The Guardian from London, Greater London, England • 12

12.. Saturday February. 7. 1976 Cash in return for FUTURE WEALTH Family Finance, page 14 Cover for a SPECIAL FRIEND Family Finance, page 15, Guardian City Office: 831 Salisbury House, London Wall C2M 5QQ Financial Editor, Hamish McRae Bank Swan tanker deal dropped Lloyds Greater coal use expected Ladbroke bids for six tracks wants 74M 15y ALEX BRUMMER; Financial Corrsepondent Lloyds Bank opened the clearing bank's season yesterday with a call on shareholders for new capital of 74 millions. It is the largest rights issue in the present crop which began with the Commercial Union's 62 millions issue in October, 1974.

ticipate in 'the international talks which get under way later this month on plans to counteract the world tanker surplus. At somj stage, these cover the possibility of reducing ths world' order, book on tanker building; Robert Rodwell writes from Belfast An astonishing lack- of liaison between Whitehall and Belfast came to light last night with the revelation that the Government was to provide 80 per cent of the finance at Harland and Wolff to build three 333,000 ton large crude oil tankers for MFC at Belfast. An official of the Ulster Department of Commerce, Which, controls the publicly-owned yard, said yesterday No one in Northern Ireland seems to know anything about this. We are making urgent inquiries an but it seems to have been arranged way back in Whitehall." financing agr-aements on seven contracts placed by MFC and Swan Maritime (owned between MFC and Swan Hunter) at these three, yards. The Department of Industry is not revealing how much the arrangements cover (and they would presumably be matched bv adequate guarantees), but it looks as though the Government would not be unduly surprised if it were landed with an adplicatkm for about 140 millions to complete -the contracts.

Such a figure is thought already to have crept into discussions- held between Swan Maritime and the Government all of which presents an enormous dilemma at a time when the Government is anxious after Chrysler to ensure that its industrial strategy is not seen as one of rescuing lame ducks." Adding to the irony is the Government's agreement to par dent oh MFC's survival has naturally brought the Government in on the discussions, although no request for specific aid has yet been received, from MFC. It is hoped there cart" be agreement among the several banks involved on restructuring short-term loans, but the number of banks probably half a dozen serves to complicate the problem, while there is the added trouble of supply creditors and some banks in the US pressing for payments. If the worst happens, and MFC is unable to go ahead with its building programme spread between three British shipyards Swan Hunter, Harland. and Wolff, and Scott Lithgow the indications are that the shipyards would get a sympathetic hearing from the Government. From information filed with the Securities and Exchange Commission in the US, it.

seems the British Government is already involved in certain A' big order cancellation was announced last night by Swan Hunter after the cash difficulties of Maritime Fruit Carriers, the American-Israeli group. Nine of the 13 tankers still to be built by Swan Hunter under the Swan-Maritime deal; set up with Maritime Fruit Carriers, three years ago, have been cancelled. Swan Hunter disclosed the news in a pared statement and a company spokesman was not prepared to enlarge on it. Mr H. Struve Mensel, managing director of Maritime Fruit Carriers, is expected to fly to London next week to hold crucial talks with the group's European bankers.

The talks will be of equal importance to Britain's shipbuilding industry, which is dependent on MFC for about 30 per cent of its total work. The number of jobs depen It is a year since Midland Bank became the first of the clearing banks to call on the market for cash. However, it is now expected that after It is understood that Lloyds has made a provision for FNFC before striking its profit. The bank said in its statement that the results have taken into account the involvement of Lloyds Bank in making loans to the lifeboat. Lloyds, the rest could follow suit.

Like other companies. though, they have to take their place in tne ngnts issue queue, which is controlled by the During the last year, deposits Government broker, T.invds Rank last camp, in the at Lloyds rose by about 10 per market for new capital in 1962. cent, but the bank, confirmed The ernim rmintpri nut. vpstp.r- yesterday at was a year -in day that since then, though which advances were flat. After shareholders' funds have not the rights issue, the ratio of grown in step with the group's shareholders' funds (including expansion at home and over- loan capital) to the deposits seas.

falls from 13:1 to 11:1. It was Garpet system from Austria The chairman. Sir Eric also pointed out that overseas Faulkner, said An increase profit chipped in about one COAL is likely to reassume a position of considerable importance in the planning of energy policies of European Governments in the next 10 years, according to a study published yesterday by the UN Economic Commission for Europe. The ECE Secretariat's survey of national energy-polices concludes that the majority of Governments have now adopted the view that coal the security of energy supplies and can buy time until other energy sources are developed. The study says the oil crisis, with dissatisfaction about progress in developing nuclear power and doubts that economic growth can continue at past rates, have helped the trend back to Whereas before the oil crisis, experts had estimated that coal's share of Western Europe's energy would decline from 26 per cent a year ago to less than half that proportion in 1985, present thinking is that coal's share will slip by only 5 per cent in the same period.

