Telex : 20M23 CJ SAFR1A 

-Cables tSAFBANK 




Dep? 

Art* 

Fit No. 

Aircraft 

1 j|^2EEBi 


1100 

1335 

PA101 

747 



1400 

1635 

PA001 

747 

Daily 


1030; 

1610 i 

PA 107 

747 

Daily 


1430; 

0015 


747 

Daily 


1400 ! 

2100 

PA001 

747 

Daily 


1155 


747 

Daily 


1400 

2345 

PA001/51 

747 

Daily 

^333SSl 

1430 

1730 

PA125 

747 

We/Fc/Su 


1430 

2005 

PA125 . 

747 

Ma-Tu/Th/Sa 


1140 

1320 

PA123 

747 


MEM11 

1430 

1610 

PA12&- 

747 

Mo/Tu/Tti/Sa 


PA107 

m m. 

Daily 

*&*schifeBfiecMve 2»h October. 1978, | 


Notsuq^rising,seem^ 


i* 

it S : M\ 


JEDDAH - RIYADH * DAMMAM • AL KHOBAR 

A Saudi Joint Stock Company In association with 

BANQUE DE L’JNDOCHIttE ET DE SUEZ 


Every one of our flights to the USA 
is on a jumbo. 

And with good reason. 

Because when you’re travelling long; 
distances youVe got to be able to max in 
a spacious, comfortable aircraft. And 
with Pan Am’s people to look after you, 
your journey will pass as quickly and as 
comfortably as possible. 


Of course there are plenty of other 
reasons for flying Pan Am. And all of 
them equally valid. 

Two great movies. - Current or pre- 
release. Eight stereo channels. (A small 
charge has to be made for these to 
comply with international regulations.) 

A superb choice of main courses in 
Economy. And if you’re travelling First 


Class, weve an exclusive upstairs Dining 
Room that puts most eating houses to 
shame. 

E you’re planning a trip to the States, 
get your nearest Travd Agent to book 
you on a Pan Am 747. 

%ull find the world’s most 
experienced airline is also the world’s 
most hospitable. 


k • : 

























































s - - 


Financial; TEtaes Flitfey September 22 19TO 


HOME- NEWS 


LABOUR NEWS 


Scrutiny 
call in 
Agents’ 
inquiry 


Companies’ return on capital Chrysler pay at Luton 
improved to 4.5% last year unfair, arbitrators say 


BY DAVID FREUD 


At replacement com % 


THE RATE of return on capital profitability increased more than The strength of profits In the 

employed by UK companies tm- that for industrial and commer- North Sea sector last year Is RETURN ON CAPITAL, 

proved substantially In real clal companies, hut from a lower underlined by the fact that while . . 

terms last year, although it base. they contributed to half the i ndustri al and 

SCRUTINY OF the parts placed remained at an historically low Real return for these com- rise in real profitability. North commercial Manufacturing 

by the Ministry of Overseas level- panies was 3.2 per cent last year. Sea activities accounted for only com panies com pa nies 

Development, the Treasurv and The official magazine Trade compared with 1.9 per cent in 3.5 per cent of the total. Ae replacement costs % 

the Bank of England in the and Industry reports today that 1976. The average rate through Substantial capital has been kiZ.2 « — 

Crown Agents affair— involving real profitability of industrial the 19B0s was 9.9 per cent employed In the North Sea since . 

£200m losses— was yesterday and commercial companies rose The sharp fall in real rates of J9?4 and, until last year, the GraSSf for Sock 

demanded by Mr Robert from o.5 per cent in 1976 to 4.5 return took place between 1973 rate of return was negative or aporwSatian vormmx 

Gatehouse, QC, at the public Percent last year. and 1874 when the rate for Indus- smaller than the overall rate for — Wreoatmn — apprecurtton 

inquiry The measure of real profit- trial and commercial companies all industrial and commercial 1W 142 128 

“Did' these bodies do enough ability is derived from the rate fell from 7.1 to 3.7 per cent, companies’ activities. 1W1 123 10.7 

.to find out about the Crown of return on capi^ after a^ust- However. a ste ady long-term Breakdown ]|S JH 

Agents own account activities fo . r i n ! ,ation the cost of decline had been evident before breaKOOwil 1963 12.1 10J 

.and when thev did find out did financing increased stock values, then. A breakdown of real profit- 1964 123 103 

they do enough to control' the Tfae . rate ° f retu 5 n ‘S? 1 Tb* article says that profit- ability for large listed companies 1965 1T.8 , 10.2 

situation and prevent it getting low compared with the ability is subject to cyclical varia- in different sectors shows that _ln 1966 10.2 8.7- 

virorse 7 " he asked 1960s, when the figure varied tlons and it is too early to say 1976. the latest year for which 1967 103 83 

Mr. Gatehouse had earlier sold b* 1 *®* 11 l4>2 * fld P er ceat - whether the rise last year figures are available, both metal ]«* 103 83 

that a quarter of a million TWliriP marked the start of a reversal manufacture and textiles, '*** ion S3 

pounds loaned bv the Crown * .w . . . . °f fte long-term decline as leather, clothing and footwear. 1970 8.7 63 

Agents to a finance comiwny was 11811 of l8St opposed to a modest revival from had negative rates of return. J971 8.6 63 

never sufficlentJv covered by year wa ® because of North Sea a particularly severe depression The large listed companies In 1972 83 63 

SSSrttv of ft exploration and production j a the cycle. these two sectors had average 973 7.1 5J 

found its Sav heoockets act ‘ vity ’ whM * bad a real rate But the falling trend in com- negative real profitability of 3 1974 33 13 

ofthe ffire?5»re * ** pockets af return m uch greater than the pa ny profits shown in provisional and 1.3 per cent respectively. 1975 3.1 13 

Mr ftmuiH WhMfiMr rrnwn average for the rest of the estimates for the Gross Domestic These two sectors’ decline from 1976 33 1.9 

AoeotsMaaev economy for the first time. With- Product in the first half of this returns in 1975 was against the 1977 43 33 

Who dted to Julvta« out **** North ,¥* sector real year - released on Wednesday, overall trend for listed manufa* Excluding North Sea exploration 

been a^ertnr Of Rtiriin'ff Tn profitability would have been cut suggest that last year's improve- turing companies, whose real and production activities 

S fin^ g JL from 4.5 to 4 per cent last year, ment in real profitability has not profitability rose from 2.6 to 4.3 ,977" 4 . 0 

UUabTldl MvCUri ul«S SIQCC BLS TLY-i nil fo^hlrinn Ahmn^nias 1 Mnq I nai> nndt 


UNTON OFFICIALS recommen- about £6ra. The company has that they were unlikely to agree 
ded the 2,500 striking Chrysler not opposed the men’s claims to it. 

workers yesterday to" return to that they were paid:' less than They had asked the men to 
work after a meeting of the other engineering workers, but return to work so that a confer- 
Central Arbitration Committee, said that it was bound by the ence could be held at which the 
Wednesday's meeting of the Government's pay restrictions. company could provide a solu- 

.committee was brought forward More talks between the 32 tion consistent with its parity 

commercial Manufacturing by six days because of the three- striking SU fuel systems tool- programme. 

companies companies I week strike that paralysed two makers and full-time local He criticised the unofficial 
Chrysler truck plants at Luton officials of the. engineering Leyl and toolmakers' body, led by 
and Dunstable. union yesterday failed to pro- Mr. Hoy Fraser, for using the 

_ y- The committee, which has the duee a peace formula. SU strike as a “political foot- 

ET°I22!? power to award increases higher The toolmakers, who have ball." 

Jf jSSL than those permitted under the been on strike for seven weeks. National trade union officials 
ippreqation appreciation Government pay code, agreed demanding parity with Leyland have agreed to visit Ley land 

*■*“ that the Bedfordshire men were toolroom men at Rover, asked ■Vehicles’ truck and tractor plant 

unfairly treated compared with the district committee to ensure at Bathgate to discuss longstand- 

otber car workers. that the union's executive ing “ discontent ” on the part of 

It suggested that the company council would promise support the plant's 5,500 work force, 
should pay time and a third for if the company at any national The shop stewards, who had 
the first two hours’ overtime in conference refused, the claim. previously ignored union pleas 
any day; time and a half for Mr. Bill Jordan, West Mid- to call on a six-week strike by 

Saturdays; and double time for lands divisional organiser of the 1.500 machinists, agreed on 

Sunday working. Amalgamated Union of Engineer- Tuesday to recommend a return 

The strike has cost Chrysler ing Workers, said that they to work at a meeting of the men 

about 1,200 vehicles, valued at would consider the request but today. 


After 
providing 
for stock 
appr eci ation 
14 3 
123 
113 
12.1 
123 
113 
10.2 
103 
103 
103 
8.7 
8.6 
83 

7.1 
33 

3.1 
33 
43 


Manufacturing companies' real continued. 


per cent. 


Power stations ‘need less coal’ 


formation in June, 1969, as a 
Crown Agents nominee. 

His co-directors were Sidney 
Finlay, who also controlled Big 
City Finance and its money lend- 
ing subsidiary, and Mr. Sidney 
Davidson. 

It was in respect of two loans 
to Mr. Wheatley, that Mr. Finley 
was convicted on corruption 

charges at the Old Bailey last CONSUMPTION OF coal in UK station, coal in Western Europe The price, of imported coal is 
- . . power stations will be about 65m as the demand for solid fuel in thought unlikely to rise much in 

Mr Gatenoirse was speaking tonnes by the mid-1980s, more power stations continues to rise real terms over the next seven 
of a loan or ±750.000 from the than 10m tonnes lower than at in absolute terms: years, even if there is some 

J-™]™ in November, pre sent and 15m tonnes below But the unit expects that any acceleration In oil prices. 

1974 to Big pty Finance and th e target set by the National extra steam coal required by •• p r i ces ^11 continue to be 


BY JOHN LLOYD 


Highlands 
helicopter 
link starts 


soon 


Singer workers seek grant 
in bid to save 3,000 jobs 

THE GOVERNMENT is likely to duction, which Singer wants to to continue production of 
be faced soon with a request for phase out The options concern machines which had not the elec- 
substantial financial assistance the number of jobs that could he tronic controls of the new 
toward rebuilding and modemis- saved in relation to likely new generation- Df sewing machines, 
ing the Singer sewing machine investment. The final report was expected to 

factory at Clydebank, Scotland. Mr. Laird said they expected offer a long-term strategy for 
Shoo stewards at the nlanL a to 31 and fu!ler roport from developing more advanced 
wttich^f a ces*losses SJOt/SR the awdUti. shortly The machines. 

of its 5.000 jobs, have revived be able to decide ^ rapor t confirmed 

an Interim report from BA °° ^h? dfwould sWwards ' accusations that the 

Management Consultants, which company did not invest in Clyde- 

they commissioned to make a 5* a 5j*5J5j ^dKdte Site Some machinery in the 

£70,000 investigation into an e imwr to neciae on tne industria i machines unit was up 

alternative strategy. 


t ue aerating aoa ra, wmcfl sees a government, turner aus year, I(rwp - souree SU DoIy. Highlands and Islands Deveioo-I All involve initial retention of identiflea oy me cousin ran u* uuuusa « uu»»e w 

^ i^ S urn 11317 ? CUri iT decreasing use for coal for the Council of Ministers failed South Africa," the report sa vs. me ? nt Board and local authorities I industrial sewing machine pro- were for a shortterm strategy to anticipate new trends, 

given by Mr. Wheatley and on all electricitv generation. to agree on a scheme to use EEC UU1 1 Ivpvn th*i en ct* Af the W* ' 

subsequent loans interest was The Coal Board and the funds to subsidise steam coal “Steam Coal and Energy ti „°, 

“booked but never paid.” By Government still adheres to its sales within the Community. Needs in Europe,'” by A. W. yBa ™, X t wii , KP a four. 

^ruajy. W74. Wheatley still target of SOm tonnes a year for The report forecasts an import Gordon, from the Economist 

owed £58.000, having in the past power station use by 1985. demand of about 20m tonnes of Intelligence Unit. 27 St. James wJrb^wfn t ak e 40 

discharged a number of loans. The report sees an increased coal a year by Western European PUzce. London SW1A I AT, price JJJg*; 

^ * demand for steam, or power coimtries by 1985. £25- minutes to complete tne j _ y 


Critical 

Turning to what he called five 
critical days, Mr. Gatehouse said, 
that on February 20, 1974, Mr. 
Wheatley as the Sterling Money 
Market manager, authorised a 
Crown Agents loan of £750,000 
to Big City and on February 22, 
the Friday that sum was actually 
received into the Big City’s 
account with Sterling Industrial 
Securities. 


— s.idtsr. : ^Sk’Wbi mining TUC dv leacners tmtuu 

during the winter to connect ^ 

* * J with flights from - Glasgow to UK By Our Labour Staff BY OUR LABOUR CORRESPONDENT 

ICPfl airports . THE ROYAL College of Nursing BY ^ 

luVU Mr. Keith Farquharson. of the is taking first steps . towards THE NATIONAL "Union ' of many misconceptions essodated 

Highlands board, said that the possible affiliation to the TUC Teachers, Britain's largest teach- with the term race, 

link was needed- for business after deciding to distribute a j^g union, yesterday issued The pamphlet, produced by 

■travel. Industries at Fort report on the Issue to Us guidance to its members biologists and psychologists at 

a. in William include British Alumi- members nert week. . intended to explode “myths sur- the Open University after talks 

^“fJwi i /?£!"? nium's smelter and Britain's The college— a certified union funding race and intelligence, with teachers, emphasises that 

South Wales, lnd Coope in me, largest wood, pulp mill.- —which has been attacked by Earlier tins year the Union there is no, generally .accepted, 

south and lnd coope (Scot- “-^r e f ee i a comprehensive some of the TUC^affiJiated health conference came '.out strongly scientific theory of intelligence, 
land) m rtb of the border. network of air services, linking service unions over the past against the activities of organiMd “ it follows that one cannot 

The take-home beer market a ]j parts of the Highlands and year, said yesterday that the grQ Upa which sought to provoke objectively measure something 

has grown In the last few years, islands with the major Scottish report would be discussed at .a racial conflict in schools. It urged which cannot be defined." 

Last year it was up by S per airports, is vital to the proper meeting in Guernsey next April, teachers to - “.discourage as The pamphlet concludes that 

cent in volume and is expected economic development of the I* «?.♦ strongly as possible the myths cultural diversity is a strength 

to rise by 8 per cent a year. area," Mr. Farquharson said. to pu J ,ssue to a . Tote .. 1111 and stereotypes on “Which pro- to be encouraged in education. 

Allied now claims to have — members at an extraordinary j u dices and hatred feed " and to Children - were tikely to be 

the lion’s share with company ™ contereoce later m the year. examine critically books and curious about the origin and 

brands accounting for about 15 iYIUrC jUUHa rne report makes no recom- other leaning materials to guard theory of observable human 

per cent of the £35 0m take- . , , mendations but says that vita] against any which were racially differences and teachers might. 

home beer sales. CaSU Will Cllt of .. ?* rol *v. of ^ bUtod. ■ in appropriate classes, wish to 

. “‘JeS* co * dd be strengthened by Mr. Fred Jarvis, general secre- discuss the meaning of the term 

hill" such a move. tary. said yesterday that the race. “ This difficult and sensitive 

~ 7~Z , Union had produced its guidance educational task Is one which the 

I Jnrkprs hlapk pamphlet Race, Education and exponents of race hatred in our 

I7UVAUO IhtetUig^noe because there were society may do much to wreck. 


Royal College 
to consider 


Beer division reorganised 


Race guidance issued 
by teachers 5 union 


BY OUR LABOUR CORRESPONDENT 


BY COLLEEN TOOMEY 


A REORGANISATION of 
Allied Breweries' beer division 

ThaV same day, the money. I ^!L 
lending company. Anchor, paid ' with bmuguratioH of a 


out along with other payments, 

£229.000 to Mr. Davidson the MtIoaal take-home beer sales. 


managing director of Sterling Home 

Industrial Securities. switching from a regional to 

Mr. Davidson paid out £20.000 national status since most of 
to Finley and £168.000 in round ,ts ctastomers sudi as super- 
figures to Mr. Wheatley, without markets, elute and off-licences 
taking any security from him. 5. av ® branches throughout 
On the following Monday. England and Wales. Scotland 
Sterling Industrial Securities remains as a separate organlsa 

credited Anchor's bank account 

with the £750,000. 

The hearing was adjourned 
until Monday. 


tion. It Is one of the few 
Allied profit-centres to be 
centralised since most of the 
reorganisation has aimed for 
decentralised operations to 
Increase local Incentive and to 
become better geared for local 
requirements. 

Previously, take-home beer 
sales bad been handled by 
regional teams based within 
the old sales companies of 
Joshua Tetley In the north, 


English 

furniture 


Glasgow fights grants cut 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


Ansellfl In the Midlands and 


south and lnd Coope (Scot- 
land) north of the bonier. 

The take-home beer market 


cent in volume and is expected 
to rise by 8 per cent a year. ‘ 
Allied now claims to have 
the lion’s share with company 
brands accounting for about 15 
per cent of the £350m take- 
home beer sales. 


More sports 
cash ‘will cut 
health bill’ 

MORE MONEY for spprts could 
mean healthy savings in the 
National Health Service bill, f o r>tni*A7 
according to the Sports Council. 

Mr. Dick Jeeps, chairman of DOCKERS at Hull decided 
the council appeals jn a letter to yesterday to support an eight- 


Dockers black 
factory 


SSe is ?r3£ Vi arley praises union talks 

power transmission factory by 

blacking the company’s goods. ^av^Ia otfntamr 

on textile strategy . 

EH-,™ ss sixsS »v- y ws, 1 •srevsz asrg ■r vaafasg by a*™* s*™, m^b cor^onoent 

end of last season still persists, committee, informed of this and is dropping by more than 5‘fiSS. makes PI people tl, itrer ^and been'impose™ * loclM ' It has THE FIRST regional conference under the Government's indus. 

judging by Christie’s sales yester- yesterday, will seek a meeting 20,000 a year. makes P* 01 * 1 ®' fitter and b ^ P “Sm 0a nv has told th«n organised by the TUC to gener- tria^ strategy 

lay, which totalled £109,837. with Mr. Bruce Millan, Secretary This causes the resources !t ,ess attractne. he The council believes more th^exceedin/ the 5 oer ^en! ate worfcer interest in the Mr. Jack Macgougan. confer- 

' Chairs were doing especially of State for Scotland, and Glas- element of the Government rate Glasgows rate is 28.5p in the TJie » jwlieves more that exceeding- the a per ^cent GoTCmment ’s industrial stratep ence chauman, said l the gather- 

,, » on TV y UD. > i. erenl In^nvorl tn Tsrsnilln. nnimfl i<nmnornH in thp resources would lead TO greater limit Ot pay COUld Jeau TO 10SS vneforrllV hff Mr marked S tUrninE-DOin t In the 


GLASGOW, faced with some of Like other large dtiea Glas- Mr. William English, the coun- Ro |*j? d day st°PPf«e at *e J- H. Fenner 

the worst problems of urban gow has switched its policy in oil's finance director, said: “We Government money for sport h ^ omo?n by 

decay in Britain, will lose £22.5m recent years from encouragng face ^ di]eniID a that in order Whatever its fault? may hlf tte b Abonf 600 robber and tSile 

4 a?d to spend more money to make NHS doS a good “ob under prSS' ^^"drivenf^d 

“peruIeSem 315 Sem 'ie "sUV- *SeVe ,he the, city a more »tr,«ive_ piece jUMt eondiUo... bilt 'W , iwjuid ■MMMhMht. 


day, which totalled £109,837. 


with Mr. Bruce Millan, Secretary This causes the resources 


well. A set of 12 George III gow MFs to press for a change in support gram, indexed to popula- pound, compared with 5p in the 


mahogany dining chairs, with the the way aid is calculated. 
Prince of Wales feathers, sold to 
Fredericks for £3,400, and eight 
Kegency mahogany chairs fetched 
£1.800 to Sorgeloose, a Belgian 
dealer. 

Rubin Bros, gave £3.400 for a 
Regency mahogany breakfront 

secretaire bookcase, and ai BY EDMUND PENNINQ 
George III fiddle back mahogany 


tion, to fall by £1.5m a year. lowest-rated district. 


£3,300 for claret 

BY EDMUND PENNING-ROWSBA 


resources would lead to greater limit of pay couia ieaa to loss ^as welcomed yesterday by Mr. tag marked a turning-point in the 
savings in health service spend- of Gcrveniment contracts and put JZf L y " l e y: the Industry Secre- -Government's strategy, and the 
ing. jobs in jeopardy. torw time for action at plant level had 

More than' 300 delegates from arrived. 

. - all unions in the textile, clothing Yesterday’s was the first of 10 

LYSIS— HOSPITAL SUPERVISORS and footwear industries met in conferences planned by the TUG 

Leicester to discuss the detailed in co-operation with the National 
targets set for their sectors Economic Development Office. 


NEWS ANALYSIS— HOSPITAL SUPERVISORS 


SALEROOM 

BY ANTONY THORNCROFT 


’ P°Mcy faces new test New techjl0l0gy products 

was yesterday bought by a buyers, some of whom had BY PAUUNE CLARK, LABOUR STAFF • - «- • * i> 

Florida wine merchant for £3300 flown over m Concorde for the •maa/I nATYiqflfl PfDOTPn 

at Christies* first finest and 5*1?’, _ in 5} u 1?f =4iraii l0 iRW S mo LEADERS of the four-day Government seem to have dia- reorganisation of the heal a ser- IICvU UvUlftiWI LlvdiVu 
rarest wme sale of the imiob. J or anotiie? of Cos d’Sournel nationwide industrijJ action by puled this) will mean that some vice, and that there would be no .. ' . 

If this was well under the ?n r imoerialp 3,500 hospital works officers of those officers will be earning automatice pay rise for any of - BY OUR LABOUR STAFF.. : . 

world record, of £8,300 for a f Ch ' were yesterdav puzzling at the less than the craftsmen they their 3,500 members involved. 

single bottle of wine, achieved an( i £1300 for a sudden use on’ Tupsday night of supervise. Each ot the new posts would A POLICY 1 of economic expan- sales ^atosald. 

fn r th e S «mrrS le thp y nri P /“ a °t do " n Mouton-RoffischUd^Mo. the Governments pay policy as Imve to be applied for and even si on to provide demand,, for th^ ^f^mSySent 2f^S 

n ho?t e *SSS TtJS 'seemed . A remarkable series of single a constraint in their dlfferen- mWlfllsiiTlt product of new technology .was .un^jtayment was. 


Christie's South Kensington sold the same room, the price at 
dolls furniture. about £500 a glass, seemed 


world record, of £8.30? for a 

single bottle of wine, achieved f __ ' 


BY OUR LABOUR STAFF. 


V for « fifln f ,n S le ° ot " e 0 * 'V”®’ Margaux 1924 and £1,300 for a sudden use on Tuesday night of supervise. 

SHSS! slmlUr b °" le .. a y». r 3 °° doren Houton-Rothschild 1945. the Goveremenfs pay policy as 

A remarkable series of single a constraint in their differen- 


>lls furniture. about £500 a glass, seemed “i^iT S*lVri.lm 

A Queen Anne bureau made by sufficient. 5? tt iSSo° r .S™ l! 


to 1929 vintages brought very They felt rhe Government was 


romnlninf lf aU applications were success- products of new technology .was 

V^UmpidJUl ful, the four new gradings would needed, or technological change 


only apply to about 2300 of the ^jjd ’ create - “ striictural, nn- an 5 e hiehe^orLinrtirit^wmSS 
3 500. Of these, an unsueeifiert ” mv Won c»h»» and iugher. proffOCllVity _ would 


Horace Draper between the wars This was the top-priced Item in hi xb bids The leading Prices u- ‘ , e Govenment was Tb e offer bears out ttaa com- 3,500. Of these, an unspecified ZotoymenL” Mr" KtaL^raham. aad ’ ty ^ W ° U u 

sold for £190, and a Queen Anne a collection of single bottles and J.'JyL S iStii fisS cisS, ^ ck T 17 int0 a ti ®°P; Pl ain t. Engineer and buildtag numb er in only the two lowest fKuc aSirtXt general secret necessitate work-sharing through 

tallboy for £100. A clockwork maCT urns of old Lafites. The fr onutton with a comparatively officers in the two lowest grades cmjervlsora erodes would find ^ a concerted move in all countries 


tallboy for £100. A clockwork n, ag nums of old Lafites. The rSf U900) £150 fl908> £135 fron I , , at i°" a .comparatively officers in the two lowest grades 5uperv i S ors grades would find arv siid yesterday a concerted move m all countries 

coolie pulling a nckstaaw made other outstanding prices included m§14>£U0 ( 19^11 viS^fiSli 9mal - b “, 1 det f rrn!ned of would be earn mg between £4.497 were earning less than the ,V “k- to 7, ard s ^°« er working hours. 

£700 in an auction totalling n.ooo apiece for a bottle of the lid Viss naaii * " aggrieved workers whose action t0 £4,728 compared with the men Wor klng under them. Coupled with this, new jobs Mr. Graham, speaking at 

£12,209. 1854, and for a magnum of the Lq excentiona! run of r mi l ht - pr0 ', e . dan S er0U 5 t0 highest grade craftsman on xupy a is 0 take The view that ha dt0 ^.created more quickly Whitehaven, Cumbria, added 

Antiques and Art Monitor, a 1900. and £950 for a magnum of 0 ,j Madeira* a sin-lt bnX nf La , l ? olir s P ubllc imase and pay £4,665 including a bonus of 33i foUowinE the go-ahead given last 311(1 ^ aim T n ® opportunities ex- thatlhere was a continuing need 
new magazine for antique lhe 1869s. The 22 bottles realised Cara? dlo Lobo? 171» broueht po,,cy * ... .. . summer ^by Mr. Roland Moyle, pande^ Industry must tate for Government measures to 

collectors, appears this week. £ i 0l 500. _ ££>0 and another of 1815 The hospital works officers do Ironically, without the bonus Minisler for Health, for talks on advantage of new mtaisbial pro- expand employment opportune 

priced at 35p. It is a weekly A magnum of Lafite 1870 from Waterloo Boat went for £150 not have to sustain Industrial which Mr. David Ennals, a new sa j a ry structure and the cessefi to win a larger share of ties in particular regions. 

that nicely blends the investing another source which at the The sale total was £73 976 ' action long before public secretary for health and social 0 ff er Qf a sca j e of £4,497-£5.073 i 

and the artisuc appeal of Giamis Castle sale in 1971. ’ ‘ reaction begins to have a bear- security, was instrumental in to replace the existing £2,970- 

antiques. fetched £83. now brought £960. ing on the 0UtcCline , getting for hospltai electticians £5,073, an advance outside the Tf^T ifl I1PW hlfl frtiin fpphniniqne 

The first issue contains an Specially for this sale, The effect of the works in their dispute last July, the Government's pay policy has lv/* *4* UCVY UIU Ly it dill ICtlUUUdllS 

article by Bevis HiUier on Chateau Lafite had released a ^Uper COUtrOl officers' ban on stand-by duty row with the works officers already been made. This was B v mick GARNETT Labour staff 

posters, and regular features small number of bottles of post- aT1( j their restrictions on machl- wuold not have happened. The on top of the increases they BY NICK GARNtM, LABOUR STAFF. 

include a valuation service, a BRITOS mMtmodm police nery repairs in hospital laun- highest grade craftsman without received last April under the 10 jmpeRIAL ^Chemical Industries The company has started 

look at what >s happening in the were £800 for * Jeroboam control-room, with computerised d r j es a nd central sterile supplies his bonus earns only £3,500. per cent policy. ie«« nM KnBta its wnpkfon<» issuing notices at Its Wilton Kite 

salerooms, and original research, fequals six bottles ) of the 1949, equipment worth £*m is to be departments ' ^hitting Mr. Allan Blade, national If Mr. Ennals’s statement on *1 a PJ ,ea ^ ,g I WOr S Eorc * °J* r STr^lde the comol« miS 

I n Jbe first issue, Geoffrey and _' £ T? 0 th p 0 1 r o fi V^ 0 double-mag- °P ei jed at Jsorttiampton today. som(! hospitals hard. ' officer in the Union or Construe- Tuesday that any improvement ^ bead ® , 0fflci *l s affected by lie shortage invitine 

Godden looks at Shropshire nums of the 1961s. . tbe ?ub,lc w Nine out of 14 regions have tion. Allied Trades and Tech- on the offer would be unaccept- in »n attempt to. solve its applications for the ' courses 

porcelain. Other notable^ claret prices, be h id L morrow. reported that hospital authorities nicians and secretaiy of the staff able to the Government proves shortage of technicians. « : which It intends restarting. 

have had either to restrict non- side negotiators, made the posi- to be the case, it seems likely Craft onions have -been refus- It has also been running a 
• • 1 1 - I, -, — --T- - urgent admissions or to acecpt tion clear after the four repre- to rest on the argument that the ing to co-operate in a scheme to national advertising campaign to 

Rficp Ifl Griff {*14 51 n^flirilPF Sitlltf^V emergencies only. And the semative unions’ talks at the new structure is a regrading retrain fitters and electricians as attract artificers from outside the 

lAl Jl/ RJI JL Ol ivf VX\ ItK/uVA k/VX majority of regions not yet badly Department of Health on Tuesday exercise. This means that there Instrument artificers because- of. .company to beat the shortage 

hit are expecting 10 take similar n jght- *’ Our claim is not a simple Mn b ® give-and-take but the a pay dispute. Craft workers which ICI blames for the closure 

ny kfmnftm GOODING action if the dispute is not one for more pay— and neither overall cost of the new structure have been told not to join die of several of its Teesside plants! 

Di Knncin ww^uir. settled by th e weekend. have we any wish w fight the must come within the guidelines, scheme. . . Including an ethylene cracker. - 

THE UK market for car shock Jonas Woodhead Group yester- It expects to cut into imports The other and more difficult Govern men t’s pay policy," he The roaction of the works - 

nhsorhers has been growing at an Aav launched tiTree new shock Of adjustable shock absorbers. are a of public reaction, however, u m officers was made clear in a state- 


collectors, appears this week, £10,500. ^ and another of iSS 

priced at 35p. It is a weekly a magnum of Lafite 1870 from Waterloo Boal went for c 150 
that nicely blends the investing another source which at the The sale total wac £73076 ' 
and the artistic appeal of Giamis Castle sale in 1971, me saie coiai was tid,9.o. 

antiques. fetched £83. now brought £960. 

The first issue contains an Specially for this sale, r*i . ■* 

article by Bevis HiUier on Chateau Lafite had released a oUDCr CODlXOi 
posters, and regular features small number of bottles of post- 


Godden looks at Shropshire nums of the 1961s. An open day for the public will 

porcelain. | Othe r notable claret prices, be held tomorrow. 

Rise in shock absorber sales 


R y kfmnftm gooding v . . . aispure « one For more pay — and neitner tuai « ucw auuuuie navo uccu ui ox its leessiae plants. 

BI wnnein wwwMir. settled by the weekend. have we any wish to fight the must come within the guidelines, scheme. . . Including an ethylene cracker. - 

THE UK market for car shock Jonas Woodhead Group yester- It expects to cut into imports The other and more difficult Government's pay policy," he Tlle roaction of the works - 

absorbers has been growing at an day launched three new shock of adjustable shock absorbers. 5 rea °i pub,ic reaction, however, sald _ officers was made clear in a state- •- 

annual rate of 25 to 30 per cent absorbers aimed particularly at now running at an annual 200,000 n * P thl uniHL" nly He and Mr. Colm O’Kane, of lidhlpCG rtffprpH w/xyL 

** « “ d Holland and 8?SB jooiess .-.pnerea work 

car t^t requirements, according £°rth around £40m. a year at the Channel Islands. .h^tdte Union!? iftV ° Wed insist Th? ^staff ^ ^ w ^ cn J. he 8ta ® side met Mr. SOME OF the UQ0 men. bein'* Royce of Crewe and GEC have 

ro Mr. Tony Glynn, general re 2?i l „ . r-„ Although strong in Europe, l bat their case rests more on a r *’° e ' *5T® SS ” Eric Deakins. Under-Secretary redundant this week at the . been sent to recruit woA«s IT8 

JSaSS S"-1‘ 

° f Previously the market had adjustable units, and a smaller individual market for shock ab- a new salary structure for a pro- These were that their argu- if pay policy argument walk into another job. _ ■ men - Bome of 

been advancing at about 7 per volume of the special air- sorbers where per capita “con- portion of the 3.5no works officers ment was over a new salary were to b e introduced, it said, it A Job Centre has been set up Redundancy Cheques will 

cent a year. adjusted shock absorbers it has sumption" Is 24 times greater which they claim (and so far structure related to the creation would very likely have a serious at the works and representatives age £5,000, and som e men 

Woodhead, part of the quoted introduced, than in the UK. neither the employers nor the of new posts under the 1974 consequence on industrial action, off two bis Ibpal co m panies^ Rolls- receive up to £15,000, WU1 


■ t «n>nuutnvuUMiMlll 




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1 T -^T~tirTrnmriai R*toei * ii±iu j -• 


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‘ ^ 


ttraaf Cfe g ^Plmes Friday Septaaber 1978 


ENERGY REVIEW; GEO-THERMAL POWER 




BY DAVID FI5HL0CK 


How heat might be mined economically 


J t ? P ^ 8r ’ aolQ8y be tapping— at costs claimed to bo Four commercial schemes floor beating. The water is economics of hot-water space 

4 fr ° n l s 1? s,de Jar . ge aoou “ ts competitive with oil for space using reinjection have been finaly reinjected into the bore- heating and is pinning its faith 

-t- holidays, we tend to get a flurry beat known to exist - in the heating — gre at temperatures installed. At Coulommes- hole at lO’c. on the potentially higher tern* 

;of ideas for tapping wavepower. region. to the region 55-75°C. Six Vaucourtois, about 15 Km east Geo^team. cither generated peratures obtainable artificially 

a . « oard member of to the spring the Department schemes are already installed of Paris, what formerly was a naturally when subterranean from hot rock, 
v, ; fce National Research Develop of Energy announced another around Paris, producing small oilfield how yields water water seeps through rock fis- if it i s to work efficiently the 

- sent Corporation drily. 1 had -SaB^OO . for Uivesfagation of geothermal heat from a lime- at 70-75 a C to heat glasshouses, sure* into the hotter rocks rock must be fissured to increase 

V.’isked him about a telling para- geothermal heat and of the stone aquifer, or source of At Ifewur-Beine. dose to the or artificially with the its rate of hel^exdianze The 

. ^rrapft in the NRDCs annual prospects for taping itin some water. Between them, they are Melun demonstration, a geo- aid ol man-made fissures, could Germans are collaboratins 

«nnrt tine It • nAhnn that nsrtfi nf +h» TJfT ' The Dm- +- - .1 a 1 .. . ... ... VJCiuJ “ ua tuiiauomiiu« . 


■ m methods of tapping natural The mam elements of The 0 f X. 5-1 .75 km. The heat provide two thirds of the energy at depth within the range of toeToon^he ShSli’esTsed 

... mergy sources. ’ What it thinks Govenimenfs hor rocks re- reservoir j s not inexhaustible needed. Four doublets have mining technology, points out to^tertiarJ" oil rerovefl They 

: ;»f most of those ideas might be search programme have already but nevertheless is very large, been sunk for this purpose. Dr. A*& Batchelor of the Caro- 2. pmsWcts of 

V.tauged from the fact that not keen ad £P ted ** , of JJ 10 A scheme at Melan, about 45 To the north of Paris at Vil- borne School of Mines at Red- atures of 150°-200"C at deDths 

-me rates a mention to its J5J ^ometres from Paris, pioneered leneuveJ*G arena e, oll-Bred ruth to .Cornwall. Oneof South o^lysi^mThetoinSSt 

'-•'vnnual report. gr^me a fpv^yw plan which the idea of re-injecting the space heating for 1.700 apart- Africa's deepest mines. 5,000 ft °f 0C ^ 0 „ *he m KdSe 

. r . The problem of the more one year to ran. water to solve the problem of ments has been supplanted by deep; has to dissipate 30 mega- Valiev at Urach for instance 

■fcvtous natural energy sources disposing of warm saline waste, geothermal heating, using water watts of heat to keep working where 'tw have already drilled 

.■ '-cun. wind, waves, tides — js XXg\f nrofar Around Paris the warm effluent at only 55"C at the wellhead, conditions tolerable. to more than 3 km. * 

..hat they require both intensifi* AXv# l Tr at Cl contains 25 grams per litre of Although the two boreholes are Dr. Batchelor has support 

Ration and storage if they are _ . . salts — equivalent to about 60 separated by the requisite 1km from - the Science Research 

- n make sense for most uses, .** u 1 ?° n009 PW we U per day — in the aquifer, they have been Council for experiments in free* A 

lie capital cost of these pro- ^cussing apilirt R0 ' together with dissolved brought together at the sur- turing Cornish granite in order /LUlDItlOlIS 

-visions, ia suitably robust p *!?- hydrogen sulphide, making it an face, so that they need Just one to create a subterranean heat- 

orm. tends to place even f 0 i u 7 l ? • * f* 0 * wmen t ey obnoxious and unusually platform and rig. In this way exchanger, to yield steam for Los Alamos, a U.S. national 


Ambitious 


con- 

ventional 

power 

production 


Los Alamos, a U.S. national 3 


f \ ,* 
? 

■9. if \ 


p. j 4 ^ - u* ui, icnuo iu h*«lc ^ rlvillino - . — ™ ■»*5- *■* nura wdjr J K.IU »ivoiu 1 U 1 wo Aiauiua, a u.o* uauuuai f 

‘V A \5'T C ± hi Jree " energy well beyond tfnw 1118 corrosive brine, the designers more than offset power-raising. energy laboratory, is the centre $ 

<5^ djljeach. D Ju ° -I 10 : f”” y“ * Reinjection requires the drill- the estimated extra 28 per cent Italy, in 1958, was the first to which all of the more ambi- a 

41 There is one natural energy r- idea is to b . . up01 } ingof a pair of wells — a doublet cost of drilling the wells at an nation in the world to mine heat tious schemes for harnessing I 
»jfv » ^ Durce however for which V* nc " * s Penence ansing out as the French call them— one angle. for electricity production (in geothermal energy are turning I 

l - t a g\ L ature provides energy at an ^ exT ? n i^ ve geological explora- to produce and the other to re- At Creil, 50km north of Paris. fact It used a geyser to power a for the advanced technology I 

■*'-* itensitv compatible with fton of for tu ”* effluent to the aquifer. The the most sophisticated European 250 kW generator as early as needed to pierce the earth’s W 

v? “■'O ..... Jj* _ ..... resources. The 5.000 wells doublet offers three advantflPftfi' PPOthermnJ tnam Vioatlni* 1913L' It has temneratnres p1o«> nm«t Anv irtpa that this 


wells— a doublet nf drilling the wells at an nation in the world to mine heat tious schemes for harnessing 

call them— one angle. for electricity production (in geothermal energy are turning 


> t, ource, however for which . a* uie jp-renen cau tnem — one jor eteciricu>- proauction (in geothermal energy- are turning 

; g\ ature’ provides enerey at an ^ exT ? n9 ^ ve geological explora- to produce and the other to re- At Creil, 50km north of Paris. fact it used a geyser to power a for the advanced technology 

iUf)\ itensitv compatible with fton of tu ”* effluent to the aquifer. The the most sophisticated European 250 kW generator as early as needed to pierce the earth’s 

1 todern uses and a store to ^ e “ u ^ ces ‘ „ The 5.000 wells offers advantages: geothermal space heating 1913): It has temperatures close crust. Any idea that this 

psure uninlemiDted supply i n Franc0 S1 ® c ? r £ | niinitnal pollution, constant re- scheme was fully commissioned to the surface higher than in might be a fruitful field for the 

he eneineerine nroblems in War 11 bave , d,sc ‘ osed l 1 ™* 01 1 charging of the aquifer, and the last winter. Here the designers, any other European country, amateur inventor is soon dis- 

- case are mure different gafi * but have 1°“^ plenty possibility of extracting addi- led by Mr. Jean Olivet of and in Professor Teo Leardini, couraged by the scientists’ 

-• ou. tn tan a hufie reservoir of 2L subterranean hot water tional beat from the rock. But Parica, the engineering consul- of ENEL, the state-owned elec- ideas of the technology needed 

gar which already exists but FraTlce - whlch \ n tMpms built it also courts three risks or tents, have tried ingeniously to tricity utility, it has one of tile to drill deep into the earth: 

■ under several miles of rock. U P°™ Hua * 1 *y * 30 years of handicaps; salts may choke the make a constant-temperature world’s foremost authorities on drills that cut by melting the 

''eaioeiffts believe that on mnrp has announced rock at the point of reinjection, heat supply responsive to chang- the technology of geothermal rock, by disintegration with 

■• '.TStr nf L M riv! ? ,ans . f0 «- heabn e^ ** effluent may “short-dreuit" and tog space-heat loads. heaL v Currently ENEL mines shockwaves from sparks, by 

irfare it shcmld he nnwihif Im dwel J ,n ^s 1 gootitermal cool the production well, and re- about 20m tonnes oil-equivalent slicing it with liquids under 

i tan eeothermat enertn/ . _ injection itself consumes energy. PpiniPOtPfl of heat * at 17 P° wer stations extremely high pressure. Once 

. "p ■' J* p „ r E Tm . I?"., ■» The French have conduded »«UJCCieU tctalUng 265 MW net output- the borehole ia drilled a new 

. : ‘ ' »nrh c within fm.rWrtn.pt™ - 4 0tl geological evide nce that the aquifer itself requires The Creil scheme links two about one-fifth of the world’s set of problems arises in con- 

non ? bot-water beanng^ ^strata— detailed geological study and building complexes — one pro- total power generated from geo- trolling the output from a 

• - «ht C analogous . thos e , wh ich computer modelling before a vided with constant hot-water thermal steam. source which may be hotter 

‘ , France has successfuUy decision on reinjection should radiators, the other with under-- Iceland, with a 3 MW geo- than any nuclear reactor. 

1 Dn “ ,n B technology today exploited around Paris— extend be taken. French experience floor heating— fed in series thermal electricity plant gener- Nevertheless the promise la 


. • • nming can be justified. For shows geothermal conditions output points to the doublet weather the effluent tempera- 260°C at depths of about 3.6 km. research progr amm e on rock- 

• ntam it has been suggested very similar to those of the must be about 1km apart in tore from -the radiators is still Geologically, West Germany cracking, in order to be better 

. .. at, once North Sea hydro- Paris Basin. the aquifer if a lifetime of 20 at about 40°C. So heat pumps appears to have somewhat able to assess the applicability 

\ : rbon resources have been The subterranean ..heat years is to be expected for the are used to restore its tempera- better -prospects than Britain, of the Los Alamos findings to 
. .rbausted. North Sea tech- reservoirs which France is energy source. tore to about B0°C for under- But it is unimpressed with the conditions in Britain 


POTENTIAL INDUSTRIAL 
USERS OF LOW 
TEMPERATURE 
‘GEO-HEAT’ 


1 180 — Evaporation of highly concentrated solutions 

Refrigeration by ammonia absorption 
Digestion in paper pulp, kraft 
170 — Heavy water via hydrogen sulphide process 
Drying of diatomaceous earth 
160 — Drying of fish meal 
Drying of timber 

150 — Alumina via Bayer’s process 

140 — Drying farm products at high rate* 

Canning of food 

130 — Evaporation in sugar refining 

Extraction of salts by evaporation 
and crystallisation 

A 120 - resh water by distillation 

Most multiple effect evaporations, 
concentration of saline solution 
110 — Drying and curing of light 
aggregate cement slabs 

100 — Drying of organic materials, seaweeds, 
grass, vegetables, etc 
Washing and drying of wool 
90 — Drying of stock fish 

Intense de-icing operations 
80 — Space heating 

Greenhouses by space heating 
^ 70 — Refrigeration (lower temperature limit) 

■g 40 — Animal husbandry 
5 Greenhouses by combined space and 

hotbed heating 
50 — Mushroom growing 
Balneological baths 
40 — Soil warming 

30 — Swimming pools, biodegradation, 
fermentations 

Warm water for year-round 
mining in cold climates 
De-icing 

20 — Hatching of Ash. Fish fanning 


APPOINTMENTS 


nuance m 




union 


Bass Charrington re-grouping 


Source; Energy Technology Support Unit, Honvofl 


deliver results. 


BASS CHARRINGTON js to re- Mr. j.. R. Leach man - will be existing positions and responsi- 
. ... ocate the responsibilities of its chairman of Bass Brewing, bilities. 

ecutive directors and appoint handling all operations fn brew- There will be no changes in the 
w board members from October ing and makings in the 15Kr • management of any of tbp 
“to obtain an even greater Mr. J. P. U Bnrr is- made; chair- operating subsidiary companies of 
- “ gree of co-ordination in the man «f Bass Europe, covering the group which will continue 
.....rlous operations and functions Bass Export. Canada Dry (UK), under their present chairmen and 
the group." . Crest Hotels. Hedges ani BnfJer executive directors. . 

. '-There will be four new com- and overseas interests. i * ' 

- ; Hies— Bass Trade Development, Mr. C. V. Parker takes arenas Mr. A. M. G. Christopher, 
; _ss UK, and Bass Brewing, all chajrman and managing director general secretary of the Inland 

_'ated in Burton, and the fourth, or Bass North, and Mr. 1 D. _;<A- Revenue "Staff Federation, has 
'-*s Europe, will operaLe from Urqubart will be. chairman and. been appointed a member of the! 
ndon. managing director of Bass' Wales INDEPENDENT BROADCASTING 

- ; Mr. Jim Lloyd i< appointed and West- • AUTHORITY until December SL 


Mr. Jim Lloyd is. appointed and West- 


RITY until December 31, 


? . r: : ; > c : 


■ 1 r-ifptfV 


• lirtnan of Bais Trade Develop- New appointments to the board 198L\He succeeds Mr. W. Ander- 

-- -nt. which will control market- nf Bass Charrington are Jlr. O. C. son. who completed his term of 

-I policy, planning and develop- Darby, as managing director of office on July 29. 

-,-nt, property and technical Bass Mitchells and Butlers; Mr. - v + 

. .-/vice*. I. M. G. Prosser, financial, Mr. K. Mr. Ernest Timson Is retiring 

*!r. G. R. HUi becomes chair- Richards, marketing, and Mr. P. as managing director of TIMSONS 
ji of Bass UK, responsible for Williams, technical..- while remaining chairman. He 

' • existing six operating com- Mr. Lloyd has been elected is succeeded by Mr. Peter Brown, 
-lies in the UK t formerly vice-chairman of-' "Bass charring- who became assistant managing 
■ ■ ' ' rketiner companies of Bass ton. The other executive direc- director in April 1875 and has 
• rketing) aad for Bass Sales. tors of that company retain their been on the Board since 1972. 

. '• •• -■ -■ ■ ri 1 "• Timsons Board, which prfr- 

CERAMIC PR0D8CT18M TECHNOLOGY 

a L iiCV members will consist of Mr. Tim- 

—7 Inll EKWEKAmEA 

. Infcma lion crf Gwnawc PianL - J"TQ Join Harris,^(technjcal): Mr. John 

U»^' Machinery & Materials Exh&ffion #0 I Jeffa^s; ^{research and develop- 
.. TRENTHAM GARDENS STOKE-ON-TRENT Klko5 nd Noo-executive dircf-J 
IKS? 25-28 September . l(MKK1800h Daily ffVS ^ L*S?b?£. 

Heavy Clay and Whitevvare Equipment *? IbOBrn - . * 

: : ’ from Britain Denmark France Germany Mr.. 1 Peter jaekson, a director 
Italy Japan Spam Switzerland and USA 

— — — — — ; — ... jus been elected chairman of the 

Conference Programme--^ Papers on: 

ENERGY AND THE CERAMIC INDUSTRY 

Sponsored and Organised by the 
BRITISH CERAMIC PLANT & MACHINERY MFRS, 

ASSOCIATION 

P.O. Box 9 Son bury Middlesex 

Tel. Walton-on-Tharaes 38597-8 Telex 28644 


.■nmM'f 


Swindon offers 
you more room 
for improvement 


, The facts speak for theanselves. been appointed to the Board of 

Sincel953, nearly 300 companies re-located in Swindon. Firms m?” K ¥. 

e British LeylamJ, Bunnah Oil Hambro lifexad W H Smith. 8hdwSr has been made flnan- 
. With a hundred and one promising alternatives, why Swi ndon! ciaj, director to the Boards of each 


has been elected chairman of the 
BRITISH METALWORKING 

PLANT. MAKERS ASSOCIATION. 
Mr, T. O'Connor, deputy chairman 
and chief executive of the Bronx 
Engineering Company, has 
become vice chairman of the 
ftsabdation. 

★ 

Bfcr Wfillatn Holmes has been 
appointed a director of RUBERY 
OWEN HOLDINGS. He is group 
commercial director and holds 
tfirectorshipa in a number of aub- 
adiaries. 

*■ 

Mrr Niehola* Corah has been 
appointed a director of the 
LEICESTER BUILDING SOCIETY 
from.. December L Mr. Corah is 
chairman and joint managing 
director -of .Corah and also a 
member of the CBTs Empioymem 
PoUey Committee and president of 
the Leicestershire branch of the 
British Institute of Management 
.';V. -. V * 

Mr. J>. HhueU, sales director of 
Dorman Smith Switchgear, has 
been appointed to the Board of 
DORMAN SMITH HOLDINGS as 
marketing director. Mr. K. F. 
Blacksbaw has been made fin an- 



* The London Business School chose the HP 3000 for 
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John Eaton, Director of Computing Services, lo ndon Easiness School. 


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ich can offer you a speedier, more substantial return on your 
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. . tact : The Industrial H 

riser, Thames down ,/f 

.• Council. Swindon // 

'^ K93S6U1 JWlllbz. 


lai. 




SWINDON 

incentives no goveniniefit c-an offer. 


Dorman Smith subsidiary and Mr. 
A. . I* Kidd has become technical 
director of Dorman Smith Swjtcb- 
g*ar. BICC Group is the parent 
concern. 

On the acquisition of the soft- 
ware -; and other services of 
Pensions and Insurance Computer 
Service s by UNILEVER COM- 
PUTER SERVICES. Mr. Geoff 
Humphrey has become head of 
the new unit within UCSL. He 
was formerly senior partner In 
PICS, 

- Professor A. R. Cnsens is to be 
professor. of civil engineering and 
head or the ' 'department of 
cMI . . e ngin eering at LEEDS 
UMVERSTTY- from January L 
He is at present professor and • 
head of the civil engineering 
department of Dundee University 
and will fill the vacancy left by * 
P r of e sso r Adam NevlHe’s appoint- 
ment ■: as vicB-chaneaUor of . 
Dundee. 

★ 

1 Following the planned with-' -. 
Idrawal of the - BARROW 
HEPBURN GROUP from its major 
leather .activities, Mr. Richard 
udey, whose principal interest has 
always been. the leather industry, 
has resigned 1 as chief executive 

Mid W a .dlrectQx, 


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10 


Vandal Times ***-<» 



FINANCIAL TIMES • BAHRAIN SOCIETY OF ENGINEERS 

CONFERENCE < 


Official Carrier: 


GUIFAIR 



The Financial Times- and the Bahrain Society of Engineers are arranging^' 
on October 22 and 23 , 1978* a conference “Finance and Industrial 
Development in the Gulf”, 

H. E. Ibrahim Abdul Karim, the Minister of Finance and National . 
Economy, will open the conference and a keynote address will be delivered . 
by H. E. Yousif Ahmed A1 Shirawi, Minister, of Development and Industry. ; 

The subj ects to be discussed include financial developments in the 
individual Gulf countries, the prospects for the Gulf Capital Market and the,., 
second day will be given over almost entirely to industrial development in 
the region. 

The panel of distinguished speakers also includes:— 


Mr Hassan A Fakhro 
President 

Bahrain Society of Engineers 
General Manager 
The Bahrain National Oil 
Company 


Lord Selsdon 
Director 

Samuel Montagu & Co Limited 
(Midland Bank Group) 


Mr Alan E Moore 

Adviser to the Board 
Bahrain Monetary Agency 

Mr Hazem Chalabi 
General Manager 
National Bankof Abu Dhabi 

Mr FauziH Sultan 
Managing Director 
The Bank of Kuwait and the 
Middle East 


Mr Abdul Rahman Al-Sai - 

Director General 

The Arab Investment Co, 

Riyadh 

Mr Tarek M A Shawaf 
President 

Saudi Consulting Services 

Mr Richard A Debs 
President 

Morgan Stanley International 
Inc 


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BY LAURJE OAKES In Canberra 








FOR two days recently, 
members of the : Australian 
Federal Parliament found them- 
selves with no bar or refresh- 
ment services operating in the 
building. 

Catering staff were on strike 
because a newly employed 
kitchen-band, a migrant from 
Belgium, Mr. Jacques Aper, 
refused to join a. union. 

It brought home to parlia- 
mentarians from both the 
Liberal-National Country Party 
Government and the Labor 
Opposition that the question of 
compulsory unionism is sud- 
denly a live issue in Australian 
politics. Because of the pub- 
licity it received, the strike also 
added to the impression held by 
many people here and overseas 
that Australia is going through 
period of industrial 
turbulence. 

The dispute over Mr. Aper 
followed a strike which brought 
trams and buses in the Vic- 
torian capital. Melbourne, to a 
bait for four days. 

It came only weeks after 
settlement of the dispute involv- 
ing technicians of the Australian 
Telecommunications Commis- 
sion (Telecom) which disrupted 
telephone and telex services 
throughout the nation. It also 
coincided with a national 
stoppage by waterside workers 
which has closed all major ports 
and tied up imports and exports 
worth millions of dollars — a 
stoppage which "wharfies” are 
continuing, even though the 
issue which caused it has been 
settled. 

Another threatened stoppage 
had been narrowly averted. 
Transport workers in New South 
Wales bad threatened to strike 
— a move which would have 
embarrassed the state Labor 
Government on the eve of an 
announcement of a general 
election — but they were 
persuaded at the last minute to 
go to arbitration. 

Now interstate truck drivers 
have decided to strike complain- 
ing -that their living standards 
have fallen because of recent 
decisions by the Conciliation 
and Arbitration Commission 
increasing wages by less than 
the rise in the' quarterly con- 
sumer price index. 

There is no denying the 
seriousness of some of these 
strikes. The Telecom dispute 
-badly hampered the activities of 
business companies, • for 



Mr. Malcolm Fraser: “People should not be coerced' 


example, not to mention the; 
Government itself. 

At one stage an 'arm? signals 
unit had to set up an emergency 
telephone link so that the 
Prime Minister, Mr. Malcoini. 
Fraser, Ministers and 1 senior 
officials could contact each 
other. ; 

But the impression that 
industrial unrest is rife,v.izr 
Australia is inaccurate. The 
nation, in fact, is enjoyihgi 
greater industrial peace ;.Lb> 
terms of the number of .disputes^ 
the number of workers in- 
volved. and the number of; 
working days lost than Jt has- 
for years. ' i [ 

In 1977, for example,' there 
were only 2,090 disputes ip 
Australia. In 1971 there had 
been 2.404, in 1972 2.298, in 
1973 2.53S, in 1974 2,809, and 
in 1975 2.432. Only in 197B, 
when there were 2.055 disputes, 
was the figure lower. . 

In 1977 there were oiily 
596.200 workers involved ,ih 
disputes and 1,654,800 working 
days lost This compared with 
2.IS9.900 workers involved* and 
3,799200 working days . lost 'in' 
1976 — figures fairly typical of- 
the previous five years. Accord- 
ing to sources in the* govern-, 
ments's employment and indns-, 
trial relations department tbh; 
— -cii- 


1977 trend is continuing this 
'year. 

An interesting aspect, -how- 
ever. is that while the number 
bf disputes and the number of 
workers involved have fallen, 
there has been an increase in 
Ehe average number of working 
days lost per worker involved. 
In- other words, while _fewer 
.workers are taking part in fewer 
strikes, the strikes which do 
occur are more disruptive. 

The industrial disputes which 
have occurred recently- have 
arisen frrnn a variety of causes. 
A strike by coal miners in North 
Queensland two months: ago was 
over pay claims. But the Tele- 
com dispute arose primarily 
out of the introduction of. new 
technology which the techni- 
cians claimed would -affect 
employment. It prompted the 
Government tn establish . an 
inquiry intn the general issue 
of computers and -other • techr 
nolncical advances displacing 
workers. 

The waterfront dispute began 
with a claim for improved con- 
ditions but one which involved 
onlv a handful of workers_YA 
group of 43 - maintenance 
workers employed by one com- 
pany in Melbourne struck - in 
support of demands for extra, 
annual leave and changes it> 
their rosters. The Waterside 


Workers* Federat%^raiiy.' b£T : . v 

came; involved wfceai Writs ' ; 

members, wei^sto^jjn^ 

even -though .tfte.f aafateriaic£: ' 

men are back;; at. 

wharfies plan to; stay - 

they receive; back 

time- they have .£ :: 

Biit - the Pari±amem r TR6ti$e 
catering strike : zdtff'ti&.jfet. : : 1 
bourne'pnbnfr - tean^ortristop, V : 
page have a eomin«diSaHat£ ajaij- .. f " 
one which is J ikely hrarise with ‘ ; 
increasing freqa^acy^^SrUy^- 
a result of legtelatiaa^passed.' ^ ■ : 
last year. '' 

* in MeTbourtfea v 

had been employed'’ ■ ' 
conductress,' M3ss.>,‘ B^taja ■ 
Biggs' took the- attrtnde-— li% ■- . 
Mr. Aper — that 1 she wnoid hot . 
join a union. As. a resnlt,'mein- : 

bers of the Victorian -Tramway -.1. 
Union nof only refias^I;to-wodL". ’ • - 
with her, but refta^dyta -man, 
any trains or buses she 
either joined: the umpa":qrwas-' 
taken off the Job..n : - V 1 /; y : '-' 

MissBfggs had obtain&a'cer. 1 ' - 
txficate. of exeniptiou' oi^^'the : 

ground Of -Conscientious objeo- - 
tio'n to uiiion menibeishipi raafie 
possible- by' F ede ral-VG bvent " : 
inent -legislatipn^e'aiiyJast-^at....- - 

But that ie^isiatidu did 1 ' hot im- : r 
press the Tramways Urnon/and /• 

its' members /ev^ntuiUIy. won., - ' 

their point- - :Miss-lBiggs 'v^s " - 
transferred '.by tbe- TVamvrays 

Boardto a desk jdb.: . „ v . 

. The 1977 legislation , made it 
much easier than- 'it had been' 
for some jHSopfe to get certifi- •-■ 
cates of exemption from .union 
membership; v Oyer- 150 .certifi- . 
cates have "been ^granted already 
in little ovpr a ^ear, showing thns ' 
potential for' future- disputes ; 
when conscientibusy objectors' 

-run up against miUtant-umohs:- • 

: Oimmentingou the L Biggtfand r 
Aper episodes^ Mr: Ftaser said: 

“ Our industrial relations policy . 
has positiyriy en^i^igrfpeeple • 
to join' unions, ahdy tn mke fii ' 
active psrt-ia . their .affairs. >• . . . 

: . t -^But the poiicy aJsh goes on * 
to recognise tha£ i>eople; : 5b(mld 
not he forced, • or coerced, to •' 
jirib a imroa.; -. -j ■■ \ . • •> ' 

The Labor; Party’s atfitdde / 
has^een. rather equivocal^tofiar- . * . 
estingly. some.Ijabbr parifamen- / 
tarians were. ' quite - surprised 
When .thhy-. were jinforhted. at a 
party meeting -that theT party's 
policy dws ; np^favdtHf ^eompuL 


• * 1 ■* ■ r-.* :• •./.-■ *.jft**- nr. 



-'iT 


. .. . ..... .. 7 . tf •nr*. ,» I 

.■’.".V .. " i if I 

■ ■ i 






t,- 


Any European wanting to do business in America Jias a 
wide choice of banks. All offering an extensive range of 
services, a high degree of -expertise, and all claiming.^ be 
particularly sensitive to your needs. 4 

There aren’t many, however, who can offer more, d , ; 

We can, r 

We can offer you an American bank that has a European 
background. 

We have 98 branches throughout the New York :area 
. dealing with domestic and corporate business. 

We also offer specialized international and foreign 
exchange services. 

We can advise you and help make your entry into 
America go as smoothly as possible. 

We can do all this because we are an American . bank 
chartered under the banking laws of New York State; but 
owned by six of the seven independent European banks of 
European Banks International (EBIC). 

Our Head Office is at 10 Hanover Square, New York. 

But we are easily contacted in Europe through ainy of 
the branches of our shareholders. 


10 Hanover Square, New York. Tel: 437 4300. Ifelex: m 420 771 

Shareholder Banks: 
Amsterdam-Rotterdam Bank 
Cred Ttanstalt-Bankyerem 
Deutsche Bank 
Midland Bank 
Soci£t& G«ifcrale de Basque 
Sori&gG&ofrale 




/• -7^' 


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European Bantelnfeniatipnal 


- - - ' -1 ^r-v. 









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EDITED BY CHRISTOPHER LORENZ 


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WHEN PHILIP HARRIS was . .. ..*-.~v>.w. ~V~ "V # # 

15 he inherited three small . /\«vt ■ ■ 

South London carpet shops Tl(|fl/ PI 5li FlC 1C 

rom his father. Faced with JL JLv T T M A » M 

he alternative of selling the 

hops, Harris decided to leave "■ £ • 1 

ubool and attempt to run the w%in I >-v 

.usiness himself. Til SI iilllCy 51 Til I A 

.•• Now, 20 years later, he owns ■ “ " W*! ■ B B jSjL 

' ':i fast-growing chain of 126 * J*. . 

‘ ligh Street carpet shops a A. . j 

Throughout the UK, plus 24 . ' '/Th’l’B'W" /\T /h O /\-f*ri 

! 2neensway discount furnishing .flilll III I yfl ■ ||f- A | 

tores. He is now on the verge ..- %? ^UrJL C>m> JL Bjr W W'kF 

: >f seeking a Stock Exchange JL 

' -'untation. % 

. By David Churchill 

ready to go “at any time." 

:: T^°^0M^lM^r V S)m f ^ Harris believed * e ““M 15 fa »ck in 1958. at about the that within a few months a 
nrnfitL liSSifv attract people who onlywanted same time as Mothercare was successfully-sited shop could 
ear, with profits likely to reach to snenH * limited amount on deveinnino th. v.i«ri,o- *.«,« 


early £4m. 


carpets, perhaps when 


However, being such a tender for its acquisition. 

“ changed house or flat and age meant that he had first to Throughout the 1960’s, Harris 
‘ J im, L, u Dade ' 1 onfi for ^e room persuade the solicitors, in whose gradually increased both the 
« PhnUo a „2 as a slarter . or pecbaps when hands , the business remained number of shops and his experi- 

t n,Ud°Ti™ S J°w they decided to redecorate a until he tame of age, that it was ence as a carpet retailer. He 

room - wise not just to keep on running learnt how to get the best deals 

' ntemational To bring such customers in. three shops, but to buy more as from manufacturers; what car- 

; Harris considered ’ that his well. Fortunately, Harris was pets would prove most popular; 

Even if it is not quite, a rags- rtorei had tQ . be -bright and able to- call on sound financial how to lay out a store to attract 

o-riches fairy tale. Hamss sue- attract ] vei gj,^ had to advice to persuade the solicitors shoppers; and how to get the 

. ess as a retailer required a prov j<i e a j, ig h j ev ^ qj service, that his ambitions were not the best out of his staff. He admits 

' T ^ at - * ° f har ° work ' luck ’ He rates both thesg factors wild day-dreaming of a pre- that at first there was some 

nrt judgment. -before price, which be keeps to cocious youth. He duly opened animosity from a few of the 

Even at the tender age of Id. an a bs 0 i ute minimum in any several shops — and quickly older members of the company, 

owever, Harris had an etn- cage . an( | jb offer closed those that failed to reach who felt he was a bit of an up- 

ryonic retailing philosophy further discounts. His shop expected turnover figures within start But the fact that be did 

■/hich he was to develop over has been borne out by a given time. not fall flat on his face eventu- 



Frcddie tomsficu 

Ftoilip Harris: H If I fell under a bus tomorrow, the business would keep on going without me." 


‘ he neyt *wo decades. In broad independent surveys. After several years of going ally earned their respect 

:.-erxns, he favoured the retail- It alone he enlisted the help for But the crunch came in 1972 

ag formula of a high volume, p, , property acquisition of Harvey when Harris had around 20 

: jw margin dash for growth. olTatCSy Spack from agents and surveyors shops. He recognised this as a 

■: tat even an expansionist policy . . Smith Melzack. The attitude dangerous size to be: either he 

leeds to have' the right pro- But above all these factors, they adopted was to pay well could stay around the same 
uct, which consumers want to the main ingredient in his over the odds for a good site— level and eventually fall prey to 

- uy. Harris's strategy has been retailing philosophy was— and an aggressive policy that had a takeover, or he could take the 
3 bring carpet sales in from is — property acquisition, “1 not yet been adopted by the conscious decision to expand 

. . le dingy back streets and wanted to get my shops as dose boutiques and Building Sodeties Into a much larger organisation, 
oorly sited locations and into as possible to Marks and who have subsequently come to He chose the latter course, 
le forefront of aggressive High Spencer." he remembers. as the dominate new High Street sites, which resulted in the setting up 

- treet retailing. main tactic adopted as a lad of Harris and Spack quickly proved of a centralised warehouse and 


cutting service instead of 
individual stores keeping large 
stocks- 

This centralised service — 
based .'on three 40,000 sq ft 
warehouses at present, with a 
new 160,000 sq ft one opening 
next -year — means that custo- 
mers’ orders can be at the shop 
within 48 hours for most parts 
of the! country.- It takes com- 
petitors up to two weeks to do 
the same. Harris believes. 

But' with the extra capacity 
generated by the first ware- 
house in 1972, Harris urgently 
needed to find new shops to 
make -effective use of the invest- 
ment- : Unfortunately this co- 


incided with the early 1970s 
property boom and even Harris’s 
aggressive property policy 
could not match the prices 
being asked. 

The alternative was to take 
over a smaller chain of shops, 
which he did by buying the 
SO’Strong Keith Boyle chain 
from Combined English Stores 
for about £750,000. The deal 
was financed entirely by Harris 
Carpet's own cash flow as 
Harris firmly believed in 
ploughing back all profits into 
the business. 

He displays a healthy dis- 
trust of over-extending the com- 
pany’s finances. Conversion of 


the Royle chain to Harris shops 
along the lines of an the others 
meant a trebling of their turn- 
over within the first year and 
effectively meant that they paid 
for themselves within nine 
months. 

The subsequent slump in the 
property market also meant 
that Harris could continue his 
organic growth by new store 
openings; his chain grew from 
67 at the beginning of 1976 to 
103 today. And. this summer. 
Harris bought for £428,000 cash 
the 30-store J. Ross chain in 
Scotland (there are now 26 
operating under the name north 
of the border). 


' ? YOU happen to see your 
.. eighbour give his car a hefty 
. ick as he leaves for work in 
.' ie morning, the chances are 
. )at he feels maltreated by his 
' rmpany, according to Cy Gillis. 
, r orse still, his employer is 
robably . unaware of this 

- n Guidering resentment 

v The point about such an 
. -icident, says Gillis, is that it 
i the outward manifestation of 
. ie driver's inherent dislike for 
ie car he has been allocated, 
e will constantly find fault 

- ith it, so that it spends more 
’• me — and money — than neces- 

- iry being sorted out at the local 

- arage. If, as is quite possible,, 
■-lere are a number of other 

- .tnployees of like mind, the 

roblem is one of considerable 


Getting someone else to run your car fleet 


and expensive proportions. 

As European representative 
of Peterson Howell and Heather, 
a U.S. service. . company 
engaged in car and truck fleet 
management, Gillis cites this 
story to illustrate.- that 
psychology is an important 
factor to reckon with 4n . the 
administration of company car 
fleets- - " 

Obviously, GiUis hac.a vested 
interest in - highlighting the 
difficulties that can emerge 1 in 
fleet management, since he 
specialises in offering w^ys to 
smooth them out This., not- 




TIME/COST \ 
CONTROL* FOR UK 

AN / 

UCTI0N 

PROG 

HEERY-FARRElW LTD 

Construction Program -Management 


Cali us in LONDON (before appointing designers or consultants, 
ideally) on 01-200 1254 at Farrow House, Collndeep Lane, London 
•NW96HE. Telex 922991. Other H eery Associates Offices: ATLANTA 
:404 -881-1 666, Telex 54-2165 BALTIMORE 301-944-3700 BOSTON 
J 617-723-6020 LOS ANGELES 213-479-4256 AMMAN, JORDAN 
1(424 51, Telex 493-1567 DAMMAM, SAUDI ARABIA 21 749, 

'{Telex 495-60111. * Including Energy Budgeting 


withstanding, it is reasonable 
to acknowledge that In view of 
the amount of capital that can 
be tied up, an ordered admini- 
stration policy of any fleet of 
vehicles owned or. leased by a 
company should be given 

greater priority than it generally 
is. Even a small fleet of, say, 
200 cars at an average price of 
£3,000 would tie up £600,000 
and that is before running costs 
are taken into account. 

Nic Suddaby, managing 

director of PHH Services, the 
American company's UK off- 
shoot. maintains that tbe 

rgeneral standard of fleet 
management in Britain is very 
poor. He reckons that although 
a few of Britain’s larger com- 
panies retain tight control over 
their vehicles the majority fail 
ta, plan for them adequately. 

Typically, he says, senior 
people in a company will have 
no overall knowledge of this 
area, finance executives and 
directors’' will know how the 
capital cost of a fleet is financed 
while the administration 
director will know who has what 
type of car. But the chances are 
that there is little liaison 
between them, and that the 
transport manager meanwhile 
yrtll have a low status in the 
rotnpany and will concern him- 

: AraSSEXrciBT.BBKM-artHBt 1 

A SamNAR ON LEASING 

/ 27* Spirit Hwnwadpadragl 

ft— ni m by: 

anewMAN 

■ilhwcrt'Eicwutonmuwaaenr 

PETER CHURCK0J. 

•» — twr efy— InoforUaw T 

DAVTOFREBlJANFCA 

thkmiby: 

LANCE PERCIVAL 



self only with day-to-day 
activities. 

Thus, while he is arranging 
delivery of new vehicles, to- 
gether with insurance, main- 
tenance and other matters, he 
is not working within an overall 
strategy — which he should have 
helped to establish — designed to 
get the very best out of a fleet 
The “very best” means getting 
the right car for the job. 
organising the most efficient and 
economical replacement of cars 
—which means getting the 
, largest discounts from the 
manufacturers — along with 
reducing maintenance costs to 
the minimum. 

Nic Suddaby acknowledges 
that most companies should be 
able to achieve what PHH aims 
to do— manage their own car 
fleets efficiently. But he main- 
tains that they are generally 
unwilling to do so. Also, he 
reckons that his company is 
able to introduce a measure of 
cost saving that companies can- 
not achieve themselves and 
which more tha n co mpensates 
for the cost of PRH’s services. 
For example, he says that In a 
company with a fleet of 500 cars 
that axe already being managed 
reasonably efficiently “we ban 
save lp a mile per car. Our fee 
is a lot less than that” 

He says that PHH does not 
set out to take over completely 
the running of a fleet, particu- 
larly so far as establishing 
policy and strategy are - con- 
cerned. Instead it provides ser- 
vices which enable a company 
to exert more power itself when 
buying, selling and maintaining 
vehicles, and which save" the 
time of senior executives. “Our 
job is to provide the informa- 
tion for companies so they can 
make their own decisions,” -he 
s*ys. ■ 

The input which PHH can 
provide is data, based on tbe 
experience of existing cus- 
tomers;- relating to the perform- 
ance of different types of car 


according to a variety of 
usages. This enables one com- 
pany's fleet performance to be 
compared with a composite of 
other, fleets. 

At. the same time, up-to-date 
details are kept of manufac- 
turers’ costings for different 
types of maintenance and 
repair job, which means that 
garage bills for work done can 
be challenged authoritatively 
If they seem to be excessive. 
Usually, says Suddaby, an 
adjustment would be made in 
the company's favour. 

Significantly, in view of 
Ford’s " policy of creating a 
large, hut integrated range of 
cars thin is ideal for the execu- 
tive car market, and of criticism 
of BL for its Inability to com- 
pete pn like terms, Suddaby 
maintains that if is much wiser 
to mix tbe make of car in a 
fleet. 

Not only does this ' provide 
choice for those who may not 
like any particular manufac- 
turer, but it also means you 
avoid the possibility of falling 




victim of any arbitrary decision 
by a manufacturer to alter speci- 
fications of cars. 

To mix makes would 
obviously weaken any one com- 
pany's buying power with any 
particular car manufacturer; 
which, not unnaturally, is where 
Suddaby can come in with the 
claim that PHH can provide 
the required strong bargaining 
position. Unlike many other 
car leasing and management 
companies, he says, PHH has 
no connections with any car 
maker, but it nonetheless either 
leases or manages such a- large 
number of cars that it can 
ctammand the best discounts 
from any manufacturer. 

Its total in the UK at present 
is about 6,000 cars, of which 
some 15 per cent are owned by 
the client companies, with the 
balance belonging to PHH and 
leased out 

While Suddaby stresses his 
company's independence of any 
particular car manufacturer, he 
is equally adamant that, despite 
its strong banking connections 




through its shareholders, he has 
no vested interest in concentrat- 
ing on expanding PHEfs leased 
fleet rather than selling a man- 
agement service. 

While being owned 69 per 
cent by its American parent and 
16 per cent by PHH Canada, 
PHH also bas Orion Leasing 
Holdings as a shareholder with 
a 15 per cent stake. Orion is 
a consortium bank owned by 
several UK and foreign banks. 

At the same time, another 
UK company— -PHH Leasing— 
which provides lease finance, is 
owned 30 per cent by the 
American company, 10 per cent 
by PHH Canada, 21 per cent 
by County Bank (the National 
Westminster Bank merchant 
banking subsidiary), 20 per 
cent by Hill Samuel, tbe major 
London merchant bank, and 19 
per cent by Orion Leasing. 

Suddaby says there is no 
pressure to do leasing business 
with his banking shareholders. 
Indeed, he says that on many 
occasions customers will make 
their own financing arrange- 




At the same time as rapidly 
increasing the number of car- 
pet shope, Harris was also 
looking for allied retailing areas 
into which to expand. An 
obvious choice was home furn- 
ishings — which he believes will 
he one of the major growth 
areas of the next decade — and 
when the Queensway furnishing 
and carpet discount chain got 
into difficulties in 1977 — a £l-2m 
profit turned into a £400,000 loss 
within two years — Harris 
stepped in with a £2m bid. 

Since then be has injected a 
further £1. 5m into the stores and 
rationalised both sites and staff 
to bring the chain back to pro- 
fitability. Already this year 
profits are climbing above pre- 
vious levels — at around £800,000 
for the first six months and 
Harris’ bank borrowings to 
finance the deal (a change in 
policy justified by the oppor- 
tunity) have been substantially 
reduced. Two new Queensway 
stores are shortly to open and 
a further seven are planned. 

Harris believes that there is 
plenty of growth in both car- 
pets and furnishings. He wants a 
Stock Exchange quote so he 
can finance future acquisitions 
with shares as well as cash. 

But he is adamant that he 
will keep the business within 
the family whatever happens. 
Even so, he has already dele- 
gated much of the day to day 
running of the business to two 
young, but experienced man- 
aging directors. David Stock- 
well runs the carpet stores 
and Kingsley Elton the Queens- 
way chain. Like Harris, both are 
in their 30s. “If I fell under a 
bus to-morrow,” says Harris, 
“the business would still keep 
on going without me.” No en- 
trepreneur could wish for a 
better epitaph. 

ments independent of PHH, a 
practice which he encourages. 

Suddaby also stresses 
strongly that his company aims 
to pass on the savings it can 
achieve to a customer, with 
PHH making its money solely 
from set fees. With deprecia- 
tion of vehicles, for example, 
this means that a rate will be 
agreed with the customer for 
writing off a certain amount 
over, say, three years. If the 
eventual sale price of a car 
exceeds the written down value 
the customer gets the benefit 
by way of a refund on rentals. 

With maintenance costs. 
PHH pays the garage charges 
and then bills the customer. 
Any costs it might incur in 
disputing a h!H are absorbed 
in the fee PHH charges, which 
is based on a percentage per 
month of a vehicle's original 
cost 

Obviously PHB’s customers 
pay for this type of expendi- 
ture indirectly through the fees 
they are charged, but Suddaby 
feels that it is much more 
efficient to cover costs involved 
in one overall charge, which 
a customer can budget for, 
rother than in a piecemeal 

fashion. Nicholas Leslie 



WE NEED INIS NEW 
TECHNOLOGY. BUT IF WE 
\ RASE MORE CAPITAL 
WE'LL POSE CONTROL OF 
THE BUS/NESS. 


Ilf I! 












Developers confident 


At AMrt. BMr ibldstone, 
work is expected to start shortly 
on the second phase of another 
industrial development. The 
£750,000 scheme will take about 
’ a year to complete and wil1 P TO ' 

' vide 70.000 sq ft of warehouse 

BY mr uitw racdFi I an d industrial Sooespsce on a 

BT Wtaoej-u 34-acre site. Units will range 

- — • ' — I — ■ t il ■ ■■ ■ ■■ ■ ■ -» from S.500 sq ft to 16,500 sq ft. 

The first stage of this Barclay- 
• ■ trust scheme, offering 121.000 sq 

' *« a « in seven units, was completed 

Developers confident ss"s?£' e 

JL i nocks, whose building, surveying 

. . , . _ . 1 division is project managing the 

THOUGH THERE mav be signs companies and the economy at plenty of factory land warehouse development, say that asking 
of some slackening in demand large and that “in bold and space at rents] substantially j^Qts have not been fixed but 

for industrial property for the confident manner reminiscent of below ft a sq ft -remains. wifi probably start at about 

first time since the revival of the property boom of 197S The agent eoD'fludes that the £jjq per sq ft exclusive 
about a year ago. there is dearly numbers of them have been outlook for vacant possession other news on the industrial 
Still enough confidence on the fiercely competing to acquire business is uncerta in, although scene; x.iBM Pension Trust has 

part of developers and institu- first-class s ^s for factory- the- prevailing mcod remains one purc hase<l a 2.3 acre site on the 

turns to forge ahead with new warehouse projects. ontffl ^jc^'bcut the Patchway trading estate near 

schemes— as the latest batch of « • r.jtnr Wood- Bristol and will be funding a 

projects to be unveiled up and p J S^InSSSStf EttSSf whkh 50.000 sq. ft. plus of warehousing 

down the country shows. PoSSeSSlOU row with a gross development value 

Chamberlain, and Willows been selected Ey Wakefield or over f lm. 
•S^n/^rithWMiT compete comments: “We can only hope Metropolian Distract Council for 
tan hJm thm P £ that the prospect of obtaining aEh; warehouse derelopmeni- 

W n of up to higher rents will offset rising whxrti it will carry out in part- blinding - 

BKflflKn *L£^°[»X£i*i {« 1 “g i ^g l ^g n ft d ,££ « Vr hi twead. near Wake- ^ freehQW ^ a , m#1I 

in the L ondon area. {JJ 1 n ^Sh £ Formal agrei-ments were ^ part of land owned by developed 

.. Demand for good qualitj profitable vieWs." signed yesterday between the J. T. Bayliss and was t® 

developments remains buoyant narties anc* work on the UBM on a forward funding basis 

and there has apparently been On the vacant possession sector 050 qgo s q ft scl leme will start by agents Langley Slater, 
a significant reawakening of of the industrial Property scene. aIm0&t at M 0 nce. jfhig is the com- Brixton Estate, which this 
interest m smaller industrla it says it finas it hard to under- panv - s first ini j ustrial partner- week revealed a dfp in taxable 

units— an area which until stand why the market has ^ ‘ = th , j authority profits for the first half nf 1978. 

recently has proved compara- remamed^o hea^tby mutg ӣ is at an announced that it had let three 

tevely dormant with institutions ^ u /„ onc i , a U d ^ rv lt ^ b s j*JP[* advSd stage.' of negotiations more factories on its 100-acre 

holding fire on funding. with another council for a similar Woodnde Estate at Dunstable. 

Pressure from central and hardened 10 xne proDiems ^ , Clients are Vauxhall and GEC 





- • : • V-\V; .. * 1 -. k A..v 




mm 


m® 










Times Friday September 22 1978 

In brief..: 


Pressure from central and harden en w we proDiems > Clients are Vauxhall and GEC| 

local government has. so it ®L , 2f d r J£«i5KSSl ^?rii an The 124-aore site Is close to Computer and although a ware- 
appears, now encouraged them 00 a ° d carr,ed 00 the M62. witri access to Man- house and factory remain avail* 

to look on the small unit option reguraiess. Chester, Leeds and the Mersey able, the next phase of construe- 

in a more favourable light and The mainstream of demand is ao( j Humber ‘ports The first tion on the estate is in progress 
this is being reHecled in a grow- apparently for the well-built, phase comprising 30.000 sq ft and further units- will be avail- 
ing number of projects coming single-storey standard unit in key 0 f -‘advance” tKnits will he readv able next year. 

■through. locations on a rental basis, next spring and rents should be Wales, which has not dwelt too 

• But fairly widespread feelings although Chamberlain and around £1.40 a sq Et. heavily on industrial and com- 

that the situation in the indus- Wi lows says it would be “ grossly xb e council has granted a raercial development but which 

trial sector is perhaps slightly misleading . to suggest the i*25-year ground lease to Taylor is now revitalising some schemes 

unreal are conveyed in the latest market is enjoying a boom. Woodrow at « peppercorn rent already in the bag. has acquired 
review of the market by agents Although there has been an up- and all income- from lettings will the former A. E. $yraes site in 
Chamberlain and Willows. ward trend in rent levels for be split on a p re-determined per- Brentwood and plans to create 

They point out that investors prime property during the year centage. Development finance is an industrial estate of nine units 
.and developers appear to he — rents approaching £3 a sq ft coming from, Taylor Woodrow providing a total of just over 
totally unconcerned about the have been achieved for small and marketing will be a joint 50.000 sq. ft. of floorspacc- Work 
current problems besetting both prestige units around London — exercise. should start in the new year. 


UNDETERRED by some Fairly scathing criticism of their branch 
expansion programmes, the building societies continue td spread 
their money-gathering tentacles. Expansion of outlets is seen as . 
the key to growth and by the end of last year there were about 
4,100 branches In the UJL Perhaps another 400 to 500 Will open 
this year. 

The Bristol and West, thirteenth largest of all the societies, 
has just purchased the old Law Conns branch' of the Rank of 
England In Fleet Street. The building, bnllt'In 1888 and occupied 
throughout its life until 1975, will provide the Society wttt»4£00 
square feet of offices on the ground and mezzanine floors. The 
purchase was arranged by Lalonde Bros, and Parham of Bristol, 
in conjunction with Allsop (City). 


• THE NEWLY modernised 1-3 
Fredericks Plae* Old Jewry. 
EC2,- has been let to. Antony 
Gibbs Holdings and the resultant 
leasehold investment sold to the 
Greater Manchester Council 
Superannuation Fond for a 
price in the region oF £Um. 

Price Waterhouse were the 
leasehold owners and previous 
occupiers of the 25,000-sq-lt office 
block and moved to their new 
buildi ng ' near London Bridge in 
1975. 

• A DRY DOCK — no doubt 
modest by Arab standards — is 
on the market In South Wales. 
The freehold of- shipbuilding 
yards and two dry dock areas at- 
Pembroke Dock la Milford 
Haven are being put up for 
sale and offers of around 
£350.000 are expected by agents 
Debenbam Tewson and Chin- 
nocks. 

The purchaser will get a mam- 
and secondary dry dock and. 
associated factory, offices -'end 
warehousing space, as WeH. ae a 
wet dock, large areas of open 
-yard space and extensive, fore- 
shore land. The site is for sale 
in- whole or in parts. 

• CANADIAN IMPERIAL Bank 
has.- taken a leas? on 55 Bishops- 
gate, EC2 from HambrasBank. 
The refurbished building com- 
prises 58.500- .square., feet of 
space and wilf- become. -CIBCs 
new European, headquarters. 

• A PARADE of shops under 
the Park Hotel in Queen Street; 
Cardiff, has been sold for a figure 
In the region of £375.000, By 
means of a complex arrangement 
of tenures, owners Mount. Char- 
lotte Hotels have retained the 
freehold of the hotel which is to 
be refurbished. The shops pro- 
duce a net income of £47.000 a 
year, with substantial increases 
anticipated in 1981. 

• A RENTAL of around £500,000 
a year is believed to have been 
secured for Watling ' House- tn 
Cannon Street, EC4. bounded on 
one side by the Bank of America, 


op- the other by the -Bow Lane 
redevelopment, and 
new and impressive Crearc 
Lyonnais headquarters. 

. - The Worshipful Company of 
Salters have let the building, one 
of the few office- buildings of 11 s 
size recently available in the 
City, to solicitors Herbert Smith 
and Co. for a 25-year period 
normal rent reviews. Watling 
House offers 52,000 sq ft of office 
accommodation ou six flows and 
has an additional 6.200 sq ft of 
basement storage. Sole letting 
agents were Debenbam Tewson 
and Cbinnocks. 

• CONRAD RTTBLAT have sold 
the' freehold interest of Eldon 
House, Lackingun Street, EC2, 
on behalf o£ overseas clients for 
£525,000. 

• THE COMMISSION for Local 
Administration . in England has 
Jet part, of 23, Queen Anne's 
Gate, SWL The Commission, 
which itself occupies parts- of 21 
and 23; is to receive an annual 
rental of £18,000 a year for the 
L900 sq ft of fioorspace surplus 
to Its own requirements, equiva- 
lent to -over £9 -a square foot. 
Bernard Thorpe acted for the 
Co mmis sion. 

• THE REPORT and accounts 
of the Mlneworkers’ Pension 
Scheme, which makes great 
play of its industrial property 
portfolio, shows that it still bas 
a long' way to go before its 
interest in shops and offices 
becomes of secondary import- 
ance. 

The scheme's total property 
portfolio, as at September 1977 
bad a book value of £113.4Sm 
against £85 .24m a year before. 
Of the total, however, no less 
than £102tn involved a blend or 
freehold and leasehold shops and 
offices, with factory and -ware- 
house investments accounting for 
a little under GJm. 

• MERCHANT Investors Pro- 
perty Fund have sold their free- 
hold ship investment at 41-42. 
Western Road, Brighton, for 
£720,000. 




INDUSTRIAL AND DUSINESS PROPERTY 


A comprehensive 
guide to 

Industrial Property 
in East Anglia 

fh 





East Ang|ia 
Industrial Property 
Survey 


The first edition 
of an essential guide 
for companies occupying warehouse or factory 
premises in East Anglia, or considering 
moving to or expanding in the region. 

For a complimentary copy contact^^^d^ 
Christopher Armon-Jones 1 

or John Beisey ^ 

on 01-930 9731 


The 

proper way 
to go about 
property 

No 2: Co for a total service 

To look to different sources for various aspects of 
your property requirements cannot lead to efficiency. 
FarebrotherEllis covens them afi- . 

Investment : Building Design : 
Acquisitions : Letting : valuation r 
Property Development : Management : 
Bating : Rent Review : project Management. 

With overl85 years of experience. 
Farebrother Ellis are more than ever a leading 
force in the world of property, not just in London 
but throughout the country. 

Whether your needs are large or small ... in London 
or anywhere in the UK. . ..consult Farebrother Ellis. 
The professionals. 

Farebrother Ellis & Co.,Chartered Surveyors. 

29 Fleet Street, London EV4Y lALTel: 01-555 9544 





Colnbrook, Bucks. 

(Heathrow 2 miles) 



SITE of 4.5 acres 



Existing single storey warehouse 
of 68,400 sq.ft. 
Development potential 
-planning application made 
for new warehouse of 96,000 sq.ft. 

Freehold for sale 

Sole Agents _• ' 

Walker S on&R ackman 

Ourtml V*\einr* 223— 353 Wrtl lrt in Bh’ - 

Blossoms fim 3-6 Trump Street London EC2V3PD 
Te! 01-606 81TT 

Br.inche^nthel'K. and Overseas 


New Air Conditioned Office Buildina 

* PRIVATE CAR PARK 

* AUTOMATIC LIFT 

* PRESTIGE ENTRANCE HALL 

* CLOSE VICTORIA STATION 

Hi IBP 

MICHAFF house 

1 AMD IC fV 18/20 GRAFTON STREET 
LONDON W1X4DD 

B^RTNERS oi-493 705o 


^K) for Industry 


EAST LONDON* 

Refurbished single storey factories 

5.000 and 10,000 sq. ft. 

TO LET 

GILLINGHAM, KENT 

' Warehouse and Factory Units .. 
from 5.000 sq. fc. - 
~TO LET . ■■ - 
■ AVAILABLE EARLY SUMMER 1979 . 

SOUTHAMPTON 

Warehouse 

20.000 sq.ft. - 

TO LET 

SOUTHWARK, S-E-X 

- Modem Freehold Factory 
: 22400 sq. ft, 

FOR. SALE i 

STAINES, MIDDX. 

Modem .Warehouse and Offices 

4.000 sq. ft 

TO let . .. 

TAUNTON 

Factory /Warehouse 

4350 sq.ft. . 

TO LET— IMMEDIATE "OCCUPATION 

WATFORD 

New Warehouse Units 
3 X 10,137 sq.ft and 34,083 sq. ft, 

• IMMEDIATE OCCUPATION— TO LET 

WOLVERHAMPTON 

New Warehouse Unit 

15.000 sq- fc- 

TO LET— FOR SALE 

King 8- Co 

Chart&ed Surveyors 
1 Snow Hi!t f London, EC1 
01*236 3000 Telex 885485 
Manchester, Leeds and Brussels 




i 



(ORM5K1RK ROAD) 

Mainly Single Storey 

Wureliouse/Disn^iuliQn l 

Approx. 15,000 sq. ft 

FOR SALE FREEHOLD 

(Might Let) 


Henry Butcher & Co 

incorporating 

Leopold Farmer & Sons 

27 St. PauTi Str*«E, Leedt LSI 21G. 0532 457356 


WATERSIDE INDUSTRIAL SITE 

FREEHOLD FOR SALE 

3| acres, 400 ft. deepwater frontage to inner 
harbour important East Coast Port. 

Direct access to the sea. Location very suitable 
as base for North Sea oil/gas operations or 
passenger/cargo trade with Northern Europe 
and Scandinavia. 

Enquiries to Box T4953, Financial Times, 
10. Cannon Street. EC4P 4BY. 


O BE LET 























cjveUj i 





a 

self contained 
office/ banking 


8,700 sq.ft 
approx. 


atthepeakof 
Wfelsh potential 

With Its large, multi- 
workforce, proxim- 
ity to major markets and 
oatioiutfiitcma! tonal com- 
munications networks, this 

S regressive Welsh county 
o mi nates the north-west- 
ern development scene.Tbe 
news in Clwyd is about 
sales, not strikes - and 
It's a great place to live, 
too. 

TiDc to us about the 
. low-cost sites and factories 
plus extensive fin an dal aid 
mailable to incoming In- 
dustries — well make you 
a deal you can't refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Kail, Mold (tel. Mold 
2121) for free colour 
brochure. 


IMiS 


I 




n 

hi%> - 



in, 


FT.Witi jCIGs 

3U?,LV! IP 

‘ - 1 








YVISBtTKEr 




3 

tr\* 


— ^ 3 i W U . t 


CiU..-*flHA!W, Ka 












, ;£ Jg . fc. ! 

ilte & ' 




MPTOJi ;■ >,?$ 
'■’.’■Sj’VikW 

■ > . ; .Vj 




-• j - ■ , ■'*. 

D ! - : T M V? ASK. 5-u Cyj/i 


■■ - 

. ■ . ■ * 


r •-. ! -5. MIDR 


„ .. . r 'i . \.J 

! 'V 


Ulster Terrace, Regents Part 

... 

