The Sydney Morning Herald from Sydney, New South Wales, Australia • Page 16

16 Th Sydney Morning Herald, Tuesday, April 20, 1976 FINANCE AND BUSINESS Copper producers winning slight reprieve as prices rise Negotiate sales of upgraded uranium now AEC chief LME COPPER Since it hit a low point of 497.50 on January 22 of last year, the LME price has now recovered by 66.3 per cent in sterling terms, or 40.1 per cent in Australian dollar terms. But it is still a far cry from the April 1, 1974, all-time peak of 1,400 a tonne (then equivalent to which produced record profits for the copper miners in 1973-74. In addition to the ground lost through the declining pound, Australian producers are still facing formidable pressures from the rise in costs, The key question is how long the present strength in copper will be sustained, since it is the product of sterling's weakness and the central African situation, rather than the result of a-strong revival in demand. There are heavy stocks of copper around the world which will have to move into consumption before producers can look to a solid underpinning to their markets. "The price will have to rise considerably before we start smiling again," said one copper executive.

"We are taking a cautfous attitude towards the improvement." Even so, the June half of 1975-76 should be considerably less painful than the December half, when MIM Holdings' Mount Isa mine was probabW the only producer to show a profit on copper. Official statistics show that December half-year exports of refined copper declined by 7.4 per cent to 43,168 tonnes, but their sales value dropped by 223 per cent to $39.3 million, indicating a fall from $1,085 to $910 in the average price a tonne. The export sales tell only part of the story, since there was also a dropped from $76.8 million to $62.3 million. An indication of the extent to which this year's revival in prices has managed to turn the tide should be available soon with the release of figures for the 16 weeks to April 11. Mount Lyell Mining and Railway's December half-year loss on mining operations worsened from $2.9 million to nearly $3.9 million and the company was still operating at a loss in mid-February.

Mt Lyell's chairman, Sir Brian Massy-Greene, said that the future of the company "depends on a significant and sustained rise in the copper price." Feko-Wallsend, which mothballed its Tennant Creek copper mining, milling and smelting operations early in February, 1975, lifted its December half-year net profit from $2.35 million to $3.64 million after an future tax benefit of $180,049. This means Colortone has claimed future tax benefits of $295,049 in the past 18 months. However, the group has yet to use all of the tax losses incurred in the 1970-71 financial year, which run out in 1977-78. In 1970-71, Colortone incurred a loss of $335,568 after a tax provision of $30,000. In 1971-72, a small $22,999 profit was earned after no tax and another small profit was earned in 1972-73.

Presumably, Colortone used some of the tax losses from 1970-71 to offset the small taxable income of the two-year period 1971-73. In 1973-74, Colortone incurred a small loss of $11,730 which was struck after a tax provision of $65,729 despite the accumulated losses. impressive cost-saving program. However, its Mount Morgan copper mine in central Queensland appeared to have lost about $1.5 million in the December half before measures were taken to stem the losses. BH South'j wholly owned Cobar mine increased its December half-year loss from to $2.14 million, while the loss for the same period by its 51 per cent owned Kanmantoo mine increased from $1.11 million to $1.57 million.

BH South is now increasing its ore throughput at Cobar from 500,000 to 600,000 tonnes a year, but is retrenching more workers and is mothballing its Kanmantoo mine by the end of June. CSR's Mount Gunson mine in South Australia and Consolidated Gold Fields Australia's Gunpowder mine in north Queensland also incurred unspecified losses for the December half. The June half-year revival in prices is unlikely to wipe out the December half-year copper losses for Mount Lyell, BH South, CSR or CGFA, but it will make their survival more bearable until the expected upturn in the market. Copper has always been the least predictable of all metals because of its vulnerability to political Influences. But past experience shows that it usually tends to tag behind in any economic recovery.