The actual quantity of coal used in 1985 is now expected to be 21 per cent up on the 1973 figure an increase in production of 80 million tons of coal equivalent. About 53 million tons of this are expected to be used by southern Europe and about 19 million tons by the United Kingdom. The study suggests that the predictions for the significance of coal for southern European countries should open the way for traditional coalmining countries, to help out Mediterranean countries by transferring scientific and technical Nuclear station's debut A l.l-MILLION takeover hid for six clog tracks was announced yesterday by Ladbrokes, Britain's biggest bookmaker. The group is buying the 48.48 per cent stake held by Estates House Investment Trust in Totalisators and Greyhound Holdings, which owns the tracks. It is also bidding 15p a share for the rest.

Total cost of the deal is almost 1,141,000. Ladbrokes, the largest sponsor of greyhound racing in this country, says management of greyhound racecourses will fit ideally into its activities in the leisure services industry. The move was a natural extension of the involvement in horse race courses. Totalisators' tracks are at Newcastle upon Tyne, Gosforth, Leeds, Wol-. vcrhampton and Willenhall.

Full rate CREDITORS OF the Intrepid Marine International the former owner of Berwick who went into liquidation almost a year ago, may still receive payment in full. Salt End plan A MULTI-MILLION pound expansion of acetic acid' production for industry is proposed for the Salt End installation at Hull, BP Chemicals International announced yesterday. Blackmail Conrad. PRETAX PROFIT of Black-man and Conrad fell from 705,300 to 016,701 in 1974-5. With a final of 0.95p the total payment is raised from 1.45p to' 1.57p a share, and the board proposes a one-for-oue scrip issue.

will not only bring the capital third ot the total last year, into a more satisfactory rela- Th ieht iss was fuilv tionship with deposits, but should enable the bank to take "tt The advantage of opportunities for ifuir 32 million 6XPanSi0n VTlOp8 each. Lloyds By DEREK WARD equipment in thro'ug hout the' world has been supplied by this The new system is called the. Chromotronic. Technique. In some it resembles that used by the Millitron machine, developed by-Deer-ing Milliken Research of the United States.

However, there are major design differences in the machines. In the Chromotronic A MULTr-COLOUR patterning for carpets, by which the colour is sprayed into the lias been developed, by an Austrian "machinery builder, who is now offering equipment 'for commercial use. Peter Zimmer, of Kufstein, is already noted as a pioneer of flat-bed and rotary screen systems for printing carpets, pile fabrics and other types of textiles. A major proportion of the carpet "printing shares tell by vp at first on In view of the rights issue the announcement, but after Lloyds has brought forward its ic hr ramiorri profit figures by two weeks. At finjsh 3p dwn at 263p to 96 millions from 117.9 mil- The dividend is increased by linns.

However, because there 10 per cent for the year to are no additional provisions for 11.380p, 'gross against 1974's doubtful' debts and because figure of 10.3459. However, in there is no Lugano foreign spite of the rights issue, the exchange loss to complicate the bank is making no undertaking Property profit higher ISSUe Deiore tax, prom IS iu jucieaae iue uiviucuu ucj(unu actually up at 95.5 millions the statutory' limit in 1976. against 74.9 millions. 9 First National Finance dis- The decision by Lloyds not closed losses of more than to set aside further sums to 83 millions yesterday. After cover possible bad debts in the provisions topping 110 mil-property and fringe banking lions, the results for the 10-areas caused some surprise month accounting period to the vesterday, in view of the recent end of October put the pretax reconstruction of First National deficit at 83,226,000.

Over the Finance, in which all the clear- previous full financial year the ing banks are involved through loss was 5,958,000 after pro-the support group. visions of almost 36 millions. machine, the jets which apply the colour to the carpet are believed to be mounted on bar supports across the bottom of a bridge located over the line of travel of the carpet being patterned. There is one row of jets, or nozzles, for each colour applied. The application of the individual jets is controlled by a programmed magnetic tape, or disc.