. \ • 

When it comes to investment N 

acquisition, Edward Erdpran and Company 
have purchased some of^he. finest 
investments in the county. 

Our services include not only purchases 
of property but also, Settings and rent.. • 
reviews, sales, auctions, management, 
valuations, financing, regional planning. 


’homes 


■ SAC-iS M5H5J5 ' 
. 'li 




'itHih i 




town centre redevelopment, industrial 
consultancy and project management. 

We make no particular claims and rely 
on reputation and record as a national 
practice. which remembers the personal 
touch. Where partners still do the 
problem-solving. 


• Surveyors 



and Company 


MANOR 

HOUSE 

N.4 

Excellent Self-contained 
Factory. Central heating 
and sprinklers. Good 
height and light 7.500 sq 
ft. 10 year, lease offered. 
Initial rent £12,500 per 
annum. No premium 
required for new lease. 
Full particulars from 

the Owners- Sole Agents: 
TAYLOR & TESTER 
3 King Street 
East Grinstead 
Telephone: 

East Grinstead 24478 


: -v 




- s* ntH - 
i. ^ •* ^ ** 1 #' 

,ot t ^ 
rP$ i 

.5 i i w )!. 

. \ r • j 


A PRESTIGE BLOCK 
OF FLATS 

49 HALLAMSTREET, W1 

93 FLATS (1 VACANT) 

V TOGETHER WITH BASEMENT CLUB RESTAURANT 
AND GARAGING FOR 32 CARS 

. LONG LEASEHOLD {941 YEARS UNEXPIRED) 

FOR SALE BY TENDER 20TH OCTOBER 1978 

(unless sold previously) ./ 


JOHN D. WOOD] 


23 BERKELEY SQUARE. LONDON WIX^AL 
TELEPHONE 01-629 9050 

(REF. RGB) ■ ‘ 


Strand 

Denmark St 

WC2 

WC2 

Well planned 

Freehold 

refurbished 

office 

offices 

building 

11,700 

3,082 

sq. ft. appx 

sq. ft. appx 

To be let 

For sale 

(03027/BWH) 

(7S7S2/PFE) 

Knight Frank&Rutley 

in r 20 Hanover Square London W1R 0AH 
Telephone 01-629 81 71 Telex 265384 


32 Charlotte Square 

Office Building 

9,525 sq.ft 

In this Famous Georgian 'Sq. 

In the City Centre . 

FOR SALE 


For delate apply to Sole Ager.! : 


10 CasBe Street 
Edinburgh EH23AT 
Tel: 031-225 8344/5/6.7 


WILLIAM HOUSE 

26 King Street, London W.C.2. 

Prestige Office 
Building 


i"yt. 

V: ' : ' 




CRAWLEY, WEST SUSSEX 

3-3 Acres Residential Rniiding Land 
with outline consent; . 

FOR SALE BY AUCnON . . 

( Unless -previously sold)- - 

' Thursday, 2nd November, 1978 
BRADLEY & VAUGHXft. • 

11 Brighton Road, Crawley, Sussex. Tel: (D2S3) 23456 


id *1— Haywards Heath, BarffMW 


Hitt' HawoctaL- Rnflehl. But Grunrad. 


TS4/T88 KENSINGTON . 
CHURCH ST, 

FREEHOLD SHOP INVESTMENT 
FOR SALE 

. 3 Shops/Upper Pans.. 
'Producing Q1,M cm. appro*. ' 

_ . . Rent fovJews du» 1979/BO 
• Sole Afet to 

BARNETT BAKER & CO. 
13/14 Huottr Stun. London. W! 

- :,TbL- 493 SI 28 


HIGH WYCOMBE 

Sands Industrial Estate 
Modern Single Storey 
Warehouse 

14,610 sqft TO LET 


MATTHEWS GOODMAN v® M 
& POSTLETHWAITE y 

01-248.3200 • 72UPPEHTHATtfESST LOtiDON EC4R^UA 




! k i 


t 




Tn I Pf approx. 10,800 sq.ft. 
■I U J-J w L with modern amenities 



i^SS! 


L * _ I I. * I . 


3ESHS 


PEPPER MGLISS 
& YARWOOD 


SOUTHPORT 
Freehold 
Town Centre 
Development Site 
0.8 ACRE 

For Sale 
BY AUCTION 
31st October 1978 

Between Lord Street 
and the Promenade in a 
superb central location. 
Planning permission for 
shops, offices and flats, 
with car parking. 

Brochure from 


n 

&Co S3, King Street 
1^1 Manchester M2 4LH 

m 061-832 8271 


FLORIDA PROPERTIES 

INVESTMENT, INCOME, 
COMMERCIAL, RESIDENTIAL 

S*n«Me Realty luc., Realtor, 47*9 
N- Federal Highway, Boca Raton, 
R*. 33431. Teli (JOS) 392-9012. 




'Stt ijhrf.jfrflflF 

















IWATiEPRD 


ORIMECSEEOSITE1 

AX(M) / 





Tenant able to support OOP sought. 

FuBdetaJs from Jcmt Sole Agents 


Healey & Baker 

E**UwdaminUut<* 

39 St George Street, Hanover Square. 
London W1A3BG 01-6299292 


Howard Hord & Palmer. 

Chartered Surveyors, 

1 5 Golden Square, London W1R 3 AG Tel: 01 -439 8508 


St Georges House 


iwrcm>niooi 


apprax.90,000sq.ft. 


An outstanding opportunity lo lease 

A MAJOR OFFICE DEVELOPMENT 

with Car Parking, oppositeWimHedoh Station, 


FKEEHOLD-ST. JAMES'S 

For Sale By Tender 

I/S Part Wate Sf. James’s London Sffl 


41 suites and 

ancillary accommodation. 

FULL VACANT 
POSSESSION 


Closing date for Tender 
12 noon Friday 27th. 
October 1978 

Unkas sold previously 




□E GROOT 


e EUffORD' ST. LONDDH W1X 291. 01-734 1304 . collis 





460,000 sq.ft. 

( predominantly single storey) 



KiL 7 Varies Price & Company 01-493 'I'X'll 

N-'l 3e/ - o it--/ Sq^o.-e. Lvndo- V. I. - v.i ’■■■y- 


1***1* 


London, EC1 


*r<54 1 t \ fti : » r^o j 

r.|H:inei7±\Y' '• 'i <» j * r < 

* v ! *T- ' * 1 

5ss» JTli V I I f fcl'f 


pi gf? * j,Y & y :1 a ft t M ' ;• } 



■ At the heart of the Industrial North-West 
close to a : rport and docks 

01 Suitable for a wide range of industrial 
processes with good access and loading 


Weatherall GF Singleton fr Co 

Green & Smith 53 King Street Manche ster 2 

22 Ch-dcery Lane London \VC2 A CT 

01-405 6944 

■ AND LEEDS FARt$ NICE'S FRANKFURT.- h 




NORTH CIRCIJLAR ROtB) 

■ N.w.io 

/ PRESTIGE 

< MODERN OFT3CES TQ LET 

* UPT *- CENTRAL HEATING--- - * CAA PARKING 
. • Sole Agents L . v . ■■■: 






MANCHESTER 

a City Centre location 

• 51,000 sq»:ff. 

* Variable Ak Conditioning 

* Carpeted throughout 

* Tinted spectra float glazing 

• Natural Yorfc Stone facing 

• Units from 5,000 sq. ft. available 

60 Spring Gardens 
Manchester M2 2BR 
Teh 0614U2 3103 


Banking Hall 







Superbly reconstructed 
office building ' 
of qharacter V 

3,520 sq ft V 

To be let 


Debenharn 
Tevvsort 
,& Chinnoo! 

. PifShdrtBWfi' 5 v'CV^V C; 1 -. 

01 -40511 si 


CENTRAL FACTORY % OFFICES 

BRIXTON ROAD, 0\ X, SW9 
Adjacent A3. .493 ami A302 intersection 

APPROX. 34,500 SQ. FT. 
ONLY £20,000 P.A. TO MAY, 1979 
then market bent u years no review 

Sale Agents 
FAWDRY Sr EVANS 

j8 r Conduit Street, Louden WlR 0I1H- 91-623 MW. 



R i ng John Case 


: spac c y,® np\re 1 ti.g'.(acts: 

I ' 

\ ?io n.M.cCfqti’galf DZt ; 30tf'7ii&X:' 
I h' cfu/St Ei al'.pf 0:13 Gt fe d :Qff 

Mofmatiori 



: VWU‘ iff e r*T* 

• ;ivt T7T* 

[T >] 3) 18’ 

(e]^dWSl3»li3 2 a [ w 

Rls*l«CNiSj 























15 




& 






Financial Trines’ Friday September -22 1978 

A fl » nrfo» w w*«t>yf Tht Friends* frovhttntMi Otfic* 

RAYLEIGH ESSEX 

New WarehcwMw/FTCtorfc* . 

Rayleigh Trading Estate : 

9,070 sq.ft “ 24,190 sqita»rtt 

(Ova - 50,000 sq. ft already UtV- 


r .. •« 

* Si«\ r.., , 

R- v. 

f fitr-T 1 ** - s ; 5 - t 

«e 5 r.;"‘ ** \ 

JJfirac r> St 

^t!j| 


* IMMEDIATE POSSESSION JT 

Of 9 18.140 mi*. - 

* LARGER UNIT 
AVAILABLE END 1 97® . 

* FLOOR LOADING 
900 lbs per sq.it. - 

IN FURTHER LAND 
FOR DEVELOPMENT 

* ADJACENT SOUTHEND 
ARTERIAL ROAD {Al 27) 


jhm wu«im 


IaIUI 



(amt. «— i— . ta« 

L m:1mm iCJWi noon'* 


'*01-8824633 

Mwl —.1 — 1 'Hi 





INTERNATIONAL PROPERTY 


FACTORY FOR SALE 

General purpose factory lor sale in doty-free 
zone in Prai, Province Wellesley, Malaysia. Built 
19“n and extended 1977. Single storey open 
plan of 81,000 sq. ft. with separate canteen/ 
office block. Minimum height 20ft full sprinkler 
fire protection. Good access roads. Demount 
able office accommodation. Three acres of land- 
on site not yet developed. Excellent road, rail 
and air links. Good trained labour and- 
technical/managerial staff available. Invest- 
ment incentives possible. Principals only; tyrile 
to Messrs. Hanafiah Raslan and Mohamadj- 
Floor, Rangunan Bangkok Bank. Jalan Bandar;' 
Kuala Lumpur, Malaysia, Telex No. MA 31182 
Harum. 






TO LET 

IN MODERN BUILDING V 
In the Centre of Antwerp (Belgium) 

GROUND FLOOR 150 SQ. METRES 
+ STRONG-ROOM IN BASEMENT 75 SQ. METRES 
Eminently suitable for bank agency or similar. 

Please contact ‘EXTENSA’ N.V. 
Mechelsesteenweg 34, 2000 .Antwerp?, Belgium: " 
Phone: 031/38.98.77 


ANDORRA 


dCr;. EC1 74,S, G OLD E N PARADISE OF EUROPA. PRINQPAT IN PTRENEES-^TAX 1 - OASIS 
4^1 A A Profit or Income Tin-). International Ski ami tourlic centre. Baauhrul 

oropartiei m mounuta fide Mabgles Wue, fine dau invatments. . vi.: 
wr,,B Ta * 1rt " «N«ntrr tpecHlift about investment (flat*. ftatiK. 

' •;.”Ut.":r^ ,0 F; ,c l'* £«'«lencf.. intsrnanonal botioeu. none/ transfer, propertrav juyiMa 
in Great Britain. Strictly confidential. ' , 

SBLECTA BUILDING CO.. " • .T-\ 

- «/« M«r Bnmd Stmt. London BC2f4 JQY. . Phono 04U #**« s ' 


~Li 

1& 


‘ I' 


-V 


&EL % 


I.ASSII=II=D 

::ca\mi=i?ciai. 

’I?CI’I:I?TY tin 


[r|^| . •'r^ ^enpT ^?^ 
iOaOCD c j-r 

; ^^^i nnnnn 1^:^15020 

i :r, frpr^OijGGO 5 __j 


*>* 




HOPS AND 
OFFICES 


J $ 4 '* * V 


r 


k 


VICTORIA 
SW1 

7,600 sq. ft. 

^ : Entire S/C Floor 

: — ? f *i?( HU-' * Air conditioned 


\\ 


Lifts 

j;) *24 Hour Access 

* Immediate Possession 

t . ,.r HENRY DAVIS fr CO. 

■ j L' - 101 New Bond Street 

* i T r— — s London W 1 

' : C : > 489 2271 


“i 


i ii- 


Ht 


» 




SLOUGH, BERKSHIRE 
OFFICE 

Training/ Research Premisct 
1U40 SQ. FT. 

Car Parting lor appron, 70 can. 
Mam road position, close to Town 
Centre 

For Sale Freehold 
or may consider Lcttinf 
Apply Sale Agenti: 
Commercial Department 

p* 1 ACJrost & Co | 

■ 3, High Street. Wanotor 

✓ BcrioMte SL4 1L£ 

*ti> Windsor (STD 0T53S) 54555 


Dorset: 


\ ^;!l 

? *> Ai 4 * 


f r 


rfjJCdbf*' Fronted House with frontage 
Sj'T'S/'ap.SroJCkuafclj' 24ft. , to mam 
t Tr^pine Street of . expanding town 
fTjSwimB the- 'international Scores and 
< v^F*' ra Lloyds. Bank. Suitable lor 
{/Smumc.--/ commercial . development, 
vjgffcec to planning consent. Freehold, 
“a* lion.. ■ ■ 

'Auction f3tb, October H7S. 

^CHAPMAN, MOORE & 

}'jt MLfGFORO 

RifpoCt .for Wear Coon try Property, - 
GKUnthaaa (Tab 2244 ) -Donat; 


3 s-i* Tl 


;§lfY REFUGEE 

r ^WANTED FOR SE1 
?■$ ■ : OFFICE BUILDING 
^ : • S JK» PLUS SQ. FT. - 
TO BE LET. OR SOLD 

;^/r rt « Bor T.4954, Financial Timet.- 
iJe'b 10. Cannon Stmt. EC4F 4BY. ■■ 

•3r* - 


FINSBURY SQ. EC2 

3,500 sq. ft. offices and 12.000 sq. Ic. 
light industrial, at present 2 commum- 
citing buildings but would divide. In 
need of renovation. P.P. u extend 
offices to 1 7.400 sq. ft., or entirely 
le-develqp 23,000 sq. It. grots. Free- 
hold ■ price £150,000 or available on 
building lease at ground rent by 
negotiation. 

- BRECKER GROSSMITH 
*2 VPKtMORE ST., LONDON W.J 
Teh 01-434 3531 


FACTORIES AND 
WAREHOUSES 


HOWDEN INDUSTRIAL ESTATE 
TIVERTON, DEVON 

FOR SALE BY 
PUBLIC AUCTION 
at the Dean Motel, Tiverton 
on Tuesday, 17th October, 1978 
at 2-30 pjn. sharp 

EXTENSIVE MODERN 
WAREHOUSE PREMISES 
AND PRESTIGE 
OFFICE ACCOMMODATION 

* WAREHOUSING — 6 . 800 sq. ft. 

* OFFICES — 4.255 aq. It. 

* TARMACADDAMMED STAFF/ 

VISITORS - PARKING 

* EXTENSIVE OPEN STORAGE AREA 

* EXCELLENT COMMUNICATIONS 

TO EXETER AND M5 
Full particular! from: 

Ref. 36. The Commercial Department 

MILLER & COMPANY 

Mamisn House, Princes Street. Truro 



Fletcher King & Megran 

10-12 Cork Street London W1 01-734 7701 


E.C.l. 


(OLD STREET STATION 
ONE MINUTE) 

6,170/12,350 sq. ft. 

SUPERB INDUSTRIAL/ WAREHOUSE FLOOR5 
TO LET IN MODERNISED BUILDING 


EXCELLENT 

LOADING 

FACILITIES 



Chamberlain 

&Willows 

LautfcABenift -Survrveirs -Vdkarrs 

_ 01~606 9611 

Chundi HttJMr.Inmmnngi'r Lenr.Luntban R JVsLU 


| Exceptional Retail 
| Premises 

I 


$25 Brompton Road' 


ti 



■mm 


g Knightsbridge 

U London SW3 


fr To Bs Let By Tender 

Svt Closing Date 12.00 Noon 
$ Friday 29th September 1978 

sraBaesaesa&sS; 



Debenham 
Tewson 
& Chinnocks 

•.CharterecLSuryeyoft ■ 

Brocr'.'St-fiex 

Loader- W1 Y1YB 

01-403 3161 Tui 6x221 0: 



£5 £2 W.Uon Road London S'AIV ICH wiii £& -x 


^ 15-YEAR 
^ INTEREST 12 
k- UP TO 75% OF VALUATION 
^ INVESTMENT OR OWNER OCCtTPATION 
t QUICK DECISION 

Please phone or write to: 5. A. P ARNES 

IDRUCE©10 


NEW MINI f ACTOR ICS. Cambr.duetmrr. 
. .Irani £1.00 * 0 . ft. Contact Reo Mayers. 
Frnland District Council. March iQ35 *2) 
«321 

HARROW. Opposite Met. San. 1.350 su. ft. 
Ofbces.' Rent UJDO p.a. Ferrari. Dene 

A Co- 01-027 4288. . 


! FOR INVESTMENT 



ORT HUM OFFICES IN LONDON 
John Carpenter Houm. S.C.4 
*“ h« rted to a te«9 lease, whan 
can rent a lull? serviced once or 
- in the (wart, ni London; an a 
art-term renewable buisr These 
-dernicea centrally heated ^jibcaa are 
-al for companies looking -for (cm. - 
'rary preCtlge olbces In London. 

llthK available Include conference 
on. multi- lingua I secretariat, telex, 
faae ‘ 


INVESTMENT FOR SALE 

FREEHOLD CORNER SHOP A 
SELF-CONTAINED FLAT 
182 Upper Richmond Road West 
London SWI4. 

SHOP 

9 rears al a 14 year lease left m ntn. 
Current rent £2.750 pj i«jrc of rates, 
insurance, repairs. eic.J. Next revie* 
August. 1983.. 

FLAT 

2 Bedrooms, ■ Breaklast Ra.ni', very 
laroe Reception Poem. Kitchen A 
Bath room WC. Modern furnishings. 
Now vacant and.hK produceo return of 
£2.290 with tenants paying oas. 

electricity, otr . A return of £3.000 
oa. can now be. expected. 

Alt Off try In the region of £*5.000 
w»U be comldoran 

PHONE 407 «7» (f. 00-5. DO p.w.) 



M*r 51 171- 
RVE. EAST SUSSEX. A floe country 
uric wlili 4 reCenQon rooms, S 
uuipui Mdrooms. -4 batfiraoms set 
outstanding garden a grounds at 
out S acre. To be let ugfurnfilm} 
whole or in parts on J long 
>sr. ApnifioiMi cottage available. 
»Dly: ClutloiH. 17. He** Dotpr Road, 
•■Wgrburv, Kent. Tel.. 0227 SHSS.. 
7..ETAOINETAOIN > ■ 


WANTED 


REQUIRED PROPERTY 
• ' ‘ INTrESTMJENT. 

na.BOS p.a. income. Mo*t promtaml 

• pOBldtm. flaojoo offered 
Apply; 

THE LONDONDERRY 
BOUSE GROUP 
MaHsir -Mann. '3X4/322 Begem fib-«rL 
. LnntbW W1R 5AF 
. ! - - tfil: »-5B8 «» 


AHSANCIAI.nMIS SURVEY 

OFFICE RELOCATION 

■L 

The Financial Times is planning to publish a 
Survey on Office Relocation. The provisional, 
editorial synopsis and date are set out below. 

Date: Friday 20th October 

INTRODUCTION Environment Secretary Peter Shore is 
proud of having reversed the so-called ** engines of exodus ” 
which have produced a massive outflow uf jobs and people 
over the past two decades. But with the expansion of 
business confidence (and rent levels in central London 
’ rising again} companies are increasingly looking at 
relocation. How far. therefore, can Government policy be 
resolved with: company intentions? 

Government strategy: the. location op 

r. 'OFFICES BUREAU It is over a year since probably 
. the most successful “engine of exodus”— the Location of 
''Offices Bureau— was given a new role by the Government' 

■ How has this affected LOB and what success has it bad 
in its new role? ■ 

GOVERNMENT STRATEGY: ATTRACTING THE MULTI- 
NATIONALS Part of LOB's new role is to attract inter-, 
national office investment to the U.K. What are the at trap-. 
.'Hods of the U.K. for multinationals and What factors 
.. determine where they site offices? 

GOVERNMENT STRATEGY: THE INNER CITIES The 
"Government's success both in attracting multinationals to 
■\tfie U.K. and persuading companies to stay in the cities; 

depends very much on its ability to achieve a regeneration 
” nf the inner cities. But is it now too late for such a policy 
, to work? 

/GOVERNMENT STRATEGY: DISPERSAL At the same 
tune as trying to keep offices in London, the Government 
■li& jslill pressing ahead with its plans to disperse over 30.000 
[ civil servants by the mid-1980s. Where are they due to go 
-■^-and what does this xuean for office rents in these areas? 

THE BUSINESS OF MOVING: RENTS With business 
/confidence increasing, rent and other office costs are set 
to rise. The current position on rents and accommodation 
. costs in London aod how they vary throughout the country. 

I 1 THE BUSINESS OF MOVING: ADVICE AND COSTS What 
‘ help is available from the Uovernmem and other sources 
to smooth the relocation of offices? Where to go to lor 
. advice, how to plan a move and the importance of keeping 
employees informed. 

. THE BUSINESS OF MOVING: CASE HISTORIES A lock 
at companies who have made successful — and not so 
successful — moves. What problems did they find and what 
... would they do differently next time? 

. WHERE TO GO: SCOTLAND The oil hoom has stimulated 
Industry in Scutiand — but has it attracted new offices as 
well? The trends uf office relocation from Glasgow. 

Where to go: northern England can the North 

attract new office development away from the South? And 
-Wiii new office development balance the traditional reliance 
on manufacturing? 

WHERE TO GO: SOUTH WEST Bristol aod the South 
-West have long been among the mosi popular areas ior 
relocation outside the South East But has this forced rents 
up and increased commuting and other costs? 

WHERE TO GO: LONDON AND TOE SOUTH EAST 
Where to find the best office sites within the London areas. 
And are there still prime sites available in the South East, 
where over half the commercial office door-space in England 
and Wales is already sited? 

■ WHERE' TO GO: THE MIDLAND* The Midlands has also 
proved a popular area for relocation. Its attractive ness 

. has been enhanced by improved communications, particu- 
-larly motorways. 

For further information on advertising rates in this Survey 
please contact: Cliff Cajinfer 
Financial Times, Bracken House 
10 Cannon Street. London EC4P 4BY 
. Tel: 01-343 8000 Ext 23* 

FINANCIALT1MES 

. EUROPE'S BUSINESS NEWSPAPER 

• The ' content and publication dates of Survey* -in the. 

. Financial Times are subject- to change at the discretion 
of the Editor. 


’s award 


ONLY BRITISH invention this 
year to win an American 1R J0O 
award- under ihe "100 best in- 
ventions” ccunpciiLiun run each 
year is an uUra-tonic image con- 
version. tube designed by EMI at 
its . Central Research Labora- 
tories. ■-. 

Decider in the award was the 
fact that i he- development learn 
had ■. succeeded in cracking a 
problem which had for years de- 
graded the quality of images pro- 
duced electronically from re- 
flected ultrasonic beams. The 
problem arose from the fact that 
at the frequencies used, the 
sensitive area of the detectors 
formerly used was too small for 
good resolution. 

Solution in i he problem was to 
uike-a_much larger quartz crystal, 
support it on an epoxy resin 
base and seal the composite with 
a soft indium metal gasket Jo 
the vaeuum tube of the detector. 


This provided a detector tube 
active area many times larger, 
and gave the tube ability to bold 
its vacuum for a long shelf and 
operating life. 

Net result of all this Is that 
the EMI unit is providing much 
better underwater vision than 
pcissihte hitherto. At 2MHz 
operating frequency a range of 
several metres is possible, even 
when the water is very turbid. 

Real-time imaging is offered, 
the TV monitor screen having 
201 lines per. frame and operat- 
ing at 12$ frames per second. 

it is expected that the unit will 
have many applications other 
than those demanding operation 
in turbid or silty waters and one 
possible area is in non-destruc- 
tive testing for industry. 

EMI Central Research Labora- 
tories. Shnenberg House. Trevor 
Road. Hayes, Middx. 01-573 3SSS, 


• HANDLING 

Gas pumped 
by liquid 

A DESIGN of diaphragm pump 
which is claimed by the makers 
to overcome tbe problems of 
fatigue often resulting from the 
mechanical actuation, of the dia- 
phragm at a point oo its surface 
has been put on the market by 
Robertsbaw Skil. 

Instead of using mechanical 
linkages the diaphragm is 
actuated by hydraulic fluid 
pressure so that the displacing 
thrusr is equally distributed over 
the diaphragm area. 

The necessary oscillation of 
the working fluid is generated by 
a solenoid-driven piston, a tech- 
nique which has the advantage 
that pump stroke frequency can 
be controlled by a simple and 
reliable electronic circuit operat- 
ing on a variable frequency pulse 

• ENERGY 


generate exports 

& 


PAW 50 tV— KEITH 



GENERATORS OF POWER 

Tel: 107051 474123 
Telex: 86491 Deekay G 

principle. The flow rate is then 
easily varied by a potentiometer 
or alternatively external digital 
or analogue signals can be used, 
allowing the pump to he syn- 
chronised with a process. 

Fit of piston in cylinder is 
relatively sloppy and with the 
whole unit running in tbe 
hydraulic oil. wear ia minimal 
sn that the putup needs very 
little maintenance. It can handle 
up io 750 cc/min. 

Mure from the company at 
Greenhey Place. East Gillibvands. 
Skelmersdale, AIN'S 9SB 10695 
23671;. 


Easy to use in the lab 

ALL THOSE concerned with pre-amplification, multiplexing 
research of one kind or another aod other function?, 
resulting in series of readings or .. Having decided the configura- 
other niimem-al data that has to i* Dn of ns f r . Ca/I 

be marahalled into a meaningful ? len e ™Ploy MINC for labora- 
f or m . will be interested in the lory da U acquisition, instrument 


M1NC. laboratory computer sys- 


control, graphics, engineering 


tem recently unveiled by Digital ant * computation and 

Equipment Company. ev f n f ° r Seoeral data processing. 

In the laboratory the inputs 
Based a PDP-11/03 with 32k will frequently be from mea.su r- 
words of memory the software, in g instruments and testing 
lUlNCTBasic. is an easily learned devices, and M1NC is equipped 
extension of PDP 11 Basic and with an IEEE 4S8 standard bus 
allows : the user to issue simple interface allowing up to 14 such 
commands through a keyboard to devices to be connected, 
control, daiii input ‘sampling The VDU has full alpha- 
througb analogue or digital inter- numeric ability for 24 lines of 80 
faces, 4 ; determine the priority of characters, with split screen 
data - gathering or program scrolling for the presen tatian of 
execution, obtain average signals, two separate displays. Charac- 
develo'pTiisiogrums and plot two tors can be underlined, bold- 
graphs at the same on a 12 inch faced, reversed and doubled in 
ert display. size. For graphics, 512 horizontal 

Commands are direct and the I’M. 3 " E"*?.' f 01 " 1 * JKA'St 
user does not hive to learn an , . point or histogram 

operating system; the develop- hi^ hS^markers ™ poElUon “ 4 

SS f eWo a ™ 1 rH ati0 ev. PrOS, rn ms . Compute” dim and interfaces 

research** worker «™leJly un- are m ° un,ed 3 ^ th ‘ t 



a trolley 

„ ... - - can be easily moved from point 

familiar u ith computers. Mass t0 point in „ laboratory while the 


Industrialists seeking to cut heat losses from plant — which can 
be through roofs, badly lagged pipework, or undetected 
underground leaks — now have available a commercial service 
by Fairey Surveys which operates by taking aerial photographs 
of plant areas in infra-red light, using a recently developed 
scanner. A user would receive sets of photographs on a scale 
of 1/1250 similar to the one shown here. In them, light areas 
indicate where the heat losses are greatest, a dark patch 
corresponding to areas of low thermal emission. The service 
does not end there, however, since accompanying the photo- 
graph will be interpretation reports on any heat loss anomalies. 
The scanner used is an 11-channel unit made by the Daedalus 
Group of Ann Arbor, Michigan, and it is installed in one of the 
company's light aircraft which would normally be operated at 
night between 1500 and 2000 feet. It is anticipated that tbe 
thermal images thus produced wiii he useful to the client in 
obtaining Government grants under the extended energy 


storage is on double densitv dual *■ *T . u ^ " UI1C . wuunuig uuverumem grams unuer me exienueu energy 
floppy discs of DEC tnanufaeuire n Sed on anv AmSd L ' an conservation schemes tfl i improve building insulation. The 
w— 1 . .^.u p ° Whole programme is wider tbe control of Dr. J. Van Gendt 


• MATERIALS 

Tougher on 
the floor 

A TWO-COAT Ul&i build floor 


programme is wider tbe control of Dr. J. Van Gender en 
and the service operates Trom I-'airey Surveys. Reform Road, 
Maidenhead, Berks SL6 8RU. Maidenhead (0628) 2137L 

life. Experience has shown that 
bulldozers working with hard 
base rocks tup to 2.000 metre/ 
second elastic wave velocity) 
have to have several ripper point 
changes per working day when 
conventional silicon-content 
steels are used. 

The Komatsu development 

coating system consisting of an team set our to produce a steel 
epoxy resin base and hardener whieh would have excellent 
is said to provide a greater thick- abrasion-resistance at the high 
ness at a more economical price temperatures engendered by use 
A NEW word is added to the part high single and part normal JW multi-coat jn theses eonri hi lions The resu tinq 

building industry dictionary with single storey with a cantilever systems presently on the market. »»*««" h , r d See 

the introduction of Matrex, the condition at right angles to the Called Prodorguard. it can be wdljn, fxci 

first product of a new company other spaas. A suspended ground a PP ,, .® d , 10 dam P surfaces and ?[ e /-locRv where it 

of the same name in the Terra- floor can be used, but if the should develop excellent bond J” L* Wc nn ? a wf~ mi mJmS wen 
pin International group. Bbnd frame is used wiih a traditional through surface contact but does Jo** j* mmSSSf™ wiif/n heat 
Avenue. Milton Keynes MK 1JJ oversite concrete slab, the beam not depend upon penetration by ’ C C 

(0&08 74971). connections at ground floor level low viscosity primers for “SrJJJfiL, k«S;£ 5 p, d n fU 

This concept of catalogue are absenl and ^ columns sit adhesion. T^n^Rarirfir^h vKSes ror opt 

building is a method, rather than in pre-formed foundation It is resistant to the accidental t* 116 - Redditch, Worcs BBS or.T. 

a systeu! intended to sSpUf? P°, cket5 - spillage of acids, alkalis, solvents, a IN THE OFFICE 

the total building process, reduce 1 “7 ® »""»? cladding etc., and if subjected to scoring, ® „ 

freight coraplications and costs T-according to the choice of the scraping or severe merhamcal | nhAir 

and’ rLoond 'ranicllv in desfen designer— can be used but the wear, it can be simply repaired. JL/rflDCiS lOl 


Input. data is dealt with accord- DEC claims that at £8,500 
ing to the choice made of basic, MINC is almost “half the 
modules plugged into the u>p of cost of its nearest competitor" 
the console. There are seven bus and can be used by almost any- 
connected sockets for the rugged one in a laboratory, 
metal-boxed modules, covering More from the company at 
up to "64 inputs and outputs. Kings Road, Reading. Berks 
analogue to digital conversion, (0734 5S3555). 


CONSTRUCTION 

Simple building process 


Suggested applications are in . 
selected food and beverage pre-. fit 

paration areas, pharmaceuticals. UlXVA vilV'fifiV 
chemical, electrical assembly. t . , 

T '™ TT,T by Avery Label 

^ a new acetate label 

Works? WednesburvT* West r iltid- *•««* coaled with ink-receptive 
lands, WS10 7LT (021-3SB 1821;. 


^ S asSfa.'BiH 

Matrex makes eluded rraditional brick facing, 

novel use of cold-rolled steel sec- horizontal lap siding, profile 
Dons, has only two sizes of bolts me , aIi GR p: faced 0, san p dwich 
and offers optional floor and panels. 

roofing systems. The two roofing systems avail- 

Users can select from a senes a hie include a trapezoidal steel 
of rationalised components those sheet deck insulated and finished 
which, when assembled on site, in built-up felt with an alumin- 
will perfonn as a .competent j W d top skin, and a profiled 
bnildmg frame without the need aluminium insulated sheet roof 
for any separate design assess- which is mechanically seam- 
mem. Ip to three-storey struc- sealed on site. 

tures can be built with five Floors consist ■ of either KOMATSU has a new hieh- 
primary ud two secondary trapezoidal steel sheet decking silicon chromium siecl with 
^tans. and three floor-to-floor or with concrete screed or floating twice the abrasion-resistance of 
floor-to-roof . heights cao be chipboard deck finish. Alterna- materials now used for buil- 
inenrporated. lively, a composite hardwood 

Tbe frame Is part two storey, self-spanning floor may be used. 


Hard steel 
keeps dozer 
at work 


COMPUTERS 

Itel range expands again 


dozers ripper points. Komatsu 
claims tbe new material is the 
most abrasion-resistant steel 
available for ripper points manu- 
factured anywhere. 

Main advantage of the new 
steel is its increased working 


varnish and a sequential appli- 
catiou machine allows labels In 
be fixed to the header space of 
a microfiche jacket quickly and 
easily. 

It can be used in typewriter, 
computer printer or word proces- 
sor and is ibin and translucent 
so that the title will be repro- 
duced with the jacket contents 
in subsequent photographic pro- 
cesses. Opaque paper labels are 
also available. 

Labels are die-cut for stan- 
dard five-inch jackets and are 
spaced at quarter inch intervals 
on the roll to permit their use 
with either six or eight line per 
inch printers.- 

The company is at Gardner 
Road. Maidenhead, Berks. (0623 
399111. 


ITEL has disclosed development 
of the AS/5 Model 7031 Attached 
Processor (AP). 

A total AS/5-703 1AP System 
is rated j 1 1.5 to-l.S times more 
powerful than ItePa AS/5 Model 
3-7031 processor, ‘which itself is 
rated at least equal io the 
recently announced IBM 3031 
processor. 

Highlights of the new 7031 AP 
include a processor cycle time of 
100 nanoseconds and expanded 
Reloadable Control Storage. Up 
to eight additional Megabytes of 
monolithic main memory, avail- 


able in .one Megabyte incre- 
ments, may be attached to the 
7031 when combined with the 
Attached Processor, for a total 
of 16 Megabytes. 

In addition, a 32 K high-speed 
buffer memory and a 128 entry 
Translation Lookaside Buffer are 
provided to improve processor 
performance. 

Model 7031 AP is priced at 
8470,000 in Europe. First custo- 
mer deliveries proposed for the 
second quarter of 1979, 

Itel International. Bowater 
House, dS Knishrsbridse, London 
SW1X7LN. 01-384 5050. 


• MACHINE TOOLS 

Lathe simple to program 


ANNOUNCING successful 

development to the prototype 
stage of a numerically controlled 
lathe suitable for manual pro- 
gramming. Butler Machine Tool 
Company says.it intends the unit 
— tbe MPS 550— -to become an 
important pari of its product 
range. 

Providing full automatic con- 
trol of ail - principal machine 
functions such as.: feed rate, 
spindle speed, slide position, elc- 
thc equipment allows manual 
programming on the shop floor 

of all these functions In point to 
point 

Keyboard input. and associated 
display arc at the front of the 
marhine for case of operation 
and an optional -extra is cassette 
recordin'.: of. part programming. 
The unlrhas a. six-station auto- 


matic indexing turret, a 315mm 
power chuck and an optional 
15hp dc spindle drive. 

Its manual programming 
system has been designed by the 
company's software experts, 
taking advantage of the fact that 
standard microprocessor cards 
are available which, once pro- 
grammed, can be used to carry 
out functions which would earlier 
have been Impossible or need 
such a large computer that the 
work would have been un- 
economic. Twenty tool offsets are 
available and programs can be 
absolute or incremental. 

Butler is to ‘show this new 
prototype at PEP in Olympia, 
London, from October 2-7. 

Butler Machine Toql Go., Mile 
Thom, Halifax, Yorks. Halifax 
61641*- 


m 



NEWTOWN 


★ Newleasehold factories and serviced sites 
are ready MOW. 

★ Government grants are available and 
substantial rent Concessions may apply. 

★ New motorways, fast trunk roads. High 
Speed Trains and modern docks link you 
with all yoursuppliers and markets. 

★ New Town housing availability. 

C wmbran is one n T Britain'* mo«t rfucccs.~fXiI 
industrial dr vi-iojjJU£nt < s~]ittl» mors chrm '2 hours 
from London W >1-1 nr J l Hour? by Hi^h Speed Train 
and 1} hourM’roni Biiir.mi-'lura liy rail nrmotoi way. 
Cwmbran Development Curnoration h.t>- already 
built and let nu rc than SPftravronc/. and the 
current boil dim- programme provide* a wide . hoicq 
pi modern, leasehold jnJof t rial premises in I«-7£. 
Fnliv serviced. lr-u.-=eli >■!..! slice* an>a)>o av.u ].« id**. 

We have .15.000 people, p we-lleni. hou>.i n^. ndun. is 
b nd a meni ties- . i hr i v nor I a- 1 u* I tv. 3 nd a s pk-ntlid 
shopping cenlj-e-a rn.u; net for i ht- region. 

Get the Diet.*- nlK-UC bidu.- trial opportiinitifE 
amirrovemmentyTantt-^c Cwmbran. Hou.-inswiU 
be provided for all worker.* In new indu.-liy. and 
tbekeyniHQ who come wi ill you! ml tally will be 
boosed ImmeJjarciy. 

Please urile. phone tv use IH? coupon TODAY. 


H- W. Hewlett Genera f Matter 
Cwmbran Devg] wwanr. Corporation Cwmbran Chrent NH 3XJ Wales. 
Tol ephone Cw muran 67177 

Please eend mo lrtformat ion about industrial onsor tnniUes. 


IB poeniox. 
n swpct. 

inrikuc- 

P 






15 

LOMBARD 


Financial Times Friday September 22 1978 


Still-born plan 
for dollar 


BY SAMUEL BRITTAN 

: rr HAS BEEN- fashionable at 
recurrent intervals in the post- 
.jvar period to blame British 
economic difficulties on the 
/reserve function of sterling. This 
/always seemed to me an 
/exaggerated concern ; and 1 have 
, just come across an article of 
mine published on January 24, 
1968, pouring scorn on phrases 
?«ucb as “putting the balances 
i’into the IMF” as if that body 
;.were a great all-receiving ocean. 

Similar Ideas have been urged 
in relation to the dollar since 
that currency first got into 
: difficulties, which were — 
people tend to forget — 
experienced as early as 1860 

:when the abortive central 
bankers’ gold pool was estab- 
lished. In the case of both 
currencies there has been a great 
deal of self-deception about the 
complaints. The accumulation of 
one's currency for reserve pur- 
poses by other countries is not 
' <a burden but a gain. 

Psychological 

The so-called burden of run- 
ning a r es er v e currency is 
[largely indirect and psycho- 
[logical- In the case of the UK 
[the main cost was a largely 
laimginary belief that the sterling 
’’balances prevented the Govern- 
ment from devaluing or floating 
tbe» pound? In addition there 
were, temporary Inflows of funds 
■ which tempted. British Govern- 
ments to inflate for a time at 
slightly faster rates than was con- 
sistent with the maintenance of 
■the sterling parity. These in- 
flows first masked the inflation, 
then magnified it when they 
went into reverse. 

The Interesting feature of the 
British case is that, in order to 
/obtain external help in phasing 
icut sterling’s reserve role, the 
Government was forced to pdopt 
policies which made such phas- 
ing out unnecessary. For as soon 
as the agreement of December 
5976 had been :made with the 
-JMF and one/ the following 
^January vnade " with the BIS 
jfentrar bankers in Basle, the 
'tptnouncement of these agree- 
ments, together with- the con- 
ditions accepted by Britain, were 
enough to turn, the tide in ster- 
ling's favour. „ . 

' As part of the 1977 Basle 
: deal the British Government 
[.offered overseas official holders 
the option of converting into 
foreign currency denominated 
bonds, which were issued in 
marks, yen and Swiss francs, 
'mostfv with maturities in 1982 
’or 1984. In fact, just under 

• £0.4bn of these bonds were 

• taken up in early 1977 represent- 
fag only 15 per cent of official 

•'balances. Despite . this conver- 


sion. total official balances have 
actually risen slightly hx the last 
year and a half, while liabilities 
to private holders have shot up 
rapidly. 

The favourite scheme of those 
who regard the dollar's reserve 
role as a burden is a “ Substitu- 
tion Account" in the IMF. This 
would offer holders of dollar 
liabilities the option of exchang- 
ing them for deposits at the IMF. 
which would be redeemable in 
terms of a currency packet such 
as the SDR- The U.S. would not. 
of course, get rid of its debts 
that way, but its liabilities would 
then be to the IMF. Its practical 
importance would be as a face 
saving device where the D.S. 
would grant overseas dollar 
holders an exchange rate guaran- 
tee. probably offset by a lower 
nominal interest rate. 

Intervention 

A Substitution Account has 
always seemed to me one of the 
more harmless proposals if 
statesmen insist on . “doing 
something ” about the dollar. It 
involves no intervention in the 
foreign exchange market, no 
trade restrictions and no distor- 
tion of domestic policy. Never- 
theless it has been shelved tor 
the time being. This has been 
revealed inter alkt by the 
Bundesbank’s Dr. Emminger, in 
an interview in the September 
issue of The Banker. The 
Bundesbank President said that 
although he favoured the idea, 
he was not hopeful because the 
U.S. authorities were “reticent 
about it"— a reticence which in 
part reflects a- dislike of the 
terms on which Germany and 
other creditor countries would 
accept the idea. This leaves 
British Government as the main 
supporter of the Substitution 
Account — no doubt because of 
a feeling that it might yet come 
in handy for sterling. 

As a long term bet, the 
development of the mark and 
yen as additional reserve 
currencies is much more likely 
than the transformation of the 
IMF into a world central bank. 
And in the dart- to medium- 
term. a- large U*S. borrowing izt 
foreign currency denominated 
bonds is the mo9t probable major 
support operation for the dollar. 
But the UB. Administration has 
been advised that such an 
operation would have to raise at 
least $20bn or 3 30 bn to make 
much difference. Even then it 
would not turn the tide without 
— as in the British case — 
fundamental domestic measures 
to shift international sentiment 
In favour of the dollar. Once 
these were taken support 
operations could seem unneces- 
sary. 


River fit for salmon 


BY JOHN GRIFFITHS 


EARLY NEXT WEEK the 
Thames , Water Authority is 
almost certain to approve form- 
ally the launch of a project 
which, practically and symbolic- 
ally. should crown nearly 20 
years of achievement in restor- 
ing the river to life: its objective 
is the return, in numbers, of the 
salmon. 

Within the next five or six 
years, anglers setting out for a 
day’s fishing on the Thames as 
far upstream as Runnymede 
might reasonably bave as their 
prey Sol ruo Salmar, the 
Atlantic salmon. 

The proposals which would 
make both prospects feasible, 
involving an outlay of some 
£570.000 over 22 years if all 
were implemented, have been 
endorsed by three key Authority 
committees within the past 
three weeks and Mr. Hugh Fish, 
the Authority’s chief executive, 
expects work on the project to 
start within a few months. 

The first of the project’s three 
phases is scheduled to last for 
seven years. It involves the 
Authority spending £20,000 on 
a temporary fish trap and pass 
at a principal bottleneck. Mole- 
sey weir, near Hampton Court, 
and £20,000 per year on stocking 
the upper waters with ova and 
fry, assessing potential nursery 
grounds and ’ monitoring' the 
returning Salmon. The initial 


target Is to produce * down- 
stream run of 10,000 srooits— 
very young salmon — in the first 
year and 20,000 a year there- 
after. 

“ This first phase Is really 
research and development 
rather than a full-scale attempt 
to bring the salmon back." 
points out Mr. Fish — " if ** 
doesn't succeed then we'll pack 
up. We have got to be certain 
that there is a worthwhile bene- 
fit. either in social terms or fish 
production terms.” But it is 
clear that Authority officials 
think total failure is unlikely. 

Phase Two, lasting five years, 
would entail a more expensive 
series of modifications to weirs, 
allowing tire salmon to reach 
Cookham. The £180.000 total 
cost of the phase also allows for 
maintaining the rearing pro- 
gramme and work to encourage 
natural spawning. The final 
phase, which would make 50 
more miles at river accessible 
up to Clifton Hampden and 
bring into play potentially valu- 
able spawning tributaries such 
as the Kennet and Wye. would 
also last five years and cost an 
estimated £180,000. A couple of 
years are expected to lapse 
between each phase. 

The success of : the project, 
will depend .greatly on establish- 
ing early a stock of young 
salmon up-river, for they release 


Into the stream secretions which 
act as a lure to adults In the 
estuary. Once the process is 
started,45 per cent of the smolta 
which migrate to spend their 
adult' lives in the sea should, if 
they survive, return up the 
Thames to spawn.. 

With so many long stretches 
of slow-running water, and the 
salmon likely to be caught by 
anglers only in weirpnols, “ the 
Thames will never be the 
country's premier rod fishing 




THE THAMES 


river.” Mr. Fish points out 
“But it could be a very pro- 
ductive salmon fishery if we use 
modern technology and crop- 
ping techniques. We could adopt 
a trapping policy at Molesey 
so that for every three fish that 
come upstream, one fish would 
be for natural reproduction, one 
for the anglers — and one for 
Billingsgate. I’m not saying that 
weTe going to do that precisely 


but it’s a consideration Which. Js 
real."' 1 

The Thames Barrier,- now-be- 
ing built at Woolwich to safe- 
guard London from flooding,' 
could be a problem. ; If. 
it were to be used nDt just 
for flood control, but to main- 
tain more constant water levels* 
it could seriously block the sal- 
mon’s passage, the ■ report 
argued. The other area of .con- 
cern centred, on several [new- 
power generating plants being; 
established on the lower 
Thames to supplant those 
nearer London such as Batter- 
sea. Unless cooling towers were 
built for the large volumes of. 
water used by the plants, and 
adequate intake screens pro- 
vided, there was the triple dan- 
ger of trapped, par-boiled sal- 
mon, of a rise in estuary water 
temperature from the dis- 
charged water which in itself 
would deter the salmon, and, 
perhaps more seriously, in- 
creased bacterial activity which 
would lower oxygen levels. 

Mr. Fish is sanguine about 
the barrier. “The latest 
evidence shows that the salmon . 
tend to move upstream only 


■when the tide fa starting to. 
ebb, so, ; they could swim over 
the barrier, anyway .'’ iRie power' 
Stations are of greater concern, 
“ hut having spent vast, sums on. 
cleaning- up the river nyer . the 
past few' years, it would be plain 
silly for the Government -to 
allow power stations to be built 
without the ' cooling towers." 

More immediately problem- 
atical are likely to be predators, 
of the two-legged variety which 
go down, to the se*.. ini boats. 
The legal position oa the tide- 
way is complicated: the TWA Is 
in theory responsible for pollu- 
tion control, salmon and fresh- 
water fish, white Essex- and Kent 
Sea Fisheries -.Committee Ls 
responsible for sea fishing. The 
Port; of London Authority falls 
between both. There is the 
serious possibility, as has hap- 
pened off the north-east coast of 
Scotland, that netting of salmon 
in large numbers by those 
ostensibly after sea-fish would 
take place. “ It would be 
illegal, of coarse, but human 
nature being what it is ... . they 
would he encouraged to take a 
hell of a lot at the price salmon 
Is fetching now." 


Upstream, fishing ia unlikely 
: to be the exclusive preserve of 
.the': ' wealthy. ,-A combined 
salmon and coarse fish licence 
is- envisaged for the weirpools, 
with costs initially, unlikely to 
be much above the £3 a year 
[which 180,000 Thames- anglers 
currently .'-pay for their rod 
licence. , .*T m all in favour of 
a coarse fisherman getting a 
salmon— he’s as much -entitled 
to one as anybody, else,” 
Observes Mr. Fish. 

' There have already been sign* 
of the salmon's return. Bat 
apart from, a few small ones 
found in the lower Thames, 
there was little to stir excite- 
ment until June of this year, 
when a male adult of S-10 lb 
was sighted in the weir pool at 
Shepperton. 

"Tell me of any industrial 
river in the world where you 
can even catch the fish, let alone 
eat them” Mr. Fish observes. 
“Down at Beckton (sewage 
plant) the other day, the con- 
centration of ducks and swans 
around the outfall spoke more 
volumes than all the chemical 
. analyses and biological sur- 
veys. . . 


Confident Starkey wifi bid 
for Ayr Gold Cup today 


GREVILLE STARKEY, who 
seems, to have been riding the 
crest bf a tidal wave since early 
summer, goes for another valu- 
able prise this afternoon when 
he partners Vaguely Great in the 
Burmah-Castroi Ayr Gold Cup at 
the Western Meeting. 

There is a great deal of 
confidence behind Fair Salinia's- 


RACING 

BY DOMINIC WIGAN 


stable mate— audit is not difficult 
to see why. 

In his last race, the chestnut 
Great Nephew colt was back on 
the bridle before the finishing 
post when coasting home the five- 
lengths winner over The Sand- 
ford in Newcastle's Northumber- 
land Trophy. 


Vaguely Great seems certain to 
give a good account of himself 
though 1 doubt that he will find 
the concession of lumps of 
weight to a number of more than 
useful sprinters anything but a 
formidable task. 

Two others who seem sure to 
figure prominently at the close 
are the course winners Em- 
peror’s Shadow and Roger Bacon, 
who are both handled by trainers 
with an eye for the right han- 
dicap. 

The Reg HoUinxhearf three- 
year -old Emperor’s Shadow, who 
gained just one success from 15 
attempts last season, has been 
more than earning his keep with 
victories here, at Newcastle and 
two at York. 

Last time out he made up for 
a lack-lustre York run behind 
Absalom with a 12-1 victory In 
the Playboy Bookmakers Handi- 
cap on the Knavesmire. 

Ridden there, as he is to-day. 


by 23-year-old Paul Shrlmpton. 
one of the best 7-lb- clai mere to 
have recently made a break- 
through, Emperor's Shadow just 
lasted home from the fastfinish- 
ing Young Bob, with Red 
Johnnie comfortably held in 
third place. 

Bottom weight Roger Bacon, 
owned by his trainer, Johnny 
Halne, is a tough and consistent 


the 3 lb allowance. 


ENTERTAINMENT GL IDE 


' AYR 

2.30 — Majestic Maharaj 
3.QS — Roger Bacon 
3^5— Budget Queen 
4^J5 — Denim) re 

NEWBURY 

2.15— Lily Marlene*** 

2.45 — Teismoss* 

5.15 — Elusive Pimpernel** 



BBC 1 

t Indicate programme 
In black and white 
i 8.40-7.55 am Open University 
: (Ultra High Frequency, only). 9.3® 
For Schools, Colleges. 10.45 Yen 
-and Sle. 11.05 For Schools. 
Colleges. 12.25 pm Golf: The 
Hennessy Cognac Cup: Great 
-Britain and Ireland s Europe. 12.45 
News. 1.00 Pebble MiH. L45 
Trumpton. 2.02 For Schools, 
Colleges. 3.80 Golf. The Hennessy 
Cognac Cup. 3.53 Regional News 
for England (except London). 
3.55 Play School. A20 Help! It’s 


the Hair Bear Bunch. 4.49 The 
Horse of the Year Show. 5.05 Play 
Away Away Day. 5.35 Ivor the 
Engine. 

5.40 New*. 

5-55 Nationwide (London and 
South-East only). 

920 Nationwide. 

6.55 Young Dan'l Boone. 

7.45 Seaside Special from Wey- 
mouth. 

130 The Fall and Rise of 
Reginald Perrin. 

9.00 News. 

9.25 Target 
10.15 Tonigbt 
10.45 News Headlines. 


F.T, CROSSWORD PUZZLE No. 3,777 



ACROSS 

1 Dismiss clergymen appearing 
In coarse material (9) 

6 Should it awaken the French 
spirit? (5) 

9 Time right to return and make 
payment (5) 

10 Decorated foes to end disturb- 
ance (9) 

11 Fellow in biblical story ia to 
be forgiven (10) 

12 Clothes motorists get into (4) 

14 Wrongly sided with us is 
admitted,' but ls no longer 
employed (7> 

15 Clothing soldiers and more 
soldiers in It (7) 

17 Scrap peculiar people start 
taking (7) 

IS Important games for girls who 
are quiet inside (3-4) 

29 Storage place for crude oils 
(4) 

22 Higbly intellectual person, a 
; teacher with a brain (10) 

25 Other ranks dance around In 
command (9) 

29 Drink to the south-east and 
tantalise (5) . 

27 Incident involving woman 
with wrong book (5) 

28 Unafraid and lead astray In 
dress (9) 

DOWN 

1 Parts put up for travellers to 
hang on to (5) 

3 Consisted of brief competition 

and is in the red (01 

3 Source of oil and textile fibres 

( 10 ) 

4 Discourteous but it may be 

Impromptu (7) 


5 Unusual holster for stable-man 
(7) 

6 Instrument turned over for 

plunder (4) - 

7 Called Oriental strange ? No 
way. If 6 just a row (5) 

8 Regulates fashion prices (9) 

13 Dejected and died taking in 
strong drink (10) 

14 Lets go of ice-cream cornet 
and cake (4-5) 

18 Cheer about one minute and 
cancel (Si 

18 Exercised with wet weather 
inside and dry outside (7) 

19 Spiteful women look on wbat 
the motorist sees in rfae dark 
(4-3) 

21 Left border of shelf (5) 

23 Doctor on eastern ship is to 
apply bandage <5 » 

24 Produce fabric for equipment 
to go round pole (4) 

Solution to Puzzle No. 3,776 


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E jBGQsnas saanss 
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n n h m e a a a 

□ is n s n s 0 h 

B£2DE3E!3 BQEEQQDB 

□ OB e □ a a 
QEBGE3E QE0Q0EOS 

a a g m m a a 

Enranna eqeqqhqb 


10.50 The Late Film: “ Ruby 
Gentry." starring Jennifer 
Jones and Charlton Heston. 

AH Regions as BBCl except at 
the following times: — 

Wales — 11.05-11.25 am For 
Schools. 1.45-2.60 pm Nant-Y- 
PanL 5.55-6.20 Wales Today. 6-55 
Heddiw. 7.20 Cawl A Chan. 8.00- 
8.30 Dad's Array. 10.15 Kane on 
Friday. 10.45-10.46 News for 
Wales. 

Scotland — 10.23-10.43 am For 
Schools (Living in Scotland!. iSS- 
6JZ0 pm Reporting Scotland. 10.15 
Tormod Air Telly: The Norman 
MacLean Show. 10.45-10.48 News 
for Scotland. 

Northern Ireland — 3.53-3.55 pa 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 10.15 Star 
Brass. 10.45-10.46 News for 
Northern Ireland. 

England— &5S-6J0 pm Look East 
(Norwich); Look North (Leeds, 
Manchester, Newcastle): Midlands 
Today (Birmingham); Points West 
(Bristol); South Today (South- 
ampton); Spotlight -South West 
(Plymouth). 10.15-10.45 East 
(Norwich) For Your Tomorrow; 
Midlands (Birmingham) It's Your 
Affair; North (Leeds) Mr. Smith 
Steps Out; North East (New- 
castle) Friday North; North West 
(Manchester) Home Ground; 
South (Southampton) Report 
South; South West (Plymouth) 
Peninsula; West (Bristol) The 
Factory, 

BBC 2 

6.40-7.55 am Open University. 

1L00 Play School (as BBCl 3.55 
pm). 

1L25, 2.00pm and 3.55 Golf: The 
Hennessy Cognac Cup: 

Great Britain and Ireland v 
Europe. 

4-55 Open University. 

7.00 News on 2 Headlines. 

7.05 Children’s Wardrobe. 

7.30 News or 2. 

725 Expert Opinion. 

8.00 Padre Pio. 

9.00 The Southampton Boat 

Show. 

9A& Horizon. 

10.45 Golf. Hennessy Cognac Cup 
highlights. 


1L15 Late News on 2. 

U JO Rock Goes to College. 
1X10 am Closedown (Reading). 

LONDON 

9X0 am Schools Programmes. 
1L54 Beany and Cecil Cartoon. 
1X10 pm Stepping Stones. 12-30 
Country Style. L00 News plus FT 
index. 120 Thames News. L30 
Uo tamed Frontier. 2.00 Money-Go- 
Round. 225 Racing from Ayr. 
4.15 The Fiockton Flyer. 4.45 
Magpie. 5.1S Thames Sport. 

5.45 News. 

6.00 Thames at 6. 

6-30 Emmerdale Farm. 

7.90 The Krypton Factor. 

720 The Bag Trade. 

9.00 3-2-1. 

9.00 The Foundation. . 

10.00 News. 

10X0 Police Five. 

10/10 Soap. 

1L10 The Friday Film: “ The 
Mummy’s Shroud." 

12.40 am Close: A poem by John 
Donne , read by Derrick 
Gilbert. 

ATI ISA Regions as London 
except at the following times:— 

ANGLIA 

US pm AflsLi Xett-i. lot note Won- 
derful TV. Times. 5JS Bygones. *X0 
About Anglia. lOJfl Cros? QtKfrion. 31JM 
Friday Laie Film; "Boa Stop.’* starring 
Marilyn Monroe. LL45 am Yeur Music Ai 
Night. 

A TV’ 

1J0 m ATV Newsdcik. UB Stars On 
let. 545 Happy Dm. t.M ATV Today. 
1048 Soap. 11.00 The Creanm Feature. 

BORDER 

HJi pm Border News. LG* Survival. 
SJ5 G smock Way. too Looka round 
Friday. L3B Firehouse. T10J8 Lale Film: 
" The Hill." 12.45 am Border New* Sum- 
mary - 

CHANNEL 

5JJ am Emmmfaie Farm. *-00 Report 
Ai Six. US The Last Talvdi. UL3 
Channel Lite New*. fiflJZ The Laie 
Moue: -The Van." 1245 am Newi and 
Weather in French. 

GRAMPIAN 

8-25 am First nine, i_Jtt pm Grampian 
News Headlines. 140 Survival. 545 
Emmerdale Farm. 6.00 Grampian Today. 
*-25 Top Club. 7J 0 Dare's KinfaloBB. JO 
Reflect: DOS. 1045 The Friday Film: 
"Conn! ess D men la." 12 jo pm Grampian 
Late Might Headlines. 


GRANADA 


Reports Extra. 1158 Friday Film: 
Property la Condemned." 


HTV 


HTV Cymru /Wales— As HTV 
Seme* except: 148-L25 pm 
Newrddlon Y DjnM. 4J544 
CaniamU. 0.00445 Y Dydd. 10 
By Leirer. ILK Outlook. 1LS 
The -Outsiders. 

HTV West— As HTV Genera 
•*c*W: UOJU30 pm Report W 
hnea. *44440 Report West. 

SCOTTISH 


Mystery 0[ The Wax Unseam." 

SOUTHERN 

U§ pm Southern News. 1J0 Gambit. 


Another. 10J0 Weekend. 10 JS "Powder- 
keg." starring Rod Taylor. 124 
Southern News Extra. 

TYNE TEES 

5.25 am The Good Word followed by 
North East News Headlines. 1-20 pm 
North East News and Looks round. 1X0 
Father Dear Fa I her. 545 Gambit.. MB 
Northern Life and SwRiUme. 1030 The 
Friday Film: "A Studs In Terror. 1241 
am Epilogue. 

ULSTER 

UB pui Lunchtime. 140 Gambit. CIS 
Ulster Nows Headlines. 545 The Beverley 
KiUblliles. MO Reports. 045 Sportscast 
tlOJO Feature Film: «■ Sweet Smell Of 
SnccrM.” 1240 Bedtime. 

westward 

p 11.55 am Cart do mime. 122T pv . . 
Hotter bun > Birthdays. 140 Wes r ward 
News Headlines. 5.15 EuunerdaJe Farm, 
t.n Westward Diary. U5 Time Out. 1048 
Westward Laie News. tUL3l The Laie 
Mo nr: “The YtslL" 1245 am Faith For 
Life. 

YORKSHIRE 

140 pm Calendar News. U0 House- 
party. 545 Happy Days. MB Calendar 
i Ernies Sloor and Belmont editions >. kX 
Calendar Sport. 10 j 4 An Audience with 
Jasper Carrott. 1LQ0 " One Of My Wives 
Is Missing." 


RADIO 1 247m 

<5) Stoiemiowli broadcast 
I Medium Wave 

5.00 am As Radio 2. 7JH Dare Lee 
Travis. 140 Simon Bates. 1U1 Paul 
Burnett Including. 2J0 pm Peter Powell. 
041 Kid Jensen. 740 Jim Macteod and his 
Band iSi ijoms Radio !•. 10.02 John 

Peel 'S'. 12. 00- Z. 02 am As Radio 2. 

RADIO 2 1 * 5OTm VHF 

5.00 wn News Summary. 5.02 Tour 
Brandon ■£■ including fc.15 Pause (or 
Thought. 742 Ray M«re 'S> lactu-llna 1.2T 
Raving Bullrtin and SJB Pause for 
ThOusbl. u.B2 Jimmy Voting -S •. 1245 
pm Wajwuucrs’ Vi'«J 12 .jo Pete Hurray - * 
Open House <S> including i,« Sports 
Desk. 2-30 Das id Hamilton ■. S ■ including 

2.45 and 3.45 Sports Desk and Racing from 
Ayr. 440 Waggoners' Walk. SJB Spar a 
Desk. Wt John Dunn 1S1 including 5.45 
Sports Desk and 142 Cross -Channel 
Motonng Information. 6.45 Spcrr* Desk. 
7JB Jim Uadsod and his Band In Radio 
2 Ballroom <Si. UQ Friday Nigh: is Musis 
Night: Silver Jubilee Concert pan 1 (S’. 
MM Talk abou: Friday Nights past and 
present. 4J0 Concert, pan — IJ5 Sports 
Desk. UJ2 Carnes People Play. 1040 
Lei's Go Latin with Robin Jones' Latin 
Lace. 1142 Brian Uatthnv iciroducei 
Round Midnight. Including 1240 News. 
240-242 am News Summary. 

R ADIO 3 Win. Stereo & VHF 

1645 am Wrgrher. 7jo N'e'-rs. 7JK Over- 
ture i St. 8.00 “i’wi. 1.05 Morning Cor.- 
‘•r: 'S • 4.00 N>ws. 4.05 This Week's 

ComD-iacrs; Albeii'.t and Granados <S 

4.45 Vuung Artitt* Ri-tita'. 'St. 10.45 BKC 
Northern Ireland Orchestra. (S». U4> 


Brahms. Debussy and rj«n piano redial 
•5 >.1245 pm Cardiff Midday Prom, part 
I. L00 News. L05 Playbill iS). L2S Cardiff 
Midday Prom, part 2. L55 Southampton 
University Madrigal Society <Si. 245 
Violin and Plano recital tsi. 340 Bratis- 
lava Folk Music Prize 1977 rs». MS Leeds 
International Piano Comperttlon HOT fS’. 
4.« The Young Idea *S> js jc Homeward 
Round. 26.05 News. J4_i§ Homeward 
Bound 'coDilnued). 2646 Lifelines: 
Leisure and Recreation. 74# Opening of 
The Queen E.:rah-:h Hj']. ■ rid bam Con- 
vert. part I 15. >. 8.20 Painting In Close-up. 
*45 (Jpenlng Concert parr 2 ,S». 4.30 The 
Living Focr: w. .S. Graham reads rreent 
vi<Kt>'. 18.25 Bucrh-.rinl -and Haydn 
chamber music «nr-r <g,. 71 is Alisiair 
Cnnkv's Virneir Voumins.' 1145 News 
12-^-11.55 Tonight's Schubert Song «S 1 
Radis J VHF Only— 4 00-7.89 am and 
5^5-740 pm open University. 

RADIO 4 

434m. 330m. 2$5tn and VHF 
6J0 gm News Briefing. 640 Fanning 
Today. 640 Today: Including 645 Prayer 
fm the Day. 7.00 and I.M Today's News. 
740 and 140 News Headlines. TjtS Thought 
Tor the Day. U5 a High Wtad U 
Jamaica. 4JW Mens, sju Local Time- 
4JS Am I Too Loud: 10.00 News. 1045 
Check wrtnt. U48 Dally s«rvlw. 
Morning Story- U.00 News, tl H Analyst!. 
U40 Old Wives - Lore or Gardening. 17.60 
New* 12.02 pm You *ad Yours. 1247 
My Music tSf. 12JS Wca:her: programme 
nows. 1.00 The Wnr't » one 140 The 
Archers. US Woman s Hour from 
Birmingham. :n.'ud:r;= 2.O0^2J>2 News. 
2.45 Listen With V.D'.lw )jM .Vflrt. 3.05 
Afternoon Tlipsire -5.. <g0 .%>»■* 4.05 
The Remnants Man. 445 Story Tune. 


94$ Letter From America. 
Kaleidoscope. 949 Weather. 11.01 
world Tonight. 1040 week Ending iS>. 
10-55 Nightcap, u.00 A Book at Bed- 
time. 1145 The Financial World Tonight. 
U40 News. 

BBC Radio London 


5.80 am As Radio 2. 640 Rush Hour. 
f-00 London Lire. 22.03 pm Call la. ZM 
Showcase. 4JQ Home Run. 640 
Loudon Sports Desk. 645 Good Fishing 
7.00 Looh. Stop. Listen. T4I Black 
Londoners. 840 Track Record. 1040 Laic 
Niabt London. ELOQ-Clutc: As Radio L 

London Broadcasting 

261m and 97.3 VHF 

5.00 m Moral Og Music. 6X0 AM: 
naa-uoo news. Infonngtlon. travel, sport. 
10X0 Brian Hayes Show. 2X0 pm LBC 
Reports. 3X0 George Gale's 3 O'clock 
Call. 4X0 LBC Reports 1 continues*. 1X0 
After Eight. 9X0 NlghUlhe. 1X0 . jun 
Night Extra. 

Capital Radio 

194m and 95JI VHF 
6X0 am Graham Dene's Breakfast Show 
(Si. 9X0 Michael As pel ISL 12X0 Dave 
Cash -Si. 3X0 pm Roger Scott iS<- 7 00 
Lnndon Today fSi. 748 idnan Love's 
tip«n Line <S». 9X0 Nicky Home's Your 
Mother Wouldn't Llfca It IS'. 11X0 Mikfl 
AlUn's Late Shaw iS>. 2X0 am fan 
DavitisanB London Link Interna^otul tfii. 


CC— These theatres accept certain cracnt 
cards by telephone or at the Box Office 

OPERA & BALLET 

COUSEilM. Credit Cards. 01-2*0 5258. 

Reservations tli-«36 31_ht . 

ENGLISH NATIONAL OWtA - 
Ton't at 7.30 last serf. La He w s. To. 
mar. A Fn. oval at 7.50 last saris. 
Seven Deadly Sins "... a brilliant ENO 
production'- Sun. Tms. with Gianni 
Scntcchl. Tue. & Tfivr. at 740 the 
Scraolto. Wed. at 7.30 71 m RotbI Hem 
of the Son. 1M balcony sms avail, 
lor all nerfs- from to. DO on day of nerf. 


COVENT GARDEN. CC 240' tOSE. 

■ Gardencharae Credit Cards 836 69031. 
THE ROYAL OPERA 

OER RING 

DCS NIBELUNGEN 

Tonight 5.30 Siegfried. 

Sat. Sep. 30 Getterdanmerong. 

SADLER'S WELLS THEATRE. BBSCberv 
Avenue. ECT. 037 1 672. Last S parfs. 
Ton't 7.30. Tomor. 2.30 8. 7.30. 

CARACAiXA DANCE COMPANY 

First Arab dance Co. to visit London. 
THE BLACK TENTS OF ARABIA— 
spectacular Bedouin music A dances tram 
the Middle East. Sept. 26-OcL U 
Sadler's Wells Royal BalUC. 

THEATRES 

ADCLPHl THEATRE. CC 01^36 7611. 
LAST 4 WEEKS. MUST END OCI. U. 
Evgs. 7.30. Mats. Thurf. 3.00. SaL 4X0- 
IRENE IRENE IRENE 

THE BEST MUSICAL 4 

Of 1976. 1977 and 1978 

IRENE IRENE IRENE 

CREDIT CARD BOOKINGS. 036 7611 

ALBERT. BSE 3878. Credit card bkgs. 
036 1071-3 tram 8.30 am. Party ratal 
Mon.. Tims., Wed. and Fri. 7X5 pm. 
Thors, and Sat. 4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARl-5 

OLIVER 

"MIRACULOUS MUSICAL.” Fin. Times, 
with ROY HUDD and JOAN TURNER. 
NOW BOOKING FOR. CHRISTMAS AND 
THROUGH 1070 

ALDWYCH. 836 6404. Into. 036 5332. 
"Fully air conditioned. 

ROYAL 5HAKESPEARE COMPANY 

In repertoire 

First 

(Tomor. 2.00 A 7.301. Student standov £1 
With: Shakespeare's AS YOU LIKE IT 
inert perl. 20 SeoM. RSC ..also at 
THE WAREHOUSE isee under WK 


MB 


ARTS THEATRE. _ 01-036 2132. 

TOM STOPPARD'S 

DIRTY LINEN _ 

“H Harlow ... see It" Sunday Times. 
Monday- to ThafsdBv 8-30.. Frl. and 
Saturday at 7.00 and 9.15. 

ASTORIA THEATRE. CC. Charlnp Cross 
Road. 73a 4291. Man.- Thors. 0 am 

Fn. and 5aL E.OO and 0.45 

Elvis 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

HIM 

HHt 

CRITERION. 930 3216. CC- 836 1071-3. 

Evgs. 8.00. SaL 5.30. 8-30. Thure. 3.00 
NOW IN 1T5 SECOND YEAR 

LESLIE PHILLIPS 
in SIX OF ONE 

".. . and a HALF DOZEN LAUGHS 

A MINUTE 

SECOND “HILARIOUS” YEAR. 

“Very funny." Sun. Tel. 

DRURY LANE. 01-836 BIOS. Mon. to 

Sat. 8.08. Matinees Wed. and Sat. 3.00. 

A CHORUS LINE 

■■ A rare devastating, inyouv _artpal5hlna 
stunner." Sun. Timex. 3rd GREAT YEAR. 


DUKE Of YORK'S. CC. 01-8M 51Z2. 

" FANTASTIC " 

GQDSPEU. 

-BURSTING WITH ENJOYMENT.'* D 
Tal. Prices £2 to £S. Best seats £3 hau- 
hoor before show at Box' Office Men.. 
Thun.. Frl. Mil all seats £2.50. Eras. 
8.1S. Fri. and Sat- 5 30 and 6.30. 
Limited season. Min end September 30. 

FORTUNE. 836 2238- Evgs. 8. Thin. 3. 
Saturday S and 8. _ 

Muriel Pa view as MISS MARPIE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK THEATR. CC. 01-83* 4801. 
Eve*- BOO. Wed. 3.00. Sat- 6.30. 8 30. 
TIMOTHY WEST. GEMMA JONE5 
MICHAEL KITCHEN 

1 In HAROLD PINTER'S 

THE HOMECOMING 

** BRILLIANT. A TAUT AHO EXCEL- 
LENTLY ACTED PRODUCTION,'' D. Tel. 
-AN INEXHAUSTIBLY RICH WORK." 
Guardian. " NOT TO BE MISSED." Times. 

GLOBE THEATRE. _ 01-437 1 982. 

Ere. 8.15. Wed. 3.00. SaL 6.00. 840. 
PAUL EDDINGTON. JULIA McKENZIC 
BENJAMIN WK1TROW 

ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE , 

" This must be the happiest lauohtar- 
mater In London.” D. TEl. An IfTBStat- 
lNv antovaMa rvantoo." Sunday Timet. 


THEATRES . 

HAYMARKST. 930 9B32. Frew, from 
Oct. *■ Opening Oct. 9 at 7.00 
GERALDINE McEWAN 
CLIVE FRANCS 
NIGEL STOCK 

PETER PAUL 

■OWLS • . MUtomCK 

and FENELLA FIELDING Ip - 
LOOK AFTER LULU 
tty NOEL COWARD 
with GARY RAYMOND . , 


HER MAJESTY’S. CC. 01-930 -6606. 
EVHS. B OO. Matinees Thor*, and SM.-3J0O. 
" INSTANT ENCHANTMENT-." O tnarver. 

THE MATCHMAKER 
A Comedy of Thornton Wilder.- " It oom 
• down with a deserved roar of detigtit. ' 

O. Tel. For * limited, season entli Oet^-14. 

"Hello Dolly so nice to have, yon beck." 

Daily Mall. " A Masterpiece.'' Time* 
" The man who wanted a gtaM-0> bubbly 
and a toppln' show must have had lust 
this lo mind," 0. Tel. 


KING'S ROAD THEATRE. 01-352 T*«B- 

Mon. to Thurs. 9.00. Fn. Sat. 740. 9 3Q. 
THE ROCKY HORROR SHOW 
DON'T DREAM 4T. SEE IT. 


LYRIC THEATRE. 01-437 4686. EW. fftOO. 
Mat. Thors. 3.00. 5aL 5X0 and &JO. 
JOAN ' PRANK - 

PLOWRIGHT FtNLAY 

F1LUMENA t 

by Eduardo tfe Ftillppo. . 
Directed by FRANCO 2BTIRELVI 
"TOTAL TRIUMPH." Ev. News. "AN 
EVENT -TO TREASURE.** D. Mir. “MAY 
IT FILL THE LYRIC FOR A HUNDRED 
; YEARS." Sunday TTntea 

MAYFAIR. 629 3036. £»&. 3.00. Sat. 540 


and O.Stk -Wad. Mats. 3-00. 
WELSH NATIONAL. THEATRE CO. 
OYLAN THOMAS’*— 
UNDER MILK WOOD 
A RECORD BREAKING SUCCESS. 


MERMAID. 24B 7656. Restaurant 248 
2835. Evenings 7.XO and 9.1S. 

.. EVERY GOOD BOY 

' * DESERVES FAVOUR . 

A stay for actors and orchestra 'tor TOM 
STOPPARD AND AMDRE PRVVIN.^gaa^ 


*ViJM 


NO_ONE WHO 

HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY." S. Times Last 
weeks. MUST END SEPTEMBER 30. 
Sun. Sent. 24 tor One Night only at 740 
JOAN TURNER - 


NATIONAL THEATRE. B2S 2252 

OLIVIER I open stage). Tonight 7.30. 
Tomorrow 2-45 A 7.30 How Price' pre 
views) - THE DOUBLE. DEALER by 

Mlflai 


WlUlam Congreve. 
LYTTELTON 


')- To- 

.45 THE 


rrrojroN. fprosceniwn atw) 

ra iLAji itfW^'S^Serwd Men/. . 
COTTesloe (small audltorram); Pram. 
Season Eyes 0.00 LARK RISE bv KeKh 
Dew horse from 'Flora. Thompson'i book. 
Many excellent cheap seats ail three- 

theatres day pert. Car part RcjUurant 

920 2033. Credit card hookings 928 3052 


OLD Y1C. 928 761G 

PROSPECT AT THE OLD VIC 
Margaret Cowtana^^Agtoony Qnayle In 

ShertdaaV romedr edth Jamra ANhw. 

ga« ,, si r ™ > 4“a!L« 6 ?S' mss. 1 

seen. 1 * - The Guardian. Mr. Ouayle's 
Sir .Anthony— # wonderful performance." 
The Timas. Today at. 740.. Sat, A 
7.30. • 


PALACE. . . CCL • . O14W80H. 

Mpn.-Tnur. 8.00. Frl 


B-40 - JESUS CHRIST, SUPERSTAR 
hr Tim Rice apd Andrew Lloyd -Webber. 


and SaL 6-00 ana 


PALLADIUM. T 01-437 7373. Book now. 
Sort. 25 For One Week Only. - 
, LENA KARTELL ~ 

-MICHAEL BENT1HE. WAYNE KING. 


HAYMARXETi WO MM. 6W* 3-00. 
Wed. a. so. Sat. a 30 and 8.00. 
PAUL SCOFIELD 
HARRY ANDREWS .. 
ELEANOR TREVOR 

SOON , -PEACOCK 

and IRENE HanDL In 
THE FAMILY 

A • new olay by -RONALD HARWOOD" 
Directed by CASPER WREDE 
"An asmlranle May. richly nttsfying— 
Paul Scofteld ai hl» beet.'* B. Levin A 
Times. Last 2 Meeks ends September 30. 


PALLADIUM. 


Qancars 


PALLADIUM.- 01-437 7373. 

Opwtau - Oefc> 20 for a Season 
Tesrfterry Widow Twankey In 

■OX OFFICE NOWQPgM. 


PHOENIX- 01 -B3S ZZR4. Eveaton RLIL 

•T7M W *BRC^C^TAYL^. GR^ME 
c ^Se^A^N»t, ^ MaI1 ' 

«LA^H« , iySrnH b &» r’ssuLD 

HAve -died.'* Sunday rSSf. 6 .? 

DELIGHT."' Eve- BtSdMO. "GLORIOUS 
■ CONTINUOUS LAUGHTER.” Tkea*, 


PICCADILLY." From L50 am. *37 4500. 

CVadK Cands. *36 -1071. Moa^Thur*. 8.00 
Prlday and Sirantoy S.OO. AtS.^AJr-Cond. 

■'ItomlnaanB wlm umettared gusto and 

Mnnnra. 


"Tow trine performance." Dally MalL 
VKUX CARRE - 
»y TEN NESS IB WILLIAMS, 
"Works Dice magte." 1 

"There " " " 


H panda I Timas. 


There has hardly heai -a taefe sM W ymn 
jveoiu In tne West. End , . . the BEST 
COMIC WRITING IN LONDON.” Oto. 


‘’Set. roruOag jike an electric "etnreot." 
r»n. TSnm. “DIVINE INSPIRATION 


of ms 

IC EFFECT," 


HUMOUR- 
'D. MaB. 


PRINCE EDWAU. CC. (For ra ertoCatwel. 

^ ^o'ggt^h^rd %£?***■ 


^.»^^?SS5uSiS * nd 

Starring RoWn Aakwltlv 
CREOIT -CARP gOOKINGS 030 0846. 


Q ?£?h>o. CT $$. ?g'5»?. , s'SS..VIS: 

T« FASS*ON OP ORACULA 
-DAZZLING '' E. Stan. "THBILLINGLY 
EROTIC." Oth. “HUXOUScY ENJOY- 
ABLE AND GENUINE TeRROR." SPB-. 
9SSn. “GOOD CLEAN. GORY FUN." 
S. Mir. "MOST 5CESIICALL Y -. SPEC- 
TACULAR SHOW. IN- -TOWN, t* • Punch. 


Ai: f 


. W A YMCTrtfw 

THE FESTIVAL OF 
Fttllv alr-cnndftw 
21st SENSATIONAL 


Own- -Suns, 

US- • " 

ICA . 


Khtford areosL OI-B37 9g|3^3.- 


83Q. Mata. FH. and SaC 
TAKE THE- FAMILY 
rHI-CRUT AMSRICAN 
BACKSTAGE MUSICAL 

:/w 

en irwawe,*- Sunday 
. ‘•TTW tow mare rfejtanee 
than MM IW EVITA. .. 

HuK h*. Telegraph, 

u Card- Booking* — Seat* from Ej. 




ROYAL qOU*T' 
Ev u lwg s 


-VSk 

NICOL WILLIAMSON _ , 

^ MZf-.yfrf'- 

. , .„, TO ., Jt W, r . EVtPZNCB - 1 .'•■ 
“Itoa -A oto nl.ttta ' tnC orvaj jH*v« M 
.the «Mtnry. “ »._Mal». . ^ . 


INAI 


WAREHOUSE Donmar Theatre. Covent 
Garden- S3« 88tMT- Royal Shakespeare 
Company Ton't. toracr. 8,00 premiere 
Stephen fqliakari SHOUT ACROSS THE 
RIVER. All seat! £1.00. A dr. bkpi. 
Aldwvch. Stadent standby £1. . 


WINDMILL. THEATRE. CC. 01-437 6312. 

Twlrn hloMJy S.00 and 10.00. 

Sunday 6X0 and 8.00. 

: . PAUL RAYMOND present* 

. RIP OFF 

THE EROTIC EXPERIENCE OF THE 
^ -MODERN .ERA 

“Tatoi to unprecedented limits what It 
nermljsihlc ui nor stages" Bv. News. 
_____ THIRD GREAT YEAR 


»VYfyDH AM^ O T -BJ0 3020. Credit Card 

Bks*. 836 1071 from 8.30 am. Mon.- 
Thur- 8-DO. FrL and Sat. S.15 and 0.30. 
' Enormously rich 
VERY FUNNY." Evening News. 
Mary O'Malley's- snash-htt comedy-. 
ONCE . A CATHOLIC 
"Sparame comedy on sex and reunion,". 
Deity Telegraph. 

._ SHAKE 


"MAK 


LAUGHTER." Guardian'. 


YOU 


WITH 


YOUNGJTIC. 636S. For two wvafca 

only PETER BROOK'S Camoux Paris 
Jro dygtJcm O' Alfred Jarrr's farce UHU 
tin wgncjjk. eh. 7.45. AH seats £2.50. 


YOUNG Vic. 93a 6363. From Oct. 5. 
ACTION - MAN m snakesorara Wlw 
RICHARD Ml. HAMLET and 

THE TEMPEST 


CINEMAS 

. - A 3 SHAFTESBURY AVE. 838 

886J-_ Sap. peris. ALL SEA TS BKBLE. 
1; a poy A smcb ooysscy tui. 70mra 
"him. Wk. S Sun. "1.30 4.25. 7X5. 

2 . 00 . 


2* CONVOY IA1. 
9.20., 8X0. 


Wk. A Sun. 


CAMDEN PLAZA (OP Camden Town Tube) 
4 ^ aau. THE ■ BOB DYLAN FILM 
MNALDO AND CLARA (AAJ Slth tab 
&■! ag^PS A BraaL jin 4-track STEREO 


CLASSIC 1, 
TcttwAam 
U and . A 


2. 3, 4 Oxtord , 
Court ft d. Tubaf. 


it loop. 

u Progs. Children h»u ^ic2' 

3: Special 
SILENT «... 


' An, Sasu £ 1 . 00 . TH0 

W* 78 ™* 1 * IAL Prog*. 11,80. 

cQueen AN 


Curran^. 


w >-_4W 3737. 

Catherine 




leiobter SQUARE THEATRE. 930 USX 

; 1 n£"‘ a ^T*' . fS n - 3 -™ 

■. "Jh. 1.00, 4.30. Big. L*le 

t ShOHr Fit,. A Sat U.45 m 
. nerf. blchle. Mon^Frl. All serfs' 
Mible Sat £ Son, except late Niaht 3Sw! 


ODEOM II A 1 MAIIKUl.^m 

■ MIDNIGHT EXPRESS IX). 


930 2738 2771. 

Sep. pre 


d.*Y a^ a.so^ '.s.sgT nlaa g5*.' “"Su 


Thurv. FWs . Sats, and Sons- doors 
hkbK pr ”' ** ni45 ""*• All 


IVE (4^° 

s&°° 7 -* 5 ' 

Sat., doors open 



® «W 

PRINCE CMARLI 


'■■All seats hfcMa. 




ill 7 . a ss ,2?' 


'-ftfiJSS it. 


vi n oM p ;?i 


* 

^ 



yi^iwramvinivh anintii 



* ■ * 

4 . 


THEATRES 

ROYALTY. Credit Cards. 01-405 BOOB. 

MandaY-ThuradaT evenings S.QD. Fndav 
' 530 and A 45. Saturdays 2 . 00 and B. 00. 
London OltlCS vote BH.LY DANIELS M 
BUBBLING BROWN SUGAR 
Beat Musical ol 1 *77 _ 

Tel. toOUtoS atXfiPtnt. Major rredtt 
cards. Restaurant reservations 01-204 
241 Bp 


\ ' 


SAVOY THEATRE. 01X38 BBSS. 

c r , wsai ^ ,a 

-A MOMEWtoJs'pLAy! lUROf YOU 
Era, at 8 T ^g.^^ r 5 ^and8.4S. 


5H AFTE5BU RY. CC. D1-8SB SS96-7. 

01-836 4253.. Evgs. at 8.1S. Metlneel 
Thomlav 3.00. Sac. 5.00. 8-30 
TERENCE STAMP to 

DRACULA 

whfl DEREK GODFREY 
"The most eptartalidog tfiow I Kara 
ever, ever scan,'.' N.ELC. hatf-arlca seata 
it limn, matinees. 


maw . 01-388 1S94. National YoatR 
^Theatre in JULIUS CAESAR try WlUlam 
Stoketpeere. Eras. 7.00. • 


STRAND. 01-836 2660. Ewmtngs 8.00. 
Mat. Ttours. 3.00. Sats. 5-30 and 8.30. 
NO SEX PLEASE — ■ 

" WERE BRITISH 
■ LONDON'S LONGEST LAUGH — 
OVER 5.000 PERFORMANCES 


ST. MARTIN'S. CC. 01-838 1443. 
Eras. 8X0. Matinee Toe. 2.45. Sacs. 5.00 

• - and 8.00 

. AGATHA CHRISTIE'S " 

THE MOUVTRAF 

WORurs longest-ever nun 

■ " 26th YEAR. 


TALK" OF THX TOWN. CC. 01-734 SOSf . 

■ Air-conditioning [rotn 8.00. Dlntog. 

AT 11.00 PETER GQRDENO ■ 


THEATRE UPSTAIRS. 730 2554. ETOS. 

-7.30. Pirns jenny In EMIGRANTS By 
.fster Sheridan- 


VAUDEVILLE. BSS 9968. CC. Evt. 8.00. 

Mata. TOSS. 2.45. SaL 5.00 and B.OO, 

■ Dinah SMERTOAN7 Djilcle. . GRAY 
_ A MURDER IS ANNOUNCED 
The newest wftqduntl Dr Agatha ChrUtle. 
"Re-enter A ffMto Christie With another 
whodunit ml Agatlu Christie u stalking 

The West End ret again with another 

□I her ffcodishiy Ingenious murder 
mysteries.". Fells Barger. Evening News. 
Year's run must end Sept. 30. 
VAUDEVILLE. 836 9908. Prevs. 2. 3 Oct. 

8.00 P-m- Opens 4 Oct. 7.00 P.ra. Subs. 

. 3M0 D-m, 

AN EVENING WITH 
DAVE ALLEN 

LIMITED SKA50N] OCT. 2 to PRC. 2. " 


VICTORIA PALACE. 

12S 47M-6 S34 ill 7. 
• RTRATFORD JOHNS - 
SHEILA HANCOCK 
ANNIE 

fvei. 7.30. Mats. Wed. and Sat 2.49. 
"BLOCKBUSTING— 

SMASH HIT MUSICAL.” D. Mall. 


WHITEHALL. CC. . 01-930 8*02-7764. 

Eras. 030, Fri. and SaL 6A5 and 9.00. 

Paul Raymond presen ts toe Sensational 

Sea Revue at the Century 
DEEP THROAT 
Bth GREAT MONTH 


i r 

■: 1 


. if 

t\ 

j . I 

[I 

i •; 

j :•* 


1 c 

■ s 

J3 

, R 

1! 'o 


v . 


'0 

is 












17 




4%. i 


Prnandal''Krnes Friday :SepfA«j3^rV22- 1978- 


Jv-U ^ 1 


to •• ■;• 

• » • -7- 


JL * v .* 



Cfnena 


The smiling face of woman 


by NIGEL ANDREWS 


Sandra Dugdale, Tarry Jen km*, Anthony BoW* Johnson and Valerie Harters on 




Coliseum 


... The Seraglio % max loppert 

W-r direclur has made since her 

The English National Opera Sandra Dugddie sings and act* showed n — and his command of Nnuv p] * e \ a S ue debut with Clco 

1 revival of Tin? Seraglio is of un- an adorable Blonde, whose the stage deserves tu growj/ roTM ■’ *° *• 

**■ sonimon grace, dexterity, and pearlv high soprano draws a fine, equally uonfidenl. Varda’s wort is something of 

rjreshness. and it is' crowned by happily complementary line John Copley's seven-year-old a conundrum. Her best-known 
.Valerie Masters on's Constanzc. alongside Miss MasicrSbn's. and production, in Stefa nos Lazaridis' film was Le flon/ieur (1865». in 
Hiss Mailerson has become one wlmse EngUindcrtn itT" managed golden settings, is traditional in I which a young husbands love 
M the nw'St complete performers with just the right: degree nr Ihe best sense. It does noi try j affair wiib a pretty girl drove his 
"• ■. ,; ’ n . uur lyric stage. Watching her, comic pluck (those three Es i« to reshape the opera into some- 'wife, by slow degrees, to despair 
‘‘-a figure of genUe beauty, simple altvmimo must surely^cnme right thing it is not, to inflate it or and suicide. Shot with the arch 
iv.iipnuy. and effortless poise in nn another night). . ; T6rry Jen- write complicated explanatory beauty of a cigarette commercial, 
?very movement, and listening lsins's Pedrillo is sturdy, inven- subtcMs into its margins, but it it was hard to know if the film 
to her easy, unforcedly limpid tive, and never too boisterous. holds both the merriment and was to be taken straight or with 
■"Naustery of the music, it was hard Anthony Rolfe Johnson- now the emotional richnesses in a I a pinch uf irony. The adulterous 
f» keep in mind that the roio is adds Belmonte to his list nr deft and careful ha lame. His 'affair survived the wife’s death, 
me of Mozart's most difficult. A M 0zart roles at the Coliseum, handling of Osmin, lightly | as if her suicide were the merest 
SSSwIijht edge on one or two of the There is mure dash and distint • sketching in the venal grossness i ripple on the surface of a per- 
^ aijjh'shest notes, and a tendency to tion than he has so far found in it. (a firm performance hy Dennis feet love: and something or tne 
soFt singing to the brink more romance in *'0 .wfe Slugs I- Wicks despite ihe . absence of I same all-trampting optimism 
£ 2 ^apf inaudibility, had passed in jjeh.- On Wednesday aight the sonorous pedal notes below the ! pervades her new film. 

^^ime for “Marten* alier Arteni** aP i 3 ' nn . ih« pvfwaiion of ba.ss stave! and of the Pasha! It is about two girls, 17 and 


-One Sings. The Other 
' Doesn't (AAi Gale 

Outnsrvw <X> Odeun 

Kensington, Studio Oxford 
Street. Scene Leicester 
Square and Screen on the 
Green 

Aji Enemy of the People < l 1 » 

Classic Oxford St. 

LUotel de la Plage ( AA ) 

Gala Royal 

Le Sam-age ( A> Curzon 


I 1978 has been marked by a 
spate of films Cur, In and about 
women. At the Cannes, Berlin 
and Edinburgh festivals this 
year, such films were omni- 
present: but with the time-lag 
usual in movies journeying from 
festivals to commercial cinemas, 
you are unlikely to see most of 
them until 1979. Here, however, 
is one or the advance guard: 
Agnes Varda's One Sings. The 
Other Doesn't, shown at Cannes 
last year, and perhaps the most 
widely-praised film the French 


People »re all a little too 
Beautiful- and although they 
skirt Jpain and unhappiness, the 
heroines n*vo r look as if they 
will neiuallv xuceumb m them. 
The film's pre-dcterunned hope- 
fulness climaxes m a last, win- 
some -sbot in -Ahich. silling by a 
lake among the dowers wafting 
in soft, fiu-iid. tne heroines and 
i heir.- friends are seen smiling 
and -charting and forming their 
own. “dream family.” 