When the recovery comes, it could be gradual rather than spectacular. Although little- new capacity has been added in the past 18 months, a recovery in demand would tend be absorbed by restoration of idle capacity such as Peko-Wallsend's Tennant Creek and BH South's Kanmantoo operations to prevent any wide imbalance between consumption and supply. producing 10 per cent of the diffusion means contracts must be reasonably firm well into the future. "On this basis, enrichment sales negotiations would need to commence almost immediately if Australia is to have a diffusion plant in operation in 1986, or a centrifuge plant in operation in 1984." Dr Warner said the basis for a major uranium industry in Australia had been established by discoveries of uranium resources and the priority should now be given to mining and milling. He said that, if by 1990 Australia produced 30,000 tonnes of yellow-cake and if all wero converted to UF6 for export or to be fed to an enrichment plant, the revenue of the industry could be more than $1,010 million a year in today's values.

NEW Guinea Goldfields Ltd has been slow in reporting for the December half-year but not so slow in doing business. The company notified the Sydney Stock Exchange that its half-year report would not come out for at least another two weeks because of staff changes. It also advised that there was no firm date, except after July 1, for payment of 4c per share dividend declared in December. However, the company has acquired 80 per cent of the issued share capital of PAR Sales Pty Ltd and PAR Retreads Pty Ltd, trading in Port Moresby, for $256,000 in the meantime. It is the payment for these shares that is delaying the December dividend.

Kemper plans the introduction of highly protected risk insurance By THE FINANCIAL EDITOR Australian copper producers are winning in the tug-of-war between rising London Metal Exchange prices and the continuing drift in sterling. But for most of the industry, the victory merely means a lessening in the rate of December half-year losses, rather than a return to profitability. The London Metal Exchange closed for the Easter recess with copper at a 20-month high of stg827.50 a tonne to put it 42.5 per cent ahead of the 1975 closing level of stg580.50. Because of the drift in sterling, the gain in Australian dollars has been trimmed back to a 32.2 per cent rise from $935.38 to $1,237.85 a tonne. "creeping devaluation," rather than make a single large drop in the value of the currency.

AUSTRALIS Mining NL believes it is unwise to resume operations at the A 1 Gold Mine at Gaffney's Creek because of a shortage of funds. The group had unsuccessfully applied to the Victorian Government for a loan or a grant. Directors said yesterday the group has been able to arrange for the mine to be kept in working order. TOUR Finance Ltd, of the Rene Lipton group of companies, boosted earnings 144 per cent in the half-year to December 31. Net profit was $100,000, compared with $41,000 in the previous corresponding period, after interest paid on borrowings fell 30 per cent from $304,000 to $214,000.

Australia should be negotiating sales for upgraded uranium in the mid-1980s, according to Dr R. K. War-ner, the Australian Atomic Energy Com- chief of pro-eduction. Giving the second Es-' sington Lewis Memorial Lecture in Adelaide, Dr "'Warner said there was a for new conversion to be operating "by the mid-1980s because expected world of uranium hcxa-:" fluoride would be 45,000 'tonnes short of require- 'Tments. He said the conversion of uranium oxide to natural uranium hexa- fluoride (UF6) uses stand- ard chemical engineering "'and should present no difficulties for adoption in Australia.

The conversion or "upgrading" of uranium oxide (vellowcake) to UF6 adds about 7 per cent to the value of uranium. Dr Warner said a con- "version plant would need a minimum capacity of about 5,000 tonnes of uranium a year and cost about $30-. 'million using 1975 values. "By the mid-1980s, it 'would not be unreasonable to expect that one or two such plants might by 'operating in Australia." However, he said this '-would ultimately be a decision and would need to involve "chemical manufacturing 'companies and the pro-' "ducers of yellowcake. Dr Warner emphasised UF6, which has become an item of merce itself, can be produced independently of the uranium enrichment process.

But Dr Warner added that Australia should be negotiating sales of enriched uranium now, if it is to have an enrichment operating by the "mid-1980s, when there be a world shortfall "of uranium. is expected that in "'1985, the production capacity (of uranium) in -the US will be perhaps no more than 80 per cent of domestic require-r 'ments," he said. However, the cost of 'enrichment plants u. $3,000 million for diffu- sion plant or million for a centrifuge Israeli pound loses 2pc in 17th devaluation It is a poor reflection on the sophistication important business tool widely used overseas totally neglected in Australia. The tool known as highly protected risk (HPR) insurance actually means the reverse of what it implies; that is, higher premiums.