This control' can also' cause the bars holding the jets to reci-'. procate, according to the required design, across the line of carpet travel. The facility makes it possible to considerably reduce the number of jets to each inch needed along the length of each bar. In theory, it could be a design potential equivalent to the mounting of 25 jets for every inch of bar although the designers say that for all pur-' poses the equivalent of 20 jets should be enough. It is expected that, the first Chromotronic unit will be in use this year.

There is no practical limitation of working width. Operation speeds, naturally dependent upon the ancillary finishing equipment iu the printin gline, will be in the eight to 15 metres a minute range. The ASSOCIATED finishing equipment will be supplied by Eduard Kuster, a West German company. The machine is being offered on an international basis. It is understood to be expensive but no royalties are involved.

end were 1,635,000,. effectively a reduction in borrowings of nearly 3 millions in that period. With a final of 1.64p, the total dividend becomes 2.27p a share, compared with 2.66p a share for the previous fifteen months. Within the figure, the property side moved comfortably back to profits with a contribution of 300,000, Crest Nicholson, the properly and industrial holding group with interests in the design and construction of yachts, turns in a trading profit of 905,000, against 705,000 for the previous fifteen months, after exceptional losses of 558,000. The preliminary statement also discloses that loans and bank overdrafts at the year- gf Act before THE SOUTH of Scotland Electricity Board's Hunter-ston Nuclear Station began supplying power to the National Grid yesterday morning, shortly after 4 am.

This was 11 hours after Hinkley in Somerset, which on Thursday became the first of the second generation advanced gas cooled reactors (AGR) to connect with the grid. Huntcrston has a capacity' of 1,250 megawatts and could supply the power needs of an area like Greater Glasgow. The 130 millions station is scheduled to have its second fully operational by the end of the year. Talks continue MINISTERS from the group of 77 of the United Nations Conference on Trade and Development (UN CT AD were still ironing out differences last night after their conference should have ended. The only detail of the differences released was that one concerned landlocked countries.

Local display ADVERTISERS are turning increasingly to regional, evening newspapers to display their wares. Local papers had a record 9.8 per cent share of national display advertising last year, compared with 9 per cent in 1974, said the Evening Newspaper Advertising Bureau. Latin oil A JAPANESE trade mission visiting Venezuela has signed a contract to import crude oil amounting to about 2.6 million tons a rear from Venezuela, the Kyodo news service reported yesterday. Oriental colour JAPAN'S EXPORTS of colour television sets hit a record 2.76 million units in 1975, up 20.7 per cent on the preceding year, the Japan Electronic Industries Association reported yesterday. Sharp fall UNEMPLOYMENT in the US unexpectedly fell sharply last month to 7.8 per cent from 8.3 per cent.

There are now 7.3 million out of work. GFS A PROFIT BEFORE tax at Gold Fields of South Africa fell from R23.7 millions to R20 millions in the six months to December 31. it cliiisi extra tax relief now Reshuffle at AIP The momentwe receive your cheque and your i application is accepted, your investment begins. I And we'll sendyouan informative brochure that'll more than confirm your decision. If it doesn't or if you're in any way dissatisfied, we'll refund your subscription without question provided you let us know within 10 days.

And since we do not employ salesmen, there willbenounwelcomecallersatyourhomeat anytime. r- -J Subscribers to this offer will receive their first I allocation of unitsatafixedpriceof42.5p,a 1 discountofover10onthecurrentofferprice I of47.4p ruling at 6th February, 1976. I A top management reshuffle has taken place at the troubled Amalgamated Investment and Property company (AIP), Mr Jessel Harrison, who only took over as chairman last year following the sudden death of his brother, Mr Gabrial Harrison, is resigning as chairman and leaving the board. A company statement last night said that Mr Harrison had been advised to reduce his commitments. It pointed out that he had recently taken over as managing director of the Slimma Group, where he is already executive chairman.

He is succeeded at AIP by Mr Peter Olsberg, the "managing director. Another board member, Mr H. Denton, is resigning for family reasons. AIP revealed last year that it was being supported by its bankers. Additional facilities were arranged in November, and- the group's financial advisers are believed to be keeping the Bank, of England closely informed of I iC Long-term is designed for long-term investment.

But you can stop your Plan or cash it in at any time. Clearly, the longeryoukeep it going the greater the likely benefit. If you do cash in orstop yourpayments during the first four years there is a penalty, and the tax authorities require us to make a deduction. So you should not consider the Plan for less than five years. Higher-rate tax payers are advised not to stop payments or to cash in within ten years, for tax reasons.