The film here trades )n its 
realism for the Instant Euphona 
Effect of a TV advert. *■ I love 
to analyse with pessimism and 
to act with optimism," .says Varda 
m the Accompanying Press blurb: 
and .too often, one feels, the 
film'sriuidoubied intelligence and 


— and 1 shall he surprised if 
Londoners do not Rock to it with 
equal enthusiasm. 

It is. strictly speaking, two 
films, and they do noi always 
coexist in perfect harmony. One 
story rollows our hero's rags-tu- 
riches — or denim -to-ornandy — 
success story. Another tells of a 
schizophrenic girl friend of his 
(Strictly Platonic, of course) who. 
having' discharged herself from 
a mental home, seeks refuge in 
his flat and tries — with bis help 
and the sceptical consent of her 
doctor— to see if she can live life 
in the “ real ” world. The film 
makes heavy weather of linking 
these two ' stories: earnestly 
deposing that both characters are 
"mad” in the conventional eyes 


in a scTeen adaptation of Henrik 
Ibsen's An Enema of the People. 
You. last saw him as the coolly 
heroic Fire Chief in The Tower- 
ing Inferno. N nw be reappears. 
Hollywood's own Rip Van 
Winkle, in so much beard and 
long hair that you have to blink 
three tunes hefum realising that 
ll is yesterday's* superstar. 

Although Ibsen's play about a 
provincial dncior (McQueen) 
who lia tiles (n persuade the town 
authorities rn admit that the 
profitable local spa water is 
polluted (and becomes a social 
leper for his pains) has a 
topically ecological theme, its 
confined settings and verbal cut- 
and-thrusr belons essentially lo 
the stage. Under George 


vrnxmipz'*"'™ — * •*** - <* r ■ 


mythical British bobbies, 
mythical cockney landladies and 
improbably nubile schoolgirls. 
Lung has now moved bis setting 
back to France, and one would 
think he would be on surer 
ground. But this multi-character 
comedy of mishaps, set in a sea- 
side resort in Brittany, is like 
a Carry On film without the 
jokes. As one unfunny vignette 
of would-be seduction, would-be 
adultery, or would-be slapstick 
in the restaurant succeeds an- 
other, a ghastly torpor descends 
upon the audience : and one 
member at least left ten minutes 
before the end. 

* 

Le Sauvage begins better, at 
any rale. Catherine Deneuve- is 








•w 




• v i'.!* - • ' At % 



W it '■&& 


^ pJlr snesI n0les - an ? a lenaency to tion than he has so far found in it. (h firm performance hy Dennis feet love: and someming oi me 
t | j ! *®s4Fa i|n so Ft singing to the brink more romance in ”0 wre Sngsi- Wicks despite ihe . absence of I same all-trampting optimism 
£ 2 ^apf inaudibility, had passed in Kch.” On Wednesday aight ihe sonorous pedal notes below the [pervades her new film. 

[or “ Marten) aller Arlene ar fa was not the evoealion of baxs stave? and of the Pa shit ! It is about two girls, 17 and 
7f this Miss Masiersira gave an s j R h« murmurs and a “tfeatin" (handsomely taken by Carl 22 respectively when the film 
^^^iccouni of rare radiance and araor ' ous hea r t “ hut ntusfcallv Oat ley I. are just' two examples opens- Pauline (alias "Pom me"), 
splendour — the sound of 50 niethin 2 rather more ' pble"- * ,r that deliness. At first Lionel the younger, is an aspiring 
ileanly traced golden-tnned matic jn temperamenL Wig and Knend a somewhat prim, un- singer. Suzanne is a mother of 
T .vales and roulades sent wins- J£ sturaes conspire to force on a seUlctl conductor; halfway [two. thrown onto her own re- 
.. .^ng into ibis large auditorium is «erso™^le ° n &?^r ‘l^AratoeT through the. first act quicksilver sources one day when the 
me thai will linger long in the n umDTV . js h fl-nfre But Mr l,e * an 10 settle on the playing, children's father commits suicide 

■ -• . nernury . , RolTe^JoLsoncommS; the and t j le Pacing became forward bv hanging himself in his 

i.!^. For this alone the revival jne i low swec tness of the music. ^ nd d r a "J at,c : A word for the photographic studio. The two 

..hnuld on no account be missed; .. , . . * . four instrumental soloists m B i r iv friendship over the eoRuing 

•■V..V.U h has many other virtues, «* .'«** | ine - c - lls Ie S*.to and - Martern aUer Art en." worthy 15 "ears is depirted in a cros* 
— ...,-ind will no doubt gather even florid detail — his performance or companions of Miss Masterson’s PUt ‘ chronicle of two lives. 

' ;-:'nore in later performances, the oflen cut “Ich bau« San*’’ excellence. ‘ Suzanne, after her lover's death, 

|j AM r first lakes refuge with her 

;UUS5©ICIOrT - parents in the country, then 

■ opens a -women’s clinic, then 

"v The Marriage of Figaro ■jK^aS^TsjirS 

:s __ . .... ' ' ■ . - . . . . _ _ • ^ marries a young Iranian, has 

. The Deutsche Oper am Rhem frenzied activity of everybody hnsznna Lain, - a competent two children hy him, the second 
■Tipened the 7S/79 season at concerned. .That Don . Basilic hut vocally rather charmless 1 of W hom is bo-'n after the couple 

': - jusseldorf with a new produi- should eavesdrop at door ^ and Susanna, is more’ bosom friend have split up. 

. -lion of Mozart's Le noise di peer through keyholes makes a than lady's maid to the Countess, Th fir t half _ f 

.'■■'igtiro. sung in German. A kind valid point;- that Cheru^itjo whom Horiana-Branisteanu pJays mn „u %h * h»u»r Varda Bcaiterc 
*-T:Tif heiglitened realism is should be visible— should as a lively, hot-blooded young neatlv - * d 8v ..: fl]v : as , 0 

-..-•vidently the aim of Nikolaus visibly react— throughout .the woman still rccugnisabiy the the mntrasrine temneraments of 

^hnJinff (director) and Michael period that he is locked in the resourceful Rosina of The Barber his twa heroines and thev are 
. "..laffaelli (designer V, with Countess’s drassmg-rooin, merely of Seville Sincerity of feeling is giJen further hieh^ definition^ ^in 
j mphasis on the Spanish back- stresses the obvious and ^diverts apparent in her arias— the second fL, actreisM' own nersnnalitips 
-.iiround to Da Ponte’s text. The attention from the dralria on placed after the -sextet not as in anf i n h V sical nreseoces Valerie 

. .. .ashmnable back-lo-Beaumarchais stage. London we now expecu before it ‘Mairesse as Pomme is a nretlv 

.. -.: daplarti»n is not attempted. Nevertheless, Cheyu^ino — but no very -deep emotion, j buxom redhead with an ever- 

■' 7 lulri-level sets, with, white emerges a clear winner fromhhe. Hans- Tscbammer's Figaro. | a i. rt expression raneins from 
y--?=l»st«red walls, arched ceilings welter of acuvity, partly because sturdy of voice and equable of the oert to the combative 

nd dark, austere furniture — the Trudeliese Schmidt, who sings i&inperanient, sings “Aprite un Therfese Liotard's Suzanne bv 

i£)iisscldorf Museum of Art has ihe role, has the dominant po v .. qijcgli occhi ” directly at the | contrast has a melancholy 
several pieces— are basically personality of . the ca£f: With audience before a drop curtain; 'hollow-cheeked beautv 'like a 
- Uracth’e; so are the costumes, gawky, adolescent limbs sprawl- the tmaks of some very convinc- 1 re f ucee f rora Picasso* blue 
^ nade from old. generally rich- ing in unco-ordinatedynoveraeni, jng pihe trees arc than revealed, j period. 

noking materials. this page bounces os. over and rather later than usual, and much The mutual attraction of these 

Unfortunately, the effect is behind the bed— jive re is no can be forgiven Herr Lebnhoff two opposite poles is the tnost 
. v'. r poilt by too many Spanish chair — in. the first ,ScL and bides for the skill wilh which he sorts convincing thing io the film, and 
j: haw Is draped over tables .or from the Count/' in Susanna’s out the ensuing confusion or it carries the story along through 
a lus trades, while female chayac- trunk. Unashamedly terrified by identities; its often haphazard- progress. 

?rs lend to sprout scarlet roses the idea of war or battle, be .Giimher Wich conducts with. a Varda has composed a hymn to 
i their hair like budding jumps from the Countess's win- sure if occasionally, too heavy female sensitivity and solidarity, 
-amiens. Similarly, the over- dow without- a second thought hand. He keeps the music flow- and although most of the details 
;i owering feeling. of a ^elf-coo- But whatever acrobatic feaj she lng freely — them is only one of action and emotion ring true, 
-uned household busily going is called upon to perform. Miss interval — but does not. always the film finally trips up on that 
bout its daily tasks, which is Schmidt retains an evenness of ^inw his singers sufficient breath- old Varda failing, optimism-at-all- 
" -r. ne or the production's strongest tone and'an elegance of phrasing injj space. costs. The colours are all a little 

■ — isets. cannot always justify the in her staging. . -- ELIZABETH FORBES too summery and sky-blue: the 

lampstead 




tea 


• a A 






m 


Terese Liotard and Valeric Mares* 


compassion yield to Varda’s 
determinatiun to put on a smiling 
face and a snft-rocus filter, and 
tell us that all is well with the 
world.!' 

* 

There has never been a gay 
film more likely to win friends 
and influence people than 
Richard Benner's Outrageous. 
Its main actor Craig Russell who 
plays a ,'oung Canadian who 
graduates from anonymity as a 
hairdresser lo fame and fortune 
as a drag artist, first in Toronto 
then jn New York, won (his year’s 
Best Actor award at the Berlin 
film festival. It was an original, 
even courageous award for the 
jury to give, since Russell, who 
spends half the film dressed as a 
woman, might be thought to have 
disqualified himself on a tech- 
nicality. But he deserves a laurel 
and so does the film. It has been 
hugely popular wherever it bps 
shown — including Canada. 
America and divers film festivals 


of society and that the secret of 
life lies in accepting, not fighting, 
one's abnormality. 

The film's message is perhaps 
best disregarded. Neither 
schizophrenics nor homosexuals 
are better off for having their 
two “conditions’* equated, and 
the films on much surer ground 
when simply following its hero 
from bar to bar. night-club to 
night-club, as he enacts a darel* 
Ingly funny series of drag im- 
personations, including Streisand, 
Mae West. Caro! Channing. 
Tallulah Bankhead and Bette 
Davis. Offstage, the film rejnices 
in a plethora of camp one-Iincrs 
(Russell reacts to a mid-party 
telephone call with “If it's Dino 
di Laurenti'is. tell him I'm not 
speaking to him and he knows 
uh.y! *' ) and it is good at last to 
hear the Love That Dared Not 
Speak Its Name speaking up 
with such wit and volume. 

★ 

Steve McQueen emerges from 
a four-year hibernation to star 


Schaefer's stolid direction, the 
characters move about in ihe 
living-death poses of a BBC 
classic serial : attitudinising 
statuesquely and trying to pro- 
ject Thoughtfulness. McQueen 
manages at once to look totally 
out of place and to give the best 
performance in the film. Most 
of his fellow actors seem dead 
behind tbe eyes, hut McQueen's 
acting is all in tbe eyes, and the 
miniature vibrancy of his per- 
formance is a wonderful illustra- 
tion and vindication of the 
special art of screen acting. 

* 

Finally, two French comedies. 
L' Hotel de la Plage is directed 
by Michael Lang, who made tbe 
hugely popular— in France at 
least — A Nous Les Peliles 
Anglaises. Thai was a tale of 
Vwn French youths holidaying in 
Ramsgate and discovering a 
world of lovable English eccen- 
tricity they had never discovered 
before. Nor had ihe English. 
M. Lang's Ramsgate was all 


the young bride fleeing from 
her husband on their wedding 
night. Yves Montand, looking as 
if he has strayed from a Graham 
Greene novel, is the. shabby fugi- 
tive French perlumier (sic), 
living in a Caracas hotel, who 
sleeps in the room next to that 
occupied by Miss Deneuve on her 
first night of flight. They join 
forces, and after he has escorted 
her through many a car chase 
and rumbustious confrontation 
with her spouse, they end up 
sequestering themselves on bis 
private jungle island. Will 
civilisation summon them back 
to their respective former lives, 
or will True Love triumph? The 
answer is not quite worth tbe 
wait, since tbe film becomes 
soggier and more sentimental as 
it grows older. But for Montand 
and Deneuve fans, at least, there 
is good value. Seldom have the 
two shown a lighter touch or 
dispensed so ranch easy, tousled 
comic charm. 



Michael Hastings evidently 
glares my opinion that the best 
• ; ; av- to confront evil Is to laugh 
■•'•‘‘i it. So in Cloo Joo (a word 
.. iat appears to mean gobbledy- 
T_iok) he scores a straight flush 
racialism' and. takes a savage 
'.' inch at otrf immigration laws. 

: * anyway at the .way they're 
ifbnced, which .isn't neeessarily 
ie same thing: and he has pro- 
• iced the most hilarious play 
" »r years. Poison in jest: no 
■, Tence in the world. » 

' Meadowlark Warner is to be 
. ’ported 1 6 Jamaica because he 
no documentary proof- of 
.. v-itmlrty (this obsolete word 
■ ,-vived to make it easier for the 
nvemment to deport black 
■ . ent. His defence, presented 
Oscar James in. a marvellous 
jr earn of West Indian talk that 
'"aiild be a joy lo hear even 
;-’iihont its subtle humours, is 
.. at he is just about to .marry 
--.s girl Irene, who holds a. 
’?';itish passport. 

But Irene, alas, Is Irish: her 
■: .ssport has a green r not a 
“ .-ue, cover.- and. .Meadowlark 
^■spatches her. ‘live with those 
itato-pickers? Nat he. But he, 

. ’ : ( d Mr. Hastings, have another 
,. 'Ot in the magazine: the girl 
'•“eadowlark really wauls to 
' arry is Edna, who happens to 
arriving from Guyana just in 
ue for him to. marry before his 
.■< une leaves for Jamaica. Edna 
*■' s a blue passport. 

lizabeth Hall 


And married they are-J-not by 
the" vaguely-defined “pnest-raan" 
whom . Meadowlark claim* to 
have laid on. but by a rabbi of’ 
the Now Progressive Liberal 
Synagogue.: who is so progressive 
that he takes in Meadowlark’s 
nonsense about tbe Temple of. 

Nimrod and the Holy Black 
Redeemer, to w-hieh he says he- 
belonged as a boy. The wedding 
ceremony, conducted hurriedly 
in the Interrogation Room at' 

Gatwick. is a masterpiece of 1 
invention: Meadowlark (StiJl 

handcuffed) and slim, educated, 

Edna responding to the questions 
posed by therabbi, while the two 
goyira from j the Immigration 
Department hold a canopy over 
them that sway* and dips from 
time to time to conceal tbe whole 
ceremony. . l. 

The play, is beautifully laid-&£ 
out, beginning with a great rush * 
of movement, running the gamut 
of its pokes at the blacks, the 
Irish, the. Poles, the Jews, not . 
to mention the British, and end- 
ing with a splendid conclusion in 
which Meadowlark k** 

deserts for a life of deceit and 
yet maintains the sympathy that . . 
he has never lost all the evening. -• Oscar James and Akosua Busia 

The playing, directed by Michaol ' - '- 

Rudman. is 'faultless. Antony •• . , ■ 

Brown and Dave Hill are beauti- he wants. Heather Tobias plays Mitchell s set makes astowsb- 
ftiUy contrasted Immigration Irene- near to permanent ingly generous use of the tiny 
Officers, the ' one a talking hysterics, Okosua Busia keeps Hampstead stage, 
reference-book, the oiher given Edna quiet and responsible until This should be a sell-out. 
to sharp short cuts to get what her last terrible voile face. Poppy . B. A, YOUNG 


“Bloody Marvellous. 

we get a problem- 
yon get an opportunity* 

Says Lyndon Humphries of Blaenau Gwent. 



jUUtwti lc 


Richard Hickox Orchestra by NICHOLAS K'ENYON 


It was a night of extremes at 
•e Elizabeth Hall on Wednesday, 
shall allude to the most un- 
iTiunate extreme at the end-of 
is review: -for the rest, the 
tremes . presented were those 

- Bach performance style. This 
-is the first of. three «M-Bach 
,'ncerts to be given by Richard 

ckox on the South Bank (the 
,-i*s in B minor follows at. the 
vstival Hall on October 18)- and 

- was strange lo bear this music 
‘ b jet- ted 10 two radically 
•fferent types of articulation, 
^rasing and timbre — though' 
' ch was carried through with 

ar - impeccable professional 
ill. • ‘ 

- Perhaps Influenced ;b!f' ' J the 


densely coloured; darkly intense 
voice of -John Shirley-Quirk. who 
sang the two favourite solo bari- 
tone .cantatas. Ich hobe genup 
and fch will den Kreuzstab geme 
(rfzQcnv Mr. Hickox adopted a 
passionately sustained approach 
to the string .writing, even when, 
it consisted merely of accompani- 
ment figures. Each, phrase wm 
boldly drawn to extract maxi- 
mum. expressiveness, and the 

serene lullaby : “ 5 cblun)T»t!rt eih 
sounded weighed down; only at 
the da capo of this and the first 
aria did the orchestra relax, pro- 
ducing- a' calm mezza r-oee which, 
let us hear more. of the texture;. 

-An : drer-streriuous approach.’ 
*icn. marked the Brandenburg 


Concerto No. 3 with which the 
evening began: the six soJo vio- 
linists and violists, standing, 
were -enjoyahly vigorous in 
rhythm, but Mr. Hickox’s demon- 
strative direction packed a punch 
that would hot have disgraced a 
.Sir Henry Wood performance 
with five .times the number of 
players. All the more surprising, 
then, that to the- final perfor- 
mance, of Bach's Firsr Suite, the 
dance movements were given the 
opposite .treatment, full, of 
a' .well.. - articulated . likeness. 
Courante' and Minuet in particu- 
lar had an airy till quite distinct 
from a Leppard bounce or a Mar- 
riner' snap; oboe and bassoon 
playing was splendid throughout. 


with Gareth Hulse slightly firmer 
in rhythm than he had been in 
his warm obbligati in tbe can- 
tala’?. 

The concert's unhappiest 
extreme was out of the artists' 
control— and also, apparently, 
out of the stewards' control, 
though one would have thought 
this experienced hall staff might 
have been able to prevent a girl 
from storming Into the hail, on 
to the stage, and determinedly 
attacking ihe conductor. The 
only visible damage was (0 Mr. 
Hickox’s carnation, and all con- 
cerned ■ coped wich great 
restraint,- hui tbe incident cast an 
unpleasant shadow, over the even- 
ing- 


Life in industrial tSales has never been a soli touch. It breeds men 
like Lyndon Humphries who can take iias it comes the rou^h 
■rn'th die smooth - and spit out the griny hit*!. How ihis special 

character can help Briri«h industry is a matter of record 

FOR MORE THAN 40 YEARS THERE WAS NEVER A 
.MAJOR INDLSTRLAL DiSPLTE AT THE EBBW YALE 
STEELWORKS! 

Lyndon Humphries and bis fellows are proud nf this record. 

All hough the irony of finding themselves out of work, as the steel 
industry shrinks, does not escape them. They are typical of the 
total lance of experienced workers with diflerent skills, rnahnely 
re sidenr in Blaenau Gwent. 4 

""hat ari opportunity for new industries to re-locate to . 

this well favoured region - with one of ihe best JA 

v orkforers in Europe waiting to welcome them. 

Blaenau Gtvern is the neatest special development area to (C£jSB 
London and the Midlands. In addition to its skilled, stable ' 

« r-rklorce - sites jnd even fully serviced lactones are 
immediately available. 

FINANCIAL INDUCEMENTS ARE GENEROUS- & ; '4 

Fora raanntacnirmg indusny; advance factories can be rent V9 
free for up 10 five years, a 22 a o grant is available for new plant, ]£■ 

machinety and buildings. For service industries, rent free 
jccommodaiiou is available for up to seven years plus a sranr of ^8 
L I -501) for each job created plus a tiiriher grant for employees ^§| 
moving with their jobs into the area. Concessionary loans can be 
nciotiated (awards the balance of the cost of a project. This * 

a mounts to the best financial package available to industrialists in 
Great Britain. 

So this is the opportunity that is waiting for new industrial 
development in Blaenau Gwent - a perfect location for work— 
close u> the.M4and.M5 motorways. A peri ect place to Ihe - 
su rrounded by some of the finest unspoilt countryside In Britain, 
on the edge of a national park. Send the coupon below to 
Roger Leadbeter, Chiet Executive of Blaenau Gwent, who will be 
pleased to cOnuct you and discuss your special arrangements. 

ia AEJNAU GWEIST 

Ofipor tunity looluni 
Qfv telndhastry- " 


Lyndon Hvmphrirs itvnM Hkr it mm width' btaent ikatkt 
01 s’ hi! tthCrt tHah!J\htd me 0 / the ,W troth records in 
f.U'tpcatt wdustnl There on «hvu! 2.O0t)ojthm -ftn 
the J-i't'tp I itfc Steel Worhs v. ailablc no. c to it toh j'or\uu in 
ike ipet'bUJetelofnhentajeo oj JSlucuau Ua.aU. 


■ s / . 




& 



Buaana Gwent, Mnaicipal OSfieea, <Svie 1 
Ebbw VaJfcGvrent NF3 fiXB Teh Ebbw Vale 303401 
lajn interested in moving to BtaewaGwenU 

te.re . . Position 

Cc rfr -* n / . 


I -1 



Wmm 





Financial .Times Friday September 22 1978. 


FINANCIAL TIMES I French steel rescue: control 


BRACKEN HOUSE, CANNON STREET, LONDON *C*P 4BT 
Telegnnui FlnanttxBV, Londoi P84, TbIw! W8S4I/1, HUN 
Telephone 91 -«« MM 

Friday September 22 1978 

Numbers begin 
to add up 


BY DAVID CURRY in Paris 


FOR SOME time now the vari- 
ous indicators of the economy 
have presented a confusing pic- 
ture— a roaring consumer boom, 
a considerable industrial 
demand for credit, very sluggish 
figures for output and yet only 
a mildly disappointing perform- 
ance on the current account 
Thi^ is inconsistent, because un- 
less domestic output was rising, 
it was bard to explain the 
demand for credit, and still 
harder to explain the balance 
of payments. A sharp growth in 
consumption met entirely from 
imports, while exports were in 
a pause, would suggest much 
worse figures than emerged, des- 
pite the swings in the terms of 
trade. 

The latest revisions, and the 
presentation on an up-to-date 
and therefore realistic price 
basis, make a good deal more 
sense, and it is moderately en- 
couraging sense too. It should 
be pointed out first that, al- 
though there has been a good 
deal of very natural political 
suspicion of an acceleration in 
growth produced by nothing 
more than a revised price base 
for turning money figures into 
real ones, the 1975 price base is 
in fact more realistic than the 
superseded 1970 base. There 
were enormous changes in rela- 
tive prices in the five years con- 
cerned; and although the new 
series may mildly overstate the 
importance of some commodi- 
ties— notably oil and foodstuffs 
— -the distortion is far lees dras- 
tic than the previous under- 
statement 

The new figures are much 
easier to reconcile with financial 
fiures and wtith the general 
rates of cost and price in- 
creases than the old ones. 

Capacity 

What the figures now suggest 
is quite a sharp recovery in 
output, though of very recent 
date. It set in in the spring, 
when there was a rise of 11-2 
per cent in GDP between the 
first and second quarters. All 
the evidence of surveys suggest 
a further rise in activity in the 
current quarter; and the output 
data, which are on the whole 
the most reliable of the indi- 
cators in the short terra, have 
recently been running ahead of 
the series for income and 
expenditure. Growth may for 
the time being be going on at 
an annua] rate of as much as 


7 per cent — not a normal or 
sustainable figure for the UK 
economy, but not. too surprising 
in the early - stages of a 
recovery, when there is ample 
spare capacity. 

If this Is confirmed by later 1 
statistics, It will demonstrate ! 
what many statisticians have 
begun tn suspect — that the fin- 
ancial figures are often a better 
quick guide to real events than 
the so-called real statistics. 
Private credit demand took off 
in a way which confounded 
official forecasts right from the 
start of the financial year. It 
now seems possible that this was 
partly to finance a higher than 
expected growth of output. 

On a longer view, the growth 
by mid-year was hardly impres- 
sive. Output was two and a half 
per cent higher than a year 
earlier, and this figure is re- 
duced to If Per cent when oil 
is excluded from the figures. 
However, this is to be expected 
of a recovery only established 
fnr three months. It is the 
implications of a more sustained 
recovery that are interesting, 
whether or not the second- 
quarter pace is fully maintained. 

Encouraging 

The most encouraging impli- 
cation is f»r inflation. It has 
been difficult until now lo recon- 
cile Lhc low inflation forecasts 
shown in the Price Commission 
index and in CBl surveys with a 
14.2 per cent rise in earnings, 
or the ten per cent' rise in total 
domestic costs shown in the new 
figures. However, a more rapid 
growth of output, combined 
with tbe unemployment figures, 
suggests part of the answer: an 
improvement, at last, in produc- 
tivity. This is again normal at 
this stage of a cycle, but the 
disasters of recent years have 
made normality seem almost 
too good to he true. 

The other half of the explana- 
tion is not so encouraging. It is 
clear that partly due to the 
strength of sterling in the 
exchange markets, prices are 
being restrained to some extent 
by competitive pressures. As a 
result profits, although they 
have not actually been com- 
pressed,- are not yet rising in 
step with other elements in the 
national income. Unless further 
growth, coupled with firmness 
over wage claims, wins back a 
hetter profit share, the impetus 
for growth will not be long 
sustained. 


Bonn makes its 
contribution 


FOR MANY months earlier this 
year, the West German Govern- 
ment refused to yield to inter- 
national pressure to stimulate 
the country’s economy. Bonn 
argued that such a move would 
be inflationary, that growth was 
in any case picking up and that 
it had little real control over 
how the average citizen spent 
his money. In the end. Chancel- 
lor Helmut Schmidt made his 
gesture at the July world sum- 
mit and a £3hn package of stim- 
ulatory tax cute was duly pre- 
sented to the Bundestag this 
week. There seems little doubt 
that the package will go 
through. 

Justifiable 

If the package was partly the 
result of international pressure, 
it is equally justifiable in purely 
domestic terms. Inflation in 
West Germany is not going tn 
get out of control as a result of 
it. Indeed the expectation is 
still that consumer prices will 
rise by under three per cent this 
year — a rate that is exemplary 
by almost all standards save the 
Swiss. It is possibly true that 
many West Germans are going 
to save the extra income or 
spend it on foreign travel. But 
West German business seems to 
be firmly of the opinion that 
there would have been little 
measurable expansion in the 
economy without such a 
stimulus. 

All the same, the business 
community appears to be in two 
minds. There ts a continuing 
high level of orders for cars and 
consumer durables and the con- 
struction industry is booming. 
But many companies are pessi- 
mistic about tbeir overall 
prospects this year and there 
are continuing worries about 
the competitivity of exports. 

Nevertheless, there are signs 
that the underlying rate of 
economic growth may be 
stronger than some of the 
more gloomy forecasts made 
earlier this year. After a long 
period in which official estimates 
were constantly downgraded, 
the Bundesbank's latest figures 
are now reversing the trend. 
After a bad first quarter, the 
Bank now reckons that real 
Gross National Product put on 
1.5 per cent In the second 
quarter. Economic growth for 


CCT T IS NOT natioaalisa- 
I tion," declared M. Rene 
Monory, his warning 
glance taking in the journalists 
crowded into his office in the 
Economic Ministry as well as 
the tapestries— depicting heroic 
battles by Roman soldiers — 
filling most of the walls. M. 
Andre Giraud, Industry 
Minister, nodded vigorously at 
his side and the assembled 
chorus of (young) senior 
members of their cabinets gazed 
around them in affirmation. 

It was, of course, a question 
of definition. The French 
Cabinet had just decided that 
the State would take a direct 15 
per cent stake in the three lead- 
ling steel groups. Fifteen per 
cent — especially if accompanied 
| by a promise not to, interfere in 
! the management of the operat- 
ing subsidiaries which actually 
make the steel— is not by itself 
la controlling interest. 

But if you add m tbe holdings 
jto be taken by financial institu- 
tions which look lo the Govern- 
ment as their ultimate master, 
then even the most charitable 
arithmetic comes up with a 
direct or indirect official stake 
of a good two-thirds. 

The Minister’s sensitivity on 
the subject of nationalisation 
was understandable enough. 
Eighteen months ago when the 
Government had draWn up its 
first steel rescue plan it had 
specifically rejected taking a 
stake in the steel companies. It 
had opted instead for an agree- 
ment to phase out old plant with 
tbe loss of some 16,200 jobs over 
two years. 

During the election campaign 
of six months ajgo the whole 
Government (with M. Monory as 
Industry Minister! . had pilloried 
the Left’s proposals for sieel 
nationalisation as irrelevant to 
the industry’s problems. 

What, then, in the space of 
18 months has caused the Gov- 
ernment to lapse into the old 
habit of intervention? 

The answer comes in one 
word — DEBT. 

For even by the time of the 
general election it had become 
apparent that tbe French steel 
industry, borrowing to sustain 
employment and investment in 
the face of mountainnus losses, 
was on the verge of bankruptcy. 
The industry as a whole wel- 
comed the new year of 1978 
with medium- and long-term 
debt standing at FFr 38bn 
(£4.43bn) compared with a 1977 
turnover of FFr 34bn <£4bn). 

Usinor. the biggest producer 
(8.3m tonnes in 1977) had seen 
its losses reach FFr 4.5bn in 
three years with no better to 
come in 1978. Sacilor, 6.4m 
tonnes output last year, and 
like Usinor operating at two- 
thirds of capacity, had clocked 
up FFr 4.3b n of losses in the 
same time. 

Over thnse same three years 
the whole French steel industry 
had suffered losses of FFr 14bn, 
and the industry faced the pros- 


pect of devoting more than 15 
per cent of its turnover to the 
simple servicing of debt. 

The emergency solution 
approved by the Cabinet — aod 
defended by reference to the 
favourite Glscardiaa theme of 
the need to knock French indus- 
try into shape to face the inter- 
national competition of the 
third millennium — has the 
objective of immediately reduc- 
ing the burden of debt repay- 
ment to around 5 per- cent of 
turnover. This is the figure 
the French say represents the 
burden carried by the German 
industry.' and Germany is in- 
creasingly . the. yardstick by 
which France measures herself. 

The technique, complicated 
in its detail but simple in its 
conception, is to convert the 
money owed to the State and 
to The banks into what are 
rather euphemistically vailed 
“participatory loans” — which in 
practice means Loans which are 
pretending' to be part of the 
capital because virtually no 
interest is to be paid on them 
for five years (in fact, 0 1 per 
cent a year). In theory-, when 
the industry finally recovers its 
health, it can pay off the loans. 

Thus, most of the FFr 9.4bn 
outstanding to the commercial 
banks (private- and State- 
owned) and the FFr 9hn owing 
tn the Government will suffer 
this fate. A small part or each 
will be converted into siraight 
capital in three new financial 
holding companies which will, 
in turn, control the industrial 
activities of the three groups 
brought into the Government's 
scheme: Usinnr, Sacilor. and 
Chiers-Chaiilion- 

Owed to small 
investors 

In order to safeguard the 
money owed to small savers— 
around FFr 14bn is owed by the 
three groups in the form of 
debt contracted on the fixed 
interest market and subscribed 
for mainly by small investors — 
a special fund is being set up, 
managed by the State-owned 
Caisse des Depots. . 

Finally, the FFr 3.1 bn owed 
to the European Coal and Steel 
Community and the European 
Investment Bank, will be repaid 
on schedule. 

The result of all this is that 
each of the three groups will 
find itself crowned with a new 
financial holding company with 
a chairman named by the 
creditors. The old shareholders 
will also have a stake in the 
steel-making operations by way 
of a second tier of holding com- 
panies. but even in this second, 
tier the new financial concerns 
will hold a majority. 

Such drastic action is, accord- 
ing to the Government, the only 
way of safeguarding employ- 
ment in the industry, maintain- 


Output m ton nei 
Turnover FFr bn 
Cash-flow FFr bn 
Nat profits FFr bn 

Medium- and long-term debt FFr bn 
Manpower . 

Output/man in tonnes 


1973 

1974 

" .1975 

7976 

25.3 

27J 

21.5 - 

- 2 33. 

24.3 

35.5 

- 28 j 

ru> 

2J5 

5,2 

-2.* 

-2 s 

0.9 

2Jl 

-3.7 

-4J0 

Z0.5 - 

23.7 

2*3 

33.9 

151,500 

157,600 

' 155,500 

153.700 

171,8 

.1753) 

w* 

150.0 


PRODUCTIVITY COMPARED 


14 production! 

74 average workforce* 

75 productiont 

75 average workforce* 

16 productiont 

16 average workforce* 

77 productiont 
77 average workforce* 


France 

Z7.D 

754^00 

21 S 
156,500 

23.2 

154,600 

22J 

148,200 


Germany Belgium 
53.2 16J 

221 £00 63,000 

40.4 T1A 

218,000 61,500 

42-4 72.1 

211.450 5&.2S0 

39.0 11J 

205.450 53,400 . 


EEC 

1554 

766JOOO 

125.6 

761,350 

134.1 

742.850 

126.1 

721.850 


US. 

U22 

525.000 

105* 

470.000 

116.1 

469.000 

112.9 

454.000 


323,900 


salary, natural wastage and 

FIVE YEARS OF FRENCH STEEL might well bite harder because 

Output m tonnes ' 25-3 215 - * 23J. . Frs.10.000, each to .permit Te* 

Turnover FFr bn 24-3 : .35A ‘. . 28J " 3Z6 - 34.2' dundanciea oE French workers 

Cash-flow FFr bn 25 5,2 — 2.«r —25 . —4,1 ■ to be held to around 3-2.500. 

Net profits FFr bn 0-9 23 .. —3.7 — 4 j 0 -6.1 - A fortnight ago the Govern- 

Kedlum- and long-term debt FFr bn 205'' 23.7 2*3 33.9 39 J> merit spec^ra.Sbn 

Mwipwwcr T51JM 157, «» . 153.700 W« 

Output/man in tonnes 1715 .17541 1373 150.0 plpyment, but, given the rela* 

^ mm ^ m m — <B( ^ m mm mm m m mm mm tlve immobility of the French 

• worker, no one expects that new 

jofiS C3D h(t hrOUgkt tt) the fflC- 

- tory gate for workers leaving 

PRODUCTIVITY COMPARED - 

* ■**- o^^-ssrsa »iss 

SCSStLta-- «S£ ».Si «SB,«S 

75 productiont 21.5 40.4 IIA 11A 125.6 105* 102J* most complete 1.1m tonnes a 

75 average workforce* 156£00 218,000 61,500 95*50 761*50 470*00 323,000 year Steelworks at Neuves- 

— ; — ~ rzrz , in7 4 Matsons. in Lorraine in the light 

m ^..'torkw 154,600 21M50 55,250 37,050 743,856 <WX» W. °| inablut^ Of 

77 productiont 22.1 • 39.0 1U 233 126.1 1 12-9 WM the market to absorb output 

77 average workforce* 14 8,200 205,450 53,400 . 97300 721,850 454,000 373,500 from both. 

t Production: In millions of tonnes of crude steel. In the vest of France the 

• Ann,, workforce: Btimaod by the ...rag. of the workfare. * ft. dr* ,„d l«t day thb yw. Empaft- 

mm Schneider Group) "is discusing 
• • rationalisation ..of production 

ing a sector which, despite all, without gains in productive, .three years it lost Frs Hbn. ail a sales with Sacilor. 
is a consistent earner of foreign Ail this, the French steel if it takes France 71 Per cent The Deft, both on the National 
exchange, and a national industry admits, is very well, of Germany’s manpower to' pro- Assembly floor and the shop- 
strategic asset. But hasn’t the Government fop- duce only 57 per cent of fl 00ri still sharply divided. No 

Deferring to its new gotten something? In the pug- Germany's steel the fault lies effective challenge is likely to 
liberalism, the Government says na eiaus person of M. Jacqu^ i n the constraints placed by ^ moun tea politically while the 
that the question of deciding on Ferry, president of the Breach Government on industry', experience of the. last steel 
further reduction of manpower Steelmakers Federation, the in- M. Ferry says. rescue plan shows that the 

must be left to the new industry dustr 7 has explained its own Superimpose oh this the fact unions have difficulty sustaining 

chiefs, not yet appointed. But version of the historical facts, that prices, at the end qf lft 77, agitation among workers look- 

it is alreadv planning to bring In this version the main cul- were 30 per cent below their ing over their shoulders at their 

unions and industry together to Prit is the Government price level of three years earlier and jobs. The white collar unions 
a»ree upon conditions for such controls which have operated wages and raw material costs have, in fact, welcomed the 

reductions and the figure of since 1849 - M Ferr y 9 u °tas a 30 per cent -higher, and the scheme as overdue... But the 

10-20,000 further cuts in jobs study by Paris-Dauphine Univer- persistent refusal of ' some 24-honr strike called in Lorraine 
is being bandied about sity. This shows that from governments of the EEC (he for Monday by the two main 

Tf KlB „ • 1949- onwards the loss in profit means primarily Germany) to unions illstrates fears concem- 

the immediate problem is stemming directly from price look a manifest crisis In the ing job iosses. . . 
that of debt the Government con trols has been FFr 12.9bn. face and there is no need to- The Government la likely to 
has also analysed the under- Add t0 t >, at the ** loss ” resulting look for scapegoats among the breathe a' sigh of relief at hav- 
lying reasons for the crisis. It fr0 m Government refusal to long-suffering -managements Of i n g finally tackled the steel 
blames the slow-down of world sanction reductions in man- the country’s steel industry. dossier. Steel was, according to 
economic growth since 1973, the power and the total cost to the ' Given French industry's nor- M. Monory. one of the three big 
fnr S ^° a t^ f ‘ ndustT7 has be f"£ Fr i Mb f «iS subservience Q toGOTert ^oritieTof the newGoJern- 

n r n now In com P ar,son w,th tj. at the sub- raent| an this is good polemic ment along with the end of in- 
th! ^LnL ,S , sidy e,em ? nt 3 l " Government stuff> But it would not provide dustriai priee'' control and pav- 
iteeLmakers, the tardiness of loans to the industry was no rM i enlana * tn tVm -Inn fVi a ui5ti fn<> tba financial 


t Production: In millions at tonne* of crude steel. 

* Average workforce: Estimated by the average of the workforce at the first and last day of the year. 


difficulties inherent in an equivalent to the enst^ "Of' ^bulia- „d Fifth Henuhllisr Ware to « " jfXr 

industry whose investments take ing and commissioning the new ,, ror _ P eo n ective m UlL. 

yeare to realise and are. by their Fos steelpfanf near Marseilles. SL in J thS Slue I? Wednesday, used the phrase 

nature, difficult tu adapt te ,e“rdin. to M. Ferry, or the “ter" ^ °* ^ * ISSf* *L US* F EE 


“csswsft* « tf -r ■ STSyrS 

S SAtSf 5TT5 » »» «■ Hard-hit 

: regions 

closed down 18 of her 58 hi art- Frs 27.5bn (to which, met- 111 this renewed 

furnaces, the UK talked of dentally, the Government con- The important question- is Europe “France must be strong 
reducing employment by 40 0W. tributed only Frs 5.5hn) but what happens now? The. into enough towik-on equal terms 
Belgium and Germanv both because of price controls this try will discuss further ratio n* “ e stron a est 
countenanced severe job loss, had to be financed very largely alisation which means closures. - The steel, rescue .was part of 
But France, with a more ambi- by borrowing. These must fall bn the already the policy of taking the hard 

tinus investment programme And then came the 1974 hard-hit regions of Lorraine decisions necessary to make the 

than thnse of her neighbours, crisis. To stay afloat in the which lost 8,000 steel jobs last country competitive. In the 

obsessed bv the measurement three years to 1977 the industry year and the north which lost short-term the adjustment was 
nf strength 'in terms nf tonnage, added no less* than Frs 14.4bn 2,500. No doubt the conditions painful. But. satd the President, 
emerged in 1977 with a work- to its debt when everywhere already applying to this job loss last week . 12.5m French children 
force virtually unchanged since else in Europe capacity was will be extended, meaning Early went back to school after the 

the mid-1960s, bringing on being reduced and jobs were retirement at the age of 56 years holidays: what was at stake was 

stream ultra-modern “capacity being cut.. During these same and 8 months at 80 per cent of creating jobs for them. 


the year as a whole should be 
“ somewhat higher than assumed 
even recently," it said this 
week. 

Nevertheless, few analysts are 
forecasting a growth rate higher 
than 3 per cent for the year as 
a whole. There is greater opti- 
mism for a slightly better out- 
turn in 1979- Individual expor- 
ters may be feeling the pinch, 
but the trade balance remains 
in massive surplus and there is 
little sign of the picture chang- 
ing— despite upward pressure 
on the D-mark. The mark has 
not, of course, recently risen as 
fast as the Yen or the Swiss 
Franc, but its continuing revalu- 
ation against the dollar appears 
to have, had nothing but benefi- 
cial effects on the country’s 
trade with the U.5. in value 
terms. 

Trade figures, however, do not 
tell the whole story. Many Ger- 
man businessmen are increas- 
ingly worried by currency 
instability, and there can be 
little doubt that the dollar's 
continuing fall against the D- 
mark was nne of the factors 
behind Herr Schmidt's conver- 
sion to the idea of a new Euro- 
pean monetary system. ' Now 
that he has agreed on some of 
the disputed details of the sys-, 
tem with M. Valery Giscard 
d'Estaing, the French president, 
there seem to be fewer fears in 
Bonn about its possible infla- 
tionary effects. 

Few worries 

By most country’s standards. 
Herr Schmidt now has few 
economic worries. With his 
latest tax cut package he has 
fulfilled his international com- 
mitments and kept his country 
on what looks like a path oJ 
steady, if unspectacular, growth. 
Inflation ig under control and 
unemployment, though high by 
German standards, has not yet 
became a major political prob- 
lem. The forthcoming round of 
wage negotiations does not look 
likely to throw the economy off 
course, while the establishment 
of a more fixed relationship 
between European currencies 
should help to alleviate the 
anxieties of exporters. The per- 
formance may disappoint some 
of West Germany’s partners, but 
it is quite in tune with Herr 
Schmidt's own economic 
objective*. 


MEN AND MATTERS 


Stomping nearer 
the Savoy 

Owning several newspapers has 
its problems — or so Victor 
Matthews made clear to me yes- 
terday when Z asked him about 
the Trafalgar sale of a 23 per 
cent stake in the Savoy group 
to Maxwell Joseph. Matthews 
told me that be had tried to 
help out the Daily Express by 
giving it a scoop, but added: 
“Ir bas got me into trouble 
with the Evening Standard.” 

Trafalgar’s 23 per cent stake 
only entitled it to 15 per cent 
of the votes and it had long 
failed In its attempts to take 
over the running of the plum 
hotels in the Savoy group. *' We 
lost interest in the group a long 
time ago.” Matthews now says. 

Selling this faded passion was 
agreed on at a lunch in the 
Ritz which only underlines the 
camaraderie between Matthews 
and Joseph. Trafalgar owns the 
Ritz but has let its gambling 
operations to Joseph’s Grand 
Metropolitan; “We charge them 
a fabulous rent, but they have 
got it far too cheap.” 

Every now and then Joseph 
for his part, puts building work 
in the way of Trafalgar's con- 
struction companies. They pre- 
fer to talk across a restaurant 
table than a desk rop. 

The surprise is that Joseph 
was generally assumed to have 
lost interest In further hotel 
expansion, but changed times 
clearly mean changed views. 
His appetite may have been 
whetted by the crush of visitors 
fighting for rooms at his pre- 
sent London locations. Until 
now his flagships have been the 
Britannia and Europa but now 
he has added the first bite of 
such names as Ciaridges. tbe 
Berkeley and the Connaught to 
his lesser fry. 

Whether the Savoy group’s 
indomitable Sir Hugh Wontner 
will encourage tbe same cor- 
porate unity u did Matthews 


another 17 per cent of cases 
alcohol played some part in the 
decision, and a fifth are thought 
by the authorities tn be ” in 
exceptional mental states.” 

Tn those on a collision course 
all ghost drivers, however, look 
the same. Radio warnings are 
regularly broadcast by the 
pnlice with messages like “ Two 
ghost drivers on the autobahn 
(Tam Frankfurt to Cologne,” and 
one story being retailed by 
petrol pump attendants is that a 
motorist who tuned in to such 
a message looked up and 
screamed : “Two? I can see 
hundreds of them.” 


‘‘We’re hoping this will all blow 
over in weeks not months.” 

remains to be seen. All the 
Savoy would say of the dealings 
in its shares was a diplomatic: 
“ It is rather a compliment” 


Down your way 

During the long hot summer 
of 1976 fellow-Europeans were 
somewhat taken aback by the 
strange craze among French 
motorists for deliberately ram- 
ing each other off the road. And 
while the blacker side of the fad 
was reflected in the fatality 
figures, friendships were said to 
have been born amid the wreck- 
age, and a number of couples, 
thrown together in this way, 
even ended up at the altar 
together. 

In Germany a potentially 
more dangerous national habit 
is the talk of the motorways— 
ghost drivers. So far this year 
700 cases have been reported of 
cars heading down the left-hand 
side of the autobahns, but it is 
likely the official figures are 
only the tip of the iceberg. 

Something like one in 10 of 
these ghosts is thought to have 
consciously chosen his pre- 
carious route, in some cases 
perhaps to avoid a detour. In 


March protects 

Thirteen months have passed 
since the National Front march 
in Lewisham led to riots in 
which 270 policemen and 78 
civilians were injured and 200 
people were arrested. Yester- 
day a Lewisham council inquiry 
concluded that the police were 
to blame for not heeding the 
appeals for the NF’s march to 
be banned. But now, despite 
similar calls for the banning of 
the march planned by the NF 
this Sunday, Scotland Yard tells 
me that it has decided not to 
make such a recommendation to 
the Home Secretary. 

The NF proclaims that its 
march is to demonstrate '* our 
luve of freedom and our hatred 
of Communism.” But it also 
states that it has deliberately 
chosen to march to the East End 
nn Sunday as “The Anti-Nazi 
League rabble are also march- 
ing elsewhere that day — to 
Brixton for a ' carnival * ”. 

Patrick Kodikara, chairman of 
Hackney council’s commission 
for racial equality, describes the 
NT’s proposed march as 
"extreme provocation." He 
chairs the so-called Hackney 
and Tower Hamlets Defence 
Committee. This represents a 
number of local organisations 
and has sent a telegram to the 
Home Secretary asking him to 


ban the mareb iff tn area where 
race relations have long been 
critical. The council is already, 
resisting attempts by the NF to 
move at least part of its head- 
quarters* operations to a ware- 
house in Hackney. . 

The police teii me that they 
considered a ban but have 
decided to let the NF march. 
They say they have not yet seen 
Lewisham council's findings. 
But council leader Andy Haw- 
kins says that “it takes only one 
aftemon like that to destroy all 
the work that’s been done in 
the past (by community rela- 
tions workers).” 

For the NF, Richard Verrall 
told me that they were march- 
ing because “Anti-communism 
is good per se” On the effect of 
the march on the troubled Brick 
Lane area he said M Our conduct 
is not based on what those who 
believe in a multi-racial Britain 
consider good: - we believe 
repatriation is good for race 
relations." . 

He told me they expected up 
to 2.Q00 marchers but would 
not confirm that they planned 
to march to one of their strong 
points, Hoxton market: “the less 
trouble making elements who 
know our destination the bet- 
ter.” Which is what the police 
must be hoping too, in view of 
the local members of the Anti- 
Nazi League saying that they 
should not be dancing in Brix- 
ton but fighting- in Shoreditch. 


Irittating 

A survey by Report magazine 
which asked primary school 
teachers if they thought spelling 
was being neglected has 
attracted some caustic replies, I 
hear. Among them: “The accusa- 
tion is define tely to be treated 
with contempt." Another answer 
complained it was "exasparating 
to be critizised" on this score. 
Perhaps It is better to leave 
teachers to their own devizes. 


WE 

iivi 





Observer 


- iU'vingston is ideally located to draw 
talent from 7 of- Scotland ’s 8. universities " 
and most of the majoreolieges. ln addition 
Livingstonis.at the heart of Britain’s 
'second largest concentration of ' 
eleptrpnics companies. So the choice was 
obyipus.l., ■: / 

IAN B. ALEXANDER; 

Engineering Director. 

Marconi ComrnuniqatfonSysternsUd^ 

Morponi designs cornmunication and 
broadcasting equipment 

UVIN6STON, SCOTLAND 

-Contact Jim Pollock 
industrial Development Manager, • 
Uvfhgston Development Corporation, West Lothian 
Telephone Livingston . (05{J9)-3i ^ 77. Telex 7271 78.' 

V. - TlieSpcrttssh NewTowns Office, - 
^ispookspur Street. Lpndbri SVVIYSBL (Tel. 01-330 2631). 







Financial Times 'Friday September ; 22"1078 


i-L 



POLITICS TODAY 



City side-lights on 



Conservatives 


DENIS HEALEY, the rot set in with Upper Clyde." 
■ellor of the Exchequer, Upper Clyde Shipbuilders 
ss a mild juke about was rescued by the Gjpwrn- 
r's popularity in the City, ment of Mr. Edward Heath, ?nd 
'ever the Callaghan indeed in the City's suspicions 
mnent survives, the stack of the Tory Party Mr. Heath 
goes up: therefore the has a rule all of his uwnL “I 
..^refers a Labour Govern- dun't think," said one man 

slowly and with an air of .pro- 

- s, of course, near total non- lunditv, “ that he is s Conserve- 
.. The Uty dislikes what it live at all.’ 1 •* He should never 

•- uni'emimy." and anyway have made that remark," said 
to invest its money some- another, "about th$ face , of 
With the postponement capitalism.” A pubjidy oom- 
-.•neral election uncertainty milted supporter p# - Mrs. 
uceri ai least for a wlule Thatcher said: “I suppose I 
..he markets cheer up. But could have just brought-myself 

- the election conies the to yme Conservative gggln i£ 
however you define it, they still had their iprovious 
ote Conservative almost to leader, but it would faavelirart." 

' Compared to Mr. Heath, Mrs. 
jf the Uty is mill solidly Thatcher passes the City's tests 
it is difficult to detect a aknosr with flying eoUmhi 
.deal of enrhusrasm. There Yft « thpre is anol j, er reasr)T1 
onsiderahle reservations, , or thp i:iry - s rese n-atiOTW The 
instance. about M ”- City has grown to like _rion- 
‘ er - , She talks too much government. Panly it is still 
he doesnt listen ., . bne reacting against all The policies 
■ us a lecture .. She s too n/ the Hcath hul even 

tie ■■ ■ bho shouldn t have mnrei it Relieves that it is 
nff like that about immi- relatively msv to live with An 
n . . She's nor interested economic strategy laid down by 
isntutionai reform. Ail 7 h e International Monetary 
are quite frequent com- Kund 3nd a UfMllir fioV emBi«nt 
. Sir Keith Joseph, about erippled hv a hung Parliament 
the main question is The main reservation about Mrs, 
er he will be the next Tory Thatcher is that she might start 
ellor. comes out even doing ion much, too fast • 
largely on the ground s There is also perhaps a 
-c is accused of failing to deeper explanation. The City 
the real world. i* at heart pessimistic. .It Ms 

doubts are not just a civilised pessimism, mildly 

- the Conservative Party in defeatist but not alarm tot.- - ft 
esent form, they go hack j, as though so many things 
long period. “ It started." have been tried and have failed 
ne said, “with Butler that expectations, even aspira- 
ting the gilts^ marker, tions. have been lowered. 

, :ince then there's been a government that attempts to da 
sion of Tory socialist nothing is seen aq better than 
res." “The only real a government That tries . to. do 
nee berween the political something and fails to bring it 
i in this country” said off. True, the Citv itself, is 
ne else, “ is the difference doing quite well at The moment 
•n fast socialism and slow and has mnre than ever become 
vm." Or again: “The real a main attraction for Oxbridge 


(for a married couple with 1 child under 11) 
Earned Income 


Investment Income 


graduates, apparently on the There is. however, one excep- demand ' on government, and 
grounds that it is thmight rn tion. It might he too much to that is for.. substantial cuts in 

he the only place where you say that Mr. Malcolm Fraser, direct Ration. -rAV RATES IN US JAPAN, AUSTRALIA AND EEC COUNTRIES 

can make money. But the the Prime Minister of Australia. The City does not want to ,MA m wa » J y mwpikhum 6tv vuuninita 

pessimism comes from ihe state is a City hero, although some see the dismantling of the 

«»f the ecnnmuy in general. No admit that he is. Bui even National Enterprise Board, ' for a nMm * d couple with i child under ll) 

one believes very much in among the most sceptical he though there arc some argu- Earned Income Investment Income 

economic miracles, or even stirs a flicker of interest. Mr. menls abOut its powers and its income » incwieM 

economi,. cures. As for poll- Fraser has done the unthink- role. S?me people would like Maximum rate Maximum rat. ratTXrt* 

tu-ians. almost the best th3t they able: he has sought to reverse to see if yedm-H,-} to a >1ate % £ % £ 

can do is m slop legislating. long-standing economic and holding company /nr convales- Belgium 72 ( 75.6) 65.975 72 (75.6) 62,800 

The subjects Thai are not political trends. He has cent industry, perhaps with a Denmark 39.6 (63.8) n.ioo 39.6 (63.8) 10,900 

mentioned are quite as reveal- challenged the Idea that time limit fur ih<? holding. France 54 53,375 60 38,900 

*n« as those that are. Hardly politicians must always go along Others concede that there are Germany 56 65J75 56 64,000 

anyone refers to Europe any w iq, u, c shift of power to the certain industries such as aero- Ireland 60 8,630 60 8,580 

more not just the European rrade unions . and he is , aking engines .which the Ciiy would ” "Jg® S. (7tf) 

Community, winch has become a unpopular measures in an not put money into itself, but JEEJKJ n MS ?? S’SSS 

mixture of a dirty word and a attempt to get the economy which may- have to be main- ™" ,eria " d * g gg? ^ Si?? 

lu PI c for ernbarrassmeof, but right ^ the long terra. tained in the nationaMnterest. us ; £ JJ iiiSso 

j?., n . Vl , ia ,. < -‘ ,1un j e f: Opinion is divided about how an ^ the NEB is the way tn do it. U.S. (including California State Tax) 55.5 283)50 73 J 114,550 

? fie Community is ; dismissed. if j, e ^ succeeding. There Yet others are perfectly happy Japan 67 J (83.7) 204,650 75 ( 93) 180,150 

ii comes up at all. with some- are certainly some who believe with the. NEB as it is. But it Australia 65 79,575 65 19,575 

thing approaching despair: I ^ he ^ con demned to fail is n °t a "subjecr lha* comes up 

used lo he a passionate Euro- because the rising level of immediately and spontaneously 

pean when if all began. But ; ^uslralian unemployment and in conversation; nor even is 

now-, well - what can one sa> . his Qwn abrasive raanner M'ill inrames polwy or the future of 1- Figure* in brackets include local income taxes, for Belgium, japan and Denmark (Copenhagen residents). 


imum rate 

Income at 
which maximum 
rate starts 

Maximum rate 

Income at 
which maximum 
rate starts 

% 

£ 

% 

£ 

72 ( 75.6) 

65.975 

72 (75.6) 

62,800 

39.6 (63.8) 

11.100 

39.6 (63.8) 

10,900 

54 

53,375 

60 

38,900 

56 

65,375 

56 

64,000 

60 

8,630 

60 

8,500 

72 

274.000 

72 (76) 

346,000 

58.4 

28,450 

58.4 

27,000 

72 

40,000 

72 

38,300 

83 

22^21 

98 

22^121 

50 

27,900 

70 

114.550 

55.5 

283)50 

73 J 

114,550 

67.5 (83.7) 

204,650 

75 (93) 

180,150 

65 

19^75 

65 

19,575 


irii i — , . a 1 i/vfii oui aai i c. luqiiuri win — ^ T. . — 

The love affair is over. There drjve him out of omc p Bul British Leyland. The roily issue 
is no grcal debate about yjrtiiginy all aeree that it is an i* 131 IS repeatedly and 

wheihcr Britain should join the experiment worth watt-bin " without soliciiaiinn when you 
proposed European Monclary watemn.. . .. 


The income levels in the cable are amount! of gross income, either all from employment or all from 
investments, before any allowances or reliefs. The table assumes that all investment income is fully 
taxable. 


rEr °£H % r k jr^z n ; '%?. t™. *• s ,o ^ ° f - 1,77 ^ ,or Fran " (w « - *• 

*b»>e .1 all. 7 France and ^Ydcpeid'nfo'n’yo^rTo'infof 4 Excfange ra “ “ * No ''"" b " "• 1W7 - *““»"•> November 7, 1977. 

VV^-st Germany are regarded not ; a - IUn ? t . L il hone for real economir im- so«7« : Tr Mau ,v. H 0fl aird. t« Nwrms.r, t»77 


^nnany are regaraw nor xi takec over. The hope for real economic im- SoH,eB: TrM,u ^- HoMrd - ,4 "errm*,,. ”” 

?n’ mu 5V s /« l,, »t ri w th«t Play city js asfcing the co nse n a tive proveiaent and for a reversal ■ - ■ - 

hpr,i2 rP r L P ar ^ not to stir things up— of the prevailing economic and 

- ‘ ,0 nur oy amerenr ruies. which< in broad rennSi -, s the political trends. Of course, the are personal: experience with measures and there are some would show the real gains from 
^ , - one thing that Mrs. Thatcher demand is that the cuts should younger executives who have doubts about how far the the tax cuts Is dismissed as evi- 

Jr rench CXHniDiC seems determined to do. i>tart at the' higher levels and money problems or who leave, Tories really would be able to dence of his lack of realism. 

r Obviously there are special should extend to investment expanded knowledge of higher cut public expenditure. Cer- In the end, however, the main 
French economic policy issues on which the City feels income. There is a general salaries abroad, or simply deal- tainly there would have to be fear is that Mrs. Thatcher would 
ought at present to be of some strongly. Exchange control, view that the maximum rate on ings with a gardener or handy- increases in VAT and excise not be content to rest with tax- 

interest to Britain since part of which it would like to see earned income should be re- man who declines to do odd duties to make up for lost re* cutting. She would try to 

it consists of allowing the rate abolished, is one of them. The duced to 50 per cent in line Jobs because the earnings will venue, and even those could be change too many other things, 

of inflation to rise in the short level or the public sector bor- w r ith the tFnited States. fTbe be lost in tax. But it has also difficult for a government with perhaps in the process undoing 

term in the expectation that it rowing requirement is another, accompanying table shows not developed into a broader philo- only a small majority. It would the good that tax cuts might 

will subsequently stabilise at a There is also some evidence of only that Britain has one of the sophy: tax cuts are the last probably have to go io the coun- bring. Out of its pessimism, thg 

lower level. That is presum- a disagreement with industry highest tap rates but also, more resort for British economic re- try again within 18 months ha v- Citv no longer believes very 

ably what Mrs. Thatcher, if she over the management of the strikingly, .that it begins to emery. The theory is that the ing deliberately imposed a rise much in political change, even 

becomes Prime Minister, will exchange ratp: tite City tends to operate at -one of the lowest effects would spread throughout in the cost-of-living index, in the form of a reversion to the 

try to «lo here by the shift to in- believe that it should never be leveJs.) BtU there are other the economy and very little else which is one reason why the pasL In that it is probably not 

direct taxation and the return officially encouraged to fall be- voices in the City which want would need to be done. City on the whole hopes for a very different from the country 

to free collective bargaining, cause of the general effect on to extend, Ibe tax cuts right All that amounts to a poll- Tory majority of around 50. Sir at large. 

Yet the French example is not confidence. Bul, in the main, down the scale. ti cal programme in iLseif. There Keith Joseph’s idea of introduc- __ 

beina closely watched. the City has only one specific Some of the reasons for this would have to be compensating ing a parallel index which Malcolm Rutherford 


Letters to the Editor 

„ _^j. transatlantic flight, we find ihat Mr. Alan G. Thompson saying pelled- It is small comfort to 

anspun the train has just left and - at- that some industrialists think the know that those who could help 

r . night that means some wail. added value approach is dead will not do so. 

afpp'V From Heathrow a laxi to North just because of a Department of I conceded in my first letter 

London rs affordable, but from Employment statement which (September H) that Mr. Nickson, 

The Secretary. C. at wick wild rates of up to 125- was unidentifiable, undated and as Town Clerk, was in a different 

rftMb Transport £30 are being quoted by eager unsigned said that financial position to that, of the privately 

;rs‘ Guild hire ear drivers. Gatwick may be criteria could only he used if It practising solicitor. However, I 

-The recent decision of ™ efficient airport, hut it is a took into ammot the effect of am not willing to accept that the 

•vpinnment rommittee of P am ,n ti)e neck for people^ "wjfo price changes. They obviously did p ai ” de 2? Council, to operating 

^ n ZrLol Z irI!t tn live nearby. ■ ; not know thai Mr E. G. Wood’s land charge registers, are doing 

ndnn Borough of Breat to w _ p _ . TasperL • at Sheffield Polytechnic anything other than performing 


down after months of 93a Belxize Lane, NWS. 

itions between all con- 

including the Borough's ^ . 


iWLOIVU 141 IM 4 WlJIk^UUIV ' ^ , . | . . ,1 

Centre for innovation and Pro- f n essenuai function in the 
duclivity shows that the relation* lf 8a J>fJ°£® ss 
ship between' added value and 


inciuainc toe nor ouya a oiui* uvi»sni •»<»« _ ■ , M 

\SZrZZSZ Growth wages sgffigggft 


GENERAL H . 

Israeli Prjme Minister Mr. 
Alenahem Begin is Lo meet Mr. 
James Callaghan. UK Prime 
Minister, and Pr. David Owen, the 
Foreign Secretary, for one hour's 
brlefin 2 on the Camp David talks 
when Mr. Begin'* aircraft arrives 
at Heathrow from Washington on 
its way to Tel Aviv. 

Following the meeting wjlh 
Mr. Begin, Mr. Callaghan and Dr. 
Owen leave for Nigeria to meet 
President -Kenneth Kaunda of 
Zambia. 

IMF Board meets Tor three days 
in Washington. 

French air traffic controllers 
stage another vork-lo-rule for an 
indefinite period- Although likely 
to affect whole of French air 
space. French air companies 


Today’s Events 


believe delays on scheduled flights 
will be minimal. 

Clothing manufacturing workers 
wage agreement for a per cent 
rise comes Into effect. 

Local authority manual workers 
meet to discuss 30 per cent pay 
claim. 

London Chamber of Commerce 
and Industry and British Overseas 
Trade Board joint trade mission 
leaves for eight-day visit to Libya. 
OFFICIAL STATISTICS 
Bricks and cement production 
(August). . New' vehicle registra- 
tions (August). 

COMPANY RESULTS 
Final dividend: Bluebird Con- 


fectionery Holdings. Telefusion. 
Interim dividend: Southampton 
Isle of Wight and South of 
England Royal Mail Steam Packet 
Company. Interim figures only: 
Bestwood- 

COMPANY MEETINGS 

Associated Tooling Industries. 
Winchester House, 100 Old Broad 
Street EC, 12. British Land, 
Mayfair Hotel, Berkeley Street. 
W, 12. Den byware. Offices of 
Denhy Tableware. .Langley Mill. 
Nottingham. 2.30. Hogg Robinson, 

g ueens Room. Baltic Exchange, 
C, 12.15. Unitech, Great' Eastern 
Hotel. EC. 12. 


SPORT 

Golf: Hennessey Cup— Britain 
and Ireland v. Europe, The Belfry. 

Tennis: British Hardcourts 

Championships, Bournemouth. 
LUNCHTIME MUSIC 

St. Paul's Cathedra] — organ 
recital by Fred Tulan at 12.30. 
St. Stephen Wa I brook — organ 
recital by David Kinsela at 12.30. 
EXHIBITIONS 

Josiah Wedgwood exhibition. 
Science Museum. South Kensing- 
ton. SWT (until September 24). 

Portuguese Art Royal Academy 
of Arts, Burlington House, 
Piccadilly, W1 (until October 1). 

Annual Hayward Exhibition, 
containing works by con- 
temporary British artists, 
Hayward Gallery. South Bank, 
SE1 (until October 8). 


From Mr. C. Smith 


ER MM «* fW „ r a. smi* , - KKtf&SM JESS SS&fi&Z inotharplicM 

te at Neasden. is, to say c . v m ion. financial criteria to be tHscsosjea in „ »itpr* rh* nature nr 

*>, most disturbing. Even JX" B^k o^ f« «*• m ' ” alUre 

: 0 is the same Council’s England’s economic assisssmenl Lohablv the Trade Unions are w The parallel which 1 drew was 
a to use the provisions of highlighted the real problem rSr S?nnn5bte fSS between the solicitor In private 


private 


■1 iu use vue PIUYIBWBS Ui vne imi >_ tf f - resoonsible free “ v .- , • 

immunity Land Act io which still has to he resolved in ^ Pracuce required by the Law 

the land compulsorily ^ what^an 0 ^ eanied f ort * e ^ real economic truths t j, e soliritor Town Clerk who. 

the Board. This could customers who buv their into open. Added Value Is the j, ecause his staff are employed 
-m the words of the letter bv-tfe piece' whether ^ly source of mopey for wages for hinj -bythe Council to whom 

-er^to ^tbe l 'cou nriL thehome markei mr OveVscas. w! * he mUS * l J° f ok for ln t st ^ cUo 5f’ ls 

-er to toe B<exii council, believe in '“this Drinciole prevented from controlling them. 

in your issue of Septem- riifortunatelv^ffiee^vanrto B' ^ . This does indeed place Mr.' Nick- 

"subsequent serious u"„ a jd lottelr time Ho W««* Mouse , Copse Hill Road. son in an unhappy and invidious 

which could be measured UmtT , . position and demonstrates all too 

« rathpr than mnnths. OnlJ link IS productivity ana vr ffanltemh nm filnurestmUlire. uloirlu ih. ilanaan tnunlunrl in 


son in an unhappy and invidious 
position and demonstrates all too 


s rather than months.’’ can be* he measured hv the ,Vr - ChWltoihom. GloHcestersliire. clearly the dangers Involved in 

reject, which incorporated ™n „-hiP h — permitting Industrial action or 

freight depot, industrial ^Mslres the cusiomm vahii ^trilfino an * form of unlon ti> atio 1 n ln any 

mem. a Tcsco super- ^ ViSn tinJ ind oiriKlDg office, government, local govern- 

■ and improved road Min. 1-1 • met. court or private where 

:ments. was an example “ “ sulg t00ls ’ eflLUpin n S0FV1CC le S al matters aTe dealt with. If 

mamnativp and nnnsirliO- money. ©■• ■■ a Ffw ti’nists can SO easllv 


^ Q Js S 

5* 9*G? S! 

j 9 

l ."r* ' ' ' 

-.-JW- i w . 


.meat a Tosco super- measures the customers valua- >f|*||rina 
a„d improved m ^ r 4 ti«n of mployee Urae and . 

:ments. was an example “ 5Ulg tooIs ’ equ,pniBn lC£ftl S0FV1CC 

SStSlllSi-Braa ^ fu^emenud ^om^e tSiPiman, 

i"i, W u r^p W eX d ee h,, o? Tfift'SS 

ns 'it.r r x 

It. u 0 } m our economy. My recently the baeklog of land searches at or cnraU , a | cases . That is the 


office, government, local govern- 
y ' - 1 • met. court or private where 

IftPfll service l®®* 1 matters aTe dealt with. If 

,, typists can so easily 

r2,ni SaSHiiniL obstruct 12,000 conveyancing/ 

app < n mortgage transactions, think 
Sir^— K the s taff woo Me 60 iiisi e&silv & few cierks 
concerned, as Mr. F. Nickson says n . ’ p?L^ h erP »nicht 


5K x. — . . ■ * — j 7 mon to aaaea value. ur »u ujuununtLe wuiws r. 

1s 4 a?. D ^ C j nea sl ?iy^K w 5.v dls T It was Ironical that on the IAth cunveyaowpe/mortgage trans- 29, Church Road, 

^ a s ^ de ^Secretary ^ 8hould P ubLi&h 3 k^ier from action are held up would be dis- runbridpe Wells, Kent 

? in the period leading up b „ m 

iJiing its White' Paper Z Incentives and social security 


TrzfipAy . 

•f, . .*» - Ai- 




- 


en la ry Undersecretary 
i j in the period leading up 


v.-, 


SfcESK ■ 




ajiing its White. Paper Z Incentives and social security j 

J^rt in June 1977. We -■ , 

Relieve that schemes for From Mrs. Rtrusena Mills Welfare- State In which it was after six months, unemployment 

-riled transport, nationalised Sir,— In. every sector of in- dearly stipulated that benefits benefits should be withdrawn if, 
Mvalely owned, must be jndustrv and service we are con- must tax e<*- Jt w « ° nl y an w,thin a reasonable radius, a 
to an Jncreasine 100 iT 0 ■ j Ce e “ i overxlahL.of. the Attlee Govern- vacancy existed which was within 
If tiie interests of the ! laitl y iaforx ^» . a ° .®P oI ° gy ment- in. 1949 that reversed this the physical or mental capability 

usage, ; the protection ft, r P°° r service, that "Jt « mi- decUlanl ' of the unemployed person 

. Environment and increased possible to obtain staff." This Second,- 'as soon as the young (whether it be ex-manual worker, 

ji^-t efficiency are to be refers to both skilled and un- leave schaiol they are iiow jm- or ex-managing director) and 

r served: Recent - corres- skilled labour. It is. extremely mediately -entitled to unemploy- the offer of that work refused. 

in your columns on air/ difficult to -reconcile these state- ment pay. Not only is this a Fourth, the current practice in 
_^£iid connections - with meats, with the very high un- disincentive to .seek work but it respect of workers voluntarily 
SEfiffw aod Gafwlck Airports employment statistics, currently also -'engenders the highly leaving their jobs is that under 
:§i*| that many oE your quoted aT 1 - 3m persons. dangerous philosophy that the certain circumstances unernploy- 

take ^e same view II Clearly there is something in- state will always provide for ment pay is immediately allow- 
deplorable that sa’aab= herenlly wrong with the system them and , undermine the iradi- able, and in all cases is payable 
W&tt partly on party * n <i -whatever Government is tional ethog of scir-help without after six weeks if no job is 
grounds between the returned at the next election whicfr qd society can maintain secured. Thus, it is quite clear 
elements directly or mus * courage to resolve itself ; foi\ long. ‘ that the level of- unemployment 

S v involved. in the sohere tiiese grave anomalies by what The parents of theso children statistics must he inflated to a 
sort should in so manv will undoubtedly have to be will have been receiving child degree- by those who find It both 
•, delav or romnipfpiv unpopular measures. . . benefits -for them while they econoroically aod personally 

orthwhile schemes sole) v The diagnosis itself poses no have hew at school. Why there- satisfying -to pursue a system of 
to further the vestpd problem and is quite clear cut. fore should these" payments not’ a few weeks of work followed by 

of those elements. viz^ there is so little monetary be continued .at that level until a few weeks seeking work, 

view the need for the incentive under the current work is- secured: i.p.. at a level The easy availability of social 
- ' tment of a high-level and for ® very large proper- of around one^third of the security is proven as encouraging 

■ ' representative national. t,on of;potential workers lo seek unemployment, rate. the prolonging of unemployment. 

; ' ^fa National TransDnrt employment — particularly in the Not. .only would the school Decisions regarding individual 
ment Committee *<; riis- vp ry lowest wage brackets, that teaveriiave a greater incentive cases are very often in the hands 

■ in the Government’s unless they haw a very real in- to seek work, but would also be of clerks in the local offices who 

‘'aper) for the con^idera. tere st in; or dedication to, their prepared tb accept that work at make a personal decision as to 

' ' J evolution of transport work ’ uaemployment is by no a level' of pay far more com- the validity of each claim. 

■ . Is still furthdrMnflrmJ means an .unsatisfactory' allerna- paliblp with his or hers initially Clearly, therefore, it is essential 

• actions as thnsp nf the live ‘* indeed, it is often a more limited abilities. This would be that such clerks should be of the 

Boroueh of Brent. ^ attractive proposition. in strong 'contrast to the current highest possible calibre, and It 

- : ' e . , * Apart from the overwhelming situation. in which the acceptable would seem there is certainly 

s- need for a reduction in levels of minimum wage clearly has lo scope for improvement here. 

iJ direct tax, there would seem to yield- a net. return in excess of The causes of unemployment 

«... be several main areas in which the un taxed benefit: representing are many and complex and relate 

row orarion. mi. rethinking is essential. a f employer level a highly in- to ail facets of the industrial and 

■ ““ " First, it is quite wrong that flated wage which will ultimately social scene. Certain are inherent 

i- jAiArwiu eocial security benefits should be reflected throughout tbe within the economy-: others would 

./i'ltlvlitY l/l remain un taxed. The con- whole- system. Thus, were the seem to be more easily resolved- 

: : a sequence is, as Ralph Howell, acceptable wage lower, job 1 bave set out above just a few 

• ■ iWIPK MP, has so clearly indicated in opportunities offered by ’em- tentative suggestions as to the 

• * * bis excellent publication, “Why plovers would undoubtedly be way in which a new adminlstxa- 

r. w. p. Jaspert Work?" that those with three higher. ... Don could reduce the level of 


I * i ~*i*i*'\ j-j i " ' ; 

> f * .? lilt ’<•* 




"A Nationwide Capital Bond 
pays us guaranteed extra interest 

every month.” 


You ve cot some capital.butdon't 
want to spenJ it. Put ir co ^ood use. 

Invent in d Nationwide Capir.il Bond, 

its* 


Extra ] s interest ’ _ ^70 i 
for 4 yean: f 


Extra!' interest 
for Syears v 

Extrp.%;tnfetest jm 
for 2 yeans *c . § 


mr 

\0T 


was interested to read or four. children and a potential Third, of these persons un- unemployment and- at the. same 
vice-president of Delta wage of up to, and even above, employed, there must be a very time re-engender our farmer 

fiCw . Mr. Tony McKinnoq, to' flie average annual manual wage large-proportion which could in spirit of seif-help and a will to 

.. >a with the efficiency pf have more ..money, in their practice, undertake one of the work, 

f --’-/Airport. pockets when they are un* 208,000- / notified . vacancies, I’m confident that readers of 

• me that when he travels employed than w’hen they are in whether or- not such a vacancy Financial Times wJJl be able 
.■ * is whisked away by a work. .Those who would throw was strictly,, or even.' remotely, w «0d greatly to this list. 

; tr - driven . limousine an accusation of Right-wing .ex* comparable-., with his or her Roweaa Mills. 

■ - ■.*. ' ss of the time of day, . tremlty . to the - suggestion of previous -occupation. West Grays, 

.’ ...th® likes of- US . arrive, used . .h-taefits should refer to A -possible Bolution would bo Hiohereombe Rood, 

ids. delayed after, a tang- the- IWfi- Act* establishing the to implement a system whereby Haslemere, Surrey. 


BBSS B ure 

*IUrJCnt£ q*rnr -±. r ... *: it ' S 


% 


where your capital issuaranceed to earn 
extra interesmbove ourprevailing Share 
Accounrratc. 

You cin invesrariy Mini between 
£500and £L^,000 (£30,000 for a joinr 
account) and leave ir for 2, 3 or 4 years. 

A Z year Nationwide Capital Bond 
pays W" extra intercbt above the ordinary 
rate. A 3 or 4 year Bond pays P extra 
interest And you can have your interest 
paid monthly. 

There are over 350 Nationwide 
branches. Call in at the one nearest you, 
or postthe coupon. 


! To Km wf um i- Soorr, Derc.>-TC- ChoWjd Hew, 
I bWibWvfn ef'W. 


1 ^ rr nird in!vafin).i:i a: Iriturd 

_ l ta^wrlaiffiil''-"*! n 4 Irii^Yiauk ^tpre Vuut □ 

ljual-Aiii adiJbul [j hirnt-j rohn-ni^ot. aJrid Q 

ml Zj mr,idair»ir<r>Kiiti 

Ho rnivi r«ii i r^-„ Q 

\7^p* » ■! wHrad L tidra tk-h ItxtoK C 

('4rSnitahdr«w.difi«iik'.4^fY*J»or4k mtbe^eiffrf die hillin'* ju^i) 


\ Uiiol b'id H 

lluik-.Mii fj 


Nationwide 

Bumm society^ 


FuUN«w(s). 




20 




COMPANY 


NIGHtlGIIIS 


Delta Mel 
and Sees increase 


United Newspapers 28% higher 
as advertising revenue grows 

INCLUDING INVESTMENT in- subject to tax of £1598.300 com- been boosted by the houyafit 
come down from £332.100 to pared with £1.483.300 and been boosted by the buoyant 
£228 700 taxable profit of United aiiributable profit is shown ahead Some cover price increases, ana 
Newspapers For the first half oF From £1.327500 to £1,710.500. ' Profits are 28 per cent higher in 

j»7S wa» ahead 27.2 per cent from Tlie Interim dividend is up from terms oE volume, classified 
a. an pv rtp nw . |0 6 -- 47p pi . r 25p shart .. advertising was up nearly seven 


Profits m onlv 111 per cent at the W«y stage st Belt* nm CPPC I 

with demand very *IuS8**h lhere seen “ ntt ' e chance Ua *ny Allii- * 

major improvement over Lhe next 12 months. Lex also d »nj J*®* > ' • 

Daw IntenutioiialN* $lU>m bid for McKee Corp. and ^ HALF ISTS^aies of Delta. 

Baird’s interim ion in the proposed merger between Da** 0 ® 3Iet4l Company were ahead from 
Stone^PlaU has turned in firs half eaan to and Utsab e 

profits beteW‘marKet estimates and profits for the full year are profit foe all of 1977 was 

expected to Jbe lower. United Newspapers, u tine with ne ...... 

other regional papers, has produced strong half-time results At:er t „ of Ei29n* against 
with profits °8 Dt-r cent higher on tbc back of buoyant demand cg.pgm earning art shown as 4i3p 
for advertising rnd some cover price increases. Harold Perry (4.4p; per 25p snare and the 


^Turriover^rose some 22 per ceni and an additional pay- ,52 

i £27. 13m with most of the men: is to bv made for 1977. Last ' n «™ -225* somE 

lerease coming from advertise umc S nS’’.!? 1 ,-!" Paid ° D Sat lower than Home Counties' 

nd .newspaper sales, «l»re pre- lax profit of iu.M. volume gain of more than a tenth 


but ibis is probably explained by 
the fact that United is spread 


increase coming from adverting nme m , MUjfip .Onl was paid on “'^ower t h an h 0 ™ counties' 

and -newspaper sales, inhere pre- tax profit of volume gain of more than a tenth 

revenue grew by l-.o per cent and Hau-ycar but lhiR is pro bably explained by 

11-1 per cent respectively. s i the fact that United is spread 

Earlier in the year ir was Turnnyrr =2 ^ over the north of England, a 1 ms 

reported that for the first four "mjS buoyant area than the south. A 

months of rhe tear tfic group p^nt’ bcf«r« tax 3.fisoiuo 2js2,iH continuation of the current 
had >eeo continued advertising t.»» .... ..... l.sfc.Ctw i.w aw growth trend puts the company 

growth, with p rati is up *ome SO PAtf-renc* dividend ^ jji-SjJJ , 4*-?!“ on target For 'around -£7.2m for 

per cenr. Lord Rarneiron. the V«£m wiC fu| year. At tins level the 

chairman. *a;a then that the - includes additional payment for isrr. the full year. At this level the 

forward outlook was satisfactory. *. five p-e of nearly eight while the 

=nrf he now *avs that trading has ® COIT1 Hi ©I’ll yield is almost six per cent. This 


chairman. *a:d then that the 
forward outlook was satir factory, 
and he now *ay» ilial trading has 


strength of Fords and an upsurge in demand for leasing zoo 
contract hire Interim profits at Hall Engineering are -a per 
cent higher' despite a strike which cost Zlrr, and the troub ed 
mini mill now seems to be on the mend: Recovery m the P*»j‘ 
and wallcovering* market couple with the strong trend in do-i.- 
yonnelf is reflected in the half time figures at Leyland Paints 
where profits are nearly 40 per cent higher. 

Hall Eng. over £2m 
at interim stage 


£ 14.72m. Profit for ail of 1977 was 

£2fi.Tm. \ 

After tax of £759nr against 
£S.09m earning* ar ^ shown as 4J3p 
(4.4pi per 25p share and the 
interim dividend is unchanged at 
L82p nei— 'Iasi year's final pay- 
ment was 3.l9Sp \ 

UK pre-interest profits w ere up 
bv £1 5m with small increases in 
the UK demand for most products 
contributing to these results. But. 
the export market Was more diffi. 
cull, the directory- add, compared 
with last year. 

Overseas nre- interest .profits fell 

by £im due’ to worse results from 
Brazil and Europe, and to' cur- 
rency movements. ' However, 
overall results were ..helped by 
lover interest. 

UK profits were significantly 
affected by a strike - in a major 
subsidiary. which was settled in 
July. 

The directors:, stale that ' the 
the growth of the UK economy 


yield is almost six per cent. This p R ofitq uppriRF lax o£ Hall ordmarv shares at 163 p on behalf curing the first half of 1978 Was 
• compares with a historical fi 7 and BEFORE tax ol d<u ,„.i 


continued at a satisfactory level In line with other regional pub- compares with m historical R.i and ™V r “a a f Johnson and Firth Brov.n. 

throughout the third quarter. lidiina companies, United per coni respectively for Engineering (Holding increased of Jonnso 
The result for Che half year is Newspapers* first half resuits have Home Counties. from £l£m to £2.g5in in the first 

. six months of 197$ and the second -j\ if V fi 

TT II Tfc "W /ST a ha,f 15 expected to show an ira- ly| 3.1 SlliiU 

Harold Perry Motors upsurge (Loxley) 

^ A • n i • A 1 After tax of 11.17m (£036,0001 

to £2.2m m first six months to recover 


from £lJim to JEJlSm in 'he first 
six months of 197$ ;<nd the second 
half is expected to show an im- 
provement on the corresponding 
period of 1977. Profit for ail last 
year totalled £4.41 m. 

After tax of I1.17m (£036,0001 


much slower than expected and 
like man; engineering companies. 
Delta is working well below 
niHViraum capacity in. most areas. 
There has been only a small 

Improvement in the sales of semi- 
manufactured products and. com- 
ponents, • but sales _of finished 
products such as ' taps- and-, elec- 
trical accessories have increased. 

The directors expect these con- 



u iuai BU.cj3«i ic». «o>« u».iv«tu, . . n : r ' I 

The directors expect these -con- ]f the 5 T nUp r , I «i^."4„„ a 'fh= 
ditions to persist for " the interruptions to - production the 

remainder of the year with con- directors anticipate that .profits .^PgoriCte. ^ 

linuins opportunities in export for the second ha If compare. *' 

markets, which they are well favourably with those in J977 and. 


AS EXPECTED, profits before tax were capitalised in 1*177. Until ing impressive gains and August against £3552m. fLoxJevl wi 

of Harold Perry Motors at £2 19m these are completed any further must have been the best month The inler i m ^vidend is raised « £369.000 

#or the first half of 1978 are sub- comment would be premature. the trade has ever seen Ford f rom 22H3ir td 2 47top — last year’s 197s (he 

Manually in exceo of !he £1.4Sm ^ rnmmRnt f/ total was 4£2S8p. The directors renewed t 

achieved in the s-arue period !a>t m comment — — « 


basic earn incs per share are fA rPPOVPr The directors expect in, 

shown as £73p iK.n.'ipi and 7.78p I.Vr 1 Cvl/ v tl ditions _ to persist f< 

(fi23p). diluted Turnover for the ti Tirnrnn ore-tax nrofits <vf remainder of the year- w. 
^ , i niJ a ^ s ^ UnleJ W BhS!U Thomas^ M-D jmi CjJ|P-| 2H&. 1 


(Loxley) were dovvn from £4(B.OOO d j exploit, even though that overall ISTSjjrofits will he*-' Jj*V. * ' 

to_£369.00° forjbe^rrt^nalf^f SSSlrtton is increasing. 8 higher than in^ 1977. -V.^^ ’ 


directors say 
nrders. mainly 


Overseas results for the second 


included £0-34ni' toss' Jmd- 7 were.-'su£ 


Manually m exce«» 01 me •comment Veni tin Vice rhe »i>hi ninnih tolaJ was 4i«88p. The directors renewed nrders. mainly iiwn - unlikelv to differ sub- associates shard. jEl.Bflm compared' »jmed9-." ... 

iSfcr. 335 ffis BB vB frora ^ firal 

Earoin-s per 2 op -hare are hich on the back of buoyant car the only doubt is whether there ducUon «? ACT. . ^nnVhalf wHI be butler - . I .. .\ .. :.v ' 

shown "at 11 ftp s^ain^t an wlcs. Ford car reeistraiions rose could be: any labour unrest at # Comment CnVtifns^ ror^ihe fu''l' rear skouid -«-v --- 7- • - • a ‘ "M- - : r- :: ni • 

SS!2L. “V- rfifr. by just over a quarter in the first Ford to hit production. This .T an ^ T>T >¥ T 


'- ii : 
t -'•>« -■ 


adjusted 7.7p and the interim divi- by Just over a quarter in the first Ford to hit production. This H ^,. Dre .^ Drn(1(e are „ full anbroach the 1977 results. In Annl 
d«!d is ,irecllvs1y increi^.d from ha .nd IPtrrrt L'S'™r".” K “.f. ™ 2S r RTI JSIiV^kSi m Mils only 8 (fe directors ro^rted record 


lJ£35p to 1.67op — last years total 
amounted to equal to 2.6917p from ven ‘ l 
pre-tax profits or £2,/ 1 m. j c P nl 

The directors arc hoping that 
dividend controls will permit {j'j re 
them to recommend a final for er ' 
tfie current year increased by the per c 
same percentage as the interim 
now declared. w-v 

For the second half, the direc- \\ 
-tors say profits to date are well T T 
above last year's figures though 
not to the extent achieved in the q » 
first six months. flt 

The performance for the 
remainder of 1978 will depend THE 


BBK making strong 

li v»da ii'it.cu [ubi jm«"i '- • . : V.v'c 

StJS oerhaoc n^t FOR THE six months to June 24. after a tax charge of £1.61m v _re"Ueson dcmand&n^ibto jd 
pDP 01 1978. Brown Boverl Kent, ihc i£1.2-tml. and minorities; of plant mdusCnes and now p 
BTfi six months were holdtog wmp^- 'of ^^George f*74 .CWO SfSJT ~ 


T-i.'-' 


tors particular leasing and contract 130p. where the prospective p/e Phn iJZ Turrher X 1978. Brown Boverl Kent, the lil-Mml. and minorities of .plant Industrie 

ontrols wlJ _ perm.t hire, overall interim profits are 47 is nearly 6 and the yield is ill per “i c i m pro vemeii i r e fl eels ^ ru rthe r another record. _„ 1h _ holding company of the George £174.000 ( £395.000 >, but - including meOFin-jiic de 
commend a .inal for per ceo t up on sales higher by 39 cent. At this level the shares h^lf 8 f^nT°? 7 !wm rn Kent industrial instrument j?roup. a £476.000 extraordinary credit fairly. sScfc?.- 

S^tiit^erto! per cent * Car sales are still show- represent reasonable value. eun Sift jSSi $f proflte was tu’Sect to 55^ turoolerTf ErSSU ** *' 

d xxr » . . and is almost working to. full tax of £74.000 (£80.000), Earnings . to £3 afim^ontuniovei- Ox ^ 


Wadkin tops £lm midway 
and sees peak for year 


DIRECTORS 


Wadkin, Tax for the six 


largely on the production levels woodworking machinery and £338.000 (£241,000) 


achieved by the group's suppliers machine tools manufacturer re- profit at £669.000 (1564.000). — group claims Ms steel stocu- 

9i nee they see no sign of deteriora- port fir.st-half 1978 sales ahead holamg activities nave done better 

tion in customers' demand for f ro m £9. 14m to £10.7Jm and lax- ,ha H most compel itors while lhe 

iheir range of products. able profits up from £805.000 to p rqn f c cutting and coal mining tools side 

Tax charge in the hair year £i.oi ni . VjraillS 0116100 »- s al “ doiug we I. Profits of 

and attro They stale that the turnover THE COAL industry social {E U Sn £ 2£ .Sf f°Simi to 

butable profits amounted to increase in the home market more welfare or n anisation is inviting c < p .j.. rrwvu.-Tfi -« B r rhp hin-un nf 

“SLSEW,2Ftt* ,h f n ‘I>T rodu«ian in «por« 1Z, NBtional S 1^6^ S Sion 

™^^T UC rf».a.i<*rJhin anrf naru sa e * - and th ®l o'crall proht Board employees, their children marks surround rhe now less 

RalleiBh' E«M. P « aS "'tS" l'e™Ta? order in.oko is f ° r edu “ U,, “ IhcTd "fr^ uS 

started during July. Plans are being maintained and they amici- iS,w mbl mill f 4? tSn 

well advanced to build a truck pare that profit for the full year , . ‘ n »s tered by ""J Jr?|} 

•peciafLst dealership and body will show an improvement over e Miners Welfare National ^ „P-,- 

repair operation m Milton Keynes the record £ 1.76m for 1977. Educational Fund trustees, are of ° ‘ and a iieId 

during 1979. The net interim dividend pay- to hel P P e °P] e *n the industry' 01 b P er csnL , 

Discussions are taking place ment per 50p share is lifted to to pursue educational subjects . ecrt/ -V- rc n r.» 

with the Inland Revenue on the 2.2Sp d.STSpi absorbing £108.000 not necessarily connected with A5»MJU.I^1 bN UtAL 

group's entitlement in first year tSin.mwi— last year's final was mining. This year. 130 grants E. B. SavorrOTnn and Co yes- 


r ,r,,,uc ' mill has added an extra shift £7.76m and profits was subject to roP^^^Pro^ts irom 

. and U almost working to full tax of £74.000 (£80.000). Earnings ££2®/® ■ The romnanr i s 

lDUQV capacity. Not all the throughput. are shown as 5-23p f5£4pi per ->9-S4ni against £33J8Sm. d b Brown E 

ft TT u T however, is'being met by demand 25p «ihare and the interim The directors report that the sv- iuerJancL and 
* and scrap costs have risen in the dividend payout is increased to policies being, followed will pro- ,- n ' rDr i se Rnar j » 

r - first six months. A price increase iJ2p il.lp) net— last year a final vide some further increase in the .v,..,, • 

of roughly 7} per cent however 0 f 1.3S6p was paid- second half— of last years £6^1 m ceni u ‘ , 

will boost margias in lhe second The departments and rob- record. £3.3Sm accrued in the • comment 

months took half. Most ol’ the profits increase sidiaries supplying the chemical latter six months. Rrnv .„ R„vi*ri 

leaving net ha f. ^ Slated half-yearly, eariiings ro^e figures showing tax 


*• sna r»t 'sssi&is « nt of sh — • ; . r^fs Jt . 

md rob- record. £3.3Sm accrued . in the • comment - : ' 

industries l2lter s “ months. • Brown Boveri Kent*r "half-year 'what bU5toess'i5'avateblef?- 

' i„^pi nr Slated half-yearly- earnings rose figures showing taxable prollts.^ ^ecend.'tialf±6iitd'T>rodure^ :• 
' ;at e and from 8/1 2d i uite ^ 2i!lp to 3.32p per cent higher on a>aies Increase profits no less .-thin -thosd:i_ -. 
he tjpofit ? er ~ 5p share and on capital of IS per cent may/ not look first. ‘ On- average capital 


rhr. \i< -Uork- rngintainoH a -satisrarlorr level of L3ta,cu u^urcs uixiiDK: proms . *4 -seCOUO. BHOkS 6ma prpauee.rp . 

hoMtoS SrSi hi. 'e done Stor ^tivire toe dfr^tSri ^ate and from adjusted iSlp to 3.32p per cent higher on a *aies increase profits no^ 'leas .tfBtnAhpsil; 
t ha n m^esmonel U vvh ilc t he Slv rnde up fo7 the profit ~ Sp ^are and on capital of IS per cent may: not look first. ' On average capital... 
cuttinJT ind^l minin- tool® side shJrt'fall ThS subsid&ries creased by the April rights inspiring but .. against" 1 lhe points to. a ^e of F.6 ^^.. 
curort ano coai luui. siuc snoman. ' ™ .T U .C. issue, the interim dividend is deoressed state, of wor d detoand whiU thA divirteit* • 


:e of products. able profits up from £805.000 to “SiS wT ^Profits of SSd in supnfvino the r>on S ** interim dividend” is depress^ state df wld .. 

hB i r J ;? ar £101ni - VjrdUlJ) Uliereu noSible for !SS*tnduu? of up to lp (0.7«P> net- for in^mems the figures repre- a - yield of 5:5..i>er oent/^S , 

t £7.13.000) and aliri- They stale that the turnover THE COAL industry social ? hp full VPJfr anri ^return to the world-wide recession they 38 indicated at the tune of the sent a fair achievement. . BBK .leref the- shaVtfs are fairly 
v”ii* non 10 iKreaae in the ^me market^more welfare organisation is inviting IRdy SrJSE ifter the wSTp of 'add. and lie direriolf feel Se? ■ ~ : - ' ' 

ion of a h new 'truck ^ applications from National Coal 1975-76 seems likely. Question have done well to make their recommend a final of lip (Ip). : - ... r: - ;: -y 

tpa-iArJh.n anrt Jrtc 0 cra " profat Board employees, their children marks stiiTOund fhe now less contribution to group profit, low The six months* result was after — - — '' 4"'*" 


and dependants for education important South African side and thmich it be. reduced interest charges of 

grants in 1979. the level of earnings from the Marshall manufactures fireclay £594,000 against £692,000. Net 

The grants, administered by now profitable mini mill. At 123p refractories. profits jumped £lm to £2.05m. 

the Miners' Welfare National tbe shareware on a fully taxed 


allowances on leaceri cars which 3 |iWp. 


were recommended. 


trrday bought S.000 Weston Evans 


Second half upsurge 
boosts Lister 


A SECOND half upsurge in tax- auditors’ remuneration . £4.100 
able profits from £1S5.000 to (£3.550). 