Through HPR, companies pay lower premiums for normal cover, which is achieved by meeting stringent standards laid down by the insurer and, in a sense, maintained by him. Until now, there has been only one company handling such insurance, but it has now been joined by another Kemper Insurance Co Ltd, the Australian subsidiary of the US-based insurance underwriter, Kemper International Insurance Co. Kemper has written this kind of insurance in the past in Australia, but only connected with US companies with which it had previous business and which expanded operations into Australia. But the company has MR RENE UPTON'S Colortone Holdings is persisting with the controversial tax-effect accounting technique. Colortone today reported a big lift in its December half operating loss from 194,000 to $270,000.

But the company has claimed a future income tax benefit from the loss of $115,000 ($82,000 previously) to reduce the reported after-tax loss to $155,000 In the full 1974-75 financial year, Colortone reported a loss, including extraordinary items, of $365,000 after claiming a wi-aw DD PC WU (End erf month lev) 700 600 1978 1976 sharp drop in demand on the domestic market where prices are also linked to LME averages. The damage wrought by this decline at a time of rising costs was widespread and considerable. The effect on major producers was: MIM Holdings, which derives about half of its sales income from copper, suffered a 73.2 per cent slump to $9.3 million in net earnings for the 24 weeks to December 21. Its average sales price for copper fell from $1,081 to $937 a tonne and its copper income of local industry that an has so far been almost young engineers and the successful candidates will be sent to the US for a training course lasting several years, after which they will be qualified for lucrative and growth-orientated careers. The engineers employed are the keys to the operation.

Any company buying the insurance is visited by them and they will lay down the conditions under which the lower premiums will be granted. The drawback is that this will almost certainly involve a substantial capital expense, involving such things as extensive fire-sprinkling systems and ongoing (and expensive) security systems. Kemper International president Mr C. F. Aid-rich does not see these necessarily as drawbacks.

He points out that while a company can be amply covered for fire damage and loss of profits under normal insurance 45. Ct Lyoni (19) 36. BEVERLEY PARK: Open mxd 4B Easter Bowl! Ellis (Kogarah 10) ELlls (Kogarah 15) 83. Sen Emmerlck Lockver 66. rir i box (O) baruett (12) 43 cb.

Sen Stmot Toyer 35. Second ISi Hunter (Moore Park 8) Forbei (Moore Park 27) 42. Sen Watt Watt 32. Stablefordi Flnlay (14) 34 cb. BEXLEYi 4B1 Walsh (22) Wood (19) 45.

Indlvi Chambers (11) 39. bONDii open meaiey 4Bi Mai Ion (24) Hope (28) 9 up cb. Sen Birss Francis so. BONNIE DOONi Stablafordt jolly (11) 35. huianti pan smitn (7) i CAMPBELLTOWNi Pan Lewis (16) 3 up.

CARNARVON! Carnarvon owli Wphttur Mn Wh. ster (14) 6 up cb. Sen Parsons Mr Paraona fCotforri) 5 down. Mixed 4Bib Price (11) Miss ikemp irvioor ram 3 up. MMi Parsons (4) Stephens (Gosford 14) 6 up.

Indlv At uuncomoe A) 9 up. us a tvianuei (The Lakes 11) sq. Ct Harris (17) 2 down. CASTLECOVEt Stabltford At Raleigh (10) 37. Bi Zamel CASTLE HILLt Obaii aJwIlaw Ambrose 4Bt Krlse Krlse Krlse Kutt (22) 47.

Sen Storey A Hardle Good Good 69. 4Dt Debenham fi1li Mxdi A Annetts (12) Annetti (14) 38 cb. Indlvi Pureed (5) 33. CROMER Medlev 4Bl Reld 02) Coram (23) 42. Mxdt Heald (22) Morton (10) 45.