Life Assurance Cover. As soon as your application is accepted your life is assured for 180 times your normal monthly payment. So 10 a month gives you 1,800 life cover. Unit Trust Founders. were the first company in Britain to introduce the unit trust form' of saving, in 1931.

Today we lookafter over 500,000,000 for some 300,000 savers and investors. employ no salesmen. Costs are low and as much as from 86 to 94 of your payments, depending on your starting age, is invested, except in the first two years when we in vest 20 percentage points less to meet setting-up expenses. General Trust Fund (valued at over 60,000,000) is spread among a carefully chosen selection of stocks and shares, including many blue chips with the profits and dividends ploughed back for the benefit of the investors. How to join.

Complete the application form below and return it to us with your cheque for the first payment. The maximum starting age is 54 (women 58). If you are 50 or over, or want to save more than 20 per month, or cannot sign Part I of the Declaration, delete that part of the declaration and we will send you our standard proposal form, To Crescent Life Assurance Co. Braywick Our new Plan enables you to get off to a flying start and build up a small fortune for the future. For every 10 you pay during this financial year, ending 5th April, you can claim 1-75 tax relief.

So you can get the maximum advantage of this tax relief, we are making it possible, with the special application form below, for you to backdate your -monthly payments further than ever before to the start of the current financial year. Suppose you want to save10 a month and you have 110 available for investment By backdating your Plan, you can send us a cheque for 11 months' payments (110) and claim tax relief of 19-25. We will send you a form to take care of all future monthly payments automatically, and you can continue to claim tax relief throughout the investment period of your Plan. How much will my Plan be worth? Unit Trusts are the best way for most of us to invest in stocks and shares owing to their full-time professional management and widely spread portfolio. With an Unit Trust Assurance Plan you pay 10 a month or more for up to 20 years.

How your investment builds up depends on the growth in the value of the units bought with your payments, reflecting both capital appreciation and ploughed-back income. As an example, a 10 Plan taken out with the General Trust Fund 20 years ago would now be With 5,784, having cost a total of 2,040. Pound cost averaging. Regular monthly investment gives you the benefits of 'Pound Cost Averaging? By this method, when you invest a regular amount, you buy more units when the price is low than when it is high Thus you "build up a holding at an average price lower than the average of unit prices for the period and gain a genuine arithmetical advantage to your personal investment planning. iiTiaiuHrjiJieaa, Dcrps, auo.

uoio odj. 1 h'8'reby apply for'CRESCENT INTERNATIONAL PLAN' assurance policy at'monthlyquarterly annual subscription of 1 enclose remittance for the first subscription, payable to Crescent Life Assurance Co. Ltd. Subscriptions must be in exact 's (minimum 5 monthly; 15 quarterly; 60 annually). Surname Missl First Names (In full) Address That's the advice of the Crescentgroup, based on 70 years experience in international investment management.

You see, if you're saving pounds at the moment, the outcome is pretty predictable. That 1 ,000 you've scrimped and saved may be worth a mere 750 in twelve months time, id like pouring water intoabucketwith holes in it, and there has to bean alternative. There is. Regular international investment, backed by the reputation of a British group with more than 100 millions under management. We have been sayingforyears that it makes good sense to invest 5 to 50 a month out of income (or, equally sound, to regularly re-invest a slice of your capital) in the Crescent International Plan providing the opportunityfor real investment with good growth potential, considerable life coverand tax relief on your subscriptions.

Since Jul1970, when the Crescent International Fund was formed, the F.T. Index has risen by 17. Crescent International Units have increased in value by 90 during this period. We invest In high growth coropahlesln the United States, Canada, Europe, the Far Eastand elsewhere, providinga portfolio that combines real potential in Europe with the opportunityfor solid growth overseas. Joiningthe Plan couldn'tbe simpler.

Write down thefigureyoucanaffordtoinvest regularly. It might be as lowas 5 or as high as 50 amonth. Or even more, in which casefurther medical information may be required. Alternatively subscriptions may be paid quarterly or annually. Nowworkoutthe subscriptions you would make between nowand the policy anniversary prior to your 60th birthday.

(If you're over 51 now, workitoutas 8 timesyourannual subscription. Maximum age at entry is 57.) The sum you end up With is the amount of your life cover. Out of every 100 you subscribe 90 is invested in units, 10 covers life assurance and expenses, but for every 1 00 you subscribe you will be allowed up to 17.50 in tax relief. This means that for each 100 subscribed the net cost for most of our subscribers after tax relief would be 82.50, and yet 90 will have been invested in International Units on your behalf. Eventually when your accumulated units are worth more than the sum assured, the amount invested goes up to 97 per 1 00 invested yet the net cost of your Plan remains the same.