£1.088.000 left Lister and Cn„ 

textile manufacturer. with w _ „ 

£1.426.000 for the full March 51. \\7 illrmcnn ' 

15* W chared with a W IlKUlSUll • 

£480,000 loss last lime. 

At tlie interim stage the 

directors reported a turnround VV VI |^|| I|rT|||| 
from a £665.000 loss to a £3SS.OOO T ▼ w MJ - •'VTAi 
profit and said that as a result of . 

reorganisation the company was lITY|l!l*n 
beginning to see improved trading liUllil II 
results and that the trend - 

appeared to be continuing. WITH- HIGHER sales and profits 

Against a final- and single, pay- in the first ha»f, the directors of 
went of 0.1p last year, the direc- Wilkinson Warbnrton say current 
tors announce a lp net dividend sales and forward bookings ore 
for the year. a sufficiently high level to indicate 

Net profit came out at £L248,000 a very satisfactory result for 1978. 
against £530.900 loss after tax of From sales of £S.39m against 
£178.000 (£50.000). and was subject £7.77m, profits in the first half 
to an extraordinary debit of rose from £164.799 to £418346 
£595.000 i £132,000; and minorities before tax of £223.600 against 


Wilkinson 

Warburton 

upturn 


m 

0&F 


£5,000 (same). 


Turnover 
Trading profit .. 
Pre-tax p rofit .. 

Tax 

Xsl profit 

Exlraord. debit 

Minorities 

t Loss. 






J. Hoyle 
£ 103,000 
turnround 


£91,800. 

,9 2Tm Earnings per share are shown at 
:ajaw xL™! T £b> aganist 2-86p and the interim 
2.S34 l.iiB dividend is 1.76p compared with 
t4» i.6p. in 1977 the total amounted 
i sw rs» t0 51 33 P when pre-tax profits were 
SBS 132 £646,000. 

t 5 First half interest charge was 
£6S.526 (£125^34) and depreciation 
£59.704 (£47.162). The groun 


Established In Thd^l^giic^Tlie ^ 1 • 

The Management' Bo^Fcf . . - 

approval of Uie Supemsoi^ Bbgrff^fmterim^ar -' . 
dencl of Dfls, 3.^ per Dfls; 
be paid for the financial 'T" ; 

For shareholders and holder^t^^rdjnaiy sf- • " . 
certificates, coupon numher 26V^Llheir securi 
will be payable at the head offices 'tif the : f ollb» : " 
banks with effect fronttlie '•'^MrQcitsj^r' 

Amsterdam-RotterdMn :V; ; r 

Algemehe Bank Nefelaiid N.V:; ; .‘:7 ^ . /;■ > 
Nederlandsche Middenstandsbank^Vv Zr ' 
Pierson, Held ring & Piersoa‘N.V>-.:- ^ .. 

'BankMees,&.Hopei94VI^-J: :: ; r - -;1 .1? 
Nederlandse.CredietbarikH^V^^'^.v:;; *• 

N. V. Slavenburg’s Ban k :‘7 .... }v. , 

.. • Van der Hoop Offers & Zbon'N.V.A’i ; 1 ;;;--^-* ] 
at Amsterdam , The Hague an# ' ^ j- 

For each Dfls. 20.«r— ordinary share # erdili^ .- 
certificate the . interim, dividend of'DAs.’^^r viill 
payable on the abpve-mentipned Mbi^ iesS 2. ’, 
dividend tax. . V" 1 /- 


Wherever in the world you need insurance, 
k'linet is the card to play With our network of 
subsidiaries and associates we provide _ 
insurance and reinsurance broking services 
covering every type of domestic, industrial 
and commercial risk for both private and 
corporate clients in over 100 countries. ; 

The world scope of the problems and ' 

challenges we tackle keeps us well in the 
forefront of new ideas and techniques. ; afj 
And behind everyth ing we do stands a 


4/. 


high reputation for professional efficiency 
and service. 

The first ever Queen’s Award made in the 
field of insurance broking services waswon 
byMinetinl973- 

This year, we’ve done it again. Which makes 
us tlie first insurance brokers to win this 
coveted award twice. : 

Minet Holdings Limited, 

Minet House, 66 Prescot Street, 
LohdonEL8BU. ’ 


dtJSnf LWp compared'with Holders of Beapr De^il^^ecei^^DRsV 
i.6p. in 1977 the total amounted receive their dividend through^the. mtememar; _ 
S« 1 (mm) > when pre ‘ tas proGLi were the institutions' where the coupon- ^sheets of j 
Fin?’h»if interest charge was ^hare^certificates are deposited oft " 

£6S^26 (£125534) and depredation ber 1978 at the office s . closing y v i ■ • -'~4 

distributes* texSes and h can»tl up Copies of the report for the- first -six Vnontt^s ol:ij 

published on the 14tb September-' 1978 .'"are a\’alt 
tt ipi* at the ‘offices oftheabove-menUon^banfevand 

HalttimP undersigned. , 

'i. UUIC ’ The Hague. - - .-V, :. - : 

l*|op f nr 15th September 1978. .. 15th Septetebet , l978^ , -+.' 

1 lov lUl ChurdiiUplein 1, Keizei^rachT p58; . 

r ,# 4-»r U/v4 1 ENNlA N.V.. N-V.Adrafrfistratiek^ 

V^llY rlOieiS Management Board. ' . ChristiaanHuygens; 4 5 --- 


Halftime 

Joseph Hoyle and Son. spinning MinA T/^l* 

^nd [uaniifactunng subsidiary of ft ftd!^ 1U1 
Lister and Co., reports a turnover _ 

of £524m for the March 3). 1978. *4.-. TTnt-nln 

year against £3.4Sm and taxable f.11 V ril|iP|S 
profits _of £59,064. compared with J w 

a loss last time. FROM TURNOVER up £448,000 to 

At the six months stage the £3. 36na taxable profit of City 
directors reported a turnround Holels Group advanced from 
from a £39,830 loss to a £7,873 £430.000 to £614.000 in the 26 

p ^ , .. . .. weeks ended July 2. 1078. Direc- 

After tax for the year of -1.S03 tors «av the current tradinz 
t£i042) earomgs are shown as position Is encouraging 

p. r 2jP share compared As forecast in April the interim j 
wUh a SlOpAoss. After an extra- dividend on the scrip issue' 
ordinary debit for the period of increased capital is 1 32n Liot! 
£112,634 and preference dividends, year's adjusted interim L056p 

»« «? a ? c i!* : £ JSf. **“ year a °d an adjusted 2.1 l2p final was! 
ofroS.873 against £49.519 paid on total profits of £ 1.07m 1 

Pre-tax fisiure included profit Directors have waived dividend 
on sales and disposal of fixed entitlements totalling' £21.598 
assets £2.802 l £1.640) and was After tax of £354.000 i £242 000) 
struck after depreciation £3SJ»6> net profit came out at £2BP00d 
(£86504). directors’ remuneration <£188.000) There were SK? 
E29.685_fX24.9fio). interest £40,412 ordinary credits this t i ml of- 
f£12.43a). group oaanauement and £37,000 and retained profit came 
fiance fbure^ £130.204 (nil), and out at £260.000 [£170 000 1 




197 8 

NKCHOUMGSUB 


The name 

that's recognised 
for insurance I 
around the world 


DIVIDENDS ANNOUNCED 

Date Corrc- Tola 

Current of sponding for 
payment pavment div. veai 

int. 0.3 Nov. 3 — 

t. It 
t. 0.4 
U 1.32 


- 19/21Great Portland SL, Lq^on yVIH6^. -' ^ 

* c The established - .-HZ Vt 
growth patteitt of . : v 
thebusiness . ■* / 
continues. 9 ’ 

Mr. Leslie M.Ratner, Chairma** ’ J r 


Bentalls int. 

Brown Boveri int. 

Cfaers'n'se (FMS) Ests. int. 
City Hotels int. 


[Delta Metal .... 




11333348 




inL 1.82 


Dowdhig and Mills 11.66 

Gresham House _..inu J.4 

Hall Enpng int. 2 47 


Lister I 

London & Holyrood ...int. 1 i 
i^ondon & Provincial tm. l.: 

Hngh Mackay int. 1.* 

TTtos Wrah’li (Loxley) int. l.t 

Nolton . I '. t.i 

Harold Perry .ini. L( 

Ransom ex Sims inL 3:' 

Rea brook Trust (M 


Dec. 13 
Niov. 22 
Nov. 27 
Jan. 2 
Nov. 6 


1080.530 

6,639.735 


• 915,647 

8,537,153 


Wilkinson Worf int. 1.7B 

Winn Industries inL 1.34 


2 

Dec. 1 

11* 



1 

Jan. 16 

n.i 

1 

123 

Nov. 17 

i.l 


1.25 

Nov. 17 

Ll 


1.4 

Nov. 17 

14 


1.2 

Nov. 1 

1.1 


1.73 

Nov. 20 

1.73 

2 

L6S 

— 

1^4* 


J: 

— — 

2.5 

_ 

0.67 

— 

6.67 

1^3 

2.3 

Nov. 24 

2 


2.733- 

Nov. 24 • 

2.28 


0.5 

Nov. 13 

0.45* 



6.38 

Nov. 10 

6 

_ 

2.25 

Nov. l 

.1.88 


13 

Oct. 27 

L3& 


1.7B 

OcL 30 

1.6 




■ 600,054 
4,606,482 


Nov. 10 


2.69* : 
8.6S*? 
LOS : ■: 
4.8’ 

3.6 1. ' v- 
0.71* 

5^61, ^ 
3.75. 
3.11 t' 


■j.Year to 6lh April 


Dividends shown pence per share net except where otherwise 

-Equivalent after alloKim: . for scrip “S' V 

increased by rights and/or acquisition issues. ; includes '■ •- 

0.0201. >p for 1977. 5 Additional 0.0333p fnr 1977. « Fnr laSJSIf 1 - 
llTo reduce diapanty. “Includes additional 0.9p -now mvakS 1 ' '' 
tt Include* additional 0.12258p now payable. PayaWe. - 


JRirnoyer. , .. t : 

Profit before tax ' * 
..Taxation. i'!. 

; Trading jreBt afterteuc 

bividBnd5 ; pe 

Earnings per 


. WT8 • 

• 7t. - 

15^01^91 

: . ijsts.wa 

■* 1 51,966 
1^133,70(1 






!JL£f6 








T 







iFlnandal Times Friday September' 2S 1978 

Jtone-PIatt t rimm ed £1.7m to 
4.3m in first six months 



21 



OREWASJfl® «t the last 435m which j^presented’ 4® - per Capital Investment In new plant 
i meeting, pre-tax profits of cent of the output of the UK, and equipment continues at a 
Piatt Industries for the first plants. " Unexecuted w«J«ts at high level. In the UK. substantial 
ontha of 1973 were lower June 30, 1978; increased by- inre.«tment has been authorised 

n the same period of 1977, £18.Sm to £151 .fim compared with, for new melting facilities at the 

■ reduction from £B.04m to .the end of 1977. In spite 0f_ an Briton foundrv, for plant and FROM REVENUE of £54.B3m! 
Sales were marginally Increase in ■wortring capital, equipment or the pump division, agaitwl £4S.6Sm. pre-tax protiLs of i 
t £Hftm against £86.1 5m. financial resources remain sac- for the modernisation of the William Baird and Co., ihe Indus- 
I ume in real terms declined, quid e for the group's require- - Green wicb site, and for new trial holding and investment 
r cent merits, the directors add. machine tools at ScragR*s Oldham group, advanred from £3.78m to I 

e April AGM. the directors Th ? Hr 5 l ha ^ P re ‘ ta * ™ suJr wa 5 pJant - £5.i2m for the first half of 1978. 

at trading, had been slow fVafm * f /rfsin!» PM * T^^akes Overseas, a stainless steel Last year, a peak £8.'>nm profit ; 
The ik-Kt months nf th o lax j found™ i E being Installed at was achieved, and net dividends! 


Wm. Baird 

advances to | The Rio Tinto - Zinc Corporation Limited 

over £5m 
halfway 


the first months- of the ^ ^^toirfority ^dry 

t year and a lot would ‘Lv?™ Columhti 


„ r r-o non <Ei»dnn losses} Uoiumhtan Bronze. New York, and totalling 9^S3l!ip per share paid. 
‘ «" total shipments that. °L. S building extensions are bring The half year's profits were 

- up ^ S w b, * TOmakGdUr!n£ ^faufdEte CTrinta dropped ^rapielcd ai Hclistone. Bran 1. struck after adrainMraiion ex- 
iond half. Hayward Tyler Pump Company, peases amounting lo £172.000 


iSw-likd) 1 effect on profits 

t j: k..f 



sijare are Vcrmont an ® -Metotie, Hoitand. Against £154.000 " and interest 
* ~ charges down £210,000 to £484,000. ] 

• Comment Tas takes £151m (fl.fim) and] 

Stonc-PlaU's fii-si half ficures are after minority profits of £2.000 
below market expectations but BSainst £9,000 losses last timc,| 
u. attributable earnings * 

on ACT rednetteft— last what ™ a,, 7 upset the share pnee from £2.7Bm lo £sSun. 
the year's final was 13 Zp • • veateiwi-iv wn. th* rnmnanv 1 . 


'•rr. ' . ' 'vlk'^-eradocts remains sluggish ' £n 1977, consolidated accounts vast nf lower profits for the year 

... 




yesterday was the company's fore- _ 

The directors state that eon- 

main overseas mariedsare included the accounts o£twoU-S. as a whole. Profit recovery “wJEf 5 ; *® ^ 

anting few signs of early subsidiaries. whose inventories depends very laruely on when Jlllt 

fy from their present low were valued on the ?/£*&"”! the world recessten in textile * b ,hrou « h tbe 

out fact hod. The U.S.. Internal machinery which jiccouhls for 
the Revenue Service has recently ha]f sione- Platt's sales, comes to Net asset value at the hair year I 


t " and profits In 


The diractonianriSLi.ice the unaudited Jesuits for 
the RTZ Group for tho six months to 30 June 1 9 7B. 

Group sdtes revenue 

Safes for thefuttaix mcnihsof 1973 were 
£372.5 million* an in creese of £62.1 million over 
the same period of 1 977. The increase resulted 
largely from the inclusion for tho first lime of sales 
from Rossing Uranium following rhe start of 
commercial prodti ciio.i at she beginning of 1 973, 
and from increased sales by RTZ Borax and RTZ 
industries. Th* pound sterling was stronger at 
30 Juito this year 85 against 1 977 and the 
com parable Value in sterling terms of sales of 
overseas subsidiaries during the first half ■ year was 

consequently kwer. 

CRAgioupaalss f«the first half of 1 97B were 
approximately 3 per cer. t lower in sterling terms than 
in the first six months of 1 377. This was mainly due 
to a decreaip'in sales by Hamersleyas a result of 
reduced onede bver 'os to Japan and lower realised 
prices. The fov«r prices were a consequence of the 
weakening of the US dollar in which sales contracts 
are priced. Salas from the lead end sine operations 
olAM&S Mfltre broadly the same as in 1 977 with 
volume increases off zoning lower prices. 
BougaimriJte'SMles wore higher due to improved 


?r the half-year ended 30 June 1978 


First Half 

Fits Half 

Year 

(£ millions) 

1078 

1377 

-1977 

Group sales ravtmua 

372- S 

S9CL4 

T, 82 3.3 

Group operating profit 

1192 

139.3 

255-3 

Share of profits of associated companies 

14.0 

13.5 

27.8 

Dividends and interest receivable 

14.4 

22.2 

39.7 


147.6 

175.0 

322. e 

Deduct: interest payable 

25.0 

28-9 

51.3 

Group profit before tax 

122.6 

146.1 

271.5 

Deduct: Tax 

56.2 

72.1 

130.1 

Group profit after tax 

66.4 

74.0 

141.4 

Deduct: Attributable to outside shareholders 

26.3 

31.7 

59.1 

Net profit attributable to RTZ shareholder* 

£40.1 m 

£42.3m 

f 32.3 m 

Earnings per 25p ordinary share 

1_5_90p 

16-79p 

32.680 


0.2 

0.2 

0.4 

Ordinary -Interim 

S.4 

8j4 

8.4 

-Final 

— 

— 

14.B 


£8.6m 

£S.6m 

£23.3m 

Declared per 25p ordinary share 

S 3l50p 


Tmp 

Gross equivalent to UK shareholders 

5.22p 

C.30p 

14J6p 


r . . - _ , . .. .. , . . _ _ ~ Mk z v ___ iiiuncTidiia sniua, Luiuga iu . - - — , — : ■ 7 1 quuhoih*i»»-“*“ "lynw uiw iuuuuiuv^u 

<der of the year targely ruled that it is no ' lD1 Jr®T an end. and although the company 15 s ^.? u 5, at approximately iSopl gold pricesantf volumes and an increase in copper 


on the level of year-end nary lo consolidate these sub- believes there may b« an upturn P®* - LI share, 
tits, which in turn depend sidtaries an this basis. Therefore. mer ( b e 1)Wct f* months there is 
jf cases on buyers' instruc- the 197S first half results Include nu reaI siRn milc |, nnprove- 

; The present rapidly fluctu- these two subsidiaries ou a '^-first mem at present. Margins should 

- doUar ZsterUnE exchange in first out" basis, and the--: 1977 mi Prov -e in the second half and 

dl also have * significant comparatives have been restated into 1979 rrrnn the very low levels 

they add. on the same basis. of ihe first half in Ibe textile 

hese circumstances it is The group w exercising . its machinery and propeller busi- 
ible 10 make firm predic- option to increase its shareholding nesses, but the most Stone-Plair 
iey say, l?ut it ig unlikely in Ferguson Propeller and Recon- may be able to hope for this year 

iroot 


of £l2m to 


F. Sumner 
£0.4m at 
midway 


strong 



PROFITS BEFORE tax of Francis 


-ofit for tiic full year will ditioning. New Jersey, U.S-. to 75 is a pre-tax pi _. 

the level of 1977. when per cent by purchasing a further £i2lm, an estimate that could 

1 was aohieved. 25 per cent of the pquity with easily be distorted by exchange 

■ period of world-wide re- effect from July 1. 197S. The book rate movements and export ship- 

. margins have been under value of that subsidiary's net ment dales. The profit figures c„ ron „ r /n„ui n «» 

irable pressure and in assets is £1 -54m. should show some small benefit ®SE?S«s i 

■n, the shipment of a num- The group has also acquired this year from the consolidation iT”?' 8 **- the 1,aIf year ended 
f export contracts was the outstanding shares of. Kent of Barrie-Wehm liter and fin the .w- 

l by customers until the Automotive Castings whose net second hain of Ferguson Pro- V*2| 

half-year. assets amount to £143.000, which pellcr, as well as from the 1977 ^1,^® „®.' Jj, Uf *^ri 

es In' exchange rates now becomes a wholly owned closures of two loss-making husi- r ““ 

December 31, 1977, and subsidiary. Both companies are nesses in France and Australia. P 3 ™® 5 since soul 
. 1978, increased sales, and trading , satisfactorily - and The shares fell 5p to 108p where The interim results represent a 
profits of group overseas Ferguson will be consolidated -as they yield 5.7 per cent, ' covered slightly belter trading per- 
ries expressed in sterling a subsidiary from the beginning more than four times, on a pros- formance than expected at the 
m and £0.09m respectively, of the second half-year, the pective p^e or 6.2 assuming a 45 beginning ol the year, says Mr. 
rta from the UK totalled direclors state. per cent tax charge. M. Maimann. the chairman. 

The order position in some I 
operating companies is higher now I 
than at the start of the year and 
the group as a whole is trading] 
at a similar level as at the end of] 
June. 

Earnings per share are shown 
at lp (094p) and the interim 
dividend is effectively lifted from; 
0.45p to OJp per share— -last j 


eyland Paint £0.3m. ahead 
> £1.15m. for the halfyear 

' , . . . . , . . , vpar'c total was in 07l»nl reantMBCUmngopeia'.ioosm North Ameiica were 

lX profits of Leyland Paint per cent with margins more titan which relates- mainly to terminal f pre-tax profits of £790353 I partly off set by. lower US aluminium metal trading 
all paper rose from £0.83m 21 points higher than the previous losses associated with its Murco- Th *» P ctoGt..v snbsirii ariM^ad ol nales- 

im for the first six months six months. Volume sales in bath pak project, it leaves the rclamed 1 ?T-il« up * iSSS %,iiL a £! m nil fmmArmrii »ho c„ a inw« 


sales tonnagp- These teciors more than ofisei the 
lower copper price. The average LME price for 
copper was £979 Per tonne in the first six months of 
1 973compariSdwith £320 per tonne m the first . 
half of 1977. -, 

Rio Algotn‘8 sales revenue expressed in Canadian 
dollars for the curren t half-year was more than 
10 per cent ilftwe 1 377, but there was a small 
decrease in sterling terms due to the weakening of 
the Canadian dollar. This weakness resulted in 
higher reafiporfuranium prices in local currency 
compared With 1 97 7 . R e venu e in th e corresponding 
period la &ty — rwas boosted by retrospective price 
adjustments. Steel revenues were higher as a 
consequence Of volume and price in creases- 
Lomex's copper revenues were below last year's due 
tothe lower WPP® r price. 

Palabora’s sales were only marginally lower than In 
the first half of 1 977 mainly duo to e 1 4 per cent 
increase in tappet shipments which largely offset 
the decrease in the copper price. 

Rrissing Uranium's production in the first six months 
of 1 978was 1,640 short tons of uranium oxide. This 
was lower tbanp! an ivad duetoafrrein May which 
destroyed one of ihe two sol vent extraction units. 
Repairs are expected to be completed and the unit 
back in production by the end of the year. The major 
modification programme is proceeding on schedule. 
RTZ Borax eddeved an 1 1 percent increase due 
mainly to higher sales of industrial borax products in 
all markets.- ' 

RTZ Industries' sales were approximately 7 per cent 
higher than in the first six months of 1 977. 
SignificendyfH'gher sales by Pillar Aluminium and 
Pillar Engineering in rhe UK and by fndel's 
Tnanufecturingopeianonsm North America were 


Notes:— 

(1) Tho results of overseas operations have been translated bom foreign currencies into sterling at the quoted rates of 
exchange as at 30 Juno T 973. 

(2f The amount shown for the 1 973 interim ordinary dividend is calculated in relation to tho ordinary shares cuirentW in 
issue and no amount is included for any issues ol accumulating ordinary shares allotted to holders of accumulating 
ordinary shares in lieu ot dividend. If all accumulating ordinary shares are converted 10 ordinary shares, the cost ol tho 
1 97S interim dividend will be £8.8 million; 

(3) The results of certain overseas subsidiaries have been adjusted for differences in accounting practices. The offset has 
been to increase RTZ's net attributable profit tor Hie fust half of 1978 by £0.5 million compared .with the amount 
derived from the published results of the subsidiaries concerned. The corresponding adjustments for the lirst half of 
1 977 and the year 1 977 were a decrease of £2.0 million and .in increase of El .4 million respectively. 


feve profit at £80.008 Ogata* £05,019 Lad te ^tarr^S5'tag la 1£:: 



on a 29.5 per cent increase paint and wallpaper have profit at £80,008 against £95,019 1,1 
over to £15.0Sm. increased by up to a quarter last time. Again there is no tax, 

lirectors state that current which suggests that the company and ordinary divide^ payments 
continues to be satis- “ increasing its share of, the will not be made. The last pay- 
anti fhpv are ' confident highly competitive ■ do mestic Blent was a 2.5p final ter a- 3.7op External safe*: 
ie full year's result will market at the expense of the ; net per 25p share total in 1973-74. Coonmuna aowtoea •• 
e fc™urab“ Withule pro- brand leaders. In Ihe UK. end# Tnrnover for titaperiod Mas ...... .. 

U months/ For tire 13 sales were particularly buoyant down _3 per cent at while cmitij^^c^rw «osiu 

ended December 31, 1977, while exports— 50 per oent.bigher. margins ^.rcw from -.03 per eent companies sold - 

l|Ce. fi 73m —'benefited 'from strong demand to 2.74 per cent. Interost charges Tax - ... — - i3i.w» 

t^r was to UK toT SatS in ConSS «l f™m XlSS^to £12^79 as a g^raK 

. (£fl.35m) and overseas Europe. While new budding re 5“ lf °p,^ uceii T ^f DW S® s ' iy , a Exiraord. credits — . - 

(£2^m). The directors activity is still very fiat, there J'* r - Clayton Love, Jnr., me Aunbutabie ,.... M8.714 

*t reran division sales con- shoold be adequate maintenance 

at a high level, and there and Dry business to sustain the ^ densbly strci^lhened as a 


Six moolbK 
UTS 1977 

I £ 

7,813442 7.453.599 
— 2.746.BS5 

387.4S1 
1W.»H 
2S5.M0 
352.141 
1.14# 1,149 

fiSO.BM 
SM, 


»n a sustained increase in trend over the next six months. ,***“**; 

and home credit sales. TTie share* are on a prospective, fih^ciai position. _ The period of 


Mg the period most ot the yield ol 3.3 per cent at 94p. 

convertible loan stock 
• converted, considerably 
. - tening the group's balance 
'< regie earnings were diluted 
(6p) per 25p share, and. 
luted they were 7p against 


First half 
upturn at 
Gresham House 


Outlook at 
Janies Austin 
Steel 


. consolidation continues and the 
. .group must persevere with its 
-efforts and rebuild carefully, he 
adds. 

-fte ‘says accounts will show 
.. borrowings down from £l.lra to 

£ ?' 8 i 2'4 Trading, so far this year In the 

0 £ . J e ^T 8 . compared st eB j division of James Austin 

Kptfrr PPT , wr»- steel HoMlngs has been satisfac- 
. tory even though demand remains; 

Despite reporting pre-tax pro fits “1“ (kS* UP at a iow leve l. Mr. E. G. Firth, 

- - ran up losses totalling £374,000. rahirirman sav« in his annoaLl 

Mr. Love says the lower turn- ®"“V^ an * says “ 1115 anmiai J 
over and trading profit figures bTaiemeni - 
reflect the disposal of the Murco- He says the efforts by the EEC; 
pak project. Steel ■ Commission to promote; 

Earnings per share are shown price stability and the restrictions; 
ahead from 2.73p to 3.6lp. on imports to Common Market] 

1977-78 -19TB- rr members now seem to be produc- 

ing more stable prices in Europe.' 
j *1 In the engineering division, the 

Braawali Kroup has started the first haK- 

_ , year with a full order book follow- 

Kllhhpr ine an improvement in the avail- 

IvmitiU ability of work in ihe latter part 

of 1S77-78. Ail the work was, 
however, obtained at very com- 
^ ... petitive prices. 

With the average realised The demand for structural steel- 
ae i®“ work also continue* to be less 
^ than adequate to meet the iuD, 
capacity within the industry and 
£27BJmo ^ ca/U30t - therefore, fore- 
' f U fr0m ■ £27W>00 cast an improved outcome for this 

1 ™ th. „r division in the current year. 

ru?b^ta m .JtaKh5 ? tha?in th. JV ^P'^^ taxahl, 

, arrears opening period, so there should ^ y«3 ri 

S % j:: ofiLS 0D have been paid at Metal Products be Improvement in the agri- ^ down from £837,003 to; 
PT pm>, pel of t-x. (Cork) following a 31 per cent cuitural profit for the remainder w *h the engineermg 

n _._f rise in pre-tax profit from £95,019 of thejwar. division again malting °nly a 

Fimeni l0 £124,155 in Ihe March 31. 1978. The crop for the seven months modest profit contribution, while 

re wallcovering and paint year. At halftime profits were was 1*438,336 kg compared with on “ie steel side home 'market 
showing only the first ahead £9.1)00 to £37,008. 1.435,181 last time. . margins remained intensely com- 

f recovery in five years, The preference payment of For all 1977. Bradwall’s profit petitivo. with exports, volume 
Paint has turned in an £16,569 covers the period from was a "record £584,000 and a 17p' was down bnt margins improved 
t set or results. First- July, JD75. to July, 1978, and with net per 10p share dividend was 
ofils have jumped by 39 the £27,590 extraordinary loss paid. 


Sales of oil frprit Argyll in the North Sea were lower 
thaninthefirsthaM oi 1977 as thefieid was closed 
in for repairs during most of the period. 

Group profit before tax 
Group profit before ta x and before deducting 
amounts attributable to outside shareholders for the 
first half of 1378 was £1 22.6 million.* reduction of 
£23.5 million from trie comparable period in 1 977. 
There was a substantial fall in CRA's pre-tax 
earnings, due mainly to lower earnings from AM & S 
and Hamerslev and the effect of tl»e higher value of 
the pound used to translate the AdMralian dollar 
results into RArfing. This reduction was partly offset 
by higher earnings from RTZ Borax due to high 
levels of production with a consequent decree to in 
operating costs- a situation which ia unlikely to be 
repeated in the'secand fyrif of the year. Elsewhere in 


the Group earnings before (ax were broadly similar 
to those for the first half of 1 977. Hossing Uranium 
made a small profit during the period. 

Tax 

Thechsrgefortaxwaspraportlo nately I □ wer f or t he 

first half of 1 978 compared with the same period in 
1 977 due mainly to favourable changes in the 
taxation basis in Canada which reduced 
substantially the tax charge on Rio Algom’s profits. 

Net profit 

Net profit attributable to RTZ shareholders for the 
six months to 30 June 1978 was £40.1 million 
( 1 5 . 9 Op per ordi n ary sha re), a decrease of 
£2.2 million (0.89p per ordinary share) 
compared with the first half of 1 977. 

Outlook 

As in previous yeare movements in exchange rates 
are a n im porta nt fa ctor affecting results for any 
period, but assuming that the exchange rate for the 
pound sterling does not change greatly from its 
present level and without a further recovery in metal 
prices, net profit forths whole of 1 97 8 is expected 
to be somewhat lower than that for 1 977. 

US anti-trust proceedings' 

The US Grand Jury investigation into the uranium 
industry, which started in June T 976, came to an 
end in May this year with no charges being brought 
against the company or any of its subsidiaries. 

The civil anti-trust proceedings brought in the US by 
Westinghouse Electric Corporation and the 
Tennessee Valley Aulhomy continue. 

Dividends 

The directors have declared a dividend of 1 .G625p 
per share on the 3.325% ‘A’ cumulative preference 
shares of the company and a dividend of 1 .75p per 
share on the 3.5% 'B' cumulative preference shares 
of the company both in respect ot the hall-yeario 
31 December 1 978. These dividends will be paid on 


2 January 1 979 to holders on the London and 
Melbourne registersasatcioseof business on 
1 5 November 1978 and to holders of share 
warrants 10 bearer representing 3.5% ‘S' cumulative 
preference shBres on orafter 2 January 1 979 alter 
presentation of coupon number33. 

The directors have declared an interim dividend of 
3.50p per share in respect of the year to 
31 December 1 978 on the ordinary share capital of 
the company, compared with 3-50p per share in 

1977. 

The interim dividend on the ordinary shares will be 
paid on 2 January 1 979 to holders on the London 
and Melbourne registersasatcioseof business on 
1 5 November 1 973 and to holders of share 
warrants to bearer on or alter 2 January f 979 after 
Dresemation of coupon number 36. In the case of 
holders of ordinary shares and 'A' cumulative 
preference sha res on the Melbourne register, 
payments of the foregoing dividends will be made 
in Australian currency at the rate of exchange ruling 
on 29 November 1 978- 
The dividends an the ordinary and preference 
shares will be paid without deduction of income lax 
and will cany a tax credit. This credit will be 
available principally to United Kingdom resident 
shareholders and also to shareholders resident in 
certain other countries under double taxation 
agreements. The interim ordinary dividend lor 1 970 
afteradding the tax credit will be equivalent to a 
gross dividend of 5.22p per share (compared 
with 5J3 Op per share for the interim dividend 
for 1977). 

Accumulating ordinary shares 

Holders of accumulating ordinary shares will 
receive on 2 January 1 979 a further allotment of 
accumulating ordinary shares, credited as fully paid, 
on the basis of 0.01 3638 of a new share for every 
share held at the close of business an 1 5 November 

1 978. Fractions of less than one half of a share will 
be eliminated and fractions of one half of a share or 
more will be rounded up to one whole share. 

Holders of accumulating ordinary shares will also 
receive a dividend of 0.1 p per share. 

By order of the Board D. A. StreBtfeifd, Secretary 


PnntBtf copies of the report are available on request from the 
com party's transfer office. 1 RcdcBff Street, Bristol BS1 BNT. 


6 St. James's Square 
London SW1 4LD. 
20 September 1978. 


nterim dividend is 2p (Ip) 

•t total of 4.628lJ8p for the 
•er 31, 1977, 15 months 

ip a 2.3p second imerim. more than doubled from .198.000 
-328I18P final payment. to £211.000 for the first half of 
present indications the 197s. the directors of Gresham 
s anticipate that they will House Estate Co. repeat LheJr 
]® f?” a __ _,!?!? earlier forecast that the full-year 

figure is not exiperited lo be 
higher than last year’s £433,000. 

Half year profits, which do not 
take into account associates' 
result, were , before tax of 
£95, M0 (£39,000) and JE1.000 
minority profits, against £6.000 


RTZ 


eislation on the distribu- 
1 profits when the final 
1 is considered. 

'aluation of freehold and 
isehold properties shows a 
of £i.)3m which has been 
0 capital reserves, 
he first time, hi accord- 


th new accountancy prec- ,aa *. ****** 


ne £40.000 depreciation has 
barged on freehold and 


d buildings. 

Six raonlhx 
JB7S 1917 
1008 B VW 

15.977 JLW7 




. VMS 
2.295 


1.31 IT 

1.03S 


SSL 

925 

48E 

tore tax . — 

LZ48 





56S 
IS 0D 

•n<aiinn for Inn 
. ol proems, net 

of nrnfi 
of tax. 


The interim dividend is- main- 
Lanied et L4p net per 25p share 
— for 1977, payments to tailed 3p. 


Rise at Metal 
Products- 
arrears paid 

Preference dividend 


down so far 



^entails well up in first half 


to partly outweigh the turnover 
decrease. 

Group properties were revalued 
at £682.500 on March 31, 1978 and 
this compares with a book value 
of £285,330. At balance date net 
fixed assets totalled £521,360 
(£494,914) and net current assets 
were up from £3.41 tn to £3 .6 9m. 

Meeting. Ossett, West Yorkshire, 


S, excluding VAT, hp bv the adjoining premises' was pur- The flrart' half had shown a re- 
cent from £W4ffim 10 chased so (hat the .two buildings ww Iot a net deficit of - . 

. pie-tax . profits - of can be combined to form an en- £82J360 to profits of £5a.l33 and October 16 at noon. 
■ departmental store- con- tented tfepartm.errt store of about the , directow were confident this 


well ahead Tor the- half 35,00(1 sq ft of selling space. 
29, 1978, from £0.61m 


.. ij <1 .‘ j ' .» 

' T - " " . " ^ r d « 1 


Improvement 
at Nolton 

Turnover of Noiton Improved 


trend would continue during the 
second six months. 

The . year’s profit Is after all 
charges including a tax charge 
of J22$P7 against a £2.007 credit. 

Earnings per 25p share are 
shown^-ar 4.62p (0.42p loss) and 
the dividend total is an unchanged 
2p with, a maintained final of 


Hugh Mackay 
profits ahead 
in first half 


directors anticipate a 
ary result for the year as 
—for the 1977-78 year a 
2.69m was achieved, 
irectors slate that turn- 

ice August 1 has been 

ban for the correspond- from £2.19m to £3. 55m in the year l-73p- t . ^ . 

is last year, but the rate ended April 30, 1973. and there Excluded from . the 

ase has recently slowed was a net profit of £120.800 com- figure* Js a capital profit h . of , g7R 

U per cent. pared with losses of £11,585 in the J39.503 after tax, on the sale of JiL™" 

- “ 1 ini'AffhHaiift nNioaehal 


Hugh Mackay and Co, maker 
revenue of ‘’Durham" carpets, reports pro- 
of ta* profits up from £197,000 to 


romp arisen excludes any previous year, 
the newly acquired store 
Bates, in Chatham, Kent, 

■onsiderablc development 
place which the direclors 
■dent will be to the bene- 
•>th the company and Us 

~ts Is well able to meet 
ndfLure, they add, and 
.dvantage of any further 
ies for expansion that 
themselves. 

IlaU-FFir 

»w — 

BHW 

11.143 

...» - 1.390 

27^1 
1022 
5X3 
SM 


investment properties. 


Best & May anticipates 
a satisfactory year 

The Investment in middle £7.134 while the gain 
management by Best and May purchasing power over the 


in 

year 


from turnover of £4.Q9m against 
£3. 92m. 

Profit comprise* £193.1X10 
(£137.000) from trading and 
£25,000 (£60,000) from invest- 

ments. Tax charge is £118,000 
(£97.000) leaving net profits at an 

unchanged £200,000. 

The interim dividend is main- 
tained at 1.4p per 35p share again 
absorbing £69,254 — the total -pay- 
ment last year wax 8.25p from 
pre-tax profits 0/ £259,000. 


DELTA 

Interim Results 

Unaudited pre-tax profits 
at £14.7 million 10% up on 
corresponding period 
last year. 


U.K. pre-interest profits were up by 
£1 ,5m. Smallin creases in the U.K. 
demand for most products contributed to 
these results but the export market was 
more difficultthan last year. Overseas 
pre-interest profits fell by £1 .Om due to 
worse results in Brazil and in Europe, and 
to currency movements. But overall 
results werehelped by lower interest 
charges. 

If we can avoid interruptions to 
production I anticipate that the profits for 
the second half of 1 978 will compare 
favourably with those in 1 977 and that 
overall 1 978 profits will be higher than 
in 1977. 

lord Cafdecote — Chairman 

giHH HHttUKM IIHBIIH MIWM llltlllllK HMIIM IHHIUtl WWHV.I V.VAWW V.HWl|| 

i GROUP PROFIT SUMMARY I 



Blast freezer by Refrigeration Appliances Ltd. lor use in poultry packing plant. 


nc iu 


dindeoda 
Iirldend 

tax of 


Midterm rise 
for Investing 
in Success 




fort will generate additional sales in would increase net profit by £220. 

the UK and provided there is r.o During the year, home trade 
larS Rene.’al decline in the home trade, demand showed signs of improve- 
m!« 2.MK‘W. Best, the ' chairman, anti- meut but was not buoyant and 
. JW cipate; the cutrent year will ex porta tended to fluctuate, says 
xj: produce satisfactory results. Mr. Best Prices remained rela- 

. ‘ • The current year should atao tivrty stable but it was necessary 

12a —see some of the benefits from the to increase stocks in all locations 

__ £0.58m against acqaisition of Kent Electrltal malnyr due to the turnover , , . 

jid preference dividends. Wholesale, sqyy the chairman. ino^asei- 4fter expenses ®nd Interest 

■ofit affiributable. came out ■' Exports are expected to make a The. property at Maidstone totalling £230,621 compared with 

n (£028oi) giving: earn- bettex contribution to profits tins acquired with Kent Wholesale was £181^17 last time, pre-tax roflt of 

yjp (Sap? pS«!p stare! year seveSal .Substantial told during tbe year for £40.000 “Investing m 

-^upany has entered (he export contracts are. in hand. which ww the same as its cost to. advanced^ from £197,908 to £217,038 
^Svldcnd list with a pay- . For the year ended Apia 30. the group. - in the July SI, 1978 see months. 

OJSn net. costing iWSpi 1078, profits before- tax were Imperial-, .Toba«o Company Cross revenue for toe penod 
jar's single dividend* was £308,651 against £247,778 from Pension .-Trust holds 3W.QOO w« compared with 

• tprnover of^'£544m (£8-47ni). Net ordinary : shares in the group, £329, 42a After tax of. £80,499 

3 Rate* was "bought on profits were £181,818 compared l4igon Securities, 397.500 and a (£3T,««6) net profit was £156^39 

J 1978 for £238,560. Some with £169,755. trust created tome time ago by against £140242 last time. 

* itt ol' this. was settied by . On a CCA- bad*, the cost or Mr.. Best .in which he has no As preriously announced the 

* P or shares, the- sales adjustment would have beneficial interest, holds 4W.00Q interim dividend is up fram.0J92p 

- £ 113 , 796 ,' being paid in tedulced net ’.proi5.t tiy fSl.OfeS; » n ordinary- . • T • to 0.9045p net per 25p share. Last 

' . ........ -additional depreciation charge Meeting,' Waldorf Hotel, WC, year a 2,Il3p final way paid on 

Y< same time toe Jew pf.^uH reduce not profit*,: by OctobarSAtjtfJH pm, ... total pre-tax jxrofita’af £248,000. 


9 

Half year to 

1.7.78 2.7.77 

Year to 
31.12.77 

Sales 

£258.1 3m 

£252.53m 

£468.13m 

Profit 
before Tax 

: £14. 72m 

£13.4Tm 

£2fi.70m 

AtUibmabSff 

Profit 

£6.14n 

£5.94« 

£11. 38m 

Earnings 

per Share 

4.3p 

4.4p 

8 

Dividend 

per Share 

1.820P 

1.820p 

5.0183p 



gSgS&SBi i 



Marina fittings and accessorfss from ttra 
Datanar and PMB ranges. 

Nettle end Memstyle electrical 
accessories. 


Conex compiesslDn end Detaop capillary 
finings and BoKvar pipe dips. 


annul! HHitum tiimmi nuimu mumii . ninmn ni!i!ii!i iimimim nml 

Copies of the fuQ nterkn report and Lord Caldeoote’s 
statement to Shareholders are available from the Secretary, 

The Delta Meta! Company Limited, 1 KIngsway, 

' London, WC2B QXF, 


THE DELTA GROUP 

A major international group manufacturing 
building products, electrical equipment, 
engineering components & non-ferrous metals. 






22 


Financial Times Friday 


BIDS AND DEALS 


Rockware makes £4.6m. offer 
for Alida 



Rockware which just over four at a marginal profit yesterday, dded not to refer the following 

months 250 was ordered by the Comben shares closed at 3lp. proposed merger to the 

Monopolies Commission not to pro- down lp after earlier falling to Monopolies Commission: M. Pi ran' 
ceed with its offer for Redfearn 30p- a substantial minority sharenold- 

Nationa! dais yesterday Saint Piran will announce to- ins in Orme Developments. Corn- 
announced a £4.6m agreed cash day whether it is going to accept ben Group/Onne Developments, 
bid for Alida- Packaging. the Comben cash and shares offer 

This is the group's first now that the Comben bid has 

takeover move since the findings gone unconditional. Saint Piran 

of the Monopolies Commission js expected to accept. The Board 

and Mr. John Cralgie. Rockware of Orme will also decide whether 

chairman, said last night that the to recommend shareholders 

group's expansion plans had heen generally to accept the cash and 

placed in mothballs For a year shares offer, 
while the Commission had studied 


the RedTearn situation.- 
He said: "We have made no 
secret of our desire to expand 
our packaging interests and Alida 
fits very neatly into our plans." 

Alida manufactures largely 
polythene bags and flexible wrap- 
pings and also has interests in 
plastic waste reclamation, while 
Rockware manufactures glass and 
solid «rate plastic container*. 
Rockware is bidding 145p for 


HUBER HAS 68 % 

OF AMERICAN 
ASSOCIATION 

J. M. Huber Corporation of the 
1‘.S. which is bidding £fi.4m for 
the London quoted American 
Association has now received 


Change Wares 
statement on 
rights issue 


A statement has been Issued by 
the board of Change Wares to 
clarify any misunderstandings 
which may have arisen as a result 
of press comment on the circular 
issued on September 9. 

^■,uv.u..„ u xlo „ „ u „ 15lc ,.„ The additional capital to be 
acceptances representing almost raised by the proposed riffhts 
158 per rent qF AA's Shares, accord- 3 will" 



Ransome 

£0.25m at half time 


WITH SALES, for the half year 10 -V s Denmark 

ri4 53m bnug better marketing w«m«« 
j -^ - d 1 r £ H*n throughout Europe for tne 

to £l< JSm. taxable profit of Kan- , „ lri _ 1rut .i, s _ 


hich ’v*y 
marketing outlets 


Downturn 

atSungei 

Krian 


each Alida^ *?uhv> shareholders yesterday. 

The bulk of these shares were 


lent loan stock alternative. Alida's 
major shareholder Drajtan 
Montagu Portfolio Management 
controlling a near 22 per cent 
slake has already agreed to accept 
the offer. 

Directors of Alida, controlling 
a further 5 4 per cent interest 
have also agreed to accepr and 
are recommending other share- 
holders to take up the offer. 
Alida's merchant bank advisers 
Singer and Friedlander also 
support the terms. 

The company is forecasting 


ing K m an offer document sent to tional working capital and 
^ also enable the Change Wares 

Group to continue to lake ad van 


tape of opportunities to expand 
and develop its business by 
internal growth and acquisition. 

Although discussions are con 
tinuing with a view to increasing 


held by family interests of Mr. 

M. C C. Arm it age. The U.S. group 
is bidding 36.53 a share which 
compares with recent valuation of 
rhe fixed assets which estimated 
the company's worth at around Change Wares' association with 
SS.14 a share. Bastian -Blessing Co. Inc., it has 

American Association owns not been proposed that such 
68.000 acres in Tennessee and association would involve Change 
Kentucky for which it controls Wares acquiring a majority 

the mineral rights. interest in Bastian -Blessing. 

The company says that the Any proposals which are 

valuation did not take into formulated 


..«= - - . . . . in due course Tor 

pre-tax profits for the six months account any capital gams charge change Wares to take any 
ending September 30. lf'TS. of which would be liable if the assets interest in Bastian-Blessing will 


£215.000 compared with £337.000 
earned in the same period last 
year. 

The offer price of 145p com- 
pares with Alida's suspension 
price of WSp at the end of la<t 
week. Rockware has been 
advised by Kleinwort Benson. 

COMBEN SHARES 
SOLD ON 

The Comben shares which were 
taken by the underwriters in the 
course of Comben's cash bid for 


were realised or the current earn- ^ taid before shareholders for 
mgs potential. Mr. J. . \\. Clement consideration and approval in 
chairman said he did not expect accor dance with the requirements 
proms in the next few years to of the stock Exchanse . 
increase sufficiently to show a . 

realistic return on the offer *t not - however, proposed 
price." that the capital to be raised by 

The directors of American the rights issue should be 
Association and the company's reserved for . this or any other 
merchant bank advisors County specific transaction. 

Bank are advising shareholders to Furthermore no formal pro- 
accept the offer. posals have been made and no 

plans have been formulated for 
T\rn pDnRP the mer S e r or Change Wares with 

lvtA rKUBL any other UK listed company in 

Secretary of State for prices which any directors of Change 


Orme Developments were sold on and consumer protection has de- Wares are interested. 

BMCT stands firm against JFB 

BIRMINGHAM AND Midland whch will now be available to Ordinary shares fpart of his bene- 
Counties Trust, the master com- the new company. ficlal holding). Mr. Dwek’s bene- 

. pany of Mr Graham Ferguson George and William Beech, with ficiaJ holding now amounts to 

Lacey and his associate Mr. Cecil six partners, founded in Binning- 1,797,216 shares (22.7 per cent). 
McBride, is maintaining its ham in 1S64. is strongest on pr- Desoutter Brothers (Holding*) — 
opposition to Johnson Firth vale client business. R. C. Desoutter. director, has sold 

■Brown’s bid for Weston Evans. Mr. Stock said I hat the greater 20.668 ordinary shares, XI. J. 

BMCT controls a 42.5 per cent size of the combined firm would Barnard, director, has sold 17,400 
stake in Weston, the Lancashire- be economical under the talisman shares and R. Fogg, director, has 

based engineering concern, and system of settlements. sold 16.724 shares. 


says that it will not accept JFR's 
offer worth 164 p a share— even if 
the steel group gets sufficient 
acceptances to declare the offer 
unconditionaL 

BMCT is itself bidding for 
Weston in a deal valuing the com- 
pany at £6.7m. This compares 
with JFB's offer worth £8 .3m. Mr. 


ELECTROLUX . 

FORMS NEW- 
HOLDING GROUP 

• Electrolux Associated Com- 
panies has been set up to act as Ann nniinnrv iharM (S7S ner 
a holding company for all onUnary 8liares ,0 ' ,s per 

(Leyton)— Mr. -John 


Ailsa In vestment Trust — Follow 
ing the purchase of 68,500 ordinary 
shares Comhin Insurance Co. now 
hoids 896,000 shares ( 13.07 per 
cent). 

Finlas Holdings — Henderson 
High Income Trust now holds 


cent). 

F. Austin 


Lacey’s company was required to ^Tih^ihp 

make a full offer— under City JJJSJJI': «? FwtSl? t m the A. Austin, joint managing direc- 
Takeorer Panel rules— after it in- E ,Mt rolux Ltd., tiie u_ ' «* — * s 


.« n wv. »«.«. a rt mo-efir. , nn ii, n ™ nnn.om tor, bas acquired 31,450 ordinary 

creased its stake in Weston from d0 ™*f £$$•% com . fja^ bringing jus to t^ holdrng 

is in excess or £5iu. The £ n 2 * , ’ D<4 shares lapprox - L<1 per 
into the new cem ' 


29A per cent to its current level. 

. Mr. Lacey and Mr, McBride, 

who are also directors of Weston. !* Caraford Engineering — The 

say that JFB's bid is too low. £™ up Emiinmintr ?u r ocS : National Coal Board. Staff Super- 
Meanwhile JFB, which last "g™ Eqi FTwfi* ' HramS' annuation and Pension Funds has 
week extended its offer tor a f ad^Addo. n.vmo ^i^q v a rna purchased a furlher 500,000 


further tortnisht after receiving sierilizm^'EouiDment'^ComDanv ordinary shares and is now inter- 
a crept an ces representing 47.2 per sSItfishRoy-d ReMuratfon esled m 1x0 orduiar * shares 
■ cent of Weston has appealed to “?, ■ beneficially, 

small, shareholders who have not ^oftlMtrelu^LW »r XlS British . Printing Corporation— 
so far accepted its terms to do so. S 2 e win be chairman and M? Mr - E ' R - R Harvey. a director. 

JJlT<roS ■JJ^SSSE', 

tal * u “ rd K "SW 1 ” 

1978. With a projected turnover Provisionally allotted, to hun 
for Electrolux Ltd. of £90 m, the 
nperatmn.s or the Electrolux 
group in the UK should reach a 
turnover of £120ra in 1978. 


tdubfe profit 

somes Sim's JUKI Jefferies, machi- 
nery maker, rose from £l-92m to 
£157m. 

Net profit . came out at £1.0lm 
f£733,000l after- lax of £260.1)00 
(£284,000). arid 'there were extra- 
ordinary debits of £60-0°° 1°'^- 
Earnings per share are shown 
at I7.4p against 13.4p last time, 
and to reduce' disparity the in- 
terim dividend is raised from 2.5p OWING TO lower profits from 
to 3p. An additional 0- 09 P n . el palm oil. estimated pre-tax earn- 

£1 share is . -also to be P a 'd ings of Suugei Krian Bobber 

1977 when a-6.084p final was paid. Estate- dropped from £427,000 to 
Directors say prediction of the *245.000 for the first seven months 
year's results is ’difficult on a con- 01 l97o. 

sistent bask - Smsim* of **** However, the directors saj 

seasonal in" much of indications are that a recovery m 

StoSPSJSE. B ut the the oil palm crop from the pro- 
spreadof busSlncourages the longed ,° f .^ e 

gVoup to expert results to show yea« wfil te evident m the latter 
an improvement on last years h <« ^ 

H ^ ... _ - . • and prices have improved for the 

Mr. G. W. Bone, the chairman, remainder of the year, they add 
says the group' showed increases j n total profits were 

despite more ahead from £439,006 to X7S9J27 
difficult trading condiuons on the and a nBt dividend, in 

farm machinery side of ^ bust- lieu of a finaK of 75p per £1 share 

u was paid and followed by a four- 


ness. .An improvement m 

perfomanceol the European sub- for<)ne xr - ■ wit h a sub 
sidiaries was a sign ncant factor dllisifln mto 10b Rhapeil 
in achieving the . mulL 

It was reported in May that it 
had sold its South African com- 
pany and the terminal loss is 
shown as an .extraordinary item. 

He says markets for farm 
machinery* both ai home and 
abroad, have not been buoyant 
and competition. particularly 
from other . European 
facturers, is intense. 


division into lOp shares. 

Chersonese 

Estates 


manu- pre-tax 
CPUS) 


After replanting expenditure' of 
£71,000 against £100.000 last lime. 

profit of Chersonese 
Estates declined from 


Ho says the company has long £630.000 to £589.000 in the first 
been involved, jo Uie market for seven months of 197S. 
sprayers lor the application of Directors say output of all crops 
chemicals and fertilizers and is now improving and current 
such products are becoming prices are higher than during the 
increasingly important in the firat seven months, 
application - of modern farming The interim dividend is up from 
techniqcea -- To develop this an adjusted 0.3 75 p net per 10p 
aspect of business, the group has share 10 0.4p. Last time a ip final 
recently acquired Dorman Sprayer was paid on the record pre-tax 
Company a leading L'K specialist profit of £L14 jul 
in this field;: Dorman will con- 
tinues to' trade and develop busi- 
ness under Sis name. 

Demand for grass cutting 
machinery is currently at a high 
level owing: to good market con- 
ditions. its: product range, and 

its distribution in key markets. AN INCREASE of 36 per cent in 

To consolidate this position the Ehi^efto’ h!m" 
group has acquired SU per ceet £? *57£5dXg; 


Stag 

Furniture 


1. 1978, on turnover up almost 15 
per cent to £ 9 £ 5 m. 

Mr. P. V. Radford, the chair- 
man. says trading conditions have 
steadily improved during the 
AU com- 


of the equity shares, with an 
option to acquire a controlling 
interest in .Wisconsin Marine Inc. 
a UJS. manufacturer of heavy 
duty rotary grass cutting 

machines. These products are and __ naoA 

P aaies working* to capacity. 

j ? b -k After lax of £539.000 against 

not include any contribution from £-95000 eamings per 25 p share 
either 0/ these two acquisitions. (9^7p) a^d 

Ransomed electric truck the Interim dividend k lifted from 
business has .'.'also shown an 2p to 2J3p, absorbing £88.779 
improving trend and during (£77,199). 
recent months jt has entered into In 1977 the group paid a total 
long term' agreements with its dividend .of 48p from pre-tax 
UK distributors-and with Je Laii profits of £1^6m. 

RESULTS AND ACCOUNTS IN BRIEF 

PsrinM Mlfttna nl Exploration— L obs says current year should <ee vonbxhilc 
for year . to June =0 1ST i £10--S8 imprcnemcm altbousb profits bear 
Z-I.SNi a/ier prowUm £24 ux icredli the cost ot removal of Die Srams&ravs 
£335.. . .• ..*L- . a. . Plant amt workforce. XteeUss. Eroms- 

!•"" ■ s rote. October 12. noon. - 

-SUlrit?*s'S? 1MPAUV PLATINUM — Results tor June 

J?, hi . 1878- rear already known. Ford 

assets 'Rl33.3r.. Conran assets 

52«cS wrWeii Board nxpwas to sustain. R»tsr m .srT TSau; current lxabUittes 
Ttie company 1 creattng adtUtfonaJ capa- HSd.l9m «KSO.0Sm.. Maetm*. Juhanoo- 
clir 10 suopon the growing 1e»cl of burg. November 13. 
output which itself U- maicbcd by a _ 

growing order book less dependent on CONSOL1- 

gencraUy dull UK markets. OMBD MINEg— Restilts ta - June A. 

ISIS year already known. Faed assets 
BROMSCROVE CASTING — AND H 10.74m iR9.59m), w! current assets 
MACHINING — Results for March 31. 1ST*. RLW™ fRl^L-n.. loan porton of lax 
already kno>rc. uroop toe* assets n0.61m 'Mimti. Chairman says in new 
£589.000 {XBOtiAro.. nei current assets of rriatlvelr . high, rate or copfu! apendi- 
riW.4B7 |£1M.453>. Bank -overdrafl nirtaud expected (nrtfaer escalation of 
£30.812 rj3?J.«ji. Cash balances working costs, gold pries rift be the 
decreased by £3.505 t £146.461 1. Chairman main determinant If correal year profits 

Meeting, Johanaes- 


said: "Every acceptance, for how- 
ever .email a number of shares, 
is critical." 


PROVINCIAL 

STOCKBROKING 

MERGER 


REST OF OFFSHOOT 
Whitecroft, textile, engineering 
and construction group has 
acquired the remaining 25 per 
cent of its Z and W Wade con- 


SHARE STAKES , . . ... f a 1V . 

SL \nrirewc Trust Standard SirucilOll subsidiary’ for a total 

■m ci...ir r.f Life. Associated Co. and Standard.® 0 ** ^? 7 : 0|W ' 


firm. Stuck and Cu^ is to'raergc 
with Birmineham stockbrokers, 

George and William Beech. 

The joint company, to be known 
as Stock Beech and. Co., will be 
one of the largest provincial 
broking firms in the country with ° a .Pf™ 11 
19 partners. fanul - v t0 

Commenting - on the merger. Mr. 

Tim Stock, senior partner nf Slock 


Life Pension Funds hold total of. . or Jw. i542.0ti0 is to be paid 
625.164 i5.5 per cent) Ordinary m cash wiJl remainder kfUs- 
ghares. fied by She issue of Wiutecroft 

Scottish Heritable Trust— 3Ir. SI. shares. 

Green has intimated his intention 

on behalf of himself and his tuodm ct it t r ru ir a t 
acquire from Mr. .V. tLtCIK^AL 

Cochrane Duncan 600.000 Ordin- A million shares m Thorn Elec- 
ary shares in the company. This Iricai changed hands at around 
and Co., said vesterday, -The concludes the option' agreement 38lp apiece yesterday. Ail were 
merger will provide Stock and entered into on August 25. 1976. placed vvith a number of mstitu- 
Co. with a valuable introduction Subsequent to this transaction Mr. tions and were thought to come 
to the Birmingham market and Duncan holds 1,389,917 shares i2S fr °m the interests of a non-UK 
will also give George and William PW cent). resident. 

Beech direct access to the London Drake and Scull Holdings — Mr. . ~ 

floor, together with expanded re- <L_A. A. A. Maiavez, director, sold 
search facilities." 475.000 Ordinary shares in which 

Stock and Co., based in Bristol, he has indirect interest ai aver- 
has substantial private client and age price of 32p. 
institutional business. The firm Bodycote International — Mr. J. 
has also built up a sizeable- re- D. Dwek, chairman and managing 
which will now- he available to director, has disposed of 60.000 COURTS 


are to muu-fi I977-7S. 
bars. October 18. 



The unaudited consolidated-Tcstilts for 

the half-yeariadedSOth June 1975s are 
summarised below. As atesuli of the 
recent change in the date of the company s 
financial yeaf-end, comparable figures 


forthe. previous jearare-nm: 
thoseihown below for jiisv: 

the results . =■ 

nine-month, accounting 

3 1st December-1977, ‘-j ‘ -* 




Results (nnautiifeti) 


Six montbs.endetf; . 








’ .• • 

1978 . 

':- ; i97t:.; 



£'000 



TuiBovcr 

95.047 

. 1:4,848; . 


Revemie; 




Operatins profit 

9540 

•? ''iij&ii 


Profit on rc<ilisation of investments 

1,959 - 

2,488'.; 


DNidenas 

2,172- 

1,626^ 

•’'^"2,5997 

Interest and other revenue 

2,437 




16,108 




Expenditure: .. 

Administration, technical and 
property expenses , 

Exploration " . "/ V .' 

Interest payable 
Exchange differences 


Profit before taxation. . 

Taxation 

Profit after taxation .- 
Minority interest -• ' 

Profit attributable to ~j.. . 

Selection Trust Limited -' 

Cost of interim dividend ' 

Total dividend for pretrous nine months 
{J4.0p per shared 

Earnings per share,: 
ion 3 1 ,699,673 shares) , 

I on 29,072, 1 62 shares) 
ton 29,364. 108 shares) 


2,157 


;."r .1,963 


- "3382 

-1,892 


V,-/.- -1,9561 



2510 


25^8 


. - . ' 4,137 

(124) 


- 3 


... - ~ 


6,435 


6 ,8?0 


:10,547- 


9,673 

AO90 




5383 

.233 


• 3,687 . ' 10,678 “ 

\T3f-" 'i ;V - : \ .443v 


5,350 


5,556 


•3,635. 


158 5 


1,454 


4J07 


16^p 


19.7p 




Turnover indudeda mudi reduced volume of 
realisations of gilt-edged securities amounting 
to only £3 milKon, compared with £39 million, 
in the figures for. the'six months of 1 977. 

Total operating profit was lower than in the 
first six months of the 1977 period, principally 
because of the incfiisibn last year of speria | . 
payments from the Heerema group arising 
from the revision of arrangements with that 
organisation. Mining revenues continued 
generally to be weak, jot improved results 
were obtained from the.'Nfouat New man 
operations in Ausiralia.Tte operating profit 
included for the first time a full period of 
revenue from the Kleeman group of companies. 

It is emphasised that the rtsuks for the first • 
half of the company's financial iyear do not 
necessarily give any reliable guide to the iikely . 

results for the w hole year. 


Interim Dividend-. ...W ,v."- .:.;j - „V' 

. At a board mecikigiiddLonSeptemtar21st.- 
the direct orsdeclared an interim 'diyfi^rild qf - . 
5p per -fuliy paid share iarespect af tiw year "' r 
endingTIst December 1 978, rhe sameraie as. r , 
for the previous financiai period.Thidivjdeac 
will be paid on 3 1st October- 1978 fo ^ 
shareholders registered ai : 27th September 
J978; v •• . 

As previously arm duncod jand consequent * 
upon the change ofyear-'encf the.directors 
propose tb consider ti^faynieRtpf tyro'- •. 
interim .dividends iniw^pffiwicurrent 
financial year and it is expected that the : 
second of these willbe«>nsi^red inNpvpnjb' - 
for payment in January 1971L .'= .•:< 


Extra five 


CARRERAS ROTHMAX5 is to 
sell its Piccadilly- Number One 
plain cigarette brand in packs 
of 25 instead of 20 from next 
month in an attempt to increase 
sales to the one^n-ten smokers 
who prefer untipped cigarettes 
The recom mended. price will be 
70p. ; r . 

SHARE STAKES 

Jacksons Bourne End — Dawn 
Grange has bought 7.500 shares 
making beneficial interest 291,500 
(27.43 per cent). 

Plysn— Plysu Pensions Invest- 
ments has bought'. 10.000 shares. 
R. E. Gordon and H. A. G. 
Durbridge. directors of Plysu. are 
also directors of Plysu Pensions. 


GLC wants night courts 


Stag Furniture 
Holdings Ltd. 

Points from Interim Report 

Half-Years (unaudited) to : Year to : 



1.7.78 

2.7.77 

31.12.77 


£000 

£000 

£000 

Turnover 

9.852 

8,599. 

16.609 

Profit before tax 

1.036 

758 

1,358 

Earnings par Ordinary 
Share (net) 

1i02p 

9.27p 

I6.17p 

Dividend per Ordinary 
Share (net) 

2.3p 

2.0p 

4.8p 


SHOULD sit in the struction and maintenance com- 
evenings and on Saturdays so pany— Offshore Platform Main- 
ihat cases may be dealt with tenance (Scotland) (OPMi— is 
more speedily, says the Greater about to begin' building _ 
London Council in a draft report £450,000 manufacturing and ser- 
of evidence to the Royal Com- vicing facility on- a five-acre sile 
mission on Criminal Procedure, at the South Middleton Industrial 

The council also suggests some Estate. Aberdceh.' 
cases being heard by appoint- 
ment or at staggered times, and 
the setting up of special courts 
to hear minor offences. 

Staggered hearings would 
reduce waiting to a minimum for 
witnesses, defendants and the 
police, and special courts for 
minor offences would release 
magistrates’ courts for more 
serious matters. 


Betting Board’s 
prize money 



$ Profit before tax is up 36%, compared 
with the first half of 1 977^on turnover 
up almost 15%. 

Trading conditions have steadily 
improved during the year and are now 
good. All companies are currently 
working to capacity. 


Copies of the fuft Interim Report may be obtained 
from The Secretary. Slag Furniture Holdings Limited. 
Haydn Road. Nottingham NG5 I Du. 


Sir Desmond Plummer, chair- 
man of the Horace Betting 
Avoidance of delay in bringing Levy Board, has given details of 

cases to trial is a recurrent the £1.034.000 Flat' Race Pattern 

theme in ihe report, which is allocation contained in the 
expected to he adopted by the Board's £9 jm- • prize-money 
council's policy and resources scheme and details fnr the 

committee next Tuesday. £253.noo allocation lo jumping 

The council also suggests the Pattern Races. 
creation of an independent i™,, .. „ 

service to deal with some cases p a Tw n Br J; 2r ^ s 10 ^ at 

ai present handled hy the police. " r ? w * J£ pre ‘ 

* wnts an increase of £94,000 on 

this year. For jumping, the 


increase is £23.000. The Board’s 
total prize-money cootnbuuon. 
however, is maintained in the 
.flat-jumping ratio of 65-35. 


Business advice 
for beginners 



Building sites 
safety warning 

A safety expert yesterday gave 
warning of the- rising death rate 
on building sites, after disaster 
in Cardiff in which four men 
died. 

** I -am seriously worried about 
the high level of construction site 
accidents in Wales— 19 deaths in PEOPLE STARTING their own 
the past nine months, said Mr. business will soon, be provided 
Richard Gates, Director for Wales with advice by the London 
of the Health and Safety Execu- Chamber nf commerce and In- 
tive. The four men died after d us try in collaboration with die 
their cradle plunged 90 feet down City of London Polytechnic, 
the side of an office, block, a oneday seminar is being 

— . br Id in November entitled 

Oil nrri!nr»t Getting Starred in Business and 

v/ll piUJtll will outline some -of the pirtolls 

¥h» i v- ti- j discovered hy three local firms 

, od iT c ! up eosm- which opened businesses within 
eenng diTigym s offshore con- the last 18 months. 


i 



outstanding 

performance 


Assets enqihiyed £m 

jX 


Sales fra 

'32 4- 

30- ■ 
2B-- 
2E- • 

24- • 

22 - ■ 

2D- ■ 

■18- • 

IB - - 
14- ■ 
12 '- 
10- - 
8- - 
6-r 

4 ■ ■ 

2 * so 




u 

70 




n 


74. 




.77? 


>78', 



Profit before tax £m 

3 + 


2 + 


1 + 


in;. 








■ .*■* 
■i? 


Eamings per share p 

‘ H* - 

"t 


7- 

9: * 

5- - 
4- • 
3-- 
2 - - 

T : 






'■m 


'A 


■ -f --f-^ r .. 

:j£ 










m 






% 




/ J&.a&Qpy of the Ai)puaLReporf givirig mpie 
: iiibonriation please write to Hie Secretary, ; 


heading, RG11NBJ 






Tv* 1 --.-, ,7 r.'±:*Trr s '- ' 1 


•'W—— • 



FinancM 'nines Fifday September 2Z1973 



MINING NEWS 




Selection Trust has a 
Its (iiuijvpteady half-year 


H>,Y KENNETH MARSTON, MINING EDITOR 

. DON’S Selection Trust muring stabilising and the need for new 
" we group reports a profit for borrowing has been reduced. 

■ . latt-year to June 30 at £5.35m. * ★ 

year Lhe group changed its The 57.65m Impala platinum 
• lv unting date from March 31 Holdings shares of 20 cents resull- 
ecember 31. So far compare- jng from the consolidation or 
purposes the latest half-year impala Platinum and Bishopsgaic 
t can be compared with that Platinum will be listed oh the 
the six months to September Johannesburg and London stock 


and 


EZ 


977, of I5.5601. 


s:< muoilM 



90.fi TS 

20.9.77 


UlOU 

1 B00 

ter 

K.K T 

124*142 

me 

lfc.JlB 

IS. 1 22 

ratine profit . . . 


11,483 

fli on ivsJisanon 

IDVOSUlVrnlS _ . 

LT5fl 

S-KS 

• ■ kfentu 

2.17* 

1.824 

-s. fa ostler reetoue 

= 437 

2.5CK 



64.13 

4.S50 

no. iL-ch. & prop. 

pews 

7.15? 

1.363 

1 oration — ... .. 

i^8C 

1.936 

" -,iwi payable 

2.310 

2J5S 


124 

. *5 


4.4.75 

112T2 


4 490 

3 SV5 

. arier las 

i an 

■ 3.SK7 

- . tty prom 

m £T$ 

131 

-s. Ill able 


5.3.'* 

at d:v 


1.434 

til « 


Little hope of 
early start 


Amgold’s 
profits up 



exchanges from October SO. The 
listing of the 23m Bisfaopsgaie 
shares of 10 cents on both stock 
exchanges will terminate on 
October 27. The effective date of 
U.4S2 the merger is July 1, 1978, and 
„ with the financial year-end of 
-™ Impala changed to June' 30 from 
■ ms August 31. the current accounting 
s.sjo period will cover 10 months. 

+ + * 
Compagnic Royale Aastnrienne 
dM Mines said provisional group 
-3 results for the first half of 197S 
11^72 showed a loss. The only recce p- 
tton was in the group's lead 
"i-J mines in Morocco Which have 
a.** benefitted from relatively stable 
l A A prices for the metal. In 1977 
_ the company paid no' dividend 

cause of the changed account- after a net loss of SFrs 23g.0m. 
date Selection Trust has 
unced that it is to declare 
v. interim dividends and one 

- for Lhe current 12 months to 
mber 31. The first Interim, of 

• s now declared; for the pre- 

nine months to end-1977 
; was an interim of Sp « 

^wed by a final of 9p. The t/jr R ailffet 
,-iany is subject to L'K divi- , 

^ restraint. URANIUM mining h> Australia's 

_e sharp fall in turnover and Northern Territory now appears 

- Is on realisation of invest- certain to be delayed by at least 
; s on lhe latest occasion 12 months because of continuing 
^rts a reduction in sales of argument orer an agreement to 

dged securities to £3ra com- enable development work to start 

• I with the exceptionally bfgh on the ranger uranium project 

of £39m made in the six 
to September 30 Last, 
crating profits have declined 
“ ie with the revised arrange- 
^ s regarding The craneship 
ir " with the Dutch Recrema 
"7. On the other hand profits 
-~ic UK Kleemann group are 
di?d for the first time and 
Australian Mount Newman 

Dre operation has done better . . . , . • . 

;s toW satisfactory revision 21®**?™* to Prosperity, of 
■ntracts and less labour dis- *“■*» Ajnca's cold producers m 
on the light of the advancing gold 

? major factor in the rise in «*£=!* JL' r ZEL££? 

end income on the latest fj 

^ion has been the resumption j*, re fl*cwd in a 4».» .per cgnt . 
dividends from the stake in advance »n interim earnings of 
* Leone diamonds and hi the f e folding company Anglo 

icb base-metal operation m American Gold Investment - 
bia (South West Africa). Am gold's financial year-end has 

-lion Trust’s interest pay- been moved from December 3l 
s have fallen as a result, of to end-February because of the 
repayment or high interest already announced decision, by 

• term loans with the funds the Anglo American group gold 
..i by last year’s SMm Euro- mines to put back their final 

• issue. dividend declarations by somafive 

iking to prospects for cur- weeks. Consequently - Aingold's 

- halt-year, interest payments current financial period will run 
' ikely to rise again, but the tor 14 months ro end-February: 

gth of the diamond market The latest interim results cover 

• s to the probability • of the eight months to August. 81- 

ier dividend being received la$t, but .they are directly com-? 
Sierra Leone. parable with those for the- ate 1 

: • balance it ' would went'- that months to June 30 last year- 
earnings could fall somewhat because the investment income 
.. of tho^e for the past half includes the same companies - in 

• -s, as can always happen, the both cases. -* 

•j can come up with some Group net profits -on the.^latest 

- share dealing profits. occasion have jumped to / ,.R29.6m 

action Trust, shares were (£17.6m), equal to 135 cents per 

yesterday. They have share, from R20.3m in' lhe half- 
iced recently following the year to June 30, 1977. They 
.pproach made by Standard totalled R4L5m In the fnll year 
»f California to America's to December 31 last. An interim 
in which Selection Trust dividend for the current year of 
stake of 82 per cent- So 100 cents (5f»2p) was declared in 
here have been no further mid-June. For 1977 there was an 
« following A max’s rejection interim of 80 cents followed by 
*. offer. - . a -final of 85 cents. 

See Lex Am go Id makes the point that 

dividend income does not accrue 

w evenly throughout the year and 

JUND-UP this also applies to costs. It should 

- not be assumed, therefore, that 
biti's copper- producing Roan the latest results are necessarily 
lidateri Mines made a net proportionate to those for the full 
o[ KP.TSm f 16.23m) in the 14 months to end-February. 
quarter. This leaves a loss However. tbe . continued 
12.4 lm for the year ended strength of the bullion price eon- 
30 compared with a profit tinues to work through to gold 
| '0.86m jn 1976-77 The com- mining dividends and Amgold 
' remains out of the .dividend win thus enjoy buoyant income 
;It is stated that -although In the rest of the 'financial period. 

1 resources remain minimal Net assets at August 81 , liking 
s financial situation is market values for listed invest* 


of Peho-IVallMnd 
Industries. 

An agreement on lhe royalties 
to bo paid to the Aborigines was 
ratified last week between the 
Federal Government and the 
Northern Land Council, acting on 
behalf of the Aborigines, but the 
deal has stalled, reports Janies 
Forth from Sydney. 

The agreement was due to be 
signed yesterday but some 
members of lhe \LC, dissatisfied 
about the agreement, took legal 
action to defer the signing. There 
have been charges that the chair- 
man of the -VLC. Mr. Gaiarrwuy 
Vunupingu. had only recom- 
mended the agreement bemuse 
of Government Threats ' that the 
NLC would otherwise be stripped 
of its powers, charges which havp 
been denied by the Government. 

The Northern Territory Supreme 
Court has now held over the 
hearing on the Ranger dispute 
until another meeting of the NLC 
has been held to consider the 
situation. The meeting is also 
expected to decide whether Mr. 
Yunupiugu continues 10 head the 
NLC 

Talks were held in Darwin 
yesterday by members of the NLC 
and it Is suggested that the 
second meeting to consider 
Ranger, might not take place for 
some weeks. This would almost 
certainly mean ' that the wet 
season would start before work 
could commence on development 
of Ranger, and delay the project 
another 12 months. 

In London yesterday shares of 
Peko-lVaJLsend fell 12p to 530 p 
while those of EZ were 5p down 
at 263p. 


interim 

45% 


ments, -equalled 4,411 cents 
per share. Amgold were 
HSI cum-premium in London 
yesterday. With effect Inmi July 1, 
the company made a private 
placing of 25m redeemable curou 
lative preference shares of 
cents at a premium of 90 cents 


Doweling and Mills 
climbs to neak f 1.7i 


33 


.AFTER A 13 per cent advance 
to £809,307 at halfway and in 
line with the forecast of a rcronl 
year, pre-tax profit of Dowding 
and MM* climbed from £1.429.841 
to X1.739JL21 In the period to Jane 
3U, I UTS. 

Turnover for tlie year of the 
electrical and mechanical 
engineer, was £1 1.37m compared 
with £9.5nt last time, and after 
ta\ of 1747.01 1 (£567,987) nt>! 

profit came out alt end from 
X8AI.854 to I99L544. 

Earnings per 3p share arc 
shown at 3.2Sp against 2 .Sop and 
the final dividend of 0.655 p (0.58p> 
lakes the net total from 1.075p 
to 1 2p. 

J. Wilkes 

recovers 

further 

AFTER a considerable recovery 
in pre-tax profits for 1977, James 
Wilkes shows a further increase 
of 11.4 per cent to £255.43$ for 
the first hatt of 1978 compared 
with £230.253 in the same period 
last year. 

And it is expected that the 
second half should contribute 
about the same amount or proiit 
as the first she months. 

The interim dividend is lifted 
from 1.3A5p to Up— Iasi year's 
total was 3.75p from taxable 
profits up from £218.000 to 
£488,000. 

nail-year 
1S7S 1977 

t r 

...... 4.404.1a! 3.97D.S5S 

.. . 2IS.13; 714.779 


board meetings 

The fglHwtaB comnunics have Doitfk-d 
dai.-s of 8“^ ni*viin« tu Uu- siock 
EichWO, ' alien mi >-Mns« arc awallr 
h.|U for Ow purpov.- of conaUterins 
iJivniMirts. Offlciji mdicatioRS ar<> not 
availabte wurtber a1r«ent!s concerned aro 
KiUrtuu or . Bnals and U)e sub-d I visions 
Khmm are based maintar on Iasi 

year s uokUdIl-. 

TODAY 

Inierton*— A. >■ UniKiD. -Souibampron 
Isle of WndK and xouii 0 f Eneland Royal 
Mail steam.- Paori. -Southern Consiruc- 
Uonj. TWnf Wife hin>« gitfm . Ward Wlilte. 

Fbib-Sb*,.BW Cnofrc-tonerr. Tele 
fttstoa. Attnfd Walt er. Ttiatnas Walker. 


FUTURE DATES 


hmrhnt-- . 

Alp)n<- floWta** • ... . 


Hritiah BMW Stores 

... Oct. IK 

Nctwnan 

.... Sept. 28 

r-'unhero S«unU« Tru-.t 

.. Noe. B 


. .. RtM. 29 

Silhowno floBdom 

... Nov, 3 

800 Croup 

. . M 

Tnotal . 

.. Sept. 27 

Flnlt- ' 

Consrt] Ma retf 'Cold Fields ..... 

.. OCL 11 

rrtdl.T Prtailne 

.... Oil 6 


Forms to- concentrate on lhe 
development of activities in that 
market. 


Wiim Inds. 


Profit rise 
at Reabrook 
Trust 

Profits of Reabrook Investment 
Trust improved from £20,225 to 
£60.430 in the year to May 5, 
1978. before tax of £26J99 against 
£10.309. First-half pre-tax profits 
were well ahead from £11,578 to 
£44.84?: .’ 

Earnings per share are shown 
at 1.6p against l.lp and a final 
dividend of 0.67p makes a total 
of L2325p. compared with 1.045p 
prcviouslyr 

Attributable profit for the year 
amounts 40 ' . £3L249 against 
£19.916. ' ' 


CLIVE INVESTMENTS LIMITED 
loyal Exchange Av». London EC3V 3LU. Tel: 01-2S3 1102. 
nil ex Gnide as at September 12, 1978 (Rase 100 at 14.1.77) 

GJive Fixed Interest Capital 129.57 

Clive Fixed Interest Income 114.59 


UTS HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
^nrnhill. London ECoV 3PB. • Tel: 01-623 6314 

Index Guide as at September 2L 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio .: 100.00 


BANK RETURN 


i IVfi'wi *»v 1 I if.-. 14) or 
! amt. 20 1 1 1 w. 1-5 * 
1978 • mr wrrk 


RANKING DEPARTMENT 

UABIL1TLBS 1 £ ; £ 

Us ipM*i^ J' 14.665,0001 


PuMirDcpoiiit... 

Uuilnr 

R«-«rxt» 4 Oth*>rl 
ah* — 


Z2&ZJ>T1'* 621,745 

MO.605.OU> _ 

366.679^42 + 26.422,423 

72ejd,6!l|+ 23,036.369 


iL774.312.124i+ W.I40.CB 


ASSISTS : 
fJotl , SmsutIi la*. .T.369.83 J ,088; + 72.370000 
A'lvBQro lAOt ber; 

..._i 21Q.77r.279 + 

PlW»A»*,Kqulfl’l] 

167,886,007 — 

X'i« 26>U.£e»'^ 648.276 

V'-Olu »...' 203. Jb6. ♦ 9.990 


1,774 .312.124 .+ 60.140.439 


> / ■ 

-V . -Iff UR IlEf'AMTMKXT 

niAfttom — 1 £ ; ir 

Sum MUAl....... 8.fiO.MTO.L-O0: - 

lO : UlwilBUon.;8 I 474,38b,4i.'&'— 648.276 

lb ttudV 26.6K.595 + 

-ASt-BTS 

Gnru Urt»« ; ll.OIb.IOft — 

0llierG»»n. ^ 1*.<30.2.« 

Other &6curitte«.' 919.flJI.J9I— 14.4PV.3Jo 


K^OQuiJO.OOQ' 


TheCaledonianTrust 


Company Limii 

ted 



1.97» 

r 1977 

Equity Shareholders’ interest . 

£40.786,286 

- £35,288.704 

Asset value per share 

110$p 

95.7p 

Revenue attributable to ordinary shareholders 

£673,682 

£588,377 

Ordinary shares ranking for dividend 

35,584,752 

35,325,371 

Earnings per ordinary share 

1-89p 

1 .67p 

Ordinary dividend per share interim 

O.QOp.. 

0.50p 

final. 

lisp; 

1.1 Op 

Capitalisation issue in B ordinary shares 

1.76468% 

1.77723% 





In his Chairman's Statement 
Mr J. A. Lumsden brings out the 
following points: — 

A final dividend of 1 .25p making 
1 .85p for the year has been 
recommended as compared with 
1 .60p tor the previous year. 

A further increase in dividend is 
expected in the current year. The 
net asset value per share Increased 
by 1 5.6% during the year. 

INVESTMENT STRATEGY ; 

1 Our broad investment strategy is to 
maintain a balanced portfolio based 
primarily on the three major, 
economies of the UK. USA and 
. Japan, but with significant interests . 
alsoin other areas such as Asia, : - 
Australia, Brazil and Europe. At - - 


differing times one or more areas 
will outperform the remainder, and it 
is of course our aim to have a larger 
share of our totaVinvestment in the 
better performing areas. Large 
scale switches are however 
impracticable on a short term basis, 
and it would only been a longer 
term view that a material change in 
direction would bp justified. At 
present we think it right to have 
some two-thirds of our equity 
investments in overseas areas. 

ANNUAL GENERAL MEETING 
The annual general meeting will be 
held at 1 1 .00 am.on Monday the 
8th day of October 1 978 at 
i 75 West George Street,. 

'Glasgow iG22LI>. ; . . 



MANAGED BY MURRAY JOHNSTONE LIMITED. 


Tnreover 

TrisJiM profit ... 
Snare awtriaU-'- 
ProHt before tm . 
RssloMNl tax ... 
NOt PTilflt 

uinumr loss 

Atirlbauble 
Dlridood- 


M.vn 

254AH 

I2.-.MJI 

124.4W 


19.4T4 

230^53 
mi non 
IJ 1.233 

l II.. TO 
49.700 


In the first balf the new sub- 
.sidiary Wilkes Computing com- 
menced operations in the 
computer software and associated 
hardware markets. 

The skills required and start-up 
costs are hiuh and some of the-e 
costs have been absorbed In the 
first half. Profir contribution 
from this activity is not expected 
to arise in the establishment 
phase of up to two years. 

Although competition in the 
business forms side of the group 
remains fierce, directors feel con- 
fident of retaining their position. 
A general manager has now been 
appointed in Wilkes Business 


at midway 

FOR THE iirsl half or 1978 pre- 
tax proiit of Winn Industries rose 
froru £524A00 lo XH46.000 from 
turnover ahead £263.000 to £9.44m. 

Atter tax Of fSCanoo (£275,000). 
net profit 'came out at £310,000 
1 £249:000)' The interim dividend is 
lifted from l.JSNp net per 20 p 
share to LS4p and directors say 
i fie total, "dividend should be 
similarly. ,rai»*J. Last year a 
1 417150 final uas paid on record 
profits of £1-31 m. 

Directors say ihc first half was 
a period of consolidation. The 
figures indicate that the group is 
performing well, they say. with 
excellent '.results in all sectors. 
While tbe building, painting and 
shopfitliog operations are gradu- 
ally recovering from the general 
setback in that sertor. the group 
emphasis ,1s on increasing the 
export content of sales. 

After Imving heavily invested 
in the past three years in new 
plant, equipment and premises, 
the group, is. now seeking to use 
the funds at Its disposal on acqui- 
sitions. ' The directors, therefore, 
look forward with high hopes. 



Let a 3M overhead projector help 
you make better financial presentations 


Here’s how: Presentations of com- 
plicated or just plain aw kward -to -hand le 
financial information can be made more 
interesting and compelling by overhead 
projection. You can add colours, move- 
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and to focus attention on particular points 
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If you would like to know more about 
this simple, inexpensive and portable 
way to make better financial presenta- 
tions, just send the coupon or . . . 


Call the communicators 

Betel ;0232) 42811 & 4:9:6 *" " 

Birmingham (021) 236 5077 Leeds [0532) 53B221 

Brislol i 02 72) 290977 London |G1] 659 2323 

GtagOK |04\j 332 9622 f/jncheslw 1061) 236 S500 

r Jo Rob Harper, FT/3,7B I 

Business Communications Division, 

3M United Kingdom Ltd.. 3M House, RO. Box 1, 
Bracknell. Berkshire KGi 2 1 JU. 

Yes - 1 would like lo know more about overhead 
projection the 3 M way. 


NAME 

ADDRESS. 


POsmoN. 
TEL NO 


Better communkations 
. through 3M Visual Products 

1 |3M is a trade mark). 




F 

E 



Re port No 1 



turnover 


120 


100 


in 

Z 

o 

| 50 

«*4 


GROWTH IN CAPITAL EMPLOYED 

£107 m 


£77m 

•• ", •%, 

£66m 



■ ■ >, h 

r.'-<7 A Vi- * 

‘ . "4 ^ ' 

' 1 * --* 

# /A- 

*>' K * " 

• • 


1975 


1976 


1977 


Heights of 1977 

(Plastics and industrial materials) 

Storeys of Lancaster acquired, adding new 
consumer markets (wall coverings/ home decor 
and DIY) and increasing existing industrial outlets 
New £15m plant announced to double PVC 
resin production 

^ 50% expansion of capacity for polypropylene 
film started -on stream mid 1978 


In the past few years,, plastics have 
spearheaded T Si N progress. 

Today plastics products account for 41?o of 
total UK turnover; we are important exporters to 
world automotive, engineering electrical and 
construction industries; we are one of the major 
suppliers of glass fibre for plastics reinforcement in 
Europe; and we have piastres subsidiaries in 11 
countries. - 

We are growing rapidly in plastics, specially 
chemicals, automotive components, man-made 
mineral fibres and construction materials. We are 
growing in the USA market; as well as 
continental. Europe. In 1977 we invested, expanded 
and diversified at a more rapid rate than ever before. 
We are very much more than the asbestos giant . 

Why not take a fresh look at Turner 8c Newall? 

Write for our new brochure today. 



TURNER 
& NEWALL 
LIMITED 


r 



To: Pubfc RefaSons.Depi, Turner & Newall Ltd 

. £0 St A/idrys Porscrtagc, Manchester /•/. 3 2t >JL 

Please send m<? a :opv of your corporate brochure and or 
Report and Accounts. ‘ 


“1 


Name. 

Addres , 













» 



- : . . Financial Times Friday * 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


Alleghany 
buys up 
remaining 
IDS stock 


•WS 

Merrill Lynch moves into Kenne cott 

. ; suspended 

residential property sector on bid 

BY JOHN WYLES . NEW YORK. SepL 21. rumours 

7E NEXT diversification move whose activities include mart- which has lactam hvn vears or rmcAm 


NEW YORK SepL 21. THE NEXT diversification move whose activities include mort- which has lasted two years or 

>• «*.*«* a »v b >' Merrill Lynch and Co. will gage banking and property more. All told. Merrill's diversi* 

ALLEghan y uutu-’ JYJ take the largest U.S. brokerage- management- Last year saw the fled financial .services group con- 

said it proposed to acquire firm j nl0 residential real estate purchase of an executive reloca- tributed around S82.5m to the 

Investors Diversified services. broking. tion company which helps txans- company’s revenues of Sl.lbn 


INTERNATIONAL /CAPITAL MARKETS 

Canada plans to 


w 


f gia 

see 








BY VICTOR MACKJ5 , 


;ism 


fc r fi e w£ e of»fi? C «J»JShoi I de« StiareS entry into the^rapidly growing Merrill Board has "been studying excesses' of the brokerage .busi- The market rumour surfaced 
Aiieehanv said the merger residential brokerage industry.” the Possibilities of entering ^swhi^ toe caused toe ^e^tru^s^ce^ 



It also provides that if Jess service." In recent years. railedlfferill Lynch" Realty Asso- Arthur has been elected chair- 
tban 43 per cent of the stock held Merrill s diversification has in- cjates man and chief executive officer 

by others is tendered for rash eluded international banking- with some SS46ra of capital, and Mr. J. Arthur Urciouli Pre- 

AJleghany could issue additional life insurance and a form of Meriil is well placed to finance sident and Chief administrative 

securities or terminate the commercial banking. fhj s new exercise, which will be officer succeeding Mr. Arthur, 

proposal. ^ Its first move into real estate launched at a time when the Mr. Arthur succeeds Mr. Harry 

Alleghany said its ttocKnomere ig6g witil ^ accfuisj _ fusing market is extremely B. Anderson as chairman and 

other than itself would have tne d f MerrJll Lvnc b Hubbard, strong and enjoying a boom chief executive, 
option of receiving S40 cash. Gr ; Z — . - 


Rockwell quits TV industry 


BY OUR OWN CORRESPONDENT 


equivalent 

Alleghany. 


one-half share of Alleghany 
common stock plus one share of 
a now series of Alleghany pre- 
ferred stock for each IDS class 
A phare nr its equivalent. 