CRONULLAt r.hl;.. Under (13) 34. CUMBERLAND) Mwrf Am. Woodehouse (13) Millard (18) 41. Indlvi A Brown (14) 38.

naiuweu (19). Robertson (11) 46 cb. fcrt Paine Lance Winter 39. Indlvi Gersback (8) 42. EAST LAKEi 4B dlv 1 par-sons (7) Donnan (14) 47.

Dlv McLOUDhlln X14) Cody (8) 47. Davidson (6) 5 up cb. CABRAMATTAt 4Bt Druce (15) Garland Narellan 9) 46. Ascoll Ascoll (East Hills) 34. CAMMERAYt Medley Stablefordi Low (S) 39.

ASSOC! FOX HILLSt Easter Bowl 4B: lohnton (161 Glhnn AC ndlv At Devlne (6) 38. I Mewman (17) 37. GORDONf 4Ri If Farlav t1A raney to. inoiri Too lit (121 SR. KILLARAi Sprlngdale Cupt Donnelly (22) 132.

Sen Faulkner 151. Indlvi Donnelly (22) ONG REE Pi Stablefordi Dunn (8) 38. MANLYi Medlev 4Bi McVicar (18) Anderson (11) 6 MARRICKVILLEt Stablefordi Talbot (14) 42. MASSEY PARK! Par At LUCaS IS) 3 UP CD. BIKE (16) 1 up.

Ci Scotson (19 ON AS Ml 4Bl Jaekton (13) Jackson (18) 45. Indlvi Win- tar fi .17 cb. MUIRFIILO) Oaen 4Bl Wvlle 42. Sen Fowler (PGA) Lilly (uj piacKwooa imnosor ii Hurst (2Si Hunt (11) 44 rev NORTHBRIDGEt SUbltfOrdl A Poak (101 IS rh. OATLANDSi InvK Medley auuivrwa air ii naoinson ti) ORANGE; GROVEt Mxd' 4B: rinxerion ti Kinxenon t2S 43 cb.

Ilrdlvt Miller (12) 3t cb. PALM BEACH! Stableford Al Brlghtwell (10) 36 cb. Bi O'Hagan (Beverlev Pk 16) 42. Ct Earl (B) 40. Bt Muggleton PYMBLIi Invft 4Bt White (6) Darnoe (Avondale 2) 46.

mmi vv coil tJ) A Wilson (20) RANDWICKt Stablefard At Hi rv ime of J9, bi laieo lie SB, Ct Moset (18) 34. RtCHMONDi Oxbrv Medley 4Bl Smith tA A CMltk itA 45. Sen A Wllaon ft. Wilson 34. "witYiLiii iweatey 4B: Wl HO' Engineering Pty Ltd in 1974.

The money was a deposit for the purchase of certain assets from Bursill and Cranvel Holdings Ltd. However, the agreement was not executed as the companies were subsequently put into receivership. Directors of Avala said yesterday that it was prudent not to treat the deposit as a tangible asset of the company. The matter, however; would continue to be investigated. Directors announced also that the company lost $24,726 in the December half-year compared with a loss of $47,209 previously.

Group sales slumped 31 per cent to $2.2 million. Trading resumes All Australian stock ex-changes, except Melbourne 1 and Hobart, will resume trading at 10 am today. The Melbourne and Hobart exchanges will resume trading tomorrow. Keavhou-Kona, Hawaii: Nastase (Romania) Laver (Aust) 7-6 6-1 4-6 6-3. ALMADEN GRAND MASTERS at Hilton Head South Carolina! Final.

Ulrlch (Den) Sedgman (Aus) 6-3 3-6 6-4. Doubles! Goniales-H Stewart (US) Ulrlch (Den)-S Davidson (Sweden) 6-4 6-3. EASTER OPEN at White Cttvi MOS tlnah Bowrev Mulr 6-2 6-2. MOD Bow re Brlttaln Dingwall A Caullleld 3-6 6-3 8-6. WOS Flnali Bow- rev O'Neill 6-0 2-6 6-1.