Unlike many plans, there is no penalty for cashing In before a fixed maturity date. Simply because there is no maturity date. You may call for the cash any time you wish and we'll return to you theentire not exceeding20 of one year's subscriptions. If y6udecidetpstopsubscriblnglnthefirst4years the Inland Revenue may require us to refund to themaportion of thetaxrelief to which you may have been entitled, in which case an appropriate deduction will be necessary. You will not be liable to capital gainstax although the Company must reserve the right to make a deductipnsuffi'cienttocoveritsliability.

Leyland to sue Italian workers By GEORGE ARMSTRONG Date of Birth Have you had any.medical attention during the past 6 YESNO. If YES, please give FOR OFFICE USE ONLY BACKDATED POLICIES CAN ONLY BE ISSUFD I declare that I am in good health and agree that this application shall be the basis of the contract. SIGNATURE DATE I IN RESPECT OF APPLICATIONS RECEIVED NOT LATER THAN 5th APRIL, 1976. Trust (Assurance) Ltd.Three Quays.Tower Hill, London EC3R 6BQ.Tel: 01-626 4588. mW I WISH TO SAVI jt -OP EACH M0HTH (minimum and I enclose my cheque for'j A remittance for the first payment must accompany this application.

All payments thereafter must be by banker's order or Giro standing order please tick box for appropriate form. Not available to residents of the Irish Republic. AW monthly payments (not more than eleven), payable to Trust (Assurance) Ltd. a I I understand that my money will be invested in the General Trust Fund. SURHAME MrM'sMtei- FUU FORENAMES)' ADDPcSS G294 Registered In Edinburgh, Number S15SS.

Registered Office: 4 Melville Crescent, Edinburgh. Trustee Is The Royal Bank of Scotland Limited. already sold. Sales since the closure of the plant have been relatively good. The Government's plan to convert the plant to the making of smaller cars and motorcycles, in conjunction with Maserati and an American firm, is another victim of the.

Cabinet crisis. The trade unions have accused Signor Donat Cattin, the Minister for Industry, of having sat for one month on the offer by. Fiat to take over the Milan factory. The reasons for his keeping the Fiat plan to himself are not known. Leylant-lnnoceniti employed 4,510 people, and the preservation of their jobs has become a rallying-cry among the unions.

Nearly seven millions industrial workers throughout Italy went on strike for four Ihours yesterday demanding full employment from the British Leyland has brought a suit in a labour relations court against the 64 members of the factory council of the Leyland-Innocenti factory, near Milan, charging them with "impeding the flow of merchandise." The Leyland-Innocenti plant has been occupied by the workers since Leyland decided to put it into liquidation nearly two months ago. Last month, a shipping van arrived at the factory's gates with instructions to claim 12 of the Mini-90 cars and one Mini-120. Trade unionists refused to let them through the gates. Leyland expects to win its case at the hearing on February 17, under Italian law, the flow of goods cannot be stopped by a picket, line. There is a large stock of unsold cars parked within the factory gates.

The 13 which were to have been removed last month were POSTCODF- 'DATE OF BIRTH QCCUPATIOM NAME OF USUAL DOCTOR (to whom reference moy be mode) ADDRESS I I 1 ARE YOU AN EXISTING MSG PLAN HOLDER? YESNO Mtelarmtion. PART I declare that, to the bel of my belief. am in good heatth and free from disease, I- that have not had any serious illness or major operation, that do not engage in any hazardous sports or pursuits, that I do not engage in aviation except as a fare-paying passenger on recognised I routes, and that no proposal on my life has ever been adversely treated. II agree that this declaration and any declaration made hy me in connection with this proposal, shall be the ban's of the contract between me and Trust (Assurance) Limited, and that I mtlaacept thetr customary form of policy, I SIGMArURF DATE based. 1 American lnvestmentGroupfoundedln1902 I andmanaglngfundsinexcressofEIOO.OOO.OOO.

1 As an alternative to regular investment units may I also be purchased direct. Minimum holding 250. ifcrtd Thus tAuunncel Ltd. RtgUtered in England No. Reahtered I aiaSKtai tendon Read.

Chelmnfard CM! OPY. Wemberi of tho I.ie Office Association. J- -I This offer Is not available to resident of the Republic of Ireland, mm mm mm mm mm wrnmm. mm mm mm mm mm mm mm.