However, it said the number of 
shares to he exchanged for <.*ash 

■would not be more than* I s PfJ the HARD-PRESSED U.S. company’s president and chief which came. into effect last July, 
C r n mc° r il« ^ their colour television manufacturing executive. laid the blame and could lead, to renewed calls 

21..!,- i 1.^1 nnr nwnprf hv industry lost another of its mem- squarely on intense price com- from American manufacturers 

bers yesterday when Rockwell petition. “particuiarly from for curbs on Imports. 

International announced the Japanese sources.” The closure Rockwell acquired Admiral in 
closure of the television busi- of Admiral, which will cost 2,000 April 1974 for $lf*.9ra in stock, 

ness of its Admiral Group after jobs in Havard. Illinois, is and despite .efforts to improve 

losses exceeding S80m over the bound to raise questions about the technology and marketing of 

last four years. the effectiveness of an orderly \\s products, it .immediately ran 

Mr. Robert Anderson, the marketing agreement with Japan into losses. Rockwell, with S6bn 

in annual sales, has been seefc- 
ing a purchaser for Admiral or 
a joint venture partner without 
success, and the closure decision, 
which comes' in what may be a 
record year for colour television 
sales, points to a reversal of the 
belief that the losses can be 
reversed. 

** We have concluded that the 
long-term outlook does not 
the industrial earnings from $1.46 to S1.93 a justify further commitment of 
manufacturer, share. the company’s resources.” added 

Also reporting for the first Mr. Anderson. Although Admiral 


Half-year loss 
for General 
Dynamics 


.NEW YORK. Sept. 21. 

A SECOND QUARTER loss of 
S158m is reported by General 
Dvnamics. the major U.S. aircraft 
aiid building materials group. 

This was after writing off S186.7m 
from a negotiated settlement 
with the U.S. Navy covering KOEHRING. 


RESULTS IN BRIEF 


Koehring moves ahead 


NEW- YORK. SepL 21. 


aniiften nor any Standard 
Indiana spokesman could be 
drawn on the subject. 

This morning, Kennecott 
president, Mr. William H. 
Wendel, said: “ I know nothing 
about the . rumour of an 
intended Indiana Standard 
offer for Kennecott stock.” 

Close observers noted that 
a large block of Kennecott 
stock in friendK bends could 
be considered a strong card 
for Kennecott management to 
play in any possible repeat of 
last spring’s tough proxy 
fight against the Curtiss- 
Wright Corporation whleh 
holds 9.9 per cent of Kenne- 
cotfs approximately 33m out- 
standing shares. 

Kennecott stock has been 
active and trading higher in 
recent days on rumours of a 
possible takeover or other 
offer. The gronp’s shares 
which closed H up on Wednes- 
day at S26* on turnover of 
more than 27(1.000 rUar***. are 
currently trading at S27J — up 
! on 35.701) shares. 

Both Morgan Stanley and 
Goldman Sachs are under- 
stood by market sources to 
have recently put Kennecott 
stock on a “restricted” list 

This effectively bars the 
two firms from trading in 
Kennecott sbares and is often 
taken by the investment com- 
munity as a signal that some 


I THE CANADIAN Government 
took another step yesterday to 
aid the struggling, dollar by 
announcing it expects to ..offer a 
USS750m bond issue for.' sale, in 
New York. Financed aister Jean 
Chretien made "the announce- 
ment shortly after -the dollar, fell 
i to a new 45-year low -.of 85.43 
cents U.S. on the New York 
money-market on Wednesday. . . . 

The bond issue will.. be the 
third foreign borrowing of its 
kind this year by the. Federal 
Government, after a decade, of 
avoidance of interiiational bond 
markets. 

Last April the Government 
offered a US$750m bond issue in 


Ne v York- and later torrowed 
holier USSTOfim m West 

G Wednesday's announcement, 
which aims at supporting the 
JXt through a new influx, of 
?nrli«n capital, is the- latest m a 
.S 3 fof «SSa by the Govern 
meat. , ’ 

Mr. Chretien said- .hi sfioj 

statement that details of^fe 

planned offering will be made 
available, when the Government 
lies a required registration state- 
ment with the UA-. Securities 
and Exchange Commission. 

In addition to the borrowings, 
the Canadian Govennhent has . 
raised its Bank of Canada , in- 


terest rates Yotrr trnres sim*. 
March, arranged- stand-by; ere' 



off S32bn in.:''- iotexnatb 
reserves s$nc& th‘e : s$arr- 0 f 1 
all id defentf.thelCaB^iah do . 

Recently. ' ' 'figures':,, shov ' ' 
Can adaV larger «trireatacsK‘'- 
deficit and weakymerchah' . 
trade figures- in Juno: «id J * 
as well as speculations, jp 
Federal -monetary policies^} ' /. 
been cited by money trader 
reasons for the ' doBarij -rf 

decline. . Tba^:tMireia.-aTO ; 

deficit which, includes both t . 
in goods and services, wag ., 
pectedto beoVer.GSAbn thisj 


EUROBONDS 


Dollar issues weaken ' farther 


BY OUR EUROMARKETS STAFF . - 

THE DOLLAR sector of -the lifter- speaking Switzerland and the 

national bond market was weaker Benelux countries. ;. Kredietb^ik^LiKfimbourg 

yesterday by up to i a point, Deutsche Bank yraterfay _con- yesterday fixed the prico 
continuing what some dealers are firmed preliminary details of tnq ,20m unit of. account .Bmu 
starting to regard as a long>ver- DM 80m convertible jKmd issue p anama at ; gg$ peE. cehl' v 
due shake-ouL But yet again the from Nissan Diesel . Motor- Coq fr i matures 'in' 15 veirs 
market reported little selling by p any. The maturity is ei^tyeaw 



5567 listed shares' from" Feb- jraflcee-Dond- to raise 3M»a 
Jfthrii s S ruary L 1979. Final terms are its coupon art at 9 per eexr 

Mt^ed U ifo a^ittle mo^at^the to be set on October I. and a con- its price at 99.65. : The aimuffT 
start of tradtnete iwVSkto version premium of 10 per. cent yield te,. therefore 9 per ^ 

and a par price is expected. This The maturity date is Septa 
almost per cent -a. new * £ om £any*s first offering on 15 ; im ^ 


apparent target rate-^that' was 
disputed by the Fed yesterday. 


Amex Bank warning on LDCs 

BY OUR EUROMARKETS STAFF. . 


claims and cost overrruns on a equipment 

building programme for 18 announced that it earned 32.2S . 

nuclear-powered submarines. a share in the first nine months half-year, Collins Aikman lifted produces refrigerators and other - - 

Excluding the S186.7m write- 0 f the year compared with S1.96 earnings from 93 cents to 94 domestic appliances, its deficits deal Is afoot Golduum Sacns i 

off, General Dynamics managed in the comparable period, cents a share, while Mattell, the of $22.5m in-X975. $23.5m in 1976 and Morgan Stanley deci inert j 

to lift second quarter earnings National Service Industries, toy-maker, reported an increase' and SI8m last year have all been to. comment on the restricted : 

from a corresponding $29.7m or which operates In linen, from 31 cents to 35 cents. attributed _te the television status for. Kennecott snares. l 

$2.71 a share to $30.7m or $2JJ7 chemicals and lighting equip- Agencies business. Vv . A P-DJ. 

meat, increased earnings for the 


a share. . 

Half-year earnings, again ex- fun fiscal year from $1.93 a share 
eluding the write-off. advanced to $2.35. 

from $4 8. 6m or $4.44 a share to Also for ^ fmj yeai - f pian- 
$50.5m or $4.73 a share, Research Group (systems 

Agencies analyst) lifted earnings from 60 

£, . cents a share to 72 cents, and 

beagram gain Brown Company, the pulp and 

Seagram Company, the world’s paper subsidiary of Gulf and 
largest distilling group, earned Western, recorded a fall in earn- 
USS90.6m, or USS258 a share ings from $1.12 a' share to 91 
in the year ended July 31, cents. 

against USS87.1m. or US$2.48 a CE. Mortgage Group reports an 
year earlier, Robert Gibbens operating loss of 62 cents a share 
writes from Montreal. Revenues for the first half of the year, 
wore US$2.27bn against against a loss of 96 cents last 
US$2.1Sbn. Foreign currency time. 

losses were USS2J5m against a Internationa! Multifoods Cor- 
gain of US$1.5ra. Demand con- po ration, the flour and feeds pro- 
tiuued strong, and earnings from ducer, reported a dip in earn- 
international operations were ings from SI. 10 to 98 cents a 
substantially improved, the com- share for the first six months 
pany said. while General Instrument lifted 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Bid 

Offar 

MWtelln 9inc 

BM 

994 

Offer 

106} 

NOTES 

Bid 

Alcan Australia 84pc 1BSS 

97 

971 

Midland Im. Finrstpc -97 

961 

974 

Anstralla 7} PC 1984 .... 


AMEV 9 pc 1987 

Ni 

95 

National Coal BtL Spp 19S7 

94 

94! 

Bell Canada 71 pc 1987 . ... 

93! 


me 

944 

National Wstmnstr. Jpc *96 

99r 

iow 

Br. Columbia Hyd. 7iPC '55 

sa 

Austral tun M. & S. 94pc ■» 

9SI 

994 

NatL Wstmnstr. 9pcy& *B‘ 

101, • 

ID 12 

Can. Pac. Sipc 1984 .... 

96! 

Barclays Bank 95 pc 1993 ... 

95} 

■ ~9«- 

. NewfotmtUand Bpc T¥9 _ 

984 .- 

99 

Dow Chemical 8pc BS6 ... 


Bo water Bipc 1993 

W 

98S 

Nordic Inv. Bank OpC. WB 
Norses Kom. Bk. pc 1992 

. 971 1 

' 98 

EGS7HW 19SS 

85 

Can. N. Railway Slpc 1988 

854 

96} 

954 

96} 

ECS ffipc. 1989 

94 

Credit National Mnc I9SG .. 

99| 

974 

Norpipe S4pc- 1888 ... 

96 

96! 

EEC 7}pc 1993 

95 


97 

971 

Norsk HydM Sipc 1993 

944 

95} 

EEC 72pc 19S4 

94 

ECS 9nc 1993 

99 

99! 

Oslo 9pc 1988 - 

99} 

100 

Enso Cntzeit Slpc 1934 

954 

F.CS 9;pe IM7 

95} 

m 

Ports Antonames 9pc 1991 

984 

934 

Gotaverken 71 pc. 1382 

344 

ejb 9,’pc inft? 

M4 

97} 

Pro*. Quebec Bpc 1995 

m 

07 

Kocknms 8 pc 1363 

96 

EMI 9;pc i m 

98} 

99 

Prov. Saskaicbwn. Slpc W 

974. 

98* 

Ml che Un. Sipc 1983 

974 

Ericsson S’pc I 0 ?*' 

9*i} 

97 

Reed imemarional 9pe 1987 

94 

96 

Montreal Urban Sipc 1991 

9W 

E«o Kpc 19S6 Nor 

88| 

B9’ 

RHM Spc.1992 •• 

944 

95} 

New Brtmswldt 8pc 1984 . 

.95} 

Cl. Lakes Paper Slpc 19S4 

97; 

9S4 

Selection Trust 8!m: 19R9... 

914 

9?3 

New Brims. Prov. Sipc "83 

9S 


1092 

161 r 

Stu-D inrl Fin. 84uc I999_. 

95 

953 

New Zealand Sipc 19S8 

95 

Hydro oudicc 9pu 1M2 . 

97 

97! 

Skaud. EnsWlda 9pc I99L-.V 

9 r. - 

M| 

Nordic - Inv. Bk. 7ipc 1934 

93» 

ICl pc 1937 . 

«: 

9iJ SKr Spc 7587 ... 

P7i 


N'oraft Hydro Tipc 29S2 


ISE Canada 3}pc 19S« ... 

in;. 

IK 

Sweden rK'rtonii 8}pc 1SS7 

95 . 

95} 

Norway 7}pc 1953 

934 

Macmillan Bloertel BikvIBSI! 

97! 

■ 9 s * 

1'nlted BlacuiM 3 pc 1939 ... 

97} 

98 

nnrario Hydro ape 19S7 ... 


Ma aw'v Fercuson S’pc 1991 


97 

Volvo Spe 19*7 March . 

924 

ort 

Sinner Sipc 1982 

97! 


Offer | 


The DM sector was again quiet 
bat a little firmer,, with prices 
changing barely at all. - 

Following the announcement . . 

at the end of last week mf . the A CAUTIONARY note to counter rated analysis of the role ol 
first French Franc denominated “flooding confidence’’ Ito.the bust financing- . in world r 
bond for over two years, FFr Dess 0 f lending to Less Developed economic relations;" 

200m for the European . Invest- pnuntriM sounded hv Amex T “ e Problem, warns Am 
ment Bank, prices in the Franc E toat tightening interna 

secondary market have tdianged m “ie latest edition of its jiqnidltyls likely by the e_.. 

barely at all. Placement .of the monthly review. The bank calls this yean This, coupled v 
new bond seems to be going fairly this confidence M hard to justify sceptical view of atterap ' 
well despite the recent weekns and unlikely . tty •lasL" formalise banking rel- 
of the French Franc and the Amex ascribes the favourable .between private rnstitotion ■. 
increase in Eurofranc.' deposit supply and ; pricing of such LDC public authorities, 
rates from 9-9| per cent a week credits to two factors'- the expan- Amex to predict ffia_t the'f 
ago to 9?-£ yesterday. Apart sion of international liquidity ffie availability of funds ts ■ 
from French residents who are fuelled' by the U.S. balance of to. be the most potent foi 
said to be showing interest In payments, and the fading of steering LDC economic p* . 
the bond, the strongest demand initial "hysteria” about LDC debt towards .the conservatio •'•' 
is said to be coming from French- because of "increasingly sophisti- . foreign' exchange. 



93 

34] 


333 

Sal 


Sfl 

B5 


941 

965 


9a5 

95 


93; 

99 


96? 

96i 


95! 

Wt 


S3 

«! 


This advertisement appears as a matter of record only. 



Comision Tecnica Mixta de 
Salto Grande 

U.S. $100,000,000 

Medium-term Loan. 


guaranteed by 


The Republic of Argentina 


managed by 

Manufacturers Hanover Limited 

BankAynerica International Group The Bank of Tokyo, Ltd. ^ * 

provided by 

Bank of America NT & SA Manufacturers Haiiover Trust Company The Bank of Tokyo, LtcL 

The Yasuda Trust and Banking Co., Ltd. The Hokkaido Takushoku Bank, Limited 
First Pennsylvania Bank NA The Fuji Bank, Limited- The Long-Term Credit Bank of Japan, Limited 

The Mitsubishi Trust and Banking Corporation The Mitsui Batik Ltd. 

The Mitsui Trust and Banking Company, Limited Security Pacific Bank 

SEE Banking Corporation Limited Nassau The Tokai Bank limited ’ 

The Toyo Trust and Banking Co., Ltd. The Bank of Yokohama Limited The Nippon Credit Bank^Ltd. 

Republic National Bank of New .York/Trade Development Bank London Brandi 
National Bank of North America 


Agent Bank 

Manufacturers Hanover limited 


August, I 97 S 




S. of Sent. Elec. 85pc 13S1 
3w«l«n fK'rtorri 7? pc I8S2 

3wPdi!* Stale Co. 71 dc •m 

Telmea 81 pc 1984 

Topneco 7!pc 1987 May . . 
VoDmraKn 7tpc J987 


93 

9S» 

955 

9«* 

91* 

93 


34 

93? 

9Si 

96 

98 

99 
9Z} 


931 


STERLING BONDS 

Allied Breweries 1 85 pc -39 

CiUeorp IBpc 1993 ... 

nourraulds Blpc 1989 

ECS 95 PC 1989 

EfB 9!pc 1988 

EIB 91 pc 1992 . 

Finance hr im. 9Jnc 1987 
Finance hr Ini lflpc 1S89 

Ftsaas Mpc 1887 

Geaetner llpc -I9SS 

LVA. 10pc 1988 

Rowe tree ltopc 1988 

Scars 105 pc 1988 

Total Oil 95pc 1984 


91 

93 
891 
9S5 
97* 

94 
911 
941 
971 
93* 
911 
921 
921 
91 


92 
94 
Mi 
94i 
881 

93 
92? 
931 
881 

923 

833 

93; 

92 


DM BONDS 

Asian De*. Bank 3? pc 1338 

BNDE 6jpc MSB 

Canada 41pc 1983 

Den Notske Ini Bk. Rnc -98 
Deutsche Bank 4Jpc 1983 . 

ECS ofpc 1990 

EIB 35 PC 1990 . 

EM Aquitaine 5} pc 1989 ]!_ 

Eurafom 5jpc IB87 

Finland 55 pc 1388 

Forsmarks 5 Spc 1990 

Mexico 6pe 198S 

Vorcem Sipc 19® 

Norway 4&>c 1053 

Norway 4{pc 1983 

PK Bankcn 53 pc I98S ... 
Pro*. Quebec Hoc 1998 
Rantaruufcki sjpc 1988 „„ 

Spain 6 pc 1988 " 

Trondheim Woe I9SS 

TVO Power Co. 6 DC KS8, 

Vcmwla 0 pc 1988 

World Bank Sine 1939 


93 

971 

9S 

99* 

98 

92! 

921 

945 

87* 

97* 

97 
97* 

98 
985 
97 
965 
97 

95 
96* 

96 

97 
965 
87 


96? 

9S5 


loot 

09 

92 

Wi 

934 

983 

98? 

98 
8Si 

99 
Mi 
.98 
971 
99 
OS 
971 

97 
99 
97| 

98 


FLOATING RATE NOTES 
Bank or Tokyo US4 Mpc .. 

BFCE 1984 9 7u pc ' 

BNP 1983 BSiffw 

BQE Worms 1985 9pe 

CCF 1985“ 84pc 

Chase Manbttn. ■93 9 Sum 
C reditanstalt 19W Sloe .... 

DG Bank 39S2 9pc 

(7ZB 1981 Wpc ... . .. 

IntL Westminster 1984 Sac 
Lloyds 1883 8 15 m pc . ._ 
LTCB 1983 9 1 id pc 
Midland Ini. PS ‘R7 R9 t 6dc 
Midland inL FS W arZ 
Wat. Wstminsrr. VU B5 16nc 
njra iSRl 9ino .. 1 .. ... . 

RVCF T9S5 95J6PC il 

Std. and Chird. "84 95i6 M 


9M 

995 

JH| 

98 
984 
971 

99 


99! 

Mi 

99! 

995 

3S! 

985 

99: 

S95 

991 

Mi 


■ — 7 ' •- 10 MU an 

Source: White WeUl Securlile*. 


99! 

imu 

8R» 

99 

9S3 

»s 

IOrti 
106 ■ 
99! 

lies 

99! 

99> 

» 

99! 

ten 

991 

991 


CONVERTIBLES 
American Express 4 )pc *87 
Rabrnck a Wilcox 7 pc 8S 
Bcairice Food-; 45 pc 199 ? 
Beauice Foods 44 pc 199J... 
R'wrham 8 !pr 1992 

Booib fljpc 1993 "" 

Borden 3pr 1»2 

Broadway Heir -Hoc 1937 
CanuMon 4 pc 1987 
Chcrron 5pc' 1938 ......... 

Dan dine 158? 

Eastman Kodak 45 pc 19*4 
Economlr Labs. <rpc I9S7 

Flresione 5pc 18S8 „ 

Ford 5ac 1988 ._ . ... 
General Qectrlr 45pc 1987 
Gillette 4Jpe 1987 
Golf and w«nern 5 dc 1988 
Harris Spc 1992 
Honeywell 8pc ibk 

ICF 8} PC 1992 

INA-6pc.lM7 ' 

Inpftcap^ HSpc 1992 

TTT :4lDC 1857 


82 

1335 

1005 

TIG 

119 

in 

97 

744 

77 

142 

83 

87 

FI 

76J 


JD8C0 fine 1993 ..; 

Komatsu 75 pe 1990 

J. Ray WcDomwft 4?pc '87 
-Matsushita KJpc 1998 
Miisol 7}pe 1999 
J. Pi .Homs 45pc 1087 
Nabisco. -Sipe 1988 .- 
Owens riUnnls «Hk 1987 ... 
J. C. Penney 4Jpc 19S7 .. 

Revlon IJpc 1987 

Reynolds Metals 5pc 19SS... 
Sondvfk 6lpe 1989 .. ......... 

Sperry Rand 4»nc 1987 ...... 

Squibb 41 pc 1887 

Teiaco 4-5pc 1989 

Texas Im. Air. 7*oc 1993 _. 

Toshlbn SJ pc 1992 .... 

Ty Co. 5pc 1884 

Ty Co. 8ipc 1985 ....- 

Onion Carbide 4fpc 1932 
Warner Lambert 4}nc 1RV7- 
Warner Lambert 45W 1988 
Serox spe 1988 ... . 
Source; Kidder. Peabody 


85j 

765 

97 
224 

881 

93V 

99 

1144 

TSJ 

ia 

141 
To4 
191 
133J 
106 
103 
1175 
735 
112 
Mr 
112 
974 
FI i 
>65 

98 
136 


. u 


JWJ 
58 
81J 
7» 

7W 

fiffcnriuoi, 


STl 

IM* 

102 

117f 

120 

1W 

s«* 

7n 

79* 

141 
84-’ 
SSU 
924 
78 
8 S 
87 
7S 
88 ’ 

33S 

87 

991 

100 

116 

SO 

144 

142 

136 
192 
1.144 
10! 
1045 
119 

77 
1335 

SS 

114 

99 

S3 

78 
99 

137 
76{ 
lt*5 
59J 
an 

. 77 
77 



14 J. v . 


\ ' 


■A 



; .« 


Investment Company Limits 

(Incorporated in Uie Republic of South Africa} . 


' -iV 

JL ■ /i 


r\ .8 > -***< :■ 


. s : V 


i;V 


INTERIM REPORT 


The fallowing are the unaudited results of Anglo American Gold investment Company 
Limited and its subsidiaries for the eight months .endedvAugust: 31. 1B7S, together with 
figures for the half-year ended June 30 1977, and the year ended December 3L 1977. 
These should be read in conjunction with the notes below.: , 


Eight months; 
ended' 


.Half-year 

ended 


Year 

ended 


Investment income 

Interest earned and other income 


Deduct; Administration expenses, interest- 
paid," prospecting and mineral rights 

expenses -.J.'. 

Provisions against loans and investments 


3L8.78 - 

30.6.77 “ 


ROOO’s 

RQOO'a . 

/ , - 

32 101 

21270 


. 492 


. 567 


32 593 

21 837 

1 

2949 


"14E8 


■ —r- 





RflOO's 
45 159 
2 474 



47663 


4330 

1725 


2949 


1488 


6055 


Group profit before taxation'-. - . 

South African normal taxation 


29 644 


20 349 


Group profit after taxation ... 

Proportion of preference dividend- accrued ... 


29.644 

446 


20 349 



Appropriation 

Dividend No. 61 of 100 cents per share 
(1977: 80 cents) (Note 4) w- 


29198 

21962 


20 349 
17 562 


41507 


Retained profit j. 


7246 


2 787 


v « 


Number of ordinary shares in issue 

Earnings per ordinary share— cents '. 

Dividend per ordinary shar e— cents 


21 952 012 
135 
100 


21952012 

93 

SO 


21952012 
- 189 
• -■ 165 


NOTES . 

1. It should not be assumed .that the. results for the first eight months of the financta^ 


I 


year are necessarily proportionate to the results for the financial year of fourteen. r.r^ f- ■ 

__ j: ■, Z. no inm ; nfpnl ■ 1 • ~ - 


3. 


6 . 


evenly during the period and certain costs, particuiarly those Incurred on prqspectin. 
and mineral rights, vary materially from time to titnel ’ 

Members will recall that early in 1978 the company's financial year end was change 
from December 31 to the last day in February each year following a decision tafce 
by the gold mining companies of the Anglo American Corporation Group (In woic 
the company has substantial investments) to defer the declaration ..and . recar 
dates of their interim and final dividends by some five weeks.- The investm*'- 17 
income for the eight-month period to August 31 1978 is comparable' with that k 
the half-year ended June 30, 1977 because it includes dividends from fife 8401 
companies from which dividends were received m the first six months of 1977- 
No taxation has been provided, the company and its subsidiaries having compute 
.tax losses at August 31 197S. an 

An interim dividend of 100 cents per ordinary share was declared pin June 15 1971 

With effect from July 1 1978 the company made a private placing of -25 millio 
redeemable cumulative preference shares of 10 cents each at a premium. .°f 8® cenl 
per share.' The rate of - dividend on these shares is 105 -per cent .per annul 
calculated on the issue price of R1 per share, and is payable half-yearly in arrea 
on June 30 and December 31 in each year. The shares are redeemable at tbe.issu 
price in four equal half-yearly Instalments, commencing on July 1 1981.' 

Particulars of the woop’s listed investments and the net asset value are 1 
follows: . • - . . ' . ■ 


Ct 


J : 


s; 




(a) Listed investments 


Market value • 

Book value , 


At 

3L8.78 
RWKl’s 
939 027 
206952 


..- At ■ 
30.8.77 
■ROOO'a i 
527 806 
162 60S 


. At 
. 31.1Z.77-; 
■ -ROOO^s. 
760811 
184731 




t -s •?, 


Appreciate a 


792075 - 


36519$ 


570 080 


(b) Net asset value'/ Which includes . r. • : 

unlisted investment at booh value 

-~eents per sliare -i 4411? . 2445 : . . 3.3^ 

* Adjusted for the nominal value and premium .of , the preference shares mention! 
in Note 5. , • p ' 

. . . : For^ndon behalf of the. Boas * 


r,. . 

■ • --2Bn 


London Office: 

40 Hoi horn Viaduct. 
EC1P 1AJ. 

September 22 .1978 - 


J. Ogilvie Thompson | .nirecto: 
H. F. Gppeoheimer » D - 


■ > 


Registered ' Office: 
44 ftMfn Street. : - 
Jobanaesburg : 20C ' 


m 





I 


Voup sees higher 
Operating profit 


K 1 


f FAY GjjBSTER ' 

V. WEG1AN shipping company, 
' Hoe sb. continues profitable 

te the current slump, 
-tins bibber profits for the 
'.’•‘-half of this year. Gross 
■.‘.it earnings in the si* 
vj’hs totalled NKr 995m. 
Y-St NKr 363m in rbe opening 
af 1977, while profit before 
ciation rose to NKrl70tn 
■ NKr 123m. 

Vraline profits in the second 
. are expected .to . be some- 
'•"= ■„ town on the first sis months; 

1 ■- >r the. year as a whole they 
'1 still total NKr 32om. eom- 
- with NKr 29Sra. 

•■•ital input this vear is. how- 
: significantly higher than 

; year, since new ship 
' rie* have raised the va.’ue 
egh's fleet to NKr 3. 38 bn as 
ne 30. 197S. against only 
!.35bn a year earlier. Thus 
is on capital are only about 
p r cent, against 12 per rent 
?h.jr earlier. The decline 
lifts the difficult market for 
**H'COYBpany , s aas earners, 
red in 1977. 

fleet managed by Hoegh 
ne 30 comprised 42 ships 
: .ng 3m tons deadweight, ir- 
’*> .g 22 which were chartered 
' or a year. It also included 
laid-up gas tankers, of 
one was laid up for 


OSLO", ffept, 2L-. 

charterers'’ account Ships on 
order for Boegh now' total 20. 
meludint* two. Ro-Ra car carriers 
ordered when ,an earlier contract 
for tPG tankers was cancelled. 

In the first half of this year 
the company sold one liner 
vessel, one small cor carrier and 
two car-bulk carriers. The car- 
hutkers have . been sold" to a 
foreign oumen for delivery in 
the second half of this year, and 
Hoegb will db artel them back 
from their new owner fpr-an 18- 
month period. 

Another major Norwegian ship- 
ping group, Fred Olsen, made 
gross freight income totalling 
NKr 2W*m ($57. Mini in the first 
half of this year again si NKr 293m 
in the same period of 1.977. The 
group foresees that results for 
1978 as a whofte, before interest 
and depreciation. will be sBghtly 
better than in 1977. but net profit 
will be lower, owing tn higher 
capital outlays. Liquidity is des- 
cribed as good. 

The report says that pessimi- 
stic forecasts ahout this year's 
business climate have " proved 
correct, and that the group’s 
North. Sea Ijner operations -have 
suffered most from this. Activity 
in some other areas has- however, 
almost offset the poor North Sea 
results. 


US$20,000,000 

Floating Rate London-Dollar Negotiable . 
Certificates of Deposit, due September. 1980 


Che Sanma Bank; 
Limited 


■jrnjiiii! 


London 



t accordance with the provisions of the Certificates, 
otice is hereby given that for the six months interest - 
eriod from September 22nd. 7978 to March 22nd,. { .r.; 
979, the Certificates will carry an Interest Rate of’”. 
re% per annum. The relevant interest payment date •? 
till be March 22nd, 1979. 

Credit Suisse First Boston Limited J 

Agent Bank V '■ 


jbesb— u.s. $;io,ooo,ooo 

% v* " ri y*k ^ ate U.S. Dollar Negotiable Certificates 

V^S'i w of Deposit, due 24th March,1 987 

omn-nyL'HE dai-ichi kangyo 

BANK, LIMITED / 

” LONDON 




Preussag 
in deficit 
after first 
six months 

By Adrian picks 

BONN, Sept. ZL 

PREUSSAG, the West German 
base metals, chemicals, energy 
and engineering group which 
has recently acquired a 
majority of Amalgamated 
Metal Corporation, told share- 
holders today that It had made 
a further loss during the first 
hair of (Ms year. Yet It was 
able to Improve results in 
several areas of its business, 
the company said. 

As a result of Increased pro- 
ductivity at Its coal mine at 
lbhenbaeren, . losses were 
greatly reduced. The current 
building boom In West Ger- 
many helped the group towards 
higher profits In Its construc- 
tion and bnilding products 
divisions. The special-purpose 
barge, railway tank-wagon and 
oil storage business also 
showed higher earnings, as did 
the oil and chemicals sector. 

The main negative Influence 
Preussag’s result continued to 
be its metals business, which 
accounted for about ©ne-lhlrd 
of total sales In the first six 
months. The ‘company 
remained severely affected by 
the low xlne price, which has 
forced It to operate short-time 
working at Its two West 
German zine mines as well as 
to suffer losses on smelting. 

Despite firmer prices for 
copper, silver, cadmium and 
other minor metals In 
PreiLssag's business, overall 
sales for this sector of the 
group's anlvlty were down 21 
per cent from the first half of 
197- 

Total turnover for Preussag 
was np slightly from DM J.lbn 
to DM 1.2 bn (SOBlbn) h) the 
first half. No figure for first 
half profits was divulged, but 
Preussag should benefit in the 
second half from its 55 per 
cent holding in AMC. 

Preussag regards this bold- 
ing as strategically important, 
since the company is acquiring 
not only a profitable business 
in Its own right, but both a 
ring-dealing seat in the London 
Metal Exchange and a direct 
stake in the production and 
smelting of tin. a more attrac- 
tive metal at present than most 
of its product range. 


Premium income 
rise for RAS 

MILAN, Sept. 21, 

_ ITALIAN . insurance group 
’ Rinnione Adriatica di Si curia 
h SPA (RASXreports an Increase . 
^of i&Tperfcfefiflu parent com-; 
pany\ premiums to LUfibn 
(2142m>\in the first half of 
1978. The figure does not in- 
clude Income from reinsurance 
or affiliates: affiliate premiums 
in the . half yehr gained 14 per 
- cent to LlOSAbn- 

Premtiums for L 1 Assieuralriee 
Italians SPA, the largest HAS 
subsidiary, were 12 per cent 
higher at L9L2to. The im- 
provement was doe mostly to 
better -results In motor under- 
writing. RAS reports that Its ' 
ratipnf premiums to liabili- 
ties t> improving, although it 
is - ^concerned ” about an 
Increase V 24 per cent in the 
average cost of motor liability 
settlements. 

AF.IJJ 


. :cordartce with die provisions of the_Certificat«. notice is 
' by given xhat for the six months interest period from 
September. 1978 to 22nd March. 1979. the Certificates will 
--- an interest Rate of 9J5i per annum. -The relevant interest 
lent dare will be 22nd March. 1979, 

- Merrill Lynch International Bank Limited 

Agent Bank 


IF! earnings 


Net profits of Istitvto Flnan- 
zlario indnstriale (Iffl), the 
holding.':. Company through 
which the- Agnelli family con- 
trols Put, declined slightly In 
the yjear to June 30 from 
L5-35Sh. to LSMn ($&3m), 
agencies report from Turin. 


■ This announcement appears as a matter of record onljr.; 

$36,000,000 

Term Loan 

Siam City Cement Company, Ltd. 

Thailand 
provided by 

- International Finance Corporation 

BA Asia limited : r .. 

Lloyds Bank International Limited 
Manufacturers Hanover Trust Company 
Orion Pacific Limited 
Baring Sanwa Limited 
Continental Bank ;-Y..y 

Continental H1fa»b National Bank 
and Trust Companr of Chlea*® 


advisor to the borrower 

Siam Commercial Bank, Limited 

rkis loan teas arranged by International Finance Corporation 
■ througktkeiale of participations- 


Reorganisation at Saint-Gobain 


BT DAVID CURRY 

FRANCE’S LARGEST- privately- 
owned Industrial company Saint- 
Gobaln-Pont-a-Mousson . is re- 
organising completely The 
management and operational 
structure of both its bolding 
company and its operating 
divisions. The move follows the 
company’s recent decision to 
raise Fr ' 594m (S13Cm) by a 
rights issue to reinforce its 
capital base, the largest rights 
issue in the history of the Paris 
Bourse. ‘ 

The re-organisation is part of 
the company's policy of clearing 
! the decks ready to embark on a 
period of expansion and to 
identify areas from which it may 
decide to withdraw. Like a 
number of other companies, the 
conservative General Election 
victory in March has given it 
some measure of confidence. 

The main innovation at the 
holding company is the appoint- 
ment of five corporate vice- 
presidents In charge, respectively. 


of industrial policy and planning; 
marketing; research and develop- 
ment; corpora le communications 
(personnel, .advertising, and 
public relations); and legal 
affairs. ' ■/ . 

The idea is to instal senior 
managers, to ensure the rapid 
flow of information and instruc- 
tion between the board and the 
operating level. 

The top. echelon remains the 
same, with M. Roger Martin as 
chairman. M. Roger Faurous as 
chief executive, with M. Jacques 
Beibeder moving from finance to 
be chief ^operating officer. 

At the operational level, the 
six existing divisions will give 
way io ten new branches which 
wilt become profit centres The 
basic switch is away from organi- 
sation around markers to organi- 
sation around products. 

The six divisions were construc- 
tion material: pipework and 
engineering; packaging; refrac- 
tory products: contracting: and 


distribution. These were created 
in the wake of the 1 970 merger 
between Saint-Gobain and Pont- 
a-Mousson wben the main desire 
was not to rock the boat and 
allow the two groups to get to 
know each other. 

The main problem with such 
an organisation was the dispro- 
portionate weight of the construc- 
tion material division accounting 
for 45 per cent of group sales 
and three-quarters of profits. 

In addition, the divisions were 
tending to develop into semi- 
independent baronies. Increas- 
ingly difficult to bring under 
central management control. 
They also represented amalgams 
of profit- and loss-making 
activities, not always easy to 
distinguish. Finally, each of the 
divlsionc had a “pilot " company 
at its head which itself developed 
rlivcrse-activities and blurred the 
lines of authority 

Under the new system there 
will he ten branches to look 


PARIS. Sept 21. 

after, respectively: flat glass; 
fibres; glass containers; asbestos 
cement; piping; engineering: 
paper, refractory products: con- 
tracting and distributing. These 
branches will, on the whole, be 
much more evenly balanced in 
terms of sales than their 
predecessors. 

The “ pilot " companies will be 
stripped of their extraneous 
functions and will probably 
ultimately disappear. 

A main objective is to be able 
to “identify the growth sectors" 
and the activities without much 
future in the group. M. Martin 
has made no secret nf his desire 
to diversify towards higher tech- 
nology products. 

The changes involve the pro- 
motion of new blood to the top 
management rank, although the 
branch heads ail have long ex- 
perience in the group, a number 
of them in the field rather than 
at headquarters level. 


German funds register 
August sales tumround 


BY GUY HAWT1N 
WEST GERMAN investment 
funds recovered from their usual 
summer lull last month, with 
certificate sales by the 103 
members of the Federal Associa- 
tion of Mutual Funds (BVli 
totalling DM 538m (S325mj. In 
July, more ■ certificates were 
cashed in than sold. 

A main reason for the turn- 
round. said the BV1 was that 
two major trust management 
concerns paid, their annual divi- 
dends. Thus there was a good 
deal of money available for re- 
investment. 

Certificate sales, on the other 
hand, were still well below the 
level of August last year and the 
cash inflow was some 30 per cent 
down on the comparable month 
of 1977. Even so, the total assets 
of the country’s investment 
trusts had risen within a year 
by 27.5 ner cent to DM 34.4bn. 

According to the BVI report 
its IW equity-based funds sold 
certificates to the value of 
DM I09.6m in August, 19 per 
cent down on new sales in 
August 1977. Total assets during 


T 


FRANKFURT. Sept 21. 
the same period, however, went 
up hy 12-3 per cent 10 DM I2j3hn. 

The 27: : bond-ba*ed funds did 

well considering the situation in 
hood market- Certificate sales, 
at DM 502.5m. were, however, a 
third lower th r in in the same 
month a year earlier. The bond 
funds’ total assets rose by 43.5 
per cent (p-DM lS.Shn in the past 
12 monthVsaid the BVI. 

The eight properly based funds 
reported' sales of DM 25.9tn— 
only half as much as in July and 
a quarter down on August, 1977. 


Swiss Re holds dividend 
as profits show decline 


Wessanen deal 

Konmklijke Wessanen, the 
Dutch : 'foods group, has 
announced. that its American 
subsidiary has purchased the 
assets of Marigold Foods, itself 
a subsidiary of Ward Foods of 
the U.S„ AP-DJ reports from 
New York, : The purchase price 
of some ? 2 te is to be applied 
towards the reduction of Ward 
Foods' debt, according to that 
company. •„ 


j BY JOHN WICKS 

I NET PROFITS of Swiss Reinsur- 
ance Company, Zurich, fell to 
SwFr 7i.5ni (S4B.55m) in the 
financial year ending June M 
from SwFr 75.fim for the 1976/77 
1 period. Despite this decline, 
I however, the board recommends 
(payment of the SwFr 100 per 
; share dividend paid for the 
previous business year. 

I Although group results for the 
calendar year 19 t 7 have not yet 
been published, Swiss Reinsur- 
ance announces a fall in total 
premium income. This, "however, 
has been duo wholly to the rise 
in the Swiss Franc exchange 
rate, as premium income in 
terms of local currency rose sub- 
stantially, the company said. 

An underwriting loss is 
reported for casualty reinsurance 
end non-life reinsurance busi- 
ness, while life reinsurance 
showed a rather larger under- 
writing profit than in 1976. As 
for capital income, an Increase 
in funds made up for falling 
yields and weaker exchange 
rates. 


ZURICH. Sept. 21. 

Meanwhile, the Swiss National 
Bank said the net surplus in 
foreign assets of domestic banks 
over their liabilities rose by 
SwFr l,9bn in the second quarter 
to SwFr 26.9b n. excluding 
trustee business. Reuters 
reports. 

Asset*? rose by SwFr 3.Sbn 
over the first quarter to 
SwFr S3bn, while liabilities 
advanced SwFr 1.9bn to 
SwFr 56.1 bn. 

This compares with a surplus 
of SwFr 24.8bn at end -.Tune last 
year on assefs of SwFr 83.5bu 
and liabilities of SwFr 5S.7bn. , 

Including trustee business, the 
net assets surplus rose by 
SwFr 2.7bn in the second quarter 
to SwFr 35.1bn compared with 
SwFr 33.8bn in the second 
quarter last year. 

Trustee assets rose SwFr 3.2bn 
In the quarter to SwFr 6I.9bn 
compared with SwFr 66bn in 
June last year, while liabilities 
rose SwFr 2.4bn to SwFr 53.7bn 
compared with SwFr 57bn at 
end-June, 1977. 


Jacques 
Borel plans 
increase in 
capital 

PLANS FOR an increase tn 
capita] sometime over the next 
five years will be put to share- 
holders of Jacques Borel Inter- 
national, the financially troubled 
French hotels group, at a general 
meeting on October 31. 

The company is seeking 
approval for an increase in 
capital of FFr 100m. At present 
capital is 1.43m shares at 
FFr 100 nominal, making a 
capital value of FFr 143rn. The 
company pointed out that no 
decision has been taken about 
when the money would be raised 
if approval is given. The com- 
pany “has no CHsh problems at 
present.” 

In 1977 Borel returned a loss 
FFr 164m compared with a 
shortfall in 1976 of FFr 53.7m. 
It d ; d not pay a dividend. 
Official estimates expect the 
company to move out of the. rea 
sometime in 1979. 


Profits up at 
Zung Fu 

By Our Financial Staff 
ZUNG FU Company oT Dong 
Kong, the offshoot of Jardine 
Malheaon, the trad vug house, 
increased its consolidated profit 
after tax and allowance for 
vrities by about 6 per cent. 
Id the half-year to June 30, 
to HK$11.6m (US$2.4m), or 
6.4 cents a share. . 

Thu increase took place la 
spite of delays In shipments of 
Mercedes-Benz cars caused by 
a factory strike. 

The interim dividend is 
raised to 2J cents, which repre- 
sents an increase of 20 per 
cent on the 1977 interim, after 
allowing for the one-fov-flve 
scrip Issue in May. 

All departments are perform- 
ing to expectation, say the 
directors, and the board 
expects, barring unforeseen 
circumstances, to recommend a 
final dividend of not less than 
3J cents, bringing the year’s 
dividend to 6 cents, also repre- 
senting a" rise of 20 per cent. 









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3 








tv 


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■ ptember, 1978 


'4 




X 


K 

v . 


■ YeV. an efectric truck \\ ill 
cost 1 1 lore to buy th an a 
cl i esel or 9 as t ri irk . Bi it \vh at 
ui 1 1 they be costing in five or 
ten -years time - .you \\ W b 
the rimn ingcos’rs and me 
, with my baci chest? - 

" I JsteTXf: arr electri c t ruck 
comes \yithpiosiofUsfuel 
pre-pa i cl- ’.It s called a battery- _ 
and the-nigJniy re-charge is 
c hea p . ] t's yo 1 1 r h eci ge .• a ga i ns 1 - 
fuel inilado n 'to r 5 y;ea rs . A n d 
. as your ( :os f ex pf iris \v i I ! re 1 1 \ o u . 
eloctries'cost less to mainuun. 
live ioiiger. aiidjiavea higher ; 
trade- in value than engine trucks.,. • 
"And what abom the blokes \vho work ■ 
for you? Tii mk what an investment 
an elect ric truck is for ns. .Yo noise, 
no noxious IVnnes. Pit is a Chloride ’ 
engineer on cal) to look after the 
% bigteries. (.’on icon, bt.iss. Pay, now 
, and well all live later! Yuir trucks, 
.your money and us 

Chloride Industrial Batteries Limited 
P.O. Box 5 r Clifton Junction 
Swinton, Manchester M272LR 
To I ephone : 061 -794 461 1 
v' Telex: 669087 ; 


\ 

S: 


CHIOR1DE 

PURE POWER 





Financial Times Friday ^ptenft^,a; y 





Allowances 

cushion 

Sleigh 

reverse 


Capitol Motors gives 
ANI results a boost 


BY JAMES FORTH 


SYDNEY. SepL 21. 


By Our Own Correspondent 
SYDNEY, Sept 21. 


H. C. SLEIGH, the petroleum, 
shipping! WQodehips, coal and 
rubber group, is planning a 
major reorganisation programme 
following a 25 per cent slump in 
earnings, from ASS ,29m to 
ASB.15m fU.S.S7.15m) in the 
year to June 30. 

The result would have been 
far worse but for a steep drop 
in the tax provision, from 
AS3.7-im to ASl-3m. reflecting 
investment allowances of 
ASS 15.000 and trading stock 
valuation adjustment of 
AS609.000. The result was after 
a special provision of ASSm 
acai'nst profits in connection 
with the reorganisation pro- 
gramme. to avoid having these 
costs affect the 197S-7R profits. 
The reorganisation is expected 
to result in the entrenchment 
of some employees. 

' Despite the lower profit, the 
annual dividend has been held 
at 5.5 cents a share and is nar- 
rowly covered by earnings oF 7.7 
cents a share, compared with 
10.6 cents in 1976-77. 

The directors said the main 
factors affecting the result were 
cost increases in the marketing 
of petrol, which could not be 
passed on because of price con- 
trols in the industry. 

. The result was also affected by 
e loss in the shipping activities, 
but good figures were recorded 
in other activities, including 
export trading, woodehips. earth 
moving equipment sales and 
finance activities. 


AUSTRALIAN National Indus- 
tries, the engineering equipment 
hire, motor vehicle distribution 
and investment group, has lifted 
its dividend, and plans to raise 
AST.Om for expansion after its 
eleventh consecutive increase in 
profit Earnings for the year to 
June 3D increased almost 65 per 
cent from A$$.S9m to AS14.66m 
fUSSlTm), meeting earlier fore- 
casts by directors that the profit 
would he at least ASl4tn. 

The profit was boosted by a 
full year's contribution from the 
Datsua-BMW motor vehicle dis- 
tributor. Capitol Motors, which 
was acquired last year. The 
actual profit of Capitol was not 
disclosed, but it was in line with 
earlier forecasts of around 
A$5.5m tu AS6m. 

Tn* dividend is increased 


from 9.9 cents a share to 10.5 
cents, and is covered by earn- 
ings of 32.7 cents a share, com- 
pared with 2S.4 cents in 1976-77. 

The higher earnings per share 
was achieved on capital in- 
creased during the year by a 
one-for-three cash issue and some 
conversion of convertible securi- 
ties. 

The directors announced that 
ANI will raise dollars A57.Q3m 
through a private placement of 
23.45m convertible preference 
shares, paid to 30 cents. The 
proceeds of the issue will be 
used to finance the group's over- 
seas expansion programme. 

Ordinary shareholders, the 
directors say will benefit from 
higher earnings per share and 
and asset backing as the issue 
bad heen designed to delay con- 
version. The preference shares 


would, be for a 10-year term 
carrying a 745 per cent dividend. 
They will be convertible on the 
basis of seven preference shares 
for one ordinary share, or an 
effective conversion price of 
$A210. ANI’b ordinary shares 
are currently selling at AS1.75 on 
the sharemarket. 

Expanding on the result, the 
directors said that the only 
sector to record a lower profit 
was the metal formings division. 
The hire service operation con- 
tinued to expand, and achieved 
considerable growth while the 
engineering results were excel- 
lent. 

The board added that they 
were budgeting for a further 
increase in profit and earnings 
per share in 1978^79 and were 
confident of the twelfth successive 
year of profit growth. 


Major oil find in Bass Strait 


EY OUR OWN CORRESPONDENT 


SYDNEY. SepL 2L 


The directors said the cost to 
the company in being prevented 
from increasing oil prices 
sufficiently to cover cost in- 
creases was estimated at ASZJZSm 
or AS 1.23m after tax. 


The Warkworth coal project 
in New South Wales was pro- 
ceeding satisfactorily and a pre- 
liminary' sample of 7.500 tonnes 
of steaming coal would soon be 
shipped io the Electric Power 
Development Company in Japan, 
under an agreement to supply 
the utility with 5m tonnes of 
coal in the 10 years from 19S1. 


A NEW OIL FIELD has been 
discovered in the Bass Strait, off 
the coast of Victoria, which 
already supplies close to 70 per 
cent of Australia's crude oil re- 
quirements. The Bass Strait 
partners. Broken Hill Proprietary 
and Esjo, a subsidiary of the U.S. 
nil major. Exxon today 
announced a “significant new oil 
accumulation” in the West 
Halibut I well, near the produc- 
ing Halibut field. The partners 
have already labelled the 
accumulation as the Fortescue 
field. 

More drilling will be needed 
to determine the extent of the 
field and further tests are being 
carried out to determine the 
commercial significance of the 
shows. But, the fact that the 
partners nave talked of a field at 
this stage and a significant find 
is considered a strong pointer 
that the discovery' will prove 
commercial. It is certainly the 
most optimistic early statement 
released by tbe partners for 
several years. 

Observers suggest that at this 
stage the partners feel that the 


Fortescue Field is similar to the 
Cobia and West Kingfish fields, 
which are currently being 
developed, and each contain 
reserves of about 150m barrels. 

Cobia is also close to halibut, 
while West Kingfish is close to 
the producing Kingfisb oilfield. 


It Is geologically difficult to tell 
whether these fields are separate 
structures or extensions of -tbe 
nearby producing Gelds. The 
distinction is significant because 
new discoveries receive full 
import parity for tbe crude 
produced. 


Monier expands in U.S. 


BY OUR OWN CORRESPONDENT 


SYDNEY. SepL 21. 


CONCRETE INDUSTRIES 

(Monier j, the major Australian 
concrete and building products 
group in which Rcdland of the 
UK bolds a 47 per cent stake, 
plans to build two more concrete 
roofing tile plants in the U.S. 
for more than A$5tn. The plants 
will be at Houston, Seattle aDd 
will take the number of tile 
plants operated by Monier in the 
U.S. to 13, including one in 
Hawaii. 

The latest move is part of a 
planned expansion programme iu 
the U.S. over the next five years. 
Monier, which is now the largest 


roofing tile manufacturer in the 
U.S.. is expected soon to 
announce a further expansion of 
its investment in the Malaysian 
roofing tile industry. Monier has 
been operating in the U.S. for 
several years. Recently, another 
Australian group. Bora! also 
moved to: -the U.S., with the 
acquisition of: 55 per cent of 
Californian Tile,- while a third 
Australian group, Humes is 
reportedly also considering 
making roofing tiles in tbe U.S. 
The Monier plants are expected 
to be in production in the first 
half of 197S. 


r. 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


NEW ISSUE 



A/S EKSPORTETNANS 


(FORRETNINCSBAN KENES FtNANSIERXKGS- OG EKSPORTKREDITTIKSTITCTT) 
(INCORPORATED Cf THE KINGDOM OP NORWAY WITH LIMITED XXUUUTX) 


US $50,000,000 
9% NOTES DUE 1986 


CmCOHP international group 

AMSTERDAM-ROTTERDAM BANK N.V. 
BERGEN BANK 

CREDIT SUISSE FIRST BOSTON LIMITED 
HAMBROS BANK LIMITED 


DEN NORSKE CREDITS ANK 
ANDRESENS BANK A.S 
CHRISTIANIA BANK OG KREDXTKA55S 
DEUTSCHE BANK AKTIENGESELL5CHAFT 
KKEDXETBANK SA. LUXEMBO URGE OISE 


MERRILL LYNCH INTERNATIONAL & CO. 


ABU DHABI INVESTMENT COMPANY 


ALGEMKNE BANK NEDERLAND N.V. 


AMEX BANK 
Limited 

THE ARAB AND MORGAN GRENFELL FINANCE COMPANY B.S-.L UNDERWRITERS BACHS HALSEY STUART SHIELDS 


Limited 

BANCA COMMERCIALS IT ALXAKA 


Limited 

BANCA DEL GOTTARDO 


BANK JULIUS BAER INTERNATIONAL 
Limited 
BANK IVEEES Sc HOPE NV 

BAKQUE ARABS ET INTERNATIONALE D'ZNVESTZSSEMENT (BJt.X.I.) 
BAN (HUE FRANCAISE DU COMMERCE EXTERJEURL 


Incorporated 

BANK OF AMERICA INTERNATIONAL 
Limited 

BANK GGTZWXXXER, KUSZ, BUNGENER 
(Overseas) Limited. 

THE BANK OF TOKYO (HOLLAND? N.V. 
BANQUE BRUXELLES LAMBERT S.A. 
BAN GLUE GENERALS DU LUXEMBOURG S.A. 


BANK LEU INTERNATIONAL LTD., 
Nassau 


BANQUE DE L'INDO CHINE ET DE SUEZ 
BANQUE NATIONALS DE PARIS 


BANQUE LOUIS-DREYFUS 


BANQUE DE L ’UNION ECROPESNNE 
BAYKRISCHE HYPOTHEKEN- UND WE CHS EL-BANK 


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CAISSE DES DEPOTS ET CONSIGNATIONS 


CHEMICAL BANK INTERNATIONAL 
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CREDIT INDUSTRIAL ET COMMERCIAL 


BANQUE INTERNATIONALE A LUXEMBOURG S-A. 

BANQUE DE PARIS ET DES PAYS-BAS BANQUE PO PUL AIRE STHSfiE SA. 

Luxembourg 

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GIRO ZEN XKALE 

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af 1871 Aktiese teR ab 

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Deutsche Genossenschaftsbanlc -DEUTSCHE KOMMUNALBAKK- 

DEVZLOPMENT FINANCE CORPORATION OF NEW ZEALAND DILLON, READ OVERSEAS CORPORATION 

DEKSDNER BANK D REXEL BURNHAM LAMBERT EUROPEAN BANKING COMPANY FIRST CHICAGO 

Afc-tlengvseUs draft Incorporated _ Limited Limited. 

FUJI INTERNATIONAL FINANCE GEN OSSENS CHAFTLTCHE ZKNTRALEANK AG ANTONY GIBBS HOLDINGS LTD. 

Limited Vienna 

GOLDMAN SACHS INTERNATIONAL CORP. GRODPEMENT DES BANQ.UIERS PRIVES GENEVOXS 

KILL SAMUEL Be CO. XBJ INTERNATIONAL ’’ KANS ALLIS- OS AKE-PANKKI 

Limited Limited 

KIDDER. PEABODY INTERNATIONAL KLECNWORT, BENSON XREDIETBANK N.V. 

Limited Limited 

KUHN LOBB LEHMAN BROTHERS INTERNATIONAL KUWAIT FOREIGN TRADING CONTRACTING ft INVESTMENT CO. (S-A.K-) 
KUWAIT INTERNATIONAL INVESTMENT CO. a.a.k. KUWAIT INVESTMENT COMPANY (SAK.) 

LLOYDS BANK INTERNATIONAL MANUFACTURERS HANOVER SAMUEL MONBAGD ft CO. 

Limited Limited Limited-. 1.-"' 

MORGAN GRENFELL ft CO. MORGAN STANLEY INTERNATIONAL NATIONAL BANK OF ABU DHABI ' 

Limited Limited 

THE NATIONAL BANK OF KUWAIT S.A.K. NEDBKLANDSCHE M3DDENSTANDSBANK N.V. 

THE NDCKO SECURITIES CO., (EUROPE) LTD. NIPPON EUROPEAN BANK SJt. NOMURA EUROPE N.V. 

NORDDEUTSCHE LANDESBANK NORDFINANZ-BANK NORDIC BANK SAL. OPPENHEDVI JR. ft CIE. 

Glvozcntrale Zuerleh Limited 

PIERSON, HELD RING ft PIERSON N.V. PK3ANKEN POSTIPANKEI PRIVATBANXEN 

Aktleseftskab 

N. M- ROTHSCHILD ft SONS ROTHSCHILD BANK AG SALOMON BROTHERS INTERNATIONAL 

Limited Limited 

SCANDINAVIAN BANK J. HENRY SCHRODER WAOG ft CO. 

Limited 


ORION BANK 
Limited 


SMITH BARNEY, HARRIS UP HAM ft CO, 
Incorporated 

SOCIETE GENERALS DE BANQUE S.A. 
SUMITOMO FINANCE INTERNATIONAL ■ 


Limited 

SOCIETE BANCAXRE BARCLAYS (SUISSE) S JL 


SKANDESAVISKA ENSKILDA BANKEN 
SOCIETE CEWgftALB 


SOCIETE PRTVEE DE GESTION FINANCIERS STRAUSS. TURNBULL-* CO. 

SVEN SKA HANDELSBANKEN SWISS SANK CORPORATION (OVERSEAS) 


TAIYO KOBE FINANCE HONG KONG LTD. 


TRADITION INTERNATIONAL SA 


UNION BANK OF NORWAY LTD. 


Limited 
TRINKAUS ft bukXSARDT 


UNION BANK OF FINLAND 
Limited 

VERB AND SC HWEIZE RISCHER KAMTONALBANKEN 


UNION BANK OF SWITZERLAND (SECURITIES) 
Limited 


S. G. WARBURG ft CO. LTD. 


VERKINS- UND WESTS ANK 
Aktlcn^esellschaft 

WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


J. VONTOBHCi- ft. CO. 
DEAN WITTER REYNOLDS INTERNATIONAL 


WOOD GUNDY 
Limited 


YAMAICHZ INTERNATIONAL (EUROPE) 
Limited 


SEPTEMBER 137* 




Aid appeal 
in Japan 
for textile 
trader 


By Yoke Shibsta 

TOKYO, SepL 21. 


JAPAN’S .TEHEE major syn- 
thetic fibre manufacturers, 
Toray, Asahi Chemical and 
Teijin, have appealed to the 
Ministry of Finance to extend 
Government assistance for the 
reconstruction of Xchixnura 

Sangyo, a leading textile trad- 
ing house handling the pro- 
ducts of small spinners along 
tbe Japan Sea coast of Honshu 
Island. l 

The request which was made 
personally to the Minister of 
Finance by the president of 
the three companies, includes 
a proposal that state-owned 
banks shonid cut interest rates 
on loans to Ichimura Sangyo. 

Ichimura (one of the largest 
non-qnoted companies in the 
textile business) began to get 
into trouble late last year 
when yen appreciation hit the 
exports of smaller Japanese 
spinners. A rescue team to put 
the company back on Its feet 
was brought together early in 
1978 by five major synthetic 
fibre manufacturers beaded by 
Toray, and eight banks, headed 
by Hokkoka Bank. 

The plan calls for the estab- 
lishment of a second company 
to carry on Ichhnnra's busi- 
ness and the rescheduling over 
16 years of the existing com- 
pany debts (amounting to 
Y29.8bm equivalent to some 
SI 55m). Government assist- 
ance has been sought because 
the private companies in the 
rescue team feet unable to 
shoulder the fnQ burden. 

The Finance Ministry has 
pledged to study concrete 
measures to assist the rescue of 
Ichimura Sangyo, apparently 
taking into account the Impli- 
cations of failure for the tex- 
tile-dependent region in which 
the company operates. Because 
of the political implications of 
failure the Ichimura Sangyo 
case bears some resemblance 
to the case of Sasebo Heavy 
Industries, an ailing ship- 
builder in Kyushu which is 
being rescued in part with 
Government assistance. 


Sharp- gain in DKH 


half-year earnings 


BY WONG 5ULONG 


KUALA LUMPUR, Sept 21. 


THE INTERIM pre-tax profits of 
the Malaysian tin smelter; Datuk 
Keramat Holdings (DKH) rose 
sharply by 64 per cent to 15m 
ringgits fU.S.S6-5ui) • due - to 
buoyant conditions, in.. the tin 
industry. The group's sales rose 
by 27 per cent to 488m ringgits 
(8212m). 

DKH' said tin prices during 
the period ending July rose by 
j 10 per cent, to 1,643 ringgits per 
j pifcul, and this stimulated a sub- 
stantial infl ow of tin, concen- 
trates for smelting, especially 
from foreign sources. 

The group’s investments in tin 
companies in Malaysia also con- 
tributed significantly to overall 
profits, increasing .as ft were, 
by 77 per cent to nearly -2m- 
ringgits. •--••• 


However, because of the higher 

sBsffaassrsa 


TnieWT W 

flrnSl 460.000 ringgits 
interest during the first half 
S the last financial year ■ rt had 
met interest charges of 

rin»“its in the current first half. 
The croup is declaring a record 

infertoT dividend of 615 ants 

per one ringgit share, and dire* 
Mrs predict that the group would 
achieve another year of record 

PI DK£Ts shares are being traded 
on the Kuala Lumpur Stock 
Exchange at around 115 ringgits. 


there was a turn- 


it 


m 


Rakyat recovery plan 


BY OUR OWN CORRESPONDENT 

KUALA LUMPUR, Sept 2L 


BANK RAKYAT the Malay 
co-operative bank which is now 
under new management 
appointed by the Malaysian 
government today announced it 
was taking steps to try. - to 
recover some of the 67.7m 
ringgits (U.S329.4m) losses it 
had incurred under its former 
chairman, Mr. Datuk" Harun 
Idris. 

Mr. Datuk Harun. the farmer 
Selangor Chief Minister, is how 
serving a four-year "jail terjn for 
criminal breach of trust ; and 
forgery relating to the ‘tank's 
funds. 

Tbe new bank chairman,; Mr. 
Tengku Ngah, said today "that 
legal action was being 'taken 
against certain firms -- and 
individuals for loans made to 
them. 

Bank Rakyat is also suing the 
Kuala Lumpur brand! of 
Citibank Bank of New York for 
6ip ringgits which was spent in 
staging the Mohammed -Ati-Joe 
Bugner fight here in 3975. The 
fight was made possible by 


Citibank issuing letters cf 
guarantee for the purses. 

Mr. Tengku Ngah said the new 
management of Bank. Rakyat has 
undertaken a major reorganisa- 
tion of the bank and its 
subsidiaries. Those subsidiaries 
not related to the bank's main 
business would be wound up. . 

The Malaysian Prime Minister; 
Mr. Datuk Hussein Onn, dis- 
closed over the weekend that the 
bank is asking the Government 
for a loan of 100 to 150m ringgits 
to enable it to stand on Its feet 
again. A White Paper on the 
affairs of the bank would be 
tabled at the coming session of 
Parliament. . . 

The bank has a membership of 
over 23.000, most of whom are 
Malay farmers and fishermen. 

• Singapore Finance boosted 
its net profit from SS2.1m 
(U.S.S950.000) to S823m 
(U.S -Sim) in the year ended 
April, AP-DJ reports from 
Singapore. The directors are 
recommending a first and final 
dividend of 9 per cent 




By Richard Rolfe 

JOHANNESBURG. Sept 
THE RETAILING griwpv. B 
Stores, which has 434 out] 
southern Africa; primari 
South Africa and Rhodesia 
jo -its annual report for tlu 
ended July 8 that there &» 
a modest improvement in & 
business conditions ^rni. f 
lias budgeted tor" ri gnifi g 
creaks” i n sa tes and ■> 
during tbe current- year 3 

Edgars, whlch^ms to 1 * 
largest .retailer of clothing 
wear and household '.'teal 
Africa, reported salK un 
rR170m / .to . R194in (8223m 
year and pnifits-np from F 
to R16fim prcfcix. Tbe dh ' 
per share was raised Don 
to 235c and'at 3,375e thfe- 
yield-7 per. cent; 

The ccmtpanyVpoEcy is 
crease. dividend, cover, whif 
brought up to 2.1 - times . 
with earnings :per. share 
from 3541c to 604c; Bom 
have been reduced irinal 
to R34m as a- result- an 
from 86 per cent to 69 pc 
of shareholders' funds. . . 


Advance at 


Hong Kong 
property gro 


By Ron Ridiardson . - 
' HONG KONG, Sept 
HOPEWELL HOLDINGS 
construction and property 
raised group net profit t 
per cent In the year to Ji 
to HK?56.34m fXLS jtilJD 
result maintained the' 
steady growth of the. pa i 
years. 

In a brief preliminary 
meat, directors said th; 
dividend for the year wo . 
raised to 20 cents a shari 
last year’s 15 eents with 
payment of 14 cents, cor 
with 10 cents last year, 
will close on October 28 to 
mine entitlements. 


-5 V 


Move towards 
yen CD 
trial issues 


TOKYO, Sept 2L 
THE JAPANESE Finance 
*1 In is try may allow commer- 
cial banks to issue negotiable 
certificates of deposits (CDs) 
in yen in Japan on a trial basis, 
Mr. Hlroml Toknda, the direcr. 
tor-general ‘of : the “H Dxd^try^ 
banking bureau, said here. 

Tbe Financial System Re- 
search Council is discussing 
the question, and the advisory 
body would probably reach a 
conclusion in tbe first half of 
1979, he told a business school 
seminar. 

The Ministry had power to 
Introduce CDs without waiting 
for the Council to reach its 
decision and might do so on a 
limited scale, restricting the 
volume of issues so as to pre- 
vent confusion in the Japanese 
capital market 

Mr. Toknda also said that it 
would be difficult to respond . 
to a demand from Japanese 
industries _ for a lowering of 
long-term interest rates in 
Japan at this stage. 

This was because tbe second- 
ary bond market was still 
recovering on a long-range 
basis from a bottom reached 
in April-May this year, while 
the operational costs of 
Japanese banks, which had to 
subscribe to . the • bulk of 
national bond issues, could not 
be lowered. • Reuter 


• r -3 



•• ;* 


STEEL STOCKHOLDERS - STRUCTURAL ENGINEERS 


- --1 




Extracts from Mr. & G. T. RrtfTs statement 

to shareholders 


The hading p rofit Jbef ure taxation amounts 
to 024,8ffi : aEKJ.was obtained from a tum- 
. over erf £10,732375. Profit earned in toe 
second half of [the yearvras somewhat lower 
than that achieved in the first six months; 
ihis*iafi bang caused by toe reduced- 
turnover attrftxitable to the-Steei DivisorL. 
Nevertheless, I fed that toefiiU veer's result 
c om p a res sa ti s fact orily with 1977, in the light 
ofthe tracing cot ditkxts experienced during 
the year. 


the latter months, of 1977.- Home sates 
increased slightly both m value and volume, 
but the prqft_magtri&idnBBied intensely 
competitive; Trading so-.far tfss year has 
been smisiactoty esian tfaoughderaand stffl 
remains at a low level. 


: rv : 


■ ■* '•IS 
. 3S-S 


DIVIDEND 

The direciois recommend a final dividend 
of 3.67p per share which wifl make a total of 
5J32p per share for the year. 1978, the 
maximum possible under current legislation. 
The 1978 efividend is covered 2.1 times. 



TRADING REVIEW AND 
OUTLOOK 

. The Steel Division's feflin turnover was 
entirely in export sales, tfafe kwver level being 
due to the unfavourable movements in the 
v^je of sterling, which affected sales during 


TheBTgfoeenngTXwsraTfras operated 
at a sordar, level of activity as iak year. . 
Unfortunatdy, the danand far structural 
steeiwctfk cordhues to. be less, than 
adequate to meet the fiiffcapffiay vwtitin the 
industry and oxipetitiOT for work remains 
mtense. • ... >. . 

hssgnifkarTt that the sted producer of 
Europe and, mdeed, of the world are 
beoOTwig more reluctant to forecast when 
any appreciable upturn in demand wil take 
place. Your Company is, however, 
op*r»stfcthatits vigorousreffprtsto incraare- 
sales and penetrate/ ever more vridely r into 
world markets wB bear fruit and ihantahtite 
COnpan/s progress. 


IV 


5‘7f 


-v 


A 1 
,rr- • 




Copies of the Annual Report; contarnrng theiChafirnTarfs Statement 
in full, are obtainable from The Secretary : - - ‘ : 

JAMES AUSTIN STEEL HOLDINGS LIMITED 

Thomhdl Steelworks, Dewsbury, Yorkshire WF12 9EH. •• 



Swire Badfic Limited 





INTERIM DIVIDENDS 


The Directors of Swire Pacific Limited 
announce that the consolidated unaudited profit 
after taxation for the six month period to 30th 
June 1978 was HKS 125.7 million. 

Thej' have declared the following interim 
dividends:- 

•A* sbare!2 cents 
- ‘B’ share 2.4 cents 

Tnese dividends wifl be paid on the capital as 
enlarged by the recent one lor ten scrip issue. 
These interim dividends represent an increase of 
32*0 over the equivalent payments in 1977. 

AH divisions have performed satisfactorily, 
which has resulted in a considonbie increase in 
earnings at tbe half way stage. 

- Subject to unforeseen circumstances the 
Board expects to be able to recommend final 
dividends of not Jess than double the interim. 

The interim dividends will be parable on 
12th October 1978, and the Share Register ofthe 
Company will be closed from 28th September 
1978 to 12tii October I97S, both days inclusive. 


A full interim report is being sent to all 
shareholders. 


By Order of the Board 
John Swire & Sons (HJL) limited 
Secretaries 


Hong Kong, 14th September 1978 


Swire ft rife Limited 

Swire House, Hong Kong. 













wor 


Swire Properties Limited ^ii Hi 3 


INTERIM DIVIDEND 


The Directors of Swire Properties . 
Limited announce that the consolidated 
unaudited.profit after taxation for. the six 
month 'period to 30th June 1 978 was 
HKS52.6 million. In addition there was an 
extraordinary profit of HKS 1 0.1 million 
arising from the sale of investment 
properties during the period. They have 
declared an interim dividend of 8 cents 
per share payable on 1 2th October^ 978 
representing an Increase of 23 % over ’the 
amount paid for the equivalent period in 
1 977. The Share Register of the Company 
will be closed front 28th September 1 978 
to 1 2th October 1 978, bothdaysincluslye- 
The results forthe period are affected: 
by timing factors, tnthe absbnce'of unfore- 
seen circumstances. toe Board expects that- 
profits for 1 978 will show substantial 
increase over 1977, and that the final 
dividend to be recommended to sharb^ 
holders will be not less than double theS 
interim. 



tS i 



■qui 


- «t'»r 





A full interim report is being senti 
shareholders 


Order oflhe Board . . .. . 

John Swire & Sons (H.K.) ^ 

Secretaries -- 


Hong Kongi-1 4th September 1.978 • 


: ■ -cf- ^ 


Swire Properties Limifed 

Swire House. Hcig Mong. : ^ ^ 




- • 'Ll 
— 1 k 


-7- ’-ij. 


It 










>r-mL: r-rv ••*■—■’ > 





„ ^ Financial Times Friday September 22197 s 

JlEW CONTROL AT CANADA^S TROUBLED MASSEY-FERGUSON 

¥ r ' ■ 

Qi* 



27 

STEWART FLEMING REPORTS 


Of 







$ 


EER TEN Toronto Street have brought Hr. 


Black,' his 

nil ding easily overlooked, brother Montegu, and their 
id in the heart of Canada's associates into such a potent i- 
'”ieial • capital, the . city of ally powerful position .. . in 
^-ito. its neoclassical ele- Canadian . business, it is. hard 
'■;s is lost among the sur- not to accept his own -descrip- 
; ding tower blocks. Only the tion of himself as ■'the strategist 
1 :ier above the black double and catalyst *’ directing what 


pany called Ravelston Corpora- became chairman, with Alex dryly, Alex- Barron remembers cent of the votes to buy out Argus, quickly made itself felt founded Argus. He agrees that 
tion. Ravelston's sole asset (it Barron taking over as chairman the meetings, too, but he says one of the others. The Black Within a week Conrad ■' Black. it is possible that businessmen 
has no liabilities) was at the of the executive committee. At that white be did agree to use group had secured the support wa s elected president and chair- associated with him including 

time of Bud McDougald's death the same time, in April, Conrad his Influence to further the of two widows (Maude “an of the executive committee Frederik S. Eaton (chairman of 

shares in Argus voting equity Blank joined the Massey Board. Black . family' s claim for McDougald and Doris Phillips), 

amounting to 61.7 per cent of Mr. Matthews- also assumed increased authority in Argus, he controlling 47 per cent of 

could scarcely commit Mr. Ravelston and were able (with Meighan as chairman of Argus, a 
Meighan .and Mr. Matthews, who their own 22.4 per cent stake) 
were not at the dinner. to issue a compulsory purchase 

He says of the changes at the order to the Meighan interests. 

March 22 Argus executive com- Why the widows agreed to 
mittee meeting that these were, support the Black family 
ing Bud McDougald’s death. In part, already being prepared remains a mystery. Some have 


the voting capital. .Thus, who- the chair left vacant by Mr. 
ever coni rolled Ravelston con- McDougald's death at Dominion 
i indicates that this is the has the makings of a manage- trolled Argus and. hitherto, its Stores, where Mr. Barron and 

marten; of Argus Corpora- raent revolution at Argus and associated companies. Mr. Meighan were directors on 

one of Canada's most its associated companies. . At Mr. McDougald's death, the the executive committee, 
rfui financial dynasties. To understand some of the owners of Ravelston were his Commenting nn events fnllow- 

s is the company which for forces shaping these changes, it widow. Mrs. Maude McDougald 

:les ha s in practice control- is necessary to go back to the (23.6 per cent), her sister and 

the widow . of . anojher Argos 
founder, Mrs. Doris Phillips 
(23.6 per cent), the Black 
family interests (22.4 per cent), 
interests related to the Meighan Massey-Ferguson 
family (26.5 per cent) and Mr. Dominion Stores 


< lassey-Ferguson, the finan- formation of Argus in 1945.. by 
. troubled farm equipment a group of financiers and busi- 
. facturer. nessmen. The founder of Argus, 

roughout this spring and Mr. E. P. Taylor, built his 
jer, as Massey has lum- fortune buying breweries in the 

deeper and deeper into a depression years. He created 

V'jal crisis, influential Can- Canadian Breweries, -the chief Bruce Matthews (39 per cent). Domtar 


ARGUS CORPORATION MAIN HOLDINGS 


m 




financiers have been wag- operating officer of which, was 
a battle for control of Mr. George Black. Conrad 
vi. Mr. Conrad Black, the Back’s father. . . 

. irold businessman who ap- Along with Mr. Taylor, the 
to be the victor in that anginal founders of Argils were 
concedes that the dis- W. Eric Phillips. John ( M Bud ") 
at Argus spilled over to McDougald and Walter Mc- 
tfassev boardroom, where Cutcheon who, at one point. 


Both the widows are in their Standard Broadcasting 
seventies Holfirjger Mines 

In the wake oi Bud * fw nine months 1976 S145m tog 
McDougald’s death, the lines of 

the subsequent conflict were Conrad Black says that the day 



- - Sales 

Net Income 

percent 

- S 

$ 

16.4 

2j8bn 

32.7m* 

23S 

- 2-2bn 

20.8m 

16.9 

- -1-Obn 

26.8m 

47.7 

36.6m 

4.7m 

23.1 

• ■ 48.9m 

19.6m 


suggested that tbey did not fully 
understand what they were 
doing. Alex Barron says that 
Max Meighan told him that the 
widows’ subsequently regretted 
the decision. Conrad Black says 
that family ties and the fact 
that the sisters had not had 
close social ties with the 
Meighan group may have -been 


of Argus. One of his associates, the Eaton department stores 
Mr. Nelson Davis, replaced Max group), his cousin Ronald Riley, 

vice-president of Canadian 
Subsequently, Conrad Black Pacific, H. N, R. Jackman, a 
himself became chairman of Massey Board member and 
Massey-Fergusop, replacing (in chairman of Empire Life, Dixon 
August) Mr. Bruce Matthews Chant and Nelson Davis will be 
who had replaced (on his offered Ravelston stock, 
death) Bud McDougald. One of the associates suggests 

But how much influence, that Argus will look increasingly 
through control of Argus will to the U S. for expansion, partly 
the Black family and its because of fears about Canadian 
associates be able to gain, and taxation and the policies of the 
then wield, at other companies Trudeau Government, 
in the Argus portfolio? There But before ambitious plans 
are no Board members at can be followed, it would seem 
Domtar clearly associated with that the crisis at Massey- 
the Black group and the same is Ferguson will have to be over- 

tbat 


quickly drawn. . The older gen- after his death he and his 

eration of Ravelston and Argus, brother Montegu met for dinner 

- . directors, including Mr. Max with Alex Barron and pressed 

•A ngs. he says, at times be- J* 3 ® a m «nber of the Diftfen- Meighan (70), his close business their claims for increased status 

r "disorderly." baker Government. associate. Alex Barron, and Mr. in the Argus companies. By 

was more than Massey- Argus was, and remains, a Bruce Matthews (68) moved Chance, this meeting took place 
_ 1 ison that the fight was strange company. Holding only into positions of greater power on March 16, the day after Mr. 

. As well as its 16-4 per m * n onty stakes in several xuijor j n . several Argus companies, McDougald died. But it had 

-H.inrerest in Massey, Argus Canadian companies, in practice even though their combined been arranged beforehand, both 

■ ^’4 similar minority- share “ as dominated their policies shareholdings in Ravelston parties say. 

Mf..; in severer other leading wthout becoming involved in added up to only 30.4 per cent Mr. Black says that at a sub- 

* i, J«|lian businesses including, day-to-day administration. It Thus at Argus, in succession sequent executives’ committee 

n, 'sample. its 23.9 per cent did this Through what Mr. Alex to Mr McDougald, Mr. Meighan meeting of Argus on March 22, 

r'djfrig in the CS2bn a year Barron desrnbed this week as became chairman, Mr. Matthews their expectations were not 

?«', markets group. Dominion force t^ e personalities president and Mr. Alex Barron fulfilled. ** None of those aspects 
_"3. the country’s largest jn y°i v ®d as much as the executive vice president, a post of augmenting our status were 
. • retailer. F* no . nt ^. shareholdings _.*hd previously held by Mr. within the apparent power of the Ravelston shareholders’ 

directorates. Matthews. And at Massey- recollection of those three agreement which allowed any 

This domination of a majority Ferguson, Mr. Matthews also individuals, ** he remarked of the partners with 51 per 

of shareholders by a determined H 


true at Holiinger Mines. At come. Conrad Black says 
among the factors. He suggests Dominion Stores, two directors Massey's bankers would be 
that the sisters were unhappy generally associated with the " shakier of knee and sweatieF 
and there was Dot enough time at not having been consulted Black family, Dixon Chant and of palm ” were it not for the 
to take aceount of the Black about some of tbe changes at Conrad’s brother, Montegu, Argus shareholding in Massey 
family claims.so soon after Mr. the Argus companies. . joined the company's executive He argues that with Victor Rice 

McDougald’s death. By July 5. however, committee in August. But installed as " the undisputed 

Mr. Black says that sub- another spectacular develop- Messrs Meighan, Barron and boss of Massey” operations, 
sequently-he made it clear that ment occurred. The Black Matthews are also committee himself playing an active role 
he was net satisfied and did not interests were, able to buy out members. Conrad Black himself as chairman and Albert Thorn- 
feel he was being treated as an the two widows (according to suggests that only at Domtar is brough remaining as " a source 
equal partner in Ravelston and Alex Barron for a price of there a real question about of solicited advice and a neces* 
Argus. A close and influential $ClS.4m, valuing Argus at $C38 Argus being able to influence sary point of reference regard^ 
associate says he advised Black a share). Two sources, one the associated companies, ing routine business opera- 
te lay low and let the Meighan close to Black the other to Alex although he wonders whether, tions,” there is a greater sta- 


crowd dig their own grave.” 

Two months later, on May 16, 
that grave ;had been dug. On 
that day, Conrad Black was able 
to exercise a legal clause in 


Barron, have said that there was in the 1970s and 1980s. the bility at the centre of Massey. 


>st out 


- :.ough such minority share 
- - , Argus has held sway over 
;• '• totalling over $3.5bti. in 
V mies with annual sales 
..." ■ 'res in 1977 of $6bn. One 

,-^nn now is, can Argus, shareholder 
*h such minority holdings; challenged. 


minority has been, and is, a con 
troversial issue. In suggesting 
that the battle may not be over 
at Argus and its associates, Mr. 
Barron was suggesting that 
Argus’s power as a minority 
can and may be 



... Vue to exercise this power? 
. : .lex Barron, still a direc- 
... Massey and Argus but one 
- group generally seen to 
• ' lost out to the Black 
“ -‘sts, said this week from 
•1 in Mexico City that the 
is not over. Employing 
1 terminology, he 
:ed: " We are still at- the 
f - the seventh innings.” 
seball, nine innings are 
unless there is a tie. 
de the Argus headquarters 
ard to imagine that this 
environment has been the 

- of one of the most 

- '■"'--‘-'iing an d at times bitter, 

. ate fueds to have hit 

financial 


In recent years, the Argus 
founder who dominated the 
empire was John: (Bud) 
McDougald. He was chairman 
and president of Argus,, chair- 
man of Dominion Stores 
Massey-Ferguson and Standard 
Broadcasting. At Domtar, 
the 23rd largest industrial 
company in Canada and 
another in the Argus fold,- the 
chairman was Mr. Maxwell 
Meighan. The son of fonner 
Canadian Prime Minister Arthur 
Meighan, his interests canie-ihto 
the Argus operation in the late 
1950s when investment trusts 
with which Mr. Meighan was 
associated (8nd in which his 
family had minority stakes) 
bought Argus stock.- Like other 
Argus directors, including Alex 
Barron and Mr. A. Bruce 


as tightly-knit 

mity. 

rad Black, the new "Metro 
as the. local Press 
:ts in describing-hnn^ wfur Matthews^Mr. Meighan and = Mr) 
“ '. : ••• chairman of . Massey land McDougald suit on * several 
.. ; lent of Argus, is not at all 
:.-'“ipper, waist coated young 
; reneur. Mr. Black’s 6-ft 
:..r instead moves stolidly 
• V-l the office- in a dowdy- 
- v'-g suit A fonner history The critical event in this 
:;aw graduate and bio- year’s -battle for control of 
. v. r r of the former Quebec Argus occurred on March 15 
-?r, Maurice Duplessis, be 1978. When Bud .-.McDougald 
to enjoy the role of rebel died.- The ageing 'autocrat’s 
... it an entrenched establish- death left a power vacuum in 

; the empire. - . 

' earances can often be mis- ' The key to the events which 
J- i- Examining the events unfolded in the wake of his 
in the past few months death is a small private com- 


Boards of Argus associates. 

. # r 

Power vacuum 

The 



jj 


Edited by Denys Sutton 






V* & 


rJ » 




_ . ,-JV 

I •* 


The world’s 
adircg magazine 
of Arts and 
Antiques 


hed Monthly price £2.00. Annual Subscription £25.00 (Inland), 
eas Subscription £28.00. USA & Canada Air assisted $56 
a Magazine. Bracken House, 10, Cannon Street, London, 
EC4P 4BT. Tel: 0 1 -248 8000. 


lie war that new ends 

^ • ' . , . * • . . 

-^se WeBritishareapcacefidpeopTcLWbenawaris 
'ii-'* over wts like to consign it to the history books - and 
^ forget it. 

•5 J '- But for some the wars live on. The disabled from ' 

: \ both World. Wars and from lesser campaigns, now all 
loo easily forgotten : the widows, the orphans and the 
children -for them their war lives on, every day and 
.. 1 all day. 

In many cases, of coinse^ there is help from a 
’7_>J pension. But Itere is a limit to what any Government 
! Department can do. 

I This is where ArmyJBenerolenaj st^»in.-Witb 
understanding. With a sense of nrgjeacy ... and with 
practical, financial help. 

To us h isa privilege to hdp these hpteemea-and 
women, too: Please will you beipus to do more? We 
must not lei our soldkss down. . - 

The Army Benevolent Fimd 

for soldiers, ex-^oUtes aad their fiioriles^ ^In distress 
• Dept FT^DulteofYorkfsHQ,Lot>2£mSW34SP 



J & r . - 
.>* 

_C T-." 


a falling out between the Black traditional Argus relationship 
interests and the sisters which will remain viable, 
led to the sale. But once again. Throughout the struggle, 

the sisters’ motives for selling Conrad Black has said con- 
remain unclear. sistently that his aim was to 

The Black interest’s control reconstitute a financial partner- 
of Ravelston, and Therefore ship similar to the one that 


Clearly, Massey will be seen 
as the first test of the new 
owners nf Argus Corporation. 
In the future their influence at 
other minority held corpora- 
tions in the Argus fold may also 
be tested. 



k tax bill is 


rogramme 




£W2m, 


£2; 138m 



£1,1 57m 



As the Cost Accountant at Imperial 
Tobacco, Bob Day (amongst others) has 
the responsibility of making sure that the 
company is paying the right amount of 
Tobacco Duty to the Government 
And as tax contributions go, this 
one is pretty substantial. 

“The point is that we don’t justpay 
Corporation Tax through our parent 
company; with Tobacco Duty, we’re acting 
as unpaid tax collectors on a massive scale. 
In fact, until the rules were changed at the 
beginning of 1978, we had to bear the 
financing cost of alxiut £125 million that - 
had been paid in duty for some weeks 
before we could recover it 
. “But the thing that surprises 

most people is the sheer size of the sums involved. In our last financial year 
to October 31st, 1977, for example, we handed over more than £1,250 million 
inTobacco Duty —which was a good deal more than the £825 million spent, 
on motorways, trunk roads and local roads in the 1976/77 tax year. 

“If one looks at the contribution by the tobacco industry as a whole 
in that tax year, it came to £1,872 million; nearly enough to pay for 
Government expenditure on housing (£2,138 million), more than enough 
to cover education (£1,515 million), the “law and order” services (£1,082 
million) or even interest payments on the National Debt (£1,157 million). 

^ _ “All this tax; of course, comes out of the pockets of our customer. 

|gg|' ■. But it does show what can be done when you make a product that people 
want, and that Chancellors can tax! 

There’s more to 


-Imperial Tobacco than Tobacco 
, Duty of course. It’s the major 
British-owned tobacco company 
in the UK market, a substantial 
creator of wealth, and an 
employer of over 20,000 
’ people in the UK alone. 


. Tenal.UK 
■fofiaece Duty- 


Housing 


Education and 
libraries, sc lenca 
and arts 


Law; order 

and protective 
services 


Payment in 
respect of tha 
National Debt 


Income from Tobacco Duty, and how it 
compared wit th some major Government 
expenditures in the taxyear,1976/7Z 














" i , , i ■ u nr vm 


THE POUND SPOT 


Currency, Money and Gold Markets 


Dollar falls to 
record levels 


The dollar continued to decline 
In yesterday's foreign exchange 
market and sanfc to record levels 
against some currencies. Trading 
has been largely influenced by 
Arab opposition to the Camp 
David agreement between Egypt 
and Israel. However, this seems 
in be the focal point at the 
moment and has little bearing 
on the fact that most investors 
hold little hope of any masical 
recovery by the U.S, currency 
nr any radical chance in the ailing 
U.S. economy. In short the dollar 

appears to be suffering from a 
severe case of lack of confidence. 
The sharp drop occured very 
party on in the day but with 

f SnmUmMEumn 1 


f* Kk-wghWMngt f 

/ ckuat b D Huklrn I 

/TSiHImasiMnu I 

/ I rrtrrrr - H 

DEUTSCHE 

fH-HMARK- 


support from several centra! 
banks. the U.S. currency 
recovered some lost ground 
before ueakenins once more with 
the openins of U.S. centres. How- 
ever. protit-takiug arrested the 
decline and with further official 
suppori the dollar finished at 
what could he described its best 
level for the day. 

Against the Swiss franc tt 
finished at SwFr 1.5170. its worst 
closing level ever, compared with 
SwFr 1.5380 on Wednesday. At 
one point very spon after the 
opening oF trading, it fell to 
SwFr 1.5100. On the other hand, 
the West German mark rose from 
DM 1.0615 to the dollar on Wed- 
nesday to DM1.H520. having 
touched DM 1.0445 at one point. 
While the Canadian dollar dosed 
a- 83.55 J U.S. cents compared with 
S.\45i. it was quoted as low as 
85.37' U.S. cents during the day, 
its worst level ever. 

Using Morgan Guaranty figures 
at noon in New York, the dollar's 
trade weighted averace. deprecia- 
tion widened io 9.6 per cent From 
9.3 per cent and the Swiss Trane's 
appreciation rose to a record 106.5 
per cent from 104.1 per cent on 
Wednesday. 

Sterling opened at $1. 9855- 
*1.9865 and rose to a toe«t level 
nf S 1.9945-1 .9960 as eariy as 
9.30 a.m. A recovery in the dollar 
towards midday pushed the rate 
back to S1.9810 and the pound *aw 


S1.9S75 during the afternoon 
before Closing at ffl.9e05-l.dS15, 
a rise of 20 points. The stronger 
European currendM’ appreciation 
against the dollar Was reflected 
in the pound's trade-weighted 
index which the Bank of England 
calculates. This showed sterling 
at ttf-S in the morning but eased 
to KU at noon and dosed at 63.1, 
comsared with 63.2 at the close 
on Wednesday. 

FR . VNXFURT— Th e roHar- was 

FRANKFURT— -The dollar was 
DM1. 9582 on Wednesday and 
although the Bundesbank did not 
appear to intervene during the 
fi::icg period there was some 
indication that both the Swiss and 
German Central banks gave 
support to the dollar during the 
morning- * Trading remained 
nervous and in the absence of 
any baying interest there seemed 
to be little prospect of any 
imminent reversal in the present 
trend. The Swiss franc's rapid 
appreciation so pushed it to a 

record hi"h against the D-mark 
at the fixing to DM1.2879 against 
Wednesday’s fixing of DM1227242. 
*nie Bundesbank trade-weighted 
mark revaluation index, against 
22 currencies, rose to 148.4 from 
M4.1. 

NEW YORK — Following on its 
poor performance in Europe, the 
doiiar opened sharply lower 
against most currencies and was 
quoted at Swfr 1.5140 against the 
Swiss franc from SwFr 125255, 
and DM 1.9505 from DM 1.9600 
against the D-mark. 

MII.A.V — The lira was sharply 
stronger against the dollar and 
the Jatter was fixed .at L-S2-L25 
compared with L826.7 ' previously. 

TOKYO — The dollar lost ground 
against the yen to dose at 
VIST .5 25 compared with Y 190.025 
on Wednesday. After opening at 
YISS.50. the U.S. currency 
touched a low point of Y1S7.60 
and a best level of YISSfiO. The 
dollar's movement generally re- 
flected the present trend in 
Europe. Turnover was high at 
■S682m for spot dealings and $63Im 
for combined forward and swap 
trading. 

BRUSSELS — The Belgian franc 
was fixed at itsJ3oor level against 
the D-raark within the European 
"snake" at BFr 15.765 for the 
second day running and the 
Central Bank sold around DM l.Sm 
at the fixing. The franc has been 
at its lowest permitted level since 
the mark's strong appreciation 
against the doiiar. 

PARIS — The dollar was fixed at 
Fr 4215025 compared with 
Fr 4 366 on Wednesday, while the 
West German mark rose to 
Fr 22251 against Fr 22300 pre- 
viously. 

AMSTERDAM — The dollar was 
fixed at FI 2J195 compared with 
F] 2.1275 at Wednesday’s fixing. 


hyt- tt Iretaej Onw« 

\ G Spread j 

r.s. ii l 7s*:i.eaoo-t.99Eo it.HK-i.aai5 
CuwUu » |io'2.S15M-5a2B LS14M.6IH 
Guilder : 4in' 4.134-4-24* I 4,]H-4JB j 

SelBbuLP. ! t > 6Q.86-SI.SO i6fl.90-81.Wl 
Danish E. i S 110.67*- 10.7 1* lfi.M-10.GB 
D-Mark ■ f ; 3.W-4.B3A I «.B8*-3 .b7* 

Fort. Era. , 11 I B2.2M0.2fi ;83JB-B3.70 
$ug. Pm. I S il44Jfi.t46.65 1 144.70 144-fiB 
Uvp 1 IBl-j 1.64 1 ir 1.640*1 l;6i2-1.6SS 
Srwftn, E. . 7 < lfi.24i-1B.2E >:i0ja^-1ll.<4t' 
French Fr. ! filjj B.64-4-B8 8.€&4-B-fi6* 

Swedish Krt fits! I.7D4-B.71 j 1.71* -4J2S 
Yea il 3 . 579-278 \ 571*475* 

I Aiisiri* Schl 41] 17.BO-20.1fl l i7.9Wfl.B0 

! Swiss Fr. ; 1 SJU-B.M* 1 I.BOi-I.Btl 


1 Belxiitt nit it for wnrerttW* tawc*. 
! FhWKutf franc 0MMI.50. 


FORWA RP AGAINST £ 

fis* mewti ’ X pjl (yjireoaiaBtb* % P-*- 

BJ6-0.45c.poi: B.ttS 1.«0-l.ifi^-l in *. 