WOD Flnali Bowrev O'Neill McCann McCann 7-6 6-2. WCT UMAMf IONSMIK ST Monta Carlo leml-lt Vllai (Arg) Jaulfret (France) 6-4 ler (W Ger). Boro (Swe) Vllai (Arg) 7-6 6-1. WD fi Eb-blnghaus (W Ger) Masthoir (W b-i. nu ti noaK irou k.

mci- Ger) 'R Darmon (France) Lovera irrancei o-J -a. MALAYSIAN OPEN finals at Kuala Lumpun MS; A Wljono (iPdon) Hadlmon (Indon) 6-1 6-3 6-4. WSr Suglarto Sirl- PlnUsaard (Thai) 6-2 3-6 6-J. (Inodn) Hadiman A -Sutarho (Irdon) 7-5 6-4. Wlrllntn AUSTRALIAN C'SHIPS on Bar- i won River, Geelong.

Ft Jnr girls 4 jump! Karen Bowkett (Q) 616, i Lvn Neville (NSW) 466, Julie Klnnear (WA) 640. Jnr glrli slalom i Karen Bowkett (Q) 613, Lyn Neville (NSW) 591, Debra Moore (V) 587. Jnr boys slalom: Michael Cater (NSW) 599. i Michael Neville (NSW) 531. Gary Harrison (NSW) 51 6.

WomeSit slalom: Kave Faulkner (V) 1031, Sue Burton ISA) Lll Cockburn (Independent) 949. Mens lumpt Bruce Cockburn (Indcp) 1045, Glen ThurTow (V) 938, Ray France (Q) 780. Overall champion In division! Sub hir glrlsi Donna Cox (WA), Jackie Cooper (NSW), Beverley Jones (Q). Sub Jnr boys: Bruce Neville (NSW), Daryl Mttore (V). Nell Ritchie (V).

Jnr girl! Karen Bowkett (Q), Lvn Neville (NSW) Debra Moore (V). Jnr boysi Michael Neville (NSW), Mark Davies (V), Michael Cater (NSW). 2nd Dlv mens: Ian Faulkner (V), Tony Cunningham (V), Graham Budd (WA). Womem Kave Faulk, ner (V), Graham Budd (WA), Mont Bruce Cockburn (Indep), Glen Thurlow (V), Graeme Cockburn (Indep). Group 3 e'shlp tltlest Flnali Australia B51 0 New Zealand 5686: Beynon shield! Victoria 1, NSW 2, WA 3.

Certainly Kemper has impressive overseas credentials, being the eleventh-largest property liability insurer in the US, writing annual premiums of around $734-million and managing total assets of approximately $1,060 million. WHITE Motor Corporation (Australia) Pty Ltd has reported a 40.9 per cent increase in net trading profit to $650,682 fo rthe 1975 calendar year. The Brisbane-based assembler of trucks and farm equipment increased sales from $17 million to $24 million. The result excludes an extraordinary loss of $353,663. The company is a wholly owned subsidiary of White Motor Corporation, Inc, of Cleveland, Ohio.

AVALA Holdings Ltd has written off the $130,000 paid to Bursill 100m ASTSTROKEt Nells- 100m BUTTERFLY! A Felblg (E Ger) 1.04.70 1: Jasch (W Ger) 1.05.16 Grlmard (Bel a Belcr (E Ger) 2.24.32 1: A Adams 2 25.14 2: Kelly (Brit) BELLS BEACH IMTVB. NATIONAL In Victoria! Progress after Rd 3i Jeff Hakman (Hawaii) 3659. Wayne Lynch (V( 3305. ian -arna ita jidu, riui weil- warren (NSW) 2965. Bobby 1, sieve one? nsotj idsi, Michael Petersen (Q) 2821, Terry Fiogerald (NSW) 2775, Peter Townenrl fNSW) Bonn Aoeuira triawau; 20U4, rranK (NSW) 2462.