0 . 69 - 0.50 c. pm | 2 J 6 it.M.l.bfiv-pn': 2 -|| 

2«t-1nc.pn [ !•?: 

16- 5 c.pm ; 1 jet’ teLtz fin 

2-4 ore dll *— ure flu — J-fJ 

Slants pt pm; fl.ti Wg-jJi i-i r“ f- 5 ? 
60-150 1: it is ~lG.41[20Mbil ‘ J|S ■""J 4 ;* 5 
psr-100 e.ilu 1—4.18' ilfiisflG *’• ’-»■** 

4- 2* lit* dm [ — 1.10 jfi-S Hie ,4ta i-J'® 

5- Turt‘pm <. 2.M .4J-2S '«•' n 50 i 

*4-3* p.pm I Ml J?-G r. p m i 
Si-1* ■» m ; 8-18 ,-w pm . 5.44 

s.Sm-OO yptr! 1Q42 SJ5 B.a D . v l lD ‘, s -42 

17- 7 i;m pm ■ 6.15 rtO-M yr- p™ 5 “ 
SU 2U c.pm : .10.87 jwu. pm 1181 

i SU-month forward. dollar : Jic ora 

[ lS-mooth 4.95-Ufc pm. 


THE DOLLAR-SPOT ! FORWARD AGAINST $ 


□ajr’r 

September a spnmri Close 

Canadnl* KU7-CJ3 KJM9L63 

G under 2.IM0-2.I2X5 Z.12B9-ZI2I3 

Belsilu Ft 3a.T4-39.7T 38.74-38.77 

DamsbKr 5J6796J9M 5J4254J94Q 

D-Mark 1.9485-L452S LfiELAJLOSB 

Pen. ate 454*4$ JO 45J5454S 

Lira - 122.75424.75 >24^424.75 

Mwsn. Kr 5451044700 54W95.17DB 

French Fr 440044725 44GT54J72F 

Stredilll Kr 440544035 4.4Q254403S 

Ten 1X740- US. 00 UT400S74Q 

.Austria Srh 1441-1445 14.14-1445 

Swiss Fr 1413S442U 1JOS5UIN 

* U.s. cents per Canadian i. 


OJUctf s m am— 

■42447c pm 
3-lic pm 

24»-3.«Bmdto - 
0.«3448prpm 
25- 145c dis —2 

2.W4.00Bretfb - 
j per440«ne Os — 
j 040440c pm 
j B.4044Sara pm 
1 3,20-Llflj pm 
! 44S-345gr* pa 
! 1.07.1.03c pm 


Three m ooths P4 . 

rEKcdT*4.01cp , n fl-02 
pm ZM 

9-7* pm 

i 0JKhji40orcdl8 -4.64 
2.71-2 P™ 

90400c dis -zua 
7.T5-8.»llrwB» -3-®7 

1.30-1 ^Oaredj 1 740 

, - up-o.Mpre pm 0.90 
JJ2-3.12V pm 6.70 
1 u.00-740sre pm 2.48 
347-SJ3C p* 847 


CURRENCY RATES CURRENCY MOVEMENTS 


September 34 

I Sterling 

I L.s. dollar 

Canadian dollar .. 
Austrian a rhiiHn g 
Belcan franc — 

Danish krone 

Deutsebe Mark .„ 

Guilder. .... — 

French franc — 

Ura — 

Yra 

Norwegian krone 

i Peseta 

j Swedish krona 

! Swiss fine 


Special 
Drawl ns 
Msms 

0.643842 

UTIM 

L4MU 

1SJI944 

31.4332 

64XZ78 

340094 

2.71722 

547621 

1055.92 

242464 

6.62031 

934351 

5.62027 

1.96560 


Earapeoa 

U nttnT 

Account 

ejshw' 


Bank »f Mersan 
England Gnaranor 
tn dgs changes 

Sterling — -484 

U.S. dollar... — — 94 

Canadian dollar — —17.0 

Austrian gchiniiig _ — +174 

Belgian franc — -*-13Jl 

Danish krone j. — - 1 - 4.6 

Deutsche Mark — +36.* 

Swiss rranc — +1044 

Guilder - +174 

French franc — — 64 

Lira — —47.0 

Tn : - +52.8 

< Based on track we/Rb:t J changes frnra 
j Washington agreement December. 1BT1 

< (Bonk Of Fngff nit index=I<Wi. 


OTHER MARKETS 


! Sept. 21 

1 .• M . 

i Argentina Peso 

Australia Dollai ~.. 
yialaml Markka.... 

Brazil Cnuelm 

Greene Drachma ... 
Btnig Kong Duli*r. 

Iran Rial 

Kuwait Diuar(KD) 
Luxembourg Franc 
Malayina Lhillar 
NeirZenimnil Dollar 
Samil Arabia Rija! 
Singapore Dollar... 
South African Rand 


I 1.696 1.700 ;856.13-8£B.1S iAusuna 

I 1.7108- 1.71 62*0.86 35-U.bVSb IBcUrtum^, 

,8.0150-8.0350 4.03 64-4.1. 385 lDcnmark 

57.61-56.61 I 16.98.19.-9 ^raaee^....'..- 
i 7 2. 048-73. 806 1 36.37-57.86 fcrananv.—... 

I 9.4<U?-9.42ra 1 4. 7+1*. 4.7a Italy -.- 

< 157141 I 69.16-71.18 'Japan 

: 0.53743.547 0.8710-0^761 ^erherian*-... 

I EO.gu-61.00 | 30.76-50.78 LVnrcray-^.... 

I 4.61-44212 2.283.L2.2860 IFortmod 

1 1.6600-1.667010^39043.9425 fipalu-T.- 

| 6.85-6.65 j b .30-5 .55 6wHr.erknd u - 

4.41-4j 42U '2.2515-8J8535 Irnttad ffsatae.. 

, I. 1 7 174- 1.7436 0.867043^800 IT ugnslaVia^... 


£ 

Nt-re Kaint 

27.50-26.50 
62.80-63.80 
10.60-10.75 
8.6049.70 
5.84-3.94 
1600-1650 
570-380 
4.15-4.25 
10.20.10.30 
89-105 
144-149 
8.95-3.05 
■ 1.98.1.99 
5843041.00 


Rate «twn Mr Argeurlna !* free rate. 


EXCHANGE CROSS RATES 


Sept. SI 

Fnanrt Slwlraa 

U.S. Dollar 

' Deutacbellsrk' JapaneM Tan', Fsaacb Scene < 6wiH Franc ; 

[ D««ob Goirdcr 1 

t'oaod Stfchnx 

I'.-, tlnllar 

1. 

0.505 

1.981 

1. 

5.870 

1.954 

372.6 

188.0 

8.660 

4.372 

8.008 
1.6X8 | 

1 4.208 I 

' >-121 j 

DeuiKhe Mark 
J,;«nFW Tyo I.nOQ 

0.258 

2.685 

0.512 ' 

3.518 

L 

10.39 

96.26 ‘ 
1000. 

1L238 

>3.26 

a777 1 

8.074 ! 

I. 086 i 

II. 28 i 


French Fra Ho 14 
Fmnr 


Ibil- ii Guilder 
I la nn Lira 1.000 


Imm-liaB Dollar 
H« run Pram* 100 



; 0.561- ; 

14.50 

L418 

87.54 

1. i 

26.35 

3.798 

10.' 


EURO-CURRENCY INTEREST RATES 


L'.S. Dollar ' 


Dci"ar 


DotsbChilMer 1 Swtas 


Watt German 
Mark 


VnRflh Teem 


t-nort term 

/ daT'* wwkw; 

Month ■ 

Tnr** month*... 

>ix uu>nths i 

f*«ir Tear. j 


14-15 
13-151* 
113,1 2. 4 
llS4-12ta 
12ia-18i a 
12ta 1Z1 2 



The following nomhia! raiei were Quoted tar London dollar certificates of deprant: One month 8.7M.M tw cent: three months 8J94.BB per cent: stx month* 9.15-93 
per cent: one rear 9 ocr cent. „ __ - 

Long-term Eurodollar deposits: Two yearn 9J-9j pot ccdit three yearn >7is-SI per cent: four years fififi-W o*r cent; flea years B7u-M per cent narabul cJonsz rate. 
Xhnrt-term rates are. call for Mprllng. U-S. dollars and ilasadian dollars: wo dan’- niwn-e tar cmMerr slid bwir*s franc*. Aslan ram are cta«in»i rateh W Slosapure. 


INTERNATIONAL MONEY MARKET 


GOLD 


Confusion on Fed Funds 


Federal funds were quoted at 
per cent compared with 
per cent in early trading, after 
closing at S3 per cent on Wednes- 
day following a signal of tighter 
monetary policy hy the Federal 
Reserve. Mr. G. William Miller, 
rhairraan of the Federal Reserve 
Board, said that he did not tell 
Mr. Robert Alckinney, rhe Federal 
Home Loan Bank Board chair- 
man, the current target rate for 
Federal Funds. and that 
” obviously a mistake has been 
made.'' Mr. Hebinney had pre- 
viously released a statement say- 
ing that he had been informed 
that the Fed Funds larger rale 
had been lifted to Si per cent. 

In a statement released late nn 
Wednesday Mr. Miller said that 


this suiement came as a complete 
surprise. Mr. Miller added thal be 
had been unable to reach Mr. 
Mckinney for clarification. 

Treasury bill rates were little 
changed in New York, with 13- 
week bills rising to 8.09 per cent 
from 8.06 per cent, while 26-week 
bills were unchanged at 8.10 per 
cent, and 12-month bills were un- 
chansud at S.OS per cent, 

PARIS— Day-to-day money was 
unchanged a t 7J per cent, while 
period rates were •,*. per cent 
higher at 7--7J per cent for one- 
month: 7i-7j per cent for three- 
month; 7j.“i per cent for six- 
month; and gj-Si per cent for 
12-month. 

FRANKFURT — Short-term 
interbank rates Mere generally 


steady, with longer periods 
slightly firmer. Call money was 
unchanged at 3-45-3.53 per cent; 
one-month and three-month were 
also unchanged at 3.55-3.76 per 
cent and 3.70-3.75 per cent respec- 1 
lively. Six-month funds firmed to; 
4.00-4.10 per cent from 3J5-4.10 
per cent, and 12-montb to 4.15- 
4.35 per cent from 4.10-425 per 
cent The Bundesbank central 
council left credit 'policy 
unchanged yesterday, at Its fort- 
nightly meeting, in - line with 
market expectations. 

IlONG KONG— The money 
market was tight, with call and 
overnight funds dealt at 7 per 
cent, compared with 6} per cent 
for call and 61 per cent for over- 
night previously. 


UK MONEY MARKET 


Very large assistance 


Bank of England Minim nm 
Lending Rate 10 per cent 
(since Jone 8, 1978) 
Day-to-day credit was in very 
short supply iu the London money 
market yesterday and the 
authorities wore required to give 
very large assistance by buying a 
very large amount or Treasury 
bills and a small number of local 
authority bills. Discount houses 


***1? , s ^ P« r «nt for secured 
caH loans at the start although 
most money was found at Si-9 per 
cent. Closing balances were taken 
between 9 per cent and 10 per 
cent The market was faced with 
a staeaWe excess of revenue 
transfers to the Exchequer over 
Government disbursements and 
br °ught forward balance 
slightly run down from Wednes- 


day. There was also a modest net 
take up of Treasury bills. On the 
other band there was just a slight 
fall In the note circulation. 

Money was tight throughout, 
with interbank overnight funds 
commanding 81-91 per cent dur- 
ing the morning, before rising to 
around 12 per cent, and closing at 
11 per cent. 


Record 

level 


Gold rose S2 an ounce In the 
London bullion market yesterday 
to reach an all time closing high of 
S215i-216{. The metal opened at 
ff2l6{-217 and was fixed during 
the morning at" ' *215.90. The 
afternoon fixing Showed a slight 
decline to $215.85 although it 
touched its best level again before 
the dose. Trading was described 
as fairly active and reflected the 
continuing poor .performance by 
the U.S. dollar. . 


Gold Bullion fa flop-, 

LlUIWBl - - . 

Clone SS1B*4Hi ;S718i-21*{ 

Opening »2K^at7 .£215-213* 

Morning fixing S2T6.1# I5Z12.5D 

f£TBB.8Sfl) :<£1D7.838l 
Afternoon kins... SSJElKi SSZli.EO 

,8108.7451 .<£107.6951 

Sold Cains 

domestical)? 

Krogemuai.' S22&496* S22U-J231 

i61IM-nH>\£lTls-112» ; 

Sovereign* — SBW-163 ;S81*-fi8i 

|r£51-a7, 

Old Sovereign*... ... SflU-SU SBH-8BJ 

,£5142) :<£fiU!) 

□old Coin. • 

international I v , 

Knigrand ...... S22U-U3fl MlSJ-Mlj 

f£111J-1ISi' (£1U-112i 

New Sovereign,! 5S7fo9j 

(OS-SOl <[8»^5U) - 

Old So*ereu{na SITf-tt* 'jSIU-Ut 

iHVWl ,i£51-S2j 

»* E*g!e* 'SSTWlfl >3I2 a.5H* 

SWbaglw W18S 

fis >Mfflto SllMIS . 'fillSi-IH* 


LONDON MONEY RATES 


leniuii 

Sopt. 21 t Ortfflwte 
1ST- ! oldeimeh 

Onrnicbl..,.. — 

t itara nofitw.,; — 

7 day* or — 

i day* untiflf.. - 

r»n* month,...- 9ft 9 
1 wo month*...; 9ft 9iV 

Jhrye Bnmth*.- 9ft- i;, Sr 

■.K ni'Uitl)-.... 

Nine month*..' SSs-Wi 

<»ii« v<wr ' S.i-tfr* 

■| wo V«**i** 


I«»i Anth.i 

Authority ; ne^ottabir ( 

deptwtl* , hruai. . 


9s*-0;ji 
ICi* It's 


CiNnn | | 

Route ] Company 
Hero- it* Depowt- \ 


9 lfi-96* 
91,-94, 
9*e-9T B 
O'8-iOlR 
iOi, 
lOia 


Ditflum 
market 
. tepiwit 


rreewry 
Hilled - 


i Pine Trade 
i Bill** 


MOREY RATES V 

NEW YORK • 

Prime Hmo 

Fed Funds 

Treamry Hilb f 
Treasury wil, tae-wwfW 


9'8-B* , 

9*'a r> ! 

8 -r»h 


Z GERMANY 

— Dlstuii.il Raw 

* l a Ovemishi 

9*» One montb 

9'r Three montbi 

»-i Sis months .. 

- FRANCE 


Local authority norlce niher* seven nays- eaad. • Loos-r-iern local aullwmy mortsase . 

rate nominally three **"”•”* RMlnfreirj f Tr ? rar> yean ’ IW:iB» «"i- * Bank bill rales Is ish> 

■ re buyirw -raica tar prime nap r. Buying rai«w f ur fonr-month bank faflls film per eem: four-tnnnUi trade bills fit ner cent ! 

Aoprnglmate sriimE ««« ;« Rlul ^n-cvib..ih per cent: thnw-momb 5 l.'» P-r I 

5. P^r cent; »■£ “« ”\ 

Finwra Ho«g -m from .-taplemhor I. 1ST* Ctanri» 0 i 

RyrSJIS^C of AM Ml" CW,,,, *— ** l<ndJ “ 19 »* r “«• I 


Dlvouni Rare :m£- 

uveraiatn U...— 

nne mooth ■ 

Tfirer niniHhv J"-~- 

Six rnunrhs 

japan "r- 

Din-.THint Rare. .. ..•Jri.'.re. 
fall 'i.'neonriieonili 

Bill. DwcouBf Ram 



r»i 


r# 1 

TTh5 


3 




Our Best Even 




{Tn except per^hsrc gmeunts 1 ) . . ; ' - 

Kevenoes — * 

Operating income before income taxes and minority interests . . . . -S 34^^ 


Pfrivisioh for income taxes ^ 

Minotilv interests 

Operating income 

Net realized gr»n on insurance inveaments 

Income before extraordinary income ...... 4* 

Extraordinan - income 

Net income 

Per-Share Iniormatioiii 

Opera ting- income — 

Net gim on insurance iuYeAtiiients 

Income before extraordinary income 

Excraordmarv izicacac - — 

Net income 

PuHy dUined ner income* 

Average number of common and common equivalent shares - . 
outstanding (in thousands) 


(9J7S> 

_g.703) 

22^15 

2,433 

24.74S 

5 ’ati4S 


KU J UUL - -™ 

• I97T__ 

S279.033 ' 

5 23,330 
($500): 
(2380) 

12,450 

1,936 

14386- 

&57>. 

S 22,961. 






io -V"" 

• • ■ ‘ - 

■ > .. : 


BRiDv dflmcd net income per share is based on die assuntpOTi thitt the common shares issuable u] 
wa r ran ts and stock options and the conversion of all convertible securities were outstanding since 
January 1 for each of the six-month periods and remained outstanding for the entire periods.. 

Reliance Group, Incorporated Operations— Six Months £ 

INSURANCE Property and Cast: 

Revenues SWU 

Divisional Pretax _ •> United Pacific Jjisuk 

Opcraang Income: 5 56p236 ; 00Q Tfi 


Property and Casualty OperadpDS^ l^ v- 
Reliance Insurance Company Phibrieiphta r- v- . 
General Casualty Company cf Wisconan, M^isca 
United Fadfic Insurance C oinp a uy , Tacoma 


pflnr Inaifimc e Company: lortmip 

Ufe and Health C^iera 2 xons,tJJS. : ’ 
Reliance Standard ^Iife Insurance Ccsxzps 
United Pacific Idfe lnsuraiK^OHnpan^ ’ 

Title Operations, U^, 




i^CAST 

POl 

SSK«T 3i 

Salary: 


leasing _ 

Revenues: 

Divisional Pretax 
Operadng Income: 


$ 69 J 16,000 
$ 17,259,000 


Container Leasing Operations, 'Wbrfdwide ; . 

C TT —Container Transport International, Tor , New TSai: 

Computer Leasing Ope ra tio n s , ILS. 
LcascoCapjcdEq^uipmerttCoipcirat^ • : ' 


Leasco Eunwa Lnij New York - . 


MANAGEMENT SERVICES Ccnsiddog Operadons, -US. ; . . 

»«“ 5 18,888,000 

Divisional Pretax: ■ , _ „ ' ' • ••: , ^ 

Operating Income: $ 9I&000 Cottsidtmg^Softw^ Oper^^ 

Inbucon Limiod, London - 

Fuel & lineigy Consultants timiicd, London f; 

- Leasoo Software limned, .Maidenhrad , 

Moody Imemaripnal, Iric^ Landon . . . 

\VemerIiuernfflion^Bsu 5 fflels ■’ . 

Reliance Group, Incorporated i 197 Knightsbridgej. London SW 7- England/919 Third Avenue, New York, N.Y IOG22J, USA. 


i J— .! 








| CK>A . . . Qerreoryl^^ ^^sia - W* '* . * pancm ° | 

ft Gafsftk* V redia * . . wiqaik, * 1 7 oni T r wadeo j 

ft EL - V* • -fsj. I— a 




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The 


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Banque Nationale dePdris, France's- leadingcommercral 
bank, has an interndtipna^ network extending over :. :" ; 

sixty-eight oountnesl v. 

Wherever you da business we are thereto help . 

and advise you. • 



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Financial Times Friday September 22 1978 


29 



POINTMENTS 


v* 



INVESTMENT 

ANALYST 



He 


y.- 


? -‘5 






European Markets _ 

VICKERS da COSTA UD., Members 
of The Stock Exchange require an 
AssistantlnvestmentAnaJystfortheir . 
European Dept. 

Applicants (male orfemaie) must ; 
have an Economics Degree or similar or 
hold a professional qualification. 

An ability to read ana speak German is . 
essential. Salary according to age and ' 
experience. 

Apply:- Personnel Manages 
Vickers da Costa Ltd., 

Regis House, King William Street, ■ - 
London EC4R 9AR Tel: 01-623 2494 ■ 




- 'i 






NEWCASTLE UPON TYNE 
POLYTECHNIC 
ASSISTANT DIRECTOR (FINANCE) 
Salary: £13,125 p.a. 


- 




rv 


oawingthe Appointment of Dr. L Barden to the post of Director, 
Directorate has been restructured to consist of a Director 
r three Assistant Directors, designated Academic, Personnel 
Finance respective!/. The Academic and Personnel posts are"' 

■ — -^idy filled, and the Finance post advertised here will be responsible 
’r^isslsting the Director in both the financial control and the overall 
-^agement systems of the Polytehcnic. The discharge of these 
on si bill ties will include financial policies, planning, systems 
accounting: budgetary allocation, monitoring and control; 
i-Ji. ral management Information systems and computer applications; 

v.watfon of institutional performance. 

, Polytechnic is one of the largest in the country with a 
brgjent budget of over £13 million. 1,600 staff and 10.000 full* and 
•time students, ft provides professional, degree and higher -- 

. ee studies together with some £1 million of externally sponsored 

arch and consultancy. The Polytechnic's activities are mainly 
red on the 26 acre City Precinct in the heart of Newcastle 
there is a secondary campus in a pleasant suburban - - - 

v^r.ng three miles north of the City. 

-'her particulars and application form (returnable by 
. October, 1978) from: The Chief Administrative Officer, 
-^castle upon Tyne Polytechnic. Ellison Building, 
on Place, Newcastle upon Tyne, NEI BST. 


— ASTLEY & PEARCE 


LIMITED 


acancies exist for the following: 

Foreign^cf^iige.per^o^el with t m qr. 
" more years’ ejcperience. 

>) Trainee personnel for Foreign Exchange 
and Eurocurrency Deposits. 

[ease reply in confidence to; 

The Director, ' ./'■ 

Foreign Exchange, / 

20, St Swithin’s Lane, V 
London, EC4N 8EN. ■/' . 



1 



Managing Director 

• the Food Division of daxgext uk umitbd wishes to appoint a 
Managing Director to take charge of one of its operating companies. 
The company is engaged in the buying and slaughtering oflivestock, 
the preparation of carcasses for distribution to the multiple retail 
trade and the manufacture of traditional meat products. 

• the initial task -mil he to develop the company’s turnover beyond 
the present level of ^som, increase the return on total ^ets of 

and implement a substantial capital expansion programme. 
Success in this role is likely to lead, to increased responsibility within 
the Division. 

• there is a need to combine management experience in the 
processing and distribution of perishable food products with' skills 

in rnmmfv iit.y ti arifng. 

• initial salary negotiable above j£ii,ooo plus profit related bonus. 
Age unlikely to exceed 45. • 

Write in complete confidence 
to R. T. Addis as adviser to the group. 

TYZAGK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

XO HAIXAM STREET », LONDON WIN 6 »J- 
X2 CHARLOTTE SQUARE. • EDINBURGH EH2 4 DN - .. 


GROUP TAXATION 
MANAGER 




John Mowlem & Company Limited, 
International Construction Group, 
wishes to appoint a Group Taxation 
Manager, to be located at its West 
London Head Office. The present 
Incumbent will be retiring shortly. 
Responsibilities include dealing with 
the taxation affairs of all the Group 
Companies, including those operat- 
ing overseas, in co-operation with 
professional advisers,, also planning 
and negotiating. taxation matters in 
order to minimise tore! tax payable/ 
This includes the computation of 
provisions for tax in the annus! and 
half-yearly accounts of the parent 
end over 40 subsidiaries. 

He or she will also give tax advice 
on new-projects and contract draft*' 
ing and will need to be familiar with 
UK arid overseas tax legislation so 
far as it effects UK employees 
operating for the Group overseas. 


The successful candidate will be 
creative, with a strong commercial 
approach. It will be important to 
maintain a good relationship with 
the Taxation Authorities and this 
will Involve some travel, including 
overseas. - 

The applicant should hava had 
excellent professional training with 
experience in Corporate Taxation, 
preferably with a period in a senior 
position in the Taxation Department 
of a large commercial organisation 
with major overseas interests. 

A good salary is envisaged for the 
right man or woman and will be 
accompanied by a generous range 
.of. fringe benefits including an 
excellent pension scheme and a. 
company car. 

Please apply in writing with full 
personal details to: 


Finance Director, John Mowlam & Company Limited* 
Westgate House, Ealing Road, Brentford, Middx. 


Mowlem 

nilfli! 



WANT TO WORK IN GERMANY? 

One of Germany’s largest insurance corporations located near Frankfurt on Main is in the process of 
extending its DP-Eacilities inio a nation-wide TP-Network with large central integrated databases in 
OS/MYS/ttlS. The present configuration consists of 2 x /370-158 with comprehensive 335Q disc 
drives and extensive TP-applications. The future plan-calls for extension with two 3033 systems in 
order to install future oriented DP-applications. Personnel jrfanning in the service centre requires 
4 additional OS-specialists. r 

OS/Systems Planners OS/Systems Programmers £12 — 15,000 p.a. 

Candidates will be employed in the following task areas: •• s 

1. Complete planning of the service centre’s hard and software 

2. Implementation and maintenance of DB/DC software 

3. Tuning of the TP systems 

Knowledge of the German language would obviously fie an asset, however, is not essential as all 
members of the systems team speak English. Successful candidates will be given a crash course in 
German. Requirements for .consideration include: extensive Assembler, experience as well as good 
command of OS; possibly COBOL. Desired is also experience with QCS, VSAM and possibly experience 
with data bank systems in particular IMS. . 

The company offers excellent job security in one of Germany’s largest insurance organisations and 
challenging work in the field of systems software planning and engineering. 

Initial contacts by telephone for additions* information are welcome or submit your 
C.V. with references and a rec.ent picture directly to the consulting organisation in 
charge. Your application will be treated Vith utmost discretion. Interviews will be 
conducted in London.towards the. middle of . October. 


DOLAN CONSULTING 

Vntemehmensberatung fu r-Personalwirtschajt 
Unterm ainkai 34, D-6 Frankfurt/Main 1, FRG 
Tel: 010-49-61^230876 



6 


* '2 ■ v ’ 



$ 




**- 




V" 




Jr 


# f V # * 


Chief Accountant Designate 

(NEWLY QUALIFIED ACA) 

£ 6 , 500 m&xr 

WATFORD, HERTS. 

Vfe ana a major UK oqsan'Eaticrn and as a result of a strategic realignment of companies and assets within iha group 

- wenwwshtoappoirrtaiiewfyqijaliriedaaderedAcaJUrrtant 

The responsibilities will include tiiB production of tireannufllitjdget arid plan^ cash flow statements, management . 
and financial accounts and ad hoc investigations. The personality requirements are those of an outgoing nature 
and the ability to communicate effectively with colleagues from other disciplines; 

This is file first step on a career path with additional attractive benefits including pension scheme, .medical health scheme 
- r • ; • and fou r weeks hotidayt 

Interested candidates should apply to owCorsultante; 


(BSg) 

Accountancy Appointments 

))- { Siiwi LiM./on LC-!Vi \\ I clop! '.one 01 - v- 2 5 0 ])\ 

' LONDON NLVV NOLL HONG KONG ■ SVDNKY MLLBOL RXL ■ 


•4V". “■ 




EXCHANGE 

CONTROLLER 

INTERNATIONAL RANK REQUIRES 
B OF E RECOGNI5ED PERSON 
aged 30 + to br brad of Banking Area. 
Doc/Crediti axporienca. 

Salary negotiable. 

Q.S. CONSULTANTS 
01-ua 1420 


Financial Management 
and Control 


• twe ?pp om tTnfttihig fn a. long establish ftrl nrganisarinn prominent 

in a ■wide range of investment and development activities. 

• the role embraces cost control and systems development for a multi- 
million pound department within the enterprise; 

• a management accountant is required ■with extensive computer 
knowledge and ideally wide internal consultancy experience or a 
demonstrable record of success in the services arm of an institution. 

• preferred age: early 30s. Salary: around^9,000. 

Write in complete confidence 
to N.G Humphreys as adviser to the company. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 


ID HALLAM STREET 
12 CHARLOTTE SQUARE 


and 


LONDON WIN" 6DJ 
EDINBURGH EH2 4DN 


OVERSEAS 

DEVELOPMENT 

KNOW-HOW:vital to (lewtoping cxm series 


ADVISER IN TRANSPORT PLANNING SRI LANKA 

To assist in formulation of a transport section development plan as part of the 
medium-term national plan (1978-82) presently being prepared; assist in formulation 
and evaluation of transport development project; consider urban transport problems 
and propose short-term measures for improvement; and train local personnel. Applicants 
must have advanced University degree in Transport Economics with considerable 
practical experience in planning and project evaluation >R transport sector. 

Experience in a developing country an advantage. 

Appointment 2 years. Salary (UK taxable) in range £9.100-£) 1.000 plus overseas 
allowance for married officers in range £740-^70 pa. (Ref 328D) 

ECONOMIC ADVISER 

To give economic advice and assistance as required by the Ministry of Finance; help 
to formulate and implement the programme of work of Economic Intelligence Unit, 
and assist with training economists within the Ministry. Applicants under SO years 
muse have a degree in Economics and experience in problems of developing countries. 
Experience in banking and finance an advantage. 

Appointment 2 years. Salary (UK taxable) in range £9,100-£ll,000. Pius a variable 
tax-free allowance fn range £I,730-£3JI0 pa. (Ref 32BD) 

The posts are wholly financed by the British Government under Britain’s programme 
of aid to the developing countries. In addition to basic salary and overseas allowances 
other benefits normally include paid leave, free family passages, childrens education 
allowances and holiday visits, free accommodation and medical attention. 

Applicants should be citizens of the United Kingdom, 

For fill! details and application form, please apply, quoting refettfnee stating post 
concerned, and spring details of age, qualifications and experience to:— 


Appointments Officer. 

MINISTRY OF OVERSEAS DEVELOPMENT 
Room 301, Eland House. 

Slag place, London SW1E5DH. 



HELPING NATIONS HELP THEMSELVES 





INVESTMENT 

ANALYST 


We are a leading textile company with rapidly 
growing pension fund requiring an additional 
member for our analytical team based on our 
Head Office in Glasgow City Centre which 
offers excellent working conditions. 

It is preferable that applicants have previous 
portfolio investment experience. 

Please write giving details of academic and 
professional qualifications, career history, age 
and current salary to: 

The Staff Manager, 
COATS PATONS LIMITED, 
155/ St. Vincent Street, 

. Glasgow, G2 5PA. 

COSTS THETHEr^ia S3=S 


COMPANY 

NOTICES 



ART GALLERIES 


FELIKS TOPOLS ki. Heidcr Remits Put 

& Present, fli-jwimas snd .paletlnss from 
:.-12tn Oct. at Bobun Cillery. 


33ni SodI.-i « Boaun t 
Station Road. Henky-oo- Thames. 
049 12 6230 


Tel. 


FtNE ART SOCIETY, 146. Nett tend St.. 
W.l. 01 -EJ 9 S118. CHARLES RENNIE 
MACKINTOSH. Also Scottish Painting 
19th-2uia Century- 


LP.L. FINE ARTS. 24. Davies Street. 
W.l. 01-493 2630. JULIAN COOPER 
recent watercolours. • Sew. 12- Oct. 6 . 
Moo-Fri. 10 - 6 . 


TJW FRASER CARXW GAUJPIY, High 
St.. Thames Surrey- D1-39S 

7B60. until CH'l. Watercolour* by 
KATHRYN BUNTING. TuK^Sit. ID- 
5.30. Suns. 2.30-SJQ. 


PERSONAL 


KCN5INGT9N, W.#.-' JmalJ-jten' to let 
In large famllr week d*«. Sed A 
bmWatt. Write E g A. S4BA Financial 
Tunes, 10. Street. EC«P 4 BY. 


COMPANY 

NOTICES 


THE PRUDENTIAL ASSURANCE 
COM PANY LIM ITED 

NOTICE IS HEREBY GIVEN diet the 
transtor books and register of members, 
ed the above company wi'l hi closed 
Irnm tlw 27th October. 1978/ to the 
Sth November, 197B tftotti detea 
inclusive. 

R. E. ARTU5- 
, P- E. MOODY, 
u ,, „ JOINT SECRETARIES. 

142. Hoiborn Bars, 

London ECIN 2NH. 

14th September. 19TB. 


CITY OF MON TREAL 

3% PERMANENT DEBENTURE STOCK 
NOTICE IS HEREBY GIVEN, tfeet the 
Transfer Register will t» closed i£m iJtS 
October » 31st October 197a. both dates 

Roslstran: 

THE, ROYAL BANK OR .SCOTLAND LTD. 
Registrar's Department. 

16. Old Broad Street. 

London EG2N 1DL. 


MINERALS AND RESOURCES 
CORPORATION LIMITED 
tlncorporated In Bermuda) 
NOTICE TO HOLDERS OF SHARE 
WARRANTS TO BEARER 
PAYMENT OF COUPON NO. 06 
With reference to the nonce of 
declaration 01 dividend advertised in 
the pre» on 15th September. 1978, 
the following information Is pub- 
lished fer ihe guidance ol holders ol 
share warrants 10 bearer. 

The dividend ol 8 cents was 
declared In Unlred State* currency. 
The dividend on bearer shares, will bn 
paid on or alter 3rd November. 1978. 
against surrender of couoon No. B 6 
detached Irom share warrants to 
bearer as under: — 

Cal at the office ol the corporation's 
continental paving agent— 

Credit du Nord. 

6 5 8 Boulevard Hanssmann. 

Paris 75009 

(b) at the London Bearer Reception 
Office of Charter Consolidated 
Limited. 40. Hoiborn Viaduct. 
London EC 1 P 1AJ. Unless persons 
- depositing coupons at such office 
reeuesl payment In US dollars 
fin which case they must comptr 
with any applicable Exchange 
.Control regulations!, payment will 
be mode In I nlted Kingdom 
currency either: — 

(I) In resoect Of coupons lodord 
.prior to 20th October. 1978. 
at the United Kingdom 
Currency equivalent a r the 
United States currency value ol 
their dividend on 24th Octo- 
ber. 1978. or: 

til) In respect ol coupons lodged 
during the period 20th October. 
1978, id 25lh October, 1978. 
both days Inclusive at the 

United Kingdom currency 
eouivafent of the United States 
currency value ol their divi- 
dend on 30th October. 1978. 
or; 

< 1.11 in respect ol coupons lodged on 
or alter 201 * October. 1978. 
at the then prevailing rate ol 

exchange on the d*> v*id pro- 
ceeds ire remitted to the 

London Bearer Reception 
Office- 

Coupons must be felt for at feast 
four clear days (eight days if pay- 
ment In United States currency has 
been red u rated 1 for examination and 
mav be presented any weekday (Satur- 
day excepted) between the hours of 
lO a m. and 3 p.m. 

United Kingdom Income tax will be 
deducted from cannons paid In the 
United Kingdom the London 

Bearer Reception Office, unless «uch 

coupons are accompanied by declara- 
tions to the contrary in accordance 
with Inland Revenue requirements 
Where- such deduction Is made, the 
net amount of the dividend will he 
- |UJL> per share as 


5.36 cents 
feifdws:— 


Amount of dividend declared. . 
Less: U.K. Income Tax at 33% 
on the gross amount of ths 
dividend ot B cants ...... 


United Stales 
Currency 

Fer Shi'® 
cents 


8-00 


2 64 
5.36 

In H 10 case ot payments madiTTn 
U.K. currency the sterling equivalent 
of the net dividend will be calcu- 
lated in accordance with sub- 
paragraph (h) above 1 . 

For and on bengii ol 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 
London Secretaries 
, J - C - OKEEN5MITH 

London Office: 

40, Hoiborn viaduct. 

EC1P 1AJ. 

21st September. 1B78. 


FRA&-BANK INTERNATIONAL 

DOLLARS U.5. 25.000.000 
FLOATING RATE NOTES 1978-1 9B5 


According to the terms and conditions 
ot the above mentioned notes the 
interest rate applicable lor the interest 
period ol >n months neglnmng Swam. 
Oer 20 th. 1978. has been fued at 
9 . 75*0 Per annum. 

BANQUE INTERNATIONALE 
A LUXEMBOURG 
SOCIETE ANONVME 
Trustee 


LEGAL NOTICES 


In ihe HIGH COURT OF JUSTICE 
Chaocvry Division Companies Court, la 
ihe Matters ol: 

No. 002854 nl 1 PT 8 
PALMERSTON FITNITURE CO. 
J-1MITED 
No. IW2S50 or 197S 

M. J. O'HARA PLASTERERS LIMITED 
No. IHJSnSfl ot 1 *C^ 

PEOPLES OVERSEAS DOMESTICS 
LIMITED 
No. OttXjO of I STS 
TONESIURE LIMITED 
and in ihu Alaucr ot The Companlefl 
Act. 1948. 

NOTICE. LS HEREBY GIVEN that 
Pei mans for ihe vntidiru.'-ur> pi the above- 
named Companies by ihe Hich Court of 
Jus: lee were, on [he l?ih djy of Sepiesubcr 
ISTS. presenied to the said Court t>7 
TKE COMMISSIONERS OF CUSTOMS 
AND EXCISE of Ring's Beam House. 

Mark Lane, London EC3R THE. 
and thal ihe said Pennons are directed 
lo be h.-ard before the Court sitting at 
the Royal Courts of Justice. Si rand. 
London WC 2 A 21. L nn the 25 rd day of 
nriober 1978. and any creditor or con- 
iribuiory or any or the said Companies 
desirous Id support or oppose ihe making 
or an order on any M ihe said Pennons 
may appear ar ihe lime or hearing in 
person or bv his Counsel for that purpose: 
and a cow or (be Peilimn inH be 
Turn I shed by the undersigned 10 any 
creditor or contributory of any or the 
'aid Companies renuirms such copy on 
payment of the regulated charge tor 
the same. 

C. F. CLOAR. 

Kins's Beam Bouse, 

38-41. Mark Lane. 

London EC3R THE. 

Soiiclior for the PedUwwrs. - 

NOTE.— Any person who intends lo 
appear on Ibe heartnc nr any of th* 
•said' Peiifiong musr mtvo oo. or 
by past ro Ibe above-named . noUce m 
immu; of his Imemton so ig do. Th« 
noUr>- tnusi siaio the name and ad'dreae 
u a K*™. the niuna 
and address of the firm, and must h* 
signed by ihe person or Am. ot tug or 
their Solicitor ill anjj, and attmt bo 
served, or. if posted. muM be sqm hv 
posi in snfilelcnt time to reach iS 
show-named npt laier [ban ftmr o'flock 
in the a tuoOo of the 20th 'day v 
u ttnber ■ 1978. ^ “ 











Financial Times Friday; 




WORLD STOCK MARKETS 


Wall St. 3 lower after initial rally fails 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1— (90iy o > 
Effective $1.9810 43j% 1+1 1% 


dominate trading and eased 5 to the Toronto Composite Index The French. Bourse Operations Deh retreated^ 9.00 on its AvBm ^ 

SHJ. Bally Manufacturing slipped receding 2.0 more lo 1.248.7 at Committee is invests eating the lower first half profits. S^DM14 5m sales^e SS?oS 

i to S46J, anion lj to S491. HoU- noon. Banks lost 3.31 to 28929. trading of SleeLshare* m the days T i ™ “ e P 1 *™* 

day Ions j to S&i and Playboy I but Golds rb&e a further 722 to leading up to the announcement. iOKyQ \i sr * Fnreim Loan. . =feh 



with DM14.5m sales the previous 
day. 

Mark Foreign Loans - abb 


A BRIEF further rally attempt to S24L but Caesars World rose 1,660.4 and Oils and Gas picked up Constructions. Motors, Sto^s With ^05^,13 cautious about hardened. 

failed yesterday morning on Wall ; to ^ nd MGM * 10 539 3 -° to LfoOJ. , . _ “d Electricals were the firmest UE. dollar's fresh decline ... • 

Strert and stocks soon resumed **** jumped 6i to $31? m Nn-West Development ‘A rose sectors, but- Banks and Foods ^ the Tokyo Australia ■ 

S sUde on mteresT rate wunries trading, it has agreed to } to CS18J on its plans for a three- edged lower while Chemicals were { a °£f market, trading !“ . ' • 

and the dollar’s weakness. aC ? u, /ed by Davy Inter- for-tvro stock split and a dividend mixed. . on tie stock market was slow Minings made a firmer, showing 

**** t^wJones Industrial national of London, for $33 a share increase. o ° ?th sh^f c£3n? mfced to log than of late.but Oasandfc- 

Avcrage. after recovering to 860.19 m r ^ oy rUmheA x *o sms in Pam Switzerland easier. The Tokyo' SE index lost taSS 

.h iinn n»n ppll afresh to So3.fi9 iiiiu climbed } to J25? in i 8T1 S a .L.jk «A ioioc ahhnucrb lost a portion of tbeir recent sharp 

^*£3* £5l®ss. ^ SR&sri 

cents down at 5a8.JW, a r h Qf 19>Q00 fL The we » is ^ «. tion’s IndustriaTindex siipping ^l 1,0m shares (200m). . ASSLS0 by BHP In response to its 


“ . Switzerland SSii -HUp «M5Hi TUp 

^company . , - nnt „ The markeCs decline acceier- a shade more to 424-98, although toa a portion of tbeir recent sharp 

to drift 3 its *t2£ d °after° n fafrhF'active \ actiTe tradinS .yesterday, the Nikkei^jow tow -*jgS ° Feature was a jump df 42 cents 

to a total S; n J y wth the Swiss Bank Corpora- edged up 1.40 to d^ 2 Sj 1. \ohnne tQ 2 ^ peak for the year -of 

■he well is Brokers said the upturn was turn s IndustriaT index shpptng «.l liOm shares (200m). . ASJLS0 by BHP In response to its 

significant in view of P the fact a new- low for the year . Export-orientated issues and a new oil find hi the Bass- Strait 

ose U lo t jSt operators were book-squaring °* .- 3 - _ . number of Blue Chips feH initially Beach Petroleum, with leases 

os halted. _ * .i _e ..... DmIpH! fiairt thnl the SWISS 4kn nnAmioieHAn hilt ta thp riivnrprv' tvuo IS 



cg nL5 au " u v ^ depth or 19.000 fL The well is Brokers said the upturn was turn's Industrial-index sUppmg 1,0m shares (zoom). ASJLS0 by BHP In response to its 

— ; " , now at 17,640 fL significant in view of the fact a new-low for the year . Export-orientated issues and a new oil find hi the Bass- Strait. 

Closing pnees and market Kennccott Copper rose U to t ^ t operators were book-squaring of 2,,, ■ 3 - _ . number of Blue Chips feH initially Beach Petroleum, with leases 

reports were not available tn $2 <: before trading was halted, ahead of the new monthly Dealers said that, the Swiss on ^ yen’s appreciation, but adjacent to the discovery, rose 15 

for this edition. Standard Oil (Indiana) would acc0 unt. which begins today. franc's ■ continued climb against sonJe recovered slightly on cheap cents to .83 cents. 

_ neither confirm nor deny market The major market-affecting other currencies has kept up buying. - . White Industries, 1 In Coals, 

— __ ... . rumours that it is planning a bid ne . TO Q f the day was the decision, fears of a negative impact on the _ . . _ added 5 cents more at AS4.75. 

improving to ot. 39, while declines, f or KennecoU. Standard were at ^ request of the French Swiss economy and on the profat- Fisheries, F oo ds. ■_7 | ^* ue ‘^ while elsewhere in Mining, North 

outpaced gams at mid-sesion by unchanged S53j when it was also Government, ot suspend trading ability of Swiss esport-onentated Machmes PbartoaceutJcals and ^kni Holdings put on 3 cents 

a two-to-one raartnn Trading halteo. on hc Bourse of stock of five companies. 7>u.blic \Vorks managed same a$ 1AS, Associated. Minerals 6 

5?JW.2E^^ 2 ^|J!S , 5 S » Steel concerns. - • Among PhmmaceuUrafeqte- gams MM«|^ rents to A$L64 and. Atnhmro 5 


— — r heptlfi 

{. pfr»-;.j 


Ind. dlv- yWo X J q jq 




volume expanded to 2I.05ra shares General Dynamics fell 11 to steel con cents. 


Federal reserve to an apparent against the Navy. ^ that the State intends to take but Foreign Bonds edged higher. Y8.650L Koknsai Denshin Denna Uranhuns -contirmed to trade ner- 

target of 8* per cent for Federal the AMERICAN SE Market effective control of the French » . , v-40 to Y4140 Tah-o Sanso Y30 vously. Pancontinental lost' 30' 

funds, which the reserves bank Value Index- was 131 lower at steel industry. Trading in shares Amster dam to Y3S6 Udnda Yoko Y25 to Y4O0, rents- inore to . A814JK), . but 

lend each other, analysts said the 16 _j.CU at 1 pin after volume of 0 f Neuves-Malsons Sleet which „ Ganlrro Ahunicinm Y22 to Y473. Qneensland Mines. A833Q. and. 

target could soon be raised again. 2..-K>m shares (2J3m). . are listed on the Nancy Bourse. TokroElectric Y22 to Y391 and Industries. AS33Q, recovered . 5 

Additionally, they noted that Investors IMvenjified Services were also suspended. j«ctafaons of further interest raie 10 - cents apiece. v 

investors are frequency cautious advanced 61 to $jRJ- — A llegheny Dealings were suspended until r** 8 " u ® t0 Government boirow- Qno Pharmaceutical \20 to YLlafl. Xmong Banks, particularly 

on hursdays in advance of the has proposed to acquire the rest further notice and untQ more “*« needs and also affected by in contrast Hisamitsu Phar- 5f late on the new dis- 

weekly money report. Weakness of IPs that it does not yet own detailed information on how the «e fall m the dollar and Mall maeentical put on Y100 to V 1.240. closure mies and Commonwodrh 

in the dollar one concern about at $40 a share. Allegheny, on the “rescue plan” for the French Street a fresh overnight weakness. Chiyoda Oremical Engineering Bank’s heartening results. BNS 

Middle East developments was New \ork Exchange, rose 3J to s teel industry is to be carried out Amro Bank’s announcement of and Construction Y70 to YLO60. tVales came bade IP cents to 

also a negative for the stock $21 J. is available. Steel companies a one-for-10 eights issue also acted Tobo Real Estate, YBO to Y1.1S0, ASSJ0, National 14 cents ! to 

market. The downward trend persisted which continued to be traded lost as a depressant Amro feH FI 3.60 YoshJtomi Pharmaceutical Y53 to a$ 2 _sS. CBA 12 eesjts to A$230 

Bam a da Inns continued to in fairly active early trading, with more ground. and Algemebie Bank FI 9.00. Y775 and .Dainlpuon Pharma- and CBC 10 cents to AjWJML' 

-j centical Y42 to Y739. C. J. Coles rose a further; 5 


la.1 rilr. yWn % 


I ail . P.K Ratio 


Urn* «©*. Boot! y»w 





lO-OS - H 0vS» 


0.3* J i r 


„I. Sfpt. 

20 : IB ! 18. 


NEW YORK 


Germany 


i r-epl. 1 Sfrt. 
! 20 I 19 


Abbott Lot>«. 33ij 1 34S* 

Addresacqrnpb... 26 s * ■ 27lg 
Aetna Lite A Co* - 40-'* •503? 

AlrpriTriutl* 28 J# i 2BTa 

AUamAluminUunl 3QJa i 30»g 

AJmfi 44i* 1 441 b 

Allai;. Luilliuii.- 181s 19 

Allegheny Poww 18 18U 

Allied CLrmiefii. 36 357a 

Allied Stores 25S* ; S6i a 

A1IU Chalnjeo ... 33>e , 34&g 
A VAX - 46Jj 457 b 


1 Corning O low — 68 ‘a 

I CPC fnt’ni'Hwixi 5JI" 

— I Cnne 325« 

ICiwken Nat 2858 

*n 8 I t-’mwn/iellertaMi 33 
i liummiii*- Encinr 38 

I L-urtlt* Wrieht... l8q 


I Dart laduitne*- 455g 

I Umik> 357# 

I Del Hum# 36 

| Deltona 12i* 

[ Umti-V'l.v Inter... 105# 
l Del mu KiCscn.... lb 


309<s ' 30 Ss 


A VAX - 46ij 4578 ! Ildimi bCwn.... lb ibi; 

Amerada Ueaa.... 29^8 1 30'a j Diaui<n<l ahanirk 263* ■ 261* 

. . Dlviapliuna. 17 17 «j 

Airwr. Airlinee...) 16 . lb.g I UiuiiaJFumit 49i 8 i 49j* 

Amer. Brand ; 50 50'* . Dlimev ‘Walt: 41 41sn 

A mer. Brva.tcast~ 56 J* : 67is i p,, VCf - Ob-ld 47ij 48 

Amer. (Jao 38 ja 58te j Dirsr Chemical... 28 ‘ 281* 

A mer. Cratuoii'i 281* 29 ij i>, vn 29&3 295* 

Amer. Uik.TcI.. 29 . 29 Dresner 43la ' 44 

Airier. Elect. fw 227 S , 23U , Ui/r.jni 120 121J* 

Amer. Express. 341* 345a Dvmo Industrie* SOU • 30U 

Amer.lfa meRrud 291* 30 Ki K i e I*,iciier 21^8 ' 221a 

Amer. Uedical...i 281* 285* Last Alrlne-. . .. 13 ; 127a 

Amer. Motpr»....| b'a • bjt ^►unan Kodak.. b2ta 1 635s 
Amer. >’M. Uaa J 44 a 44 J E* tc ,n 39«a 39* 

Amer. Standard . 461* 46>3 

.Amer. atom 37ia 371 * Ie.g.AG 28 ' 26s# 

A mer. Tel. A Tel.i 601* 603, ■ El ftao Nat- Gas 163* ' 1? 

Ametek... .... 351* ' 36i* Ellra - 337g 34 

A V K J8 1 , 19 EmeiwnEi’ectnc 355j , 553* 

AMP - | 34la 351* i EmcrrAirFr'iKbl 251’ : 25!s 

Ampex — ... 165* 181* I bmiAK 4l9 8 415s 

Aurbr>r Hocking. 1 30 i 30ig . K tf i • 5t, , jj, 

Aabeuwr Beach.; 261* ; 251* | tnjfelhari 231* = 231* 


■I oh ns Man rille ^ 31ig 
Jobnaoa Jobnsnn: 83 1* 
JribnBcm Cunurri. £61; 
JoyManuIat-tnr'R 34Sa 

K. Mar Corp. 261* 

I K'aiserAlumini'm 35 
! Kaiser Indimriei 2U 

■ Kaiser Steel 271* 

Kay 13 

Kenneuitr 261* 

Kerr McGee...... 481a 

[ KKMe Waiter.....; a3t* 

Kimlieriy Cleric.. 46<* 

Kowers. 1 215* 


31>* Revlon 1 52J* i 63 

83?s HeynoWs Metals, 1 35 1* 351* 

273a RctynoMs E. J. ...| 611 B 61 l a 

553# Ricb’aon Merrell .1 28 ' S9>a 

27la Bodcwell later... *44 j 541* 


cents to A $2.40 in firm Retailers. 

Hong Kong 


Rohm 6 Haas., 


! (Jigil alp'll! ilk 49 'a 

1 Dlenej- •Walt: 41 

I Di'ver L-irpD 47ia 

; Dint Chemical. .. 28 

Di»t(i 294s 

Dreater 431a 

| Uupsjni 120 

Dymo Industrie* 30 U 

Eagle 1'nriier 213g 

but Airline-. . .. 13 

Eastman KndoK.. 621* 

I Eaten 39 ig 


El Paao Kai_ Gas 163* i 17 

Elln. - 337 b , 54 

EmenonErectnc 35ia , 35 


J9 j* Kopc*n 1 215* . 22 Je 

»2*3 Kraft... ; 48U ! 481* 

261* Kroaer Co._ 31 4 : 324* 

17*3 Leasa ay Trans-.. 564* ] 564* 

49a* Lori •strauaa. 343a ■ 344* 

41sa Libby Os. FcnlJ 274 1 271a 

] I l. mim 3S7a I 58 


Koya> Dutch- .1 t25* 

RTS -j J44 

Ruaa Tods. 124 

Ryder System ..... 205* 
riafewaj. Stores,..: 43 
34. JoeMtoensi,.. 1 27 
at. Regia Paper.. ] 3 17a 

3antaFeIuds J 354a 

3aui Invest i 7 


Wooiseortii— . 207a. 207 8 ■ Stocks were inclined to lose _ » ^ - 

Wriy 64 i 64 further ground, although buying After Wednesday's good 

54 | 554 a t the lower levels by major rebound, stocks returned :to. a 

, i2al investors prevented excessive downward course on renewed 
r94fa; t944 erosion of prices. Foreign local selling. The Hang Seng 
usireaa^xWt •-"<* t8ii* exchange market uncertainties index receded 1436 to 
D^.90ri*vbiiip... 6.07%, 7.94% remained an unsettling influence. Turnover on the four •' stock 
The Commerzbank index lost exchanges -was light- amounting 
. another SA to 829.8. to HKS183B0m. compared with 

CANADA Among Electricals and Motors, the previous day’s HK?222.79m. 

early losses were later recouped Among the lradCTS,- Hong Kong 

AntUM Pape- ■ 174 * i7se an d occasional small gains were Bank shed 40 cents Ao HK$19^0, 

aGSwSC--* -12 5 s£ noted on the day. while Banks Land^20 cgts. ^ to 

tSSS^T :S «?• u^re well maintained. Stores lost 












fcfeOBJS 


ij.f 1 / 


tiAiif 

if J fuT‘ r TS 








ItlHONTO Uompoafae) tO0J| 1280. Bj 1288.8} TXTTAi 12983)' OiOi ] . -483 (dQ> 


CANADA 


Kii- A:':- 



tBS JB [ 26ftA' T. 77W(l4/_r jf 

mji tzn.il J 

*• { -wh*. » YtnL- 


ArtUiAPtow.-... 174 i I7se 
Agoioo Bbete oi* j nij 
AJo*aAtonrfniain "33* i 553* 


LdRKct Group- 337* 

Lilly (Ellj 474a 


| Lilian Iniiust.— «34 

I lA-1-hM.I Alrr*p-fr 28b 


L»ikbcei< AltcrTt 283e 
Lune bar Indusi.! *47* 
Loa^ Island Lld.j 191* 
bjulvmira Land... 434 
Lubmo! 44 


r Kai'tL 


2112 I 22 


Bellltetepbon*-.; 61 
Bow V«Hey ind..: 414 


^ Container...... 28 4 ! 881* g£tiui«k.- fSJa ! J|4 


Luctv Stores 16 

L'ke v’linMt'wn. 10, 


AntMoScral i 20 sa 214 j K unar fc , ..... 274 | 27ag 

A.S.-V • 48H K753 Kxiivi 20: a I 214 

Awncra Oil ......} 191*. 19 | Exxon 497* SOI* 

15 . i c I, j Fairchild tanicre a54 ; 37ia 

AdMN ££ i ^ ; ms. 

At). Bafafield 514 514 | ETSTS? » Jg t 1 £ = 

\L l5&'fc£r- Sol : SiS 

Avon Pn*luct.... 564 564 r ^ Pcw "-- ^ |14 

Malt. «a* Elect... 264 26i a Fluor - 39i >» • 39a » 

Han). America-... 284 28 F M.C" 27: 

VY ’ nl- iV* fv-1 Mol..r 44b 

ffi* 27 Kortmou .Met... 21- 

Mcuer T-ravenor. 43 . 43.* Foxfinro ..- - 561 

Bealxice Food 2b.| . 27 Franklin Mini ... 05 

If* - If* Free|<>» t Mineral 25. 

Med i HoweU ; 21 , 21 Fmehanl 315 

--y;. a ®:« . Fuqua Indi , 12J 

BeDgnei Lon» *B ; 4s* 1 44 

Betblehem SteeL 234 I 23s* iG.A.F 13 


** IF.M.C 27 7* 

^ a i For.1 Motor 44s» 

“I. Kortaiou Mul... 21.* 

! Fnxfinro...- - 064 

| Franklin Mini ... 94 


Freepost Mineral 25 -a ■ 255* 

Fmehanl 315 b | 31 53 

Fuqua ln<la....— 1 125* , 124 


?R , 1 Lkei unqct'vrn. 106a 104 

fs 58 MacMillan ■ 105* UJ* 

fi j Slacy K.H i 415* 414 

,r, ! .Ur Is. Hanover— 36>* 584 

Hi* Mapco 345* 344 

I Marathon Oil 605« 614 

Marine Midland.. 164 164 

2 |^ ManbaU Field ; 2l5a 214 

57f® May Dept, store* 257* , *07* 

McDermott. 2b \ 265a 

ii l * MoDoonelt Dock, 32 554 

Met) raw HUI.I-I? 243* 244 

Meracires 1 al 64 4 

|V 3 ^•^k- ■ bli* ; b24 

?*!» Memli Lynch-... 204 1 21S* 

*Vf® Ue» Fetiuleum-. 365* 1 5b 4 

39sa Minn Minsk Mtx] 594 I 604 

■>7j. Dry'll Corp. -J e9 l 694 

445! Mumaoto- a71, ' 074 

273 NnngHJ.p..J 48 ■ 48 

5=3 Motorola- 46 I 474 

lo* Murphy Oil ! 49 I 494 

253 Natiinm. 2 d 4 I 2b 4 

il5 , .Naira Chemicai* ■ 284 > 283* 
12h National Can — .j 187* j l9Sg 


Eeacram 1 *54 1 26 

searieffJ.D.) 1 134 ; 14 

1iT* so*™ Hoeback.... 1 r27g ■ 25 

JO 164 8BDCO : 43 .' 434 

JVt* Shell U<1 I 344 l 3.4 

B iS a. s: 

g ffi SSSfiStei iI5i I 55 

5?5 54 iSicd 11" i .15 

•Milurm | 54 1 47* 

doaCboown : 394 ■ 40 

southern Cat. Ed.' bd 4 263* 

southern Co..—..i lo4 j 164 

dthn. Sot. La 1 561* 59 

southern Peraik-J 511* ! 51S* 

south cmRa i 1 way { a4 1 544 


id* ; 164 
roll . :8 
394 ! 394 
I64 1 *64 


southland...- ; alia 1 a 14 

o'tr't Haneharen. 1 28 ' \ 2t4j 
9|«rey Hutcb.....| 215* ; 213* 
sperry Uanrl.—.' 454 464 

squib 1 3is« ! a24 

Rtandand Brand.; *84. j U84 
st.l.UtlCalllorna: 4D6* 454 

ritn. Oil Indiana.: 956a I 537* 

( Kl llh- ' » I M 


improved D1IL20. HJsXiV and wneern^ uraraen 

J. . __ _ . . - . “ A " 17.5 cents to HKS3.4251 

Domestic Bonds improved, with Elsewhere. Cheung Kong 
expectations of a sncoanAil retreat ed 50 cents to HK»12^0. 
kassenobiigatjon tender aiding Hong K<mg wharf HK?1 to 
the market Bond prices gained HKS3L50 and Bong King Tele- 
up to 20 pfennigs, and the phone 50 cents to HKfSAoQ. - 


ROTES: Utemu once* *wd oeuro nnaror senp nae. • Her atrare. . Francs 
-ented- » wendnm Rohzten nrlflewl- o Grans fflv. %. Anmned qtvtdeal *n« 
are a Rer wtrhhnldlns tax scrip jBd/ar risfity tsaon. ' ¥ Alter local 

> DM an denora nnless KherwtM stated, raxes, m % tax Tree. « Finer UtcMInu 
tfteMf based no rtei dlvWenrtr oho rax. unflac div. v Xran. a Stars eplft. v Dtv 
• Pfa 5/to OBnom. nntess otHenrtsr stated and yield excJmle special -rantxnt. rlwfa 
% DKr tan dram nnleae otfaetsrtse staled eateddtv u UnnfBclal rradtns Mtsants 
r> SwFr 380 denora and Bearer shares hoMai osiy. a M erasr undlw “ 4sked 
■mlaafc otherwise stated. I VS# deoom. r4wL S Traded * SeUer. e Arasudl 
..M raSroto 5 Price it -Tme vr^ riaUs dfadtext xcBr 

n ausu enann . - Rlorlits h ScMntrara. scrip tssue. olh *- a.ftwta stnee 
rmu ■* n i idwr 1 .f-H iWI t ni dswr *nrrw trad 


TOKYO 1 










GERMANY ♦ 


: Prise 

4- or : Dir. -XU. 

Sept. 21 i Dm- 

- i i i t 


SUL t-Hl Ohio. 38 

'MauD Chemical-; 44a* 
Sterling Drug. — . 17 

situdehaker. o2 

bna Co...——.] 44S* 
5iuiatrand 485* 


Buck A Decker.. 194 194 Ganneit. 474 | 477* 

Bricing 624 1 644 Den. Amer. Int-.- 11 11 

BriurelAacade.-..' 304 1 295* G.A-I.A. ... i 304 ' 30a* 

B'-rJcn — 294 | 293* Gen. table — . 184 ’ 183* 

Bo nz Warner.—... 515* 317* [ Gen. Dvnamics- 824 ; 835* 

Bran iff I DL. 155* j 157* [ Ken. Electric*— .• 0213 , 52bg 

Bra scan *A’ 137* . 141* , Gen. Food*.... 334 • so 4 

B.-inol Myer* — 34s* , 35 i General Mill*. 307* I 514 


Hraniff lux. 155* 

Bra scan •A’...—. 137* 

B.-inol Mycr* 34s* 

B FetADnt K....I 18 4 
Bn. lcwa.rGlau > 32 

Bruu'-wiiL [ 16 4 

Bucyrus Erie...— I 184 

Huk'va Watch j 85* 

BurlinRton Xtbn.: 424 

Burrough I 775s 

Campliellsoup....' 364 
tanadian Pacilii-.i 194 
Canal Maa>iolpb..| 114 

Carnation j 514 

Carrier A General- 12 

Carter HawIoi I 84 

Cateipi liar Tract; 597a 

fa.-* 57ij 


General MjIIb. .... 307* I 514 
General Motor*.. 1 024 ' o27* 


CDs 57i* ! 57-n 

CeianeaeConm... 437* 43ij 
Central A 5.W....I lo • lei; 

Certaimee<1 - 21s* 20 <| 

C«ssua Ain-raft...! 44a* , 45 
Cha«e Manhattan! a3i: , 334 
Chemical Bk.M’.. 41 41-4 

L'beaebnch Foml., 244 : 244 
LbesiJe system... 304 ; 30 J* 
CbiL-agu BrV1ge...j 554 55’>e 

Chrysler ! Hi* 11:* 

LUn>-. M ilacron.... 334 . 33 4 

Citicorp 264 i 86?a 

Cities Service.—..' 53 4 ] 524 
City liit niinjt... * 16 4 • 164 
Cleveland Cliff-..: 304 30 

tiKiL’iila 43'* ‘ 421* 

IViltfUe Palm J 20 4 I 20&g 

Cuilins Aik man.. | Hi* I 11 4 
Columbia Gaa.....: 28 1 27Ij 

Columbia Put.... 304 1 21a* 
L>>m.LnsCu.iilAm. leig j lUi* 
Cumuuatl»n Eng.; 394 j 394 
Comtiu<tk-n b«; ... : is 4 ! 15a* 
C'm'ntli Kdiivin.- 264 2B4 

Cm'w'tbOII Kei.' 24 — 

C-.imni. Bateriile.; 404 41 

Computer Selene-' 135* 13 7 9 

Conn Life I n» I 394 39 is 

Cun rue a2 221] 

LunEditr-u XY...; Za 4 2 35? 

Consul Foods. J 244 244 

Consul Nat Cu... 384 384 

Conaumvr K.iver; 23 7* 237* 

<-'■ ml mental Grp., 5tig 1 32 G 
Continental GIL. 28as j 294 
Continental Tele 15>* | 15>* 
Control Data—.. .1 36-4 1 383* 
Cooper I mim. j 47 J* ) 494 


10 1 uenerai jiotOT..' oaj* — „ - .. 

315* I Gen. 1'ub. Util—; loi* ; lbs* N. I_ Indunnee. | 215* 

161? ! Geu. Signal— —i al , all* ! V-rtoUMVestern 264 

181* 1 Gen. Tel. Elect-. 30 , 30 Anrtb Aat.Gaa...! 463, 

9ifi 1 Gen. Tyre .— — \ 284 ' 29 .Miin. Stale* Pwr. 253, 

43 1 Genera. 5-'o ' o4 Mlwnst Airlinew 303* 

79 j Georgia Pad 6c...' 294 j 50 tabv.est Bancorp; 273* 

36 j GeuKiurec 27 4 | 385* .Surlcui Suuno.... 18 4 

204 'Getiv'Uu -1 385* | 37s* Occklentai I'etrnjj i£U4 

114 Gillette 3l3& ■ 3 la* ; j ri' v 3..^ h «'--i «*• 

61 4 j Goodrloh U. F.„. 19:*! 20 Ji 3 ® 

j Goarivwr'lire-.., 174 . 1/4 0ba 1 15 

1B4 li.juld ...._. 305; 304 Overaeaa Ships ' 25 

l«iwf WJt--- 284 ! 285* Owens ConuoaJ 32 

24f? Ori-AUau.^-Tea <4 | 74 1 Ouen* Uloiols-J 224 

In ! " rt - VwtfalWO" 27 27 P*mfieGa* J 23* 

104 Greyhound ........ 134 134 tWiGe UtshtuiK.J 2u 

20<a Guji * Wfttern.. 14 4 144 Pau Put. * Ub J all* 

It, u“io U - 1 St! 4 BsbAui VV'cnl Ain 84 

334 UsUbuitun /0 ; 714 Parker Hannifin.' 867* 

415* Hanna Mining- 37i* , o74 Peabody Dui ! 26 

244 HarmscUlejrer. ... *04 : al Pen. Pw. & L. ! 21 4 

503* Harris. L-orpn...- 6/4 . 664 PconvJ.U _J a73* 

S5-. B Hem* H. J *1 . nil* Pennioil ,1 303* 

ll-i HeuUun | a7l a 1 87/* Peopira Drug—.., 13s* 

Hewle ftekarf...- 67 4 1 87i* M,* 0 "- \ 

Holiday Inna ' <4v, » 9R1, 1 895* 


.Nat. Distillers-. j HI 4 1 21G 

hat. Service Ind.i 104 18' 

NaUona) Steel — 1 307* 503 

X atoms* 465* 471 

NCR 1 624 63V 

Xeptunelmp.— .. 264 266 

New England El.- 2d** 223 

.New England Tel' 336* I 34 
Niagara Muhawk' Is 4 I 14 1 
.Niagara obare. 11 I 111 


17 171* 

o2 bB5* 
445* | 443* 
485, . 49 


Tektronix—. 1 463* 476g 

Teledyne- \ 1014 1036* 

Telex 1 74 1 B 

Tenera- — | 516* | ais* 

Iomto P etroleum ; Ui* 1 I04 . 

lesaeo <Mb* \ a4s* I »®peria- Oi 

ieaasgull <■ 1*4 1 224 

Texas Eastern...] 38 | 385* 

l‘exa> Inot'm. I 86 1 06V* 

l'exaa 011 4 G^J 295a 2B7 a 
Texas UtlNtlea — : HO I a oOJ* 

Times Ins 464 466* 

Titnes Mirror....... a3i* 33s* 

Timken — bOi* 0O4 

Trane- — '.J 434 ! *26* 

Tranaraerxai 184 ' 18 

Transco- — 284 I *2s* 

Ttmnr Colon 577* 575* 

Tran-way lntr*n_ 236* 236* 

1mm- World Air J 251* 2b 
Travelers. — — ... 371* 074* 

Tn Continental J 19 191* 


254 
324 
824 

j ITitun Oil 4 Gas.; 64 1 66* 

2 °'a IttW— 376* i 375* 

216* I a)th Century Fox aS 


Uewle Packard...' 674 I 87l* 

Hr-iiday Inna. ; <45* * 264 

HijluealaKe 064 i a&4 

Honeyaell.— ...; 651* 666* 

Hoover ; 12 4 ' 12a; 

HiwfNCorpb .Imei ' 305s ' 517* 
HunsU-D Nal.Ga- Hbi* - d5i* 
Huqk'PIi -VlCbm! 146g ! 14o* 
Hutton (E.F.)..-.. 19-a ■ iO'.f 
l.(J.'iuiiuatnea...l 284 ! 295* 

IN'A ■ i4ig ; h47* 

luirerw.<li Itanri : b0» 3 604 

lulanri Steel | a67* j o6vg 

loslioo — 1 15 ; 154 

‘BM 284.371266.5 

Ifni. Fla tours. s3i a [ t. ji a 

Inti, flarrertev.-i 41! a 1 di/ B 
lull. MinkCheiU' 387* I 39 
Inti. MultUixkis.. 205* 20 13 

ltu.'j — 16J* ' 16i* 

I nil. Paier. 1 444 • 454 

IPG- 37 : 371* 

lot. lieL-tilicr.. — ■ 134 I3i, 
Int. Tel. A Tel—. 315, 3Ei a 

Iona Heel a7a S . 33 

IL 1 InernatkiEMl.. li -, g ' 12*. 
Jim Waiter 321* ] 324 


Perkin Elmer.... .1 2Si* : 24-* 

PW ! &•*** OH.'* 

Plirar- 1 344 o4i* 

Pbeips D-xtge.- ..] 24 4 ‘ 834 
Phiimiei|ihin ble.' 1 /b* j 1/jg 
Philip Mom*—..! 707* ] 70S* 
PUillips I'ecni’m-I 341* 1 3S 

PiIAkiit 48 4 1 431s 

Pitney Bono.—! 854 I a&o« 

Puuron j 2 c. in • 884 

Phrasey Ltd ADU| 23b* [ 236* 

Polaroki - 486* j 625s 

l’otumev Tie.-....' 645* iosa 
PPG Industrie,-; 894 1 291* 
fivlvr (nmUr~| 87 1* I 876* 
Puli eer Eleri .. J as 4 ’ 254 
PnJmia — 444 | 436 * 

Pure* i 184 j 185* 

t/unker ■Jala—..' 25 j 256a 
Rapid American. I 15 >s 154 

lUvtkevn 1 484 1 494 

ItCA _.... 291 * | 294 

Uepubllu Steel... - 61 * 256 * 


324 j Resort* I ml— 1274 1 152 


EUROPEAN OPTIONS EXCHANGE 


U.-L 

Vol. Lan 


.. J W; Apr. I 

kol. ' L*-t t Vui. | Lart . Strict 


5 ,34.50 ' — ; ~ IF.378 


— 

iF.aojw 

>.50 

• ■* 

!.60 


6-, 

:?624 


HO 

F32.50I 

— 

— ■ 

— 

j - 

l 

9.40 

IF.37.20 

Hu 

F.37.50; 

— 

- 

— ■ 

— 

30 

6 

Hi.» 

F.40. 

— 

— ; 

— 

i — 

3 

3.80 

#1 

IBM 

5880- 

20 

ii ■ 

— 

1 




. 5284-3 j 

IUM 

*200; 

16 

34 1 

1 

11 

2 

i&4 

KI.M 

F.160: 

I 

: 6.50 1 

— 

i 



'F. 161.50 

kl.M 

P.161.90 

12 

6.50 . 

13 

1 13.60 





h I.M 

F.170i 

5 

3.20 : 

5 

,10.60 

■ 



■ 

KL1I 

F. 171.40| 

30 

3 ; 

17 

| 0.50 

_ 



i M 

KI.M 

P.181; 



4 

; 7.30 

«. * 

.. 

■ •* 

i M 

KIM 

P.190.&0 

60 

: 0.30 ; 

30 

\ 4.10 





i 

KLM 

F-209.60| 



: 

65 

j 2.40 

__ 



i _ 


F.98.9L. 

10 

13.40 ! 

1 

‘16.20 





•F. 114.90 

|V> 

r. 108.901 

10 

5 -HO 

19 

1 7.70 





> \ 

F. 118.90! 

- 

i “ 1 

3 

4 

— 


•• 


— 

|P. 102.80 

4,50 

" 

5.50 

lF.126.20 


TOTAL VOI.I MB IN LG NTH A ITS 


(LAX. 374 ! 39 

UAHCO J H5lB : *64 

CGI. 1 2 4 ' 2c 1* 

U n 1 re vear — ..I 446* . H44 

Unilever XV 587 a 684* 

Union HanctHV—' 16 86 

Union Csrimla-.. j 394 | 394 
Union Comaisroej 10 ■ 96* 

UnhACMi'Calil... 631* 1 64 
Union Pacific..— 1 -26* [ 63 

Ud 1 royal 7ij 74 

United Brand* ... 114 12b* 

US Bancorp 02 524 

US Gypsora 296* 294 

US Stas... 874 «7$* 

US steel *6 1* 86 4 

US Tochac-idgJeaj 43 ; 43i* 

t V tndiiatriea— 8u4 1 206* 
Vtrainla Hied.— 1*«4 I 1- *4 

Walgreen 29 887a 

VVamcr-Comrun . 4b4 I 487* 
Warner- iarobert 277* 1 a77* 

| Waste- Uan'msni 276* -28'a 

W« (■- Fatgo 296a 1 294 

Western Baacorp *«2 ! h2 

Western A. Ameri i6 [ • 566* 
Wenern Union— 186s ■ 194 
WesUnub’seEiecI B14 I 217* 
Wesvactv. —I 867* j 27f* 
Weyerhaeuser .— j 894 29 &e 

Whirlpool 1 <.3 ! *3 

White Con. inri-l ul 4 I R14 

William Co 806* • 806 b 

Wisconsin bleu.. 885* , 285* 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % l 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 

Henry Ansbacher 10 

Banco de Bilbao ...... 10 % 

Bank of Credit & Cmce. 10 ^ 

Bank of Cyprus 10 % 

Bank of KAW, 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 10i% 

Barclays Bank 10 I 

Barnett Christie Lid.... ll % I 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East. 10 % 

I Brown Shipley 10 

Canada Pcrm't Trust 10 -% 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd. 30 % 

Cedar Holdings 101% 

I Charterhouse Japhet.. 10 

Choulartons 10 % 

C E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 30 % 

English Transcont ... 11% I 
First Nat. Fin. Corp.... llj^ 
First Nat Secs. Ltd. ... ll % 

Antony Gibbs 10 % t 

Greyhound Guaranty... 30 % 

Grindlays Bank fio ^ + 

f Guinness Mahon.. IQ % \ 



■ Hambros Bank 10 % 

■ Hill Samuel SlO % 

C. Hoare & Co. tlO % 

Juiian S. Hodge ll % 

Hongkong & Shanghai 10 % 
Industrial Bk. of 'Scot 10 % 

Keyser UlUuann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward MansoD n & Co. 114 % 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

l Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Ro&smimter 10 ?& 

Royal Bk. Canada Trust 10 % 
Schlesinger LIniifed : 10 %' 

E. S. Schwab ..'..i llj% 

Security Trust Co. Ltd. 11 % 

Shenley Trust ...-.-i 11 % 

Standard Chartered ... 10 % 

Trade Der. Bank' 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteawav Laifilaw ... 10i% 
Williams '& Glyn'6 ... 10 % 
Yorkshire Bank 10 % 

I Members of ibe AeceDUnz Hobws 
C ommitteo. 

tRfciy duDoslis 7<«. l-momh deposits 

“-day deooaits oa- «™ra of '£10.060 
and under 6i*j. up to 125.000 ”4^. 
and orer £23,000 73*- 
Uall doposUs over 0,068 7ft. 
Demand and deposits 7jft. 





























































.ancial Times Friday September 22 .1978 


ARMING AND 


rERJAES 




launch plan 


» cut 


S iRlSTOPHBR PARKES 

PS FARMERS have pro- 
^ • Community-wide milk 

quota as their contri- 
^ the latest debate on 
-t>v ' controlling EEC dairy 
>. Their suggestion, how- 
^ ' ickiy ran into trouble 
Finn Cundelach, the 
.ty’s Agriculture Com- 

- try Plumb, president of 
1 ^vonal Farmers' Union, 

- London yesterday that 
’ > t as a whole should have 
:-5 within a “standard 
-system. 

*->. mdard quantity Cor all 
s^Nmtrles would be ‘the 
"^Sf milk required to su> 
;>.^ieeds. For production 
. is quota dairy farmers 
^ '-.e paid the full EEC 
\ il the market would be 
: v l hy intervention -buy- 
‘■“’■N^rmal rates. 

ijutput beyond die 
’quantity, however, in- 
prices would be 
-. ally reduced in tbe 
\ ’ -Y- 

j'- - enry's proposal was 
squashed by. Mr. 
i who was in London 
^•alc meeting last .night. 
“;v an audience of leading 

- ^ its from the food in- 
O-adutlHig Sir Henry: 


“ One of the points I want to 
emphasise is that is is through 
the market that we will- bring 
the milk market into balance. - '. 

“I am completely opposed' to 
quotas or any form of quantita- 
tive restrictions." 

“ Sfr Henry gave details for the 
first time of the sew approach 
to the Common Agricultural 
Policy which has been hinted 
in the NFU for some, weeks. .. - 
“Where structural surpluses 
exist we think that the price 
mechanism may have to be used 
to curb an. upward trend fnJBnro- 
pean production,” he said. 

He stressed, however, ; tbat he 
could not support any notion of 
atempting to reduce gluts by 
simply cutting prices. In that 
case price redactions would 
have to be “very considerable" 
to have any effect on output. 
And cots on such a scale could 
cripple the EEC's dairy industry.. 

Mr. Cundelach warned last 
night that his .planned policy for 

milk would not be' pleasant. 

“ Wc have insisted on ' fr 
prudent price policy and we aim 
to go further in the milk sector 
in order id discourage producers 
and give a benefit to consumers," 
he said. .. 

“Such a policy will be painful 
to some and we must not . lose 


sight of our social responsibility 
to farmers who can produce little 
else but milk." 

Those harmed by measures to 
reduce surplus might have to be 
helped with direct income sub- 
sidies. he added. 

He dismissed charges that the 
tax-payer was being robbed by 
the Common Agricultural Policy. 
He accepted that expenditure of 
xljbn a year on milk alone was 

not wise spending.” But. he 
claimed, spending on the CAP 
in real terms had not changed 
Since Britain joined the EEC in 
197?.. 

" Agricultural spending has 
gone up from 3.7Sbn to 5.9bn 
units of account in the last five 
years. 

“ Make allowance for inflation 
and you will see that agricultural 
-spending was the same in 1977 
as in 1973 — despite the many 
extra tasks undertaken by the 
.CAP,*' the Commissioner said. 

He compared EEC practice 
with the agricultural policy in 
the U.S. which, he noted, was 
ofteD held up as an example to 
the Community. 

The United States, farm policy 
.cost more than the CAP and the 
^national expenditure on farming 
in all nine member states put 
together, he cSaimejL ‘ 


Coffee pact 
price rise 
proposed 

By Our Commodities Staff 
THE DUTCH delegation to the 
International CoITee Organisa- 
tion (ICO) talks currently 
taking place in London sug- 
gested yesterday that the 
“ trigger" price at which quota 
limitations on exports come 
into force under the Agree- 
ment reached last year should 
be raised by SS per cent to 
120 cents a lb. 

Mr. Anton de Blot-roe, brad 
of the Netherlands negotiating 
team, told tbe organisation's 
Executive Board meeting, how- 
ever, that the proposal did not 
necessarily represent the views 
of other consumers. He said 
It might serve as a starting 
point for negotiations. 

However, the figure was not 
very well received by other 
delegations. Most consumers 
said they had a lower figure In 
mind while tbe producers said 
it was below their target. 
Neither side was prepared to 
quote a specific figure. 

The nearest the producer 
side came to defining its aim 
was a call by Angola, supported 
by Guatemala, for prices to be 
stabilised around current 
levels. This would probably 
indicate a trigger price of 
130*140 cents a lb. 


FARM MACHINERY 


Why buying has collapse 


BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


iimmium world price raised 


IN EDWARDS, COMMODITIES EDITOR 


"i its world export price 
/ aluminium ingots was 
\ by Alcan in Montreal. 
“■ he price is being raised 
(5 to 56 U.S. cents a 
-' ,235 a tonne') except in 
. j'»tica and Africa, where 
' to 57.5 cents. 

.'. port price, does not 
y- Canadian or U.S. 
^ hnf Alcan’s U.S. sub- 
w^e-ier announced a rise 
~ S. price of 2 cents to 
a pound. Alcoa and 
said last night they 
= studying the situation 
C~-'3 plans for an increase. 
" .-t.ised its U.S. price to 
. ^/-'in May and yesterday. 
.-. its world export price 
.r 7i to 56 cents. 

•• from certain how the 
"-ce increase will affect 
— '■» markets, which - are 
• local influences. In 
Dr example, the pro- 
ce of aluminium is 

prided by the produc- 

s of the domestic 
-.. i and . was- .recently 
• • -oy £30 to £710 a tonne. 
•;-. : -iUg exchange . rates;; 
/ ;vy the value of the 


dollar against other currencies, 
further complicate the picture. 
At present, exchange rates the 
UK price is well above 56 cents, 
although the costs of delivery 
have to he taken into account - 

The export price is seen more 
as a “benchmark" on which to 
base different local and world 
market values. The last price 
rise was on June 15 when it was 
increased by 2 cents to 53 cents, 
and tbe latest increase reflects, 
according - to Alcan, better 
demand as well as the reduced 
value of the dollar. 

London free market traders 
said the move by Alcan had only 
a limited impact on prices, which 
are currently quoted at around 
$1,080 a tonne. There is plenty 
of aluminium available at 
present. • 

•It was pointed out that 
Japanese smelters were still 
operating at only 70 per cent of : 
total capacity and if they decided ’ 
to increase domestic production, ; 
supplies from ' other countries 
would have to be diverted else- 
where. - . 

■ Reuter, reported from Tokyo- 
that the Japanese Trade and 


Industry Ministry said tbe 
government had no plans to 
prevent Japanese companies from 
“ hedging " aluminium on the 
London Meta I Excha ngc when 
the new futures contract was 
'.introduced on October 2. 

A Ministry spokesman denied 
a report that it would not license 
.Japanese firms to hedge alu- 
'ininium at the exchange. 

Hedging business in most com- 
modities including aluminium, 
had been decontrolled since last 
April, when the government 
lifted foreign exchange controls 
on hedging, he said. 

' Only copper, lead and zinc 
were still under an automatic ap- 
proval system, whereby Japanese 
traders who want to hedge them 
on overseas markets needed to 
report to thp Bank of Japan, to 
check possible speculation'. 

The system is much less res- 
trictive lhan previously, as the 
Bank automatically approves ap- 
plications. where until last April, 
overseas hedging of coppeT, lead, 
zinc, silver and tin was con- 
trolled direcHy by the Trade and 
■Industry Ministry, with quotas 
set. 


Tin market 
lower 

By Our Commodities Editor 
TIN PRICES fell on the London 
Metal Exchange yesterday on 
hopes of an easing in the nearby 
supply situation. Standard grade 
cash tin closed £95 lower at 
£1,700 a tonne, while the three 
months ciuotation dipped by 
£52.5 to £6,945. 

The Penang market was lower 
overnight, and in London there 
were freer offerings or cash metal 
as well as heavy “ lending " 
(selling cash and buying the 
equivalent amount forward). 

Doubts were cast over earlier 
reports forecasting another steep 
decline in LME warehouse stocks, 
and the market was also de- 
pressed by tbe rise in the value 
of sterling. 

However, copper and lead 
prices .were steady, particularly 
lead which attracted fresh 
speculative interest following 
reports of Soviet .Union physical 
purchases recently. 

. Meanwhile, in London yester- 
day Lord Caldecote. chairman of 
Delta Metal, announcing- the 
company’s Interim results, said 
he would be surprised if the 
copper price fluctuated by more 
than £100 a tonne during ihe 
rest of the year. 

He thought though that prices 
might rise . in the first few 
months of next year. 


THE PROBLEMS of the farm 
machinery industry are now well 
known. Sales., of tractors and 
machinery axe-flagging over most 
of the world, and in Britain the 
market for traetors and combines 
in particular is pretty dismal. 

Agents’ premises are packed 
with slock and discounting is 
rife. 

The world, situation is, of 
course, a _ .reflection of tbe 
economic recession due to high 
oil prices and the generally low 
prices on the world market for 
grain and other produce. But in 
Britain there are other influences 
as well. • 

Until a couple of years ago 
tractors were scarce and farmers 
were falling ever themselves to 
re-equip with the proceeds of the 
generally higher prices achieved 
by Common Market entry- and 
thp boom . -In potato profits 
brought about by tbe drought 
and shortage of 1975 and 1976. 

They wore encouraged as well 
by the 100 per cent write-off on 
new machinery. This meant that 
any farmer showing a reasonable 
profit decmed r it his duty to go 
out and modernise regardless 
of the fact that the concession 
meant only that he accelerated 
the depreciation and would in 
any case sate only tbe tax 
element in the price. 

He would still have to find tbe 
balance from the cash flow. 

The manufacturers took the 
fullest advantage of the demand 
so created 'And prices rose 
steeply. The cost of a common 
75hp tractor' in 1972 was £2,150 


U.S. potato 
growers sue 
exchange 

NEW YORK, Sept. 21. 

P. J. Taggere$ and J. It. Simplot. 
two potato growers involved in 
the 1976 potato-futures default, 
arc suing the New York Mercan- 
tile Exchange tor SI. 6m, 

They • claim the Exchange 
forced them . to close out at a 
loss a position they had estab- 
lished in tbe potato-futures 
market in early 1977. The 
Exchange acted after prices 
fluctuated sharply as a result of 
conflicting news reports on the 
amount of potatoes that a com- 
pany controlled by the two men 
was exporting to Europe. 


NZ MEAT FREIGHT 
RATES JO RISE 

WELLINGTON, Sept 21. 
Freight rates for sending New 
Zealand's meat and dairy produce 
to the UK and Europe will 
increase by S.48 per cent from 
November 1. the New Zealand 
Meat Producers' 1 Board said here. 
Reuter 


and by September 1977 it was 
£6.700 and has since risen 
further. Other machinery showed 
similar increases. It is worth 
noting that the cost of farm 
buildings, which did not get the 
full 100 per cent depreciation, 
but a grant of 20 per cent plus 
10 per cent depreciation, rose by 
a very much smaller proportion. 

1 am not suggesting here that 
the manufacturers were profiteer- 
ing. Tbe period coincided with 
certain changes in cab design 
and other refinements which 
could have added to costs, but 
certainly price rises appeared to 
be incessant during that period. 

Now the situation has changed 
quite radically and to some ex- 
tent independently of the profit- 
ability of farming. Farmers 
have become aware of the 
advantages of stock appreciation 
relief as a means of saving tax 
and more importantly the benefit 
this brings to the cash flow. 
They no longer have to buy a 
tractor or other implement to 
save tax. 

Accountants do warn that the 
present circumstances could 
change, and some form of claw- 
back of the relief may appear, 
but 3 1 present this does Dot 
seem likely. 

There is no doubt that at the 
height of tbe tractor boom 
farmers bought more and newer 
tractors and other machines than 
they needed for efficiency, simply 
because of the tax benefits they 
thought would accrue. There is 
no reason why the .modem 
tractor, well serviced, should not 


last for many years, and the 
more prices of . new machines 
rise the more farmers will look 
to ways of making them last as 
long as possible. 

Their minds have been con- 
centrated on this problem by the 
realisation that tractor prices 
have risen more than those of 
some of tbeir products. A 
common calculation is that while 
prices for the main products 
have hardly doubled between 
1973 and 1977, those of tractors 
have trebled. For instance, 51 
tonnes of wheat were needed to 
buy a tractor in 1973 compared 
with 79 tonnes in 1977. 

Only fertilisers have achieved 
a comparable increase over the 
period and farmers just have to 
use them while they can put-off 
buying a tractor for a long time 
if necessary. But Jhere are other 
factors which I believe mach- 
inery manufacturers should bear 
in mipd. 

The most important is that 
systems of minimal cultivation 
relying on chemicals for weed 
control are being increasingly 
adopted. If the day comes when 
ploughing and traditional earth 
moving cultivations can be 
superseded, as I beliete they 
could largely be, the demand for 
such machinery could fall drama- 
tically, as of course would that 
for the energy needed to drive 
them. 

There will also he a trend 
towards avoiding the enormous 
costs of the ancillary machinery 
such as combines, forage har- 


vesters and balers by use of con* 
tractors. This would increase 
tbeir usage but reduce the sales 
to individual farmers, most of 
whom use them for only a week 
ot two a year. 

Another influence is the degree 
to which other costs are rising. 
Rents are going up fast and are 
really beginning to bite. The 
need for capital to finance every- 
day working is also considerable 
and even if well placed in this 
respect many farmers are finding 
it more sensible to buy an extra 
parcel of land, even at today’s 
higher prices, than to put it into 
machinery which in the end will 
only depreciate while land will 
always hold some value. 

It is not only the market for 
new machinery which is affected. 
That for second-hand machines 
is also difficult — so much so that 
some firms are advertising in 
New Zealand papers combines 
they can no longer sell in this 
country. 

It should not be thought that 
this slump in new machinery 
sales is a new phenomenon. 
When 1 started on my first farm 
in the 1930s the only new 
machines I bought were a 
tractor, a plough and a mower. 
Everything else, including - a 
thrashing set the equivalent of 
a modem combine harvester, 
was pre-First World War and 
worked perfectly well for 
several years until more money 
became available. For different 
reasons the same circumstances 
could arise today. 


Rain hits Polish harvest Manganese 

BY CHRISTOPHER BOBINSKI pact sought 


BY CHRISTOPHER BOBINSKI 

WIDESPREAD RAIN is hamper- 
ing the Polish sugar beet harvest 
— planned to reach 17.0m tonnes 
this year — which has Just got 
under way. 

Machinery which would have 
brought in 43 per cent of tbe 
crop cannot be used to harvest 
the 1.5m acres sown this year 
because of the wet soil. 

The sugar beet crop in 1977 
was 15.9m tonnes. Western 
sources estimate that the sugar 
content of the beet will be low 
this year. 

Rain is also affecting the 
potato harvest 10 per cent of 
which has already been brought 
in. Nearly 6m acres of potatoes 
were sown this year and a 50m 
tonne c*op is hoped for. i 

This figure would give a mneh- 
neded boost to Polish pig pro- 
duction which is important in 
reducing meat shortages for con- 
sumers. 

Western sources, however, 
expect a 47m tonne crop this 
year which compares with last 
year’s low crop of 41.3m tonnes. 

The wet weather is holding up 
completion of the grain harvest 


MODITY MARKET REPORTS AND PRICES 

— Unc-TAT C toil in the moraine cosh wire bars traded overnLghL bat forward metal moved l 

/VIC 1/IIa 3 at 1733, JL DA 35. 3ZS; three mehihs to £5.995 before eaainj: to 4S.WS < 


which will reach 21.3m tonnes 
according to Western estimates. 

This is up on last year’s total 
of 19.4m tonnes which necessi- 
tated 9m tonnes of grain imports 
from June, 1977, to July. 197S. It 
is expected that the quality of 
the grain will be poor this year 
because of the wet weather. 

According to official estimates 
5 per cent of the grain still has 
to be harvested. 

Of the 20.5m acres sown this 
year, 250,000 still has to be cut 
and grain on 750,000 acres is still 
waiting to be brought in. 

Tbe rain has also forced a 
delay of two weeks in winter 
crop sowing. 

Rise in U.S. 
soya stocks 

WASHINGTON. Sept. 21. 
THE U.S. Agriculture Depart- 
ment reported U.S. soyabean 
stocks on September I at 
159.061.000 bushels compared 
with 102,915,000 bushels a year 
earlier. Reuter 


JUnCT C that in dut moraine cub wtrebars traded .overatehL bw forward metal moved no and OS. JF2.2S, Nov. 183.25. Dec. £85.00. kerb levels. Tbe Iowa were short-lived per package except where stated) — PRICE CHANGES 

•' ffICI/lLnj at £733, 3L 31.5. 32. 315; three mqhUis w £6,995 before easing to *6,938 on transhipment East CoaW. sellers. U.S. as short-covering developed and the mar- Imported produce: Lemo ns I talian; 

- Jttle changed in ouiel £751.5. 51. 50, 49. 49.5. 50. 51. Cathodes: changed expectations of the level of Hart Wloier ordinary On. £82.50. Nov. Xet quickly rallied some 250 points before 100'120s new crop 5.59-0.00; Spanla: Trays pH-. onless otherwise stated, 

v London Metal Exchange. Cash 571, 3L5; three months £7*0. .Kerbs: warehouse- stocks, helped by heavy lend- 183.50. transhipment East Coast, sellers, heavier offerings blunted tbe advance. LMA Boxes 4-60-6.00; S. African: 

rard metal started at £752- Wlreturc cadi £732J: three. mom* £751. lug and free offerings of cash iratal. The EEC mDhng Scot. £97.50, Oct £98.50 Prices later were contained within a 50 7-fiOs-50. Oranges— S. African: Valencia 

cninK In the monrtnp Rings 50 J. Afternoon: Wtrebar* cash 2730. 28; backwardation I ended to n.itrow. The quoted. Earn Coast. Points range. C. Czarnfkow reported. Late 08-3.30; Brazilian: Valencia Late u _. ,, . 

...» to £749. Despite a rise to three: months £749.5. 49, 45.5. TCa (bodes: close on' tbe Kerb was £8.965. Turnover Maize: U.S. /French Sept, noi.00. Ocr. Tate and Dyle ex-refinery price tor 3.5#-3-S0; Argentine: 5.09560. Grapefruit Tut* " r 

morning Kerb, the market Three tnotuins E73S-5, 39. Kcrtne- Yftrvbar* 1,643 tonnes. 101.50. Nov. and Dec. £108.00. tranship- granulated basis whire sugar was EMJS _ Dominican: 6.00; S. African: 45s 4 JO; “ 

■ the rest of the day trading three months £749. 49.6. 50. 49JL Morning: Standard cash £7.160: three mew Hast Coast, sellers. S. African 'idmet a tonne for home trade and Jamaican: 5. 30-5 .SO. Apples— French: 


LIBREVILLE. Sept 21. . 
THIRD WORLD mancanese pro* 
ducers meeting here are 
expected to call for the creation 
of au International Manganese 
Agreement, conference sources 
said. 

They want the agreement to 
guarantee fair prices and allow 
them to play a role in stabilising 
tbe market 

The conference is being 
attended by seven countries 
negotiating with developed 
countries the setting up of an 
integrated programme for raw 
materials aimed at stabilising 
world prices. 

The seven are Brazil, Gabon, 
Ghana, Upper Volta, Indiq, 
Morocco and Zaire. 

Brazilian sources said that fail- 
ing co-ordinated intemationai 
action, a number of developing 
countries could find themselves 
excluded from the manganese 
market altogether. 



fScyt. 2l| + or j Month 
la7b — pro 


_ — »d etawd on Kerb at £740-5. 
... tonnes. 


n3rtlw H ,onths aMa - 95 M - n - Hb:h VVbit* SepUOci. £61.06. GIjsbow, seller. £760. 00 » £162.00; far expon. 

Crude: Cash IJ.I90. Kerbs: Standard s. African Yellow Sept-On. Ml. 00. »iiR»ri i 


II. .*tJ MeLa] ’ Trading reported Tah “ «erUnc. Hie East was lower ihrec months «,979. 65. 60. u. 45. A/ier- Glasgow, seller. 

m — u. m : ■■'J .. -j o.m • U. nr noon: SUBdari cash £7.11*. £7\0Wh three Sor ohm: U.S./ Argentine Sept 

I* ■* j* ap*^iA«i,LoA»A4,' ssrjs 

Las non , n Lies +1 'moTretsu £ . eaTiT .j2 s i aeS ? h . t ' d f e *® ne - hi brackets i, all in uni is of acrau 

't. 4 jS HrffL -C?i S aSSST-LrviMi + g-i 6OTO - TO h 67 - 6 But ai tht* level fresh sPecvlzUv-.- buylni; t omw: Common wbe-i-81.28, r. 
J-.D +5-75i 748.5-9 ]+.5 nfiliffn M /lbu i— BO I — I ...... came Into the market ami thereafter the an m«v hih> n«M«m mhaT 


J threw months 50, M. ®. ^ EEC IMPORT LEVIES effective for 

i c • LEAf^-Galue d^ mood ah jjouuh forward tnyur tin order entreat levy plus OcL. £ wr imme nnw— iltua: « trays 3. 

oLk 7 lgla , de f lln f <1 , frptn £3 ®' £ “ 5 ^ 5 10 5P 4 - 3 Nov. and Dec. premiums, with previous ^ nni iOJit jr-im qojw in ku muii an NaUan: Repina 2.00-Zifl. 
fTTrP- to early badness on trade hedge wtOng. to b rackets i, all in units of account per J*to»lcan: Per pound 0.15. 


husar | 
Pref. | 

[Yeitcivlay’n 

Previous 

Botin ©** 

Comm. 

1 flora 

Close 

Dona 

Cra. | 
* 1 

! 




New crop Golden DeHdous 20ib 72s 1J0- 
1.90: 40lb 4.M. Stark Crimson 20to 84 . . 

£.40. 72 3.90. Grpimr Smith --2O-ZB0: 

Portuguese; Per pound Golden DeBctous 

0.07. Pears— French: Alexandrines 2J6: pin w ^r _ s'wtlje''«n'R 

Per pound Italian: WHLanxs 0.15-0.18. y°PI*c<»»h W.Bar £739.5 t--1^5J£iS0.5 
Peaches—: ItaUati: U trays 3.50. Grapes- J. month, do. io. £™£. 7 5La7 £764.26 
Italian: Restaa 2.00-2JM. 'Sanaaas— Uithod*. £719 h-l.ZBIf 741.6 


...£710 -^....£580 

j. 81.070,^0 1065/85 


Sharp rally 
in metals, 
sugar eases 


a mo runs no. 10. tiiwH-uj a. /b-+.zb mrw YQRBL Beat. SO. 

E?sa.s fcoittTMA f RBCIOUS METALS rallied sbarplv fol- 


um. (+ <8 
Blrisl — 

~i sT 


seed too J — 78.4a. >.OA2. 0.32. mi 178.46, rest leteraational Sngar Amwement lU.S. » »o |0S 0-80-1.20. Leases*— Per 12 

nlll. BsckwheA-AD nil (all nil.. Millet cento per pound /ob and stowed Caribbean "“to 0.60. Cos 0.90. Webbs L00. 5*2,2^ ““If Jf 2 , 


- ■ "" ' ■ ' Cash SB0.5-1U6B 355 75-60 +2.57 —*2.15, rest nil (42.12. rest nil ». Grain pon>— Prices for SepL 20: DsUy 8J7 LucvmDers— Per a-ay 12'24s new crop n *"r iisssoi Marrfi ills 55 M a » T/w an. jnS- 

'j- Untiled 01-351 346& Sflver m&m*. SSPM’USJ-SfffflSi 3jS»?»S'fiSiih: For IS. Bf Jg'™’ 

. E-free trading on commodity futures. Mornltg; Cash nsi. 60ra: three aceomu per 1W k.los rttb previous to 0.94-0.05, Worcester Pea rmaln 0.04-0.06. -5 month- £6.946 |— 62-5|£6.707.5 Ma'SiKtf73 ' UinT^jSSy^'urM! 

e commodity futures market for thq smaller Investor. - 1 ** rftTDA brackets- white— 21.39 tss.Mi. Raw— Pe *?z;^ er pound tefi^JKiw“Cr;S 13 ««"Trr 127 . 25 . StonL wjw-ueioT’ 123.00, 

- — - , Jf- Kerbs: cafii • £3«l: • three months LUt UA 21.93 tunchanBcd*. WllUams 0.08. Conference 0.07-0.08. Plains Wolfram 22A4 bell $140.45 +0.5 3137.41 qV^Y- 5^ ^ 


U.H. il 353.5 331.33 I -- ™ Ho«^l»»-67 (158.81). Rye Honr- 

_ - “ 131.37 (131J7). 

Moraine; Casb £36L 603. 60 73: three 
months n», 86, 853. 85.35, 85J, t». 06.5, rArn A 
u6. Kerbs: Cash • eki: • three months 


—.-.jfil34.fi 


42.11, rest nil C42.12. rest nil 1.' Grain ptnT >— Prices for ScpL.SQ: DaUy 8J7 , c “^ T ^e r5 — ^ fra7 S.' 248 crop !'ISoJ + l-BB taJ55;5 » 


llpht tradinc, Bache reports, 

Cscoa — SepL 172.80 (171.60), Dec. 16930 


ENANCIALITMES SURVEY 

S. FUTURES 


*- 5 ’ 68. Afternoon: Cwh C60; The marker was relatively featureless, 

three raonths_OM, 65j. 85,75. 6S.5, 6535. trading with la a limited rango before 
“ if® JOafe utonths £365.5. 65. 85.5, clostos at yeatertars levels, GEO and 


u.irr-u.uw, nonxaifi n-anuam U.D4-U.IK,, • 177 7* u,. Ill « inln 127 011. 

Russets 0 05-0.06. Pears — Per pound tungsten (*>.. 3141.06 ,5134.14 &nL latm- 12«io* dZZ m'S 

WllUams O.ffi. Conference 0.07-0.08. Ptoms Wolfram bell S140.45 +0.6 3137.41 hi^.' 124.00-126^0. Dec. 123.00, 


— *•—, -.winciuiw W.VI-U.UO. rwHD — ^’■l...-¥V.-iniTW.H aw 

, - — . _ ___ , , __ ___ . _ —Per pound Bush 0.09. Mariorie'a Seed- KjnecMh £322.85^1.5^321 

5^5- trading With la a limited range before SO I Anr 41V' ' iVlFAT ling 0.15. Damsons— JVr pound 0.1564W. 3 montba.-^.».*.L£37Z.25— Ub£3B8 

B.5, closing at yestertars levels, GO) and Tooiaioes— Per m> EnnUab 1.86-2.09. Prortnoem- 16625 5625 

Duffua reported. .J25 m , arXeI ,u “ au rtn* toe day Cab bases— Per crate 9.70. Celery— Per 

Of _______ _ *itoad of an expected weaker C h i c ago head 0.08. Can] Btowerv— Per 12 Lincoln 

nrd ^ IXertertay’* + or I Burin pm on which 1 .99-136. Bonner Beans— Per pound Stick Unwnnt fPblli 279b +t5.0g695 

KtK (JOOOA CIom — Dona 1,00 down ’ SNW Beetiwi— Per 2Wb 0.60. Carrots— Srounrtnnt £748 £648 

dtw — 1-! — CWMnadlUes reported. Per 38Tb 0.5M.79. Capsicums— Per pound Uaaeerl Orode tv).. £328 —4.0 £326 

the Na.oCouLr’t! I I'e-tpoiaj- + or BuBtneas 0.39. Coorsettes— Per pound 0.68. onions Palm Malayan 8600 k —10.0 5670 

»es. dept ' — ! 19754-77.0 4-6.0 1977.0-65.0 Cliwe — .Dime —Per bag 1.60. Picklers 2.40. Swwfo— 

. , Dec. I1B8D.0-81.0 t- 3.0 12004 Jl- 1974 — Per 281b 0 68. Turnips— Per 281b 1.00. 

T* r March ....... .,'1996.0-2000 —2.5 I 2016X-1990 £perr..Dua ’ , . Parsnips— Per 28to 1.00-120L Spratrts— Seeds 

”* May — 2085.0-8S.6 — O.76;20 13.0- 1960 Per pound t» (15-0.06. Cabnuts—Pcr pound Copra Phillip.. SZZSp S470 

~ July . '1878.0-80.0 -f6.S i1s68. 0-70.0 October 112.20-14.0]— (£88 115.60-1230 Kent 0J0. Cera Cabs: Bach 0.05. soyabean tD^.J.... g2B6w +10 J6 8262 

f- derc: >^|IBS0.0-B8.D +2.76 T»8.0^0.0 December-- 115.00- 15. H-J.40 117.05-16.00 . 

.'J Dec. 1900.0-05.0 +5.6 h 906.040.0 February 116.80-17.0 — l_ia]ilS.60-16.M * - . | 1 l 

.a ms ia 4P" 1 — ■ 117.50- M.fii— 1:86 119.60.13.00 LIVERPOOL COTTON — Soot ami «hh»- . 


Duffua reported. 


ZINC bflfcfel 


p-m. 

• £ 

£ 

£ 

Cath....^. SS8J6-J 

+2.1! 

3ZZ-^ 

imrallu. .555.76-1 

-m 

I S52-B 

s'ment. — .522.6 

+2 



Prim.weatj ^ 


1 29.31 


ZINC— Slfgbdy lower after a day of 

moderate . two-way business. Forward (Yesterday's + or i Bostoesa 

metal traded at £S3l5-£334 before falling COCOA Clara — Dane 

id £332. - At -this uaxe same fresh buying 1-,. .... — 

entered (be market. Tbe dose on the No.bCouu-’L f 

Kerb waa £333.75. Turnover 2,450 tonnes, dept....: — .'1875U1-77.0 +6.0 1977.0-65.0 

rr~- — m ^ Dec. I1B8D.0-8I.0 +3.0 1 200 4JJ- 1974 

7INC r r March :.,1S96.0-2000 -2.5 I2015X-1990 

ZINC Offldal — Dnommal — *08S.IMS.5 -0.76; 20 13.0- 1860 


OngguxUOea repomd. 

ji"tf'teni«yj + or I BuBinwi 
Cliwe — j .Dime 


iSBSi 1 SaIes: s* 5 - 

_ Copper— SepL 65.60 fB4.«0), OcL 65.79 

fW - 75 '' NoT - Dbc - 68-86. Jas. 87Jft, 

,5625 March 88 £5, May B8J5, July 78.00, Sept, 

. 70.W, Dec. Tl.8i). Jan. 72.10. MArch 72A6| 

Mar 73.45. Jnly 74.10- Sales: 4.500. 


This edition went to press 
before tbe latest U-S. market 
reports were received. 


1- vaea-B +2 — Sak»: 3.152 (4.003) lots of It tonne a. iBDOsi— T ab _ 

I ^ 1 —.1 29.31 I - iBtoraeUoaal Ckm Oraratomton l\j£: 2SSa~ JSSawLEff Z 

: CaMt £328: three months £333.5. iSl SriSL &.dl 2?) oSSSr-.-Z! H8A0-22.6:— 1.0 — 

S3 A u>r Thnra mmttha OM. 1 1 3 : U5 W*- 7 * 1 - IndtaMor Pricra SepL 21.- — 


ttf*S&K%S ,, s51? U iSday ' a-^ait! 108.8 b (IfMQi hdaf ~ Sties: 82 <tX) lots at S tmmes. 


' .. irvey on U.S. Futures Markets scheduled for 
' ation today will now be published; on Wed- 
October 4 1978. The Financial Times- 
3 any inconvienience to its readers. ■ 

FINANO^TIMES 

iUROPE'S BUSINESS NEWSPAPER 

.1 content and publication dates. of Surveys published 
foe Financial Times are subject to change at the 
discretion of tbe Editor 


Kerba: Three months £332.5. 33. 3325. 33. a?wase mu 
; C ento- pe r- pound. ttu par pleat. ' 

» On urevtoo* naosirial close. COFF EE 


wmjlu ’ uu ’ WOOL FUTURES SSia'aaeaSJ-SitH 

COFF EE LONDON — -Tim market wa* aidet, Bache S^uL. 10 Alric “ ^^o-Amerlean Kntflisb MiHinKt!c82.'5r 

ROniSTAS future* larked aparicla ”sVdney - GREASY (la order buyer, — — +1 0 


LIVERPOOL COTTON— Spot and *Mp- 1 

mam Bales amoumed to 85 tonnes, brine- flnSjf pnra^r~ evn aw ’Zn‘x< 
irw the total for toe week w far to 783 ~°' 51 

tonnes. W. p. Tartersall reported. Umlied SSrtlKAASLeiov 

eomr mcta.w ere placed, altomuth demand _™«aitod Amieioi 

was fairly persistent- Activity centred 5? i M „ 

on Middle cmvtb: with uranaitod l Rad dpnnc(£9 1.25 +1.0 


« On DreviiM* [naafllda] doM. 

SILVER 


i'ic fSio Cotton— No. 2: OcL 61.80 ■ 61,92). Dec. 

IJ5I5ZOZ 64.12^4.15 (64£7i, March 66.48, May 6T.»i 
July CT.75-87S0. OO. 6SJIS-65 J5, Dec. 65-41* 
March tfiM bid. Sales: 3.250. 

. ‘Gold— Sept. 215.56 (210^8), OcL 216.00 

rito pan *«; |2 11 .10). Nov. 217.66, Dec. 219^0, Feb, 
■on 222 90. April 226.50. June 230.16. Ang. 

niivt 233.70. OcL 237.30. Dec. 24LOO. Feb. 244.00, 
““ 1,100 APnl 248.30. June 132.W. Sales: 24,608. 
n Mn o, tLord— Chicago loose 25.00 teems). NY 

■2 “Su- 86 prime steam 28J0 traded I2BJ5 traded). 

ZMalze — Sept. 212-21 li f213l). Dec. 22Sh 
■r-w® 8 -®- 5236 (2215). March 2821-233. May 239-23*6,- 


Sliver waa fixed L.05p an ounce Weber .Bomb art) 1 
for soot- delivery to toe .London bullion there were 
market yesterday at 286. Ip. US.' ceat ment and 
equivalents ef .toe fixing levels were: doss were 

spot 587.8c,. Bp' 3.0c. three-mo tub 677.9c. — 

up 3.3c: ato-month 580.5c, up 3.4c: and 

31-tnaato 612.4c. up 4.0c. The metal COPfSE 

opened at 380JV287.9p (57li-S72ic> and 

closed at 288J-287Jp (567i-5S9c). 


S1LVBS 

per 

m»V 0®. 

Bali Ion 
. Itoinx 

price 

+ « 

D.M.B. 

clara 

i months . 
P m-'Qths . 
12 numthi. 

• 

286.1p 

293. Ip 
300. 6 p 
316p 

+1£S 
+0.SS 
+0.9 
+ 1.3 

EB6.6P 
293. 65 p 

1 - ' 


September .J 1505 90 
or N.ivembre... 1496-97 


> futures lacked eparitle SYDNEY - GREASY (to order buyer 6 i* n fiiSPa ,0,y SeP 1 - *f»-244. 

1 complete session, Drexe! seller, baslness sales*. Micron Contract IWIV PfiMlMnDITlIjC Uoffn^Pmura - S1 *WM.6 +3.0 U. 1794.6 SPIailnum—OcL 2«6.!»-:67£0 (VM.60)i 

mbext reported. Dealere Mid Oct. 339,5, 340.0. 341.0-39* 30; Dec. 349J, CUMMUDI I IES tur *- •••-•-- i Jan. ISiS! 

K» features to Influence scnli- 350.0, 350J-349.5. 13: March 356 5, 357.0, rnifn a SIX.' mnurirs tlm«Ju T? mK’SJ 8 JO,y 276.00. On. 2T9.00-:T9-20. Jan. 282.50- 
) thin trading values at toe S57.MS7 0. 30: Mar 360.0. 366.6. 3to!tM60.5. CUMPAJV I FORMED fio'S? - D ' 85 |25'?i f Ap SL S8 !l?'i!f 5- ^ S'. J 1 Bl “ : ^ 

2 up to 9.5 down on balance. 33: July 384.5. 365.0. 368.6*65.0. 41; Oct. . , r VT SThTP “■S«i52‘, 7Sp lSiWer-SepL 566.40 tS53J0*. 0«. 567 JO 

.. 3R9.I, 369 5, 360 5-309.5. 3: Dec. 373.0, 373.3, ThOIUSOIl and McKlDDOD Inter- — 2.0 |£93 (555.10 1. N«V. 571 JO, Dec. 575.40. Jan. 

* CtoS?^ + or Bustoera S”**” 2 -* 3: M * , 1 rch 375J - S74 - 5 ' national. New York based stock- US SHOS. g* fa | n-i27 3p__L^.j278p_ 57?.«. March sst. 90. May ^.70. Joiy 

««**■ T ^‘^to) brokers are forming a new rNcw™ .u«. SS 

S SS agS gi TC ?T?iu" “tte n S,mn a S I ^S?‘S “ Ba " a ’ “ 

1111:1? =SI:1 sss f=. _ nSJSS "iE&ET&ELS. '■— «» irssrtt ss. «. & 


— January. — 1407-09 + 02.0 1 14 16-1392 


.pen.. >•' .do) 

— - Australian Yesterdy'»+ ori 

3.5 1690-1880 Greasy Wool L>*e j— | 
B.O 1606-1490 ' — — 


iUrei lSEOJtl — Ob. 0 1326-08 OaLU^er 220JW5J 1 

May 1372-76 r— 09.0 1282-69 Ifcwm her _. 220.6? 1.0 — ~ 

1.85 July 1244-46 —09.0 1260-46 March 166. 0 4 8.0 ' 

B.7B SeutemPer- 1216-36 -08 JO — May ^,..266.9-41-0 

July 2J9.0-4S.0 -_. 

r ' n1 .-mi 1 .. .. n r - i.min.1 CMriUer !Sfl. 6 - 4 l.O I — 

Sales:. U63 (—433) lots Of 5 H Bltieg . ■Unmmtiri pxq n ■ 

ICO Indicator prices for Sept. 20 IU.S. HJJS?**- S’ffSfO 1 ZZj 

nsr nnm»n- . PjilnmhlBn U IM a **" ai 24Z.U-SI.U —I 


59.0- 43.0 ; 

43.0- 47.0 1 


ties International. 

The company will be a mem- 
ber of all the principal com- 
modity futures markets in 
London. It is planned that 
trading operations will start 
early next month. 


INDICES 


RATES 


LD SIIVERI - CLASSIFIED 
ATINiiM ADVERTISEMENT 

•Pfocessofs<Refmen RATES 

c Metal Co Ltd 
i Walt, London EC1 
, 6311 Telax:271® 

Cpnnnerdsl a Industrial 
Property 

> _ “*■ ’ • “““■ JtesJdewtal Property 

^ Appohuzncirts' 

ScSlBCSl A I treatment 
- Opcortosldes. Corporatton 
erX Street. 75A 0557. Ah Loans. Production 
n Menu. Thrra Soactactdar Caaaetre Businesses 


1 t££*% y ‘ oihT'^d "Ew' ^ ALAND 0 C RO^RE^ W Oora: 

3.1. S.2. . Kerbs: Throe months 2S3.4, 93S. issm iimiti- RiAncrai ira Dec. 1S5.MS8.5. uniraded: March IS8.0- 

Three numbs 28S.4. 3.3, 32. 14. W. im.+b 1147.73). Daily avaram UUS 1S7.6-8L0. rest umraded; Oct. 189.0- 


GRAINS iSf™. 04 *'" 1 * '*«■ pays snornau 

to ” 

‘T* - 0,0 ***• ctosln ^ Active. Lewis and Peal September 21: GB— Cattle 67.70p per reserves to enable all grants 

1 srs. ui*ssz. s r gu. , “,-“5, -sis £ ? ayrtlP nDd t r ,he , 197 j- 7S W 

RM reported. _ L^ul^'f^a.,, 3 ' 1 “* pcr mg grant scheme to be met m 


NEW ZEALAND CROSSBREDS. Owe: _ 4... 

■C. 1B5.»;88.5. umraded: March 188.0- ■ ^HTPrillff flOsHTl 
.5. wstraded; Mu ISSIMBS, 88.0. 3; v/ftltHUg « 

ily 1S7.8-8L0, rest umraded; Ocl 189.0- _ 1 ...J f II 

i;Ei r““" pays shorttali 

IfpiT /VCfim nr re The Hotel and Catering Indus- 
MCAI/ VfcUrtlAJBLfcS try Training Board has cod- 


as 24.00 
2.80 8.89 
CM 14.00 


No. 1 

Yesterdays 

PHriatu 

Baslnras 

R.S.S. 

Closo 

Clpso 

Done 


'. 10.45. 12-45 and 1 4S and 

■or Kawkeswom A. Friends. 

>, Dean StrraC London. W.L 
tIPTEASE FLO OR SHOW 
1 '[EAT BRITTSH . STRIP . 

■ MMnWit and. 1 -a.m. _ _ 

. MO SatunJars. 01-437 8489. 


y lC NOTICES 

CVr OF BRADFORD 
' IFOUTAN COUNCIL 

,V I tp C2.S00.000 were (MUM 
- ■■iDar 1978 tor maturity on 
< 978 at a rate Of 8 55/64ths 

culm muilad £ 2 uae#MO. 
” -J IB BMal .fi9JKM.oaQ, 


Capacity, Businesses 
-For Sate/WaMad Ufi »8B 

Bducathm, Motors, 

.. Contracts * Tendeew; . . . _ 

Personal, Citfote 4.39 . 13.00 

Hauls *. Travel -S.19 W.00 

fioofc PnbiUflere , . T.00 .. 

- Prettticm pa af t to n s zvaDsbfa 

- (Mnfmsia'ilai 40. column oa . . 
CL5Q per finale cola rnn cm extras ' 

" For further details write 'to; 

' Classified Advertisement- - - j 
Manager,: 

F inancial T fm***^ 
lOy CMinon Street, BC4P fflT | 


Nor. - 87.16 -O.M 7B.98 -O.M BmSSi'S EO ML 

j«u b»^b — o.m ea.75 -ori» “ -^2 ™ “i-JHl ” 1 H“- 

Mar. ,92.50 -0.« .85.15 -Q.4S ■>«»¥«] ff-Jg-g-g Sg- gjHS ^ 

■**. .jJWpJgjL” Jiat* «:S: 

Bwlawdon-. Wheat— SepL 8S.888S.40. Uot-Deq 68J0-B9.« 79.00-70.00 70J» 
JT^W-15. JiiL" W.US-89.BB, MarD-JuJIu) 71.05-71. IB ZUSrJI.SOi JLH 
1441 95.189199. Sales: ISO. Apr-Jne} 72^5-76.00 7S.85-7i.7D 73.20 
Saricy— Sepj. 78.60-58.35, NOV. 9015-78.85, ^ “ j 


} >B5 Oox 60.eO-BO.54 B8.7D81.1oi — 


BB.25-60.7fl 81.15-61 
65.10-62-20 65J5-63 
65A0-6B.BO 6 B. £5-66 


Bl.20-5t.6fl — 


FINANCIAL TIMES 

•»epu S0| -ept. lolMontb a«ri IS ^ 

263.92(254.04 M7.91~ 246.84 

(Bun: July 1, 3 952= loo j 

' REUTERS 

dept. Zlp jeto- hTaionrii jjja Vou- a Rr . 

2478.1 1 1475.9 1457~ 4 XBQ1.5 

(Base: September 18, I93i=loo>~ 

DOW JONES 

_ bow T-ern- »epu liout&l Year 
Jones 20 19 hjio ago 

.dp t*.... 3Bl.ll 360.12 364.83l370.66 
Futnra. 377.14|378 .93'569.D4 g33.29 
(Average 101425-26=100) 

MOODY'S 


HiitJMonibl Yen 

^oa^y** 20 IS SL-Q Jag,. 

aple-Oommii 1944.2 939.9|93 5 .6 |bSS. 4 
I December si. )33i= loeT : 


iMH Pfl T ■ -• BAPI.EV if n i VMbmifiifi o v _+4 ona n ii EiflLuul ud Wllcs-^Citlle nm&bcrfl up full. — 38 1- IX 560.12 364.d3l370.5B Mar TIRO acVrri Jiilr n ifi arked* ^ 

TYMCcniit B'J jj n, YtmTMuhLv'al l or It 5.3. CkM Dona 0 ^ er Bh l Cffl 67,49p CODtribDtlODS from the Man- guroreti 3T 7. 14)578 .95 559. 0 ^333.29 ttBzrler— Oi't. 0,90 bW f 70.90). ' Dec? 

■TUI. + ~ '“j? ■ +_" ^^ ces pi«® g «> ; 

" - ■ — ay, en m b& 7a-fil id average price f "*0.4>. residual levy income, left the MOQDY'Q ^Flauped — Oct. 299.10 (255 00 bid), 

ea'&a^ic ItiSIlea ^ scotiaad--caide ewtejs shortfall from a total payable MOODY S Nmr 255.00 a^ed <253.50 bw>. d™. ssa.io 

“S-S CteuDra M&«7fl UH1.S 60.90-80 88 S? l v,V ermso prt " of £1,640250. ‘ ^ SiSjHwHbliS" bid. May 359.41) asked. July 358.00 bid. . 

Jmn. Bfc« -0.49 88.75 -0-« a* 7^ »o iw a^as an. 1 « « PW ^ a ” ra “ *»■» Wi 20 19 |. D|I ffCWheal-PCWRS 13.5 per ccnf nrateto- 

Mar. 92.50 -O.H 85.15 -Q.« S t-Wi. ^ — — v cmnent cH Sl Lawrence 171.99 rin.sn. - 

■fi r. teir S£SS asag Ksa gyigijrjggTSE Tobs for 40 «■ M 

to 66.0. tn«« fteSSS JUU5 M (December si, ISSlslOOl " : pnlea mhcrwi« . stared. *Ss per tnnC 

JriOLMra?; 1 *’ JanM*r 71.08 j 1.15 71.8Sr71.80i 71.10 lera 35.8 to 37 0: Eire bilttqnarteraiSLO PALACE C HEMI CALS a newlv . lots. 1 Chicago loos* 

JEWS’ “S ^ fipr-Jnd 7*^5-75.09 78.05-75.70 78.28 IB faremurtera 3S.8 tO »!a. * 1 “**"*. Ss per 100 Ibft-Dept. of Aa. prices pre- 

Sariw^Se^ _78,W;J8.K 4 NCV. J0JS-7R90, j . veal: Ftocllsh fats 62J to 719: Dnteh ^ onn ?d Company, _Is to OCCUPY a " vlons day. Prime Hteam fob N\' bulk. 

ires. ®' 4M&29 ' Ua * “SatoT 438 fl^)" JouT of 15 totmei hinds and ends 8S.8 to 8»A 10.000 sq. fL advance factory . * rank cars. 1 Cents per 5Wh bushel cx- 

», arteeri Physical closing prices (buyers) were:" English small '5^9 to 62 0. built by the English Industrial warrtome. S-OOMuShel loin. 5st paj 

T Spot Mp (59 OcL »75p (60.25); Nov. metoum 54.0 to 530. tem au to 56.K Wct-tpe roroorntion at Wa fro? omu» for 50<a units of 99 9 per! 

Other mHltog IrtCAt-N. Uncojn ^ (fiL2S) ScO'Ch medium 54.0 to 38JL heavy Sl.ll *StttW LOrponHOIl - at Speke, GRIMSBY .FISH-5nppbr moderate, cent pority delivered NY. « Cents per- 

W^SuS^niLM S’”? PL 5K8 to Liverpool. It Will use the Demand Bowl. Prices *l Ship's Hide dm- troy «H« ex-warehouse. R Now "B- 

si ml w w " SUGAR - . M Z Y L £ I 5-' ™ premises for manufacturing WO'pwfl) per stone: Shelf cod £540-17.M, eontract to S3 a Short TOO for bulk lotfc 

“££■ SSLS’!!;. *. uJsSm lt- mice Im 55. %Sf <S bulldtag chemicals. adhes^S Sf^mSSlwWISB g£ nicZ. "SleTk A SS 

week bKSUmius Monday. September S5 £1M.D0 liimoi)) a ta&ae Mitt sept^oet ».0 to 4= a. , paints and preservatives. About BriO Sbib! BJB£ s!«>7b«t u --OenS iaT b-to S? 

M »fipoSlB>^i£5e v i» ^"StrioTM^nwoM 63117 old '(cSS)^?o“to b iM.ft Wh> ^ 40 people , are expected to ba o-oa ddnaed dosfish' aareei aso. ttcenw per 94-lb bushel. *: fonts' ne£ 

per cent. Sept SL33. TUburr. us. Dart Sefl at beat orders rans edpri oa to Pwtr&tt' Yoons (each) »o.o lo 346.9. employed as production is built hu£l “ntt 

Nunhaa Serin* a., vt K ent, 5m , fall Mtuiiy .iw abom 109 potm* beto* covent cardM (Paces la stedto* up over the next two years. nan ' ^sc^Der t^^ ' 


Soyabeans— Sept. 088-881 fS3M), Nov. 
GSM 79 16641), Jan. 686-6S5. March 692 J- 
5P3. May 696)- 697. July 6061-897. Au*» 
690. 

Soyabean Oil— Sept. 27.80 1 37.45), Oeti 
2T ’5-t7£8 tasM), Dec. 2R.40-2ft.30, Jaa. 

25-85-25.85. March 25.55. May 25.J9-25.l5f 

Julv 24.78-24.70. Aog. 24.35 bid. 

■5 IlSoyabem Meal — SepL 174.80-174.5d; 

y-- 1172.301. OcL 178.00-175.90 1172.401, DeCe 

ceara*fo 1 78.50-1 78 .90. Jan. 179.50-180.00. March- 

r r",. 191 50-1B5.00. May 162JD-183.0B. July 384.00C 

a, *5-64 abb. IS3.R0. , 

00) Sugar— No. U: OCL S.03-B.04 f9.03)> Jan# 

ft.45-S.53 iB.SO), March 8.63-8.64. May 8.83- 
S.S4. July 9.93-9.23, Sept. 9.22. OCL 9^27 
. DM. Jan. 9.30-9.85. Sales: 4.406. 

«C» Tin— 849.00-655.00 Bom t643.09d5B.Ofr 

lgpl.3 —Wheat —SepL 340-342 f337H, Dee. 337L 

1=100) 33S 1331*1. March 335^33*. May 331, Jntr 

3201-321. Sept. 324 uom. 

WINNfPEG. Sent. 20. +tftyo—OcT. 83 JA 

-T - v bid I92J90I, Nov. 03.50 asked (93.50 asked),- 

1 liear Dec 92.88. May 9B.5n a-kett. .tnlv 96.10. • 

»«o ttOalS — Oct. 74.40 hid (74.50). Dec. 73.59 

; ' ' ■■ a-*ed *7ljn asked'. March 73 50 asked. 

J29-5 5 Mar 77 RO a-ked. July 73.40 arted, " 

K3 33-29 USar ley— Ori. 69.90 bhl *70.80). Dec? 

3) 72.00 * 72 18). Man* 73.20. May 74.10 bldL 

julv 74.30 asked. 

Sf Flaxseed— Oct. 2SB.10 CSS. 00 bid), 

Nnv. 256.00 asked (253.50 bid). Dec. 258.19 

aib I Yes bid. May 2S9.49 asked. Jnly 359.00 bid. . 
d I avi. ffWhe«— PCWKS 13.5 per cent urnletn- 

— LZ cntiient cH Sl Lawrence 171.99 (171.391. ; 

5 .61823.4 AH cents par prana px-warebouatf 
8) • unless Dihcnrise . stared. *Ss per troiC 

ranee— lOTLoonw lots, i Chicago loos» 

Ss per 100 lbs— Dept, of Aa. prices pre- 
'• vlons day. Prime steam fob NY bulk, 

tank cars. J Cents per SHb bushel «- 
warehouse. 5.000-bushel lots. I s* per* 
troy onnre for 50-« units of 93.9 per! 
moderate, cent purity delivered NY. ( Genu* per* 


to 56.5, imparted KZ PL 56.9 to Liverpool. It Will use the Demand soad. Pnces at ship's side (urn lros* ounce ex-warehouse. B New - p 

6 7 j- j* 2 Y^.,5- 5 ; . premises for manufacturing WOKswaj per none: Shelf cod £540-17.M, contract to S3 4 short ton for bulk loti; 

2?a “JL— 0 J® buildtne chemicals adhesivpf codllnKS *3 4*.£4J0. medium haddock £3J»- Of 1» tons delivered fob car* 

46.0, 109-p lbs 3S.0 to 419, 120-160 tbf CQ em‘Ca^ aonraives, xt». sman 13.4IM3S0. larsa .plaice £5 00- Cfakrapo. Toledo. SL lejoiB and AhooS 

hert (each) reservi ati- vea About s,«. mcaiinn £5«K|M. best smaa M.5&- ■■ Cents per SB-ib bushel In stored 


7 





ikVj 


Industrial leaders fail to maintain early firmness 

Gilts extend recent improvement in negligible trade 


- Account Dealing Dates *bb. total contracts amounting to 
ODUon 689 compared with recent levels 

dS Last Account of weU over l,00fl. Land Securities 
ST Dealinss Day were mos t actively traded 

S?sS M-ia.sME 

Ort.' l 2 Oct 12 OcL 13 Oct 24 tended easier in 

vw . subdued trading conditions, Bar- 

• "Mow lime "*mUnwniM take Platt clays . 354p. and Midland. 365 p, 
frem VO two tarines* «ta» Hrtter- bQth losing a few Eb £_ 

Still a rawing comfort from tne w jjere, Austra lian issues were 
pound's upturn in foreign again reactionary after the recent 
exchange markets, London stock improvement and National 
markets resumed from “"here of Australia came back 9 further 
they had left off the previous day. t0 24 -ip. 

Leading equity dealers raised , " . .. , 

prices expecting to meet further Conditions ra the Insurance 
investment ioquiries but when sector were also quiet and dull, 
the* failed to materialise the General Accident gave up 6 to 
trend was reversed and a down- 214p and GRE were similarly 
drift ensued. «*•«**, M - 244 ^‘\ r stm , reflecting 

five per cent pay increase and 

Invitation to join in productivity SSSS!**?^ 

talks could lead to serious labour f**le „ e ^V y s—T' cni ?f ld * bu *. 
unrest at the company. ^5 ] . mt ? r 5? t UTm . ed “ the 

„ latter naif of the session. Con- 
Womes were further exacer- tinued demand in a market none 
bated by the latest developments too well supplied with stock left 
at BL Cars, and the effect on a rise 0 f 14 l0 a i g78 peat of 
sentiment showed m a gain of 2.i j n y. j. Lovell, while Richard 
at the 10 am calculation of the Costain attracted buyers and 
FT-share index being transformed firmed 10 to 252p. Ahead of next 
into a closing net fall of 3.4 at week's interim report, IDC added 
325.7. a couple of pence to 132p and 

The put-through of Ira Thorn Southern Constructions improved 
Electrical shares at around 2Slp fractionally to Sp awaiting today's 
aroused considerable interest, interim _ results. Streeters . of 
solely on the amount involved Goda im ing gave up 2 at 25p on 
which emphasised that funds the appearance of a few small 
were still readily available for sellers. Elsewhere, Tunnel B 
lines of good quality issues, but found Support at 314p, up 4, while 
it was not held responsible for Leyland Paint held at 94p follow- 
the tumround in sentiment “3 the interim results. 

Speculative counters and 1CI touched 404 p in early 
91'tnaUon stocks continued to dealings, but a subsequent lack 
have their followers, but recent of interest brought a close of 
speculators in Bourne and 398p, a net 3 lower. Elsewhere, 
Hollingsworth were dismayed by Ste wart Plastics added S more to 
the agreed bid terms of 235 p cash 155p for a two-day gain of 15 on 
from Raybeck and as bull posi- bid rumours, while small buying 
tions were liquidated B. and H. lifted Enaion Plasties 6 to 52p. 

Store features 

forward again although the ' ihe ore ™ , Sht announcement of 
volume of business was described ™e agreed 235p per share cash 
as desperately thin. Many opera- oner from Raybeck caused a sharp 
tors appeared to hold the view reaction m Bourne and Hollings- 
that the recent firmness, which worth which touched 220p before 
has taken both the near-short and settling at 225p for a fall of 92 on 
long taps near to the Government “VI Raybeck gave up 4 to 96p. 
broker's last operative prices, was By W of contrast, Wilkinson 
flimsUy based. Warburton responded to the good 

■Corporations passed a slightly achievement *' ith 3 

more interesting session and F 13e . “ t0 ®®P» while satisfactory 
recorded rises extending to a > nter,m *‘® suJ ts left Bentalls 2 
point, but reflecting recent firmer at 42p. Midland Edacatlonai 
developments in Rhodesian, m0TI? d up 12 more to lS7p on the 
Southern Rhodesian bonds were company s further rejection of the 
easier and the 2] per cent 1965/70 laOp cash bid from Pentos. Buyers 
ended two point down at £51. continued to show interest in 
The combination of fresh Bombers, 6 higher at 138p. while 
institutional selling and higher Church put on 5 further to lS7p. 
rates for sterling put the invest- Among the leaders. Gussies “A” 
ment currency premium under cheapened 4 to 330p. 
renewed pressure and the close Following Wednesday's late rise 
was a further two points off at of 10 on relief about the content 
SSJ per cent. Yesterday's SE of the Price Commission's report 
conversion factor was 0.6S90 on the television rental Industry, 
f 0.6895I. Thorn Electrical were active and 5 

Interest in the traded Option cheaper at 383p; a block of lm 
market remained at a fairly low shares has been placed through 


the market at around 3Slp per 
share. Other leading Electricals 
closed at the day's lowest follow- 
ing a reasonable business. GEC 
slipped 4 to 334p, while EMI, 163p, 
and Racal Electronics, 336p, lost 6 
apiece. Dale Electronic stood out 
among the firm spots at lS9p. up 
10, while rises of 6 were recorded 
in Pet bow, I44p, and Laurence 
Scott, ll2p. Audio Fidelity put on 
3 to 34p. 

Apart from a reaction of 6 to 
47Sp in John Brown, losses in the 
Engineering majors were limited 
to a penny or so. Among 
secondary issues, better than ex- 
pected interim results from Ran- 
somes Sims, up 17 at 172p, took 



the market by surprise, while the 
encouraging half-yearly statement 
prompted a gain of 8 to 156p In 
Wadkin. Scattered buying interest 
was again shown in Glynwed 
which finned 3- more to 117p, while 
A crow “A" also found support at 
108p, up 4, but the fall in the 
half-yearly profits accompanied 
by a cautious statement on the 
outlook left Stone Platt 5 cheaper 
at 108p .after 105p. Comment on 
the interim figures encouraged 
fresh demand for Moilns, up 6 
more at 154p, while Chemring 
continued to reflect favourable 
Press mention and hardened 2 
further to 108p. 

Rown tree Mackintosh, at 425p, 
regained 3 of Wednesday's drop 
of 23 which followed interim 
'figures well below general expec- 
tations. Elsewhere in Foods, 
Bluebird Confectionery edged for- 
ward a penny to 8lp on small 
buying in front of today’s pre- 
liminary figures, while Bernard 
Matthews hardened 2 to 174p on 
further consideration of .-the 
interim statement. , Among the 
leaders. Tate and Lyle eased 2 to 
192p and Northern Foods 3 to 
U3p. 

Savoy Hotel “A" were finally 2 
harder at 84p, after S6p, on con- 
firmation that Grand Metropolitan 
has bought about 6.5m of ’he 
company’s shares from Trafalgar 


House; Grand Metropolitan dosed 
a penny easier at U6p. 3fter ll8p. 
Wheeler’s Restaurants were raised 
6 to 353p. but light profit-taking 
following the interim results left 
City Hotels 5 cheaper at 137p, 

Randalls react 

Industrial leaders held up 
reasonably well. until the latter 
part of the day when prices 
tended a little easier. Boots were 
noteworthy for a fall of 4 at 217p, 
but other losses were usually 
limited to a couple of pence. Else- 
where, Grlppezrods responded to 
Press mention with a rise of 9 
to 72p, but Randalls, at lOOp, re- 
acted 6 following the previous 
day’s rise of -22 on news of the 
possible bid from Fergus on In- 
dustrial Holdings. Renewed specu- 
lative buying left Eentima up 5 
further at. 39p, while the in- 
creased half-yearly profits and 
encouraging .statement on the 
outlook for the remainder of the 
year prompted a gain of 5 to 134p 
in Stag Furniture. Dealings in 
Wm. Baird, were suspended at 
ISSp; the company announced a 
share exchange offer for Daw- 
son International which is cur- 
rently holding merger discussions 
with J. Haggis E. Fogarty 
unproved 9 to l85p in a restricted 
market and - gains of 7 were 
marked against Charles Hill, 110p, 
and Hunting .Associated, 365 p. 
Still reflecting the good Interim 
results and proposed one-for-one 
scrip issue, Burns Anderson put 
on 3 more to 60p. Buyers showed 
interest In. Wilson and Walton 
which improved 5 to 42p. but 
Hoover remained on offer and re- 
acted that amount to 290p. 
Reports of an oil find in the Bass 
Straits prompted a rise of 50 to 
765p in Broken wm proprietary. 

The Leisure sector featured 
Barr and Wallace Arnold A which 
advanced 16 to a high for the 
year of 160p on- renewed buying. 
Due to announce the annual 
profits next Wednesday. Campari 
and the B added' 3 apiece to 136p 
and 125p respectively. 

Kolis-Koyte continued firmly, 
rising 2 to 119ip for a two-day 
improvement of 91. Harold Pern-, 
however, contrasted with a reac- 
tion of 7 to .lSOp de?piie substan- 
tially improved first-half profits 
and the dividend forecast Other 
dull spots . Included Dowty and 
Tate or Leeds both or which lost 
4 at 2fllp and 8Ip respectively. 

In a larger turnover than 
expected. International Thomson 
common shares advanced 5 to 
310p and . the convertible pre- 
ference 6 -to 246p. A couple of 
pence easier awaiting ihe interim 
results. United Newspapers rallied 
on the announcement and ctfl<«d 
a pennv better on balance at 403n. 

Against the general Lwd. 
Properties held firm in extremely 
thin trading. In the leaders. Land 
Securities fared' best with a rise 
of 3 at 25 Op, while Stock Con- 


version added a couple of pence 
at 276p. Secondary issues featured 
Imry and Chesterfield both of 
which improved 10 to 35Sp and 
36 Dp respectively, and 3IcKay 
Securities, 13 better at 275p. 
Bradford, 260p, and Great 
Portland Estates, 2I4p. put on 5 
and 4 respectively, while Berkeley 
Hombro hardened 3 to a high for 
the year of 143p.- Further con- 
sideration of the interim state- 
ment left Briston Estate 3 up at 
ll3p, but Noiton, 44p, were 
unmoved by the annual results. 
Small selling trimmed 4 from 
Bernard Sunley at JSffip. 

Oils quietly firm 

In a modest turnover, British 
Petroleum firmed 4 to 910p and 
Shell 5. to 580p. Lasmo issues 
performed well on hopes that the 
v i man Field may come on s Bream 
earlier than expected; the 
ordinary and “Ops” added 
around 6 apiece at 146p and 330p 
respectively. Oil Exploration 
drifted lower at 32-ip, down 4, and 
Slebens UK shed 10 at. 370p, the 
latter following a brokers “ sell ” 
recommendation. 

Investment Trusts fluctuated 
narrowly in light trading and 
closed little changed. G.T. Japan 
hardened 2 to ISSp for a two-day 
gain of 5 on the preUminary 
results, while “Investing in 
Success " Equities edged up a 
penny to 17Bp on the first-half 
profits increase. Bryconrt Invest- 
ment, however, eased 3 to 126 p 
awaiting fresh news of the Board’s 
moves to place the company in 
voluntary liquidation. Among 
overseas issues, Selected Risk 
Investment fell 10 to 410p and 
US. Trust Fund 20 to 790p. 
BL and G. Holdings, S better at 
150p. provided the only movement 
of note in Financials. 

Among Textiles. SEET closed 3 
better at 74p following the annual 
meeting. Hugh Mackay reflected 
the first-half profits increase with 
a rise of a penny to 4flp, while 
speculative demand lifted Trico- 
villc 5 to S5p. 

plantation Holdings remained 
on offer in Rubbers, falling 3 to 
69p for a two-day reaction of 5 
on the first-half profits setback. 


South Africans lost ground -with 
Primrose shedding 4 to -63p and 
Greatermaus A 20 to 155p. ~ 

Steadier Golds ... 

South African Golds steadied 
after their recent ■■ uncertainty, 
buoyed by the record bullion price 
which dosed $2 higher at $215575 
an ounce. Although demand from 
the Continent, Johannesburg -and 
the US. was good, - the ' market 
having discounted the resignation 
of Mr. John Vorster as South' 
Africa's Prime Minister, the firm- , 
ness of the dollar price was not ■ 
reflected in sterling tenhs- - 

The fall in. the investment dollar 
premium held back gains aid the 
Gold Mines Index was up LS at 
1S3.L 

Rises to 50p were recorded 
among the heavily-priced stories, 

as in Western Holdings at £21£. 
President Steyu (dosed 25 higher 
at 9S7p, while FS Geduld rose 1 ! 
to £194. •-■-'! 

But Platinums were . sluggish 
with lasses of 2 dr &; leaving 
Bishopsgate at 96p; Lydenbnrg at 
66p and Rnstenbnrg at 96p. 

The movement of the premium 
made South African Financials -a 
sensitive market but- De . Beers 
steadied, closing at 436p for-' a 
loss of 4, after sharper falls in 
recent days. Amgoid were un- 
changed at £1SJ in advance of 
their interim figures. 

Among the London Financials, 
Selection Trust moved 4 higher to 
4SSp on their half yearlyregOlts, 
but small selling after Wednes- 
day’s announcement of interim 
figures left Rio Tfnto-ZInc at>Up 
for a fall of 9p. • 

Demand for Australian diamond 
stocks continued but the; pre- 
mium's fall held back - juices, 
leaving Haoma with a gain of 2 at 
60p and Magnet 1 harder' at 40p. 

But Uraniums were dull after 1 
the Aboriginal stand on . the 
Ranger project Peko-WaHsend 
moved 12 lower to 536p 1 and EZ 
Industries slipped 5 to 2ffirp, while 
pan continent a! lost 1 ~to~£Lli: . 

Coppers, .Rhodesians.- and, Tins 
were little changed, but .-among 
Irish Canadians. Tara Exploration 
shed 40 to S25p reflecting:, the 
movement of the premium and 
the Canadian market price/ 


NEW HIGHS AND LOWS FOR 1978 


The loJlowina securities auoled ii the 
Shsre Informat-on Service vesit-dav 
imiiud iktit Hljhs and Lows far 1978. 

NEW HIGHS (112) 

CORPORATION LOANS til 
AMERICANS <11 
BANKS IS; 

BUILDINGS 175 
CHEMICALS <1.* 

DRAPERY AND STORES 110) 
ELECTRICALS IS) 
ENGINEERING <2U 
HOTELS IZ) 

INDUSTRIALS *30) 

LEISURE i4> 

MOTORS H) 

NEV.-SPAPERS 121 
PAPER AND PRINTING 11 ) 


PROPERTY CM 
S HIPPI NG n) 

TEXTILES 17) .. 

TRUSTS 12)- - 

RUBBERS 111- 

TEAS 11) - .. . 
MINES (2) 

NEW LOWS (TV 

COMMONWEALTH AND AFRICAN 
LOANS H) 

S'Jt. Rhodesia T3-E1 

AMERICANS IT#. . 

General Elect 

ENGINEERING t2) 

BiratidOM ; caa* BraWrwaite 

INDUSTRIALS <2- 
Banter Trsveno* Hestair 

PAPER in 

Ffcias 


financial 




20 70-71 ^ 

Gp rarwn«itW»- 7S 

1"! 885.71 6 « 
D1Y. Yield j 


r.B B-tto ««.«> r«— _»■“( ■fSz'-M 


..sa;8arr7a$OS 


Ue^opn-rtri -1 

— j: n 

■“ iVwa 53L8. .11 am T4«*.5SQt' ; -.■■■ . : i 

S pm 537 .K 3 Pul SKA; , * .. . 

. Latest Index (&-2Ab BSH. lir-UC-, • i r 

* Based on 52 per cent corparaUon .7 

Rads iso Govt Sc®. 15 nmi Fixed ua. -ISM..- ^ i 

aiSSxvrs. SE Acttritr Jub-nec. ISO. ~ ' v : • t , 

highs and lows. ^ } 

j 197S KHuce Compilation j • ; . / •, «.• - 1 v - 

— i Hicb I km Blab [. Low 4 .j.z 


Kite •=■ 


r. s-nt I 7B.se 68.79 137.4 49.16 jt-'~ * 

Fixed In*.— {mktl) .KtS : ; 'Sv. s 

- “--j ■sfi^Usa jsfe; 

»~i ?ss? ! ■SS!’ Uas Uss,- ■ j 




LONDON TRADFD OPTIONS 


jhxteiM a. <o*iiiL 3 C ' 

I tH-Mn* .-nn V’n*. 


|. ■ VlnoonJt ■ '-j '-' f . Aunt/ 1 \ 
.'IhOHItl * f i; • ■ i L-U-vin^t' i 

nffet f VbL 1 • i>rTer K 1 VtiC; 1 


- . j- 147 J f 153 | ■ -- 


..m. t : nmiii ‘140 -.16 — 

Com. Union 160 ‘2 • 5 

Ciioi. Ciihi 160 . 33 ■ ■ ' — ■ 

Guld 1 180 14- & 

ini.i i 2uO 3lj ■' 4 

• ii-lniil.ls | 11U 10' 2- 

(i EC l 260 79 - 

La i ill .’-era. 320 51' ■ .23.'.. 

LamJ Se.% 240 13 - 69 ■ 

Miltli A ap. 70. 21 -.3 

itirtt A aj. 00 -. 13 , . —■ 

l-i, 90 7-511' . 3-. 

vi»rw» a sp. ioo 2- ■ -a - 

•mil 600 90 ' 

Ir, ii 560 - 42 3 -. 

-.mil 600 1412, 15 

rmxi- r2«); 

I me 260 i 57 140 

OKU 500 39- . 23 :. 

jib’C 550 13----.I9 

-IH' 360 . 4Jg 4: 

C,mnd Met. ' 100 - 18 ... r lS 

..Mill! )||4. t 11 ' ■ 1U 5 

■i»uid Met. 1 Au : 3ij . — . 

H. l etK? .45- -• — v. 

il l i *90 i. 19 ' 1 

!Ll | 430f 5la 3 

uu.i 5 ks.-I iea I 7a 10 

J - I JinrpmfiW’; 

1'OC lull. : 70 7 8I 2 —' V " 

u- 1- lutL "8> I. 3 .35 _ 

K-.Ts. ).i 2 15 Ml 

EMI * ■ -140 -34' 

I. MI loU 18 9 • 

EMI • : 1BO ! 7. "31* 

lira 240 ; 18 • 15. . 

nig- ■ sea 8 ■ ;..-i • 
.f.z 280 3. to 

i.i-l- - I. - Ill' . 


4 - j J -r J iff :- L. -.; ' 7 - - Z'< ‘ 

~ 2 .. 13* L •-. s j - 19 .- • ilk 

- ' 87 - [-. - -I ar , 53 a? 


37 3 ' -m. I- 

23 36 ; t } 

25 . 6 . 28 J 


25 . -.6 . . 28 j 

•16 ■ . 6 - oso'- ; -. 

11-. • . — •; • = 14 ; -r 

- ' sia 1 V sir - 
99 - 1- _• 19. 

62 -• 5,-. -71-.. ■ -V 

31 1 2 43 - 

/ wo - f -].- i 

68 -’-. .. lO"* - : 79 ; . 

51.- - -5--. -63 

-38 -." .'-44-- 

20 . • 5 30 

241* • . ' »7 

16 ' ‘ IB 

9 .TI9 . . 12 ' -. . 
.•56- : ' T • c 2 - • 64 - 
.34 6" 44 , V 

19:.' 7 l 27 

■.74 w-'-{. n. ' ,i- 

i - : -. FelWM*ry • I -M»v 


13 1* 7 ' 76 

7 1- 13;. », 

C ' 30 t '2M : I '• 

48-:.! fi;- 164- 
29 I -4 

. . 

39 J '-241 ■ 

- 22 • • ^ „t.'- 

-; 12- •; v,-» ; „ " 

• 'V' 


FOOD PRICE MOVEMENTS 


September21 Week ago 
f £ 

BACON 

Danbh A.I per ton 1.115 1.115 

British A.I per ton 1,085 1.0S5 

Irish Special per ton 990 990 

Ulster A.I per ton? 1,030 . 1,000 

BUTTER 

NZ per 20 kg 12.59/12.72 12.39 1£72 

English per cwtf 73.59 75.59 

Danish salted per cwtt ... 78. 98/81.72 7S.98.- , S1.72 
CHEESES 

NZ per tonne 1,161.50 L161.50 1,161.50 

English cheddar trade per 

tonne l^ia 1^175 

EGGS* 

Home-produce: 

Size 4 3.00/3.40 2.95 '3.10 

Size 2 3.65/4.20 3.65, 4.20 

September 21 Week ago 
P P 

BEEF 

Scottish killed sides ex- 

KKCF 54.0/5S.0 54.0/5S.0 

Eire forequarters 35.0/38.0 — 

LAMB 

English 54.0/58.0 54.0/59.0' 

NZ PLs/FMs — 54-5 '55.0 

FORK (all weights) 37 .0/46.0 36.Q/46.Q 

POULTRY— Broiler chickens 36.0/39.0 36.0/39.0 


Momh ago 


12.59/12.72 

74.11 

76.98/77.55 


2.95 '3.10 
3.65, 4J20 
Week ago 
P 


54.0/58.0 


2.30/2.60 
3.00/3.40 
Month ago 
P 


• London Egg Exchange price per 120 eggs. 
t Unavailable. U For delivery September 23-30. 


53.0/58.0 

36.0/37.0 

52.0/58.0 

53.5/54.5 

36.0/44.0 
34-0/41.5 
t Delivered. 


OPTIONS 

DEALING DATES 
First Last Last For. 

Deal- Deal- Declare- Settle- 

ings Ings (ion ment 

Sep. 12 Sep- 25 Dec- 7 Dec. 19 
Sep. 26 Oct. 9 Dec. 28 Jan. 9 
Oct 10 Oct 23 Jan. 11 Jan. 23 

For rote indications see end of 
Share Information Service 
Stocks favoured for the call 
were Magnet Metals. UDT, ERF, 
Fitch Lovell, English Property, 
Gill and Dnffns and Aaronson 
Bros. Puts were dealt in EMI; 
1CI and Pacific Copper, while 

doubles were arranged in UDT, 
Royco and Corinthiain. 



k- 

ACTIVE STOCKS 

No. 



Denomina- 

OF 

Closing 

Change 

I97S 

197S 

Stock 

tion 

marks price (P) 

on day 

high 

low 

ICT 

£1 

- 15 

398 

- 3 

421 

32S 

BP 

£1 

11 

916 

+ 4 

926 

720 

GEC 

25 p 

11 

334 

- 4 

33S 

233 

Thorn Elect 

25p 

io 

383 

“ 5 

400 

308 

Beecham 

25p 

s 

733 

— 9 

743 

583 

Burma h Oil 

£1 

s 

1 0 

- 1 

89 

42 

De Beers Defd. ... 

R0.05 

s 

433 

- 4 

4S5 

2S3 

Grand Met 

50p 

s 

116 

~ 1 

121 

87 

Midland Bank ... 

£1 

8 

365 

- 3 

390 

330 

Shell Transport ... 

25p 

S 

5S0 

T- O 

G02 

484 

Barclays Bank ... 

£1 

7 

334 

— 2 

36S 

236 

GUS "A" 

2,jp 

7 

330 

- 4 

340 

236 

GKN 

£1 

7 

294 

- 1 

298 

24S 

Imperial Group ... 

25p 

7 

S3J 

- 1 

89 

711 

Marks & Spencer 

25p 

7 

S8 


94 

67; 


wTlitU 


1 llQ r sH rm 







* 1 H[H ! Till 1 RV: ^ (TT, 


• 1 111;' 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 



RECENT ISSUES 


" Sf one-Platt 
Industries 

Interim report for the six months 
ended 30 June 1978 

The company aims to be a world leader in each of its 
main products — spinning and texturing machinery, train 
air conditioning and lighting, marine propellers, special- 
ised pumps for the power, petrochemical and water 
industries. 


First half 

1978 1977 

£m £m 


Full 

year 

1977 

£m 


Sales 

Profit before 
interest and tax 

Profit before tax 


89-0 86-1 176-0 


5-7 7-6 

4-3 6-C 


17-6 

14-8 


Earnings per share 5.gp 8-5p 21 -lp 

* Exports from the US were £35m - 65% of UK output. 

* Interim dividend: 2.72S31p— includes mavimirm in-- 
crease permitted. 

10 Grafton Street, London, Wl. 



S3 S» 
S? §3 



^ | 


4i=. j 


13/lQi 

lap - I3p iAndiotron w 12J Cone. Prf.. 


£50 

15)12 

5ISn Wkl Do. 12*S Red. 1«5 

9914-14 

nil 

F.P. 

F.P. 

F.P. 

— 1 106pf iMH-iPi'Cowfln D<j (irooe 10iS Pref 

29/9 3ignmJ ZpmlHill ft Smith 14“ 1st DnL^OCKW 

6/12; lol4|l 101 Howard iKWynilbain 19% Una. Ln. S6-41 

— i 246 j 230 lint!. Thomwn C»«uv. Jied. Pref. 2S[i 

— [ 094b 1 - Mlfl:Konsi njftun anil Chelsea Var. hate 1983 ... 

3/11; 81 1 78 ' Laths in Jamee 32 Cnm. Pref . . 

ioCs”.“! a .. 

246 j+B 

99 : 

F.P. 

P.P. 


9&1&/ . WVg^'ijrthimipton \ >r. rate Red- 1985 wti ^. il 
99ifi< .S?ratbri.vi1ti Vw. Itite 19E3 — 

Mia;— ft) 
SBU'-U 



99i4!-i4 


"RIGHTS” OFFERS 


bn. 5 -^ 
Pri»i c~ 

p: [ 



61 FINANCIAL GROUPd 001 

62 Banka 6) 

63 Discount Houses ( 10).„ 

64 Hire Purchase (5} ] 

65 Insurance (Life) (10) 

Insurance (Composite) r7j 

Insurance Brokers (10) 

Merchant Banks (14) 

Property (31) ~ 

Miscellaneous 1T1 


71 Investment Trusts (50) 

81 1 Mining Finance 14) ' ~ 

Overseas Traders 1 lm . 


99 | ALL-SHARE INDEX(673) 





76 > XU « 
65 XU 
74 Ail 
10 F.P. 

77 . P.P. 
8S Mil 
94 F.P. 
40 Mil > 

4 ; Mil | 
200 Mil 
25 Mil ' 


19(9 27)10] 73 I 70 Akmjusod Broa 

22/3:27)10 tttl 527 ]M.T.k. 

— 1 — “W I c£ iBank of Montreal 

22/9 13ilOrZ7p>« | 25 pm j Bartow Baud 

50/8 24/ It 'i4 , B7 Hlnclnrond Bmlasi 

29)9 10/ l.llipm :7i~ruu (Brill sli Printing 

a 1/9 3)111 1« 1 133 !Chublt_ 

— — fc-ZOpm' Mpm'Cia. Fr. Perro lea. 

— — 441pm A&pm Chilpety — 

22)9,13/10: BO 74 IDoradR 

— i — i-lOptnl 7pm 'Dufay Blfmostld lft!^ On v, 

— I — I k poi^ Ailpm jti lutie and Pliueni*. 


89,'9 J3/iq"Wiim; 6pm'HilI ft Smith 

— ' — f24pw- ISptnlHowdi-m 6 map.... 

25 / 9 ! 27 /l» 92 1 84 'Initial Serviceo 

— j 18 ! lO.'i'tlKunick Huldinga 

U/ 9 | 27 / 10 j B 0 pmi 82 iJpiii|Lcx Serrtee 

— . — f Slpju. 17pm[Lon. ft Midland lad 

2 lift 4)101:111 104 IPrupe.ty Panneraiu^a __ 

2BiB [ Z7iW\ 40pm j 56pmiHiianwa /Jewellers] 

— I J 5pm| SpmlHeliance Knitwear. 

25/9- 8/H]lHp«n; BSpmlKlcardn Enc. 

9/101 6 /lij : 14 ■ 12 IWearwell 


— ~l 71 l+l 

; 54 .-1 

23 pm 1 — 2 

— 69 i 

— -.i-l 11pm 1 

143 : *r I 

I SOpmi ...... 

J 41 pm |+ 1 

■ ■■■■■MtiatJ 77 l-l 
.Ln'BB-CBI - 71* +1 2 

— ! kpm| »..., 

! 6 pn>j 

....... — 1 24pnv+i 

1 92 l + llj 

j - lllfl|+l 

1 90 It I* 

18 pm !— 8 

} HO I ...... 

36pm( ..... 

— — ... . 3 par — 1 

1 U4pml+2 

— n| 12 !— 1 





1 

n 

Under 5 years 

5-15 years ... 

195.26 

3 

4 

5 

Over 15 years. 
Irredeemables 

AH stocks.. . 

122.12 

178.99 

113.84 


6.75 5 
739 _e 

9Jfi II 

. a 

7.84 


HemmeiAttof, dale . usaaJO last Ou 'Ox dcjuma '«e « lump ourjr o kuwib. 
«' onspeclus esoumic a Assumed tflviOrnd and neuL- u Knrwag oivumki 
■wm bum oti orenou* vebTa earnlnKA * Uirtaonn and neln nawn un anKoettu, 
«h miwi >HHaai eatunam- •*» u Urosa 1 f'uniren aasamed r Cover uiiw> 

01 'iiiv-rsuin 01 jturv na* naw ramsm/i »r imum'i «b nnkiiw onia w resinciw 
iimaends a Hiamn. price m nunhc pi pence unless mflerwiBe indicated 1 Hxnreo 
m letwei H'HImn IP WHden 1 nnmur> aim » * , rtanis u • -» ismer 

ol eapuansanon- V Minimum lender suttee H HemnwlHerfi fi mueit r 
cwi iwHon «n»a rninuattanoti tnerwi •H laRe-over M Inimduapm laenot 
10 iwuiei preference noMert ■ AlliHmem lelun (or. fallr-MUU, - • RMubii 
or aaniy-pau alumnnm ioCMa. * WUb waxranta. 


is au-yi. Kea. uen & Loan* ( toi. 

16 Investment Trust Prefs. ( 1 51; 

17 ComL and IndL Prvts. (aofe 


B 7 JSB I 67 .S 5 


71.371 7L2I| 73.81 1 71*1 

















































.■N* 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


'vii Mgr*. Ud la) 

«*• Rd . . ■ «2MS«: 


Praraiington Unit Mfft W4 <*) 


.Mi aster Fund Managers Ltd. 

Min««*r II w . Anhui Sr El 4 tii-aEiHWl 

MlnO.TSVpi IS pqq 41 « I SOS 

IMIHSUCMII (1M7 IMr, _ 5J3 


mfaro Groapf (at l|() 
"‘ .Hutton. Breniwond, P>*r x. 
• «r B nutwood ,0277 mug 


W34 i 

SST -oi} 4 


5-7. Ireland Vard. Kl ‘4B SDti; Ilw . Anhui » EL4 il|.flfill(VlA — ' lll.hn., r-1.. t r: g- J 

.(twncu . . _ 155 S SOM . J J 18 MlnMtfSc-jvi 18 1394 41 W 1 50S Piulit,. -I'nlb, |«i 

r'apItaITtt (l*10 -l.ffi J g 4 u C m 3 1 |lW7 164?. _ | SJ3 llifhbwon*. |l*8 2 137.3(4.) 

SSss^ls: s|:?l i” Hi™ , - ld¥ n ;: 

ITLA f. ruix . . |m> 52 41 I 1 03 MoJborti Hm.<. hTlNS.Ml fll-4 

Vail Tr. »*"£ Murray John* one u.T. MgnLVtai pnjd " , " Bl H* D W ; • 

' i SS* M1-33ISHI Q««l»er Management To. Ud» 

SSnS£aK±!L63 S3^i iS MM-LSi 1*7 tarbaottETSs imp. m « 


I I 

Provincial Life lnv. Co. Lli¥ Save & Pr«8P*r_eon United 
low saa.Bbhoiciudi'.'f r: a: Svatbitn securities Ltd* 

50S Piulit.i' I'nlta, . |«3, 9411-Si; 2 97 w-ychjls _ W»l 41L.gr 

SJ3 ihjhbKMB* ,lUS2 13T.H -6.11 6H SrSJiw " bn 2.a *05! 


n . PrndL Portfolio Mngrs. I.ld.¥ lanbMci Vtw h» i,rh*f- - 3J66 rw7.y 

I I SO Hotbnrn »M.«. (TIN SNH (11-toSflXS ■-«* Kx VM-ft- » . ! ® 6* 

' , Prudential [135 0 347 _5| . .. j 4 67 'f"cr« at SeSd • v.l. r iS , 


Target Ttt Mgro. (Scotland) tiMh) 
la Atbol fmml. Ed*" 9. B3IS9M1S 
374 Target Airer EacIejM* .. 30«-O«J IAS 
iU Target Tbislr- .>»» . 471' .1 121 

4Ji Cairo Income Fd (61 1 65 7ifl.._..| 440 


Alexander Fond 

3T. rue Noire Dome iJixnab-uire 
Alexander Fund I SI >7 47 | ...J 

Net ajiCt talon Sepiember 11 


at )■* "*•* ^ V ;po Wmm | suoei. E .: 2 

Scbl«ia*er"nw Mn(rs. LuL <at m ti-its»-p» i. |517 


. ns 

-- ,Dd HI 

. -.. Nl 

V.L Dev. 37.7 

d 78 7 

.. it 1151 

; Fd._,|l».* 

*• d...._ 2*2 

Food* 

l_ . — fJ7 7 
48 8 
t/xea 55 4 
•ptO - |45 J 
mh 

rd . 41 5 
x Pd 50 1 
1 - 103 1 

'.'diy. - M* 

. ninft bS 1 

• VS. *J2S33 


‘ I'nii Trust Managers Ltd. 
*51 ITCMSAA 09391 

r. . 15b5 M 7j 1 3 88 

• L'nit MgznL Co. Ltd. 
-T2V7JA Ol^EafflT*. 

■ Fund [178 0 190 OeJ .. j 402 


«3J-aj 434 
+0.d 4 04 
123 l| -Bit 4*3 
M6.ll -021 4.M 

Did 40^1 7 51 
7573 -.Q 4j 640 
45 1| -0 7| 6*5 

24TJ -Or 224 
525. -0 it 1 41 
142 

100 j| ~0J\ 1 44 

44 4; -.9 V M 17 
$3bd>of! 4 04 
310n -0 5| 4 67 
«77{.o;i 4*1 
67 5[ »0 j) 4 24 
26b fc| -t0£, 450 


Bn A1S.UBL [0.3 *5J] — — 

G.T. tuft Managers WAT 
is. FivbtLTjr ciirw Eczarnro ow 

>7 T i'bP Tnc NS 3 10L31..^h 

Do Are 1153 122b 

(TT!ik Fil'x. 173 3 184 J« 

(IT ''S.iCni. MBA 15at 

CT lapaa&'jen... 363 5 381M 

a*.r lTOXK.1 Fd. 1435 150* 

r.T, lari Tuntf 1557 165 6a 

CT Pour YdaFO... 583 620 


" -- . , . ne.lmt o«v FTiflae QuadranUrfin Kd. 11)51 128 71 . 4 70 la rrfiub".. .-ar'lS l 

Mutual l'nit Trust ManagercT (alfg) waa*a»tl*r«nr-ll»» I37.ij J 7** nxrtnpt l/ifh YWt ^ 

wSSS^^ KC SS"‘- «7, Reliance Coil Sign. T.td.T RSSC!?*^ fl 

-* ill asaiftaw:: ^ sjBanfj&.-.ai tsa^j ss irwr£^:,as 

----- ?“ National ,„d Commercial Mfardr T .-!»• 5*3 *■ ll * ffirK ifife E J 

mi 1.40 31 . m Andrro Squurr. 6Mlahunttt09i-5M(ns! Kidgefleld Management lad. m a* ciriTra*' Mb 

■ — J. 7.K 'ocwitepi 20 . 16a* 174 « ... . i 5 38 3*40. Krtonfr SL.Maarheoee .<0lZ*e«S2i liPf>er»> Share* - 7 

am T,« ??? ! ?2?S ■ — 5 » Rldfrilrhl Im ITT 1103 0 1)0 V -2 G| 2 58 Smr.lJ Su T 


8C 21-1.51 2*7 TheMk Cxt-bani!«-.Ei'3N 1HP. 


G. & A. Trust la) 

5. Rat let ah Rd-. Birnloood 


5811 4041 6 
7*3 +0 3| * 
44 3 *0 IT 6 

WO 7 


6 J4 OpnorfUBilj t il .. 17$ 2 80 ai . . I 4 74 

7.77 Nc*1ut*-T..Avc > .| 483 Sl*j-»1 500 

S-kfordr T Inr >7 0 Ee JM *0 1 5 00 


WO-* ]4fr j:.Tuth 'UrrdtJJPrkmi 

nl ann4tT? 41a FirnM... 

3 . .. ; 4 70 *m Crowib St 

1 7** exempt High Yj*? » ? 

Kxffupi Ulrt LdTfc 3*3 
f r.urulfHf.Tst. 315 

p. mq- — loiiow S; 

i,' i IO.-.MP1 Wrfnxl. — 313 

v, 522 Ininl r.mwrh SIJ 
188 in* Til I’nitC. — 28J 
-’1 *0-1 5 DO Market Leaders J 
"Nil View. —---* ?2 ■ 
- la - Pref A CUt Tmft- «b 


( apt Sept aj . 

■ Ad uui ['oum . 


■ 95 I K ‘Jrth ,4<d* 
I'.K. tiriiL 


M0«t 80441 

7« 4f -0 3- 2 98 
312-0 31 2 0 2 

30 2, -01 J 77 

7* 8, -0 1 3 84 

33 S 875 

“fi.O.: *38 

33 7\ -02 
S5W-04 294 

33 4 -0 1 *44 

M iJ -U) 4 03 

31 8i . - 

:«Jrf 12 28 

31 9} -0 3 1 91 

3S?Um 211 
Mg... 4 71 

22 7[ J 471 


43) Cxtra Income Fd [61 1 65 7(0..... *80 ,. . „ . ... T - Keyrelrx Eampe 

l*b .. _ Allen Harrer & Kobs I bt. Mgt. fC.I.l KeyMlexi.ipan 

?e* Trades I nion Lnit Tst. Managers* i.cbarinr >:rt»*.S( Heiter. J«*- - i Ccol A cacia c«p 

27 TOO Wood street. E C 2 BOH AHR Clll Edg.KU - [10 00 10 02[ . ..[ 12.15 

1 1*1 TrLT*i-P» I. . — — J51 7 55l«d .. . i s» King & ShaxMU Mgr*. 

0441 — - .— Arhnthnot Securities iC.I.) Limited , -harms c™«. * 

2 98 TMMXllSallC atufi V>™. NCC*. X- 0 7 r O Box =M. Si HeJirr. .Tersey <HM 72177 Valle* Hie. St. P 


Keyselex Mugt^ Jersey t4d. ' ' 

rOMexPS. St.Helter. Jrrxes .iEnt; ol#0SW7Bl 
Konrelex _ .. . . f7>13« 1.4WI . . . ' — 

Bnndf«lcx K*1UJI 1CIE . — 

Heracles Inti. C728 -- — 

Kenelrx Earnpe £3 68 — — 

Kcmalex Japan . . £16 32 — — 

CcW. A^ada Can . .. £13676 -OOfl — * 


202 Ml S9 %>»• London fid '"helmaferd 074551651 Jc- Jp iJencx i .[1180 122 01 I 

• ZZ harbiean Sept 21 [81 6 86 U -0 7] 514 f Next dealing data Seplcaiter 26. 

W •brruni I 'nils ■ llTbb 1344 -id 5 14 Lpc i Sen Tst . |U0 102] f 

• 5 BarhFxpl A*i4 3018*4 *218 400) N«uct deoil dc dine September 25. 


1 t.liartnx Crou. SI. Heller .lerxer IITXM. 73741 
■3177 Valle.* Hie. St. Peter Ton. Cmay iD481* 24708 
410 1 Thaoui Si reel. Doug las. I OJt i«Mi48M 
i.ilt FUtdtJenier'.l£*23 4161 - 12-00 

2 00 CUt Trust iL« M.I.. .003 7 1»3 .. 12» 

cut Fnd. Cucrnscd£*55 *3fl 1280 


»» RarhFxtX Au4 34 18*4 
7 38 Sue km sep i 21 . [866 

'Ar-un I'oitxi —.11872 
??* '-Otemo Sepl !J 11374 
J25 •A"rnm t’aiw* .. 1701 
4 03 ('umbld. Sen; 20- 55 8 
■Ai-rum L’nilxt _ . . 612 


i i7f '.6**um t ints. 75* 
i il} MarlherpSepx ID . 561 
[ 4 71 « Ae-tiDL L'nilx- . Mb 
J •« Van >;w«h Sept IB. 54 3 
Lid, 4 lA-ritm Until* 67 5 
“*tL, Van'll* Sept ID 76 5 

Vans TreSepl 3* '46 7 

\ . Aecum. K mix ’ («8.8 

J2 - 5 • WJS 

; bmum. Caitii jS.7 
b »4 U'irk Ut Sept. 16 173 1 

3*3 Do.AccnSB . .I)J 


86 -o: 

1344 -II 
*2 0 

41 0 - 1 ! 
112 6 -l.t 
1452 . . 
17*1 
5*3, .... 
65 D 
628 . 

80 6 ... 
54 B 

67? .... 
STS 

n? 

80 6 

492a ... 
514 . . 


... - .5ec* T« . [100 1021 I 

4 00 Note! deoil DC dine September 20. ‘‘Ul Fnd. cuen 

431 EMI Alntl Txt. Cl I. 1122 0 12* Ortl . I 2 40 ] a i|. am Sec 

431 Next deallmc aalr ScpirmLrr 28. Flrxt Sterling.. 

4 47 ITiMlxtL.. 

j 24 Australian Selection Fund NT . 

72< Msrkrt Opportunitlr*. e.'e Iri-n YumR if Klein WOrt 8 

4 07 OUtlivaiir. 127 Kent St . Svdnr* «. frnrhureb S 

407 L'S41 Sliarei .. .[ SL*SL*2 ; .| — Lux 

25* Nrl aaxv. xAloe September a ,aKE5?ll!^: 

i n Banh o! America lnternaiional S.A- >S* FaTiSm Y<\ 

£■"? _ _ _ . . IfBIml KVirtrf 


• «.pJ7 

o.n 1363 Mi ... j : 

Gibbt. (Antony) lull Tat. Mgs.' Ltd. ftSE.* 4, » 7 fl ^3 ! 

3. Frntenf CaPL.Citd Jr»p, EC2, 01*58B411I I'-pixenal Fd*di . )54 3 637|-liij : 

:S, Jg S?? SS ::J Managers Ltd.v (.MCI 

{•iA ti. far Ea*a- (271 2* lM ~.-i 440 Mrlnm « 'ourt. UertLnc. Surrey I 

IN**linc -Tue*. rtWed. Ne.-Jor [664 Hi +02| i 

M.d NcMxrHtfihlnr . jut 1) 

Gmctl (Jobni¥ „ Norwich Inion I nan ranee Group 

SbhZE. UaJ1 fc lisl 7 154 91 ° 1 '? B lt? P 41 DtJ ‘ 4. Norwich. NRl 3NG. 0003 2J 

S.U S 23 1 A 7 Croup Txt.Fd 1384 1 4 H 3 J- 0 H I 


Securities Wd. 
London EC4R1 BV 
■ Fd... 11111 119; 


label 
Oi-2385231 
t -OP 2047 


• Fd... Ill 1 11* E -0 V 10 47 Gi 

id _.H3 2 46 a -0 3 (7* — 

la' So 1 M?di m 

•|i;t&H575 6l«-0.3 8.74 


T ^ADEj) 


•1 i;t& 1 57 s 

"•and 24 4 
si- - 374 
207 
■trad t*5 
f .. M3 
n _ 573 
,.1 .. 18 5 


«. 1 .- IB 5 

Qf: .. 41 3 

* r x.. ..43 5 
. 37.4 

- Sl .. . M* 

..|2*5 
I fd 27* 
'U> . 213 
... 474 
dc. Fd 31 0 


*41 12-50 
1 *0 1 1250 

*n x Ab7 
*4)5 4 67 

*0 3 4 67 

. . 281 
*01 245 

+0 1 245 

*0 2 236 
*0 5 236 

I . ., 385 

1 -0.4 129 

I -as 12 * 

155 


2S*I -a 4 06 New r.'r Merupt. |£1J3 0 
*0 3 732 Prices on September ]5 J 
3*1 ... 517 ]ij. 

*86 . 538 

417« *4L kis Hntnn l'nit Trust .* 
W7 -21 lie ‘‘ny ii*»« I(»e.. Fipthury S 


615 Sovran l'nit Trust Magt. Ltd.Tia) ms,. Aj , d re«So..Wiob.ir C !: 

218 ‘"wy •!»»*» , l»*..FlDBhun»S9,EC2 01 *9)6 IfdW incurae t ntu [ P3* 

American Sept. 21 ..171.5 74 -4.5) 8 97 Arena 1'tiili ..' l«3 

I Swurilie-iSrpL IB 1W0 l**ftd..,.| 375 Deajittf d=' 

.•pll JlachYld .*«pr. IS_b*2 6221 | 710 e*x.. i .a <rd - XT- 

•Arruni l mist fc 4 87 3 . — J 718 !>eo2 ^ 1 BU 4*- ***‘ 


r fll Jlifh Vld .*epr. IS.. 5*2 

+0 ^j SfiESSKiiSiL:.- “2 

7 7J «Aerw.t%iiai 1071 


V. ■_ ' IMLO 9itAi • 7 ’ • ^rrum. I null i/B./ « 

. Atfiuii l nit^j > ■— jloO 0 04 tvi P fe Hi rs m j r 

isv- ja Ja « 

MhIqS I» TyndaiJ Managers LCd.V 
•Pnit*" , baFdAti*30-J12 7 18) lrfj . <25 I*. Canxnjt* Basil. Britcel. 

-Spe^Fx ie|4 T* g87J MSP 3 44 InmneSept 20 . 1072 IK 

-Recmerx sept la pis* 221 8oi 3 89 lAeeuai 1‘nilai ....1*02 20) 

•Knr U» eremp: (unct« only Cam ca! sept M 1378 1« 

S««6ti»h Kquita*ie Fnd. Mgrs. Ltd.V ttSSKSjf*!, “ SH* “■ 

2aF».Aadre**4S8..Wlnb*ir C l: 001-5589181 .A^SmcSita- .. 1662 17l 

Income 1 ntu. g3? f?" .[ * D Inc Earn Sem i».. 2668 28 ( 

Aecuaal’nua -^-1615 65 5, .. 4 83 <Acrum Uni cat ...2*7.8 3K 

Dealt it* «»: *redT-ada>. Pref Sepi 20 1048 111 

Sebag Unit T 8tc Managers LuLp fa) ■ *«■««- I'wm - 1I2* 8 135 


eri.K*J3 * 161 - I 

Ll... 103 7 166 a . . j 

oscri£*J9 $-37] j 


i.UI Fnd. Uucrascri£*39 *57] | 123 

2 *0 loll. Govt Seem. Ttt 

Ftr«l Stertlnj;.-. . {£18 12 28241 1 — 

l- ini lull. ..(U-5WU IMEl . ....( — 


Klein wort Benson Limited 
20 Frnohurrh Sf. ECS O14C3a0f0 

Eunniexl Lux. F. 1.150 -1 30* 

lEuenmerlnr 6* 0 73 4 .... A IB 

Pn Xt-cum - 151 90 6 ... 4 U 

KB Far Earn Fd JVSMS S3* 

KB 1 nil Fund SL'RliCJ -050 IBS 

KB Japan Fund $1/539.70 0b3 

K B L S. u«tJi Fd . SLS13 15 0.60 

Stenrt Bermuda 5US5.35 1 b* 

-L'lii/nndt iDMi.. 1960 20 601-010 8 25 


7 72 » Boulevard Horal . Luxembourg ■; v vS SfnanSnd " 4V539 70 ] [ 0 63 

... 5« mdtuiexl Income IMM Ui« I 7« JftWJJfFd . 51^1315 \ll.\ 0.60 

iv |2 We» ai Se P L ». Next rub dam Sept- ». sisnel Bermuda SUS5.35 . 1W 

'2 S -LnirnndtiDMi.. 1960 Mool-Oiol 8 25 

7 59 Banque Bruxelles Lambert -KB act u Uradort payine acenu only. . 

75* 2. Rue lie U Recence R luod Hntxxelm 

Renta Fond LF . ..11*22 1 Ml] -2| 775 Uoyds Pit. IC.I. I I'/T Mgrs. . . 

p n Box 195 St Heiter. Jenc* WP4 2T3($t 
027=32341 Barclays Unicorn Int. iCh. Is.i Ltd. UordiTit Umax. .163 1 UM . . i OH 
ZZ1 1 Chan ns t/rnsi. S( Heiter. Jrxv 0534 73741 N«‘ dealing dale October IS. 

3*z Overseas Income 1*7 5 SO 01 I 11 *0 

L'nidoiiorTrutn -l 3 so- Uayds Bk. lntnl. Geneve. 

Ln, ®e 1 5 , £ inKb£ ( Calm. } SU 

ZS IJojdalnl CJmrxb-ISF^S MBS LM 

: 4« Barclays Unicorn int. H. O. Man) Ud. Uo J ,d * lDt - >■«»■■■»«»• 1 **® ; 


KB art ax London paying acenu only. 


Tst Clreav .163 1 66 4^.-1 «H 

Next dealing dale October IS. 


I. Place Bel Air P O Box 438 1211 Gcrrc* !L 
Uox-dalnl Umarh.|SF3riS 3MS . j LM 
Lloydslnl. lDctMno.|sF2*5.6 307 5 | IH. 


. L'nit Tst. Mg*. Ltd.** falfc) 
lhorn.WCIVTNL Ol^aiSK!. 
id - .1*8 8 *6.6! 0.6[ 556 

ept 21. Next sob. day Sept. 28. 

Jniconi Ltd. /ntlglVie) 

SS Romfnnt Rd XT. OJ-534 5544 
lie*. M 8 368 -85] L28 

.. - . 51 5 88.1 -03! 1.78 

642 6*4 170 

71 6 77.4u *031 455 

sc ... 120 2 JZ5.2 +a2 575 

ante . 38 S 33 0 7.71 

I. ,. .. (6.5 708 *aa s.6s 

... 815 «lri *05| 542 

.. 343 37 1x0 *D 3| 5.60 

pc..„..«5i san+os, 1 322 

« . -92 0 49U *0.7 557 

Tst -1)45 1 152fl. I 5 20 

fust 31. Next sub. day September 
21 

517} *Q 
l 134 a *0 
56 S 
72. B 
S3 J 


Do Ac oil fait Jim 4 iwa . 

.vex I dealing dai- September 22. 

(irievtsm Management Co. Ltd. 
SSlIieiham Sr . 6:C2F JILS. 06481 

£arrincionS«pt.2U -228 * 23*7) . ... I 

i Aecum. Lulls, . . 25) 2 2633 . ...1 

Rtmt H V4 Sept. 21 193 5 202 7 -85} 

(AcCTim. I'mCsi ... 222.6 2331 -Rtf 

Endenv SepL IB .. 2366 247.3 ..Til 

lAtenm. L'nitti. - . 245 ft 2561 
nrncbmr Sent. 15. 1B37 1082 .—1 

<" bcciini I'nibc. . 187 7 1123 

lAAflrill Sept. 20 74 7 7R1.....4 

t Aecum t'Dlts>. . 785 821.. -J 


Norwich Union Insurance Group (b) _ , j,. ' 

pc» Do» 4. Norwich, vri 3 ng. oooa -"-on R°y*I Can. F<L Mgro. Ltd. 
HraupTu.Fd [3*4 1 4*f3]-Q]| 4 8* 64. Jennvn Street. S.W I. Did 

Pear! T rast Man agent LUL (iHgMz) j? r p J^l ^ ~ 'gj \ - ' j 

25. High Hnlbnrn. »t IV 7£B 01-403M41 Itiom al Sepi. 1*. New dealing Sep 

Pearu:r.iwj, 6-d 175$ 27 ■ *411 4JS _ . . 


331 Prt Boa SI I. Bridbef. Use . E r 4 
331 Sehag ilapilal Fd. .1368 Mid 
Sebag Income Fd. r |33 1 34 6rf 


Spbulantnwrir!))) 34 6^ *02| 

Security Selection Ltd. 


m^M5000 24. fact le Ft., Ediabanh. 


jjS ITh-tiaiS-DoUthi lo.M 06044BM » - - 

L'meorBABM.Eit (57 7 621| -oil 140 M oc G Group 


Seat Tap Sept. 
lAevum. L'ntt* . 


V Mrl K ' } 75 8 27 ■ +0.1 4 

0T0O64433 Aecum I niL*. ... 30 5 37 9 4 

171 . .J *32 fNr-»rl Inc- . . . 353 38 2 +o'j & 

*32 Pesrll. nil Ttt 386 4x2.01 4 

L 77 -05J 7 38 lAcnim I'ntlat 58 8 53 J) *0 2 4. 


«rn Street. S£TI. lMB. Uneala'sWiPjcMs.IbCl n 1-831 00368 Capital Growth"? 187.1 

IS- hit ii“ - ' I yg I'BxlcSibTatAec—fM 5 272J . .[ 117 Do Acnua . |*1 1 

1 at Sr«: i-VNen deahng Sept. SL° '••rtihbTwtae-Ea^ 23 t{ ..J 2.17 gaualnc C.umh . |« 6 


D* AasC Mini .. 

• I 7*Z Do ’'rtf Faeifif- 
j f {J Do. loti, (nrarac 

• -l »*8 j)o. I of Man Tst 
0072 32241 Do Manx Mutual 


374 *0 3). 

n 7 77 S 

C - 1*4 M2 4 ill 

n - *67 »3l 


M41 Fn>?es al Sept. ].$. New dealing Sept. 29. 

f 35 Save & Prosper Group 
6 70 4. t.reat Ft Heleos. London EOP 3f-P 
< “ BR-73 Queen M . Edinburgh EH? 4NX 
*•63 Dealiogi if 01-55* 8808 or (X1I 38 735) 

Save & Prosper Securities Ltd.^ 


Bighopsgate Commodity Ser. Ltd. 