Terry Richardson (NSW) 2447. Rod Ford (NSW) 2431. Col Smith (NSW) 2425. Wayne Bartholemew (Q) 2396, Morris Fleming (NSW) 2381. Mlrhaol Mo rHawall) 2560 Tnnv narawicK iNiwi Aian tid-hallt (V( 21 64.

Rarv Ruisall (Hawaii) 2105, Ian Davidson (N5W) 21 02, ROO BroOK (V) 2096, Andrew McKlnnon (V) igza, wayne ueane iui mio, Guy Ormerod (Q) 1362, Peter Drouyn (Q) 1064. WORLD PROFESSIONAL championship semi-iinai at Manchester! A Hlggins (Ireland) leads Charlton (Aust) 14-12. Frame scores (Hlggins first): 58-12, 46-57, 36-91, 93-11. 70-47, 71, 35-76, 65-23, 25-94. Rear- aon iwaies; mini aa fi 20-10.

t-. --hfmi CHARLOTTE (NORTH CAROL INA CLASSIC FINAL! A Roche (Aust) Gervlaltls 6-3 3-6 6-1. Doubleti A Roche-J Newcombe (Aust) Gervlaltis-S Mayer 6-3 INTERNATIONAL TOURNA. MENT ft Palma De Malorca. Spalm Flnali Buster Mottram (G.B.) jun kuki (japan) 7-s e-z b-2, WORLD CUP, Semi-final.

i Israel devalued its pound Sunday night by 2 per cent from 7.52 to 7.67 to the US dollar. It was the 17th devaluation of the Israeli pound since the State was established in 1948, and the eighth since last June when the Government authorised a ministerial committee to devalue the currency every 30 days by no more than 2 per cent, if necessary. A Finance Ministry spokesman said basic food prices were not expected to be affected by the move, while the prices of imported items would not immediately increase. The measure was part of the Government's overall "belt-tightening plan" to cut public spending, reduce imports and increase exports, he said. The spokesman said the Government would continue its policy of THE Mother's Also ring, the other Its all arrangements, there is no way it can be covered for the inevitable long-term loss of customers.

Thus, to be set against the capital expense are not only the lower premiums, but also the continuing services of highly qualified engineers to ensure adequate safety precautions are maintained. This is the most important difference from the existing precautionary moves of orthodox insurance undertakings. A corollary of the technique could also be an increase in industrial efficiency, and it will be interesting to see the response of the local insurance industry to the intensified US-based competition. It is hinted that while Kemper has substantial expertise in the field, it will continue to suffer because of lack of business contacts among home-bred fields, and hence some kind of formal association with an Australian insurer should not be surprising. Walker Bt Boundy (14) ROYAL tVDMIVi tl.tAA.t At Harrli 31 -h td Johnson (17) 33.

RUGBY LEACUEt 4Bl Elle-ray (22) Turner (14) 46. Mxd: lohnaon Dhir it ac Sen Gamble Blundetl 37. RYDE-PARRAMATTAt Open medev Stableford: Coote (11) ST MICHAILCi mtarfiow AW. Pike (10) Pike (26) 43. MM: Potter (1 0) MatDnuaall 1 1 1 i 43 cb.

SALISBURY! 4B1 5 Gllham (9) I Harris (16) 9 up. Mxdt (1 1 37 Nov (14) 37. STRATH KIEL Of Mvri AO, (11) Framr (20) 41. MMi Purcel (8) Cakebread (11) 42. Indlvi Flnnlgan (11) THE COAST! Sbhlafnvrii An.

derson (6) 37. in mkui wieoiev 4B: Robertson (9) Jumlkls (28) 40. WALLAriAt Cti-nk! Ctr.k... (17) 61. Sen Osbourne 76.

April Medal Cottam (21) warring ah: open Medley Heebies (23) 43. WENTWORTH FALLS! 4Bt Forrester (7) Stockley (14) 6 up. Sen A White Pickering 1 English (13) English (32) 45 Alton AT ASQUlTHi opCn tublefordi CASTLECOVEt Stablafordt ark (19) St. IERi 4B Reld (17) Bootv (11) 31 uunncTcui sianierorai iOftDONi Stablafonti Et Ellen KOGARAH! Stablelordi Hav f771 3. Liverpool! soger oiv it Manning (32) 1 up.