1 $0 Three Quay* Timer Hill B3R TO) ni^SS (SB 
— AdunCjc sepc ID IT'S) 2) 3511.. ..I -- ' 

838 Aud Ex Sept. 20 1US267 38B .. — . 

870 r.Id EiAcr Seim HMIH IZS. J 
1.40 island . . .. 1420 15131 -0 1 *3 11. 

lArcum Uniu<- . 200 7 213J | -0-2J fj.ll 


Stewart Unit .Ttt. Managers Lid. fa) g-* 

45. CbnrlorieSq.. Mtubursn. 03123aXT7I Do-Ateiua ...L"' B l 
TSlextait Amrafcna'fbnd High tnc. Priority . M2 


TStexnrl Amerkm* rbsd High tnc. Prinrip- .169 2 

Standard I' nits— 7 72 4' -4 1- 137 lniemaiu»al._ -. I3L8 

-■ “ Special SU* 1 36 0 


I screaming Inconr Fond 

High-Yield ... .. [585 

High lucerne Fond* 


ifiSffiil' 247 3 ^ IS Admin. Ltd. IgK*. s7vel Prosper Securi tiroLl 

1B3 7 ?M2 IVIlenn IfnlVs ' « * m% 55*4 U ^^38 8 41 7[ H 

nV n Al fS Perporual Lolt Tn«*l Magmt.it la. f^jr.-'.-T gS S3^ 

lAccum Delta-. Si nj IS *8 Hart St , Henlry on Tbatnea 849128888 I'div Growth — » IS* 77.31-1 

Pp^tualGpGUl .... [452 48 51 +0.R 333 Ineroaalng Income Fond 

Guardian Royal Ex. Unit Mgrs. Ltd Piccadilly Unit Trust (aMb) High-Yield....... [585 62. *j •>( 

Royal Exchange FC3P2DN fUdOMSU A tiny Cibhn VTdt Trust hw|ei Ltd. High Income Fond* 

tag, Guard Ml I Tst [998 1025nl *8^ 48* 3. Frrderirka Place. Old Jewrx-. EC2R BHP. «*Ch Return . .. [714 767J +1 

0I-5B8 4fIJ mcoine |H.4 +[ 

Henderson Admin*: ration* fftKcWg) Extra incmr . 311 33tM .. . ujl f bw u 

Premirc IT Arltmn. 5 Rajleigh ftuad, Hollar. Small i’ns Fd . .. 41 1 48.1 .. 429 t’REquIlv [46 * 50 4| +( 

B.-mrwood. Essex. (B77-Z17234 Cttdml Fond . 47 6 5LI *02 3 SO Oxnrseaa FmMstU 

Funds i£“f n L6 Aaftr *»- 4,8 • 370 Europe W17 *861-1 

Cabot "Srouery...- I — 58W.-..1 6J« K^Ti, r ' 1 S' 1 ' ‘i • S3 *23 Ja P v> UDO H2 iS-[ 

Cap Grm»1h7nc . U*8 538*3 250 - ** 5 }S -.[75 4 11 Oj -J 

Cop Growth Acr. Ell 5442 5*9 iS ' £a S| J S Sect*- Funds 

sSSSancinFt^kl'.Si 1*1 3 80 IS? ’ « 5 “f J 

Hich income . *167 0 tlu *02} 7.SS Prnctlral (nvest. C®. LtrMf fyMc) Ffnancii“5ec*'~ 'W.4 £ oj Hn 

Cabot Extra Inc. ._ . [61.2 64 4nJ *0 lj X 13 44, Blnomaburr Sq WV*)A 2RA 01^8238803 Hlgh-KUlraum Fnnda 

SKSl&rS! gi^a fgJKriar- mt ffi!l.; j IS S 5 S: gl 5 »S|;[ 


031-238 735J A-riJlJi I lain --+(73 8 7811-44 _ Special Slta. |3J 

i ties Ltd. V Wilhdranal Untta-p* 8 57*^ -3^ — .. _ 

tues uu-T -StBcan British Oittal Fond ^ TSB Unit Trusts 

4! 71-431 -s* •5 tolldar f 1 . —iSs? {|63[ . ... J 4 83 2). Chaatrr Wa>. And, 

SiZI'M ? Sf ACCUBV L nit» . . -JMJ4 ]gl *| [ 4 83 Deltmem 1, 

77 31 - 0 sj 214 c . D ** I SL T ? 1 i«* W * d ' . j )hTTSB General .141 

77.31 DW Z14 Sun Alliance JFBnd Mngt. Ltd. ibiDo. Acrtim ... 6! 

*39lua3( *73 Sun Alliance Hari Horsham. 0403*4141 '}»* ?2 B a^S?Z?* " u 

m«i is SHE-- 

<53:81 iS! l tS,2?S M u„ ». 


*11 PO Rmt*?. ttonglai.loM 
4 73 ARVAC -Sept 4 .01*7774 

4.73 CANRHO~SppL4-£L065 


Samuel Montagu Ldu. Agts. 


22 S 4.73 iCANRHO-i 

T4.4 *0 y 7 30 COUNT “S« 


Ml Fond 

3* 156 3} .... I 4*3 
'»* W * i 4.83 


TSB Unit Trusts (yl 
21. Chaatrr Wa>. Andover. Hunt a 


issued at *5lo and 


— . 1 14. 1 Hd Bmad Kl . E CS 


62.91-0.31 672 “ 


DexliB 

<hTTSB General 
■ biPa Aecum 
1 hi TSB Income 
ihi Do A ecu a 


TO ASM 03432-3 
189 52 Sj -051 

13.1 67.5] -0 0\ 

55 4 toil -O.a 


Bridge Mansgement Ltd, 

0384 62)88 p 0 W*. Grand Cayman. xTa'nian )«. 


UJL Funds 
Cabot Refox+ry.... | 
Cap Growth Inr . U 
Cap Growth Aer . [J 
I.XLome t AsscLx . [) 
High Incomr Fhads 
High Income ... |i 


High Income . 
Cabat Extra Inc. 


Financial* (TV [274 

Oil A Nm Rea po 3 

Inlrauatloaal 

Cabot 1*3 0 

JDiemaiumal .. .,374 
*W W.deSrpi.!5 ..fe * 


l: tei iM 

Foods 

... 1670 TLU -02} 

ic.„.|iU 64 4w *0 1[ 

X-...K74 29-21 +9.2T 

po 3 32.31 -Oil 

- . . 1*3 0 9*11 -B 31 

la:B* 


in PrwwoFirad MS 

S2 Aeeutnltr Fund. . . 70S 
9& Tocbnologv Fund . 67.6 

sSssEe/Lij ' a? 


4 28 UK Equliy [46* 

3 80 Oimeu Fnhn] 

3 70 Europe W17 *8 6[-La 

350 Japan hB43 112l3-0W 

180 [754 810|-ia 

MS Sect* Funds 

Commodity.. ........ |82 4 • 88 Sal -01J 

Energy ....tel 77 3 -0 S 

Financial Sera . 175.4 83 Of -U 3) 


in Tssgsssffi 

«a-L3 3^1 tsggzrx 

4LK>. Acc Unlta.’-- 
B10|-lBj 130 Target Gilt Fand^J 
TarSet Growth ._ -> 
■ Sal -0 1J 3 58 J artel InU . . 

77 71 -oS 171 Do Heine 1-nils. .. 
81 Of 'D lj 3 03 TjrR« Inr. v 
Tn I*r. Sepi 20.^, 
_ _. . j Tplac 


IS *ss-;ah ibStj H i Seh! 


:3og .. . 

3257) 

122 & «o: 

32 i,a -0 : 
?98re -0.) 
3341 -C.) 
J7B lO.J 

175 a 
35 1 *4 1 
i< r . ... 


3 47 War) rg Street, Bel fas •_ 

428 1 biUlsior Growth . (403 <J3I-02| 4 91 tra^xl s’Tst^u'"- I e2-42 *; 

6» Unit Trust Account & Mgmt. Lid. Jf ^ 

?2o King William SLEC4R BAR 0I4B34B51 & Tv K 
431 Trim* Hse F)ra4_ QTJ.8 US H .. 1 4 22 lnUHsh tniTrt.. ...|Sr*«M 1 

5 sj WielerGrth Fhd ..132 8 346d 4 3* 

145 Do Acrid - [36.5 40.6 J 4 3* Value Scot. 13. Next dexJinr 


N'boahi Sept 1 , .( 537.021 I .. [ — 

- GJ.O Bn* 900, Hone Koti£ 
l “ Mppln fd hcj>L 21IS153U* SM-O-UI 8.77 

_ 674 Britannia TbI. Mngmt. (CIl Ltd. 

102 lj -oJ| 2^ »BsrthSt-.Sl Hell*r.Jeney. Q53I73114 
Sterling Dcooaunaird Fdj, 

GrowtKlmexi .. 138 4 4151 ,.| 2M 

loUil.Kd r*7.1 105 <H . .. . 100 

Jorecy EnergyTiL Il44 8 lSfcjj .. | 1 SO 


117 Jerayti'iSept- 190224 12 (7}-65lj — 

Murray. Johnstone (lnr. Adviser) 

163. Hope SI.. Glasgow- C£. 041-221 5522 

’Hope St Fd .... j 5L"S4fl 91 I ... I — ■ " 

■Hanxy Fund . .1 5US12J* I I — - ' 

*NAV September 16 


3 9$ Wider Growth Fund 
7 » Bingwuiiam S l EC4H BAR 


014Q3 4951 L'nixsL STsL. ...IttWU 
U3M . | lnLHUhtniTrt.. ..iSTSOW 

40-6 J * 3* Value Sept. 15. NeW dea 


N*jfit S.A. 

2 M IOa Roulecnrd Royal. I.nxemVntrg 

NAVSepLIS .[ 5CS1223 | [ - 

LOO 

12.00 Ncgil Ltd- 

Rank of Bermuda Bldgs. Hsutllloa. Mb 
— NAV ScpL 15 1£6 82 — [ | — ' 


i, 


INSURANCE AND PROPERTY BONDS 


4 * 3* value Sept- 15. New dealing September 23. Pboeniat International 

PO Box 77. FL Peter Port. Goerrixey. 

Brown Shipley Tst. Co. (Jersey) Ltd, inter-Dollar Fund .[243 263)-007] — 

I 4M P.O Box 563. St. Ilelier. Jeraey. 1 ©3474777. 

"" I 4M szeriins Bowl Fd. ..[£30.04 10. DM I im Quest Fuad MngmuL (Jcrgcyl Ltd. 

_ _ ... PO Box 194. Rt Helier Jeney 0S94276U. 

— Butterfield Management Co. Ltd. tjue*su £ Fxd.iai.l*L3 *721 _ * 

P.O. Box 195. Hamilton. Bermuda Quest latl. Seco. . . ai'SSXl 183R . J — . * 

,* Ruttren Boultv IP'StSl 2621 ( 148 Quest InU. Bd. .[SCS974 W37[ I — 

S 2rii " i 7 34 Price a: Sept. 3b. Next dealing Sept. 27. ' 

Price* at ScpL 1 1 Next sub. day OcL 9. 


Quest Inti. Fee*. . . Sl'SSXl MB S 

14fl Quest InU. Bd ttCS97* VBT\ 

7 M Price at Sept. » Next dealing 


Capful International S-A- 
27 rue Notre name, Luxembourg. 
Capital Irl Fuad— t SDSHJ2 [ 


Richmond Life Abb. Ltd. 

48. Athol Street. Doaglat. 1.0 Jt 


Charterhouse Japbet 
L Paternoster Row. EC-L 

Adlropa IMOIU 

Adi vprba DM5428 

Pondak ..ram* 

Fondia _ . . ram 64 


"urg. (xlThe Silver TniaLlXOiJ 110«*04| — ~ 

22 1 — Richmond Bond 97 11803 J**4U *02 1879 

Do. Platinum Bd. „.5a,7 13S 41 +2 U - ' 

Do Gold Bd. . _ 1153 12L« ^lil — 

0J 3iJ|a|8B Do Em. 97/02 Bd _ [166.9 175.7] +o3 1L» 

440 Rttthschild Asset Management (CI4 
2$2r!H£ f?? RO^oxjSa.Sl Julian* (XGuernaey.tHaiaBast 
ruivfnr Fnnif ^a' 031 MX O C.BqJf. Aug al . B7.4 66.81 ...| 168 

Emperw-Fuud ... - o C Inc Fd. Sept 1 J161J 17L« .....I 6JU .. 

"wuo IWH1J4 OOt 2J0 o C.Intl-Fd.» . . . _K1 36 1 a3-S.Ih! 1.21- 

... WSmCoFdAugSl .[1540 lWittj ...!1 3.B8 

Ee«l Ltd. Oxl Commodity* .._]l45 J 135 j] 4.16“ 

053437361 O C Dlr.Comdty T_ ft26M JOUj+Uwl 0 66 


. . . OCSjnCoFdAllgSl .[1540 — - 

Clive Investments Uersevi Ltd. on CommodUr .-|l45J is 

P O So* 320. St Heller. Jeraey. 0534 37361 O 30 , 

CUve Cllt Fd. iC.I j .{* 12 9g4|-0Jlll 11. DO . J!*” S*PL .U Nexl dQ* 
ClWiHltFd U«.>i*.7* *.nl-6aij 11.09 TPrieei on September New d, 

CornhiU In*. (Gcernwyi Ltd. R-tlmohlid A«ot Wwwt t 

P.O. Box 157. st Peier Pen. Currnaey Katnscbild Asset Mngt. ( 

lntnl Man. Fd (1773 1«5.0[ ..._.| — Bo* 864. Bt o! Bermuda I 


Rothschild Asset MogL (Bermuda), 
P.O. Box Mi Bk. a! Bermuda Bid, Bermuda. 


Delta Group J«tin*l sabsertvdon p 

P O. Box 3012. Naaaau. Rahaava*. , . _ _ 

Delta inr. sepLU_|SUS2J6 L27[-o.i8[ _ Rayml Trust ICD F( 

P.O. Box 104. Royal TfLH 

Deutsch e r Inrestment-Trnrt RT.inti.Fd. pns*J 

Poatfach 2095 Blehergaase 9-10 8000 Frankfurt. 

Contemn [tStUSTO MMI-OIM _ P * 1 “ s Bl SepL ia Ne 

laLRentonfonda. [IU4ULM 707fl| ...”| - „ . ^ 

Save & Prosper lul 

Dreyfus luiereautinental luv. Fd. Dealing to. 

P O. Box K3712, Naaaau. Bahama*. 11 Broad SL. gL Helier. J< 

NAV Sept. 19 (ffSUM Dig -0.43 — i:3L DeHar-dDneaalaated 

Dir Fxd.tat—*.. .[*39 

Eumob & Dudley TaUHgUriy.Ltd. lg? gtt»3 -ft“ 

P.O. Box 73. St Heller. Jersey. 053420901 .NmTh AmmcwV Kil 
EJ»J C.T. [UL4 U* « | 339 Sopro-J. _(Sj* 


Reserve Asset* FtLJ SU5303 J ... .f - 
Initial sabaertpdoa price until SepL 38. .' 

Rayul Trust I Cl) Fd. MgL Ltd. 

P.0. Bo* 194. Royal Ttt Bw . Jeraey. OS34 2744t 

Prices at Sept. 16 Next deallni SepL 38. 

Save ft Prosper International 
Dealing to. 

37 Broad St. SL Helier. Jeraey 0834-20601 
USL Del lar-doMml mated randa 

plr Fxd.lat**t— |*J9 **M 737-- 

InlemaL Gr.*J [8.113 8.6*1 — 

FhrEaoiernt K.« 57.1* _ 

Nmxh Amen can *X Kil 4.49 — 

Sepro—J [153* 17041 — 


Eurobond Holdings N.V. cSi*!rl5^£?!t3«!^4J ,,,ta 26831 *171 234 

Handebkade 24. UTUIematad. Curacao fhMmel Man, iM... (160.3 1MJ *L8 4 CO 

^^fe 1 ^ 5 88SSSr fcer8L - Ect ?SSSir^:“te2 JSi :.- 

F. ft C MgmL Ltd. luv. Adviser. **“ Uy 


^ 0BA - Schlesluger Internatteaal Kngt. LtdL 

CenL Fd. SepL 13 — | SDSL 75 [....[ _ 41. La Motta SL. SL Heller. Jeraey. 0S3413SBB. 

S.AJ4. 181 I* -lj ID 

FideUty Mgmt. ft *«. (BdaJ Ud. = :E? jSS 

PV. Box 870. Hamilton. Bermuda. XmL Fd. Jeraey.. _! ffu ufl + Tie 

Fldriily Am. Ax*.- J SUS29.0* }... .] _ lemlJ-dXxm&r*... kosili* U^-DIM - 

ridnUtylnLJW.I SUS»24 { ... _ 'Far East Fund- ,.(lo2 Wg H IB 

SSSIgSBdtel ISM® )-d r * Ntxt “ K ^ ^ 

Fidelity Mgmt. Beoearohaeney) Lid. ^J™***™* £™ np . v 

Wumtrn Hm.. rwva St. s» im..- Ewerpnae House. Penamogth. 


Waterloo Hoe.. Don St- SL Heller. Jeraey. 

0534 27981 _ 

Series A iVbuA) — } £43* ).-,.[ — ®*^ ts — 

Serlc* B fPacmc,_. ( £10.1* | _ SEjpncr 

Seriea D (AmAsdu) £1*38 4 — Intere* 1 -... 


Inlernatienai faoda 

_ ®rtitS 1122.6 


EFJxed Interest-.. 1403 
SFIxed Interest .... 106.8 
£M*naged . .. 1343 

SMa Doped 125.1 


EKSft SK*" - *»-- B* . ■■'I = ' 

5A PxUMaiMiod^ SW17 sj h * ^oisaoTraT J- Henry Schroder Wagg ft Co. 13d. : 

f;*J-^|LC7njrtt^..P*3 Vjm*9Z 230 lao.ciwapside, E.C2. 01^884009 

Fsl Vk Dbl OpTst. [6* D 73.oi ....7] 4 10 ChepSSapc. 10 , 1 SUS12J* I ...I 233 • 




Fleming Japan Fund S.A. Attop f? - Si _ . 

S7. rue Notre-Dame. Luxembctu/g j’lmlTFASMtlu 5 ' 

Doming Sept 19-1 5US6131 J .....J - 

Free World Fund Ltd. Sentry Aisurao 

Butterfield Bldg. Hamilton. Bermuda. p .° 80,8 ^ ,, * n> 

NAV Aug. 31 ..J SCSI 94.91 [..._.[ _ Managed Fund — 

G.T. Management Ltd. Singer ft Fried 

Park H ae- 18 Flaabura Circus. Lopdoo ET2. 20. Cannon St . EC4 


ChenS Sepc. 19— 

Tra/alcar ahjl 3! 

Asian FU. SepL ll . 

DarllngPndSepf !9. 

Japan Fd. SepL 31. 

Sentry Aim ranee laternatlonaj Ltd. 
F ci Box 328. Hamilton fi. Bermuda 
Managed Fund .... [SUS2JM 23381 - I — 

Stager ft Friedlander Ldu. Agents 



Tol-. 01-828 8131. TLX. 888100 
London Agents (or. 

Aaebor*B'Dnita... .BC5187 u« 

Anchor Gill F-dge . £9.86 * 9* 

Anchor int. Pd,... . (CSS24 S3J 

Anctocln.Jsr.TW. 313 3JJ 

BernFacPd. .... ius54*4 »<ud 

Berry Pac Strl* 329.80 34424 -520 

G.T. An* Fd IHKlan U3S -0 09 

G.T,Anla Starling. . £16.65 17X7 -ft 47 

G.T. Bond Fund SUS13R1 4006 

G.T. Dollar F«L ill SB. 03 „.T1 

G.T-PacilirFU SUS1640 _ . | 


Dekalondx — . — [DHZ661 781*1 -ftltt 
Tokyo Tst Sept I -I SU3 48.8t[ .. 7j 


^ *® Stronghold Management Limited 

2 *0 PO Box 315. St Helier. Jermy. OSM-71489 
0.73 Commodity TUiat. [92*3 *782[*286[ — 

• 87 

- 1 w SnriBTBDt (Jersey) Ud. (xi 


C.T. Bond Fund — JUS13.B1 U«Ml S36 Quern* H*e. DoU. Rd. St Hollar. J*y. 0834 2T340 
^TDollorTrf-. _ . in SB. 03 „.T 0 j 62 American lnd.Tfl...|£7 00 T-tTI-Oiil „ - 

G.T-PaciflrFtf 1 $ LSI 6.40 j [ 0.93 i>PJ»*rTni« YOUM lU5{*O.Ol| — - 

Jxp. IndexTtt |£1LU 1162i-«jH — 

CarUnore Invest Ltd. Ldn. Agts. 

2. St. Mary Axe. London. EC3 01-3B3AT3] TSB Unit Trust Managers (CM 13d. “ 
Chfftmmre Food Mott . HJp Eattt Uft Bagatelle Rd.. SI Saviour. Jeraey 0S84734M- 

lrKX,^^^Ta Hl, ^aCT* IW !i l Si ,lA ?' K fSF Jrrtej-Fund .. . I51J 5421 ...J (« ■ 

jSfnmS‘ UT,t ■— T if 8 Guernsey Fund 153.5 5*3 .. .. | 4 4] 

N^^Ttt-feilS US .7! ? M KWm SapL “ W mb **, SepL 27-: 

s “ ™’° noM.„, n.v. 

P.aBox3E.J»oucl»*JoM. «C42tDU )nti«u« Management Co N V . Curacao. 

Gartuiore jml. lac ®.6 75 11 . I 10 ja NAV par ihare SepL 18 5L* S.70 19 


Gartmere toveatium Mott Ud. 
P.a Box 32. DonglavJoM. 

Hart more Inti, lac W.t 75 

Gartmore Inti. Grtii[77 2 82: 


_ . 082423811 
7511 I 10 ja 

82i^ . ... 220 


Hambro Pacific Fund Mgmt. Ltd. Inl £„ Uintcrme 
21 HI. Connoaght centre. Hong Kong v *v nor cha 

Far East SepL 90 ..HfflOSJt uaTT...! - ^ 

JapmtFuS^ ....ks*36 [ _ 

Hambro* Bank (Guernsey) Ltd:/ p.o. Boa usa n*a 

Ltd- ■ 335E«ae= 

P.O; BoxSft. Gaernsej, 04BI-2GS21 3-Wfty Iru &epL21- 

jni^ n d ~ TuS^Mi lU2s| i: ; :4 US ISSMtSf 1 * 

S: .5. SiaJ-5 ' “3 | - American SepL 21 

Prtc‘e* on Sepc IIBcext dealing sJl 27. jeraerFtLSm.«' 
Henderson Baring Fond Mgrs. Ltd. GlMTOiJdSe^ik 

m. GaanaoB Haw, Rons Kong. >A«uun. Shares) -. 

Japan Fd. SepL 30. J5DSSL7* &7U-027| — VbcUwy Howe, DttO 
Baring Head. Brand Fd. SepL IS SUS 10.446 Managed Aug. 37—1 
♦ Riri nx l v* of any prelim charge* 

Fssrt t — ui. ),%',:!£ s 

8 ImFbbvre St, Pd*r Pott Guernsey, C I t : i a Fund - ... .1 

C aero *ey Ttt [165 7 177.3J^0fl 3J6 

HUI Samuel Overseas Fund SA S“J£fS!2L T 
37. Rn. Notro.DamttU»cmWra ujcTM m.?£ \ 

i gnan aiq ... \ 0 2« nr o* 


Tokyo Pacific HI dm. (Seaboard) N.V*.* 

] ait mi < Management Co N.V. Curacao. 

NAV par chore SepL 18 SU.S31.14 li. 


Tyndall Group 

P.O- Box 1254 Ramil ton 3. Bermuda, 2470a 
'TvcTceasSepLM.-W^H lM-O-tBI 688' 


>.AcRim. Shorea) 
Vkmry Haase, Dong 
Managed Aug. 17—1 


MM*7Mlfll - 

iS2 +S.4J 


litd- lntnl. Mttgmnt. (C.L) Ltd. 

14. Mulcaater Street. 5 l Helier. Jaraor. CI 
L' I 8 Fund - KHIMS 1K15[ .. ..[ 7.**-- 


Unltcd States Ttt InU. Adv. Ce. 
14. Ttne Aldrmger. Luxembourg 

lira lnv. Pod. 1 5US1114 I 4 « 

Nr atari* SepL 19. 


1 axu re nee plana, i siaoia- 

ornnW'? dSSESffPfet 

Ex:.« > biSr , " yjW “ * SiupeSdBd. 






































PANTHEON SECURtTIES LlMfTED 


Lose Broken 


A toflitlp neworasepr ir fmenca 
far industry and ccvnmucc 


W rile for ir.'i noanqn 
tm (be m .ben eft u of lew 
xutecripuon finance, 
■ring whei her iasor or ieoce. 


Carrington Hnint 
130 Regent Swti. London WTR SBL 


JB. Pantheon Secnrities Group Limired 


£ Financial Times * 

FOOD, 


FT SHARE INFORMATION 


BONDS & RAILS— Cent. 


BANKS & HP^tinued CHEMICALS, FLA^TIUS-Cont ENGIN 


aaNii 


m 

ffigh Low 


BRITISH FUNDS 


197* 

High L*" 


Stock 




55 

77 

88 

91 

*25 

, 87 
160 

*gP 

bwn 

97 


“Shorts” (lives up to Five Years 


305% 

97 

*75. 

104 “J 

96% 

1D3% 

J025V 

951* 

110 r 4 

306*4 

915. 

• 101 J 4 

iodt 

ST\l 

• 97* 
111 
99S, 
85% 
315?, 
W, 

1% 

Sfi 

lWU 

1001, 


191 A 

94?* 

951, 

98 

M 

£ 

86*4 

955, 

915V 
94 '4 
85 s , 
95J< 
102 % 


877, 

lW* 


39% 

91i, 

89% 

791* 

1001; 

89 s , 


*T 


95, ! 


rreasur. ii'd* •*?-- 

Tneasuxj V •9K 

Fleetrir-fcpcTA.TS* 

Treasury K“jpc 793 _ 

Qertm'Sijpr 76-79 _ 

Treason foe 15003 _ 

Treasury 9*jpe "803 — 

Treasury 3%pc • ■ 

Fundi n e pc 7&H03 - , 

Exchequer !3pc nfPrij 
fTreisorrlll^jc 13813. 

[Treasury 3*jj>: 1975-71- 
[treasuiy^pc 13813- 

Escn. Ape !9£l 

'Exch.S’.'P'.' 19R1 

Exch 3pc 1981 ----- 
Treas Variable H!»# — 

Exch. IZkpe ISBitt,.-. 
Treas^ipcWSt: — 

Treasure 3pc ■823.—— 

TreasuiyHpc 823 — 

Treas Variable +£11+-- 

Treasury Ape "82 

Esrh S', pc 1582 

fc.ch.8Lpc 1983 

l&crhttpc "83 — 

(Treaiury I2pc 19833— 

[Treasury Ape 83 

Five to Fifteen Years 

Exch (OpclflKto 

Funding N;>pc 

[Treasuiy 


ft 

97%$ 


ICO** 

BV 
99 
98 - ? j 

93 V 

94% 
103= L 
1 M 5 J 
89 *« 

97ffl 

93 ’* 

95 fc 

86 X 

95 * 

igA 
93,-- 
Mtt 
107 .i 
94 W+/ 
9 H. ■ ' 
92j?A 
90-;’ 
Sljl 
101 $, 
9H? 


-is 






it 


mj 4 

311 

437 

1041 

365 

909 

960 

373 

557 

1252 

11 41 

3 50 
10 85 

332 
9 53 
348 
9 76 

12 33 

4 06 
353 
1303 

4B7 

5 02 
996 
963 
3 66 

1179 

1011 


133 
680 
6.85 
9.60 
7.28 
9.77 
1018 
732 
8 89 


42 

65 

79 

140 


94 


Stock 


.Bung. T4 Ass. 

ucela«i6'tfc®fl8 
Ireland 7%pc -81-83 
Do 

Ast— 



Peru’ . . 

75p SOI 8>«c I860 

Turin 9pclB91 — _ 

rurin6hpc 198} 

Cnwus?3%jE 


Price 

£ 


50 

68 

83% 

801 


B0%al 

400 

72 

140 

ft 

DM91 

97 


+ « Die. *9 
~ Gnu 


N 

YHd 


4% 


k 


6 

3 

•9 

fe 


559 

U50 

12.65 

1256 


10.70 

217 

867 

952 

8.80 

3.60 


157* 

High Low 

42 
105 
330 
£78 


Stock 


US. $ St DM prices exclude lnv. $ premium 

AMERICANS 


ITS 

High Law 


Stock 


10.92 19** 
11.031 33% 
828* 23ia 


1116 
1103 
1128 
839 
976 
1138 
10 97 
815 

1157 
11.11 
11.04 
11.52 
1146; 

7.92 

1150 

1158 


jTresuuiyTSpc ■8W8R. 
[Transport 3pcTM8 — 


Funding 6^pc1 


Treasury Sjxr 3 

Treasury l3pc 1 


19908- 

tTreas my ff * 87 90tt— - 
[Treasury lApe 1991 — 
Ktingiito-BTglit- 
'aaryCV^- 

asury lOpc 1992 

97*ilE^l&pc , a2 

96i,rareaHiryT5jw'93tt_ 
603* [Funding 8pc 


Be 


st 

,9t 


103% 


99% 

102 % 

62% 


10 73 
6 65 
970 
830 
9 55 
468 
7.52 
1244 
10.33 
1221 
877 
1254 
1163 
1241 
1252 
9.62 


1178 
973 
10.88 
1036 
1102 
8.48 
10.11 

1223 

1139 

1233 
1034 

12.46 
1213 232 


1244 

1251 


1129 


Over Fifteen Years 


104% [Treasury' 13*pc lB93£tj 
110% Treasure 14%pcW8i 

97% Each, tfjpc IflM 

76% Treasuiy&pc'W} 

93 fre«ui7l2peV5 
43%. Gas3pc wl» — . 

82% Exch. (Ape 1095 


Exch IApc 1085 

Treasure £& pc ■JKt— 
76% Treasmytocfevett- 
134% Treasury l&xpc ‘96ft— 
101% Exchequer ftpcUt, 
42>* Redemption 3pcl98&86_| 


100% [Treasury 13^97tt- 


85 " [Exchequer l(%pc 199T. 
74% Treasury 6Vpcl897t4... 
60 Treasure WpcT&SBtt. 

117 Treas. ISareW 

93% Exch. 12pc 1958 

77% Treasurers* l9BP£t_ 
83 1 * Treasure Hli^iclW — 


99* IfUch 12pc-SMSL5pd# J 
34% |Fhndiiig3%pc'W^4 
66% [Treasury ^jc-tC-Ott.- 


111 % 

113 

300% 

ft 

ft 

105% 
78% 
122 % 
109 
44% nJ 

W 

76 


11® 

10fi% 

81% 

39% 

96% 

•£;s 

S’- 

9®2 


1285 
,1293 
!l257 
,U3a 
1244 
. 662 
1197 
|1260 
1151 
13.11 
12.71 
6.79 

1271 

12.16 

1159 
10.94 
13.04 

1251 
1183 
1223 
1256 

960 

1160 
1159 
13.97 

1252 


13 

14 

6 A H 

at 

a‘ 

u 

?;■ 

25 

m 

9 

25% 

29% 

47% 

32% 

26ij 

40 

m 

Ei 

at 

St 

18 


12671 

lliw 

123d 

9.681 

1228. 

12561 

1201 

1263 

9-551 

12.69 

1235) 

12 

1L 

1286 

1255 

1217 

1240 
1262 
10 91 
1203 
11.B6 
1205 

1252 


52% 

21% 

? 

42% 


31% 
17% 
29s 

ft 

9 

St 


Undated 

30% (C«L«uIs4pc 


29% | War Loan S.^c». 


33 [Caiv3%pc'o 

23% rreasury3p>r68.\fl 

19% Consols 2-jpc 

19% (Treasury t>sr. 


W 

35%<ri 

23%iJ 

2a\a 

203 


112.43 
.1132 
937 
12 51 
12 07 
1246 


88 


INTERNATIONAL BANK 

I 82 j5pe Stock 774B | 62%|>% 1 6.08 | 10.661 


CORPORATION LOANS 


9S% 

94»* 

107 

112 

W 

» 

99>* 

97% 

92% 

76 

ft 

ft 


93% 

8®* 

100’* 

100 % 

90% 

90% 

90% 

25% 

89 

94% 

84% 

7 & 
65% 
66 
2 2% 
91 


S* 


am9%pc1»81- 
BnstolTVpc vMI 

gj.c izxjpc-a: 

Do 1215 c 19R3 
| jbsgo-c 0 1 *pc' 8 rs«: ... 
Herts. 5%pc73A)„ .. 


yvcn»<>i 9%pc T*VS4- 
Dp3&1 


ro 3»3 >c utm 

£/m.Grrp.9 I «pc'BM5. 

[LCXfipc 76-79 

Do Sip: 77-81 

Do5%pc82« 

DoOljpcTMT 

Do6%pc-B8-90 

Do 3pc 20 Aft 

Middx .=3*pc 1980 


N.'ew. i astle9'*pr 7830 
WanickEijSUW-. 




ff -i, 







Hi title 


li 

' X? 


It IL 



L * 



r j 



t .- I 



(ib f 



■.Vji 



| Hr- 



■ - 1 ;,i 






t :p 







Hnrl 




1139 
1173 
1379 
1207 
1L6S 
10.04 
11 4d 


llltJ 
8 69 
102| 

10 li 
10.9S 

11 M 


10.42| 

11.11 

11341 


COMMONWEALTH & AFRICAN LOANS 


-88% 

99% 

96% 

S7% 

.95% 

70 

96 


82% 

W* 

92 

81% 

91 

50 

75 


Agut-SUpc 1 77-BO 

r>n. Pipe 3182- 

NZ4pc 76-73. 


Dafoe 7580 

Do. T^pc 75-86 

Sfc..V&caSi J pc7WL 

I^.Riiod 2%nc 65-70. 

fe foe 784! 


95 1 


586 

82 Vd 


663 

99?« 


4 05 

V 


643 

923 

95 


1040 

51 

-2 



75 

-1 

— 


10 74; 
1151] 
9.92 
1106 
1316 
12 921 


64% 

90% 

35% 

154 

95% 


80% 

87 


LOANS 

Public Board and In<L 

A«nc.a.Spc5M8_ 

.\fcinl0%pc»« 

iletWtr.3pc-B' 

Jl'3M.C.9pc 1982 

Do wi thorn Warrant*- 


61% 

841; 

28x3 

144 

92 



8.28 


12.88 


10.77 

-1 

639 


1000 


1348 

1330 

1242 


1260 


107% 

110 

114*2 

85 

99 

99% 

» 

St 

SL% 


Hoi 

102 

102 % 


Financial 


FIT 13pc 1981.. 
[Da 14pc79 


* 9 S 


893 Z 

90% 

90% 

62% 

61 

73 

68 


HCTC5i J pcDeb.»82. 

Do.6%pcDb_ *81-84 

|Da 10^c UosXn. 86- 

Da llpc UnsXn. "BB _ 
Do.UApcUosJJL'SO- 
Dal%pcADeb.'Bm- 
Do. 7%pcA Dh. -91-04—. 

* A' W-W 

Ln. '82-07 


ia ® 2 

107 


81> 


93 

94 
97 
65%. 

62%xS 

74%xd 

72%xd 


1268 

13.93 

1324 

16.75 

18.19 

1356 

1399 

1244 

1349 

1360 

1212 


T7 7g 


1370 

3294 

1245 

1300 

11.60 

1230 

1250 

1260 


ash 

1280 


1280 


1978 

High Low 


24 

41 

98 

415 

54 

51 

44 


17 

33 

, 98 
[350 
46 
46 
40 


Stock 


Antofagasta Rly_— 

Da5pcPreL 

Chilean Mixed 

German Yn?.4%pc. 
|Greek7peA®.— _ 


(Do 4pc Mixed Ass— 



Prim +«r 


Bed. 

£ - 


Yield j 

24 

__ 

_ - 

41 ...... 

— 

■ 

98 

— 

£3.10 

411 

4 * 2 

• — 

52 

3 b 

«.90 

50 

f 

{6.04 

42 

4 

£5.05 


18% 

21% 


975p 

22 

40 

?! 

49 % 

97 Sp 
i4%r 


13*2 

59 

22 

if 


18% 

2 * 

13 

625p 

857p 

41% 

28% 

32% 

in 


su 


Baker InraL 
Bane* Grp 
Bendn 
Beth. Steel 
Brown'g Fa*. clBj. 
Brunswick Corpn.J. 

BurroaEhsCorp.S 

CBS £150 


|CPC.P» 

(Catapiflartl 


& 

& 

St 

22 

17% 

2®* 

670p 

11% 

20% 

26% 

16% 

38% 

S* 

28 

750p 

"B 

735p 

705p 

18 

20 

9 

St 

15% 

9 

14% 

255p 

St 


g SThtaSliS. 
bronghSl — 
ter.. 
rpM 


Colt bids 51 
Cool [lUnusSlO— 
CoaLOilSS.— . 

Crown ZelLS5 
Cutler-HaminerlS. 

EarooCrp-SOAO 

Esnark 
Exxon n 


865p 

21% 


111 

281 

365p 

m 


.ASA. 


|AMFS%Com , .'87— 

AmaxSl- . . 
[Amencan Express. 
Anw. Medic lat_ 
Asarcobc 


niylm-.SL25 

Do Cm.Prf.BJl_ 
[Colsate-P.SL 


FlrestooeHreil 

[First Chicago. 
Fluor Cora. S% 

Ford Motor *2 

BATX 


Gen. HecL52% 

[GdletteSl 

Honeywell SL50 

[Hutton E.F. 


LBJLCmuSB 

wO-RSZ 


ilneenoll-' 
pm. S^eos 6 CM. SI 
ILI-Jtaernatkmalll 
Kaiser ALSfj 

ManL Han.CSS750 

Blorgan IJFIUSS25 
[Norton S«on Ik $L| 
Jowens-IU- S3.35— 


Wnaker Oats USK. 
IReiiaK 


lance S025. 
[Rep X.Y.CorpL»_ 

lRexnorri55 

Richdsa. MrrlL51% 

[SauDB-FiSl 

'MJOilSl 

StngereSlOi 


[Speny Rand 5050. 
riWlnc. 


Sl% 


18% (Tenoeco 


Do lTaLu. Stk.9185 
505p TesoroPlliSSOffij- 

16% Texaco S655 1 

22% Time Inc. 

TrusameriraSl— 
UldTcfh.Sl=S6— 


I 73 * Si. Steel SI 


Woe 1 wort tuSSj 

Xerox Corp Si 

XodicsIsic. 10c 

Zapata Orp 25c. _ 


20% 

59 

34 

25% 

20% 

11 

23 

17 

28%rf 

17 

lOxd 




56 

42 

37% 

43% 


173*: 

861p 

aP 

S' 

27 

W 1 

. 24>a 

41 1 

20xd 

* 


if- 

47 % 

15% 

208 


18% 


28 

35% 

»2 




20% 

513p 

$ 

St 
28% 
147 
742p 
18 
34 
13*2 
31% 4 
19)j 
15% 
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*4 


+ 


+% 


it 


-% 


-1 


+% 


-H 


3 


5 


+% 


-% 


+% 


Dir. 

Grass 


80c 

5^1 

51.75 

$1.40 

30c 

40c 

64c 

90c 

S2.28 

$ 1.00 

50c 

70e 

SLOO 

S2.40 

52.70 

5380 

$220 

94c 

5300 


fif* 


00 

$300 
52J0 
5344 
S3 40 
5390, 

MB'- 

S3 84 
53.20 
5310 


8 :“ 


■120 
$320 
52-50 
$ 2-20 
■ .60 


Iso 68 ■ 

S1352 


53.00 

25c 

95c 

5360 

52.08 

5220 

76c 

51.16 

J120 

15c 

5300 

88c 

90c 


$380 

80c 

51.32 

5380 

52.00, 

1F& 


52.00 
£0% 
80c 
52.00 
51.60 
51 40 
5200 

S£ 


Cn 


3.9 
£5.0 
26 
28 
0.7 
39 

1.4 
27 

4.0 
29 
25 

2.9 
0.9 
29 

3.6 
20 

4.5 

27 

5.9 

3.0 
42 
53 

3.4 
19 

33 

34 

4.0 
37 

3.9 

4.7 

4.4 

5.7 
3J 
21 

5.0 

5.8 
29 

35 
23 
22 
25 

3.5 
0.7 
52 

3.1 

3.8 
12 

28 
3.5 
33 


3.6 

3.1 

20 

33 

4.4 

16.9 


£LE. List Premium «'j p t (based on US$1.9825 per £). 
Conrerslon factor 9.68S0 (0.6895) 


*16% 

16% 

42% 

30% 


21. 
Wi 
57 U 
23% 
630p 
31< 
16% 
33>« 

li* 

630 p 

St 

24!J 

20<t 

14% 

12h 


10% 

10 .; 

30 % 

1Z 

825p 


955p 

24% 

11% 

945p 

585p 

610p 

211 


9 

SB 


CANADIANS 


BLMontreul S2— 
Bk.N'ovaSnjL 

Bc'J Canada 

BowVallcyil 

[Brar-cam!. 

%n.bi9.B3 & 

CjiuPiriflcSS 

1 Do 4pr Deb. £100- 

GuitChl Cany 

Hawker Sid. Can.8. 

HcHiaeerSS 

HuOscnsBarll 

HadROiHliar— 
topenaiOilll.- — 

loco 


TnLVat-GasSI 

MaK*?Ffrj;i 

PsclTu- Pet 51 

I'laccGasSl— 

Sic Miom 

Riwal FU-Caa S2— 
Sea^umCo CSl — 


_ 5**011 

955 p [Tor Dom.BtS! 

880p[Trar.s Can Pipe 


38 (d 
25F 3 
10% 
18% 
14 

ft 

ft 

14%x» 

SJ 

700p 

765p 

23 

113p 

10% 




+% 

-15 




:^b 

-10 


51.12 

51.04 

Vr 

S3 48 
97c 
4°. 
51.14 
40c 
$2.06 
69c 
51.60 
90c 
80c 
80c 


936c 


SI .08 
SI 50 
92c 
96c 
103c 


3.5 

36 
5.2 
02 

4.5 

37 
33 

123 

26 

3.6 

38 
12 
29 
29 
3.1 
5.4 


19 


S.E- List Premium 447,-'* (based on 523239 per £1 


BANKS AND HIRE PURCHASE 


1ST* 

High Low 


Stock 


Price — 


343 
293 
£136% 
334 1 
234 
174 
£22% 
465 
£202 
21 
170 
1702 
315 
£32% 
368 
248 
285 
84 
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l? 2 


[255 


29 


69 


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269 

150 

150 

£13% 

£15 

£137 

15 

150 

B 

«* 

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tin 

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1 

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|195 

19 

, 96 

B 

81 

[160 

37 

56 

90 

[242 


Alexanders D.£l 
Abeacns FLiCO 
Allen Haney £L 

.Allied Irish 

.ArfauthsotLxl.. 
Bank Amr. SL5S5J 
Bk. Ireland El- 

Do lOpcfcnv... 

[Bk. Leiimi I£1 — 
Bk.Leomiil'K)£l 
Bk. N S-W.jAl— 
Bank Scotland £l 
Bankets N.YUO. 
Barclays £1 _ 
Bn3wnShipiey£l_l 

{Cato- Ryder £l_ 


[Clive Ihs'ntSDp— 
SAIL 


Coml Aos.(SA 
Conrtbk DM104. 
CTign-HhkKrlfiO 


ANZSAI 


ICcrmthiaa lOp— 
eF73 


Cred. France 
, Dawes (G.R.1 — 
tonscheBniMBB. 
[F.C. Fiqsdcc — 
[First Nat Ifo — 
Do. Writs. i583. 

B FTasa-Ans.lOp- 
NatoL- 

ros£I_ 

IMryfo 

rs 

[Guinness Pew — 
Bambros 


Hill Samuel 
Do. Warrants— 


. Toynbee_ 

(Joseph (Leo) £l- 
SejMrTJUtnann. 

KmgAShax20p. 
KleinwnrtEL— 
(Unyds£l 


345 

262 

£132 

325 

235 

173 

£20% 

445 

£202 

18 

170 

685 

280 

£27 

354 

248 

285 

79 

238 

£16% 

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£112 

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186 

56 

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138 

234*1 

200 

98 

350 

306 

62 

200 

51 

64 

106 

268 



54 

134 

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£92 

£95% 

64% 

260 

81 

298 

460 

255 

92 

452 

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48 

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£82*2 

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172 

66 

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350 

190 

70 

378 


290 

32 

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Mercury See* 

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do loVfe&fla. 
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N'aLBkAnsLSAlJ 244 


Nat-ConiGra 

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fohn»iers£l__ 

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Smith SC Aub 
Sand'd Chan £l 


S8% [Trade Dev. SI J5D. 


Union Due £1 

UDT. 


Wells Fargo 55_ 
[WintrnstZDp 


39*2 1 
£74%|l35 
8 
85 
30 
8 
85 


8 

111 

45 

14 

118 

26 

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CieffcntFWM" 

Credit Dial 

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15% Strip. Credit] 
10% StnrlaHMgs..., 
Wagon Fmance- 



I 

We 

Price 

- 

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-3 

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555 

81 1 


232 

126 

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tb.87 

£35 



Q12°o 

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7163 

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HI 69 

32 


t!79 

247 


7.94 

98 

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Cn* &s PF Bgh tow] 


Continued 


Price 


Dir 

Net 


6Jj 85101 
l2 - -*74 
65« 
108{ 20 
40 
8.^153 
11.7137 
i.li-53 

8.0-83; 

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8.95 38 
11S50 
1160 



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Hire Pnrcliase, etc. 


DRAPERY AND STORES 


24 
20)3 

701 4.61 14 


BEERS, WINES AND SPIRITS 


94 

% 

171 

296 

56 

m 

92 

128 

51 

157 

173 

68 

168 

215 

29 

63 

136 

310 

191 

159 

153 

177 

380 

520- 

70 

72 

131 

135 

104 

234 

185 


78 

30 

|137 

196 

37 

92 
66 

1100 

40 

114% 

[140 

55 

D14 

163 

18 

43 

93 
213 
153 
127 
83 
109 

50 

62 

95 

94 


Allied Brews. 

.Viral Tte.Pr.Hip_ 
,BassCter’etno_ 
[Bell ArtharsOp. 
BeUisven Brewery 


[Bonier 

]Brown iMatdiewii 

guddey'xBrew.. 

]fetorrwood__ 
[City LtBLDef . . 
Idm (Matthew). 
[DirtilkrsSr 

fcordmia-l 

kkm£h Bros. . 
[Greemll Whitley 
[Greene King 

Hlghl'd IXAap; 

!nrerp(Fdon 

Irish Disrilkn_ 
Macallan, den . 
MorlandEl 

Sarvl t vnan 

Scott A New 20p. 

T renatin 


Vaux. 


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\185 Wolr. Dudley 
[129 Young Brew-A-SOp 


+1 


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Ha 


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0.76 
f4 91 

5.0 


7.8[10.«] 


Ll^ 3,^36.« 46 


4.A10.4 go 
2.91 « 1% 
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Z0\ 5.9 12.a 15 


IS\ 5 J[ 10.7] 224 


7-5 f 8 .li _ 
3JJl0^iio 
6.3 143 77 
5.9 4>(; 

5.2 9 .«■ 


13J| 


7.7 83 
3D 12.4 
3 5 15.1 
65 8.4 
3J 19.7 
24 13.0 
27100 
L 8 27.4 

3.6 15J 

5.5 9.9 

7.7 7.0 

36 15.7 

4.6 23.4 3 
5.8 65 

3513.6 
29 14.7 


BUILDING INDUSTRY, TIMBER j 
AND ROADS 


FINANCIAL TIMES 


BRACKEN HOUSE, 16, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 888341/2, 883897. Advertisements: 885033. Telegrams; Flnantifflfr Lflodm FS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary In London, Binrangham, 

Liverpool and Manchester, Tel: 246 8626 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: PO. Box 1296. Amsterdsm-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House, George Road. 

Telex 330650 Tel: -021-454 0922 
Bonn. Presshaua IL'104 Heu mallow 2-1(1 
Telex 8809542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo. P.O. Box 204a 
Tel: 938510 

Dublin: 8 Fiirwilliam Square. 

Telex 5414 Tel: 785321 
' Edinburgh: 37 George Street. 

Telex: TC484 Tel: 031-228 4120 
Frankfurt: lm Sachsenla^er 13. 

- Telex. 4182S3 TeL 555730 
Johannesburg: P.O. Box 2128 
Telex &8S57 Tel. 838-7345 
Lisbon: Praca da Alegrta 38- ID. Ueboe 2 
. Telex 12633 Tel: 362 508 
Madrid: Espronceda 32, Madrid 3. 

TeL- 441 6772 


Han cheater: Queen's House. Queen Street, 
Telex 666813 TeL 061-834 9381 
Moscow: Sadovo-Samoteefanaya 12-34, Apt. 15. 

Telex 7900 TeL 200 2748 
New York: 73 Rockefeller Plaza, N.Y. 10019. 

Telex 66390 TeL (2121 541 4625 
Paris: 36 Rue du Sen tier, 75002, 

Telex 220044 TeL 23057.43 
Rio do Janeiro: Aveaida Eros, Vs**s* 418-10. 
TeL 253 48(8 

Rome: Via della Mercado 55. 

Telex 61032 TeL 078 3314 
Stockholm: c/o Sven ska ] 

Telex 17803 TeL- 90 80 

Tehran: P.O. Box U-1879L 
Telex 213830 TeL 682696 
Tokyo: 8th Floor. Nihon Kdal Shlnbm 
Building. I'M OtemachJ, Cbiyoda-ku. 

Telex J 27104 TeL 241 2820 
Washington: 2nd Floor, 1325 E Street, 

N.W.. Washington D C. 20004 
Telex 440340T8L (2QZ) 347 8676 


Ranlnmbsvaggn 7 


ADVERTISEMENT OFFICES 


Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

Telex 72484 TeL 031-228 4139 
Frankfurt: lm Saehsenlager 13. 

Telex 16263 TeL 554667 
Leeds: Permanent House, The Htodiw, 
TeL 0532 464960 


Manchester: Queen's House, Queen Street. 

Telex 666813 TeL 061-834 9381 
New York; 75 Rockefeller Plaza. N.Y. 10(09 
Telex 238409 TeL (2121 489 8300 
Fans: 36 Rue du Sentier. 75002. 

Telex 220044 TeL 236.8601 


Tokyo: Kasaharn Building, 1-6-10 UehOtanda, 
Chiyeda-ku. Telex J 27104 TeL 296 4050 


rep re* 

Central and South America. Africa, the Middle Cast, Asia and the Far East. 
For further details, please contact- 
Overseas Advertisement Department, 

Financial Times, Bracken House. 10, Cannon Street. London EC4P 4BY 


102 

164 

17 

77 

263 

34 
15 
61 

128 

9 

% 

S3 

?03 

87 

103 

41 
235 

68% 

58 
211 
190 

43 

26 

51 

68 

108 

38 
256 

43 

104 
118 

73 

105 
162 

103 
26 

79 
27 
26 
49 

35 
21 
51 

42 
661 

35 

49 
68 

36 
41% 

41 

95 
66 
£360 
154 

93 

89 
85 
35 

132 

197 

145 

66% 

30 
197 
123 
134 

17 

45 

£39% 

226 

125 

108 

*95 

99 

80 
80 

123 

59 
232 

57 
105 
166 
93 

140 
81 

31 
48 
99 

60 

18 
75 

39 

107 

141 
185 

108 
310 

58 
114 
175 

172 
156 

173 

96 

104 
112 

33 

43 

46 

90 
108 

40 

50 
55 

9 

38 

174 
474 
318 
194 
314 

S’ 

1% 

42 
61 

125 

66 

116 

46 

45 

37 

147 

101 


98 
138 
13 
, 59 

"H 

10 

44 

98 

3- 

S 

£4 

[220 

61 

75 

21 

24 

153 

170 

22 

20 

40 

40 

68% 

27 

157 

31 

62 

80 

65 
84 

100 

68 

13 

60 

19 

19 

34 

21 

11% 

40 
26 
521 

25 
38% 
48 
69 

30 
21 
55 

41 
£220 
64 
72 

66 
55 
22 

104 

125 

ioa 

9 
162 
90 
79 

10 

31 

EL8% 

m 

E4 


Brownlee 

Rryant Hid 

Burnett AH 

Bnrt Boulton £L- 
C Rouci W lOp. 
rai'ndentTUi lift* . 

Cam John' 

Carton 

Cement Rradstme 
Coin ben lip. lOp. 

CosiainR 

Ccunriyjide5p_ 

Crossley Bloc 

Crouch iD 2 dp. 
Crouch Group... 
Douglas Robi.U. 
Dwiung ilH 50p 
Enli; .... 


JFPACon«J'n .. 
FsuvInunhCoxu. 

FeblntL lOp 

Du ‘A lup.. 

Fed LandAPlrt. 
[FiolaciJoliDilOp— 
Francit Pkr. ifo. 
Fftnrc •rjl.'lOp 
Frew-h Kier.„ 
Gallifnrd ft- 5p. 


Klrewn 

[GloisopW. AJ 

«.L’h Cooper iOp- 

H. VT.GrpiOp... 

Helical Bar 

riccd'sn.'A' 10p_ 
Hewdenaifo - 
Do. 7pcCoDV..„. 
Keyed WnL 5)p._ 

tfigffAHill 

Ho- m ns ham — 

[>a Res. lift — 
[Howard Shut lOp 

I DC 20 p 

[IbstockJnhnsec- 
,InL Timber 

I. B Holdings JOp. 
C£G 


70 

57 

61 

61 

74 

37 

170 


9 

1091; 

73 


57 

13 

38 

73 

9 

52 
35 
, 79 
108 
138 
79 

mo 

40 

„97 

&» 

_82 

70 

94 

S) 

20 

29% 

30 

66 

135 


40 

6 

20 

124 


330 

233 


129 

225 


155 

32 


63 


Aberdeen Coost. 
LAberthawCem.~ 
'Alfred Plant lOp. 

lArmitagpS hnfe 
BFBlSs50o_ 
Basgeridge Brt. 
BaueyBen 10 p_ 


BarrattDer. 10p_ 
Beecbwood I0p_ 


BerioxaOp I_ 

iillQp_ 


Benfard 
Rett Bros. 2Dp'_ 


;Mue Circle 

Blundell Penn_ 
Rreedm lame— 
5nC Drcdsin? . 


Brown ;kin. 20pf234 


KiSlhbs DdrA lOp 
:»J.l I0p. 


JanistJ.) 

JenniiwsSAOSO. 
Wffi«»-Rjchanis4 
Jones Edwd.lOp. 
KentlHPJlfo— 
Lafarge SLAJFiOO 
LalngfJohnt“A". 

Latham (J. i £1 

Lawrence fW.i_ 
(Leech (Wm)20p_ 
Leyland Pal ol _ 

FJ.C 

, u Brick — 

iLmriJiY.l.v 

McNdD Group _ 
" ASthns.. 

oo-Denny 
|Manders(HldsJ_ 

BP*— 


3.« 66 [ 
2Ji 6.7 


4.rt 


L^iO.4: 


+1 


l/A 8.9jl2-2 


4-2 


71-85 

tdl.731 

388 

t9.« 

T293 

t5J5 


4.1 


102 
2.30 
t2.29 
.1239 
dlG 15 
167 
134 , 
tdh9°: 
t3 ti 
I tn3.C I 


+1 


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+2 


iHarshallilHfxi- 

{SlayAHassdl 

'Hears Bros. 

Melville D. A W._ 
itrrMontLj. 


Hilia-fSUntlOp. 

Mhcoocrete 

HodEnjtineen- 
ftkmktAj- 
JhtowienilTi 

Newarthili£l 

jNorwestffclst 

[Nott. Brick 50p_ 
[OnneDevs. Iffp_ 
Partes- Tunher_ 
IFboenixTimber 

[Pochins 

feiLC 


iRetfland 

iR-cb'-b-WalllOp 
Roberts .%flard_ 

[Robm Group 

Bflwiiusnn 10pf. 

te&z 

p. Cement 


Sabah Ihrta-lOp. 
SharpeAFiiber. 

Smart □.! lOp 

SontfrernCoa 5p 

Streeters 10p 

rannac5fo 


[Taylor Wbodrow. 
mOwy 


. . . CtgLI — 
[Travis A Arnold. 

[Tunnel BSOp 

UEM Group 

Vectis Stone 10 p. 

(Vjbropiant 

JWoid Hldgs. lOp. 




.BttS 

Wed hrick Prods. 
WfltternBros 

WhailinesEp_ 
Whlt'gh'm 12hp_ 
IgginsCoTL lOp 
UsottComwliy; 
[WimpeyiGeoj 


+2 


+14 


+1 


+1 


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r+1.: 


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-2 


1031 53 


- — — 1563 


I5lm 

8 4i 19 
34 


216 


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69 


2 1 135 


I 37 


10.310 7 


75 7.6 


iiev 


74 


53 s; 


ASied Retaii lOp 
Amber Dn>'10p^ 
.4qiiasctrtumDp_ 

Da*A5p 

AndjocrmicJOp. 

Baker'sStES-lOp. 


BBbersSumUpJ 138 


BeameJr'A'— . 
BentaBslftpu— 


BtoBiACod.28p_ 
B5p 


BcardmanKO 

BnltonTerLSp- 

Pr»rmw 

Bnt-HooeStis.- 
BrownfNiateL. 
Barton Gra50p 
Dol'A’NVSOp 
fCaaurs'A'5^>_ 
Casket lS.Uflp_ 
(Church. 



Custmnagklflp- 

DeLeahama 

r DewhirstlOp — ' 
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HlisAGold5p_' 

Ensure Stores 

Execute! 2Dp_ — 
FaiidaleTexLSp 


|Da‘A’np 

lit Devs- Sp 


FineArt 
Ford(3ftuuI0p>! 
Fanmncerfifp- 
Fasts- Bros— — . 
Freemans (Loo )_ 
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GoldbergA 

Goodman Br.Sp. 
GrWtanWare — 

Gt Universal 

Da-A'Ord 

GrtMUlreslOp. 
Hardy (Fnrni 
DiAM'. 
Helene Lon. 10p- 
Da liipcCnv. Pr£ i 
BecdmoaS. 2 fo.-J 
Reariques A Ifo. 




Home Charm . 
House of FTeser. 
House of leiese- 
Knod.MUi I Op — i 
ttKanickHIofls- 
. Ladies Pride 20p 
Lee Cooper 

Liberty, 


Da.Son.Yl£CtdJ 
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MFIFcrnitnreKIp 
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3.0 83 
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ELECTRICAL AND RADIO 

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SUBSCRIPTIONS 


Copies obtainable fnra aewngento and bo^tattaUx worldwide or on repdar sobseription from 
Subscrroclan Department, Financial Tiema, London 


* 71 a 

31 

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41 

49 

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79 

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105 

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CHEMICALS, PLASTICS 


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|.»r riKhift l<m*?s for m»h 

t InrcTim .vince increased nr returned. 
t I merlin Mace reduced, passed nr drformL 
t$ T uvftcc u> nan-iv .nWnis on application. 

• Ftcun.-s or report d ■.’oiled. 

*f Unlisted necuniy. 

* ITice at unit- of suspension. a 

I Inrtli ulud dividend offer pending w*Hp andor rlafita Insnw 
nwc ivlnies m previous .Undents* or forecasts. 

♦ Merger hid nr reorauiutMmn in progress. 

4 \d( comparable. 

♦ Some i merlin: re. lured final and 'or reduced umlop 
mdlrutcd. 

( V»nM- a-a dividend; cover on earning* updated by latest 

Interim MHlemrnl 

! i.c.it iiilou-t for r<iii«er*i«n of *H»rc* not now ranking for 
>IH blends or ranking onfj ft* rcsincrvrt dividend. 

It >"«"er doe* nor allow lor chares which in to- aIm) rank for 
•In Wend al n lulufr ilalc Nn ]' C ratio ipuilly provided. 

* Kxrlurilni: a final dividend declaration. 

4 llugionai price. 

II Vo par value 

a Ta> Irec h Fi(im< hawd nn proaperln* nr other official 
cm nude c Cents, d IVi-ndrnd rale paid or -payable nn past 
•if • jpli.il. mier fuocvt nn did dead on fiilf capital, 
e HeilrmpUnn yield, f Flat yield ' « Assumed dividend and 
yield h Assumed dividend nod jrieM after ycrip i«vue. 
i Pijmmi front capital sonrre* k Xenia m Inlonm higher 
lhao ptci’ifur lid.il. n flights iviuc pending a Evriuiti 
ha veil pn-llmin.ir} figures. ■ dividend and yield exclude a 
vpcrinl payment i Indicated ilnitlend enter relates to 
prcwouH dividend. P B rallo haied on laient annual 
earning* n Forecast dividend nnrr ha«ed ( ,n previous year 1 * 
•arwnii s Tax live- up to ’.tOp in live l w Vlctd allows foe 
currrm'i ■■lause v iHiidelid and viclil based ><n mercer term*, 
i nr.ith-iu! and yield inclmlc a «poi ml payneml Cmer 4m not 
apply »•• ipc. i.tl payment. .1 Vcl -in idem I and yield. I* 
ITeft-renrr iJuidend pam-ri or deferred. ( Cunaillan £ l-csuo 
price T tin ideuri Hid viuld ha«oil *xn powpertu*. nr ntlnsr 
••ffirial csiimnic-. h«r UTS*' fl .l.simnl duitirnd and yield 
after pending M-rlp and, nr nehl* issue |l Tiivtfend and yield 
based nn prywperlo* - nr miter official " e<Um.iies fop 
1079-711 h Metin'' bused on prnvpeclus or ulher official 
l.ir lirffl M IHUdend md )’K:M Itaefld on 


haw-ii prneprt in* ur oilier ••ffn-ial esrltnitie* fiir 1079. P 
Figures I si veil .<n pr.-rKviu- tir ■ slier uflk-l.il ealimalev for 
IftTHTI' tf r;n»v T Figure* assumed. 1. llliSdend I oral le 
dale <4 Yield homf hn am u (option Trcamrj Ul(t H»lo ttayi 
unehaiiki'd until malum? >•! viin-k. 

Ahlironer mils ,i(( rllildonil. ices (dip iisue: rn rlghLs. a eg 
ail. •< os ■.iinl.il di drihui ion 


* Recent Issues ” and “ Rights M Page 32 


Thin service is available (o every Company dealt In m 
Slack Fc changes thnnighoDl the I'nhcd Kingdom fore 
fee of £4W> per annum for each .security 


REGIONAL MARKETS 

The ful !■••» i rm is iijclo tinn o( Ixwdrm quotations of iharea 

E irevioUvIy h led •■nlv in regional market* fTirts of IrWh 
«sue« uitiM of ahieli urp nw officially listed In London, 
are as qunltxl nn the Irish cxchancc. 

AJhiiii? Im-.aip 25 . .. shelf ftefrehmt.j hi I I 

Ash Spinning... 4h -2 »indalliWnu....l 105 1 1 

eert.iD. £u ■ 

Bde'vrtr i.-.l nip 322 

tlnver v'r«>ft 2& .. . rniKR 

Crautill— -Cl 520 .... ra,,SH 

SjnftniKAl.X 39 Oiiv. 9*1 'Wl‘82. £92 

Ellis tc SleHily.. Mi Alliance (J k._. 7S *4 

Evcroti 29a) Anwu 4io +10 

niuF.irce 52 Catiollirj.l LQS 

Finlay Pkc.-lp. 21 f.'inrufolkln 90 

(■rain Sh>n £1... 125 ..... Cniu-ret* Pr«ids_ W5 

llifiwiBs Brvu.. SO +3 HullonfindiiaJ 97 

I O.M. Kim II. . 15J fns-Corp. 1*0 +5 

Holt Mir- 25* -2 IrLsh Ropes 130 

N'lhn lioldvRl’lh #0 Jiicr>b - S3 ip * 

Pe+rce' 1 ' 1 1 '■■■■ 12° • ••• Sunbeam 51 

Peel Mills ... 20 .... TMt| 185 

Sheffield Brick «9 UnidJre 110 


Coriu0»i> •Wi‘62 £92 
Alliam:e(iBs. u . 75 

AfflnU «10 

CVtfCOtlfPJ.I 1D5 

t.'lor.rjnlkln 90 

f niu.-rcLf Pr«id9_ 195 
M(ilii<nfjndiaJ 97 

fns.cwp. iso 

lrL«h Ropes 130 

Jacob — U 

Sunbeam 51 

T M 185 

Unldarc., lio 


OPTIONS 
3-month Call Rates 

Indtnlrtate 1 C l 20 Tuba lnu««t.l 

A Brew. . • Sr "Impe" b Unilever ___J 

= a i a. ft Cement . 18 | C.L 20 Uid. Drapery. I 

» B.SSJL 9 fmereak 8 Virfcere^_lLJ 

2 - 5 |Babvick 11 KCA ... 3 WoolwrotUttHl 

7 - 3 1 BsMbvx Bank 25 Ladhtake 17 __ 

Bwchum 35 Lotful t Gen. .. 14 Properly 

Bom* Dnn;.. 15 Lex Service- 7 Rri . t ..a 

Brr= It Wei k .. f 

1SSS3S". 5. isSSt^:. I 

Burton ’A . — 12 Uu-uslnds.- . 25 xn™?®**— ' 

CnJburyr- 5 LyoitffJ.) 10 

Coo rum Ids — 10 "Mums" ... 7 

PtbenhMas..- 8 J!ric&&Sj»er lfl SSlcS?" 
Distiller*. 15 Midland fcmk 25 

Eagle Star U n'aLBauk.. 22 

M Do. Warrants 30 BntPrtmfcna. 

Gen: Ac c idwit 17 ft&OOfd B BurmahOlU_ 

— *Si(winc . 18 Plsssey 8 CharterbaU _ 

Grand MeL.... 9 HaokOrg -A - , lfl lfltramar_^. 

5 -V.S.w 20 Heed intnL.... 12 

GastrtUan IB Kplllera.„. 1— , 3 Mlne* -- 

QJtN 22 Te^en 4 ’ Cn . 

Ranker Sldd . 20 T^>n, ~ ZZ Snr%S?““ 

HouaaffW. 12 TTus, Hooios. 15 Rh?T.SSlj 

’ rfDmfnns Ifhdefl 19 khnn on tfc* 

• Loudon Slovi i-xcuuujje iteport. page * 

































































































































































f ■ ■ 


36 


l--: ■- J 

. *■ . . 


THE COMPLETE CONSTRUCTION SffiVBE 
FOR INDUSTRY 


Great people to build with 



Henry Soot Construction Limited 
London 01-373 6494 Sheffield 02*6 410111 



• •.'•..Friday September 22 1978 



Protection 
for credit 
card 
users 
extended 


Stem’s group lent 


£458,000 to his wife 


BY MARGARET REID 


By Michael Blanden 


THE TWO bis tank credit 
cards. Access and Barclay card, 
have introduced new protec- 
tion for users in response to 
con tinning pressure from the 
Office oF Fair Trading. 

The move provides limited 
cover against Faulty goods For 
customers who took out their 
credit cards before July 1 last 
year when an important sec- 
tion oF the Consumer Credit 
Act came into effect. 

It still leaves two different 
classes of cardholder. Those 
who took their cards since the 
beginning of inly 1977 enjoy 
much greater protection under 
the Act. 


Uncertainty 


Mr. Gordon Borrfe, the 
Director General of Fair Trad- 
ing, said the move was a 44 step 
In the right direction.** Bnt he 
added: “I cannot be totally 
happy about the continuing 
uncertainty for cardholders 
about their legal rights.” 

Speaking in a radio Inter- 
view, Mr. Borne said that by 
creating two classes of card- 
holders the banks had 44 flouted 
the intentions of Parliament.** 
He wonld consider what action 
should be taken to achieve 
eqnal status for all cardholders. 

The banks’ decision means 
that holders of cards taken out 
before July 1 last year will be 
able to claim against the card 
company for defective goods, 
bnt only np to the amount 
actually charged to the Access 
or Bardayrard account It 
affects most of the 31m holders 
of Access and nearly 4m Bar- 
esayrard holders. 


THE ISO-corapany private group than £l03m in the period up to merchant bank, which was owed 
of Mr. William Stern, the former April, 1974 to cover advances to £204 m, resulted in Mr. Stem's 
property tycoon who has become his property companies and in being adjudged bankrupt on May 
bankrupt with a record £104m other connections. 30 this year. The statement of 

personal debts, lent £458.000 to The statement records that Mr. affairs showed £14 owed to the 
his wife in the three years before Stern “ who admits knowledge of Crown . Agents and a string of 
its crash in May, 1974. insolvency since May, 1974, attri- debts to various banks and other 

Tbis is revealed in the state- butes bis failure -to the signing lenders-, 
ment that creditors, including a 0 F guarantees on behalf of his Mr. George Auger, of accoun- 
lung list of banks and other Wilstar group of companies.” tents Stoy Hayward, was 
lenders who advanced money to 7^ hnw appointed trustee in bankruptcy 

Mr. Stem's properly companies % f ° r Mr.- Stem at a creditors' 

under his personal guarantee. fjf£* » ■"«“"*« toe 13 _ . 

have received ahead of his h fit The Stem group's operation in 

examination in bankruptcy on in % I prospering .days is. described 

October 20. 


Fre ? h ^^’ J n , ** in the statement 'as having been 
The statement puts Mr. Stern’s jjJJT 1 * “ based bn principle of main- 

liabilities at more than £104m lining a portfolio of low income 

and his assets at only £10,070. ^ producing Investment properties. 

Mr. Stern i/ now acting as a con- been assigned a portfolio of involving payment of substantial 
sultant to certain companies for property. Interest charges, to be subsidised 

£25,000 a year and has been The last audited, but unsigned, out of the: profits of a commercial 
receving financial help form his accounts of WHstar Securities property . ‘ development and 

fqmilv i H tiaa >i(a nt^vMAi>K* ornni 1*0 f numnfl Vw y.n/1 Ifw- PPTIPMl - froiUn/r Tim^mTTTTHP ** 


family since his property empire (owned by Mr. and Mrs. Stern general trading procramme.” 

its and controHAng " Between May. 1971 and April. 


crumbled in the secondary bank- and family trusts 

ing and property crisis. the ISO companies known as -the 1974," it says. Mr. Stern "gave 

The statement, which says that “Stern Group”) showed share- Ws personal guarantee in support 
Mr. Stem personally bad no loans holders’ funds of £25.7m at June °f moneys advanced to companies 
from his companies, shows that- 30, 1973. in bis group by banks and finan- 

of the £458.000 which these con- After the collapse in Spring. ci *l institutions and he also gave 
cerns advanced to Mrs. Stem in 1974, most of the companies guarantees on behalf of third 
the earlier 1970s, £180,000 was became the subject of a scheme Parties outside his normal busi- 
used for renovating and of ararngemeat under the Com- ness activities." 
refurnishing Mr. and Mrs. Stem’s panics Act, administered by Detailing- "help that Mr. Stem 
Hampstead, north London, house accountants W. H. Cork 'Gully, bas received from his family 
and for buying paintings. but other companies were wound since his group's collapse, the 

Another £216,000 was used for up. statement shows that in the 

living expenses. £30.000 for A meeting of Mr. Stem’s credi- three years to March. 1978 he had 
charitable donations, £27.000 for tors was held on August 7. 1975 of £45,900 from Relatives, 

purchase of shares and £25.000 as “to consider his proposals for December. 1974 the house m 
a payment under Mr. Stem's payment to them but no agree- Hampstead to which Mr. stem 
personal guarantee. ment was reached." still lives was bought for 

Creditors learn that Hungarian- Nearly three years later, pro- £110.000 by :his father, who also 
bom Mr. Stem. 43, and a US. ceedings brought by a large took over the. £57.000 mortgage, 
citizen, gave guarantees for more creditor, Keyser Ullmann, the Crown Agents inquiry Page 8 


Pressure 

This contrasts with the posi- 
tion of new cardholders since 
July 1, 1977. Under Section 75 
of the Act. they can claim from 
the card company not only the 
amount they borrowed for the 
goods bnt the fall value of the 
goods or services and any con- 
sequential loss or damage. 

Hie banks have resisted 
pressure to extend the same 
cover to all cardholders, argu- 
ing that the Act did not make 
the provision retrospective. 

They pointed oat yesterday 
however, that they have, and 
wonld help cardholders in 
making claims against re- 
tailers, as well as agreeing to 
take limited liability for claims 
by holders of the older cards. 

News Analysis Page 6 


Management shake-up to halt 
transport decline in London 


BY tAN HARGREAVES, TRANSPORT CORRESPONDENT 


LONDON TRANSPORT yester- general manager, whose name Mr. Bennett said that many of 
day announced a management may appear on -the side of buses his Ideas for the re-organisation 
shake-up designed to halt the under his command. resulted from: his experience in 

decline in passenger levels and Railways will continue to be nr0 - int . ia , hu £, spi-vIcm. w 
improve the performance of managed as groups of lines, but Provincial Disservices, bnt the 

buses and trains. the managers’ responsibilities detafled planning is the work of 

Mr Rainh BpnnelL who took will greatly increased. Mr. John Stansby, deputy chair- 

oroT as BaSKE of L«S» “ r - Bennett said. London man and a former management 
Transport in April, said that the ^fP^t wanted to rover*, the consultant, who has already 
changes represented the biggest wh,ch *** f^ 11 a 9 per launched phase two of a study 
reSlanisation in the 50-year “ nt reduction in bus passenger leading to changes in the cen- 

hSS? oftte ..Sic, miles Jo the last decade and tral admmisdaflve organisation 

T;.r.SinU.1l>. “S of the executive, 
management system and create Mftirt*. *JS 

Transport's marketing effort, 
The exeutive wants to with an increase in television 

increase its percentage of promotion and a punchier style. 

Buses will be organised into journeys In -the capital from 37 There will also be more direct 
eight districts instead of the to 40 per cent in thenext decade, sales effort, based on discount 
present four and the public will This would mean £30m to £40m promotions such- as block sales of 
be encouraged to take complaints extra revenue on a present turn- tickets to employers, 
and suggestions to their local over of less than £400m. 


general manager posts with “=<1.43?“ 
total line responsibility for the co “. Ue t0 decUne ' 
operation, finance and admtois- 
tration of parts of the service. 


“It is remarkable, but at the 

moment London Transport does 
not .employ a single sales repre- 
sentative." 

Mr. Bennett said he had asked 
the Greater London Council, 
with which London Transport 
has had a stormy relationship 
since the Conservatives took 
control last year, for co-opera- 
tion during the pieriod of change. 

Mr. Horace:; Cutler, the 
council's leader, and the man 
behind its decision to tighten 

WILLIAM BAIRD, a textiles and yesterday. receive the 4.422p net interim the puree strings on London 

industrial holdings group, yester- “The bid name completely out dividend in respect of the year .Jaje 

day announced a £31m share and of the blue and has prevented to December 31. Baird intends given a sympathetic reception" 


Pay deals 
may be cut 
to 3% in 
engineering 
industry 


By Christian Tyler, Labour Editor 


MANY engineering employers 
may be able to offer pay rises of 
only 2 or 3 per cent this autumn. 
This could further reduce their 
chances of peaceful settlements 
within the Government's 5 per 
cent limit. 

The industry is worried about 
the lack of negotiating freedom, 
and employers are bracing 
themselves for attacks on the pay 
policy presaged by the big Ford 
Motor walk-outs yesterday. 

The problem faces large num- 
bers of companies in the Engi- 
neering Employers Federation — 
to which Ford does not belong. 
It arises from earnings guaran- 
teed by last April's national 
engineering wage agreement and 
not due for payment until after 
the current phase of pay policy 
begins. 

One of those affected will be 
BL when it makes a common 
wage offer on November 1 to its 
130,00(1 employees. 


Concern 

At least one large employer is 
understood to have said that 
without some Government dis- 
pensation it could face a strike 
Informal contracts between the 
EEF and the Department 
Employment have confirmed that 
the off set mu st be made. 

The EEFs concern with this 
problem is outweighed by greater 
fears over holding the 5 per cent 
limit at all — but local union 
negotiations are unlikely to take 
the same attitude. 

About two-thirds of the KEF’S 
6.000 member companies could 
have the problem caused by the 
fact that their industry-wide 
agreement has overlapped stages 
of incomes policy. 

Tbe national agreement to be 
operated in two stages, will lift 
overtime and shift earnings 
everywhere. This money, nego 
tiated during Stage Three 
becomes automatically payable 
when local agreements are made 
whether durtov Stare Throe or 
Stage Four. The Stage Three 
10 per cent limit made the offset 
less of a problem, but Stage 
Four’s 5 per cent leaves less 
room for negotiation. 

The chances of the Govern 
menfs allowing further head- 
room may be diminished by the 
fact that early this year it bent 
the rules to allow a relatively 
small number of low-paid 
engineering workers to go above 
the limit This concession wax 
made in the face of a threatened 
two-day national strike. 


THE LEX COLUMN 



ft - - 



At last Davy looks 'to have ■ _ v • ~„ T 

found a vehicle for expanding Index fell «3>4 to DZj. / 
its presence in the U.S.-ralong- : 


cherished ambition . that.. 'sur- 
vived, the frustration of. failing 
to acquire Kaiser .Engineers a 
couple of years ago. The£55m 
bid for McKee will transform 
the scale of Davy's operations: 
the U.S. company’s ' turnover, 
recently over STDOm.a year, is 
comparable with Davy’s' own. 
even if McKee's profitability, as 
a pure contractor without manu- 
facturing interests, is much 
lower. 

Davy’s record with overseas 
acquisitions is good, but McKee 
is going through a itoll- patch at 
present and a. substantial im- 
provement in its earnings is 
unlikely in the short-term. 
Davy’s offer of $33 a share 
represents a premium e£ 33 per 
Tuesday’s "market 



RETURN ON CAPITAL 

imoustrial ms) coMftttRCiAL compmuk 

ZUn 

Historic Cost 


15J 



io p ; 

__ *E«li 

~ -x • KHTHSEA - 


5°; 

‘Real ’ Return \ 
on Capital, ♦ V 

after providing tar ^ * 

Stack Appreciation 


I w B67W ■W‘7071’72’73T« r 73'76'77 1 

[ Is-crrMWIMM Of INDUSTtP I 


boost’ - 

addition* 

output- 

offset to Jf 

. The 

of. th^heaith-of^w^ 
sector, are-fe sgtoes' nn ^ W 

buildtesand^^i w 

Y esterdayVr^5Tse4 Bgares 
firmed ..that tedtustj-f * . *. r' 
rose jfs^bTOt'Jafo' fcO 
of the ffreit ^^ ^artere' , . 
■while , spei- ' ■’ 

fr ont, aere'^re . signs tin- • 
dustiy 

invest' mere;: With vtiie M . ' 
second fluart^- 5«atisticg- ' 
ing a rise-of G^jer: tintin i ' 1 
factnrieg indmtry 'h^ . 

Judging. 'hy - the .* comj ' 
from ; ihe«; clearing: bSr&s 
upturn^ capitti^iendhit 
the' buoyancy jjf -stkfe- bit. 
has until' been a ' 


Demand for end 
of development 
council’s grant 


Baird makes £31m bid for 
Dawson International 


BY TERRY OGG 


cash bid for those shares of the merger going through." Mr. to recommend a final dividend of to the request. 
Dawson Inter nationtl, a luxury Haggas said. “However, If the 5JB43lp net per ordinary share, 
knitwear manufacturer based iu bid isn't successful, the deal as making a total of 10.3851p for 


Fmanria! Times Reporter 
THE NORTH of England 
Development Council suffered a 
blow yesterday, in continuing its 
present role. Tyne and Wear 
County Council’s ruling Labour 
group reaffirmed a decision to 
withdraw its annual grant of 
£83,980 from the development 
council. 

The group met to reconsider its 
recommendation in the light of a 
meeting earlier this -week of the 
newly-formed North-East County 
Councils Association which 
recommended changing the de- 
velopment council’s function to 
one of promotion and publicity. 


Scotland, it does not already own. already agreed will be 


Baird, which already hold’s jj^^ de That° would-be very bid yeserday, Mr. Stanley Field, 


put to tbe year. 

and Outlining tbe reasons for the 


Continued from Page 1 


nrdi na rv sharps offS two much the wishes of both com- Baird's chairman said that his 
ordinary shares, 15 offering two M „ ;oc , Kna«ic" company had been asked to indi- 


UlUiiUU V DIUUCO, JUj UUCllllA iwu I 

of its shares plus 240p forevery 


three Dawson shares. A similar 
offer is being made for Dawson's 


A” class non-voting shares. oJ S’." 5 were disclosed, wiile 

D.ipJ mums ns. sent OftirU 


Trading in Dawson shares was cate whether it would . support 
suspended wthen the Haggas dis- the DawBon/Haggas merger. 

■'■■““ins were disclosed, while “We like Dawson in its 
’5 shares were temporarily present form and do not particu- 
Tha ‘ntfaw suspended at the opening of larly want to see it diveiYFy." 

The offer values the company yesterday. Based on Mr. Field said. “We did not 

Sw^^ar C ket Pa S^itSiStiS ,rt of Baird’s si pension price of 188p. think, therefore, that we could t0 apart ^ the scheme, 

£31m. capitalisation ot ^ bid values DaW30n recommend either the merger or if necessary 


which Baird owns 35 per cent. 


Healey warning 
on ‘D-mark zone’ 


There bs a shared 
that “a European 


concern 


Bretton 


Dawson directors meet today to at 205p ' . Dawson's price the term^ intention ior Britain accepts that the Com- Wtjod£» President Giscart has 

— htffnm cncruincinn was 156n. 11 5 oeen pur uuewuuu joi mU mty will have.to make a final desc&bed it, would make 


i/anovn uii&viiua wuar iw , t 1c a 

5 SS?S MJT" but ”■ ‘ISiflKSEi” w^burg SSB.™ ■STS-TSifTS aSSS ffJB 


SXatM sb*res J ' isued *as T^oTi^ - JJtolto- 1— « ‘AfiS ^ S^SZ JSSM 

a Yorlisbire based t&vllles group, TSSSZh ftrihr-lt intended ^ "««« 


to support expansion of the 
fears that a new IMF’s resources through an in- 


£ 

John "Saigas. were'“discussing shareholders taking the ca ^ ‘roherive Monetary Fund in con- rights. 

Jlses fm- a merger. SriiS slternaUve thus avtulable wou^d “ dueting surveUhmee over eg- It is 


fo'Mr.' Brian“B5Eas. 'chairmS receive 190p a share The cash <*a» e e n,,e of pay. twV wstSS'^'SPbe^m^ 

of the Yorkshire company, agree- offer will not be extended beyond There would be no njeois policies at- a time of con- mentary, as was the case two 

ment on the proposals, under the first closmg date of the offer, redundancies, and all employees’ * Mie , ra ® ,e monetery instability years ago when Italy drew from 

~ u ~ ~ ' " ,J K “ Mn *n the world. • - both the IMF and from existing 


which Dawson would have taken The new. stock units will rank W0U i,j be safeguarded 
over Haggas. had been reached equal in all respects with *“ J g1 

and were to be made public ordinary Baird shares and will nesniis rage zi 


Grand Met link with Savoy 


In this respect, as well as on Common Market medium-term 
Srowth, the US. position, out- credit faculties. But the 
lined in Washington yesterday by evidence is thought to be incon- 
Mr. Anthony- *. Solomon, the elusive, as German and Dutch 
Treasury Assistant Secretary for opposition to increases in the 
monetary affairs, is not dissimilar IMF’s resources remain a worry- 
to the British view. Ing factor. 


BY ARTHUR SANDUES 


Continued from Page 1 

Davy expansion 


Earnings for-.the three months . end of last year of $7Jm (£3.6m) 


GRAND METROPOLITAN Hotel* _ Trafalgar House has hdd Its tim^Cariton ta C^nes and tbe 
hone* to co-o Derate with the Savoy stock for nearly eight Amstel m Amsterdam. 

SavS Hotel GrouMn marketing years, but last nightMrMat- He added; “Here is no doubt . — 

and buying This follows a deal thews said that nof that TraftI- that if we were able to set up ending in June declined for the and a net worth of S49.Gm 

resulting from personal negotia* gar had its -own luxury property,, a joint marketing and buying third consecutive quarter, and l£25m). 

ttam hPtwm Mr Maxwell the Rite, it has lost interest in the operation, the benefit would be u.S. analysts do not hold out !* 

KSkaSTu r itaf tocn- tooy. “We tave^l theboteu o eonjMe^ble value to the tv™ m „cl , p„ J ^ct of the company o„7er 

w» v.vtnr Matthews, we want at tbe omment. or^msatlons and to share- matching last year’s net profits 

The Grand Met purchase holdere and. Staff alike.- _ . of SS.lra^lSn) orS2.54 ate P nS.ber 0 ? Da^luS 


tive. and Mr. Victor Matthews, 
Trafalgar House’s deputy chair 


S and Chier executive, under comes at a moment when london Officially tih® Savoy was declar- on rales of $725An (£3665m). At ridiarira SSStag m th? US 
which Grand Met is « par£5m . ^e^completing one^of ^only a^ mil^mteres^J^ the $550m McKee's order book atthe_ The otberT^?^y Power G^i 


seasons. Luxury deal and avoiding comment on en d of June was a little over half Hniiannp.r r UaB J 

formerly held by Tfafalgar P^efr^^rejmd to.be, doing possible ^ jm^iMtions^ ^Rlvai itfi i 51.05bn value a year earlier. ofse^Inc. £nglneerillE ' and 


for 23 per cent of Savoy stock, their _busiest 

— * properties are awu «.« « 

xr n „ B * particularly well, and several hotelier Sir Charles Forte (Trust McKee .«= ineornorsted in - 

H Grand Met. is buying 6.4m- large U.S. chains have been House Forte) said be was not Delaware and under state law * fi ““ c ®. ,or flcal & t° 

SavoJ “A’ 1 shares from Trafalgar, eager to break Into the market surprised by the arrangement Davy fs reoSredto watt 20 dSs supplied^throu^ Eurodollar 
Houm at 750 r S hare. and 84.076 For the moment, however, Mr. “ We hare aU known tbe shares S ren ?S?S JS tend crofter 1? MS ? avy 3 bankers. But 
“B” Shares P probably for about Joseph has simply indicated that have been on the market for McKee ta^beensel line ^recently Dav .y.j nt “ ds » refinance the 
3Mo The Savoy’s complex vot- he is eager for closer trading ties some time.? He said the Savoy’s at an above ^iSrage^price5Si*f. ®ouiaition in yanous -so far un* 
ing structore means that Grand with the Savoy. Apparentiy eager apparent unwillingness togell to in2S ^ whf^ may be^arfof l 8Cide t ways on «;it has gone 
ar£ will have some 15 per cent to dispel any image of Grand anyone had deterred THF, I tfa e reason why Daw is oayfna ^“gb. 

of the votes: less than a third of Met. as a down-market hotel have never attempted _ to do a an above average price, 16.5 In. the London stock-market 
that normally assumed to be operator, he said last night that deal with someone against their times anticipated earnings. - yesterday Davy shares were little 
behind Mr. Hugh Woatner, the the company already owns two _ __ But McKee's financial position changed on the news, ending lp 

Savoy chairmafi- °^. the finest hotels in Europe, Men and Matters Page 13 Is strong, with a. debt total at the up at 2B7p. 


SX anTa htoSSTn/e^of In balance sheet terms, a; sue panJed^ ; Sif^^ 
13 McKee has net assets of oessftd bid would involve about industry’s - demand.-. tor 1 : j 
£ 25m fil2m of goodwill, but it would This should &’&***& 

Given the expansion of Davy's ^ 3eave 

emiitv base since ite- ^hare tangible assets of about £3lm the hrtest rtatifiticS^n reti 
Si^for^ead^Sehteon and and net borrowings o£ maybe capital MWWiMI.r. 
SSttoStetartMmS S £l3m. Dawson has a lot of cash, retui^i^- Bri &?***: 
- pal ^ for Hertert Mom*, the If ^ bjd faiJs _ and the odds- still jrMife aE^ the 

must be against it at present — - achieved during ftewiv 
Baird will at least have delayed and bareira thiifd bi the 
the Haggas deal, which it does in the IMflar .V ' - V 
not like, and will probably be _ : : ‘ 

getting a much better return on Delta / :* 

its Dawson shares. Tbe latter interim figures from ' 
could raise its payment five- fold reflect ’ tbgV.^ln gft ! j ft tre . 


S:a ! 


financing presents - few- prob- 
lems. Davy’s bankers *are sug- 
gesting a back-to-bjaclc.currencj’ 
swap as a method of r efinancin g 
the initial eurodollar loan. Davy 
showed bank balances, -deposits 
and bonds of £73^m in its last 

balance sheet but this figure is . . , . . c -.-. — 

not broken down between its ln a bid defence without too, the heartland of British 
own cash and progress pay- much strain. try. -.Pre-t^Djfofltsfor.tt 

ments from customS^ A P otent \. al W M m double , hdlf of .197^ are; 40 pe:'- 

The merger conld- cot the n ^ res at bld Pr ,ce « one higher frSpRgVt 

level of Davy’s UK-based turn- 6tron 3 P 1 ®? io LJ* e defence, the 
over to something Under 30 per and s ° ls more^of greater 

cent whUe putting dt squarely th ® share ca P ital pre-urtwest,1Sgure : -' 

among the world’s- big^t con- directors can swing against it £I§m. 
tractors, about on a^ar with Giren ^ relative^ of the story of cWjxmgianC 
Foster Wheeler. Even for a 


firm with Davy’s growth record 
it is a bold step. 


Baird /Dawson. 


William Baird's intervention 
in Dawson InternationaTs plan- 


two companies. Baird could gish demand j virtuaJiy ; 
hardly improve much on * its -aerose' .tbe'-i^bMt^i v-Thi ‘ 
initial offer without putting the sign or an;: cptmh has^ t 
skids under its own . shares. 3-5 

'■ yohaties ifet; -ciS . 

Company profits , 

This week’s second quarter Tfe picWre/is eqna;: 



capitalised at £31in, and its that has been borne out by six 'iibriffii" 'witii Delta 
underwritten offer for the recent company results. How- the s^epgth' Of slerlii 
Dawson shares which it does ever, after stagnating for nine totighe^cornpetition as tJ^ 
not already own is also worth months company profits now factoid ; ^.tbdrtiversouS SU5I3CC t 
£31 m. SMm set to accrierate. PhiUips pajtieySbBtb-^Ilztea bte ; 

If it succeeds, Baird will sub- and Drew are forecasting a in urichanged profite. iȣ -- 
stantially improve its profits per growth of over 20 per cent in peripnna^jitf :Htezrt It 
share and cash flow, and still the second half- of 1978 and tinued’ te 7 ^^^' 7 ^^' 
have a reasonable balance sheet Simon and Coates are talking^ f«ecMting--'^»t-\SeWn ; 

Dawson’s profits are likely to of an improvement of. between profits •“ will compare. 
be lower this year, but they 15 and 20 per cent in the cur- ably- w^' teose -pf'lf •' 
would have to slump by a third rent year. - theinar^is^pf?rti^ ; - 

or more to present dilution Although sterling has pre-tax profite:bf pit lea; 
problems. As for cash flow, strengthened against the dollar (£2fi.7to)yV 
Baird’s current investment in since the start of the year, it trades -fiuriy. 

Dawson is worth over £10 and, has depreciated by just over- fnlly taxed -p/e of abs, 4 ^ 
thanlm to dividend controls, is 3 per cent on a trade weighted butthere r$c[ 

yielding under £lm. basis and this will undoubtedly 10 per cent yield. •" 


Weather 


TJK TODAY 
DRY AND sunny. Some rain in 
north. 

London. SE, Cent. England, 

E. Anglia. Midlands. 

Dry and sunny. Max. 22C 
(72F). 

Channel Islands. SW England, 
S. Wales, E. Cent N, NE. 
England. 

Dry and sunny. Max. 20C 

(68F). 

N. Wales, NW. England, Lakes, 
Isle of Man, Borders. SW. 

Scotland, N. Ireland 
Mainly dry, cloudy. Max. 18C 
C64F). 

Edinburgh, Dundee, Aberdeen, 
Moray Firth. 

Sunny, some rain. Max. 10C 
(66F>. ■ 

Glasgow, Highlands. Argyll, 
W. Scotland. 

Cloudy, some rain. Max. 17C 
(B3F). 

NE. Scotland, Orkney. 

. Shetland. 

Sunny, some rain. Max. 14C 
(57F). 

Outlook: Similar conditions. 



j- •* ... ; 

. . . ,,ifc «:rf*e 


[) - - 


Conferences, 

Holidays, cou/bfbei p^y ag?e: 


two words of comfort. 



>«hei, 


BUSINESS CENTRES 


AnvttrdnL 

Vday 
mid-day 
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p 

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36 

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a 

24 


Belfast 

p 

17 

63 

Belgrade 

F 

13 

SB 

Berlin 

c 

14 

67 

Bireigiizn. 

c 

17 

63 

Bristol 

s 

18 

66 

Brussel* 

c 



Budapest 

F 

M 

57 

B. Aires 

S 

•FI 


Calm 

S 

83 

R 

Cardiff 

s 

38 

66 

Chicago 

c 

17 

63 

Cologne 

c 

IS 

61 

Copnhagn. 

c 

14 

57 

Dublin 

s 

» 

BS 

Edlnhrgh. 

c 

17 

63 

Fnakfmt 

c 

13 

54 

Genera 

s 

15 

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n 

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c 

7 

45 

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s 

28 

*5 

Jotjurg 

E 

24 

75 

Lisbon 

¥ 

23 

73 

London 

8 

a 

68 

LaxemOrg. C 

u 

55 


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