Dlv 2i Pinker ton (2B) 3fl rAkM scAi.ni suoieiora atr i' wnnuner 33 cd. pnr zi Suckllna (12) 44. ROSEVILLEt Stablelordi Stephens (9) 31. ROSNAYi Stableford At Tynan (New Brighton 27) 33. and Ct West (33) 33.

THE LAKES! Stabltford! McNamara (30) 41. WENTWORTH FALLS) Stab- COCA-COLA INTERNATIONAL meeting at Leedat FINALS MEN! 200M FREESTYLE! Stein bach (W Ger) 1.56.04 1. Brlnklev (Brit) 1.56.48 2, Smith (Brit) 1.56.59 3. 1500M FREESTYLE; Parker SflU IS.S7.4S 1. I Koctka (Hung) 16.06.18 3.

2MM BACKSTROKE! Gulyas (Hung) Mlloslav (Czech) 2.10.92 1. Lerplnlere iBrit) 2.11.00 3. Lewis (Aust) 2.11.72 8. SO0M BREASTSTROKE) A Juo daitl. (USSR) 2.25.26 1, Leh 2 27 52 "28 2' A 200m BUTTERFLY! Kraut (West Ger) 2:04.36 1: Brlnklev 205 38 3 21 Huna 400m INDIVIDUAL MEOLBYt Geiiier (W Ger) 4:39.44 Cleworth (Brit) 4:40.00 2: Rolko (Ctech) 4:43.43 3.

WOMEN! 100 METRES FREESTYLE! A Richard (Belg) 59.96 1: Jennsen (Norway) 1:0.03 2: Pavllckova (Csech) 19 3 "iSo-. nJgjV tilt Ctrl 4:20.89 1: Salv. (BrR 3. ffMm UCK.TttOir., A cm. been granted a licence to operate under the new capital and solvency regulations for insurance underwriters, and it seems only a matter of time before local companies particularly those in engineering-related business begin to appreciate what their overseas counterparts have long accepted.

But this process will take some years and Kemper is prepared to stand substantial establishment losses for that time. The company's confidence is indicated by the fact that establishment costs are not sjmply those of establishing an office and business contacts. The program also involves extensive training courses for the engineers that the company will employ. The company is presently "buying" intelligent and ambitious Leaders In Asian circuit standings after the Seoul open: Hsu Sheng-San (Tal) 147 'a Ben Arda (Phil) 1294 Kuo Chle-Hstung (Tal) 113 Hsu Chl-San (Tal) 83 Mya Aye (Burma) 782 Ho Ming-Chung (Tal) 72ia Brian Jones (Aust) 66 23 Eleuterlo Nival (Phil) 57'a Sukree Onshum (Thai) 54j Hal Underwood (US) 45'a. BONNIE DOON CASTER MEDAL 145i A Greiham 69, 76, Johnson 70.

75. (to play off 8a.m. Sundav). iibi Haingan 73. 75.

149i Heard 76, 73. ISO! Nairn 74. 7fi. If Dan. Per 74, 76.

tal. Minn i a. to. 152t I Dlcklngs 74. 78.

1S3t Moore 78. T5. Bromley 74. 79. Wood 75, 78.

PHOENIX LADIES SAB4.000 TOURNAMENT at Scottsdale. Arlaonali 205 Rankin, 68-68-69: 212 Poet 'Canada) 7S.70.KQi 91 Hagge 71-76-66: 214 Havnle 73-70-74; 215 Stephenson (Aust); 0-1-00. win or nn is ner inciuaea: masters imusij az a -70-74; Little (South Africa) 227 80-71-76, TOURNAMENT OF CHAM. 6 IONS at Carlsbad Calif i 277 January 71 68 69 69: 282 Green 69 71 73 69; 283 Cramp, ton (Aust) 71 70 72 70; 283 A beraer 71 74 EQ fiJ; 4 bo; zoo Watson 72 74 71 69: 287 A wan i ft fu; zau nova 7fl 70 70 72- 2Q.1 Hill T.X 75 75 68: 292 Snead 72 70 76 1. ura nam 73 os 7b 74! Iverson 76 70 73 74? Irwin 72 76 71 74.

ALkAnAssEEi Fiorioa open: 277 Koch 71 69 67 70; 278 Mahaffey 69 71 66 72; 280 Regalado (Mexico) 69 73 70 68: 2BO Storcu fiQ 72 7f) HQ: 3A9 Armstrong 70 72 72 68: 282 roner ov to, ter- wood 66 69 70 77. Fortlgn Koresi 285 Cole (S Africa) 72 73 71 69; 287 Charles (NZ) 6B 74 69 76: 292 Baioeehl fSAi 7n 74 74 74: 296 Stanton (Aust) at Royal Queensland, Brisbane Round 6 TASMANIA 3 NEW ZEA, LAND 2 Purrtnn lot tn Barltrop 4-2 Jones Barker 1 up nil toy rowier 1 Mor lino Street at 20th Youna loit fa n.uL. a. QUEENSLAND 3 VICTORIA 2 (I Davie Icat to raw t-i 1 Senior Cusack 1 up Senior 1. 1 ay ion a roiay lost to Slmmoni 2.1 Unn SOUTH WALES 3 WESTERN AIICTDAI a hi Holland lost to Carbon at 20th Lte Mackay 4-3 Bishop lost to Green way 1 up Too-y jWallaee 1 up Gallagher VICTORIA 3 NSW 1 (c Le.

3-2 Cllyton Blih- Round 9 wv 3-2 "i 'S jK.ii Rohart af lath i Fink 3-1 MOore Page at 21" Rom Roberts up) IA.ANi'A WESTERN 1 Up Hardv Greanwi im Final scoresi Queensland 'M 9wm 1" won 6 lost) Victoria J.t fro-IO) NSW Australia z- (16-14) Tasmania 2-4 (13-17) South Australia 2-4 (10-20) new MIUMB1 ASHLAKi 4Bi Byrnei (5) Cameron (6) 90. Sen A Fletcher Gear 76. 18 holes! A Stacey Byrnes Cameron 39 Ofen Indh At Byrne (5) 42. "nn yii A Mulligan (23) 29. ASQUlTHi Open stablefordi Brown (13) 40.

Ben Booker AvoNDAiif stabieforo At at) moyian BANKSTOWNi 4Bi Blnoon (17) Sturgest 9 43. Sen rwrrT tt Diacxer j. BARD WELL VALLEVi 4B Mad. levi Barton (17) Keenan (16) BARNWELL PARK I Invlft Md Malev (15) Comvell (26) 8 up. Indlvt A Hood (18) 3 up.

Golf hint No 432 Nr-Says: Day Contest in today's Sun is a "Mother's Day You could win her a diamond or a Melbourne Hilton Weekend for Perry Como concert or one of many prizes. in The Sun. Today. "Today, streets gasp with garbage, buildings droop with dirt and shop counters are trenches in a war between those who want service and servants who want firing." "Already not free to get rich, they are making laws to fight against the opportunity to get rich." Thus speaks Colin Dangaard, an Australian expatriate 'home' for a visit, in a Sun article today. You might not agree with all he says (he implies that Australians are lazy, often drunk and on the dole), but read The Sun today and make up your own mind.

Wrlil SlralM 9l Top Most golfer, have experienced a spell when they simply cannot hold onto the club at the top of the backswing. Even I've done that, although 1 know this can be fatal to the awing. The hands loosen, then re-grip as the downswing Is begun, and, of course, the club-face is thrown off-line. Occasionally I remind myself that my left wrist should be straight, that the grip with the last three fingers of the left hand and the two middle of the right should be firm. You should think bout this.

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